Bitcoin (BTC) hit fresh lows on Sep. 7 as renewed selling pressure saw the largest cryptocurrency return to the $9,800 range.
Cryptocurrency market daily snapshot, Sep. 7. Source: Coin360
Analyst eyes BTC price bottom at futures gap
BTC/USD 1-day price chart. Source: Coin360
After mixed performance over the weekend, $10,000 looked increasingly shaky support, something that analysts warn could be pivotal in the short-term.
Discussing the current market, Cointelegraph Markets analyst Michaël van de Poppe said that the outlook hinged on two gaps in CME Group’s Bitcoin futures markets.
As Cointelegraph reported, the two gaps are at $9,700 and $10,600 — Van de Poppe has outlined two likely scenarios for price action, and the question is which gap Bitcoin will fill first. Press-time levels were at $9,950.
“Couldn’t really hold the $10,000 level (or it’s dipping beneath). The second scenario would be a closing of the CME gap, after which closing of the upper CME gap is next,” he tweeted.
“$9,600-9,800 could be bottom level for now.”
The second scenario involves a break upwards towards $11,000, followed by a retest of levels around the lower CME gap.
DXY keeps climbing in blow to BTC
Bears had gained the upper hand through last week, with $12,000 swiftly giving way to 15% losses as macro changes took their toll.
Strength in the U.S. dollar currency index (DXY), which began as the week progressed, continued on Monday, hitting 93.1.
U.S. dollar currency index 10-day chart. Source: TradingView
Any influence from Wall Street stock markets will only be felt on Tuesday, as Labor Day sees a break in trading.
BlockSwap Network Partners Algorand To Build Next-Gen DeFi Project AlgoSaver
[PRESS RELEASE – George Town, Cayman Islands, 18th May 2021]
BlockSwap Network is pleased to announce a strong partnership and collaboration with Algorand. Through this collaborative effort, both teams will bring forth the AlgoSaver solution. Introducing a sustainable saving market for mainstream users offering 7% on USD deposits is a significant milestone for both teams.
The partnership between Algorand and BlockSwap Network is possible through the Algorand EU Accelerator. Of the 200 projects entering this accelerator, only 11 were able to complete the process. BlockSwap Network is one of those 11 companies, allowing the team to build new products and solutions to improve mainstream adoption of cryptocurrency.
By completing the EU Accelerator, BlockSwap Network will launch the AlgoSaver testnet in July 2021. AlgoSaver offers a sustainable savings market for mainstream users with a 7% APY on USD. That rate is far more competitive than what users can earn through traditional bank accounts or the majority of mainstream investment options. Additionally, ALGO liquidity providers can earn 200% on their staked tokens by providing liquidity to the Open Saver smart contract suite.
“I am thrilled to see Algorand acquire a key infrastructure play as a result of the EU Accelerator — Algosaver will bring a fixed yield market and enable universal savings to our entire ecosystem” Addie Wagenknecht — Algorand Foundation Global Program Manager.
Eterna Capital Partner Mattia Mrvosevic comments: “With Blockswap, users can finally unlock liquidity tied up in staking and by tapping into AlgoSaver, users get to actually invest in a fixed yield product in Algorand. In a world where 2 billion people still lack access to financial services, BlockSwap’s vision of fostering universal basic savings is key to making society more inclusive.
The Open Saver smart contract suite will serve as a Universal Basic Saving solution to let anyone earn a 7% USD yield from their native currency in a frictionless manner. With its liquid staked asset and tradeable tranches of yield bonds classifications, open Saver makes it easy for capital market players to deploy their capital.
The completion of the Algorand EU Accelerator has helped BlockSwap Network raise over $6 million in funding. The team completed several investment rounds, a Balancer LBP event for fair price discovery, and a liquidity provider incentive on Uniswap, the largest decentralized exchange in the world. Additionally, the team has recently launched its CommunityNet initiative to let users test the products under the BlockSwap Network umbrella. Two hundred fifty million BSN CommunityNet tokens will be distributed during this event, which is redeemable 1:1 on the mainnet.
The success of BlockSwap Network would not be possible without a strong community. The project has over 20,000 followers on Twitter and Telegram. With the help of its growing community, BlockSwap Network can keep pushing the boundaries of decentralized finance. Their upcoming product will make DeFi a lot more appealing to mainstream users looking to put their money to work.
About BlockSwap Network
BlockSwap Network makes proof-of-staking benefits accessible to everyone as a stable yield source, incentivizing existing staking operators and PoS token holders by insulating everyday users from dealing with crypto asset volatility and its staking process’s complexities.
