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Ethereum Hurdles Keep On Pushing But 100 SMA Could Start New Rally

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The ethereum hurdles are stopping the price from rising as ETH now had a hard time clearing the $1150 level and starting a fresh decline against the US dollar. The price is trading well below the 100 hourly SMA and the $1100 so let’s find out some more in today’s etheruem news.

Ethereum is showing a few bearish signs after it got rejected from the $1150 resistance zone and the price is now trading well below the $1100 and the hourly simple moving average with a key bearish trend line happening with the resistance near the $1070 on the hourly charts of the pair. The ETH/USD has to settle above $1120 and the 100 hourly SMA to start a fresh rally.

ETHusd
Source ETHUSD on TradingView.com

There was a strong recovery wave in BTC recently as well as in other altcoins. Ethereum’s price broke the $1080 and the $1100 resistance levels as it spiked above $1200. However, the bears defended a huge resistance zone at the $1150 level and the 100 hourly simple moving average. The new high was formed near $1152 before the price started a decline while still breaking below the $1200 and the $1100 support levels.

The ethereum hurdles made the price drop below 50% Fib retracement level from the recovery wave of the $910 swing low to the $1152 high and there’s a new bearish trend line in place with the resistance near the $1070 on the hourly charts of the pair. If there’s no upside break above this trend line resistance and the 100 hourly simple moving average, there’s a potential risk of further losses. The initial support here is set at $1000. The next support level that is of huge importance for ETH is set at the $950 level below which the ETH price could continue moving down to the $900 zone in the near-term.

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eth usd
Image Courtesy of Josh Olszewicz. Source ETHUSD on TradingView.

If ETH breaks the trend line resistance of $1100, there could be a stronger increase with the main resistance still nearing the $1150 zone and the 100 hourly simple moving average. Closing above these levels and the 100 SMA could change the current sentiment. The next major hurdle for ETH sits at $1150 and $1120 but the hourly MACD for the pair shows that it also struggles to gain pace in the bullish zone. The hourly RSI for the pair is well below the 50 level.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/ethereum-news/ethereum-hurdles-keep-on-pushing-but-100-sma-could-start-new-rally/

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Global Business Week: Who services who in the Crypto custody business?

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WEEKLY BUSINESS ROUNDUP

The state of Financial markets & Economies, Weekly Charts, Business Trends & Statistics

Investors shrugged off the report showing that U.S inflation could rise 5% — its fastest rate since 2008. U.S stocks overcame earlier losses on Friday to pick up steam towards the close, with S&P 500 barely notching a new record high. The bigger story, however, was that Nasdaq continued to outperform, rising nearly 2% on the week, making it four straight weeks of gains for that index. U.S. Treasury yields had their worst week of declines in a year, which may have something to do with these new record highs we are finally seeing in the S&P 500.

Despite this optimism in stocks, money flows into stocks have slowed down significantly since their record highs earlier in the year. According to BofA Research, only $1.5 billion flowed into global equities in the past week, the lowest all year, while $12.5 billion flowed into bonds and $3.5 billion went into cash and money markets. And it seems that the rotation from growth and stay-at-home stocks to value seems to have reversed in the past few weeks, as tech benchmark index Nasdaq, continues to outperform the other two major indices.

On the forex front, the DXY Index managed to gain +0.42% over the past five days, its best weekly performance since the last week of April. But if the inflation does provide transitory and risk appetite in stocks continues to escalate, it might be difficult for the benchmark dollar index to hold onto gains. With the Federal Reserve’s June policy meeting this week, the US Dollar is very much in the crosshairs.

The U.S. Dollar Index has been quietly staging a trend reversal over the past two weeks. DXY has broken through the downward trendline and has since found support and made a short-term high after today’s trading. Closing the week at 90.51, it has a mixed bias heading through the middle of June.

Similar to U.S stocks, another interesting rotation seems to be playing out in Bitcoin, associated cryptocurrencies & the rising interest in Cybersecurity. A spate of cyberattacks, which were settled in digital ransom payments eventually may have chipped away at the trust investors had bestowed upon the digital assets. Especially, when it came to light that U.S investigators were able to recover most of the Bitcoin ransom paid to Colonial pipeline attackers. The extremely tight range bearish consolidation persists in Bitcoin, as it makes lower highs — trading close to $35k at the time of writing.

Today’s featured infographic from Blockdata features how the business of crypto custody solution works. Looking at the visual above, it shows what the complete custody business looks like at a high level. The companies listed in each section are not exhaustive and were selected to give us some examples. If you are interested in exploring more providers for a specific section, check out their custody solution providers page.

