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1/18: BTC, ETH, DOT, XRP, ADA, LTC, BCH, LINK, XLM, BNB

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Investors are beginning to worry that Bitcoin’s (BTC) uptrend could be in peril after the top-ranked cryptocurrency failed to pull above the $40,000. Some traders are afraid that a repeat of the crushing 2018 bear market is on the cards again if BTC fails to find bullish momentum.

However, a study of both the bull markets shows distinct differences that are noteworthy. Research from Pantera Capital found that after the current bull move, 86% of the crypto market’s value is concentrated in Bitcoin and Ethereum, largely because institutional funds have flowed into each cryptocurrency.

In 2017, the top two coins only held about 52% of the value, with the rest being held in several altcoins that turned out to be “non-functioning” coins. In the current bull market, retail investors seem to be largely absent so the type of speculation witnessed in 2017 has yet to appear in 2021.

Daily cryptocurrency market performance. Source: Coin360

Guggenheim Partners’ chief investment officer Scott Minerd recently said that his long-term Bitcoin price target of $400,000 remains and his recent tweet asking his followers to “take some money off the table” was based on the short-term price movement.

Although Minerd has not included Bitcoin in his mutual fund portfolios, he said purchases have been done in some private funds managed by Guggenheim.

While Bitcoin consolidates after the recent bull phase, select altcoins are extending their up-move. Can this continue? Let’s analyze the charts of the top-10 cryptocurrencies to find out.

BTC/USD

Bitcoin is attempting to rebound off the 20-day exponential moving average ($34,380) but the weak bounce suggests a lack of urgency among bulls to accumulate on dips. As the price is stuck inside a symmetrical triangle, technical traders may wait for the price to break out of the pattern before buying.

BTC/USDT daily chart. Source: TradingView

If the price does not rise to the resistance line of the symmetrical triangle, the bears may smell an opportunity and will try to sink the price below the triangle. If they succeed, the BTC/USD pair may drop to the 38.2% Fibonacci retracement level at $29,688.10.

This is an important level to watch out for because, if the bears sink the price below this support, the drop could extend to the 50-day simple moving average ($26,932). The deeper the fall, the longer it is likely to take for the uptrend to resume because every rise will be met with a wave of selling by traders who are stuck at higher levels.

Another sharp correction could be avoided if bulls thrust the price above the triangle. The all-time high at $41,959.63 may act as a stiff resistance but if the bulls can drive the price above it, the pair could reach $50,000.

ETH/USD

Ether (ETH) remains in a strong uptrend and is currently consolidating near the $1,300 to $1,349.10 overhead resistance. The upsloping moving averages and the relative strength index (RSI) near the overbought zone suggest the path of least resistance is to the upside.

ETH/USDT daily chart. Source: TradingView

The ETH/USD pair formed a Doji candlestick pattern on Jan. 17 and again today, indicating indecision between the bulls and the bears. If the uncertainty resolves to the upside and the bulls push the price above the overhead resistance, the uptrend could resume. The next target is $1,420 and then $1,675.

On the contrary, if the price turns down from the current levels and breaks below $1,152, the pair could drop to the 20-day EMA ($1,079). A strong rebound off this support will suggest accumulation at lower levels and the bulls will again try to resume the uptrend.

However, if the bears sink the price below the 20-day EMA, the decline could deepen to $1,000 and then to $900.

DOT/USD

Polkadot (DOT) is in a strong uptrend and the momentum picked up after the altcoin broke above the $10.68 resistance on Jan. 13. The up-move reached $19.40 on Jan. 16, recording a 143% rally in four days.

DOT/USDT daily chart. Source: TradingView

Some short-term traders may have booked profits after the sharp rally, but the shallow correction suggests that the majority of the traders are not panicking. If the bears fail to pull the price below the 38.2% Fibonacci retracement level at $14.7259, the uptrend could resume.

