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Grayscale Ends Quarter with Record-Breaking Inflows of $5.7 Billion as Demand for Crypto Goes Up


Grayscale Investments has released their quarterly report assessing the last months of 2020. (Read More)

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Grayscale Investments has released their quarterly report assessing the last months of 2020. Per the report, the year finished with a bang for them, with inflows of investments topping $5.7 billion. This translates to four times the investment amount pouring into Grayscale from 2013 to 2019.

The fourth quarter of 2020 was solid for Grayscale, as $3.3 billion of investments were recorded in simply one quarter.

The demand from institutional investors has been the underlying tone of 2020 and has served to boost the inflows into Grayscale. 93% of the Trust’s investments came from institutional investors, with most endorsement originating from asset managers.

Grayscale’s most popular investment product would be its Grayscale Bitcoin Trust, which saw average weekly inflows of $217.1 million in the last quarter of 2020. Ethereum Trust was the second most popular investment choice, with average weekly inflows of $26.3 million. Barry Silbert, the founder and CEO of Digital Currency Group, the parent company of Grayscale, illustrated the sizeable growth of the Trust.

Per the CEO, Grayscale’s fundraising history goes as such:

2015: $3 million
2016: $20 million
2017: $120 million
2018: $360 million
2019: $608 million
2020: $5.7 billion

For investors looking to secure their funds through a diversified portfolio, Grayscale also offers the Digital Cap Fund. Recently, Grayscale has decided to remove XRP from the basket of assets it offers, allocating a bigger portion of the Fund to Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).

Has Bitcoin really secured its spot as a safe hedge?

Bitcoin investments has largely gained popularity in 2020, with institutional players embracing the mainstream cryptocurrency. However, there is growing consensus among institutional investors that Bitcoin is a secure store of value, not everyone is convinced.

While banking giant Wells Fargo has called Bitcoin this year’s leading top asset, it has also labeled it as a ‘speculative’ investment. Wells Fargo compared crypto investments to the early days of the 1850s’ gold rush in a report.

Regardless of how one views Bitcoin, there is definitely a shifted narrative at the moment surrounding the asset. Bitcoin is now considered as a way one can diversify one’s investment portfolio.

According to Coinshares Chairman Danny Masters, the narrative surrounding Bitcoin has quickly gone from it being deemed a risky asset to it being a career risk for an asset manager to not hold any Bitcoin.

Image source: Shutterstock Source: https://Blockchain.News/news/grayscale-investments-finishes-2020-with-inflows-of-$5.7-billion-as-demand-for-crypto-goes-up

Blockchain

Crypto Price Analysis & Overview June 18th: Bitcoin, Ethereum, Ripple, Cardano, & Solana

Republished by Plato

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The last week was rather challenging for altcoins as most of the major ones are trading in the red. Bitcoin managed to pull ahead a bit, which also resulted in an increase in its market dominance.

cryptopostfriday

Bitcoin

Bitcoin is up by a very small 2.8% over the past week as it currently trades at $37,900 – just above the 20-day MA.

The coin had provided some hope at the start of the week as it surged above $37,000 to break a falling trend line that has been in play since the mid-May market crash. After surpassing this trend line, it surged higher above $40,000 but failed to overcome resistance at $40,765 (bearish .382 Fib) and rolled over.

Since rolling over, BTC has dropped back beneath $40,000 over the past four days and recently founds support at the 20-day MA today at around $37,000.

On the short-term 4HR chart, BTC is currently trading inside a rising wedge formation but is battling to remain above the lower boundary of the wedge.

Looking ahead, if the buyers can rebound from the bottom of the wedge, the first resistance lies at $38,430. This is followed by $39,00, $39,490 (early-June highs), $40,000, and $40,763 (bearish .382 Fib). Added resistance lies at $42,000 (upper boundary of the wedge) and $43,000 (200-day & 50-day MA).

