The total crypto market cap lost $48.5 billion of its value for the last seven days and now stands at $323,7 billion. The top 10 currencies were all in red for the same period with Polkadot (DOT) and ChainLink (LINK) being the worst performers with 26 and 26.2 percent of losses respectively. By the time of writing bitcoin (BTC) is trading at $10,080 while ether (ETH) dropped to $340. Ripple’s XRP moved down to $0.235.
Bitcoin moved up to $11,706 on Sunday, August 30 and hit the 26-day EMA on the daily chart. The coin successfully rebounded from the horizontal support at $11,500 and closed the seven-day period with a 0.5 percent loss.
The BTC/USD pair started trading on Monday by hitting $11,770 during intraday. The level was a stable resistance in the beginning of August and was seen by many as the next target in front of bulls in order to re-ignite the upward movement. Still, the momentum was not strong enough and the price was rejected, falling to $11,650.
Bitcoin closed the month of August with a 2.5 percent increase.
The trading session on Tuesday, September 1 was a positive one for the most popular cryptocurrency. It skyrocketed to $11,930, smashed through the horizontal resistance and even hit $12,000 during intraday. The coin added 2.4 percent to its value.
The third day of the week came with a solid correction. Bitcoin fell down to $11,393, which resulted in a 4.5 percent pullback. The major horizontal support at $11,500 was broken which opened the door for a test of the $11,150 – $11,100 area.
On Thursday, September 3, the BTC/USD pair entered a freefall mode. It dropped to $10,153, broke below both the 50 and 100-day EMAs and erased 10 percent of its value – its biggest single-day loss since March 12.
The Friday session was a good one for bulls as they pushed the price up to $10,445. During intraday, bears made an attempt to break below the psychological level at $10,000.
The weekend of September 4-5 started with a similar candle, but in the opposite direction. BTC once again closed at $10,150 and even entered the four-digit zone ($9,860 to be more precise) in the early hours.
On Sunday, the leading cryptocurrency climbed up to $10,262 and reached the 100-day EMA.
The Ethereum Project token ETH moved up to $429 on Sunday, August 30 after trading below the $415 line for ten days straight. It added 7.7 percent to its value and closed the week 5 percent higher.
The leading altcoin continued to raise on Monday, August 31 and reached the monthly resistance line at $434. The coin was 25 percent up on a monthly basis as bulls were already looking to registered a new year to date high.
On Tuesday, the ETH/USD pair formed a big green candle and closed at $476 for the first time since July 2018. The price broke right above the solid high timeframe resistance zone between $470-$460.
The mid-week session on Wednesday, however, proved that bulls were already losing momentum due to the rapid increase and the profit-taking activities combined with the strong technical resistances resulted in a heavy drop. ETH dropped to $439 and erased 7.7 percent of its value for the day. Bears were even able to push the price down to $416 during intraday – the next stop downwards if the monthly resistance at $434 fails to turn into support.
On Thursday, September 3, we witnessed how both the $434 and $416 lines were broken by the huge selloff that hit the crypto market. The ether fell down to $381 and erased 13 percent of its value.
The Friday session was highly volatile. The ETH/USD pair was moving in the $401-$360 range before closing with a short green candle to $385.
The first day of the workweek came with yet another wave of sell orders. The ETH dropped down to $336 and almost hit the 100-day EMA on the daily chart during intraday ($304).
On Sunday, September 6, the biggest altcoin climbed up to $351 and reached the next resistance area.
The Ripple company token XRP rebounded from the horizontal support at $0.275 on Sunday, August 30 and reached $0.282 after forming its third consecutive green candle on the daily chart. It closed the previous week almost flat and still above its monthly support line.
The XRP/USD pair started trading on Monday by making an unnoticeable drop to $0.281. Still, the coin was 8 percent up on a 30-day basis.
On Tuesday, September 1, bulls managed to push the price to the upper limit of the monthly and weekly resistance cluster in the $0.29-$0.295 zone. The move resulted in a 5 percent increase.
The mid-week session on Wednesday, however, was the beginning of a major correction of the crypto market. The “ripple coin, in particular, erased 6.4 percent of its value and once again hit the $0.275 line. Its price fluctuated in the $0.304-$0.263 range during intraday
On Thursday, September 3 the XRP continued to slide. It lost another 11.4 percent and closed the session at $0.245.