If the bulls can push the price above $20, the DOT/USD pair could rally to $24 and then to $30. However, if the bears sink the price below $14.7259, the pair may consolidate the recent gains for a few days before starting the next trending move. The bears will signal a comeback if they can sustain the price below the 20-day EMA ($11.47).

XRP/USD

The bears have been defending the 20-day EMA ($0.297) for the past few days but they have not been able to capitalize on the weakness and sink XRP below $0.25, which suggests a lack of sellers at lower levels.

XRP/USDT daily chart. Source: TradingView

The bulls will now attempt to push the price above the 20-day EMA. If they succeed, the XRP/USD pair may rally to $0.385. The bears are likely to defend this resistance aggressively.

If the price turns down from this resistance, the pair could extend its stay inside the range for a few more days. On the other hand, if the bulls push the price above the range and the 50-day SMA ($0.406), a new uptrend could begin.

ADA/USD

Cardano (ADA) soared above the downtrend line on Jan. 16, signaling the resumption of the uptrend. The bulls pushed the price near the overhead resistance at $0.40 on Jan. 17, which may act as a stiff barrier.

ADA/USDT daily chart. Source: TradingView

However, the upsloping moving averages and the RSI in the overbought zone suggest that bulls are in command. If the bulls do not allow the price to dip and sustain below $0.34, the likelihood of a break above $0.40 increases. The next target on the upside is $0.50.

Contrary to this assumption, if the bears sink the price below $0.34, it will suggest aggressive profit-booking at higher levels. The ADA/USD pair could then drop to the 20-day EMA ($0.288).

A strong rebound off the 20-day EMA could keep the uptrend intact but a break below it may signal a short-term top.

LTC/USD

The bulls and the bears have been battling it out near the 20-day EMA ($144) for the past few days. The buyers are currently trying to push Litecoin (LTC) above the 61.8% Fibonacci retracement level at $157.6904.

LTC/USDT daily chart. Source: TradingView

If they succeed, the LTC/USD pair could rally to $170 and then to $185.5821. A breakout of this resistance could open the doors for a rally to $225.

However, the bears are unlikely to give up without a fight. They will pose a stiff challenge at $157.6904. If the price turns down from this resistance, the pair may remain range-bound between $130 and $160 for a few days.

The trend will turn in favor of the bears if they can sink and sustain the price below the 50-day SMA ($118).

BCH/USD

The bears are defending the $515.35 resistance but they have not been able to sink Bitcoin Cash (BCH) below the uptrend line. This shows the bulls are buying on dips.

BCH/USD daily chart. Source: TradingView

If the bulls can push and sustain the price above the $515.35 to $539 resistance zone, the BCH/USD pair could rally to $631.71. The bears may defend this level aggressively but if the bulls can propel the price above it, the uptrend could reach $833.

The upsloping moving averages and the RSI in the positive territory suggest the path of least resistance is to the upside.

Contrary to this assumption, if the price turns down from the overhead resistance and breaks below the uptrend line, it will suggest the sentiment has turned negative and traders are closing their positions on a rally. This could result in a fall to $370.

LINK/USD

Chainlink (LINK) is in a strong uptrend, making a new all-time high at $23.767 on Jan. 17. The upsloping 20-day EMA ($16.91) and the RSI near the overbought territory suggest bulls are in control.

LINK/USDT daily chart. Source: TradingView

However, bears are not willing to give up easily. They had attempted to stall the rally on Jan. 16 as seen from the long wick on the day’s candlestick and they are again trying to pull the price down today. The bears will have to sink and sustain the price below $20.1111 to gain the upper hand.

But if the LINK/USD pair rebounds off $20.1111, it will suggest the level has flipped to support and may act as a floor during future declines. If the bulls can push the price above $23.767, the uptrend could reach $27 and then $30.

XLM/USD

Stellar Lumens (XLM) has been trading inside the $0.26 to $0.325 range for the past few days, but the upsloping 20-day EMA ($0.257) and the RSI in the positive territory suggest bulls have the upper hand.

