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Bitcoin SV, Ontology, Zcash Price Analysis: 26 January

Republished by Plato

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While Ethereum, the world’s largest altcoin, may have had a good few days on the price charts, this hasn’t been the case for the rest of the market’s alts. In fact, while ETH surged to a new ATH, the likes of Bitcoin SV, Ontology, and Zcash continued to depreciate. This wasn’t unexpected, however, especially since Bitcoin, the market’s most-dominant cryptocurrency, continued to trade sideways, at press time.

Bitcoin SV [BSV]

Source: BSV/USD on TradingView

Bitcoin SV, the cryptocurrency ranked 15th on CoinMarketCap’s charts, fell dramatically after its 63% price surge in the second week of January. Trading at under $174 at the time of writing, BSV was noting a depreciation of over 15% in the last week alone. It should be noted, however, that it seemed unlikely that the cryptocurrency would dip below its press time support level.

The same was evidenced by Bitcoin SV’s technical indicators as while the Parabolic SAR’s dotted markers were well above the price candles and suggested bearishness, the Chaikin Money Flow was holding steady above zero despite the market downtrend, a sign of capital inflows into the market holding their level.

Bitcoin SV’s Craig Wright was in the news recently after he sent legal notices to two websites alleging copyright infringements.

Ontology [ONT]

Source: ONT/USD on TradingView

Like most altcoins, Ontology too registered a lot of topsy-turvy movement over the last few months. In fact, despite a series of brief hikes, its charts have also been punctuated by a host of sharp price falls. At the time of writing, ONT was noting one of these price falls, with the altcoin down by over 18.5%. It remained uncertain, however, if Ontology would be able to sustain its price level around the $0.58-mark.

While the width of the Bollinger Bands continued to hold steady to indicate some degree of near-term volatility, the Relative Strength Index was mediating around the neutral zone, despite the fact that it was pointing south.

Ontology’s Jun Li is one of many who believe that digitization is inevitable, with the cryptocurrency’s founder stating, “All kinds of currency or fiat will become digitized or programmable,” during a recent interview.

Zcash [ZEC]

Source: ZEC/USD on TradingView

Zcash, one of the market’s foremost privacy coins, like Bitcoin SV and Ontology before it, noted a sharp spike in value in mid-January. However, like those altcoins, ZEC too fell victim to a downtrend, with the crypto down by over 16% on a weekly basis, at press time. While ZEC was trading at a level that was well away from its support level, it seemed unlikely that the crypto would head to breach its local top anytime soon.

The ensuing bearishness in the market was highlighted by the Zcash market’s technical indicators as while the Signal Line was well above the MACD line, the Awesome Oscillator’s histogram flashed red, despite the bears seemingly losing momentum.

The cryptocurrency made headlines a few weeks ago after it was announced that Bittrex would be delisting popular privacy coins such as Monero, Zcash, and Dash.

Source: https://ambcrypto.com/bitcoin-sv-ontology-zcash-price-analysis-26-january

Blockchain

Blockchain Group to Meet With US Treasury Department Executives Over Brewing Regulations

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A change in the administration of the world’s most dominant economy potentially spells a new era for nascent technologies like blockchain and cryptocurrency.

Incoming regulations and policies can either accelerate growth or impede progress. Fully aware of this, America’s leading blockchain group is taking the bull by the horn. It is taking the plunge to make the Biden administration understand the value of cryptocurrencies.

Crypto Trade Group Urges Treasury Secretary To Look Beyond The Negatives

Worried by looming regulations, Blockchain Association is trying to influence key members of the Biden administration to adopt a positive stance on digital assets. The body told Fox News that it had already met staffers in the Treasury Department but was attempting to meet more prominent members of the new cabinet.

As digital currencies continue to gain mainstream attention and adoption, governments and central banks worldwide have amplified calls for regulation. The primary reason being bitcoin’s role in facilitating crime. Blockchain Association is encouraging the Biden administration to adopt an open-minded approach towards the topic. The group is now looking to infiltrate the inner chambers of the United States Treasury Department. It says it is working towards scheduling meetings with the US Secretary of the treasury, Janet Yellen, and nominated Deputy Secretary Wally Adeyemo.

Blockchain Association’s Executive Director, Kristin Smith, said:

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“Our number one priority is helping Yellen understand crypto goes beyond the financing of criminal enterprises. We want her to understand the value of crypto networks.”

Top-Tier Tussle

Frayed nerves of cryptocurrency enthusiasts were calmed when news emanated that Gary Gensler might succeed Clayton as the chairman of the US Securities and Exchange Commission (SEC). The body has recently clamped down on cryptocurrency heavyweights, most notably its high-profile lawsuit against Ripple.

Gensler is said to have made remarks in the past that suggest a softer stance towards bitcoin regulations. In a 2018 congressional testimony, Gensler said :

“Blockchain technology has real potential to transform the world of finance. Though there are many technical and commercial challenges yet to overcome, I’m an optimist and want to see this new technology succeed. It could lower costs, risks and economic rents in the financial system.”

