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Ethereum Price Fighting Its Resistance Aiming to Rise Very Soon

ETH Price Surge

Probable Reasons for ETH surge Ethereum price surpassing $400 is not the first time in the recent past, however, it failed to find any support over the mark. Few analysts predict an uptrend for the digital asset, but soaring beyond $400 is still misty. Currently, ETH is trading at $334.70 with a loss of 0.05 …

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Probable Reasons for ETH surge

Ethereum price surpassing $400 is not the first time in the recent past, however, it failed to find any support over the mark. Few analysts predict an uptrend for the digital asset, but soaring beyond $400 is still misty. Currently, ETH is trading at $334.70 with a loss of 0.05 percent.

ETH Price to Soar With BTC

The second most loved cryptocurrency is often seen following the no. 1 crypto Bitcoin as observed in the recent price chart. Also during the recent DeFi swell, ETH surged with soaring prices nearing $480. At the same time, Bitcoin also surged above $12000 and for sometime slipped below.

Therefore, BTC price plays a vital role in the ETC surge. As bitcoin is expected to jump very high in the coming days, ETH might also follow BTC. 

However, one of the analysts Vince Prince speculates a bearish downtrend for the digital asset. As per Prince, Ethreum price could possibly decline below the range of $300.

The Population of Ethereum Whales Increases

The dip in the price has invited new whales in the market. According to the crypto insight provider, Santiment, as good as 68 new ETH Whales have joined the market. These whales hold 1,000 to 10,000 ETH and have joined after 04 Sep 2020. 

The prime focus here is, the large chunk of investors or traders jumped into the pool when ETH price has dipped more than 30 percent. Hence, a bullish trend can be expected in the coming days.

Ethereum Outperforms Bitcoin in Several Other Ways

Regardless of the price and the market capitalization, Ethereum has managed to flip Bitcoin in these areas.

Transaction Volume 

It’s evident that the transaction over the Ethereum network is more fast and secure compared to that of bitcoin. And therefore faster network blocks process more transactions that places Ethereum a step forward than Bitcoin

Transaction Fees

The higher transaction fees or Gas fees particularly has been outspread over the crypto community in recent times. In fact, the ETH gas fees had superseded the BTC transaction fees in recent days. However, the high fees of ETH than BTC cannot be considered as a milestone, rather a matter of concern.

Nodes 

The node count is considered as a crucial statistic as more nodes signify more decentralization with high security. Currently, there are 9,025 Ethereum nodes compared to 7,628 Bitcoin network nodes. However, currently, it might not seem to be troublesome but could play a vital role after the release of ETH 2.0.

Summarizing the whole story, Ethereum is struggling to maintain its support level above $330. However, the analysts predict a bearish trend for ETH with price dipping till $250. Conversely, a short term relief which could pump the price nearing $400 could play a vital role before the plunge.

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Ethereum Fighting Its Resistance Aiming to Rise Very Soon

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Ethereum Fighting Its Resistance Aiming to Rise Very Soon

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Ethereum is showing an overall bearish trend at present which is expected to continue for some more time. Regardless of the price and market cap, Ethereum has outperformed Bitcoin in other aspects.

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Sara

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Coinpedia

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Source: https://coinpedia.org/news/eth-price-aiming-to-rise/

Blockchain

Buyer of Jack Dorsey’s ‘genesis tweet NFT’ reportedly detained in Iran

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Iranian Cyber Police have reportedly arrested Bridge Oracle CEO Sina Estavi, according to a tweet pinned to Estavi’s Twitter account.

A rough translation of the tweet reads:

“The owner of this account was arrested on charges of disrupting the economic system by order of Special Court for Economic Crimes. Official judicial authorities will provide additional information.”

The same tweet is also pinned to the official account of Bridge Oracle, a Tron Network-based public oracle system. At the time of writing, the price of Bridge Oracle’s native token, BRG, has taken a sharp dive, crashing by more than 65%, according to data from TradingView.

Bridge Oracle is said to be a Malaysia-based blockchain company, but Estavi’s other venture, cryptocurrency exchange Cryptoland, was operating in Iran. Cryptoland’s Twitter account shares the same pinned tweet. No further information was shared publicly by the authorities.

