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Market Undecided on Where to Go

Crypto prices, Sep 2020Sideways may be the name of the game now as bitcoin and other cryptos rise up a bit and down a bit, but generally still within the same price level….

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Sideways may be the name of the game now as bitcoin and other cryptos rise up a bit and down a bit, but generally still within the same price level.

After a hectic week and a hectic summer, a nice quiet September would be to the pleasure of plenty with bitcoin currently at that strong support line of $10,000.

It has briefly breached it a few times, just as it has briefly breached $12,000, but for some time it may well stay within that 10 to 12k range.

This price level presumably needs to become a bit more familiar to the market, and so it seems to be the price the market has currently discovered.

The endless printing that bitcoiners predicted is now in full swing. Coincidentally it comes right after the bitcoin halvening reduced its inflation rate to the Fed target of 2%.

The Turkish Lira keeps falling in value while the newest actor in the game of empires eyes an alliance with Pakistan, Malaysia and Iran.

That would form a block of 400 million people with a $2 trillion GDP. It would be in the middle of four empires. Ruski, Chyna, USA, USA, and zhermmane?, Frans?, Europe.

The dance of alliances to our disdain may well be here, with muted rage only in the skies at the return of geopolitics in our time.

The game is now next level, and the people so far are not quite playing because it’s not too clear whether this is a game of balance or of subjegation.

The dollar strength index has recovered a bit from 91.8 to above 93 with it sidewaying after a two years low against cny.

The British Pound has turned to red. Down to 1.3 from 1.34 against the dollar. It is now not far off from parity with the euro (wat?), down to 1.1.

The euro, a manufacturing powerhouse to rival the entire world combined if it wants to. Swizz, Swedes, Zhermaneh, Danes, Vienna, Lombardi, and Paris, in a most astonishing union at a most crucial moment for this Europe.

Here, it’s next level squared, with the next Chancellor of Germany mattering far, far more than the next US president. We even wrote a poem to it.

The ancient rivals of Turkey and Russia are now one of the four biggest continental players. OK five with engaland, but they off to the sea again.

Both have split Europe before, both can do so again. Both thus should be joined with the union in the Roman or Holly Roman way.

Easy said, close to impossible to do. Both want their own empire. Plenty would rather choose one or the other. Weakness and destruction the latter brings. Both must be joined at the hip.

An alliance of empires requires respect, but also an understanding of mutual benefit.

It is probable neither Turkey nor Germany has forgotten what happened last time after one of them left the other in the cold.

Just as it is probable Russia has not forgotten its complete incompetence at running half of Europe which they led to starvation after merely decades.

The latter needs to know what is good for itself, while Turkey is begging to be friends, so why shouldn’t they be friends?

Oil has fallen. Quite a lot actually from $46 to $39. Gold is sidewaying. Dow is down 1%. FTSE is unmoved. Shanghai stocks are sidewaying too after rising significantly during summer.

China has sent to space what they’d like to think is a SpaceX copy clone rocket. Thank god, you might say, competition has now moved to science, but where did they get that rocket knowhow from?

They aim to produce 200,000 engineers a year. Quite a few make their way to Europe and America. Some briefly. Some for good. Why didn’t Russia think of that last century? Oh yeah, because the borders were closed.

Europe Lo-Fi Girl, Sep 2020
Europe Lo-Fi Girl, Sep 2020

Europe goes all the way to Baku. That’s how far the Romans could go. The Russian girl is reading Russian Cosmism. Reminding us these are cultured people, albeit with a very uncultured civil service.

Yet in tech, and in eth especially, they seem to be building a lot of things. It is why you can’t fault some for wanting the above image to be the European empire, although including Georgia, Azerbajan’s Baku, and Armenia.

For that however Europe needs to move away from things like tiny Cyprus deciding trade policy with Canada by just rejecting it.

For sure small countries should have say, but not potentially war policy or peace with Turkey as Greece can be seen as doing for all of Europe.

That Serbia would want to interfere in tiny Montenegro is not a surprise. That Europe would allow it without even attempting to counteract it, it is not a surprise either but it is obviously a failure of duty.

