Binance has expanded its Monitoring Tag list to include Beta Finance (BETA), BarnBridge (BOND), Waltonchain (WTC), and NEM (XEM) as of October 4, 2023, according to Binance official blog. The Monitoring Tag serves as a risk indicator for tokens with elevated volatility and risk.
The Monitoring Tag is a feature on Binance that flags tokens with higher volatility and risk compared to other listed assets. Binance performs regular reviews of these tagged tokens based on a comprehensive set of criteria. These criteria include the team’s commitment to the project, the level and quality of development activity, trading volume and liquidity, and the stability and safety of the network from attacks, among others. Tokens that consistently fail to meet these criteria are at risk of being delisted from the platform.
To trade these tagged tokens, Binance mandates that users pass quizzes every 90 days on its Spot and Margin trading platforms. These quizzes aim to ensure that traders are fully aware of the risks involved in trading such volatile assets. Additionally, a risk warning banner is displayed on the trading pages for these tokens, serving as an extra layer of caution for traders.
Binance’s decision to extend its Monitoring Tag to these four tokens is part of a broader industry trend towards increased scrutiny and risk management. On September 6, 2023, Coinbase announced that it would suspend trading for BarnBridge (BOND) and other tokens. Similarly, OKX revealed plans to delist several trading pairs, including XEM, that did not meet its listing criteria on September 21, 25, and 26.
Binance has committed to conducting periodic reviews to reassess the Monitoring Tag status of tokens. This is part of the exchange’s broader strategy to foster a transparent and sustainable cryptocurrency ecosystem. The Monitoring Tag serves as a tool for both the exchange and its users to manage risk effectively, and its extension to include more tokens is indicative of a maturing market that is increasingly focused on risk management and compliance.
NEM nodes will vote on whether or not to merge into a subChain of Symbol.
NEM is known for pioneering the “proof-of-importance” consensus mechanism.
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NEM has announced its Harlock hard fork, which it says will “decide the future of #NEM.” The hard fork will enable voting on whether NEM will integrate into the Symbol blockchain.
Hardfork x7
Harlockwill allownodes to vote on whether they supportNEMbecoming a dedicated subChain of Symbol, an enterprise blockchain launched by the NEM project in March 2021. NEM nodes will vote on whether or not the NEM blockchainwill mergeinto Symbol as a “subChain,” or “a type of transaction-specific sidechain.”
Symbol was launched earlier this year, and thevisionof its founders has grown since then:
“…subChains will be a pinnacle of innovation: not just Symbol, but the broader blockchain space. We already have plans to collaborate with other chains on research and development, and we envision a future where other cryptocurrency projects are brought in as dedicated subChains of Symbol, supplying new logic and transaction types to the entire platform.”
The Harlock update represents NEM’s seventh hard fork—historically, roughly one every few hundred thousand blocks. The last hard fork occurred at blockheight 1,250,000 and represented a fee modification to the network. Harlock is expected to execute at blockheight 3,464,800.
NEM(New Economy Movement)was an early crypto project, launched in Q1 of 2015. Its native cryptocurrency is XEM. Ithas been prominentin Japan since 2016, seeing enterprise adoption and acceptance as payment in restaurants and hotels. According to NEM, it has also “inspired art exhibits and community-run cafes and even donation drives.”
The project maintains that its most important contribution is itsproof-of-importanceconsensus mechanism (rather than, say, proof-of-stake or proof-of-work), which seeks to “deter the concentration of wealth commonly associated with proof-of-stake.” It does this by rewarding on-chain activities, such as transfers, in addition to giving rewards based simply on the amount vested.
NEM’s XEM is responding to the news. At the time of writing, it is up roughly 7% on the day, with trading volume up approximately 330%.
Disclaimer: At the time of writing, the author of this piece held BTC, ETH, and several other cryptocurrencies.
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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.
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The totalcrypto market caplost $127 billion from its value for the last seven days and now stands at $1,273billion.Thetop 10coins were all in red for the same time period with Polkadot (DOT) and Dogecoin (DOGE) being the worst performers with 21.6 and 16.8 percent of losses respectively. Bitcoin (BTC)is at$31,206 at the time of writing. Ether (ETH) is currently trading at $1,860.