And finally, before moving on to some other statistics, here are the weekly & YTD numbers from various markets and different assets (Figure 1).

Source: https://medium.com/technicity/global-business-week-who-services-who-in-the-crypto-custody-business-cdf6b4893cd7?source=rss——-8—————–cryptocurrency

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South African Billionaire Believes Musk Manipulates BTC For His Benefits

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South African billionaire Magda Wierzycka accused Elon Musk of manipulating the bitcoin market for his own benefits while she indicated that bitcoin is here to stay in one form or another. In our bitcoin news today, we are reading more about it.

Sygnia’s CEO accused Elon Musk of manipulating the markets for his personal benefits at least that is what the South African Billionaire Magda thinks. The founder of Sygnia commented further on the recent BTC volatility and Tesla’s involvement. During an interview on the Money Show, the 52-year old businesswoman accused Musk of publishing controversial tweets and engaging on social media to impact the crypto market on purpose. Every tweet coming from the CEO of Tesla nowadays resulted in a huge price fluctuation in either direction. Once he started praising the asset, it skyrocketed to new highs while when he talked about the energy consumption, BTC plummeted.

Magda Wierzycka. Source MyBroadBand
Magda Wierzycka. Source MyBroadBand

Wierzycka thinks that Musk’s actions are well thought out to serve his own interests and added:

 “if that had happened to a listed company, Musk would be investigated and severely sanctioned by the SEC. What we have seen with Bitcoin and its volatility is manipulation by one very powerful and influential individual.”

Although Wierzycka admitted that she is not entirely familiar with the BTC fundamentals she outlined a change of heart coming. After the 2018 parabolic price increase, she went all out against the cryptocurrency and called it a tulip bubble, and didn’t want anything to do with it anymore. That was after purchasing sizeable amounts of prices of up to $18,000 and selling them at a huge loss during the end of the bear market. However, she was more positive on the asset now and said that BTC is here to stay in one form or another. She thinks that BTC has to stop depending on one person’s tweets and engagement price-wise before really becoming a store of value.

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Musk Hints, tesla, btc, bitcoin, doge,

Francis Suarez is the current mayor of Miami who also expressed a similar opinion about Tesla’s CEO relationship with the main cryptocurrency.

Recently, Musk got negative publicity worldwide for posting about BTC on Twitter and causing the price of the asset to drop heavily.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/bitcoin-news/south-african-billionaire-believes-musk-manipulates-btc-for-his-benefits/

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Dfinity Token ICP Lost 80% Since May, The Community Reacted

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The Dfinity token ICP lost 80% since May from a high of over $700 to around $67 so the community reacted. But, what went wrong? Let’s find out in our altcoin news today.

The Internet Computer Protocol or the Dfinity Token ICP lost 80% since May while a month ago it was trading to a volume of $500 million showing that the token was enjoying a bullish season against the rest of the market that was bearish. The developers of the ICP labeled their projects as a way of getting more power back from big tech as they were focused on building a more decentralized network.

dfinity icp token
IMAGe ICPUSD VIA TRADINGVIEW.

However, the value of the project has badly capitulated and lost over 80% of the value-form its May all-time high and now trades at $66. ICP dropped out of the top 10 rankings in crypto-assets and it is now ranked on number 17 with a market cap of $8 billion. Crypto enthusiasts already started giving their opinion on why the project dropped as users on the social forum Reddit said that while the idea of the technology behind the project is great, the decline can be tied to greed and bad distribution:

“The coin itself doesn’t even sound that bad judging from reading about their tech, it’s just the distribution that’s disgusting.”

The same user pointed out:

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“Early investors bought anywhere from as little as 3 cents to around 5$ per coin…. Every month new supply gets unlocked, increasing sell pressure.” He also noted that the tokenomics of the asset shows that “1% airdropped, 50% to the team, rest sold to VC’s who recently were able to dump their coins.”

Another user said that the ICP is actually a centralized shitcoin that peddled as a decentralized coin to the elites and their cronies in IMF and WEF while another user said that the price of the asset could likely drop as low as $0.005 by 2025. Some users said they felt as they were lied to as the protocol was being decentralized on paper but centralized since they control the DNS.

icp weekly
ICP 7-day Price, Source: Coinmarketcap

As recently reported, The Dfinity Foundation launched $200 million funds to promote the development of the Internet Computer and the founder of the non-profit Dominic Williams and chief scientist made the announcement. Dfinity gives developers a chance to work on something incredible-a decentralized blockchain network which aims to expand the internet’s functionality.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/altcoin-news/dfinity-token-icp-lost-80-since-may-the-community-reacted/

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