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Bitcoin Drops Below $11K for First Time in Weeks

Bitcoin has taken another nasty fall. At the time of writing, the world’s number one cryptocurrency by market cap has dropped into the $10,000 range. It is currently trading at around $10,800 and has dropped below $11K for the first time in several weeks. Bitcoin Is Falling Fast As it turns out, the U.S. dollar

The post Bitcoin Drops Below $11K for First Time in Weeks appeared first on Live Bitcoin News.

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Bitcoin has taken another nasty fall. At the time of writing, the world’s number one cryptocurrency by market cap has dropped into the $10,000 range. It is currently trading at around $10,800 and has dropped below $11K for the first time in several weeks.

Bitcoin Is Falling Fast

As it turns out, the U.S. dollar has begun to recuperate. After months of suffering due to the expanding coronavirus pandemic, the national fiat currency of America and several other countries is beginning to show newfound resilience and garner its place on the financial ladder back. While this is certainly good for the West, bitcoin is bound to suffer whenever the U.S. dollar is in a top position.

Up until now, it was assumed that the U.S. dollar was going to be vulnerable to inflation and other harsh economic conditions. Thus, many saw bitcoins as typical “safe haven” assets. Something that could potentially hedge one’s wealth during times of strife and keep their money safe from harsh monetary circumstances.

For the most part, bitcoin hasn’t really failed people as of late. It has remained resilient and strong, and even crossed into the $12,000 range a few times over the past two months. Sadly, these jumps never really lasted, as $12K has proven too strong a resistance level for the world’s primary form of digital money, and with its latest hop beyond $12K, bitcoin has shown itself still too volatile and weak to sustain the momentum that comes with crossing the threshold, as currently, bitcoin has fallen more than $1,000 below this level.

In addition, it’s clear that the correlation between stock shares and bitcoin has been weakened or is no longer there at press time, as the stock market has been surging as of late while bitcoin continues to drop further.

Are Further Slides in the Immediate Future?

So, what does this mean for the digital currency in the coming weeks? While it’s likely too early to assume that the cryptocurrency should be bracing itself for a sudden crash, some analysts are claiming that further corrections may occur before things get any better for BTC. Mike Novogratz of Galaxy Investment Partners explained in a recent interview that the asset shouldn’t be cut out just yet, saying:

We’ve crossed the Rubicon. Bitcoin is not going away, the Ethereum project is not going away, it’s got critical mass and you are going to continue to see innovation after innovation.

In all, this is the biggest drop bitcoin has incurred over the past 30 days. Many traders never thought that bitcoin would drop below $11,000 as despite its trouble with the $12,000 resistance level over the previous few weeks, the currency had always managed to regain some of its momentum and fall only a few hundred dollars here and there instead of $1,000 or more. The present scenario opens bitcoin up to some heavy price changes, and it’s hard to know how much further the asset will drop before its price begins showing signs of improvement.

Tags: bitcoin, bitcoin price, coronavirus Source: https://www.livebitcoinnews.com/bitcoin-drops-below-11k-for-first-time-in-weeks/

Blockchain

NASCAR Driver Landon Cassil to be Paid in Bitcoin and Litecoin

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Popular NASCAR driver Landon Cassill will soon become the first auto racing driver to receive his salary in cryptocurrency via a new partnership with crypto brokerage firm Voyager Digital Ltd.

First Auto Racer To Receive Crypto Salary

In an official announcement today, the National Association for Stock Car Auto Racing, LLC (NASCAR), an American auto racing sanctioning and operating company best known for stock car racing, revealed that Cassill will be paid fully in cryptocurrencies, especially Litecoin (LTC) and the Voyager Token (VGX).

The partnership deal will see Cassil drive a purple No. 4 Chevrolet Camaro customized with a full Voyager-branded car wrap in 19 NASCAR Xfinity Series races this season across 16 states. The first race is due to start this Saturday at the Tennessee Lottery 250 at Nashville Superspeedway. 

A Crypto Proponent

Cassil admitted, via a telephone interview, that he had been a long-term crypto user and had only been searching for the right agency to partner with. He noted that many of his fans of late are crypto users, and the crypto industry has been seeing a lot of mainstream attention from retail investors. 

“I’m a crypto user, and I’ve been involved for several years. This is something I’ve wanted to do for a while, but it was about finding the right partner to do it. A lot of my fans are crypto users, and as of late, there’s been a lot of mainstream, retail attention on it. So from a community perspective and an athlete speaking for a space, timing was perfect this summer,” Cassil  said. 


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The NASCAR driver had allegedly met Steve Ehrlich, Voyager’s CEO, at a Litecoin summit two years ago, and they instantly hit it off due to a shared interest in cryptocurrency. 

