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Price analysis 9/7: BTC, ETH, XRP, LINK, BCH, DOT, BSV, BNB, LTC, CRO

Bitcoin and altcoins could consolidate in a tight range for a few days before making the next decisive move.

Republished by Plato

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Corrections are healthy for the strength of an uptrend because they shake out the excess exuberance and provide an opportunity to the traders who missed the bus earlier to make an entry at lower levels.

About 68 crypto investors did the same thing when they used the recent dip to purchase anywhere between 1,000–10,000 Ether (ETH). 

Buying against the prevailing short-term negative sentiment during a correction is not an easy task but it is generally the right thing to do if the medium-term trend is bullish. 

Daily cryptocurrency market performance

Daily cryptocurrency market performance. Source: Coin360

Tops and bottoms are confirmed only in hindsight, hence, selling at the top or buying at the bottom is a difficult task. Instead, traders can consider buying after the price rebounds off a support level repeatedly.

Even these purchases are not foolproof because many times, the price jumps up a little, only to turn around sharply and break below the support. Therefore, traders should always keep a stop-loss to protect their capital. 

Let’s study the charts to spot the cryptocurrencies that are showing signs of having bottomed out.

BTC/USD

The bulls are attempting to defend the $9,835 level in Bitcoin (BTC) as seen by the long tails on the candlesticks of the past three days. However, they have not been able to push the price above $10,625, which suggests that buying dries up at higher levels.

BTC/USD daily chart

BTC/USD daily chart. Source: TradingView

The short-term trend has turned negative as the moving averages have completed a bearish crossover and the relative strength index is in the negative territory. This suggests that the bears are back in the game.

If they can sink the BTC/USD pair below $9,835.20, there is a minor support at $9,540, which is close to the large symmetrical triangle and is also the target objective of the head and shoulders breakdown. 

If this support also cracks, a drop to $9,000 and then to $8,000 is possible. Such a move will shatter sentiment and could drive away buyers. 

This bearish view will be invalidated if the bulls can push the price above $11,000 and sustain it.

ETH/USD

The rebound off the $308.392 level could not even reach the previous support turned resistance of $366 on Sep. 6, which is a huge negative. A weak rebound after a sharp fall suggests that Ether (ETH) is likely to face another wave of selling.

ETH/USD daily chart

ETH/USD daily chart. Source: TradingView

If the bears sustain the price below $308.392, a drop to $288 is possible. This is an important support to watch out for because if this gives way, the decline could extend to $220.

The 20-day exponential moving average ($390) is sloping down and the RSI has dipped into the negative zone, which suggests that the bears have the upper hand.

This bearish view will be invalidated if the ETH/USD pair breaks out of the $366–$400 resistance zone.

XRP/USD

The rebound off the $0.235688 support on Sep. 4 could not rise above the $0.268478 resistance, which suggests that the bears aggressively defended the breakdown level. Currently, the bears are attempting to resume the correction in XRP.

XRP/USD daily chart

XRP/USD daily chart. Source: TradingView

If the XRP/USD pair sustains below $0.229582, the next support is $0.21, and if that also cracks, the decline could extend to $0.19. 

The moving averages have completed a bearish crossover and the RSI is in the negative zone, which suggests that the bears have the upper hand.

This bearish view will be invalidated if the pair reverses direction and rises above the $0.268478 resistance. Such a move will suggest that the correction has ended. 

LINK/USD

Chainlink (LINK) has been swinging wildly inside the $8.908–$12.89 range for the past three days, which suggests a tussle between the bulls and the bears as they attempt to establish their supremacy.

LINK/USD daily chart

LINK/USD daily chart. Source: TradingView

The 20-day EMA ($13.83) has started to turn down and the RSI is in the negative zone, which suggests that the bears have the upper hand.

If the LINK/USD pair breaks below the trendline, a drop to $8.908 is possible. This is the important support to watch out for because if this breaks down, a drop to $7 is likely.

On the upside, a break above $12.89 will be the first sign of strength. Above this level, a move to the downtrend line is possible. A breakout of this level will suggest that the correction is over. 

BCH/USD

The rebound off the $200 level fizzled out at $240.38 on Sep. 4 and the price again dipped back close to $217.55. If bears sustain Bitcoin Cash (BCH) below this support, a drop to $200 is possible.

