Tag: ETHBTC

Ethereum Price Analysis: Following 17% Weekly Surge, ETH Eyes This Level Next

by CryptoPotato

Key Support levels: $3,000, $2,805 

Key Resistance levels: $3,400, $3,750

Despite a decreasing volume as the price goes up, ETH continued to perform well this week and increased substantially. The key resistance sits at $3,400, and the cryptocurrency appears ready to test this level before any significant pullback. The support at $3,000 has held well and may be revisited if ETH is rejected at the key resistance.

ETHUSD_2022-02-10_16-36-39
Chart by TradingView

Technical Indicators

Trading Volume: The volume continues to decrease, even as the price moves higher. This is a bearish signal and may materialize once the price hits the key resistance.

RSI: The daily RSI has hit 62 points and appears to curve down. The increase from the oversold area was very sharp and a pullback becomes likely in the near future.

MACD: Even if the MACD is bullish, the histogram has turned flat in the last few days. This signals a loss of bullish momentum. Best to be cautious as we approach the key resistance.

ETHUSD_2022-02-10_16-36-54
Chart by TradingView

Bias

The current bias for ETH is bullish. It’s important to monitor the key resistance as a rejection there could lead to a significant correction.

Short-Term Price Prediction for ETH

At the time of this writing, it seems more likely for ETH to test $3.4K rather than not. Once it’s there, it’s important to monitor the price action closely.

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Bitcoin Reclaims $44K: Shiba Inu Spikes 5% (Market Watch)

by CryptoPotato

Following yesterday’s brief retracement, bitcoin went on the offensive once more and touched $44,000. Most alternative coins are slightly in the green today as well, with ETH touching $3,200 and SHIB spiking by 5%.

BTC at $44K Again

It has been roughly a week since the largest cryptocurrency began its ascent. The asset struggled at $37,500 on February 4th, but the bulls stepped up and started to push it north.

Firstly, bitcoin broke above $40,000 before adding another grand in the following hours. After stalling there for a bit, BTC began adding more value once again. This time, it tapped a multi-week high of around $44,000 before surging to $45,500 for the first time since early January.

After several days of continuous gains, it was expected to some extent that there will be a slight retracement. It transpired yesterday when BTC dropped by a few thousand dollars to $42,500.

However, bitcoin reacted well to this price slide and has added more than $1,500 since then. As a result, it now stands above $44,000, and its market capitalization has neared $850 billion.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

SHIB and Other Alts in Green

The alternative coins mimicked BTC’s performance to a large extent lately. As such, most corrected yesterday but have turned green today.

Ethereum slid below $3,100, but a 3.5% increase since then has driven the second-largest cryptocurrency to $3,200 now. Binance Coin, Ripple, Terra, and MATIC have marked similar gains, while Cardano, Solana, Polkadot, Avalanche, and Dogecoin have portrayed more modest increases.

Shiba Inu and CryptoCom’s native token are the most significant gainers as of now. Both are up by approximately 5%, with SHIB standing at $0.000033 and CRO trading above $0.5.

More price increases come from Secret (13%), Flow (13%), Kadena (10%), Harmony (9%), Arweave (8%), and NEO (8%).

The cryptocurrency market capitalization is up by around $40 billion since yesterday and is back above $2 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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AssangeDAO Concludes Fundraise After Securing 17,422 ETH ($54 Million)

by CryptoPotato

Dedicated to restoring Assange’s freedom, AssangeDAO started its fundraising on February 3. Less than a week later, it has concluded its efforts after managing to rake in 17,422 Ether from 10,000 users.

Helping Embattled WikiLeaks Founder Julian Assange

The newly-formed AssangeDAO’s mission was to raise enough funds to help free Julian Assange. It aimed to acquire ETH in return for the JUSTICE governance token to bid on a 1/1 NFT. The NFT in question was made by well-known digital artist Pak in collaboration with Assange.

The proceeds raised from its sale are expected to benefit Assange’s defense fund in terms of legal fees and campaigning to raise awareness about his extradition case. As per the data from Juicebox, the funds generated now stand at around $55 million. The website dedicated to the DAO stated,

“AssangeDAO intends to raise capital to bid on Assange’s NFT. By galvanizing an Assange solidarity network we hope to send a powerful signal that the time of passivity is over. A new era of cypherpunk organization has dawned.”

As reported by CryptoPotato earlier, the decentralized autonomous organization (DAO) raised more than $38 million in ETH by February 7 before adding almost $15 million in two more days. It also became the largest JuiceBox DAO raise in history after surpassing that of the now-defunct ConstitutionDAO.

Among many notable contributions, AssangeDAO also pulled in around $31k or 10 ETH from Ethereum creator Vitalik Buterin. Co-Founder and CEO at Gnosis Martin Köppelmann also revealed contributing 10 ETH to the movement last week. AssangeDAO was inspired by the FreeRossDAO, created to free the creator of the darknet market website Silk Road Ross Ulbricht, and ended up raising $12 million.