Speaking on the partnership, Ehrlich said:

“Landon Cassill’s focus and determination on the race track translates across everything he does, which is why we’re honored to partner with him in this season’s Xfinity Series. Landon also shares our vision of widespread crypto adoption, and we’re proud to be the first company to secure a primary NASCAR sponsorship completely with crypto…I think it’s really important that the people you do business with have a crypto understanding.”

Crypto Salaries

Litecoin founder Charlie Lee, who also admitted that Cassil has been a strong supporter of Litecoin and the crypto industry for several years, believes that the “landmark deal shows the growing reach of the Litecoin community into the professional sports world and eventually beyond.”

While Cassil will be the first auto racing driver to receive crypto payments, cryptocurrencies for salaries in the sports industry are not entirely new. In April, CryptoPotato reported that employees and players of the NBA giant, the Sacramento Kings, would be able to receive a significant part of their salary in Bitcoin. 

Featured image courtesy of The Podium FInisi

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Source: https://cryptopotato.com/nascar-driver-landon-cassil-to-be-paid-in-bitcoin-and-litecoin/

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Blockchain

WAVES Technical Analysis: Price Can Move Either Ways

WAVES Technical Analysis: Price Can Move Either Ways

Rate this post Waves.tech is a blockchain-based ecosystem that supports the development of innovative applications for everyday-use practical implementation. It leverages the power of three robust blockchain protocols to provide user-friendly development infrastructure and easy-to-use tools. WAVES is the prime governance token of this open-source protocol. The technical analysis for WAVES is as below. Past Performance On Jun 11, 2021, WAVES opened at $14.04. On Jun 17, 2021, WAVES closed at $18.35. Thus, in the past week, the price has increased by roughly 31%. In the last 24 hours, WAVES has traded between $17.34-$18.95. https://platoblockchain.net/wp-content/uploads/2021/06/waves-technical-analysis-price-can-move-either-ways.png Day-Ahead and Tomorrow Currently, WAVES is trading at $17.76. The price has decreased from the day’s opening price of $18.35. Thus, the market seems bearish. The MACD and signal lines are negative. Thus, the overall market momentum is bearish. However, a bullish crossover by the MACD line over the signal line has occurred. Plus, both the lines are close to the zero line and may turn positive again. Hence, we can expect the price to start rising. Currently, the RSI indicator is at 48%. It faced rejection at 55% and fell to the current level. Hence, selling pressures are high. Heavy offloading of crypto will push WAVES prices further down. Besides, the OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the WAVES price. As of now, all three indicators have shown a bearish market momentum. However, the MACD oscillator has given indications of an impending trend reversal or temporary price correction amidst an overall bearish trend. WAVES Technical Analysis Currently, the price is below the Fibonacci pivot point of $18.21. It may soon fall below the first Fibonacci pivot support level of $17.60. Thereafter, we have to wait and watch if the price starts rising or continues to fall further. The price has tested and fallen below the 61.8% FIB retracement level of $17.95. The price may soon fall below the 76.4% FIB retracement level of $17.72 as well. Thus, by day end, if the price retests and breaks out of these levels, then probably a price uptrend has set in. In that case, the price may continue to increase tomorrow as well.

The post WAVES Technical Analysis: Price Can Move Either Ways appeared first on Cryptoknowmics-Crypto News and Media Platform.

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Waves.tech is a blockchain-based ecosystem that supports the development of innovative applications for everyday-use practical implementation. It leverages the power of three robust blockchain protocols to provide user-friendly development infrastructure and easy-to-use tools. WAVES is the prime governance token of this open-source protocol. The technical analysis for WAVES is as below.

Past Performance

On Jun 11, 2021, WAVES opened at $14.04. On Jun 17, 2021, WAVES closed at $18.35. Thus, in the past week, the price has increased by roughly 31%. In the last 24 hours, WAVES has traded between $17.34-$18.95.

https://platoblockchain.net/wp-content/uploads/2021/06/waves-technical-analysis-price-can-move-either-ways.png

https://platoblockchain.net/wp-content/uploads/2021/06/waves-technical-analysis-price-can-move-either-ways.png

Day-Ahead and Tomorrow

Currently, WAVES is trading at $17.76. The price has decreased from the day’s opening price of $18.35. Thus, the market seems bearish.

READ  WAVES Technical Analysis: Expected to Fall Below $19.45 and $18.72

The MACD and signal lines are negative. Thus, the overall market momentum is bearish. However, a bullish crossover by the MACD line over the signal line has occurred. Plus, both the lines are close to the zero line and may turn positive again. Hence, we can expect the price to start rising.

