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Bitcoin climbs above $38,000 amid increased stablecoin inflows

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Bitcoin (BTC) price rose to $38,789 on Bitstamp where resistance has slowed down the bulls

Bitcoin has once again surged to prices above $38,000 and is looking to print consecutive green candles on the daily log for the first time since it plummeted from $42,000.

The price of Bitcoin climbed to aggregate highs of $38,708 on CoinMarketCap ($38,789 on Bitstamp), an impressive rebound after aggressive buying. As it stands, BTC/USD appears to have flipped the bearish outlook as confirmed by a potential Head and Shoulders (H&S) pattern.

The top cryptocurrency by market cap touched lows of $30,260 earlier in the week, and even looked set to dip below this crucial support level.

But the past 24 hours have seen bulls rally more than 15% to break above the critical resistance level around $36,000.

BTC/USD 4-hour chart. Source: TradingView

As we highlighted yesterday, a dip below the neckline of the H&S pattern and the $30,000 support line would have seen bears target $20,000. The opposite has happened and the latest bounce confirms an ascending triangle pattern, suggesting the breakout could add another leg to $40,000.

Prices closer to record highs around $42,000 can be logged this week if bulls manage a daily candle close higher than the previous resistance line around $37,700. The daily RSI is looking to turn into the overbought territory, suggesting bulls have the room to manoeuvre.

BTC/USD daily chart. Source: TradingView

On the downside, the 20-day EMA ($33,560) and the 50-day EMA ($27,450) on the daily timeframe are potential areas of interest for the bears.

Stablecoin deposits spike

One on-chain metric that aided the choppy start to the week for BTC was the lack of stablecoin inflows to exchanges.

That metric shot straight up Wednesday, according to a chart from blockchain analytics firm CryptoQuant. From it, it can be seen that crypto exchanges witnessed a major surge in stablecoin deposits as BTC/USD began to climb towards $35,000.

The boom in buy-side pressure saw bulls level off the neckline of the H&S shoulder, and eventually surging past $37,000 to briefly top $38,500.

Chart showing a spike in stablecoin deposits to exchanges. Source: Alex Saunders (courtesy of CryptoQuant)

On-chain analytics platform Santiment also shows the same trend, with the number of stablecoins being sent to exchanges exploding as the BTC price rose. According to the firm, a lot more stablecoins are going onto exchanges as traders seek to capitalise on the high volatility in the market.

Bitcoin currently trades at $38,385 at the time of writing and remains within reach of the critical $38,800 resistance line.

Source: https://coinjournal.net/news/bitcoin-climbs-above-38000-amid-increased-stablecoin-inflows/

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Top Discord Servers to Promote Your Blockchain Project

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Discord a great platform to connect with passionate crypto followers and discuss ideas and current events. However, when it comes to project promotion, crypto discord servers offer the best value way given that the majority are catered towards traders and investors.

Here we discuss some of the best Discord servers that you can join to promote your blockchain project. 

Crypto Show 

Crypto Show boasts a community of over 1.7k members, and growing larger every day. They focus on helping crypto enthusiasts and educating people with announcements and news related to blockchain. The moderators of the server will often share airdrops and other great companies once they’re thoroughly vetted. They also promote promising blockchain projects to their members so it’s worth considering this community.

Crypto Moon

While Crypto Moon covers a lot of topics within blockchain, they actively encourage entrepreneurs to promote their project or company on their Discord server. The channel is purely focused on businesses, with sections dedicated to sponsors, advertisers, and many other topics.

SpaceStation 

SpaceStation is a massive Discord community with 9.5k members. It has a large altcoin following, with popular discussions around XRP, ETH, and LTC, and other topics. They have different channels dedicated to developers, mining, and Defi as well. The community is very active, and you’ll witness members giving advice on trades in real-time. This would be a solid channel for any project team looking to promote a promising token.

Cracking Crypto

Cracking Crypto has an astounding 11k members, with almost 2,000 users online at once. It’s very active with many traders and investors trading ideas back and forth. One unique thing about this server is that they have dedicated channels for trading signals, which gives people great insight on the markets that they otherwise wouldn’t have.

r/Cryptocurrency

This Discord community is a branch of the cryptocurrency sub on Reddit. Because it has ties with such a large site, they have a massive following at 27k members. It also goes to show that crypto is no longer a niche interest, and that it’s becoming mainstream. This group is great for beginners looking to learn high-level info on bitcoin, blockchain, and crypto use cases. Therefore, it’d be great for any company with special messaging for newbies. 