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Extradition Case

In 2021, the Wikileaks founder lost a major legal battle after a British court ruled that he could be extradited to the United States to face a trial over the publication of hundreds of thousands of classified military documents and diplomatic cables in 2010 and 2011.

In a major relief for the Australian national, the UK High Court ruled that Assange will be able to challenge the decision of him being extradited to the US on espionage charges where he faces a 175-year prison sentence. Assange can now appeal to the country’s Supreme Court.

Featured Image Courtesy of Sky News

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Market Watch: Bitcoin Retraced After Topping at $45K, Tezos Soars 12%

by CryptoPotato

After several consecutive days of marking impressive gains, bitcoin retraced slightly and lost around $2,000 since its local peak. The altcoins have calmed on a daily scale, except for a few lower- and mid-cap ones that surged, such as Tezos (XTZ).

Bitcoin’s Peak and Subsequent Retracement

Ever since February 4th, when the price of the largest cryptocurrency struggled below $38,000, the overall landscape has been highly bullish. Bitcoin initiated an impressive leg up in which it reclaimed $40,000 for the first time in weeks and only kept climbing.

This resulted in touching $43,000 and $44,000 on February 7th before the bulls pushed BTC north, as reported yesterday. This culminated in touching $45,500, which became the highest price tag seen by bitcoin in over a month.

After gaining $8,000 in days, though, the community expected some kind of a retracement, and it arrived shortly after this peak. It drove the cryptocurrency down by about $3,000 to $42,500, but the asset reacted rather well and recovered $1,000 in the following hours.

As such, its market capitalization continues to stand well above $800 billion, and its dominance over the altcoins is close to 42%.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Tezos on the Move

Most alternative coins registered similarly impressive gains in the past week or so. Ethereum went from struggling to remain above $2,000 to a multi-week high north of $3,100. The second-largest crypto has calmed since then, but it’s still around that line.

The remaining larger-cap alts have either stalled or retraced slightly. Binance Coin is down by 3%, Solana by 2.6%, Terra by 3.5%, Dogecoin by 3%, while Shiba Inu has lost the most (-6%). This comes despite the recent introduction of Metaverse real estate by the memecoin project.

LEO Token is the best performer on a daily scale with a massive 50% surge. This is perhaps a direct consequence of the positive development in regards to the Bitfinex hack.

Tezos is another impressive performer following a 12% surge. Consequently, XTZ now trades above $4.5.

The crypto market cap topped $2 trillion yesterday, but it’s slightly below that line after a minor daily decline.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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SoftBank-Backed Startup to Offer Crypto Trading (CNBC Report)

by CryptoPotato

DriveWealth – a SoftBank-backed start-up that assists fintech firms in offering stocks – will reportedly provide cryptocurrency trading services to clients. To do so, the company will acquire Crypto-Systems – a separate digital asset organization based in the United States.

DriveWealth to Compete with Coinbase

CNBC reported that shortly after the acquisition, the start-up will launch two subsidiaries to offer Bitcoin and Ethereum trading opportunities to partners in April or May this year.

Bob Cortright – CEO at DriveWealth – raised hopes that the end-to-end crypto trading system and the algorithmic-trading platform, which his company utilizes, could bring greater transparency to the digital asset market:

“In the crypto space right now, it’s still the Wild West, prices are all over the place. There’s very little price discovery and there’s little consistency with spreads. We want to change that.”

Cortright, who has co-created Bank of America’s electronic-trading platform, believes that trade fees would collapse as watchdogs get involved, and competition increases. As such, DriveWealth aims to be a crypto liquidity provider to compete with Coinbase’s “unsustainable” transaction speed:

“We can’t continue in a world where you can charge 200 basis points on a transaction.”

Coinbase – a leading digital asset exchange – charges retail customers with fees as high as 4.5% and more. It also collects a spread on top of transaction costs.

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DriveWealth’s CEO opposed such a transaction policy. “It’s coming out of the wallets of the customers,” Cortright maintained.

Bob Cortright
Bob Cortright, Source: Meta Trader

The executive concluded that numerous companies across various fields are lining up to allow customers to earn rewards in digital assets:

“Even the established, large e-commerce players are finding that, when surveying their clients, a huge percentage want to own some crypto.”

Valued at $2.85 billion, DriveWealth is backed by the Japanese financial institution SoftBank.

Coinbase’s Recent Updates

Speaking of the US-based cryptocurrency platform, it is worth noting the latest developments around it.

Nearly a month ago, it partnered with Yield Guild Games (YGG) to bring more assets available for scholarships. At the same time, Coinbase acquired FairX – a CFTC-regulated trading venue – to offer crypto derivatives to retail and institutional investors in the States.