BTC/USD
Buyers pushed the price of BTC up to the multi-timeframe resistance at $34,700 on Sunday, July 11 in an attempt to save the weekly candle which was about to close below that level for the first time since January. However, they were rejected right there which caused bitcoin to end the week at $34,300 with a 2.8 percent loss.
On Monday, the leading cryptocurrency failed to break above the 21-period EMA on the daily timeframe and was forced to retrace down to $33,000, trading at $32,600 during intraday. The move resulted in a 3.4 percent pullback.
The Tuesday session was no different and the BTC/USDT pair continued to slide forming the second consecutive red candle on the daily chart by touching $32,600. What is worth noting is that bears managed to push the price down to the next weekly support zone around $32,200 – the neckline of the big head and shoulders pattern on the weekly timeframe.
The mid-week session on Wednesday came with a sharp 3.8 percent drop to $31,600 in the early hours of trading. The selling activity was quickly absorbed and BTC was able to recover to $32,800 at the candle close.
On Thursday, July 15, however, we witnessed how bears renewed the selling pressure and bitcoin once again lost the mentioned support line falling further to $31,800. The price of the coin revisited $31,000 during intraday for the first time since June 26.
The Friday session was no different and the biggest cryptocurrency continued to move South, this time reaching $31,368 thus entering the extremely important demand zone right above $30,000.
The weekend of July 17-18 started with a relatively calm day on Saturday during which the coin managed to stabilize in the above-mentioned area, staying flat.
Then on Sunday, it climbed up to $31,767 with a short green candle.
What we are seeing on Monday morning is a continuation of the downtrend.
ETH/USD
The Ethereum Project token ETH regained positions near $2,140 on Sunday, July 11, but failed to close the weekly candle above the 21-period EMA (which was then situated around $2,180). It lost 8.2 percent on a seven-day basis, which drove the price down below the 21-period EMA – a strong bearish sign.
On Monday, the ether was rejected at the short-term EMA on Daily and retraced down to $2,030, a 5.1 percent correction.
The Tuesday session was no different and the major altcoin fell further to $1,940, closing below the $2,000 mark for the first time since June 28.
The third day of the workweek saw ETH hitting another monthly low. First, it touched $1,867 in the morning, then recovered to $1,991 in the latter part of the session. The selling pressure was there, with strong momentum, but it is also worth noting that on the weekly chart, the ETH/USDT pair is in a Falling Wedge reversal formation and the price just hit its lower boundary.
On Thursday, July 15, ETH erased 3.5 percent to perfectly hit the lower part of the mentioned trading pattern. Some traders were already suggesting the downtrend is exhausted and the on-chain metrics are in favor of bulls that expect a short-term reversal.
The Friday session though proved them wrong. The ether continued to lose ground, this time touching $1,873.
The first day of the weekend came with a low volatility session, during which the leading altcoin remained around the price reached during the last 24 hours.
On Sunday, buyers made a short-lived reversal attempt by pushing the price up to $2,000 in the morning, but the rally was fully retraced later in the day.
As of the time of writing, the coin is trading slightly lower – at $1,860.
Leading Majors
Litecoin (LTC)
One of the oldest cryptocurrencies out there did not increase in price during the last week, but still managed to stabilize around its previous horizontal support.
The coin was last rejected in the zone near $170 where few important indicators met – the 21-day EMA, the horizontal resistance, and the lower boundary of the bearish pennant. This resulted in a heavy drop to the next support at $145 and then another sharp decline to May low of $117.
What is next for the LTC/USDT pair is to stabilize above the mentioned support level and attempt a break above the 21-day EMA and the diagonal resistance line above $135.
Altcoin of the Week
Our Altcoin of the week is NEM (XEM). The ecosystem of blockchain platforms, which is also one of the most popular legacy coins from the last bull run, added 15 percent to its value for the seven-day period.
The main reason for the recent surge in the price of NEM is the announcement from the Government of Colombia that its Ministry of Information Technology and Communications will collaborate with the software development company Peersyst Technology to experiment with blockchain in series of government projects. The company itself uses Symbol, NEM’s enterprise-grade blockchain solution.
The move helped the coin climbed up to #65 on CoinGecko’s Top 100 list with a market capitalization of approximately $1.27 billion.
The XEM/USDT pair peaked at $0.171 on Saturday, July 17 and as of the time of writing is trading at $0.138.