The last day of the workweek came with a short green candle to $0.254. The “ripple” hit the 50-day EMA in the early hours of trading, but could not surpass it.
The weekend of September 5-6 started with another drop- this time to $0.237 on Saturday. The bear pressure was steadily increasing as we saw the price hitting the $0.23 support line at some point during the day.
Then on Sunday, XRP moved up to $0.24 after sellers were once again rejected near the above-mentioned horizontal line.
Altcoin of the Week
Our altcoin of the week is TRON (TRX). One of the biggest platforms for decentralized applications added 25 percent to its value for the last seven days. Actually, TRX was the only cryptocurrency in the top 20 list that registered a price increase for the period. It was also 53 percent up on a monthly basis.
The coin peaked at $0.0477 on Thursday, September 3, reaching #14 on the CoinGecko’ s top 100 chart with a market capitalization of approximately $2.24 billion.
As of the time of writing, Tron is trading at 0.00000301 against BTC on Binance
Legacy Records, The First Record Label Paying Music Artists In Crypto
From painters to digital artists to musicians, crypto continues to find integration across artistic mediums. Music continues to be a field that is ripe for revitalization, from a business standpoint. Accordingly, a number of different musicians have been releasing songs and albums as NFTs. Now, we have what’s being reported as the first official record label looking to get involved. The label looks to have artists join the ranks of other musicians getting involved in crypto.
In a press release issued to start this week, Legacy Records CEO Keishia McLeod said it came down to “either get involved or get left behind”. McLeod cited unique income stream opportunities for artists and closed by saying that “this is the future, not a trend”. McLeod has stated previously her intent to drive the label to be at the forefront of leveraging emerging technology in music.
There are two major buckets contributing to Legacy’s approach. The first is the most notable, as the label will become the first to offer artists an opportunity to receive their advance and royalty payments in the form of crypto. The second is to engage artists with NFTs, allowing fans to participate in auctions for unique content. The label’s specific plans around NFTs, and number of artists seeking to get paid in crypto, have not yet been disclosed.
As the crypto market grows, both artists and businesses are getting involved | Source: CRYPTOCAP-TOTAL on TradingView.com
Legacy Music’s Broader Business Growth
Las Vegas-based Legacy Records, not to be confused with Sony’s Legacy Recordings, will look to take advantage of the potential press buzz from the announcement. However, in tandem with the release, the label also announced a to-be-name music distributor who has also agreed to pay Legacy Records artists in bitcoin. The label also merged with New Jersey entertainment lawyer Navarro Gray’s ‘The Gray Firm’, to provide legal guidance around digital execution.
McLeod has noted previously that the label has desired being a mainstay in revolutionizing the way music artists do business. In a January interview with the LA Tribune, McLeod cited Netflix’s impact on the film industry, adding that “we haven’t seen that yet in this industry, but it’s coming. We’re going to be a large part of making that happen”.
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Music Artists Emerging Into Crypto
Legacy’s roster has the potential to join a growing list of music artists that continue to engage with crypto and NFTs. Last month, we wrote about long-time hip-hop artist Eminem partnering with Nifty Gateway to release original instrumental beats. Saturday Night Live promptly had a sketch explaining the digital collectibles parodying Eminem’s “Without Me”.
Other musicians engaging with NFTs include DJ Premier, 3LAU, The Weeknd, Linkin Park’s Mike Shinoda, and more.
Each week, our team recaps the week’s NFT action with ‘NFTs In A Nutshell‘ – covering everything NFT, from sport, music, and more.
Featured image from Pixabay, Charts from TradingView.com
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Speculation Tesla Dumped Its Bitcoin Holdings Denied By Musk
Elon Musk puts to bed rumors that Tesla has sold its remaining Bitcoin holdings. The comments came following his second attack on the leading cryptocurrency. This time, he called out the dominance of Chinese mining pools in a now-deleted tweet.
Bitcoin continued from its weekend slide with another drop today, currently down 5% at the time of writing. Given Musk’s apparent influence on markets, some insist he exercises more restraint on social media.
Tesla Has Not Dumped Its Bitcoin
Last week, the Tesla boss announced his firm would no longer accept Bitcoin as payment for its EVs. The reason he gave was a growing concern about the use of highly polluting coal by miners.
This coincided with a mass sell-off in which Bitcoin was hit particularly hard, closing the day down 13% to $49.5k.
Today, Musk tweeted that Bitcoin is highly centralized due to the small number of mining pools that control the network. He maintains that coal is a significant power source for miners, despite counter claims that the network runs mostly on renewable sources.
