Tesla’s Elon Musk has become a well-known name in the crypto-space over the past few months. In fact, he has managed to ignite crypto-banter on Twitter every other week. In one of his latest tweets, the exec outrightly ‘trolled‘ the flagship crypto using Linkin Park’s songs, something that he has done with Dogecoin in the past. His move, according to some, put the brakes on Bitcoin’s rebounding phase.
The Tesla exec, not very long back, christened himself ‘Dogefather.’ Since then, however, he has been working towards instilling a legitimate ‘use case’ for the meme-coin. Nevertheless, the coin’s ecosystem has been devoid of any recent developments.
Underlining the technical hurdles that prevent DOGE from becoming one of the primary cryptos of the world, Ethereum’s Vitalik Buterin, in a recent podcast, said,
“The challenge is basically the limits to scalability and the tradeoffs with centralisation. If you just increase the parameters without doing anything else, the it just becomes more and more difficult for people to validate the chain and it’s more likely that the chain becomes centralized and vulnerable to all kinds of capture.”
According to Buterin, there is a lot of room for development in Dogecoin’s network. Nevertheless, Musk had previously asserted that the Ethereum exec apparently “feared the Doge.” Reverting back to Musk’s assertion, Buterin suggested,
“I definitely do not fear the DOGE. I love the DOGE. I definitely don’t think Ethereum is opposed to dog coins.”
Buterin further asserted that Dogecoin’s network could adapt itself to the roll-up technology, and could end up having thousands of transactions per second on its own native chain itself. Pointing to another viable alternative that he seemed to be pretty keen on, the co-founder of Ethereum added,
“If we have a secure Doge to Ethereum bridge then that would be amazing and when Ethereum gets its scalability, you would be able to trade with Doge at extremely low transaction fees and very high speed as well… that would be amazing!”
However, there is no concrete precedence for building bridges between the two different cryptocurrencies as of now. Nonetheless, there have been several cross-chain interactions that have been done in the past and merge mining, to a certain extent, could be equated to the same.
Interestingly, seven years ago on the Dogecoin Subreddit, Litecoin founder Charlie Lee had proposed merged mining of Litecoin and Dogecoin. Dogecoin adopted the merged mining model in August 2014 and within one month, Dogecoin’s hashrate/mining difficulty increased by 1500% as large mining pools widened their operations.
However, Buterin believes that the same does not appear to be a very good choice now because Dogecoin is bigger than Litecoin. The meme-coin comfortably occupied the sixth position on CMC’s rankings and was trading at the $0.35-mark at press time. With a market cap of over $11.6 billion, Litecoin on the other hand, stood 14th and was trading at $172.95.
The Ethereum co-founder concluded by projecting where he saw the market’s cryptos will end up.
“Bitcoin number one, Dogecoin, c’mon, deserves to be number three… or number two and Ethereum can be whatever that other number is.”
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Bitcoin Is More Oversold Than It Was At ATH In April, Says Analyst
Bitcoin has continued to show tremendous gains lately in the market. The weekend saw the price of the digital asset shooting up above $42,000 for the first time in over a month, seeing continuous green daily closes for nine days straight for the first time in ten years.
Following this has been a number of speculations on why this is happening. And more importantly, how this trend is most likely to end. The indicators continue to point towards bullish but with the price fluctuations that bitcoin is notorious for, there is no telling how exactly the current uptrend will end.
Related Reading | 8 Green Candles: Here’s What Happened The Last Time In Bitcoin
Talking on this was Matt Maley, a chief market strategist at Miller Tabak & Co., who was on MarketWatch’s call of the day. Maley explained his reasoning behind what he believes was needed for the current gains in the market to stick as prices rally.
Don’t Get Too Excited
Maley started out with some advice for investors, who he tells to gauge the action of the prices during the normal market hours. Alluding to the fact that the recent bitcoin price rallies have been happening during off-market hours, which are weekends, nights, and early mornings. He attributes this advice to the markets being much thinner, with lower volumes, during off-market hours. Thus, it is imperative that the movement of the digital asset be observed during normal trading hours to see how the price moves.
Related Reading | Fast Money’s Brian Kelly Remains Bullish On Bitcoin, Here’s Why
Maley warned to not get too excited about the recent price increases. Waiting to see what the market does continues to be Maley’s advice to clients with regards to the weekend price rallies that have been experienced in the market.
“The markets are much ‘thinner’…and the volumes are much lower…on the weekends,” Maley said. “So we’ll want to see [if] bitcoin can remain above $40k once we get into next week before we get too excited.”
BTC price dips following weekend rally | Source: BTCUSD on TradingView.com
Maley continues to want to wait to see how the price holds up this week before anything else. His target is now the 200-daily moving average (DMA), and that stands at $44,600. Opining that the DMA had gotten close to that level since the rise and falls since May, twice. But had rolled over both times before hitting it. “Therefore, it could/should provide some resistance upon any further rally in early August,” said Maley.
Bitcoin Is Oversold
Maley pointed out that the digital asset now looks overbought on the current short-term basis. This is based on the Relative Strength Index of the asset, an oscillating indicator used to track the magnitude of recent losses in relation to recent gains.
