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2 BTC Price Indicators Suggest It Has Not Bottomed Yet

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  • According to two price indicators, BTC has not bottomed yet.
  • Bitcoin managed to break the $40,000 again but it didn’t last for more than six hours.
  • Currently, there are 2.2 million active BTC over the past 30 days.

Traders are using different strategies to know whether Bitcoin’s (BTC) price has bottomed yet. Meanwhile, on-chain activity and derivatives data show that the situation remains uncertain.

Ever since the $30,000 on May 12, traders have been waiting for its trend reversal. Apparently, it reached $12 billion worth of futures long positions being liquidated.

However, traders’ confidence remains decreasing. Hence, the crypto community started looking for trend reversal signs. For example, analyst @immortalcrypto said a new high followed by a move above $40,000 is enough.

Meanwhile, few days after the dip, Bitcoin managed to break the $40,000 again but it didn’t last for more than six hours. Thus, other analysts think that a retest of the $30,000 bottom is needed before a bounce.

source btc
Source | Tradingview.com

It should be noted, market prices do not always react to external news or previous chart formations. In comparison to stocks, crypto investors (particularly BTC) can’t rely on commonly used valuation multiples or even comparables.

Furthermore, traders also monitor the number of BTC that have been active lately. This indicator can’t be considered bearish or bullish by itself because it doesn’t provide data on how old the involved addresses are.

Active supply that transacted at least once in the trailing 30 days
Active supply that transacted at least once in the trailing 30 days. Source | CoinMetrics

As of writing, there are currently 2.2 million active BTC over the past 30 days based on the above chart from CoinMetrics. More so, this is significantly higher than levels seen before October of 2020.

Clearly, with this first indicator, the price rally from October 2020 and the peak in April 2021 caused an increase in the supply. Of note, when this metric presents a sharp decrease, it means that investors are no longer interested in participating at the current price level.

On another note, based on the skew indicator, it suggests that a 25% delta skew swinging between a negative 10%, and a positive 10% is usually deemed neutral.

Whenever whales and experts lean bullish, they will demand a higher premium on call (buy) options. Hence, this trend will cause a negative 25% delta skew indicator. Meanwhile, if downside protection is more costly, the skew indicator will become positive.

Bitcoin 30-day options 25% delta skew
Bitcoin 30-day options 25% delta skew. Source | Laevitas.ch

Consequently, as the market goes down, so does the 25% delta skew indicator, and the cost of protective options spiked. Therefore, until the metric establishes a more neutral pattern nearer to the 5% level, it seems premature to call the market bottom.

To conclude, traders should not think that Bitcoin has bottomed yet based on the skew and active supply indicators. Lastly, until the market no longer has relevant activity surrounding the sub-$40,000 level, BTC should be fine.

Source: https://coinquora.com/2-btc-price-indicators-suggest-it-has-not-bottomed-yet/

Blockchain

Giveaway scam leaves Bitcoin.org domain down for hours 

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At the time of writing, Bitcoin.org’s web address appeared inaccessible to users after a possible phishing attack was reported earlier today. According to observers, suspicious scam giveaways were being featured on the website before it was taken down by hosting provider Namecheap.com 

Bitcoin.org is an open-source project that claims to support Bitcoin education and development. However, on visiting the site today, users saw a ‘Bitcoin Foundation’ pop-up that claimed to double the funds of users who send BTC to a given address. 

The aforementioned message also said that only the first 10,000 users can avail of the offer.

What’s more, the message also claimed that the Bitcoin Foundation is “giving back to the community.” Here, it is worth noting that the Bitcoin Foundation is a separate entity with the domain name bitcoinfoundation.org. That has no affiliation with Bitcoin.org.

The educational resource site is operated by someone under the pseudonym Cobra.  

Fortunately, most were quick to spot that this was another phishing or giveaway scam that asked for an initial payment. The victims do not receive any rewards and lose the payments sent, and can even lose access to their wallets in a hack.

Even so, data suggested that this giveaway scam was shut down after receiving a little over $17,000 in small transactions.

At press time, Bitcoin.org was down with a “404 Not Found” error. 

In the past, scammers have used crypto-influencers to accelerate fund collection on Twitter. Dozens of “verified” accounts have been created in the past, including Vitalik Buterin and Elon Musk, to raise funds for such endeavors.