Currently, the RSI indicator is at 48%. It faced rejection at 55% and fell to the current level. Hence, selling pressures are high. Heavy offloading of crypto will push WAVES prices further down.

Besides, the OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the WAVES price.

As of now, all three indicators have shown a bearish market momentum. However, the MACD oscillator has given indications of an impending trend reversal or temporary price correction amidst an overall bearish trend.

READ  Why Litecoin’s Ambitious Surge to Dethrone XRP Was Short-Lived

WAVES Technical Analysis

Currently, the price is below the Fibonacci pivot point of $18.21. It may soon fall below the first Fibonacci pivot support level of $17.60. Thereafter, we have to wait and watch if the price starts rising or continues to fall further.

The price has tested and fallen below the 61.8% FIB retracement level of $17.95. The price may soon fall below the 76.4% FIB retracement level of $17.72 as well. Thus, by day end, if the price retests and breaks out of these levels, then probably a price uptrend has set in. In that case, the price may continue to increase tomorrow as well.

#WAVES

Source: https://www.cryptoknowmics.com/news/waves-technical-analysis-price-below-the-fibonacci-pivot-point-of-1821can-move-either-ways/

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MTI Co-Owner Repels Liquidation on Their 1600 Bitcoin (BTC) Scam

MTI Co-Owner Repels Liquidation on Their 1600 Bitcoin (BTC) Scam

The co-owner of MTI, Clayton Marks owns about 50% of the Mirror Trading Investment (MTI). He reluctantly repels and is defensive on the latest liquidation put upon MTI for their Bitcoin (BTC) scam. The MTI BTC Scam The Mirror Trading Investment (MTI) based in South Africa, is a cryptocurrency trading investment firm. Their main trading …

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The co-owner of MTI, Clayton Marks owns about 50% of the Mirror Trading Investment (MTI). He reluctantly repels and is defensive on the latest liquidation put upon MTI for their Bitcoin (BTC) scam.

The MTI BTC Scam

The Mirror Trading Investment (MTI) based in South Africa, is a cryptocurrency trading investment firm. Their main trading schemes are based mostly on Bitcoin (BTC)

Speculations rose massively upon their Bitcoin (BTC) scam between 2019 and 2020. The scam accounted for about 1600 Bitcoins. Besides, all these 1600 BTCs acquired by MTI are based on funds sourced by the investors. MTI started this scam scheme marketing it as extreme high returns of 0.5% on daily basis on the investment by the investors. Also, depicting yearly gains of almost 500%. In addition, they portrayed their scheme and justified it showcasing the use of artificial intelligence-powered algorithm trading software sourced from exile. 

By the year 2020, MTI accumulated about 1600 BTCs and started to collapse before August 2020. By July 2020, the Texas State regulators officially announced that the MTI BTC scheme and overall MTI is a scam. Once branded a scam, the funds of the MTI platform of 1600 BTCs were transferred to a brand new FX trading platform. However, the MTI denies any such transfer of accounts. In Spite of this, complaints from the investors started to rise upon them being unable to withdraw their funds deposited. On the other hand, as soon as complaints started to flow in, the CEO of MTI, Johann Steynberg disappeared and went anonymous. 

Nevertheless, citing all this, the MTI BTC scam has been ranked the biggest cryptocurrency scam of the year 2020.

The Liquidation and Clayton’s Disapproval

Meanwhile, by the end of 2020, investors started to protest cases for the complete liquidation of MTI and release whatever funds they could get back on their investments. Ever since then, the case is still going on for the final judgment for the judiciary.  The court’s final judgment is yet to appear upon liquidation of MTI. Yet, many liquidators are fighting profusely for the court to grant it. 

On the other hand, Clayton Marks who owns about 50% of MTI opposes the put forth of the liquidators. Adding to this, Marks propagates the liquidation process has not been carried out properly by the team of liquidators. Furthermore, Clayton insists, he and his wife, Cheri Marks, who is actually the head of communications of MTI, were not served the notice for it. 

In addition, Marks exclaims by recovering the 1200 BTCs which is the actual presence in the FX platform account which is from MTI, would solve the entire liquidation. 

However, Marks persists liquidating MTI wouldn’t help in pacifying the investors. Also, he remarks the best solution for this is to find Johann Steynberg and rightfully ask him to rectify his 

wrong-doings.

As of now, the judgment has been reserved. Yet, the legal team of liquidators is confident in passing the final judgment for the liquidation of MTI.

Source: https://thenewscrypto.com/mti-co-owner-repels-liquidation-on-their-1600-bitcoin-btc-scam/

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