Bitcoin (BTC) is on the verge of closing another week that saw the price dip closer to $30,000 but the same bearish observation cannot be made for all altcoins. On Friday, several smaller-cap altcoins managed to shake off the bearish assault and post-double-digit gains before traditional markets closed for the weekend.
Data from Cointelegraph Markets Pro and TradingView shows that the top movers over the past 24 hours were NEM (XEM), Augur (REP) and district0x (DNT).
Top 7 coins with the highest 24-hour price change. Source:Cointelegraph Markets Pro
It’s worth noting that four of the top seven gainers are layer-one protocols, an interesting development that comes at a time when Ether’s (ETH) price is struggling below the $2,000 level and the community anxiously waits to see if the upcoming London hard fork improves Ether price and the process of transacting on the network.
NEM/USDT
Data from Cointelegraph Markets Pro and TradingView shows that after a month where the average 24-hour trading volume for NEM was $50 million, demand for the token surged on July 16 as the volume increased to $532 million and the price rallied 35% to $0.151.
XEM/USDT 4-hour chart. Source:TradingView
The uptick in price follows the July 13 announcement that Symbol (XYM), an enterprise blockchain protocol developed by the NEM group, had agreed to a collaborative project with the government of Colombia.
REP/USDT
According to data from TradingView, REP price began to surge on July 13 after the 24-hour trading volume spiked from a daily average of $17 million to more than $521 million on July 14.
REP/USDT 4-hour chart. Source:TradingView
As a result of the sudden increase in trading volume, the price of REP rallied 57% from a low of $14.60 on July 13 to an intraday high at $22.97 on July 16.
While there is no readily identifiable cause for the sudden increase in interest, a scroll through the Augur’s Twitter feed shows that forecasting on the network remains active with the most recent polls asking “Who would win the 2021 Major League Baseball Home-run derby?” and “Who will win the Ultimate Fighting Championship fight between Connor McGregor and Dustin Poirier?”
Related:Cardano grows closer to launching smart contracts with new testnet
DNT/USDT
The third-largest gainer on July 16 was Distric0x, a protocol that bills itself as a “network of decentralized markets and communities” and specializes in helping users launch their own decentralized autonomous organizations (DAO).
DNT/USDT 4-hour chart. Source:TradingView
Data from Cointelegraph Markets Pro and TradingView shows that DNT’s trading volume spiked from $3 million to more than $60 million on Friday, which led to a 73% rally from $0.112 to an intraday high at $0.193.
At the time of writing the price of DNT had since retraced to $0.133 which represents a 17.35% gain on the day.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
The new platform is aimed at enterprise applications and will include various new features.
It remains to be seen whether the launch will help NEM become a high-ranking project once again.
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NEM, one of the earliest and most notable crypto projects, has reinvented itself by launching its new Symbol blockchain.
Symbol Reinvents the NEM Blockchain
Mar. 15 marks the launch of Symbol’s public mainnet. The new platform is primarily aimed at enterprise users, with emphasis on the blockchain’s use in fintech and supply chain management.
However, Symbol can also be used for various other ways: it can serve as a basis for DeFi apps, tokenized stocks, non-fungible tokens (NFTs), atomic swaps, and much more.
In preparation for the launch, NEM has built up an extensive list of partnerships. It has earned support from leading crypto companies incluidng CoinGecko, Travala, Fireblocks, and GurdaWallet.
New Token on the Way
Symbol will not replace NEM: instead, it will run in parallel with NIS1, the original NEM blockchain. NIS1’s original NEM token (XEM) will continue to circulate alongside Symbol’s new token (XYM).
To prepare for XYM’s launch, Symbol and NEM are working with dozens of exchanges. Certain exchanges such as Binance have already taken snapshots of user balances in preparation for the XYM airdrop. Various exchanges are also preparing to list the new token and are running trading competitions.
Despite those preparations, XYM has not yet been released into general circulation and is not listed on market aggregators. As such, it is hard to say how the token will perform in terms of value.
Will NEM Take Back the Spotlight?
NEM was once one of the most prominent up-and-coming blockchains. By May 2017, just two years after its launch, NEM’s XEM cryptocurrency was the fifth largest cryptocurrency by market capitalization. Today, XEM is the 31st largest cryptocurrency.
In May 2017, XEM’s $893 million market cap was equal to about 3.4% of Bitcoin’s $26 billion market cap. Now, its $3.4 billion capitalization is equal to about 0.3% of Bitcoin’s $1 trillion market cap. This change suggests that NEM has both been displaced by new competitors and suffered an absolute loss in value.