What’s more, according to a U.S. Federal Trade Commission report, these impersonators managed to collect $2 million in cryptocurrencies in just six months. 

Recently, another cryptocurrency giveaway scam called the “Elon Musk Mutual Aid Fund” or “Elon Musk Club” was reportedly underway through spam emails. While there are several ways to gain access to users’ crypto funds, QR antics have been back in the news lately. 

According to Malwarebytes and the Better Business Bureau (BBB),

“Rogue QR code antics have been back in the news recently. They’re not exactly a mainstay of fakery, but they do tend to enjoy small waves of popularity as events shaped by the real-world remind everyone they still exist.”

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Source: https://ambcrypto.com/giveaway-scam-leaves-bitcoin-org-domain-down-for-hours

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EGLD Technical Analysis: Breakout of Price Beyond $240.83 Seen, Bullish Day Ahead

EGLD Technical Analysis: Breakout of Price Beyond $240.83 Seen, Bullish Day Ahead

Rate this post Elrond is described as a part of the technology ecosystem for the new internet, including, fintech, decentralized finance, and even the Internet of Things. Elrond platform is capable of performing 15,000 transactions per second, with a latency of six seconds. Let us look at the technical analysis of EGLD. Past Performance On September 16, 2021, EGLD started trading at $241.89. As of September 22, 2021, the closing price of EGLD was $230.51. Thus, in the past week, the EGLD price has decreased by roughly 4.90%. And, in the last 24 hours, EGLD has traded between $202.34-$241.99. https://www.tradingview.com/x/iqVxlFYS/ EGLD Technical Analysis The EGLD price is in a regression trend, which is trading in an upward direction. The price takes support from the support line of the trend and bounces back to the mid-range level. Currently, the price is trading near the mid-range and its long-term resistance level. As per the Elrond market behavior, we can expect it to give a breakout from this range.  Let us see what the indicators are indicating: Currently, EGLD is trading at $240.83. The price has increased from the opening price. Thus, we can witness some bullish momentum in the EGLD token. However, on the chart, we can see that the price is trading in an upward direction. A breakout can be on the horizon. On the daily chart, the MACD and Signal lines are in the positive zone. Moreover, by forming a bearish crossover by the MACD line over the Signal line. Thus, the overall market momentum is bearish, and we can expect the EGLD price to fall. However, both the lines are close to the zero lines and may change signs soon. Thus, there may be a trend reversal on the horizon. The RSI indicator is at 57%. It is currently resisting itself to move upward. Thus, the buying pressure can be seen mounting slowly. Hence, we can expect the price to rise again after a few hours. Day-Ahead and Tomorrow The EGLD price has fallen below the Fibonacci pivot point of $250. As some of the oscillators have shown bullish signals, we can expect the price to rise above the Fibonacci pivot level of $249.35 soon. A breakout from this level will highlight the next resistance at $273. The price has tested and fallen below the 23.6% FIB retracement level of $249.37. If the price falls below the 23.6% FIB extension level after some time, this implies that the price downtrend is strong. In that case, the price downswing is likely to continue tomorrow as well. Furthermore, the price can retest the support level at $202.87.

The post EGLD Technical Analysis: Breakout of Price Beyond $240.83 Seen, Bullish Day Ahead appeared first on Cryptoknowmics-Crypto News and Media Platform.

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Elrond is described as a part of the technology ecosystem for the new internet, including, fintech, decentralized finance, and even the Internet of Things. Elrond platform is capable of performing 15,000 transactions per second, with a latency of six seconds. Let us look at the technical analysis of EGLD.

Past Performance

On September 16, 2021, EGLD started trading at $241.89. As of September 22, 2021, the closing price of EGLD was $230.51. Thus, in the past week, the EGLD price has decreased by roughly 4.90%. And, in the last 24 hours, EGLD has traded between $202.34-$241.99.

TradingView Chart

EGLD Technical Analysis

The EGLD price is in a regression trend, which is trading in an upward direction. The price takes support from the support line of the trend and bounces back to the mid-range level. Currently, the price is trading near the mid-range and its long-term resistance level. As per the Elrond market behavior, we can expect it to give a breakout from this range.  Let us see what the indicators are indicating:

Currently, EGLD is trading at $240.83. The price has increased from the opening price. Thus, we can witness some bullish momentum in the EGLD token. However, on the chart, we can see that the price is trading in an upward direction. A breakout can be on the horizon.

