Day: December 30, 2021

Oracle Altcoin Chainlink (LINK) Still in a ‘Clear Uptrend’ According to Coin Bureau – Here’s When It Could Reach New All-Time Highs

by Dailyhodl

The host of popular crypto channel Coin Bureau says Chainlink (LINK) price action is still moving upwards despite a bumpy past few months.

In a new video, pseudonymous Coin Bureau host Guy tells his 1.81 million subscribers that LINK was a hot altcoin early in 2021 but has cooled off in the latter half of the year.

“Despite all of Chainlink’s announcements, partnerships, updates, and developments, LINK is only up 50% since the start of 2021.

This is much less than just about every other cryptocurrency, and even some stocks.

So, what gives?”

For starters, LINK is a DeFi [decentralized finance] token. 

DeFi was hot in 2020 and early 2021, but the hype has worn off over the last half-year or so.”

Guy also explains how the team behind Chainlink has been selling LINK off, creating enormous sell pressure on the oracle altcoin.

“The Chainlink team has been selling millions of LINK to finance Chainlink’s current operations and future expansion. 

Back then [before the team began selling LINK], LINK’s circulating supply was around 400 million.

Today, LINK’s circulating supply is slightly north of 467 million. 

Now, assuming an average price of around $20 per LINK, this works out to over $1.3 billion of sell pressure,

Which is honestly insane.”

Guy then explains that this sell pressure is good for Chainlink’s long-term price action but damaging in the short term.

Another driver of LINK’s relative underperformance is its status as a “speculative investment,” as Guy explains in detail.

“LINK’s primary use case is to pay for decentralized data feeds, which are required for almost every decentralized application to function.

In theory, this creates lots of demand for LINK, which should push up its price. 

But in practice, it had next to no effect because LINK isn’t legal tender. 

As such, any LINK that’s used to pay for data feeds is subsequently sold by node operators, and this selling pressure offsets the buying pressure created by the DApps [decentralized applications] which initially purchased the LINK.

Right now, the only demand driver for LINK is a speculative investment, and it looks like a lot of retail investors have taken their money elsewhere.”

Despite the insane sell pressure and decline in retail investor funding, Guy still thinks LINK is posed to reach new all-time highs soon.

“LINK is still in a clear uptrend, unlike many other cryptocurrencies that never fully recovered from the massive crash in May.

If this uptrend continues, Chainlink could reach new all-time highs in the coming months, assuming the bull market sticks around.”

Chainlink is trading at $20.22 at time of writing, down 1.51% on the day.

[embedded content]

I

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

 

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/klyaksun

Source

Tagged : / / / / /

Here’s the ‘Value Zone’ for Bitcoin As BTC Tumbles, According to On-Chain Analyst Will Clemente

by Dailyhodl

On-chain analyst Will Clemente is revealing the level around which the price of Bitcoin (BTC) is likely to cluster.

Clemente first tells his 493,900 Twitter followers that a Bitcoin price of between $45,000 to $40,000 qualifies as a “local value zone” under the prevailing market conditions.

“… Personally, I see mid-low 40s as a local value zone, while ~53K reclaim regains momentum.

So with that in mind: buying above that would be buying when regaining momentum after coming out of a value zone.”

A value zone or value area is the level around which most of the trading volumes occur.

Clemente also says that “pressure” is building up for Bitcoin after the flagship crypto asset fell by over 15% in 30 days. Bitcoin is trading at $47,724 at the time of writing.

“Pressure building up for BTC.

Question is when & in what direction will it be released?

The question posed here is rhetorical. For trying to understand the aggression of positioning, we monitor derivatives data such as funding, liquidation levels, long/short ratio, etc.”

Image
Source: Glassnode via WClementeIII/Twitter

Image
Source: Glassnode via WClementeIII/Twitter

Image
Source: Glassnode via WClementeIII/Twitter

Image
Source: Glassnode via WClementeIII/Twitter

A funding rate of above zero indicates that the dominant sentiment is bullish while a rate in the negative levels indicates that the dominant sentiment is bearish.

An increasing funding rate also indicates bullishness while a falling funding rate indicates bearishness.

When the long/short ratio or open interest is increasing, it means there is support for the prevailing price trend while the opposite is true for a falling open interest.

Liquidation levels could affect the price either way as they could potentially lead to a short squeeze or a long squeeze.

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

 

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/kkssr/Konstantin Faraktinov

Source

Tagged : / / /

Bitcoin Is Braced For A $6 Billion Earthquake As A Crypto Price Crash Hits Ethereum, BNB, Solana, Cardano And XRP

by Forbes

Bitcoin and cryptocurrency prices have dropped this week, wiping over $200 billion in value from the combined crypto market—despite some bold bitcoin price predictions.

Subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and discover hot new NFT and crypto blockbusters poised for 1,000% gains’

The bitcoin price has fallen around 6% since Monday, dropping from around $52,000 per bitcoin to under $46,000 before recovering slightly. Meanwhile, other major cryptocurrencies including ethereum, Binance’s BNB, solana, cardano and XRP have also moved lower, with XRP losing almost 20% of its value during the last week.

Now, bitcoin traders are braced for option contracts worth more than $6 billion to expire on News Year’s Eve—one of the largest options expiries this year that could fuel price volatility.

Sign up now for the free CryptoCodex—A daily newsletter for the crypto-curious. Helping you understand the world of bitcoin and crypto, every weekday

MORE FROM FORBESElon Musk Reveals Bitcoin Creator Satoshi Nakamoto Theory, Admits He Doesn’t ‘Get’ Ethereum And Issues Dogecoin Mars Prediction Amid Crypto Price CrashBy Billy Bambrough

MORE FOR YOU

It’s thought the large bitcoin options expiry could spark a bout of price volatility, with previous large expiries catching investor attention, and analysts flagging the expiry as a cause of concern among already nervous investors as investors choose to either double-down on risky bets or unwind their positions.

“Whilst bitcoin’s overall trading volumes were consistent, a total of 129,800 option contracts (with value of just over $6 billion) are set to expire on the 31st December which is believed to be fuelling overall wary sentiment for the short term,” Adrian Kenny, senior sales trader at the U.K.-based digital asset broker GlobalBlock, wrote in a note this week.

The bitcoin price is currently down by just over 30% from its November all-time high. While ethereum, the second-largest cryptocurrency after bitcoin, has fared less badly with a 20% decline from its peak, other smaller cryptocurrencies including Binance’s BNB, solana, cardano and XRP have seen steeper declines.

Around 130,000 bitcoin options contracts—bets on the future bitcoin price that allow traders to buy or sell the cryptocurrency at a specified price within a set time period—are set to expire on Friday, according to Skew data first reported by Coindesk.

It’s thought bitcoin tends to move toward the so-called max pain point in the lead-up to an options expiry, followed by a solid directional move in days after settlement due to traders pushing the spot price closer to the strike price at which the highest number of open options contracts expire worthlessly—creating maximum losses (max pain) for option buyers. The max pain point for New Year’s Eve’s options expiry is $48,000, according to data first reported by Coindesk from Cayman Islands-based crypto financial services firm Blofin.

Meanwhile, other market watchers nervously eyeing a slump in the price of bitcoin, ethereum, Binance’s BNB, solana, cardano and XRP have pointed to several crypto exchanges banning users from China on Friday following the country’s latest crackdown.

CryptoCodex—A free, daily newsletter for the crypto-curious

MORE FROM FORBESThe Biggest Bull In Bitcoin Made A Wild $6 Million Price Prediction as Ethereum Rivals Make Huge GainsBy Billy Bambrough

“Bitcoin’s recent downturn came as the year draws to an end and several crypto exchanges gear up to implement a ban on users from China,” Joe DiPasquale, chief executive of bitcoin and crypto hedge fund BitBull Capital, said in emailed comments.

“The selling pressure has been mounting ahead of that ban as users from China seek to sell crypto and convert to fiat before the December 31 deadline. We can expect relief moving into the new year and a possible recovery drive. However, the sustainability of any recovery will depend on market sentiment and underlying dynamics at the time.”

In September, one of the largest bitcoin and crypto exchanges in China, Huobi, said it was working to a December 31 2021 deadline “to retire existing China user accounts” after a clutch of powerful Chinese government bodies issued a stern warning to exchanges.

News of China’s latest crypto clampdown tanked the bitcoin and crypto market in the spring, with the ban forcing China-based crypto miners—who use powerful computers to secure blockchain networks in return for freshly minted coins—to scatter around the world.

Source

Tagged : / / / / / / /

The Year Of Alt Season: Altcoins Dominate Market In 2021

by NEWSBTC

Bitcoin has had a favorable year in 2021 but the altcoins have dominated the market. The advent of the alt seasons this year had seen multiple altcoins rally towards new highs even when market-mover bitcoin had remained stagnant at times. This move, coupled with the growth and adoption that rocked the crypto space this year, has proven that the altcoins dominated the market on a large scale.

Altcoins Rule 2021

So many new things came out of the altcoin industry this year and have found success at the same time. Basically, the year 2021 has been one long alt season when we look at the performance of some of these assets.