It remains to be seen whether Symbol will be able to define itself against Ethereum, Cardano, and other platforms with similar goals.
At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins, and did not hold NEM.
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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.
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As Bitcoin has soared in the past week and has touched the psychological barrier of $55K today, most virtual currencies have risen as well. Despite the crypto market being generally bullish at the moment, altcoins have differed in their performances. Cardano (ADA) and NEM (XEM) for example, have had completely different trajectories.
Cardano, with a market cap of more than $37,494,584,458, is currently ranked fourth. The altcoin has fallen by 5.45% in the past 7 days. As for NEM, it has become the virtual currency with the largest decline, as high as 22.72% within 7days.
Cardano(ADA) Price Analysis
Source: ADA/USD Daily via TradingView
From the daily candlestick chart of Cardano(ADA), it can be observed that ADA has been on a downtrend since its rise to a new all-time high (ATH) of $1.485 on February 27. At the time of writing, ADA is trading at $1.1621.
Although ADA’s chart indicates a pattern of candlesticks that have all closed above the 20-day Moving Average line for the past four days, a shrinking trading volume can be observed. This means that the bulls have failed to prompt a strong rebound for ADA.
It can be seen from the MACD chart that the blue MACD line has already crossed the signal orange line, forming a death cross. Since there is currently a lack of active buying, the price of ADA will continue to undergo a downward trend in the short-term.
From a technical perspective, according to the Fibonacci Retracement levels that indicate where support and resistance are likely to occur, the bears may now manage to push ADA’s price to the 20-day moving average support level of around $1.10. If ADA fails to sustain itself at the $1.10 level, the altcoin may move downwards to $1.08. If ADA breaks down from $1.08, it may fall to a 61.8% level Fibonacci Retracement level of $0.8365, a clear bearish signal.
However, if ADA manages to rebound higher from $1.10, it may retest its previous high of $1.48.
NEM(XEM) Price Analysis
Source: XEM/USD Daily via TradingView
It can be seen from the daily candlestick chart of NEM(XEM) that since the highest point of $0.93406 was created on March 3, the broader market correction has hurt the price of NEM, which has dropped by 23.54% in the past 7 days and by 10.55% in 24 hours. At the time of writing, NEM is trading at $0.6414.
Although XEM is showing a downward trend, the rebound of the cryptocurrency from its various support levels such as the exponential moving average ribbon on the chart shows that XEM is still in a healthy upward trend within the ascending channel we draw in the figure.
Currently, the bears are retesting the 20-day Exponential Moving Average around $0.625 level of support and are doing their best to push the price out of the rising channel. Therefore, whether it can close in the lower support line of the rising channel today will be crucial.
From a technical perspective, RSI points downward from the 60 mark. In the short term, it should still be in a short-lived bearish market. The first support level is the 20-day Exponential Moving Average. If XEM can stand over $0.625, then the bulls will still control the whole market and the price will not correct sharply.
If the bulls fail to maintain this level, then the bears will suppress NEM’s price, forcing it to test the next support level 50-day of $0.48821, which is the 50-day Exponential Moving Average.
Bitcoin (BTC) price has been correcting in the past few days and traders are curious to know whether this is a minor pullback or the start of a deeper decline. The problem is that no one has a crystal ball and analysts can only point to critical support levels that may hold based on historical data and evidence.
However, in a bear phase, the price tends to slip below key support levels as traders panic and sell out of fear, similar to how the price exceeds the upside targets during a bull run as traders buy due to FOMO.
March has historically been a weak month for Bitcoin, which suggests seasonal traders may prefer to wait and watch rather than jump to buy on dips. This lack of demand may be one of the reasons for the Grayscale Bitcoin Trust premium dipping into the negative over the past week.
Crypto market data daily view. Source:Coin360
However, not all the data is bearish. On Feb. 26, Moskovski Capital CEO Lex Moskovski pointed out that Bitcoin miners positions turned positive on Feb. 26 for the first time since Dec. 27. Adding to this, CryptoQuant CEO Ki Young Ju said the large Coinbase outflows in the past few days suggest that institutions are still accumulating at lower levels.