A week later, the platform joined forces with Mastercard to simplify purchasing non-fungible tokens (NFTs):

“Thanks to our work with Mastercard, we’ll be able to provide a better customer experience on Coinbase NFT, and plan on working to find ways to bring this opportunity to the broader ecosystem.”

Subsequently, the trading venue appointed Tobias “Tobi” Lütke as its newest member of its Board of Directors. The German is the Chief Executive Officer of the e-commerce giant Shopify.

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Ethereum Price Analysis: ETH Surges Past $3K But Worrying Signs Appear

by CryptoPotato

Key Support levels: $3,000, $2,805 

Key Resistance levels: $3,400, $3,750

ETH’s price action has been somewhat reserved once it reached $3,000 without a strong conviction to move higher. However, despite the hesitation from buyers, the cryptocurrency continued to go higher reaching $3,235 today on Bitstamp. The $3,000 level turned into support, and the next key resistance is found at $3,400.

ETHUSD_2022-02-08_09-36-41
Chart by TradingView

Technical Indicators

Trading Volume: While the price went up, the volume went down. If the overall market turns bearish or enters a pullback, ETH appears weak and can fall under $3,000 again.

RSI: The daily RSI has moved to 60 points, placing it on the bullish side. The buyers need to sustain this level, otherwise, ETH is vulnerable to selling pressure.

MACD: While the daily MACD is bullish, the histogram confirms a loss of momentum. If the histogram makes a lower high, then it is best to take that as a warning. This can quickly be erased if buyers step in.

ETHUSD_2022-02-08_09-36-23
Chart by TradingView

Bias

The current bias for ETH is bullish. However, ETH appears weak with decreasing volume and is losing momentum. The resistance at $3,400 may be hard to pass for that reason.

Short-Term Price Prediction for ETH

Even if ETH is above $3,000, this latest price action can quickly reverse if selling pressure intensifies. The loss of momentum and low volume is a concern. Nevertheless, the current market favors bulls, and ETH can benefit from that. Should the price continue to go up from here, the next key resistance is found at $3,400.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




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KPMG Canada Adds BTC And ETH To Balance Sheet

by CryptoPotato

The Canadian subsidiary of KPMG – one of the “Big Four” international accounting firms – has just confirmed the addition of Bitcoin and Ethereum to its corporate treasury. The purchase is said to “reflect the firm’s commitment to emerging technologies and asset classes”.

  • According to a press release from Newswire, KPMG included carbon offsets alongside the purchase, in order to maintain net-zero emissions on the relevant purchases. Bitcoin and Ethereum are often criticized for their energy footprint due to their Proof-of-Work consensus mechanism but are rapidly becoming less carbon-intensive networks.

  • The crypto assets were acquired through Gemini’s execution and custody services – a Winklevoss-owned cryptocurrency exchange.

  • This marks the company’s first-ever cryptocurrency allocations. However, it’s been involved with the industry in other ways for years, such as providing tools to help institutional clients provide crypto-asset services.

  • KPMG was also responsible for a 2019 study showing massive interest in cryptocurrency from Gen Z.

  • Benjie Thomas – Canadian Managing Partner at KPMG – called crypto a “maturing asset class,” and believes it will be widely recognized like any other traditional asset in the future.


  • “Investors such as hedge funds and family offices to large insurers and pension funds are increasingly gaining exposure to crypto-assets,” he added, “and traditional financial services such as banks, financial advisors, and brokerages are exploring offering products and services involving crypto-assets.”

  • Tesla and MicroStrategy are premier examples, having added billions of dollars in Bitcoin to their corporate treasuries. El Salvador is the first known nation-state to take similar action and continues to do so.

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Bitcoin Touched $43K: Ripple Soars 12% to a 3-Week High (Market Watch)

by CryptoPotato

Bitcoin’s recent bullish run continued with another minor leg up that drove it to a high of $43,000. Most altcoins have produced similar slight increases; some, such as Shiba Inu and XRP, have exploded with massive double-digit pumps.

Bitcoin Touched $43K

Ever since last Friday, when the cryptocurrency began its rapid ascent from $37,500, the BTC landscape has remained significantly more positive. Bitcoin surged to and beyond $40,000 in a matter of hours for the first time since mid-January.

The asset remained relatively calm, around $41,500 during the weekend before it initiated another price increase. This time, the bulls drove it to $43,000 for the first time since the market-wide correction started on January 21st.

As of now, BTC has been unable to reclaim that level decisively and has retraced by a few hundred dollars. Nevertheless, its market capitalization has surged above $800 billion. Just last week, the metric was down below $700 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

SHIB and XRP Steal the Show

Most alternative coins followed BTC on the way up with impressive gains in the past several days. Ethereum, for example, struggled to remain above $2,000 just a week or so ago. Now, though, the second-largest cryptocurrency stands well above $3,000 and even challenged $3,100 a few hours ago.