On the daily chart, the MACD and Signal lines are in the positive zone. Moreover, by forming a bearish crossover by the MACD line over the Signal line. Thus, the overall market momentum is bearish, and we can expect the EGLD price to fall.

However, both the lines are close to the zero lines and may change signs soon. Thus, there may be a trend reversal on the horizon.

The RSI indicator is at 57%. It is currently resisting itself to move upward. Thus, the buying pressure can be seen mounting slowly. Hence, we can expect the price to rise again after a few hours.

Day-Ahead and Tomorrow

The EGLD price has fallen below the Fibonacci pivot point of $250. As some of the oscillators have shown bullish signals, we can expect the price to rise above the Fibonacci pivot level of $249.35 soon. A breakout from this level will highlight the next resistance at $273.

The price has tested and fallen below the 23.6% FIB retracement level of $249.37. If the price falls below the 23.6% FIB extension level after some time, this implies that the price downtrend is strong. In that case, the price downswing is likely to continue tomorrow as well. Furthermore, the price can retest the support level at $202.87.

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Source: https://www.cryptoknowmics.com/news/egld-technical-analysis-breakout-of-price-beyond-240-83-seen-bullish-day-ahead/

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Blockchain

Bitcoin, Ether, or XRP – The crypto of choice for terror funding is…

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It has been a tense time for Coinbase. The crypto-exchange recently felt the regulatory squeeze when the United States SEC reportedly threatened to sue if Coinbase launched its high-interest crypto product – Lend.

These developments, however, haven’t stopped the exchange from highlighting its efforts towards compliance. A recently-released Twitter thread is a case in point.

The crypto-exchange yesterday shared statistics about cryptocurrencies’ link to global terrorism, and what it is doing to combat the threat.

Coinbase investigates

Cryptocurrency’s “links” to terrorism are a major reason behind the FUD among international policymakers and regulators.

And yet, a report by Coinbase’s Special Investigations Team found that “illicit activity” made up less than 1% of all activities in the crypto-space in 2020. This was an observation arrived at after looking at the BTC, ETH, LTC, BCH, and XRP blockchains or ledgers.

About terrorism, the report stated,

“Further breaking down illicit activity, we find that transactions associated with terrorist financing (TF) in 2020 made up less than 0.05% of all illicit volume. As such, terror funding in cryptocurrencies remains extremely low in overall terms.”

It’s worth noting, however, that the report identified the Palestinian militant group Hamas as having raised the most funds among terrorist organizations.

Do terrorists have any preferences?

According to the said report, Hamas has collected more than $750,000 in Bitcoin since 2018. After Hamas, the Saudi-led jihadi activist movement has raised more than $250,000 in Bitcoin and altcoins. In third place, came an Al Qaeda-related exchange service.

Source: Coinbase Blog

Bitcoin was the most prominent crypto in terrorism financing, but the report also identified the growing popularity of altcoins such as XRP and Ether.

Bitcoin’s popularity could be due to its status as the biggest crypto and the coin’s relative stability. Meanwhile, XRP’s use case is similar to the cross-border hawala remittance practice common in Middle Eastern and South Asian cultures.

In order to stop terror funding campaigns, Coinbase claimed it would “blocklist” crypto-addresses related to such institutions, use its analytics, and work with agencies like the FBI.

Analyzing Hamas

Put simply, the Palestinian organization aims to destroy Israel. It has two main components – A military force and a social welfare arm.

In 2020, Chainalysis reported how the organization’s Izz ad-Din al-Qassam Brigades (AQB) launched multiple campaigns to raise Bitcoin donations. Their tactics included instructional videos for both basic and experienced tech users, as well as unique payment addresses for every donor.

While crypto-terror funding is a small part of the vast DeFi sector, traders can expect to see more exchanges and companies keeping a watch on organizations classified as terror groups.

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Source: https://ambcrypto.com/bitcoin-ether-or-xrp-the-crypto-of-choice-for-terror-funding-is

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