This data seems to be inconclusive and does not provide an immediate picture of whether the advantage is with the bulls or the bears. Let’s study the charts of the top-5 cryptocurrencies that may outperform in the next few days.
BTC/USD
Bitcoin has broken below the 20-day exponential moving average ($47,441), which is the first indication of the start of a deeper correction. The next critical support is the 50-day simple moving average at $41,066. The price has not closed below this support since Oct. 9, hence the level assumes significance.
BTC/USDT daily chart. Source:TradingView
The bulls are likely to defend the 50-day SMA aggressively. If the price rebounds off this support and rises above the 20-day EMA, it will suggest the sentiment remains bullish and traders are buying on dips.
However, the flat moving averages and the relative strength index (RSI) just below the midpoint suggest the bulls are losing their grip.
If the bears sink the price below the 50-day SMA, it will indicate that supply exceeds demand and traders are booking profits in a hurry. Such a move could pull the price down to the Feb. 8 intraday low of $38,000.
A break below this support will be a huge negative as the next support is at $32,000 and then $28,850.
BTC/USDT 4-hour chart. Source:TradingView
The downsloping 20-EMA and the RSI in the negative zone suggest that bears are in control. The price is now approaching the critical support at $41,959.63.
If the price rebounds off this support, the bulls will try to push the price above the 20-EMA. If they succeed, it will suggest that bulls are accumulating the dips aggressively. The BTC/USD pair may then rise to the 50-SMA and then $52,000.
Conversely, if the $41,959.63 support breaks and the bears flip it to resistance, then a deeper correction is likely.
BNB/USD
Binance Coin (BNB) has been in a corrective phase since Feb. 20, which shows that traders are booking profits after the sharp up-move on Feb. 19. However, the pace of the fall has been gradual since Feb. 25, indicating that traders are not panicking.
BNB/USDT daily chart. Source:TradingView
The price has currently dropped to the 20-day EMA ($194) where the buyers may step in. If the price rebounds off this support and breaks above the downtrend line, the BNB/USD pair may again attract buying from short-term traders. That could push the price to $280 and then to $300.
The 20-day EMA has flattened out and the RSI is just above the midpoint, indicating a balance between supply and demand. However, if the bears sink and sustain the price below the 20-day EMA, it will suggest that supply exceeds demand, The pair could then correct to $167.3691 and then $118.
BNB/USDT 4-hour chart. Source:TradingView
The 4-hour chart shows the formation of a descending triangle pattern that will complete on a breakdown and close below $189. If that happens, it will suggest that the top is in place and the pair could then drop to $118.
Conversely, if the bulls defend the support at $189, it will suggest that the sentiment remains positive as the bulls are buying on dips to strong support levels. A breakout and close above the downtrend line will invalidate the bearish setup and that may result in a rally to $280.
DOT/USD
Polkadot (DOT) is correcting in an uptrend. The long tail on the Feb. 23 and Feb. 26 candlestick suggests that the bulls are attempting to defend the 20-day EMA ($30.49). However, the long wick on the rebound on Feb. 27 shows that demand dries up at higher levels.
DOT/USDT daily chart. Source:TradingView
The 20-day EMA is flattening out and the RSI is dropping towards the center, which suggests the bullish momentum is weakening. However, during the recent bull run, the DOT/USD pair has repeatedly taken support at the 20-day EMA.
If the price again rebounds off the 20-day EMA and the bulls push the price above $35.6618, the pair may retest the all-time high at $42.2848. A break above this resistance could result in a rally to $50.
This bullish view will invalidate if the bears sink the price below the 20-day EMA and the 61.8% Fibonacci retracement level at $25.7817. If that happens, the pair may drop to the 50-day SMA ($22.33).
DOT/USDT 4-hour chart. Source:TradingView
The 4-hour chart shows the price is currently trading inside a symmetrical triangle. If the bears can sink the price below the support line of the triangle, the pair could drop to $25.7817 and then to the pattern target at $18.70.
The downsloping 20-EMA and the RSI in the negative territory suggest a minor advantage to the bears in the short term. But if the price rebounds off the current level, the bulls will try to push the price above the triangle. If they succeed, the pair may rise to $42.2848.
XEM/USD
The bulls defended the 20-day EMA ($0.475) on Feb. 26, which shows that the sentiment remains positive and traders are buying on dips. The bulls are currently attempting to resume the uptrend in NEM (XEM).