On the other side, the first support lies at $37,000 (20-day MA & lower boundary of the wedge). Beneath this, support lies at $36,750 (.786 Fib), $36,000, $34,760 (downside 1.414 Fib Extension), $34,000, $33,520, and $32,,465.

btcusd-jun18
BTC/USD Daily Chart. Source: TradingView.
btcusd-jun18-4hr
BTC/USD 4-Hour Chart. Source: TradingView.

Ethereum

Ethereum is down by a steep 6% this week as it currently trades at around $2330. The coin is inside a symmetrical triangle pattern but the bears are pressing the lower boundary of the formation today.

ETH bounced from support at $2333 (.5 Fib) at the start of the week and managed to push higher into resistance at $2600. There, it failed to overcome the 20-day MA and has since dropped lower into the lower angle of the triangle.

Looking ahead, if the sellers push beneath the triangle, the first support lies at $2200 (.618 Fib). This is followed by $2036 (Feb 2021 highs), $2,000, and $1880 (200-day MA).

On the other side, the first resistance lies at $2470 (100-day MA). This is followed by $2500 (20-day MA), $2600, and $2700 (upper angle of the triangle).

ethusd-jun18
ETH/USD Daily Chart. Source: TradingView.

ETH continues to struggle against BTC since rolling over from resistance at 0.077 BTC at the start of June. The cryptocurrency had established support at 0.0628 BTC over the past week but the sellers penetrated beneath there on Wednesday to the current 0.0616 BTC level.

Looking ahead, if the sellers push lower, the first support lies at 0.06 BTC. This is followed by 0.056 BTC, 0.0541 BTC (April 2018 lows), and 0.0522 BTC (100-day MA).

On the other side, the first resistance lies at 0.0628 BTC. This is followed by 0.065 BTC, 0.068 BTC (50-day MA), and 0.07 BTC.

ethbtc-jun18
ETH/BTC Daily Chart. Source: TradingView.

Ripple

XRP is down 4.5% this week but is doing well to maintain the $0.8282 level. The cryptocurrency had established support here, provided by the 2020 highs, at the start of June, and has maintained it ever since.

XRP did attempt to push higher this week but was unable to overcome resistance at $0.9 (20-day MA). Since then, XRP dropped lower to $0.8282.

Looking ahead, if the sellers break the $0.8282 support, the first support lies at $0.75 (.786 Fib). This is followed by $0.72 (200-day MA), $0.7, $0.671 (downside 1.414 Fib Extension), and $0.613 (downside 1.618 Fib Extension).

On the other side, the first resistance lies at $0.9 (20-day MA). This is followed by $1.00, $1.05 (bearish .382 Fib & 100-day MA), $1.15 (50-day MA), and $1.25 (Feb 2018 highs).

xrpusd-jun18
XRP/USD Daily Chart. Source: TradingView.

Against bitcoin, XRP has been in a consistent downtrend since the beginning of the month after failing to break above the 20-day MA at 2800 SAT.

It fell beneath critical support at 2260 SAT (.786 Fib) at the start of the week and continued to dip until support was found at 2115 SAT (short term .886 Fib). It rebounded from there and is back above 2200 SAT today.

Looking ahead, the first resistance lies at 2415 SAT (bearish .236 Fib & 20-day MA). This is followed by 2660 SAT (bearish .382 Fib & 50-day MA), 2853 SAT (bearish .5 Fib), and 3000 SAT.

On the other side, if the sellers push lower, the first support lies at 2115 SAT (100-day MA). This is followed by 2000 SAT, 1900 SAT (Jul 2020 low), and 1750 SAT (200-day MA).

xrpbtc-jun18
XRP/BTC Daily Chart. Source: TradingView.

Cardano

ADA is down 3% this week as the coin currently trades at $1.46. The cryptocurrency found support at $1.40 (100-day MA) at the beginning of the week and started to push higher. Unfortunately, it could not overcome resistance at the 20-day MA at $1.60 on Wednesday and started to head lower from there.

ADA is actually trading inside a symmetrical triangle pattern and tested the lower boundary of the pattern today.