BCH/USD daily chart

BCH/USD daily chart. Source: TradingView

The 20-day EMA ($259) is sloping down and the RSI is close to the oversold levels, which suggests that the bears are in command.

A break below $200 will be a huge negative as this level has not been broken down convincingly since March 19. The next support on the downside is way lower at $140.

On the other hand, if the bulls defend the $217.55–$200 support zone, the BCH/USD pair could remain range-bound for a few days. 

DOT/USD

Polkadot (DOT) formed inside day candlestick patterns on Sep. 6 and today as the bulls attempt to stall the decline at the 61.8% Fibonacci retracement level of $3.8572.

DOT/USD daily chart

DOT/USD daily chart. Source: TradingView

However, the rebound on Sep. 6 was short-lived as the bears are currently attempting to resume the decline. 

If they can sink and sustain the DOT/USD pair below $3.8572, a drop to $3.0404 is possible. If this support also cracks, the pair will complete a 100% retracement and drop to $2.

Conversely, if the bulls can push the price above $$4.921, a move to $5.3147 and then to $6 is likely.

BSV/USD

Bitcoin SV (BSV) has rebounded off the $146.2 support, which suggests that the bulls are defending this level. However, the bulls are likely to face stiff resistance at the downsloping 20-day EMA ($185).

BSV/USD daily chart

BSV/USD daily chart. Source: TradingView

If the BSV/USD pair turns down from the 20-day EMA, the bears will once again attempt to break below the critical support zone of $146.20–$135. If they succeed, a drop to $100 and then to $77 is likely.

However, if the bulls can push the price above the 20-day EMA, a move to the 50-day simple moving average ($202) is possible. A break above this level can retest the $227 resistance.

BNB/USD

Binance Coin (BNB) has been swinging wildly for the past few days, which suggests aggressive buying by the bulls on dips and selling by the bears on rallies as both attempt to wrestle the advantage in their favor.

BNB/USD daily chart

BNB/USD daily chart. Source: TradingView

Both moving averages are flat and the RSI is just below the midpoint, which suggests a range-bound action between $18–$24 for a few days. If the bears sink the price below $18, the BNB/USD pair can drop to $14.80. 

On the other hand, if the bulls can push the price above $24, the pair could move up to $27.1905. A breakout of this resistance will be a huge positive, with the next target objective at $32.

LTC/USD

The bears did not allow Litecoin (LTC) to sustain above the breakdown level of $51 on Sep. 4, which attracted another round of selling that had pulled down the price to about $46 levels.

LTC/USD daily chart

LTC/USD daily chart. Source: TradingView

The only minor positive is that the LTC/USD pair has formed long tails for the past three days, which suggests that the bulls are buying the dips. 

However, if the bulls fail to push the price above $51 within the next few days, the bears will again attempt to sink the pair to $42 and then to $39.

This bearish view will be invalidated if the bulls can push and sustain the pair above the breakdown level of $51.

CRO/USD

The bulls could not sustain Crypto.com Coin (CRO) above the breakdown level of $0.154322 on Sep. 5, which suggests profit booking by traders. There is a minor support at $0.14 below which a drop to the 38.2% Fibonacci retracement level of $0.127459 is possible.

CRO/USD daily chart

CRO/USD daily chart. Source: TradingView

Barring the sharp decline on Sep. 3, the fall in the CRO/USD pair has been gradual, which suggests that traders are not dumping their positions yet. This increases the possibility of another attempt by the bulls to stall the decline. 

However, the moving averages have completed a bearish crossover and the RSI is close to the oversold zone, which suggests that the bears have the upper hand in the short-term.

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.

Market data is provided by HitBTC exchange.

Source: https://cointelegraph.com/news/price-analysis-9-7-btc-eth-xrp-link-bch-dot-bsv-bnb-ltc-cro

Blockchain

PlusToken Crypto Scammers Slammed With 11-Year Jail Sentence

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Principal actors in the PlusToken Ponzi scheme have bagged 11-year prison sentences in China. The scheme managed to defraud investors of billions of dollars in various cryptocurrencies.