Related Reading | The Year In Review: An Emotional Rollercoaster For Crypto Investors

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

A lot of this growth has been driven by decentralized finance (DeFi), NFTs, and most recently, the metaverse gaining popularity among investors. These have brought to the forefront some interesting projects that have had their tokens rally because of it. Most of the time, they followed the growth of bitcoin. While at other times, these assets broke free and rallied on their own accord.

Altcoins total market cap chart from TradingView.com

Altcoins market cap at $1.32 trillion | Source: Altcoins Total Market Cap on TradingView.com

This has led to bitcoin losing a significant portion of its market dominance to altcoins. Starting the year out at about 75% of total market dominance, it has now fallen to 38% where altcoins have continuously eaten into the pioneer cryptocurrency’s market share. Ethereum was, as always, leading this charge as it took the largest chunk of the market share.

Get 110 USDT Futures Bonus for FREE!

Memecoins also found favor in the market this year. Coins like Dogecoin and Shiba Inu grew into the thousand and million percentile, as well as “ETH killers” also making a play in the market.

Mid-Caps Take The Lead

Altcoins always showed out in the indexes with triple-digit gains for the year. Bitcoin which had a tremendous run of it this year still recorded the lowest gains being the only index that returned double-digit gains. All other indexes, the small, mid, and large cap indexes enjoyed the majority of the gains.

Related Reading | Bullish Signal? Ethereum Market Dominance Sitting Above 20%

Bitcoin’s returns for the year only came out to 73%. While this is still vastly ahead of top investment vehicles like gold, the S&P, and NASDAQ, it still performed poorly in comparison to the other indexes.

Chart showing crypto indexes performance in 2021

Mid Cap Index records highest returns of 2021 | Source: Arcane Research

The Large Cap Index saw the second-lowest returns with 179%, but even it saw returns over 100% higher than that of bitcoin. The Small Cap Index made a splash with returns reaching as high as 485% for the year.

Finally, the Mid Cap Index came out as the winner for 2021 marking returns of 830%. This index consists mostly of Layer 1 tokens which had seen some of the most gains for the year, outperforming even ethereum despite its massive 485% returns for the year.

Featured image from Investment U, charts from Arcane Research and TradingView.com

Source

Tagged : / / / / / / / / /

SEC Recruits Former Senate Aide as Crypto Advisor

by Cryptobriefing

Key Takeaways

  • The SEC has hired former Senate aide Corey Frayer to serve as an advisor on matters related to cryptocurrency.

  • Frayer will join the SEC alongside three other new staff members hired to serve in roles unrelated to crypto.

  • The news comes alongside comments from SEC Commissioner Hester Peirce criticizing unified crypto regulations.




Share this article


The U.S. Securities and Exchange Commission has hired a new senior staff memberc to serve as an advisor on cryptocurrency.

Former Senate Aid Frayer Hired by SEC

The SEC announced Thursday that former Senate Aide Corey Frayer had been hired as a senior advisor on cryptocurrency. Frayer’s role will be to advise Gensler on SEC policymaking and to perform interagency work pertaining to crypto asset oversight.

Frayer has previously worked for the U.S. Senate Committee on Banking, Housing, and Urban Affairs. He also worked on various issues as a Senior Advisor for the House Financial Services Committee under Rep. Maxine Waters.



Frayer will join the SEC alongside three other new staff members: Philipp Havenstein as Operations Counsel, Jennifer Songer as Investment Management Counsel, and Jorge G. Tenreiro as Enforcement Counsel. Those roles are not specifically related to cryptocurrency.

The recruits will serve under SEC Chairman Gary Gensler, who took on that role in April 2021. Gensler said that the four newly recruited individuals have “have exceptional experience” and that he has “already begun to rely on their valuable counsel.”

Peirce Comments on Unified Regulations

The news comes alongside statements from SEC Commissioner Hester Peirce criticizing calls for a unified cryptocurrency regulator.


Peirce stated that while she understands “the impulse to call for one regulator,” such a demand may actually result in less unity. “Typically in Washington, when you build another regulator, all you get is all the existing regulators plus one,” Peirce said.

Calls for a unified crypto regulator have come from within the U.S. government and from crypto companies such as Coinbase and FTX.

Peirce’s comment was not related to the staff additions that the SEC has just announced. However, the SEC’s decision to appoint a new crypto advisor suggests that it is committed to overseeing crypto activity itself in the absence of a regulatory body specifically dedicated to that purpose.

Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other cryptocurrencies. 



Share this article


The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.



