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Don’t panic? ‘Smart money’ whales are waiting to buy Bitcoin at $8,800

Whales are bidding $8,800 to purchase Bitcoin on major exchanges like Bitfinex following a sharp drop to sub-$10,000.

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The price of Bitcoin (BTC) abruptly declined by 10% in a single day on Sep. 4. Following the dip, the sentiment around the cryptocurrency market has become noticeably cautious with the Cryptocurrency Fear & Greed Index flashing “fear” for the first time since July.

A massive Bitcoin buy order at $8,800 on Bitfinex

A massive Bitcoin buy order at $8,800 on Bitfinex. Source: Cole Garner

However, market data shows that whales are preparing to purchase Bitcoin at $8,800 support level. It indicates that a March 13-like drop is unlikely to happen, when BTC dropped to as low as $3,600.

Why did Bitcoin drop, and why are whales bidding?

Analysts primarily attribute the correction of Bitcoin to the sell-off from miners. Prior to the drop, analytics firm CryptoQuant pointed out that mining pools were moving to sell BTC. 

After tracking the outflows from major pools, data showed that miners moved unusually large amounts of Bitcoin to exchanges. Shortly thereafter, the price of Bitcoin began to drop, eventually declining to sub-$10,000. The researchers said:

“Miners are moving unusually large amounts of #BTC since yesterday. #Poolin, #Slush, #HaoBTC have taken the bitcoins out of the mining wallets and sent some to the exchange.”

When the trend of Bitcoin initially shifts, it tends to extend to the furthest support or resistance level. On March 13, as an example, BTC flash-crashed to as low as $3,600 before a significant bounce. From April to September, Bitcoin recovered from $3,600 to over $12,000.

As such, whales might be expecting Bitcoin to drop to lower support levels, which include $8,800.

“Nice to see you again Bitfinex whale,” on-chain analyst Cole Garner commented today. “Smart money has their bids sitting at $8800. I expect the bottom will likely be around there.” 

The data could indicate that whales anticipate a larger pullback to come in the near future. But it also shows that whales do not anticipate a massive correction relative to Bitcoin’s previous pullbacks.

Since March, the price of Bitcoin has rallied 247%, therefore, a correction was likely not a surprise to many traders. As reported earlier today, Raoul Pal, the CEO of Global Macro Investor, said 25%-40% pullbacks in a bull market are typical for Bitcoin. He noted:

“In the post-Halving bull cycles, bitcoin can often correct 25% (even 40% + in 2017), throwing off the short-term traders (or giving swing traders a shot at the short side). Each of those was a buying opportunity.  DCA opportunity ahead?”

What happens to BTC next?

Whale data provider Whalemap said many so-called “HODLers” panic sold Bitcoin as it dropped. The rapid pullback of BTC might have caught investors off guard, given the intensity of the drop. Whalemap said:

“A lot of panic selling yesterday from HODLers who were quite successful in buying tops. Their strategy seems to be – buy high sell low.”

Yesterday’s correction was a combination of whales taking profit and investors panic-selling, and that could increase the chances of lower volatility in the near term.

A map of whales selling and buying BTC

A map of whales selling and buying BTC. Source: Whalemap

In the short term, Michael van de Poppe, a full-time trader at the Amsterdam Stock Exchange, said that Bitcoin may be nearing a bottom formation. Expecting a period of consolidation, Van de Poppe said that this drop in the markets may not be the end of the current “altseason.” He said:

“In my opinion, we’re close to a bottom formation on $BTC in these regions confluent with the CME gap. Trade the bounces actively as a HL has to construct for confirmation of support. Crazy altseason continues coming months.”

Source: https://cointelegraph.com/news/dont-panic-smart-money-whales-are-waiting-to-buy-bitcoin-at-8-800

Blockchain

Dogecoin is Everywhere: from Elon Musk to Mark Cuban to John McAfee

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Dogecoin has become the center of attention of famous individuals once again. Mark Cuban said that his NBA team had become the largest DOGE merchant, Elon Musk made an electronic-god reference, while John McAfee used its growing popularity to defend his alleged pump and dump schemes.

McAfee Touted DOGE Before Musk

The love story between the CEO of Tesla and SpaceX and the popular meme coin is well-known within the cryptocurrency space. Musk has outlined his support for the asset on multiple occasions.

While some believed that the positive engagements with DOGE came from his trolling nature on social media platforms, Musk has repeatedly found different ways to promote the token. The latest one came on Saturday, as he said that “Doge spelled backwards is Egod.”

His support brought more famous individuals to the scene as well – names such as Snoop Dogg and Gene Simmons. Despite the long-term relationship between Musk and Doge, though, John McAfee recently highlighted that he touted the asset long before Tesla’s CEO.

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McAfee was indicted days ago from the US DOJ for multiple criminal offenses, including his alleged involvement in pump and dump schemes with his “Coin of the Day” campaign. Several years ago, the former antivirus tycoon promoted small-cap altcoins that he supposedly believed were undervalued, but US authorities claimed that he made more than $13 million from illicit schemes.

McAfee argued that the allegations are “overblown” and that he indeed considered those coins to have immense potential. One of them was Dogecoin, which, in his words, “has increased well over 1,000% since I chose it.” Ultimately, he concluded that this was “not a pump and dump.”