Despite these challenges, or perhaps because of them as one can see the potential for opportunity, the euro strengthens, and with that comes the biggest question of our time. Who will rule Germany?

The lips of cherry,
the hair so straight,
the eyes of sky,
the shoulders haven,
the face the sun,
o the bright day,
where are art tho,
where are art angel.

You desk in pleasure,
and your pen,
your window tiny,
not for men,
and there thy poem,
what you write?
The leadership of man.

And say you atoms,
where art though,
fat or scared,
where your las,
in this day here,
in this globe wide,
who shall by law,
be king and god?

O sing you buties and butterflies,
go rage you riverss inn aa dance,
o dream you women and you lads,
in two deckades here,
ouree first time.

O beat the drummmsss,
the wedding started,
here go thy people,
courting magic,
who shall be king or indeed queen,
in this momental…. histrik.

Rabambam bam
pup pup
rampimpampiir
wje wje
tarararereeeeeeeee raaaaaaaaaa ai ai ai ai i (phonetic i or e as in english).

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Blockchain

Facebook’s Diem Unveils Its Latest Stablecoin Plans and Strategic Move to the United States

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Diem, the cryptocurrency project headed by Facebook originally known as Libra, recently announced its plans to launch a stablecoin with its focus scaled back to the United States. 

The company stated earlier this year that it would be relocating its primary operations from Switzerland back to the United States, and would withdraw its payment system license application from Switzerland’s financial regulators. “Diem is simplifying its plans for [its] USD stablecoin issuance by shifting its main operations from Switzerland to the United States,” they said.

This decision was later confirmed by the Swiss Financial Market Supervisory Authority. 

Stablecoins are digital currencies pegged to a fiat currency, with Tether (USDT) and USD Coin (USDC) being two prominent examples. California-based Silvergate Bank will become the sole issuer of the Diem USD, while also managing its dollar reserves. 

Diem to Launch Wholly New Subsidiary Diem Networks US Alongside Crypto Bank Silvergate

In a strategic partnership, the two firms have created a new subsidiary called Diem Networks US — which will run the Diem Payment Network (DPN) to facilitate transactions of Diem stablecoins within its network. 

“Silvergate is a leader in financial innovation and an ideal partner for Diem as we move forward with a blockchain-based payment system that protects consumers and enhances the integrity of the financial system,” said Stuart Levey, chief executive officer of Diem.

“We are committed to a payment system that is safe for consumers and businesses, makes payments faster and cheaper, and takes advantage of blockchain technology to bring the benefits of the financial system to more people around the world. We look forward to working with Silvergate to realize this shared vision.” 

Diem’s strategic shift to the United States comes at a time of a rapidly evolving regulatory environment for cryptocurrencies and blockchain technology. 

Some municipalities and states such as Miami and Wisconsin have embraced the recent innovation, whereas regulators such as the newly-appointed SEC Chair Gary Gensler have critiqued the autonomy of the crypto industry. 

With crypto ETFs and related financial products under intense scrutiny by the SEC, it remains to be seen whether Diem’s decision to relocate back to the United States will bear any fruit.

Featured image from ShutterStock

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinist.com/facebooks-diem-unveils-its-latest-stablecoin-plans-and-strategic-move-to-the-united-states/?utm_source=rss&utm_medium=rss&utm_campaign=facebooks-diem-unveils-its-latest-stablecoin-plans-and-strategic-move-to-the-united-states

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Blockchain

Crypto Research Firm Delphi Digital Launches Latest NFT Fund

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Delphi Digital, a New York-based crypto research and venture firm, recently launched its latest on-chain fund to invest in non-fungible token (NFT) projects. 

The fund, referred to as Delphi InfiNFT, is based on decentralized finance (DeFi) investing protocol Syndicate. “It will enable automation of deposits, cap table, distributions, fund management, reporting, etc.” said Anil Lulla, co-founder of Delphi Digital. 

“NFT’s are changing digital ownership rights, as well as how creators are interacting with their communities. Along with the growth of the NFT space, there is supporting infrastructure that needs to be built alongside it. The goal of this fund is to find the protocols that are moving the NFT space forward and building the infrastructure that is needed.”