In Tuesday’s hearing before the Senate Banking Committee, Gensler said that “Bitcoin and other cryptocurrencies have brought new thinking to financial planning and investor inclusion.”

The United States Treasury Department seems to be more heavy-handed towards cryptocurrency. Janet Yallen once said that bitcoin is an “extremely inefficient way of conducting transactions.”  She further expressed concerns that the foremost digital currency is mostly used for “illicit finance.”

The stance and decisions of these cabinet members will undoubtedly play a role in the future of cryptocurrencies. A lot will unfold in the coming months, and industry stakeholders cannot but hope for a favorable outcome.

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Source: https://cryptopotato.com/blockchain-group-to-meet-with-us-treasury-department-executives-over-brewing-regulations/

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Hong Kong-listed Meitu Bought $40M Worth of Bitcoin and Ethereum

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Chinese tech company Meitu has announced a massive purchase of 380 BTC and 15,000 ETH, representing an entry of about 40M USD, as of writing these lines, into the cryptocurrency market.

This came just one month after tech mogul Elon Musk, the founder of Tesla, announced that the company would be purchasing 1.5B USD worth of Bitcoin.

Although a large Hong Kong-listed firm publicly buying Bitcoin is undoubtedly noteworthy in and of itself, it’s interesting to note Meitu founder Cai Wensheng’s previous interest in the cryptocurrency. Wensheng has revealed that he “saw the future of Bitcoin” long ago, and that he owned 10,000 BTC ($504M) in 2018.

The New Norm: Companies Buying Bitcoin Around The World

Companies across the US have started dipping their toes into the cryptocurrency market, including MicroStrategy with their $10M Bitcoin purchase just 2 days ago, adding to their already large position.

This announcement from Meitu signals a potential shift of interest expanding outwards from just the United States, instead, encapsulating the global market.

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China has some of the largest global companies such as Baidu and Alibaba — a large Chinese firm publicizing and legitimizing the purchase of cryptocurrencies could pave the way for even bigger players like Jack Ma to become officially involved through company funds.

Tesla’s purchase may have served to act as the first domino in a chain of rippling events across the traditional finance system, and several leaders in the industry have started to take note. Some theorize that this point, not owning a small portion of cryptocurrency in one’s portfolio may serve as a much larger risk than owning some, simply because of its properties as a hedge against inflation and global instability.

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Source: https://cryptopotato.com/hong-kong-listed-meitu-bought-40m-worth-of-bitcoin-and-ethereum/

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Cardano, EOS, Synthetix Price Analysis: 07 March

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Cardano moved deeper into the red zone but the bulls held on to the crucial 61.8% Fibonacci retracement level. EOS presented an added upside from the $4 mark but needed to break out from its tight channel. Lastly, SNX could face an uphill battle to rise above its 200-SMA on muted trading volumes.

Cardano [ADA]

Source: ADA/USD, TradingView

Cardano traded in the red territory at press time as a sell-off phase continued post its ATH over a week ago. In fact, losses of over 5% made ADA the biggest weekly loser among the top 10 coins by market cap. Recent losses also dethroned ADA from the third spot in the crypto rankings. The downtrend was evident on the 4-hour timeframe as the bulls conceded multiple Fibonacci retracement levels to the sellers, the latest one being the 50% level. However, the bulls still held on to the 61.8% level or the ‘golden ratio’ which lent some optimism in the market.

Further optimism was driven by a bullish crossover in the MACD, and the CMF, which showed strong capital inflows for ADA. Successfully defending the 61.8% Fibonacci level from the bears could fuel a bullish bounce back in the short-term.

EOS

Source: EOS/USD, TradingView

Resistance at $4.04 has proven to be a formidable barrier as EOS failed to rise above the upper ceiling despite several attempts in a span of nearly two weeks. The scarcity of buyers in the market was one of the factors why the upwards breakout failed to culminate on the charts. The On Balance Volume attested to the bearish sentiment as the index failed pickup post EOS’ drop to $3.6 support.

Moreover, Bollinger Bands remained constricted and showed low volatility at the time of writing, which disallowed for large price swings in the coming sessions. Once the consolidation ends, a rise above the overhead resistance mark could spur some additional buying.

Synthetix [SNX]

Source: SNX/USD, TradingView

The ADX Indicator pointed south from the 10-mark as Synthetix moved between the channel $22.26 and $20.19. However, the appearance of short green candlesticks on the 4-hour chart showed that the bulls met with minimal selling pressure as the price inched closer to its 200-SMA. The Parabolic SAR’s dotted markers moved beneath the candlesticks and highlighted the change of trend.

For a breakout above the long-term moving average, the 24-hour trading volumes could be monitored over the coming sessions. In the event of a bullish outcome, resistance at $24.7 could be tested.


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Source: https://ambcrypto.com/cardano-eos-synthetix-price-analysis-07-march

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