SEC Further Delays Bitcoin Spot ETF Decision

The Securities and Exchange Commission has delayed its decisions on two different Bitcoin spot exchange-traded funds.  Patience: A Virtue? The SEC has extended the period by which it can review…

SEC Rejects Bitcoin Spot ETF From WisdomTree

The U.S. Securities and Exchange Commission (SEC) has rejected an application for a Bitcoin spot ETF from WisdomTree. SEC Rejects WisdomTree ETF The SEC published a letter on Wednesday, Dec….

U.S. SEC Could Gain Authority Over Stablecoins

The U.S. SEC could soon gain authority over stablecoins, according to a report published by Bloomberg today. SEC Wants to Regulate Stablecoins Bloomberg’s sources suggest that the U.S. Treasury and…

Investing Survey: Win A $360 Subscription To Pro BTC Trader

We’re doing this because we want to be better at picking advertisers for Cryptobriefing.com and explaining to them, “Who are our visitors? What do they care about?” Answer our questions…


Source

Tagged : /

Why 2022 Could Be The Best Year For Cardano, Top Bullish Predictions

by NEWSBTC

Cardano (ADA) experienced a major downtrend in the past months as the crypto market took another swing for the lows. The sixth cryptocurrency by market cap has seen a year in the green as it managed to complete several upgrades on its mainnet.

Related Reading | Biggest Cardano Based Cross-Chain NFT Marketplace Verlux kicks Off Pre-sale

First, Cardano successfully transitioned to a Proof-of-Stake consensus in 2020, shortly after the D parameter reached “0” signaling the full decentralization of block production. The network went from a federate consensus to a community-based consensus as the latter control most stake pools producing blocks on the network.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Later, the start of a new era with the first of 3 major Hard Fork Combinator (HFC) events with the implementation of “Allegra”, followed by “Mary”. These upgrades brought new capabilities to the Cardano mainnet which were completed with “Alonzo” that introduced smart contract capabilities into the blockchain.

This ecosystem has already seen a surge in projects, as developers and users rush in to build and leverage the benefits of its UTXO model. In that sense, community member ADA Whale shared his top predictions that could boost another rally for the underlying cryptocurrency of the Cardano network.

Get 110 USDT Futures Bonus for FREE!

ADA Whale mentioned the potential increase in the number of transactions and active addresses for Cardano. The investor believes these fundamentals could increase by a factor of 5 leading into a massive wave of adoption in 2023.

Cardano remains one of the most actively used networks. Scaling happens via different streams, first gradually to keep up w growth, exponentially in 2023.

This new wave of adoption for this network could translate into more projects. The investors estimated that by the end of 2022, there could be more than 250 decentralized applications, DeFi platforms, launchpad and more on the network. The investor added:

Cardano DeFi starts slowly but TVL >$10bn eoy. Dapp store with levels of certification goes live. Ease of use sees people replace banking stack with Cardano DeFi. Digital Identity projects thrive connecting DeFi w/ real world. UTXO DeFi will be different, and better

Cardano And Its Potential For The Coming Years

In addition to its security, according to ADA Whale, Cardano offers low fees, energy efficiency with a green footprint, and has been adopted by companies and projects with a global impact. This includes World Mobile, Singularity, and others.

The aforementioned collaborations place the ecosystem in different sectors with close deals with governments in growing economies. Cardano will strengthen its partnerships in the coming years as it attempts to provide people with an open, decentralized, and accessible network to manage and support a variety of basic services.

In the meantime, the network develops interoperable capabilities. ADA Whale mentioned Milkomeda, a second layer solution for Cardano with EVM compatibility. This types of solutions will help onboard more users and developers.

Related Reading | Cardano Project Flickto Surpasses 1.5 Million ADA Staked One Month After Launch

As of press time, ADA trades at $1,36 with sideways movement in the past day.

Cardano ADA ADAUSDT
ADA trends to the downside in the 4-hour chart. Source: ADAUSDT Tradingview

Source

Tagged : / / / /

Crypto Biz: The blockchain revolution will cast aside the skeptics, Dec. 23-30

by Cointelegraph

From a price perspective, the cryptocurrency market is ending 2021 with a whimper as Bitcoin (BTC), Ether (ETH) and other digital assets continue to trade well below their prior peaks. But the business of blockchain and crypto is heating up, as evidenced by the arrival of institutional capital and the flood of venture funding into the space. According to Nischal Shetty, CEO of India’s WazirX crypto exchange, the digital asset revolution is already underway and will continue with or without your participation. 

Below is the concise version of the latest “Crypto Biz” newsletter, which is delivered to your inbox every Thursday. Register for the full newsletter below to receive comprehensive insights every week.