SingularityNET Partners With Ocean Protocol Prior to the AI-Based DeFi Fund Launch
[Press Release – Amsterdam, Netherlands, 18th May 2021]
The collaboration will see the OCEAN token’s inclusion in SingularityDAO’s index fund/investment portfolio. Moreover, SingularityDAO is designed to leverage AI at multiple levels: AI manages dynamic token-sets, executes predictive market-making strategies to provide liquidity for these token-sets on DEXs, and predictively models hedging strategies.
All this AI requires a lot of data to learn and improve, which is why SingularityDAO is a natural user of Ocean data sets – data sets published via Ocean Market (and other Ocean-based markets) into the Ocean ecosystem. The Ocean ecosystem is host to many diverse and varied trading and DeFi data sets. These make excellent candidates for consumption by SingularityDAO’s AI agents to enhance its financial modeling.
I’m really excited by the opportunity to work together with Ocean Protocol, one of the most respectable projects in crypto that has been constantly delivering community-driven, decentralized data solutions. SingularityDAO will constantly make use of data to train our ML and I can’t think of a better partner than Ocean Protocol. – Marcello Mari, CEO at SingularityDAO
The news follows the successful completion of a total of $5.2 million raised in three different rounds for the highly anticipated Governance Generation Event on MANTRADAO, which reached its hard cap within less than 2½ hours.
The protocol, described as ‘DeFi meets decentralized AI,’ held the event exclusively for SingularityNET $AGI holders and attracted 5,800 registrations in one week. The token sale raised $1.6 million (8,000,000 SDAO).
The successful Governance Generation Event follows a recent private sale wherein SingularityDAO raised $2.7 million of funding from a number of top-tier investors such as AlphaBit, Marshland Capita, GBV, and SMO Capital. SingulariyDAO’s governance token has been generated on May 13th and distributed on the same day. It is currently trading on Uniswap.
SingularityDAO is a decentralized platform, governed by the SDAO token, tasked with governing DynaSets. DynaSets are diversified baskets of cryptocurrency assets dynamically managed by AI and curated by the protocol. SingularityDAO brings the financial sophistication of AI-managed funds to DeFi, deploying SingularityNET’s AI technology to navigate complex markets.
About Ocean Protocol
Ocean Protocol’s mission is to kickstart a Web3 Data Economy that reaches the world, giving power back to data owners and enabling people to capture value from data to better our world.
Data is a new asset class; Ocean Protocol unlocks its value. Data owners and consumers use the Ocean Market app to publish, discover, and consume data assets in a secure, privacy-preserving fashion.
What’s the prevailing price plot for Ethereum?
Ethereum’s price has recovered from the weekend blues: the price is up 7%. There is an uptick in exchange inflows after a consistent drop in percent balances across exchanges since the end of April 2020. However, the overall exchange net flow has hit a 1-month low based on data from Glassnode.
Ethereum’s market cap has dropped to $397 Billion level, from $500 Billion. This drop in market capitalization and market dominance has placed Ethereum below US Top Banks.
There is a slow volume uptick on decentralized exchanges and based on the below chart, ETH HODLers have dropped from 65% to 57% based on on-chain data from intotheblock. Based on the below chart, ETH HODLers are stubbornly bullish.
The drop in exchanges reserve is bullish for ETH, however, this narrative is likely to change in the short-term since Bitcoin is now rallying, trading above the $45000 level. The inflow of investment from Bitcoin to Ethereum may dwindle or stop, based on the dropping BTC balances across exchanges and despite the likelihood of this, HODLers continue to be bullish on ETH.
L2 scaling solutions have offered high transaction settlement in numbers and volume, at 0.0001% of the fees, as in the case of MATIC, and this has further added to ETH’s bullish narrative. It is likely that the drop in price earlier last weekend was due to panic selling, large wallets rotating ETH for other altcoins, memecoins or accumulating more Bitcoin in the process.
However, these traders are likely to accumulate at a higher price. This may bring down the percentage of HODLers profitable at a given price level in on-chain analysis. The only profitable entity, in that case, is the exchange that profits from the transactions. However, more ETH is being staked on exchanges like Coinbase and it is likely HODLers see through the dip, before a rally to the $6000 level, as projected earlier.
The on-chain sentiment is currently neutral and large transactions on the ETH network have dropped in the past week. The social volume has dropped below the level it was a week ago when memecoins were offering double-digit ROI and ending up a part of several trading portfolios. ETH HODLers may be neutral at the moment and they turn bullish by the end of the week.
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