XLM/USDT daily chart. Source: TradingView

If the buyers can push the price above $0.325, the XLM/USD pair may rally to $0.409 and if this level is also scaled, the up-move may reach $0.50. The longer the time spent in the range, the stronger will be the breakout from it.

Contrary to this assumption, if the bears sink the price below the range and the 20-day EMA, it could attract profit-booking by traders and the pair could drop to the 50-day SMA. Such a move will indicate advantage to the bears.

BNB/USD

Binance Coin (BNB) rose to a new all-time high on Jan. 17 and followed it up with another new high today at $46.8888. However, the bulls are struggling to sustain the higher levels, which suggests some traders are booking profits.

BNB/USDT daily chart. Source: TradingView

The BNB/USD pair has formed an ascending broadening wedge pattern and the RSI is also showing signs of a bearish divergence. Both these suggest the bullish momentum may be weakening.

However, in a strong uptrend, bearish developments get negated as bulls resume their purchases after a break. Traders can watch the price action near the 20-day EMA ($40) because, if this support cracks, the bears will try to sink the price below the wedge.

But if the BNB/USD pair rebounds off the 20-day EMA, it will suggest that traders continue to buy on dips. Such a move could resume the uptrend with the next target at $50.

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.

Market data is provided by HitBTC exchange.

Source: https://cointelegraph.com/news/1-18-btc-eth-dot-xrp-ada-ltc-bch-link-xlm-bnb

Blockchain

What Coinbase Going Public Could Do For Crypto

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Messari Values Coinbase At Nearly $30 Billion As The Bitcoin Exchange Prepares To Officially Go Public

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Coinbase, the biggest US-based cryptocurrency exchange has disclosed its detailed plan for the upcoming direct listing on the stock market by Nasqad. Coinbase submitted an S-1 report to the US SEC outlining key information such as revenue and ownership structure for investors to carry out due diligence on the company.

According to the document, Coinbase has 43 million verified users and an average of 2.8 million transactions per month. In 2020, the company returned a net income of $322 million from total revenue of $3.4 billion, with transaction fees constituting 96% of the net revenue.

Coinbase which makes most of its profit from bitcoin and Ethereum transactions, also saw a 56% increment on its $1.1 billion direct revenue for 2020 compared to $482 million in 2019.

The company incurred a total of $880 million in expenses for 2020, most of which went to sales, general administrative expenses, and research and development. Transaction reversal costs miners fees, staking fees, and verification expenses constituted $135 million of the total expenses,

Coinbase also made $533 million in 2019, against $579 million in operational and development costs, leading to losses totaling $46 million.

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Coinbase to Usher Crypto’s Real Mainstream Adoption

The report indicates that much of the revenue for 2020 was generated from institutional investors’ activity in the crypto market but with higher retail activity in Q4 2020 than in previous quarters.

Coinbase’s debut as the first publicly listed crypto-exchange in the US is estimated to be one of 2021’s largest new listings of the tech industry. This will have a huge positive impact on the crypto market investors and blockchain technology backers.

According to the crypto trader and analyst Rekt Capital, the public listing will officially open up cryptocurrencies to the public.

“Coinbase going public is another way of saying crypto is going public.”

Coinbase Becomes Decentralized

The update comes a month after Coinbase chose Nasdaq as its direct listing avenue on February 1, following a secondary Coinbase stock launch by Nasdaq Private Market on January 25.

Now that Coinbase has moved to a remote-first environment without headquarters in any city, the company is referring to itself as a decentralized company. Up to 95% of Coinbase employees have the option to work at home, in a post-office world setting, or a mix of both.

“since we’ve made the decision to go remote-first we’ve decentralized ourselves; even after people can safely return to offices, the executive team has no plans to be “in-office” on a regular basis,  and none of them currently live in San Francisco.”