Mavs Are the Biggest DOGE Merchant

Another Doge-related engagement from high-net-worth individuals came from the owner of the Dallas Mavericks – Mark Cuban. The billionaire and his NBA team recently announced that they had started accepting Dogecoin payments for game tickets and merchandise on the online store.

A few days later, Cuban updated the community on the performance of this new initiative. He said that the Mavs had received more than 20,000 DOGE in transactions, making them “the largest Dogecoin merchant in the world.”

Furthermore, the start of the reality TV series Shark Tank predicted that DOGE will “definitely” reach $1. With a current price of $0.056, the asset would need a 1,700% increase to reach that milestone.

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Source: https://cryptopotato.com/dogecoin-is-everywhere-from-elon-musk-to-mark-cuban-to-john-mcafee/

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Brad Garlinghouse: XRP Will Continue Trading Even if Ripple Goes Away

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With the impending legal battle between the SEC and Ripple, the CEO of the payment processor said that XRP will endure even if the company doesn’t.

Simultaneously, Jesse Powell, the CEO of the veteran US exchange, Kraken, believes that offering XRP trading carries “huge asymmetrical risk.”

XRP Will Endure, Says Ripple CEO

Ever since the US Securities and Exchange Commission brought charges against Ripple for conducting an unregistered security offering, the company’s executives have tried to defend their position multiple times.

During the latest such attempt, the CEO, Brad Garlinghouse, called the lawsuit “misguided” and noted that XRP had traded in the US for eight years before the allegations emerged.

Furthermore, he laid his case on why Ripple’s native token is not a security and promised that the asset will survive even if Ripple ceases to exist.

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“If you own a security, it gives you ownership of a company. If Ripple goes away, XRP will continue trading.”

Garlinghouse explained that numerous other countries, such as Singapore, Switzerland, and Japan, all have “clarity and certainty” that XRP is not a security. In contrast, the US is “the only country on the planet that has suggested that XRP is a security.”

Consequently, the executive doubled-down on a previous narrative stating that the lawsuit against Ripple is “bad” for the entire cryptocurrency industry, not just the payment processor. This is pushing entrepreneurs to seek other options as they plan to leave the US.

It’s worth noting that Ripple is one of those companies that contemplated moving outside the US even before the SEC’s charges became official.

Trading XRP Carries Asymmetrical Risk

While Garlinghouse believes that XRP will continue trading even if Ripple is no more, Kraken’s CEO recently highlighted the potential “asymmetrical” risks for exchanges during these uncertain times for the token.

He assumed that the Commission has acted in “good faith” when bringing the charges and believes that judges ultimately “tend to side with agencies.”

As such, Powell asserted that if the SEC wins, then the watchdog would “say that exchanges should have known.”

Although Kraken took its time before making it official, the veteran US exchange joined the list of trading venues that removed XRP in January this year.

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Source: https://cryptopotato.com/brad-garlinghouse-xrp-will-continue-trading-even-if-ripple-goes-away/

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Ultra (UOS) hits a new all-time high as blockchain gaming and NFTs boom

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Video games and online gaming have become some of the largest industries on the planet over the past thirty years as digital technology and the internet have interconnected people from around the world and transformed us into a global society. 

Decentralization and blockchain technology are gathering steam as a transformative new way to operate and build an ecosystem, and Ultra (UOS) is one gaming-focused project that has been gaining momentum in recent months.

Ultra, a blockchain-based PC game distribution platform, is created for gamers and game developers and it allows users to develop multiple revenue streams, including the ability to resell games and in-game items.

Developers for the project have created a customized version of the EOSIO blockchain designed to offer free user account creation and higher transaction throughput through better resource allocation.

Data from Cointelegraph Markets and TradingView shows that UOS surged 225% over the past month as the price rallied from $0.132 on Feb. 1 to an all-time high of $0.42 on Feb. 22.

UOS/USDT 4-hour chart. Source: TradingView

As seen on the chart above, UOS trading volume hit a record $31 million on Feb. 21 and Feb. 22 following its listing on Bithumb.

NFT popularity provides a boost to Ultra

Non-fungible tokens are one of the fastest-growing trends in cryptocurrency currently and UOS has benefited from their growth. The developers at Ultra have been focused on the technology underlying NFTs as they can enable unique in-game items to be resold in multiple marketplaces and eventually on decentralized exchanges. 

Interoperability between blockchain platforms is also a major topic in the crypto ecosystem, and the team at Ultra is developing and beta testing a new mainnet that will retain the ability to operate on Ethereum.

While UOS is interoperable with the EOSIO blockchain, Ultra developers are also exploring NFT interoperability with several other blockchains including The Sandbox (SAND) and Elrond (EGLD). The project also has an evolving partnership withTheta that will enable live streaming gameplay and cross-chain NFT transfers.

Aside from its main association with the gaming giant Ubisoft, recent partnerships with globally recognized companies like semiconductor manufacturer AMD and Atari have also helped propel UOS price higher in 2021.

Big-name partnerships, cross-chain interoperability and the growth of the NFT sector have Ultra well-positioned to benefit from the bullish momentum in the cryptocurrency market.

The games sector is expected to continue its exponential growth for the foreseeable future and as blockchain gaming becomes more popular, UOS could benefit from having the first-mover advantage. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Source: https://cointelegraph.com/news/ultra-uos-hits-a-new-all-time-high-as-blockchain-gaming-and-nfts-boom

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