The decentralized finance (DeFi) space has not been left out of the relief rally that has been rocking the crypto market. While other top coins are doing well, the DeFi tokens seem to have taken this one step further as they make a splash across the charts. With Ethereum leading the charge, these DeFi tokens have seen more gains than any other group of cryptocurrencies in the space.
Data shows the Bitcoin bear environment has caused the market to become inactive as transaction fees continues to be extremely low.
Bitcoin On-Chain Activity Remains Low As Price Action Stays Stale
As per the latest weekly report from Arcane Research, the last week saw the lowest average daily transaction fees since April 2020.
The “transaction fees” is an amount that senders have to attach with their transactions whenever transferring on the Bitcoin blockchain.
This is one of the two sources of revenue for miners (the other being the fixed block rewards), and so, they usually handle transactions with the higher fee first.
- Bitcoin’s strong uptrend resumes as, once again, the market has claimed new highs in the $ 5,900 zone.
- Our market structure remains bullish as we have consistently created higher highs and higher lows. Specifically, the market structure has progressed in a sort of stair-stepping fashion that has created multiple zones of support that have been tested several times on the 4-hour time frame.
2019 has witnessed a Cambrian explosion of crypto interest schemes. Previously, the only way to make a passive income on your cryptocurrency was through hodling and hoping it would rise in dollar terms, or to operate a masternode for a dubious altcoin. Today’s investors have it a whole lot easier thanks to a string of new savings programs that promise annual interest simply for locking up digital assets.
Dan Morehead, the chief executive officer of Pantera Capital, recently discussed the cryptocurrency bear trend on an episode of the Unconfirmed podcast. Morehead argued that the crypto sector has much more robust fundamentals than it did during the previous bear trend, asserting that the industry has developed the infrastructure necessary in order to attract institutional investors. The company has also raised $ 130 million for a third venture fund.
The cryptocurrency markets are trading at significant long-term price areas, with BTC currently channeling between key levels from the 2017 bull run. In other market action, BCH and ETH have continued to consolidate above the $ 100 area.
BTC Trades Between Major Long-Term Price Zones
For the last two months, BTC has established a price range corresponding to areas of long-term significance.
In the last 24 hours, the crypto market has slightly declined by $ 2 billion in valuation as the Bitcoin price fell by one percent. The decline in the value of major crypto assets in the likes of Ripple (XRP) and Ethereum (ETH) which recorded drops in the range of three to five percent prevented the market from continue recovering. From January 30 to January 31, the crypto market seemed to be rebounding as its valuation rose from $ 111 billion to $ 115 billion. But, in the past 12 hours, the valuation fell back to $ 112 billion, unable to sustain its momentum.
The cryptocurrency market has its very own long tail trend that sees the majority of all value flow to BTC, with altcoins left to fight for the scraps. With a $ 60 billion market cap and a dominance of 53 percent, BTC has ruled the market since day one. As altcoin investors endure the persistent pain of an ongoing bear market, they may be entitled to ask: is the long tail a long-term trend?
Another bitcoin miner this week shut down its operations, though the news didn’t come as much of a shock. The latest closure, of U.S.-based Giga Watt which went bankrupt last year, follows a trend among large mining operations that stretches back years.
Bankruptcy to Closure
After declaring bankruptcy last year, Giga Watt, which launched in 2017, announced in a Telegram message that it would be ceasing all operations. “As was reported in November of 2018, Giga Watt voluntarily filed with the Bankruptcy Court seeking debt relief and reorganization,” the message read. It added:
Bitcoin price on Tuesday reached a session high on Coinbase at $ 3,586 but remained in the fears of a potential reversal action overall. Ahead of the US session so far, bitcoin’s opening and closing positions today have remained very close to one another, as indicated by the small candlestick. Called a Doji candlestick formation, this
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Chinese-based cryptomining firm Bitmain is shutting down the operations of Bitmaintech Israel, its research and development (R&D) center in Ra’anana, Israel, according to reports from local news outlet Globes.