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/what-coinbase-going-public-could-do-for-crypto/

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Blockchain

3 types of bitcoin investors that ‘should be concerning to central banks’

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With 106 million global crypto users as of January 2021 and a crypto population that has now surpassed 100 million, a financial expert noted that central banks must now be wary of certain crypto investors. In a new seminar held by the University of Pennsylvania’s Wharton School, part-time professor, Mohamed El-Erian, who is also Chief Economic Adviser at Allianz said that Central Banks should be careful about three specific groups of Bitcoin investors. 

He explained that while the first group of people is investing for positive reasons, the second is motivated by negative factors to adopt Bitcoin. The positive investors “truly believe Bitcoins will become money ”or “a currency as opposed to a commodity.” 

However, El-Erian cautioned that central bank authorities must keep watch on those “being pushed out of everything else and pushed into Bitcoin”, forming the second group that the expert earlier mentioned. 

They look to Bitcoin in order to protect themselves from government investment options, which some investors believe has been “artificially jacked up.” Interestingly, a recent survey found that people aged over 55 opted for Bitcoin due to a fear of currency devaluation – as central banks have historically printed more money to boost economies. The expert said that such people are forced to invest in the asset because “they don’t know how else to mitigate risk.” 

Do you really want to invest in a government bond whose price has been? So ‘let’s diversify, let’s put 2% into Bitcoins.’

El-Erian further categorized “speculators” as the third type of investors, who face profits and losses albeit “in a single day.” According to him, all three types of investors “should be concerning to central banks.”

When it’s trading above $50,000, all three messages are problematic for central banks. So, we are going to see central banks look increasingly at cryptocurrencies as something they should be involved in, and not just stand on the sidelines.


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Source: https://ambcrypto.com/3-types-of-bitcoin-investors-that-should-be-concerning-to-central-banks

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Exchange listings and NFT boom back Enjin’s (ENJ) 52% rally to a new high

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Non-fungible tokens (NFT) are rapidly becoming a focal point of the cryptocurrency market as evidenced by stories of millions of dollars being raised in minutes for one-of-a-kind tokenized art pieces and rare collectibles that traders rush to get their hands on. 

One project that has been benefiting greatly from the resurgence of NFTs is Enjin Coin (ENJ), which broke out to a new all-time high of $0.67 on Feb. 25 following its listing on the Crypto.com exchange as well as the launch of spot and perpetual futures trading on FTX.

Data from Cointelegraph Markets and TradingView shows that ENJ rose 52% from a low of $0.438 on Feb. 24 to a new high of $0.67 before experiencing a pullback to its current price of $0.611.

ENJ/USDT 4-hour chart. Source: TradingView

A scroll through the project’s Twitter feed details numerous recent partnerships and integrations that have helped fuel Enjin’s price rise.

Minecraft is one of the most notable integrations for the Enjin ecosystem and users are able to earn special NFTs that unlock secret games inside the video game series.

The platform has also benefited from joining forces with the growing ecosystem of the Binance Smart Chain (BSC), which has launched an NFT educational campaign that Enjin will be part of.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for ENJ on Feb. 24, several hours before today’s price rise.

The VORTECS™ score, exclusive to Cointelegraph, is an algorithmic comparison of the historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. ENJ price. Source: Cointelegraph Markets Pro

As seen on the chart above, the VORTECS™ score for ENJ reached a high of 70 on Feb. 24, shortly before the price began to spike to a new all-time high on Feb. 25.

The growing popularity of the NFT space, along with numerous big-name partnerships has Enjin well-positioned as the current bull market cycle progresses into 2021.

Its recent integration with the BSC provides a way to escape high fees on the Ethereum (ETH) network and could bring a new wave of activity to the Enjin ecosystem.

Source: https://cointelegraph.com/news/exchange-listings-and-nft-boom-back-enjin-s-enj-52-rally-to-a-new-high

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