Looking ahead, the first support lies at $1.40 (lower triangle boundary, 100-day MA, & .5 Fib). Beneath this, support lies at $1.30 (.618 Fib), $1.23, and $1.20.

On the other side, the first strong resistance lies at $1.50. This is followed by $1.60 (20-day & 50-day MA), $1.71 (bearish .5 Fib & upper boundary of triangle), and $1.80.

adausd-jun18
ADA/USD Daily Chart. Source: TradingView.

ADA is currently trading at the 50-day MA against BTC. The coin had found support last week at 3820 SAT (.382 Fib) and attempted to push higher but could never overcome the resistance at 4200 SAT.

It started to head lower from 4200 SAT this week until returning to the 3820 SAT support.

Looking ahead, the first resistance lies at 4000 SAT. This is followed by 4300 SAT (20-day MA), 4570 SAT (1.414 Fib Extension), 4800 SAT, and 4900 SAT (1.618 Fib Extension).

On the other side, the first support lies at 3820 SAT (50-day MA & .382 Fib). This is followed by 3600 SAT, 3440 SAT (.5 Fib), 3200 SAT, and 3000 SAT (200-day MA).

adabtc-jun18a
ADA/BTC Daily Chart. Source: TradingView.

Solana

Solana is down by 6.5% this week as it currently trades at $38.40. The cryptocurrency rebounded from support at $36 at the beginning of the week as it started to push higher.

It did manage to spike above $40 throughout the week but could never close a daily candle above the resistance there, provided by a 50-day MA level. It has since dropped into the 20-day MA today at $38 but has since recovered above $38.33 (.236 Fib).

Looking ahead, the first resistance lies at $40 (50-day MA). This is followed by $44 (bearish .618 Fib), $48, and $50 (1.272 Fib Extension).

On the other side, the first support lies at $38.40 (.236 Fib). This is followed by $36, $34.66 (.382 Fib), $32 (100-day MA & .5 Fib), and $28.72 (.618 Fib).

solusd-jun18
SOL/USD Daily Chart. Source: TradingView.

Against BTC SOL found support at 0.00095 BTC (.5 Fib) at the start of the week and started to push higher from there. On Wednesday, it managed to break above 0.001 BTC as it pushed above the 20-day MA.

SOL is also trading above a rising trend line as it attempts to defend it and the 20-day MA level today.

Looking ahead, the first strong resistance lies at 0.0011 BTC. This is followed by 0.0012 BTC, 0.00127 BTC (bearish .886 Fib), 0.00131 BTC (1.414 Fib Extension), and 0.00135 BTC.

On the other side, the first support lies at the rising trend line and the 20-day MA, around 0.001 BTC. Beneath this, support lies at 0.00095 BTC (.5 Fib), 0.00092 BTC (40-day MA), and 0.000873 BTC (.618 Fib).

solbtc-jun18
SOL/BTC Daily Chart. Source: TradingView.
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Cryptocurrency charts by TradingView.


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/crypto-price-analysis-overview-june-18th-bitcoin-ethereum-ripple-cardano-solana/

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Blockchain

Polkadot, EOS, IOTA Price Analysis: 18 June

Republished by Plato

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The cumulative market cap of the cryptocurrency sector was $1.57 trillion at press time, having fallen by 2.39 percent since yesterday. The market’s alts were falling too, with the likes of Polkadot, EOS, and IOTA seeing red on the charts. While Polkadot continues to maintain its position in the top 10, EOS was ranked 27th while IOTA was ranked 40th.

Polkadot [DOT]

Source: DOT/BUSD – Trading View

DOT fell from a recent high of $26 to $22.34, its price at press time. Its 24-hour trading volume was down by 31.28 percent at $1 billion. Its price dropped by 6.3 percent in just 24 hours.

The coin has not dipped below the $20-resistance mark since the beginning of this month. However, after climbing to a high of $28.5 on 3 June, the alt’s price went sideways and did not cross the lower high of $26. There may be a further dip in the price, as evidenced by the findings of the Parabolic SAR.