XEM/USDT daily chart. Source:TradingView
The upsloping moving averages and the RSI above 63 suggest the path of least resistance is to the upside. If the bulls can drive the price above $0.5051, the XEM/USD pair could rally to $0.7637. A breakout of this resistance could open the doors for an up-move to $0.9607.
Contrary to this assumption, if the price turns down from $0.5051, the pair may consolidate for a few days before starting the next trending move. A break and close below the 20-day EMA will suggest the start of a deeper correction.
XEM/USDT 4-hour chart. Source:TradingView
The 4-hour chart shows the price is stuck between $0.439 and $0.63 for the past few days. Both moving averages are sloping up marginally and the RSI is just above the midpoint, which suggests a minor advantage to the bulls.
If the bulls can propel the price above $0.63, the pair may rally to $0.763 and then to $0.821. On the contrary, if the price breaks below the moving averages, the pair may drop to the $0.439 support. If this support also cracks, the correction may extend to $0.346 and then to $0.277.
MIOTA/USD
MIOTA has been in a corrective phase since topping out at $1.554775 on Feb. 19. While the pullback has been sharp, the positive sign is that the bulls have been successfully defending the 20-day EMA ($1.09) for the past few days.
MIOTA/USDT daily chart. Source:TradingView
The 20-day EMA has flattened out and the RSI is also trading just above the midpoint, indicating a balance between supply and demand. Attempts by the bulls and the bears to assert their supremacy have failed in the past few days.
This equilibrium may tilt in favor of the bulls if they can push and sustain the price above the overhead resistance at $1.30. In such a case, the MIOTA/USD pair may rally to $1.554775.
On the other hand, if the bears sink the price below $0.90, a fall to the 50-day SMA ($0.74) is possible.
MIOTA/USDT 4-hour chart. Source:TradingView
The 4-hour chart shows the formation of a symmetrical triangle, which generally acts as a continuation pattern. Both moving averages are gradually turning down and the RSI is in the negative territory, indicating advantage to the bears.
The pair has broken below the support line of the triangle but the bulls are attempting to arrest the decline and push the price back into the triangle. If they succeed, it will suggest buying at lower levels. The bulls will gain the upper hand after the pair sustains above the triangle.
However, if the price turns down from the current levels, it may signal the start of a deeper correction.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.
In the early morning trading hours Bitcoin (BTC) price abruptly dropped by 17.65% which triggered a major downturn throughout the entire market.
Data from Cointelegraph Markets and TradingView shows that Bitcoin decreased from a high of $58,274 on Feb. 21 to a low of $47,622 during the early hours on Monday before buyers returned to lift BTC to its current value of $53,350.
Despite today’s $1.6 billion liquidation event, Bitcoin bulls remain optimistic about the future of the top cryptocurrency with key indicators suggesting that those buying today’s dip are likely to come out on top.
According to ExoAlpha Chief Investment Officer David Lifchitz, recent charts for Bitcoin looked overbought, signaling that a “15% correction could happen” as part of a normal market cycle before BTC attempts to break out to new highs.
Bitcoin went from $10,000 in October 2020 to almost $60,000 in just 4 months, indicating to Lifchitz that a “pause/mild-correction is definitely in the cards.”
Lifchitz said:
$50,000 looks like the first stop for a mild pullback but a second leg down could take it down to $40,000 while the $30,000 zone looks like the ultimate bottom should things turn ugly in the short term.”
BTC/USDT 4-hour chart. Source:TradingView
Recent money printing by central banks makes it less likely that BTC will drop as low as $30,000, according to Lifchitz, as Bitcoin is increasingly being seen as a hedge against currency devaluation by investors around the world.
Lifchitz also pointed out the recent moves in traditional assets such as the U.S. 10 year treasury yield could “trigger a pullback in Bitcoin as a general deleveraging move across asset classes,” but only “time will tell” how it all plays out.
Rising yields put pressure on equities
Traditional markets were mixed on Feb. 22 as recent increases in Treasury yields led to expectations of higher inflation and put additional pressure on equities.
The Dow was able to overcome early pressure to close the day up 0.09% while the S&P 500 and NASDAQ traded in the red all day and closed down 0.77% and 2.46% respectively.
Commodities proved to be the bright spot in markets on Monday, with the price of crude oil increasing by 4.14% to trade at $61.69. Gold price increased by 1.68% and close the day at $1,807.