Need help with promoting your project or company? Get in touch with the team at TokenMinds.

Source: https://cryptoverze.com/top-discord-servers-to-promote-your-blockchain-project/

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Bitcoin Holders See Opportunity In Price Correction – Where Do You Buy BTC?

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Bitcoin remains attractive to long-term investors despite its latest sell-off, according to data that shows aggressive buying from holders

Bitcoin’s status as the most recognised and widely invested cryptocurrency remains so, despite recent turbulence in the market that sent price down by nearly 20% over the past 7 days. The sell-off, triggered by Tesla CEO Elon Musk’s offhand remarks about Bitcoin mining, appears to be easing, though.

At the time of writing, BTC price is around $44,900 — nearly 25% off its 30-day high. However, it remains 370% up year-on-year, with a potential uptrend likely in the short term.

Where to buy Bitcoin in 2021

Bitcoin is available almost on every exchange and broker platform offering cryptocurrencies. While it is easy to buy BTC online today, choosing a platform that offers you security, low costs, and ease of use is recommended.

That’s why we recommend that you visit the following platforms that are not just regulated and reputable but offer several other products that can enhance your portfolio.

Plus500

Plus500 is one of the leading online brokers in the market. The firm offers access to multiple products, including stocks, commodities, and cryptocurrencies. Among crypto products, the easiest to buy and trade is BTC.

Just register for an account, verify it and proceed to buy BTC with a credit card or bank transfer among other payment methods.

Register here

Coin Kong

Coin Kong is another top platform for buying Bitcoin from anywhere in the world. The platform connects crypto users to major brokerage firms across the globe, from where you can buy Bitcoin among other top cryptocurrencies like Ethereum, Litecoin, and XRP.

Please note that you cannot access Coin Kong if you are in the US.

Register here

What next for Bitcoin?

Short-term, prices will likely go up, even if BTC crashes below $40k to retest December 2020 prices near $30k. The bullish outlook is from the overall positive sentiment in crypto and the aggressive accumulation being witnessed at the moment.

According to data platform Glassnode, the dip to lows of $42k and the current price levels of $44,900 are nothing new and “just another day in the office” for HODLers. Per the firm’s latest report on Bitcoin, the correction has provided an opportunity for further accumulation by long-term investors.

“In almost perfect opposition to new entrants panic selling, long term holders appear to be buying the dip and accumulating cheaper coins.”

Crypto analyst CredibleCrypto has noted that this dip represents a great opportunity to buy Bitcoin.

Source: https://coinjournal.net/news/bitcoin-holders-see-opportunity-in-price-correction-where-do-you-buy-btc/

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Six people arrested in connection with a $36 million crypto scam in different European countries.

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According to The National News report, the investigation from the German police was initiated after locals accused a gang of stealing over 7 million euros ($8.5 million) in the country through fake online trading platforms, which promoted high yield returns from investing in cryptocurrencies. According to the news report, five of the six people involved in the crypto scam were taken into custody by the authorities in Bulgaria and one in Israel. 

The criminal group ran several fake trading platforms. 

Europol issued a statement about how the multi-million crypto scam operated. The Europol noted, “the criminal group ran at least four such professional-looking trading platforms, luring victims through advertisements on social media and criminal group members of the criminal group were posing as experienced brokers when contacting the victims via the call center they had set up. The suspects were using manipulated software to show the gains from the investments and to motivate the victims to invest even more.” Raids were also done in Poland, North Macedonia, and Sweden as part of the investigation.

Authorities believe criminals laundered stolen money via shell companies based in the EU. 

The law enforcement confirmed the seizure of properties, jewelry, luxury vehicles, electronic devices, and 2 million euros ($2.4 million) in cash allegedly connected to the scam’s masterminds. The call centers where the scammers ran their fraudulent investment scheme were based in Bulgaria and North Macedonia, ran mostly by Israeli citizens. Authorities also believe the criminals laundered stolen money via shell companies established in European Union countries. But the extent of the victims reached Spain, where 300 complaints were reportedly filed by people who allegedly were scammed by the same fraudsters.

Source: https://coinnounce.com/six-people-arrested-in-connection-with-a-36-million-crypto-scam/

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