Delphi Digital has partnered with NFT investor Gmoney for its NFT fund, who famously purchased a CryptoPunk NFT for a record price of 140 Ethereum worth approximately $180,000 at the time. Gmoney and Delphi will co-manage the fund together. 

According to their website, the fund will look to create an investment portfolio consisting of 20 protocols through InfiNFT. “We plan to deploy at least 80% of the fund’s capital in the first 6 – 9 months as we find protocols that fit with our thesis,” the team report read. 

“We will identify and select leading NFT networks through our networks and communities. We’ll be working directly with the teams we invest in to help them become a core piece of the NFT ecosystem long-term.

Delphi’s InfiNFT is backed by IDEO CoLab Ventures, Divergence Ventures, Axie Infinity, Compound Finance, and Fractional, among others. 

The recent steep Ethereum selloff led to massive losses in market cap across the NFT markets. According to NFT Valuations, Cryptopunks’ total market valuation dropped $600 million this past week — representing over a 66% loss. In spite of the recent volatility, investors like Delphi Digital appear to be confident in the long-term prospects of the non-fungible token space.

Ethereum (ETH/USD), alongside the broader crypto market, suffered week-long losses following the news of Tesla cutting its Bitcoin payments. At press time, Ethereum is down 9.3% in the past week. Source: Tradingview.com
Featured image from UnSplash 

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinist.com/crypto-research-firm-delphi-digital-launches-latest-nft-fund/?utm_source=rss&utm_medium=rss&utm_campaign=crypto-research-firm-delphi-digital-launches-latest-nft-fund

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Blockchain

Cardano, Uniswap, Chainlink Price Analysis: 16 May

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Cardano introduced some target levels at $2.53 and $2.69 via the Fibonacci Extension tool. Uniswap needed to garner bullish strength for a break above $43-$45 resistance. Lastly, a descending triangle breakdown on Chainlink could see a 7.5% retracement towards its 50-SMA

Cardano [ADA]

Source: ADA/USD, TradingView

If buyers were looking to make profits on large-cap alts during the recent turbulent broader market, Cardano was a must inclusion in every portfolio. Weekly gains of 36% were the highest among the top 10 coins by market cap and underlined ADA’s independence from broader market sentiment. Fibonacci Extension tool was used to identify potential target points for the current rally. The 372.2% and $361.8% extension levels stood at  $2.53 and $2.69, respectively. With buying pressure still on the rise according to Awesome Oscillator, ADA made a strong case for an extended rally.

In case of pullbacks, these extension levels can also act as support lines. RSI’s overbought territory indicated the need for stabilization and a dip in volumes could mean some southbound action. Nevertheless, key factors could allow ADA to sustain higher levels moving forward.

Uniswap [UNI]

Source: UNI/USD, TradingView

A descending triangle breakdown showed losses of 8% from the bottom trendline, but buyers stepped in at $35.6-support. In fact, this support has been under the spotlight during recent dips and only reinforced the area as a buffer against extended losses. On the 4-hour timeframe, OBV’s sharp fall was an interesting development which explained why bulls have failed to topple $43-$45 resistance. Considering the dearth of constant buying pressure, Uniswap could trade between $44.4 and $35.6 over the coming days.

A breakout above $44.4 on high volumes would result in a bullish trend but the market was not yet ready for such a swing. Awesome Oscillator’s wavy trajectory suggested that neither side had been fully able to assert dominance.

Chainlink [LINK]

Source: LINK/USD, TradingView

While Chainlink did see losses over the last 24 hours, the bulls held on to $41.2-support – an important development. A descending triangle was prominent on the daily timeframe and a breakdown could see a sell-off between $35.7-39.1. Those hoping to trade on a breakdown can observe the 4-hour timeframe for more sensitive price action.

Awesome Oscillator registered a series of red bars as selling momentum dragged  LINK from a high of $61.9 to a low of $39.7 during the present downtrend. MACD also confirmed a bearish presence in the market. To negate LINK’s pattern, buyers would need to target a rise above $45.6-resistance.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/cardano-uniswap-chainlink-price-analysis-16-may

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