Blockchain

Bullish Sign? Current Bitcoin Price Correction Is Typical Compared To 2017 Bull-Run

History suggests that BTC’s recent $2,000 drop is an ordinary development, which could actually boost its price higher in the long-run.

The post Bullish Sign? Current Bitcoin Price Correction Is Typical Compared To 2017 Bull-Run appeared first on CryptoPotato.

Published

6 months ago

September 9, 2020

Republished by Plato

A popular cryptocurrency analyst pointed out that Bitcoin tested the 20-week moving average (MA) on its recent move down from $12,000 to $10,000. This could turn out to be a bullish sign for BTC, as identical price developments have pumped it higher during the last bull market in 2017.

Bitcoin’s Recent Price Drops

After dumping to below $3,700 during the massive selloff in March, Bitcoin went on a roll. The primary cryptocurrency recovered its losses in a few months as the bulls took control. The asset kept surging in the summer and painted a year-to-date high of $12,450 in mid-August.

Although Bitcoin surpassed the $12,000 mark on several occasions, it displayed issues maintaining above it. Following the latest pump on September 1st, BTC reversed for a violent price dive.

After that, Bitcoin plummeted to $10,000 and even dipped below the psychological line a few times. As of writing these lines, BTC still struggles to remain in the five-digit territory.

History Suggests Possible Price Pump

The popular cryptocurrency YouTuber and analyst, Lark Davis (TheCryptoLark), noted that this price dive is somewhat expected in bull runs.

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By looking at the macro scale, he compared Bitcoin’s recent behavior with the 2017 bull market when the asset was on its way to the all-time high of nearly $20,000.

Davis brought out the 20-week moving average as his reasoning. As seen in the chart above, BTC tested the moving average on multiple occasions from the start of the last bull market in early 2017 to its peak in December 2017. Davis categorized those events as “the point of max gains.”

The analyst highlighted the importance of remaining above the 20-week MA. When BTC’s price fell below it after the bubble burst in early 2018, the asset went into a year-long bear market. This culminated in Bitcoin’s 2018 low of $3,100 – only a year after its peak.

Since then, the relationship between BTC and the 20-week MA saw its fair share of reversals before Bitcoin reclaimed the higher ground after the third halving in May.

By charting the massive red candle last week, BTC tested the 20-week MA once again. Consequently, if Bitcoin is to repeat its 2017 behavior, this dump could turn out to be another opportunity for maximum gains.

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Source: https://cryptopotato.com/bullish-sign-current-bitcoin-price-correction-is-typical-compared-to-2017-bull-run/

Blockchain

GBA Healthcare Working Group Releases White Paper as First Asset inBlockchain Ethical Design Framework for Healthcare

Published

50 mins ago

March 8, 2021

Republished by Plato

WASHINGTON, DC –March 2021

Beginning early 2020, theGovernment Blockchain Association (GBA) Healthcare Working Group (HWG)began undertaking the development of an ethical design framework for blockchain solutions in the healthcare industry as a service to the public. The GBA HWG is releasing the first asset in the Blockchain Ethical Design (BED) Framework for Healthcare in the form of a White Paper.

“We are excited to offer this guidance to healthcare policymakers, decision-makers and innovators in implementing blockchain featured technology in the healthcare space. The BED Framework for Healthcareis being developed collaboratively by members in the HWG including caregivers, entrepreneurs, healthcare technologists and legal professionals from around the world. We cover a comprehensive spectrum of use cases, regulatory and legal scenarios, and procedural insights based on real world experience in healthcare technology innovation. This White Paper is only the first asset in a suite of guiding tools the GBA HWG will be releasing through 2021, and we are looking forward to the feedback of our audience.” –Marquis Allen, GBA Healthcare Working Group Chair

The purpose of this publication is to:

Identify potential ethical issues of blockchain used in health service delivery
Discuss potential ethical issues for stakeholders across the healthcare ecosystem including regulatory and compliance segments

Propose a conceptual framework of blockchain ethics as it applies specifically to its design, implementation and use in healthcare.
Create an outlinefrom which the Blockchain Ethical Design (BED) Framework for Healthcare and its assets, tools, documents and content will be developed by the GBA HWG.
Raise awareness and stimulate further debate on the ethics of blockchain in the healthcare IT,health system governance and regulatory communities.

The GBA invites you to contact them for more information.

Learn more about the GBA: gbaglobal.org

For more information about the GBA Healthcare Working Group: gbaglobal.org/HWG

To download the whitepaper: gbaglobal.org/download

Contact: Kathy Dache @ Kathy.Dache@gbaglobal.org

________________________________________________________________________

Blockchain

Big Data Protocol Staking Surges Over $6 Billion in Latest DeFi Frenzy

Published

53 mins ago

March 8, 2021

Republished by Plato

Boasting three and four-digit annual percentage yields, Big Data Protocol (BDP) has become the latest DeFi frenzy as total liquidity on the protocol has skyrocketed to $6.1 billion just two days after liquidity mining incentives were launched.