Related Reading | Bitcoin To Reach New All-Time Highs, Market Strategist
Talking about bitcoin being oversold, Maley said, “Don’t get us wrong, it got much more overbought before it rolled over in January and February … and in November of last year.” Continuing on, Maley added, “However, it is more overbought than it was at the all-time high in April, so investors and traders alike will have a lot more confidence if this weekend’s move holds into the middle of next week.”
The price of bitcoin has continued to show strong bullish indicators following the recent dip in the price. But if Maley is correct in his analysis and bitcoin is overbought, then the market might continue to see further dips in the price of the digital asset.
Related Reading | Why Another Wave Up For Altcoins Is Probable According To BTC Dominance
This could push the price of bitcoin down past $35,000 as the price finds a comfortable correction point following the rally. As of the time of this writing, bitcoin is currently trending up slowly following the dip in the early hours of Monday, trading at $39,443 according to TradingView.com.
Featured image from CoinDesk, chart from TradingView.com
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Cardano, BAT, DASH Price Analysis: 02 August
Many of the market’s altcoins fell over the last 24 hours, with the same underlined by the lack of buying strength in the market. ADA might find some comfort around its immediate support level while BAT lost 4.9% of its value. Finally, DASH flashed a declining bearish signal on the charts.
ADA tanked by 2.7% over the last 24 hours, with the alt valued at $1.32 at press time. A further drop could have the price rest on the support level of $1.25. On the developmental front, Cardano is expected to let users run smart contracts once the hard fork occurs.
ADA’s technical indicators all pictured the same bearish situation with a fall in buying pressure. The Awesome Oscillator pictured red signal bars while the MACD too registered a bearish crossover on the charts.
The Relative Strength Index hovered near the neutral zone after its buying pressure went on a downtrend for a few days.
Basic Attention Token [BAT]
BAT also dipped by 4.9% over the last 24 hours. In a day, the asset fell from the overbought zone to the neutral zone as the price rested at $0.65. Substantiating the above statement, the Relative Strength Index stood at 57. The Chaikin Money Flow mirrored the same movement as it noted a considerable dip in capital inflows. Despite the dip, however, inflows still surpassed outflows.
$0.61 happens to be the support line for BAT as the coin lost its bullish momentum today. The MACD flashed the presence of bearish sentiment as the red histograms were visible at the time of writing.
In the case of some bullish movement, the resistance level to test stood at $0.71.
DASH was also on a downtrend as it reported a 4.1% decline in price over the last 24 hours. The alt was trading at $161.32, at press time, with a bearish technical outlook just like most other altcoins.
Market volatility could be anticipated as the Bollinger Bands opened up and remained parallel. Buying pressure decreased, with the Relative Strength Index registering a dip in the number of buyers. It remained close to the point of equilibrium, however.
Awesome Oscillator too verified that same and observed red bars on the midline. This indicated that bearish pressure existed in the market.
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Kraken Exchange Donates $300K to University of Wyoming
Kraken – a popular cryptocurrency exchange based in San Francisco, CA – has partnered with the University of Wyoming to ensure all future tech students get the resources they need for positions in the growing crypto space.
Kraken and Wyoming Continue Their Working Relationship
Kraken says it will offer scholarship support to students pursuing PhDs at the university. It will also work with college professors to create programs for students in the K through 12 range that will give them the education and knowledge they need to potentially enter the digital currency space as they mature. Overall, Kraken is donating a whopping $300,000 to the University of Wyoming.
The gift is part of the exchange’s tenth anniversary celebration. Jesse Powell – the CEO of the platform – says that Kraken has been around since the year 2011, and that he and his staff wanted to do something big in honor of the company’s growth and status in the digital currency arena. He says:
On our tenth anniversary, we’re setting sights on the future by investing in expanding access to quality education on bitcoin and cryptocurrency. We hope the program will capture imaginations and contribute to a better financial future for Wyoming and for the world.
The $300,000 gift will be doled out over the next three years to ensure PhD students of limited financial means are privy to the same educational resources and program options as the rest of their classmates and counterparts. Part of the funds will also be utilized to create a summer camp for students looking to pursue tech-based and computer science degrees at the university.
Assistant professor of computer science Dr. Mike Borowczak stated in an interview:
This gift from Kraken enables us to recruit and retain a high-caliber researcher who will work in an interdisciplinary space with other researchers from both the Wyoming Advanced Blockchain Laboratory as well as the Cybersecurity Education and Research Center.
In addition to its work with the school, Kraken is striving to create an entire grant program that will ultimately donate more than $1 million to support open-source cryptocurrency technologies and future outreach programs.
Jesse Powell Has Been Featured a Lot
Kraken and Wyoming already share a special relationship given that the crypto exchange has established one of the state’s first official cryptocurrency banks in recent months. The trading platform has been in the news quite a bit as of late, with Jesse Powell recently saying that 2022 would be the year in which bitcoin reaches a price of $1 million per unit.
In addition, Powell was quick to suggest on social media that regulators may wind up working to collect individuals’ crypto holdings given how much digital assets threaten the well-being and stability of banks and standard financial institutions. At press time, the company has garnered financial backing from the likes of Tribe Capital, Hummingbird Ventures, Blockchain Capital and many other firms.
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