The Stochastic RSI at the lower end, below 20, suggested that the prices may rise, however, following a reversal. Finally, the Chaikin Money Flow was below zero and pointed to high capital outflows and the likelihood of a further drop in price.

EOS

Source: EOS/BUSD – Trading View

Even though EOS had made a decent recovery toward the end of May, it slumped again from a high of $7.7. Its price continued to drop today, dipping by 3.8 percent.

Consolidating between the $4.4 support and $5.4 resistance since 8 June, the coin was changing hands at $5, at the time of writing.

The parallel Bollinger Bands showed no signs of volatility and dominant bearish momentum was displayed by the Awesome Oscillator. The Relative Strength Index indicator was moving upwards, indicating growing buying pressure.

IOTA

Source: IOTA/BUSD – Trading View

After a significant drop from $ 1.2 a few days ago, IOTA was still trading in the red after dropping by 3.6 percent in the last 24 hours. At $31 million, its 24-hour trading volume had dropped by 28.29 percent.

Over the last ten days, its price did not breach the $ 1.2-resistance mark. However, a new support level was established after 13 June. With the indicator below the 20-mark, the Average Directional Index pictured a weak trend which may strengthen in the future, going by its movement.

The MACD and Signal lines were meeting and neither a bearish nor bullish trend was established. The Parabolic SAR’s markers were found above the candlesticks and pointed to an upcoming dip.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/polkadot-eos-iota-price-analysis-18-june

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This Bitcoin HODLer Metric Has Just Flipped Green For The First Time In 8 Months – Here’s What This Means

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This Bitcoin HODLer Metric Has Just Flipped Green For The First Time In 8 Months - Here's What This Means

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The long wait is over, or so it appears as Bitcoin holders prepare to set foot into a green zone after seven months of red hot drought.

The earliest signs of a bullish rebound for Bitcoin were sighted on Glassnode’s on-chain metrics this week. Bitcoin users joyfully watched as the index flipped an unprofitable red-run that had gripped hodlers of the apex crypto-currency since mid-November.

Popular crypto expert, Will Clemente noted this latest bitcoin development as a sequel to last month’s net holders position outlook which showed a large sales of Bitcoin coming from the camp of inpatient short-term holders.

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What Does This Imply?

The biggest take from this new index is that patient bitcoin holders may now finally see positive returns on their long-term investments.

It also may show that the market has fully corrected holding positions as was seen last month, where Bitcoin’s dip below the $35,000 resistance frightened many new entrants, including young whales (who held large amounts of bitcoin for less than three months), leading to a massive liquidation drive that transferred coins from young holders to old and experienced holders.

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BTCUSD Chart By TradingView

Who are the catalysts?

It is unclear what exactly may have spruced the ground for a much-needed leap up, but one cannot underestimate the impact of Bitcoin’s recent acceptance by the government of El-Salvador. Having emerged as the first of its kind to tear through the government’s veil of financial legitimacy, the scale of its operation and use may now become more expanded than ever before. This is most likely to spur more citizens and governments of other countries to innovate their financial system around the digital currency with growing national acceptance. 

Others may attribute part of its recent success to Elon Musk’s turncoat claims about Tesla returning to Bitcoin, after ditching the currency in a precarious moment.

But one thing inevitably clear, in the world of crypto influencers is the role of Michael Saylor to keep the masts of bitcoin sailing amidst the troubled waters of last month. From a conference to address energy concerns to an additional injection of $1 billion into bitcoin, the CEO of MicroStrategy has done a lot to build resistance for the apex currency.

Going Forward

As Will Clemente spots the early symptoms of progress, it is expected that many investors who remained skeptical about buying and waiting through the dip, would want to cast in their lots before the entry price soars to the point of eroding leverage.

This means more activity for Bitcoin, more health value upshot, and more reward for those who took Robert Kiyosaki’s advice to ‘buy the dip.’

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://zycrypto.com/this-bitcoin-hodler-metric-has-just-flipped-green-for-the-first-time-in-8-months-heres-what-this-means/

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