The protocol announced its fair launch on March 6 where 100% of the initial circulating supply, which is 30% of the total of its BDP token, will be distributed to the community over six days. It is backed by a team of technologists, crypto investors, and data scientists and designed to incentivize liquidity mining over the long term.

There are liquidity pools for twelve different DeFi assets and they have attracted a lot of collateral in just two days.

1/ANNOUNCEMENT: fair launch of $BDP and $bALPHA is coming!

100% of initial circulating supply of $BDP is distributed to the community over 6 days, starting Sat 11 am ET/4 pm GMT

Earn by staking 12 assets $WETH $WBTC $USDT $USDC $OCEAN $LINK $SUSHI $UNI $YFI $AAVE $SRM $TOMOE pic.twitter.com/GatOjGtUZJ

— Big Data Protocol (@bigdataprotocol) March 3, 2021

Big Returns for DeFi Stakers

Over a million ETH has been deposited in the wrapped Ethereum pool according to the BDP data vault, earning an APY of 40%. Almost 17,000 BTC is currently in the wBTC pool earning 82% APY while the Tether vault has gained 728 million USDT earning 96%.

The top earning pools are boasting four digit returns with OCEAN at 1,375% and TOMOE at 1,315% at the time of writing.

A blog post explaining the tokenomics elaborated:

“Users provide liquidity to earn bALPHA over the course of 3 months. Subsequent data tokens, named bBETA and bGAMMA, will launch after bALPHA, which will further incentivize liquidity.”

A portion of BDP and data tokens are burnt as the usage of the Protocol and marketplace grows over time, it added.

The total supply of 80 million tokens will be divided as follows: 30% distributed in the initial six day yield farming incentive, 35% allocated to future staking rewards, 25% held as an ecosystem reserve, and 10% to the team and advisors.

The bALPHA data token will have a total supply of just 18,000 tokens which will all be allocated to liquidity mining rewards. Two more data token sets, bBETA and bGAMMA, will be announced in due course the blog post added.

BDP Price Update

At the time of writing, BDP was trading at $5.85, falling 19% on the day after hitting a peak of just over $14 on Sunday, March 7.

The bALPHA price is a little over $10,000 per token after skyrocketing to over $40,000 at the weekend according to Coingecko.

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Source: https://cryptopotato.com/big-data-protocol-staking-surges-over-6-billion-in-latest-defi-frenzy/

Blockchain

TA: Bitcoin Turns Attractive Above $50K, Why BTC Extend Its Rally

Published

2 hours ago

March 8, 2021

Republished by Plato

Bitcoin price gained bullish momentum above the $50,000 resistance against the US Dollar. BTC traded towards $52,000 and it remains supported for more upsides.

Bitcoin started a fresh increase above the $50,000 and $50,500 resistance levels.
The price is now trading well above $50,000 and the 100 hourly simple moving average.
There is a key rising channel forming with support at $50,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct a few points, but the bulls are likely to protect $50,000 and $49,500.

Bitcoin Price Starts Fresh Increase

After a strong close above the $48,000 level, bitcoin started a fresh increase. BTC was able to clear the key $50,000 and $50,500 resistance levels to move into a positive zone.

There was also a break above a major bearish trend line with resistance near $48,400 on the hourly chart of the BTC/USD pair. The pair extended its rise above the $51,000 level and traded to a new weekly high at $51,853.

It is now correcting lower, but it is trading well above $50,000 and the 100 hourly simple moving average. An initial support is near the $50,750 level. It is close to the 23.6% Fib retracement level of the upward wave from the $47,141 swing low to $51,853 high.

Source: BTCUSD on TradingView.com

There is also a key rising channel forming with support at $50,500 on the same chart. The next major support is near the $50,000 level. Any more losses may possibly lead the price towards the 50% Fib retracement level of the upward wave from the $47,141 swing low to $51,853 high near $49,500. The main support is now forming near the $48,800 level and the 100 hourly simple moving average.

More Upsides in BTC?

If bitcoin stays above $50,500 and $49,500, it could start a fresh increase. An initial resistance on the upside is near the $51,500 level. The first major resistance is near the $52,000 level.

A successful close above the $52,000 resistance level could open the doors for a larger increase in the coming sessions. The next major resistance could be $53,200, followed by $54,500.

Technical indicators:

Hourly MACD – The MACD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.

Major Support Levels – $50,500, followed by $50,000.

Major Resistance Levels – $51,500, $52,000 and $53,200.

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Source: https://www.newsbtc.com/analysis/btc/bitcoin-turns-attractive-above-50k/