The R&D center, which produced Bitmain’s first Israeli mining pool ConnectBTC, was launched in 2016 to explore meaningful use cases of blockchain technology, as well as artificial intelligence for the company’s Sophon project.
As the market continues its bearish run, Bitmaintech will reportedly close down its operations and lay off 23 of its employees, including Gadi Glikberg, Bitmain’s vice president of international sales and marketing, who held a managing role at the center.
Mike Novogratz, Jim Breyer, and Tim Draper are some of many billionaire investors in the traditional financial market who remain optimistic towards the long-term trend of crypto. How are these investors able to maintain their positive stance in regards to the growth of the cryptocurrency sector following an 85 percent decline in valuation across the
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Over the past eight hours, the U.S. stock market demonstrated one of the most drastic trend reversals of 2018. Meanwhile, more than $ 16 billion was wiped out of the crypto market. Throughout the past 48 hours, the U.S. stock market and the Dow Jones seemed to be experiencing a steep decline in value, as the
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In the crypto bull market of late 2017, when tokens reached a valuation of tens of billions of dollars, blockchain networks comfortably surpassed the valuation of commercial companies in the cryptocurrency ecosystem. At the time, for venture capital investors, direct investments in digital assets and cryptocurrencies seemed substantially more profitable than early-stage funding rounds in
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Bitcoin kicked off the week by erasing gains made during the weekend, falling 1 percent against the US Dollar. Bitcoin Relinquishes Hard-Fought Gains The BTC/USD pair stayed depressed despite an upside attempt, printing intraday lows near 6319-fiat against the high at 6384-fiat. The breakdown action in the European forex market helped the dollar establish its 16-month
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Ethereum (ETH) is on the brink of a trend reversal. If we look at the candles on the ETH/USD weekly chart, the odds of a breakout do not appear very plausible. The 10 Week EMA is still quite far from the 21 Week EMA. The price is trading below the 5 Week EMA and has not been able to climb above it for the last 20 weeks. However, if we look at the technical indicators, we see something that we have not seen since the beginning of the correction. If we look at the blue and red lines on the MACD profile for the ETH/USD weekly chart, we can see that these lines have never been this close since the beginning of the correction.
Over the past 24 hours, the valuation of the crypto market has remained at $ 205 billion, mostly due to the stability of Bitcoin at $ 6,350. The gap between BTC/USDT (Tether) and BTC/USD has declined to around $ 50, with the Bitcoin-to-Tether pair being traded with a $ 50 premium. The announcement of Tether LLC’s new partner bank
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Chart for ETH/USD (1D)
Ethereum (ETH) currently trades slightly above $ 200. Its price has now stabilized atop the trend line that has also served as a strong support. However, some institutional investors believe that Ethereum (ETH) is in the middle of a bear trend. This means that they expect the price to settle around $ 50 in order for this correction to be considered over. Looking at the ETH/USD daily chart above, we can clearly see that a bullish gartley pattern has just been completed. This is a very bullish development that should set the ground for a new bullish cycle. However, there are there are some factors that signal that further downside although unlikely is still very much possible.
Alex Winter’s new film, “Trust Machine: The Story of Blockchain,” is set for release in late October. The technology documentary is yet another movie chronicling the rise and influence of cryptocurrency and blockchain.
Alex Winter became well-known in the world of film after starring in two of the cult-classic “Bill & Ted” movies. In recent years, the British-American film director and actor has crafted a number of technological themed documentaries, including one about the infamous Napster file-sharing service.
In 2015, Bitcoinist covered the discussion surrounding Winter’s film “Deep Web.” The movie discussed about the case surrounding the Silk Road marketplace, opening up questions about digital criminality and the law.
Cardano (ADA) is trading at the lower half of the pitchfork on the ADA/BTC chart above. This means that the cryptocurrency has already completed its correction and formed a bottom. RSI conditions for ADA/BTC still show price action to be in downtrend even as it trades under oversold conditions. The VIX profile for the same ADA/BTC weekly chart also shows a strong sign of a bottom formation. The four consecutive green bars visible on the above chart confirm that Cardano (ADA) has formed a strong bottom and is now ready for a trend reversal.