“A single coal mine in Xinjiang flooded, almost killing miners, and Bitcoin hash rate dropped 35%. Sound decentralized to you?”
In amongst the responses, @CryptoWhale suggested that Tesla will sell their Bitcoin holdings. Adding that, if that happened, Bitcoiners would only have themselves to blame. He was referring to the outpouring of hate directed at Musk.
Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their #Bitcoin holdings.
With the amount of hate @elonmusk is getting, I wouldn’t blame him…
— Mr. Whale (@CryptoWhale) May 16, 2021
Musk replied to the tweet with a response of “Indeed.” Some publications interpreted this as confirmation that Musk had already dumped his Bitcoin holdings.
But in a semblance of grace, Musk put the record straight by saying Tesla has not dumped its BTC holdings.
“To clarify speculation, Tesla has not sold any Bitcoin.”
However, with everything that has gone on since last week, is it only a matter of time before Tesla sells up?
Musk Should Be Aware Of His Influence In Moving Markets
Key crypto figures have rallied together in support of Bitcoin. Michael Saylor announced a $15 million BTC buy adding to MicroStrategy’s already substantial war chest, while Jack Dorsey tweeted a message of support in improving its green credentials.
However, @PlanB took a less nuanced approach by accused Musk of deliberating trying to destroy Bitcoin. The comment came in a poll asking his followers whether Musk has derailed Bitcoin from meeting expectations per the stock-to-flow model (S2F).
S2F refers to a predictive model based on scarcity over time. PlanB, who adapted it for Bitcoin use, puts the price of BTC at a minimum of $100,000 by year-end.
The Managing Partner and Co-founder of Nexo, Antoni Trenchev, said Musk should “wake up” to his influence in moving markets.
“He has to wake up to the reality that with his following, even single-worded tweets can move markets.”
But as some would suggest, he is already well aware of his clout in that regard.
Source: BTCUSD on TradingView.com
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Cardano, Ethereum, Polkadot Price Analysis: 17 May
Cardano could witness an extended rally if losses are maintained at $2.17. Ethereum broke south from a descending triangle and lost a key support region at $3,620. Finally, Polkadot was in danger of a sharp sell-off in case of a break below $38.5.
Volumes on Cardano took a dip over the last 24 hours as buying activity came to a halt. After an impressive run that saw ADA post weekly gains of 22%, a correction had finally hit the market. A fall of 8% dragged ADA towards a newly discovered support zone at $2.17. A stronger support area lay between $1.82-1.48 and even clashed with the 20-SMA (blue). This confluence between the moving average and support zones would see a re-emergence of buyers should another dip take place.
Post the pullback, ADA presented the next target at $2.50. This psychological level could be snapped during the current bull run if buyers trimmed losses at $2.17. RSI moved south from the overbought zone but would likely stay in bullish territory above 55. ADX rose north of 32 and highlighted a strong trend in the market.
The more price-sensitive 4-hour timeframe highlighted certain bearish conditions in the Ethereum market that were hard to overlook. A descending triangle breakdown showed losses of 11% from the bottom trendline. This trendline also represented a strong defensive point at $3,620 and a southbound move saw extended losses up to $3,200. A green candlestick did indicate some bullish response and a rise above $3,620 could initiate a recovery towards $3,800.
Lower lows on RSI indicated weakening and confirmed ETH’s short-term bearish movement. Awesome Oscillator highlighted profit-taking as selling pressure was on the up. In case of further losses, 200-SMA around $3,000 could form another defensive barrier. Alternatively, the level around $3,800 saw some interplay between the 20-SMA (blue) and 50-SMA (yellow) and reclaiming this could trigger another bull run.
The formation of three candlesticks or ‘three black crows’ following an uptrend highlighted a strong shift of dynamics for Polkadot. Sharp bearish action dragged DOT below multiple support levels mentioned in a previous analysis. However, the daily timeframe outlined another buy zone at $38.5- a region that coincided with the 20-SMA and 50-SMA.
A break below this critical point could lead to an extended sell-off all the way towards $21.6 and 200-SMA (green). Conversely, a break above $44.5-$48 resistance could initiate a price hike. A bearish crossover in Stochastic RSI thwarted chances of a favorable outcome. Squeeze Momentum Indicator noted weakening buying pressure and a move below half-line would present sell signals.
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