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Bitcoin Cash long-term Price Analysis: 05 September

Earlier in the week, Bitcoin ended up losing over 5 percent of its trading value in around an hour’s time. In line with the crypto-market’s long-standing tradition, this price drop went on to affect t

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Earlier in the week, Bitcoin ended up losing over 5 percent of its trading value in around an hour’s time. In line with the crypto-market’s long-standing tradition, this price drop went on to affect the rest of the altcoins too, with BCH being one of them. Bitcoin Cash’s price action had looked promising all throughout the previous month, however, after the price fall on 3 September, it found itself at a price level it last occupied in the month of July.

At the time of writing, Bitcoin Cash was being traded at $233 with a market cap of $4.3 billion. Over the past 24-hours, BCH’s price did make up some of its losses thanks to a 4 percent hike on the charts, while registering a 24-hour trading volume of $2 billion.

Bitcoin Cash 1-day Chart 

Source: BCH/USD, TradingView

Bitcoin Cash’s price action was confined to a descending channel formation all throughout the month of August. While the expected breakout was north, the crypto seemed to have been swayed by Bitcoin’s price action over the past few days, while noting a downward breakout. At press time, the support at $222 seemed to have stabilized the coin’s freefall, with the level now helping the cryptocurrency’s price move upwards.

If the recovery were to continue, there are two strong points of resistance that Bitcoin Cash will have to get past in order to recover all of its losses. The resistance levels for the coin remained at $245 and $260.

Source: BCH/USD, TradingView

Alas, the indicators for Bitcoin Cash didn’t look very promising, at the time of writing. The MACD line, after having undergone a bearish crossover, wasn’t show ing any signs of a reversal. Further, the RSI was making its way back to the neutral zone after having spent some time in the oversold zone.

Source: CoinMetrics

As expected and evident from the past week’s price action, Bitcoin Cash’s correlation with Bitcoin continues to remain strong. In the past year, the same has in fact risen from 0.73 to 0.84, according to CoinMetrics’ data.

Conclusion

Bitcoin Cash’s price action witnessed a breakout over the past two days as a result of its correlation with Bitcoin, the world’s largest cryptocurrency. This led to the price mirroring the movements of Bitcoin. However, for the coming week, BCH looked well suited to try and breach the first resistance at $245. However, if the coin were to see yet another drop, the press time support level looked like it can yet again lend a helping hand and stabilize BCH’s fall.

Source: https://eng.ambcrypto.com/bitcoin-cash-long-term-price-analysis-05-september

Blockchain

Canaan Sees Over 75% Decline in Net Revenue in Q3 as Bitcoin’s Price Surge

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Chinese Bitcoin mining firm Canaan has recorded a loss in yet another quarter but is showing positive signs of a recovery as share price and market capitalization spikes. Following a disappointing initial public offering (IPO) last year and declining inventory sales, the company has seen the balance of power shift considerably to major competitors MicroBT and Bitmain.

$12.7 Million Loss for Q3 2020

Bitcoin miner maker Canaan has reported a 75.7% year-on-year (YOY) decline in net revenue as part of its Q3 2020 financials published on Nov. 30. In the report, Canaan revealed that its net revenue for the period was $24 million, which also amounts to an 8.5% reduction from the earnings recorded in the previous quarter.

Following the significant drop in quarter-on-quarter (QOQ) net revenue, it is unsurprising to see Canaan post another quarterly net loss in 2020. According to its Q3 2020 financials, the bitcoin mining chip maker recorded a net loss of $12.7 million, compared to a $2.5 million loss in Q2 2020 and $14.3 million in Q3 2019.

Commenting on the firm’s Q3 financial performance, Nangeng Zhang, Canaan’s CEO and Chairman said:

“During the third quarter of 2020, we remained undeterred by the pandemic to strengthen our research and development capabilities, expand our AI business, and execute new business initiatives. By leveraging our enhanced R&D capabilities in the third quarter, we launched our A1246 product series, which continues to lead the industry with its energy efficiency, computing power, and unit cost.”

Canaan Market Cap on the Rise

Net loss aside, Canaan has been recording some positives in the latter part of 2020. Indeed, the company’s market capitalization has more than tripled from $300 million in September to about $900.8 million as of press time.

Canaan’s share price has also been on a tear in recent months, rising over 200% within the same period. With one-third of Q4 remaining, the company’s stock has risen over 170%. Maintaining the current price action could see the Bitcoin miner manufacturer’s stock price challenge its IPO float price of $9, which incidentally is its all-time high share price.

Tweeting on Canaan’s Q3 performance, @WuBlockchain identified rising inventory sales and the release of the company’s A1246 miners are contributing factors to the firm’s recent resurgence.

Canaan was also among a group of Chinese mining hopefuls looking to float IPOs in the last couple of years. However, Canaan’s offerings fell short of the mark, failing to even realize a quarter of the $400 million estimate.

