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Bitcoin Consolidation Approaching!

In this episode, we will look into the facts that support the idea of bitcoin price consolidation phase.

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Shiba Inu Token Is Up 25% Following Coinbase Listing

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Source: https://cryptobriefing.com/shiba-inu-token-is-up-25-following-coinbase-listing/?utm_source=main_feed&utm_medium=rss

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Rising Inflation Could “Destabilize” Stablecoins And Bring Crypto Industry Down — Coinbase CEO In Search Of Solution

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Rising Inflation Could Destabilize Stablecoins And Bring Crypto Industry Down — Coinbase CEO In Search Of Solution

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In the US, inflation has been on the rise throughout the entire year. Just last month, the consumer price index (CPI) rose by 0.3%. While this has been quite a decline compared to April and May when prices rose by 0.6% on a seasonally adjusted basis, it is still a nerve-racking high.

It has been perceived that rising inflation would benefit crypto since more people would consider acquiring digital assets to hedge fiat depreciation. However, if the US dollar loses value significantly and becomes unstable, it will also adversely impact US-pegged stablecoins, which would infect the entire crypto ecosystem.

In a recent tweet, Brian Armstrong, CEO at Coinbase, has pointed out this issue and asked for possible solutions. 

Crypto Needs to Adapt

Stablecoins are known as the backbone of the crypto ecosystem. They are the safe zone for when the industry goes wild and plummets by double-digit percentages in a matter of hours. Further, they have taken the cross-border payments by storm, so much so that regulators from across the globe warn stablecoins could disrupt banking systems. 

However, these alleged “stablecoins” have a less-known issue: they are hyper reliant on the US dollar. Almost all major stablecoins are pegged to the US dollar. This means if the US dollar loses value significantly, then stablecoins would also lose value. In turn, this would drag the entire crypto ecosystem down.

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Mentioning this, Coinbase CEO has recently commented that stablecoins could very easily become inflation coins. “If fiat-backed stablecoins really become inflation coins (not so stable), then how will we get a coin that is truly stable?” Armstrong tweeted.

Proposing a vague solution, Armstrong added: “Perhaps something that tracks a basket of real-world goods (purchasing power parity) using oracles?”

Armstrong is not the first person who has raised this crucial subject. Previously, Balaji Srinivasan, former CTO of Coinbase, had explained that there are two types of stablecoins. First, there are fiatcoins, which “are pegged to an external fiat currency like USD, directly or indirectly.” Second, there is this newer form of stablecoin, which Srinivasan calls “flatcoins.” 

Srinivasan explains that if “fiat itself starts to inflate, it isn’t really “stable”. So a flatcoin optimizes instead for price flatness vs an on-chain basket of goods.” In simple terms, a so-called “flatcoin” is not pegged to a fiat currency, rather it is pegged to the purchasing power of an asset at a certain period of time. 

Considering the importance of the issue, we should see more projects developing alleged “flatcoins” in the near future — which is also crucial for “de-dollarizing” the crypto ecosystem.

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Source: https://zycrypto.com/rising-inflation-could-destabilize-stablecoins-and-bring-crypto-industry-down-coinbase-ceo-in-search-of-solution/

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Cardano to the moon and beyond has some caveats attached

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

Ready to lead the charge for a variety of tokens dubbed as ‘Ethereum Killers,’ Cardano certainly makes a good case for itself. With scores of projects already in development after the Alonzo hard fork, sentiment is likely to be bullish going forward.

However, ADA seemed to battling against some selling pressure at press time. As highlighted in a previous article, a distribution phase loomed large as investors locked in their profits. This article will take a look at what ADA needs to do to maintain its bullish thesis and negate a bearish outlook.

At the time of writing, ADA was valued at $2.47 with a market cap of $78.89 billion.

Cardano Daily Chart

Source: ADA/USD, TradingView

Despite some lower lows set by ADA over the past week, sellers respected the 38.2% Fibonacci level which hadn’t been breached. If ADA holds on to this trend as some of its indicators reset their positions, the next upcycle would be in effect.

Before Q4 of 2021 concludes, long-term targets at the 138.2% and 161.8% Fibonacci levels could be achievable, provided projects built on the Cardano platform face little to no hiccups.

However, it is imperative for ADA to hold above key levels for this outcome. Moreover, a close below the 50% Fib level and $1.88 would open the floodgates for an extended market decline.

Reasoning 

The RSI was in stabilization mode after declining steadily from overbought levels. Such a correction was healthy before ADA kickstarted its next leg upwards. While the MACD has also been easing from record levels, it is yet to close below equilibrium – A good sign.

Finally, the Chaikin Money Flow has seen higher lows since early April. Even though the index threatened to move below the mid-line due to weak capital inflows, it can be expected to bounce back from its lower sloping trendline.

Conclusion 

To assert itself above the 138.2% and 161.8% Fibonacci levels, ADA needs to hold above a few key areas. This would allow its indicators to take back bullish positions after selling pressure fizzles out.

Till then, the 38.2% Fibonacci level would be key to ADA’s trajectory.

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Source: https://ambcrypto.com/cardano-to-the-moon-and-beyond-has-some-caveats-attached

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