Staking announcements and protocol upgrades send select tokens higher
Despite the market-wide downturn for the crypto community, several tokens saw their prices increase on Monday as positive developments helped elevate them above the negative sentiment.
The breakout star over the past 24-hours has been Crypto.com Coin (CRO), whose price exploded by more than 63% to establish a new all-time high of $0.2748 during early trading hours.
Other notable performances include NEM (XEM), which is up 16.05%, and Solana (SOL), which has increased by 20.54%.
BTC/USD daily chart. Source:Coin360
The overall cryptocurrency market cap now stands at $1.63 trillion and Bitcoin’s dominance rate is 61.2%.
Around 30 people have been formally charged in Japan with trading almost $100 million-worth of digital assets while knowing they had been stolen three years ago.
According to a report by Japan’s Mainichi on Friday, authorities in Japan allege the people were found to have been exchanging NEM’s XEM cryptocurrency for other cryptocurrencies via an illicit exchange on a darknet marketplace.
The stolen cryptocurrency is a portion of the $560 million-worth of XEM and other cryptocurrencies siphoned off the Tokyo-based Coincheck exchange in a massive January 2018 hack.
The 30 individuals are alleged to have traded more than 10 billion yen (US$96 million) based on the exchange rate at the time of the theft when XEM was around its all-time high of $1.6. Prices today are well below that at around $0.21, according to CoinMarketCap.
Some of the suspects involved in the arrest allegedly exchanged their illicitly traded digital currencies for fiat currency at various legal exchanges in Japan and overseas, netting large profits.
The identities of those who hacked Coincheck still remain unknown.
The Tokyo Metropolitan Police Department will soon finalize its probe into those that exchanged the stolen tokens as the statute of limitations is approaching, according to Mainichi’s report.
Two individuals whose trading volumes greatly exceeded others were arrested in March 2020, while the other suspects were charged a later date. The 30 are residents of Japan and have been referred to prosecutors following the charges.
Since then, the price of Bitcoin has suffered a correction, and most of the crypto market followed. Bitcoin is currently sitting at just over $35,000, and while traders suggest the pullback to be a healthy correction required for Bitcoin to maintain its bullish momentum, some believe the cryptocurrency may plunge below the $20,000.
The Bitcoin price action has also been reflected in the altcoin market as it usually does, with many popular cryptocurrencies surging alongside BTC. Noticeably, Ether (ETH), the native token of the Ethereum platform, has doubled in value in the last month and is currently sitting at over $1,300.
While Bitcoin has blasted through its previous all-time high, multiple coins in the top 100 have yet to do so despite seeing substantial price surges. This may suggest that a new alt-season may be coming, especially as multiple DeFi tokens break into the top 20 market cap even as the direction of Bitcoin’s price remains uncertain. Jonathan Hobbs, the author of The Crypto Portfolio and a former digital asset fund manager, told Cointelegraph:
“Bitcoin dominance has started to drop against altcoins. While not yet a full-blown ‘alt season,’ the signs are certainly there for one. I would like to see Ethereum break the $1,500 level for a final alt season confirmation.”
While the latest crypto rally has taken the global cryptocurrency market capitalization to the $1-trillion mark, there have been a few notable cryptocurrencies that have failed to keep up with Bitcoin’s growth for different reasons.
Ripple and the law
After some bullish action in November, XRP’s price began to drop heavily on Dec. 22, following reports that the U.S. Securities and Exchange Commission was preparing to take legal action against Ripple, its CEO, Brad Garlinghouse, and co-founder Christian Larsen. Since the company has overcome other issues with regulators in the past, many hoped that the news would not amount to anything.
However, by Dec. 23, XRP had plummeted by 41%, and exchanges began delisting the cryptocurrency. By the end of December, XRP was delisted from major exchanges such as Coinbase, Binance US and OKCoin, with a few exceptions like Uphold and GateHub leaving the crypto for trading until the court decision. Currently sitting at $0.28, XRP has dropped around 47% in the last 30 days.
Keeping up with Ether
As Bitcoin rallied throughout the month of December and January, Ether has rallied alongside it. Since Dec. 18, Ether has grown substantially, although so far, it has barely managed to reach its all-time high. However, other smart contract-centric projects have failed to follow along even with Ether’s rally. These include NEM, EOS and Tron, which are all in the top 30 for the biggest monthly value losers in the top 100 cryptocurrency list by market cap.