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Source: https://cryptopotato.com/canaan-sees-over-75-decline-in-net-revenue-in-q3-as-bitcoins-price-surge/

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Ethereum Prices Return to $620 Resistance on ETH 2.0 Launch Day

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Today marks the long-awaited genesis of Phase 0 in the Ethereum 2.0 upgrade roadmap which stretches ahead for the next couple of years. According to the Beacon Chain countdown, there is now less than seven hours to go before the genesis event spawns the first block on the new chain.

The Beacon Chain explorer reports that there is currently 872,000 ETH staked which equates to approximately $525,000 at today’s prices.

No Native Scaling For a Year

The excitement over the launch is palpable but many are still unaware that the new blockchain will not actually function as anything other than providing staking rewards to validators. All of the smart contracts, dApps, and transactions will continue as usual on the original ETH 1.0 chain.

Researchers at Messari Crypto pointed out;

“When the Beacon Chain launches tomorrow, outside of bootstrapping a network of proof of stake validators, it will have little functionality.”

This also means that there will still be issues with high gas prices when the existing network comes under heavy load which is bound to happen over the next year if DeFi momentum continues and the space evolves even more.

Phase 1 will introduce scaling through sharding, which will introduce 64 parallel side chains to take the load off the main chain and increase throughput. This is unlikely to occur for at least another year from today, and even then ETH 1.0 and 2.0 will operate independently until Phase 1.5 merges them together sometime in 2022.

Either way, the Ethereum community is hyped up over the event which is the culmination of five years of research and development for the world’s largest smart contract and decentralized application network. In his latest Bankless newsletter, David Hoffman aptly said;

“We were born too late to explore the globe, too early to explore the galaxy, but we were born at the perfect moment to explore the infinite whitespace of Ethereum 2.0.”

Ethereum Prices at Resistance

Ethereum prices have returned to their June 2018 price high of $620 just hours before the launch. This level appears to have formed a double top and heavy resistance zone as it did in early 2018. A next leg up could take prices to $800 where further resistance lies, but on the downside, support can be found at around $520.

At the time of press, ETH prices had retreated a little to trade at $605 but the momentum and potential is still with it.

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Source: https://cryptopotato.com/ethereum-prices-return-to-620-resistance-on-eth-2-0-launch-day/

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XSigma Makes DeFi History with Nasdaq Backing

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Decentralized finance, or DeFi, has become one of the year’s most remarkable growth stories. As millions of users converge on this new paradigm-shifting technology, questions surrounding the legitimacy and accountability of DeFi platforms are becoming more critical. Although there are hundreds of companies in the DeFi sector, only one is backed by an SEC-regulated, publicly listed enterprise—xSigma Corporation.

Founded in 2018 as a blockchain research and development lab, xSigma is a subsidiary of ZK International Group (NASDAQ: ZKIN), a multinational manufacturing and technology company with a presence in Asia, Europe and North America. Through the support of its parent company, xSigma is building a decentralized marketplace that will allow for the proliferation of affordable financial services, payment solutions and custody.

XSigma’s public backing and world-class development team bring a new level of transparency, accountability and legitimacy to the DeFi sector. Through ZK International, xSigma can bridge the gap between the booming crypto vertical and the functionality of more established trade-fi platforms. The result is a solution that combines the best of both worlds: the trustless design of DeFi coupled with the functionality of traditional finance.

To aid xSigma’s development, ZK International recently announced a partnership with Dentoro Alliance LP, a major European software company that will provide key development and operational resources to the DeFi subsidiary. The Dentoro agreement adds to xSigma’s in-house capacity and reputational strength, ensuring a smooth project rollout over the next several years. XSigma currently employs an award-winning team of software developers, project managers and engineers formerly of Google, Facebook, Amazon, Ripple Labs, 1inch and others.

ZK International provides xSigma the human and capital resources required to address the myriad issues currently undermining DeFi adoption, especially among more traditional mainstream investors. XSigma’s forthcoming decentralized exchange will offer a user-friendly platform for token swapping, farming, governance and account management. Further down the road, these functionalities will be enhanced with new lending and borrowing services, a regulated custodial exchange and a derivatives platform for blockchain assets. XSigma’s enhanced user experience will replace the faulty UI, stuck transactions, pricing error and pooling issues that currently plague DeFi projects.

The DeFi solutions that prevail in the long run will combine outstanding technology with a team, vision and backers of equal caliber. Through ZK International, XSigma is in a position to lead the nascent DeFi industry and onboard a new generation of users.

Get the latest updates on xsigma DeFi by visiting ZK International and following us on social media.

Website: https://xsigma.fi/
Discord: https://discord.com/invite/FpkMHJq
Twitter: https://twitter.com/xSigma5
Telegram: https://t.me/xsigma_global

Source: https://www.newsbtc.com/news/company/xsigma-makes-defi-history-with-nasdaq-backing/

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