Estavi is known for his heated bidding battle with tech entrepreneur and Tron CEO Justin Sun to buy Jack Dorsey’s first-ever tweet as an NFT. Twitter’s first tweet is dated March 2006 and reads, “Just setting up my twttr.”

In the end, Estavi successfully purchased the NFT for more than $2.9 million, or 1,630 Ether (ETH). Dorsey converted the proceeds to Bitcoin (BTC) and donated them to a charity organization in Africa.

Earlier this year, Estavi was sued by former Bitcoin.com CEO Mate Tokay for allegedly failing to pay him for his services. In his claim, Tokay also alleged that there’s an inconsistency between the purported and actual circulating supply of BRG.

Cointelegraph reached out to Bridge Oracle for comment. This article will be updated should they reply.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/buyer-of-jack-dorsey-s-genesis-tweet-nft-reportedly-detained-in-iran

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Bank of America to Settle Stock Trades on Paxos Network

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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

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Source: https://cryptobriefing.com/bank-america-settle-stock-trades-paxos-network/

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Is Bitcoin nearing another Black Thursday crash? Here’s what BTC derivatives suggest

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Bitcoin’s 51.4% crash in March 2020 was the most horrific 24-hour black swan event in the digital asset’s history. The recent price activity of the past week has probably resurrected similar emotions for investors who experienced the Black Thursday crash. 

Over the past week, Bitcoin’s (BTC) price dropped 29% to reach a three-month low at $42,150. $5.5 billion in long contracts were liquidated, which is undoubtedly a record-high in absolute terms. Still, the impact of the March 2020 crash on derivatives was orders of magnitude higher.

To understand why the current correction is less severe than the one in March 2020, we will start by analyzing the perpetual futures premium. These contracts, also known as inverse swaps, face an adjustment every eight hours, so any price gap with traditional spot markets can be easily arbitrated.

Sometimes, price discrepancies arise during moments of panic due to concerns about the derivatives exchange’s liquidity or market makers being unable to participate during times of extreme volatility.

Bitcoin perpetual premium/discount vs. spot price, March 2020. Source: TradingView

On March 12, 2020, the Bitcoin perpetual futures initiated a much larger descent than the price on spot exchanges. This move is partially explained by the cascading liquidations that took place, creating a backlog of large sell orders unable to find liquidity at reasonable prices.

The aftermath of the bloodbath resulted in futures perpetual contracts trading at a 12% discount versus regular spot exchanges. BitMEX, the largest derivatives market at the time, went offline for 25 minutes, causing havoc as investors became suspicious about its liquidity conditions.

By comparing this event with the most recent week, one will find that sustainable price discrepancies are very unusual. Even a temporary 12% gap doesn’t occur, even during the most volatile hours.

Bitcoin perpetual premium/discount vs. spot price, May 2021. Source: TradingView

Take notice of how the perpetual contracts reached a peak 4% discount versus regular spot exchanges on May 13, although it lasted less than five minutes. Market makers and arbitrage desks could have been caught off guard but quickly managed to recoup liquidity by buying the perpetual contracts at a discount.

To understand the impact of those crashes on professional traders, the 25% delta skew is the best metric, as it compares similar call (buy) and put (sell) options’ pricing. When market makers and whales fear that Bitcoin’s price could crash, they demand a higher premium for the neutral-to-bearish put options. This movement causes the 25% delta skew to shift positively.

Bitcoin options 25% delta skew, March 2020. Source: Skew

The above chart displays the mind-blowing 59% peak one-month Bitcoin options delta skew in March 2020. This data shows absolute fear and an incapacity to price the put (sell) options, causing the distortion. Even if one excludes the intraday peak, the 25% delta skew presented sustained periods above 20, indicating extreme “fear.”

Bitcoin options 25% delta skew, May 2021. Source: Laevitas

Over the past week, the skew indicator peaked at 14%, which isn’t very far from the “neutral” -10% to +10% range. It is indeed a striking difference from the previous months’ negative skew, indicating optimism, but nothing out of the ordinary.

Therefore, although the recent 29% price drop in seven days could have been devastating for traders using leverage, the overall impact on derivatives has been modest.

This data shows that the market has been incredibly resilient as of late, but this strength might be tested if Bitcoin’s price continues to drop.

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

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/is-bitcoin-nearing-another-black-thursday-crash-here-s-what-btc-derivatives-suggest

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