While NEM has lost 21.6% of its value in the last 30 days, it did so after a considerable price increase during the month of November. EOS and Tron prices have dropped 11.6% and 2.69%, respectively. Both Block.one, the company behind the EOSIO ecosystem, and Tron have faced issues with regulation in the past, with the former receiving a $24-million fine from the SEC in October 2019 and the latter currently facing a lawsuit pertaining to its 2017 initial coin offering.
However, it seems that a more plausible reason as to why these projects are failing to grow alongside Bitcoin is that they are seen as direct competitors to Ether, which has had a great run in the past month and hosts most of the DeFi industry. Hobbs told Cointelegraph:
“Bitcoin and Ethereum have already proven themselves with real-world use and strong network effects. Bitcoin is digital gold. Ethereum houses over 95% of all DeFi smart contracts. I think that makes them less speculative than other digital assets right now.”
Monero, Dash, Zcash and other privacy coins
Privacy coins also came under regulatory fire in 2020. On Jan. 1, U.S. exchange Bittrex announced that it would be delisting Monero (XMR), Zcash (ZEC) and Dash, the three biggest anonymity-centric cryptocurrencies on the market. While unlisting these cryptocurrencies was an initiative by Bittrex, it does not come as a complete surprise, especially as regulators continue to crack down on crypto.
On Dec. 23, the U.S. Treasury Department’s Financial Crimes Enforcement Network issued a proposed rule change, in which it stated that anonymity-enhanced cryptocurrencies, like those mentioned above, are becoming more popular and are believed to be more closely associated with illicit activity such as money laundering and ransomware attacks.
As frequent hacks on decentralized finance and other sets of crypto continue to occur, with the funds being disposed of in crypto exchanges, it also makes sense that the venues would want to disassociate themselves from untraceable money laundering and to comply with any upcoming regulation.
As a result, trust in privacy coins seems to be shaken. Monero and Dash rose 0.79% and 3.79%, respectively, in the last 30 days. While these numbers don’t seem bad, they pale in comparison to Bitcoin’s price action. According to Dr. Octavius, co-founder of DeFi protocol OctoFi, the growth of the DeFi space may help these types of coins survive any upcoming regulatory hurdles:
“For many of these projects, their days as a ‘product’ are likely numbered, but the opportunities to pivot toward existing as ‘features’ are certainly plentiful. […] Those who value privacy will go to great lengths finding it, and so long as there’s permissionless access to it, projects who enable it can still thrive.”
CeFi tokens
Another predominant type of token that seems to have stayed on the sidelines during the BTC rally was tokens issued by centralized exchanges, including Nexo, Unus Sed Leo (LEO) and Crypto.com Coin (CRO). While the fundamental value proposal for these tokens remains the same, they are somewhat tied into the success of the venues they are associated with, being used mostly for discounts on trading or lending fees or other perks.
With DeFi on the rise, it seems likely that people would rather speculate on DeFi-related tokens or invest in the yield farming protocols themselves, which could account for the slow price action on these assets. LEO has dropped 1.66% and Nexo has surged by 11.3% in the last 30 days.
What’s next for alts?
While it is unclear what the road holds for coins like XRP, Dash, Monero and ZEC, whose future seems to be heavily tied to upcoming regulation, it looks like there’s a general shift in interest taking place when it comes to altcoins, especially as multiple DeFi tokens begin to take their place in the top 20 market cap list.
As for smart contract platforms, it also seems unlikely that Ethereum will be dethroned soon, especially as the network continues to make strides toward the full release of Eth2. Not all Ethereum competitors are doing badly, however, as for example, the price of Near Protocol (NEAR) has recently soared 106% amid the current DeFi craze.
Some have noted that the current bull market is likely to do away with speculative coins, as more value is now concentrated on Bitcoin and Ethereum, a clear divergence from what was observed in the 2017 rally that took BTC to its previous all-time high.
On Dec. 16, Bitcoin’s price breached its previous all-time high of just over $19,500, previously reached on Dec.17, 2017, according to data from CoinMarketCap. Since then, Bitcoin (BTC) has seen an incredible bull run, which has led the cryptocurrency to new heights, having reached an all-time high of $41,941 on Jan. 8 and rallying by over 115% during this time.