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Binance Coin, Cardano, Solana, Polkadot, and Terra have marked similar gains in the past 24 hours of between 2% and 4%. More impressive increases come from Dogecoin and Avalanche.

However, Ripple and Shiba Inu have taken the main stage from the larger-cap alts. SHIB has exploded by more than 20% in a day, as reported earlier, and stands near $0.00003.

XRP, on the other hand, is up by approximately 13%. As a result, the asset tapped a three-week high at over $0.75.

More gains come from Quant (17%), BitTorrent (16%), LEO (14%), Kadena (13%), Loopring (12%), Gala (10%), and Fantom (10%).

The crypto market cap has increased by about $60 billion since yesterday and stands at $1.950 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




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Weekend Watch: Axie Infinity (AXS) Explodes 17%, Bitcoin Maintains $41K

by CryptoPotato

After surging above $41,000, bitcoin has maintained its momentum and has remained above that level. The altcoins, which marked significant gains yesterday, have stalled now. Axie Infinity is among the few exceptions after a massive double-digit surge.

Bitcoin Maintains $41K

It was just a few days ago when the largest cryptocurrency struggled to remain above $37,000 and dipped below that level on a few occasions. The bulls attempted to push it north, which resulted in trading around $38,000 on Friday.

This is where the landscape changed, though. BTC initiated an impressive leg up in the following hours and surged above $40,000 for the first time in weeks.

Moreover, bitcoin even reclaimed $41,000 and neared $42,000. As of now, the asset stands just shy of that level, and its market capitalization is close to $800 billion once more.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts Stall: AXS Soars With Double Digits

The alternative coins went on a roll yesterday with massive double-digit gains from almost all. Now, though, the majority have calmed.




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Ethereum stands above $3,000 for the first time in weeks, as well, even with a minor decrease since yesterday.

More slight decreases come from Binance Coin, Cardano, Solana, Ripple, Polkadot, Terra, Dogecoin, Avalanche, and Shiba Inu.

In contrast, CRO is up by another 3%, while Litecoin has surged by 8% and stands above $125.

Axie Infinity is among the most impressive performers with a 15% surge. Consequently, AXS trades well above $60. Gala (20%) and Theta Fuel (10%) are also well in the green.

Somewhat expectedly, the crypto market cap has remained relatively calm, around $1.9 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Proof-of-Reserves Audit Shows Kraken Holds $19B in BTC and ETH

by CryptoPotato

Leading cryptocurrency exchange Kraken announced on Thursday the results of a proof-of-reserve audit, showing that it holds over $19 billion worth of Ether (ETH) and Bitcoin (BTC).

Almost $20 billion Stored on Kraken

As per a blog post, the audit was conducted by Armanino LLP, a consulting and technology firm in the US. The results didn’t include other assets – just BTC and ETH, including the $3.5 billion worth of ETH held in Kraken’s staking service, which is an ETH 2.0 validator.

This is the second independent audit conducted on the exchange since 2014. According to Armanino, the audit took several years of work to reconstruct a Merkle tree – a mathematical data structure that encapsulates hashes of different blocks of data – and prove every coin was on spot.

The audit comes as crypto companies are facing heavier scrutiny from regulatory bodies worldwide. According to Jeremy Welch, Chief Product Officer at Kraken, the exchange plans to conduct public proof of reserve audits annually.

Security and transparency for our customers has been at the core of our culture as a company, and the core of our practices and operations from the very beginning. Regular Proof of Reserves audits will demonstrate that, for Kraken, our client security and safety are a top priority.” —Said Welch.

Kraken to Allow Clients to Audit Their Accounts

Now the exchange is implementing auditing standards to allow clients to verify that their BTC and ETH balances are backed by real assets held in the exchange’s custody. Any client will be able to independently verify their balances by comparing select pieces of data with the Merkle root. However, the verification will only reflect the current state of the supported assets at the time of the audit.

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“We offer Proof of Reserves because we’re passionate about this industry, and believe it is the future of finance and capital markets. With this audit, we’re taking historical best practices from certified public accounting firms and applying them in a new way that’s incredibly exciting” said Noah Buxton, blockchain practice lead at Armanino.

Kraken has been one of the most active crypto companies in the industry as of now. The veteran US exchange is working on an NFT marketplace with new features, such as allowing customers to use non-fungible tokens as collateral to borrow funds against.

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Bitcoin (BTC) $ 27,158.28 1.17%
Ethereum (ETH) $ 1,902.45 1.67%
Litecoin (LTC) $ 94.37 0.02%
Bitcoin Cash (BCH) $ 114.63 0.67%