End of the Road for PlusToken Scammers

According to the South China Morning Post on Dec. 1, principal members of the PlusToken scam project were sentenced to 11 years imprisonment by a Chinese court. The suspects were found guilty of duping investors of $2.25 billion worth of crypto tokens.

As previously reported by CryptoPotato, authorities arrested 27 key members of the crypto Ponzi scheme in July, in addition to apprehending 82 other individuals linked to PlusToken.

Later in November, Chinese law enforcement seized $4 billion worth of crypto from operators of the fraudulent project. According to court documents, the confiscated cryptocurrency tokens included 94, 775 BTC, 79,581 BCH, 833,083 ETH, 74,167 DASH, 1.4 million LTC, 6 billion Doge, 27.6 million EOS, and 213,724 USDT.

The clampdown of the PlusToken scam project is in line with China’s agenda to rid the country of fraudulent schemes. Also, the latest development signals a win for authorities as the PlusToken platform was one of the largest Ponzi schemes in China.

What Happened?

PlusToken, founded by Chen Bo back in 2018, had all the hallmarks of a classic Ponzi scheme, with funds generated from later investors used to benefit early investors. Chen and other operators employed social media and offline activities to get members, who in turn paid for membership fees up to $500 worth of bitcoin and other crypto tokens.

Between 2018-2019, the platform had over 2.5 million members, with rewards based on the number of new recruits that others brought on board. Meanwhile, the total number of funds generated from members was reportedly over $2.2 billion worth of crypto.

Also, court documents alleged that Chen Bo spent some of the funds on extravagant lifestyles, buying expensive cars and properties for himself and his relatives.

In addition to the PlusToken founder and other key members spending time behind bars, the ringleaders were slammed with fines. The PlusToken scammers were fined between 120,00 yuan ($18K) and 6 million yuan ($912,922),

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Source: https://cryptopotato.com/plustoken-crypto-scammers-slammed-with-11-year-jail-sentence/

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Blockchain

Cryptocurrency Asset Management Provider NYDIG Raises $100M From a Single Investor

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NYDIG, the cryptocurrency asset management company, has raised $100 million from a single investor. The firm collected the amount during its newly-announced fund Digital Assets Fund II, after the previous fundraising project, named Digital Assets Fund I.

$150M In Just Two Crypto Investment Funds

According to officially published documents filed with the U.S. Securities and Exchange Commission, the New York-based digital asset firm revealed that it raised $100 million from only one investor on their recently announced project Digital Assets Fund II.

The operation follows its forerunner Digital Assets Fund I, which raised $50 million from investors in November. The amount has been reportedly collected from just two investors and was to invest mainly in Bitcoin.

The $50 million fundraise in November came after a quadrupling in NYDIG clients. The firm offers investment, brokerage, treasury, and technology solutions for Bitcoin to its institutional allocators, corporations, investment advisors, etc.

Another Publicly-Owned Company to Own a Big Pile of Bitcoin

As CryptoPotato recently reported, less than two months ago, asset manager Stone Ridge bought 10,000 bitcoins worth about $115 million through its subsidiary NYDIG. The new digital assets-oriented investment was reportedly to serve as a primary treasury reserve asset for the company.

Co-Founder and CEO of NYDIG, Robert Gutmann, said that considering that Bitcoin switches to a mainly institutionally-owned asset, “the company has a better position than ever” to be the leading provider of BTC solutions to a variety of banks, corporations, and institutions.

Speaking on the Bitcoin investment, Gutmann also said that the NYDIG is proud to facilitate one of the largest commitments of treasury assets to the cryptocurrency to that date. He added that he sees demand for the company’s full suite of corporate treasury and investment solutions accelerating.

In another significant recent Bitcoin purchase in October, Jack Dorsey’s Square reportedly bought $50 million worth of the most influential and valuable digital asset right now. Thus, it became the second publicly-traded company to do so in recent months after MicroStrategy.

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Source: https://cryptopotato.com/cryptocurrency-asset-management-provider-nydig-raises-100m-from-a-single-investor/

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Blockchain

TrustToken and Syscoin Partner on a Stablecoin Bridge

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Decentralized marketplace and e-commerce protocol Syscoin has partnered with the stablecoin platform TrustToken.

The goal of the collaboration is to speed up payments and to provide further solutions to Ethereum’s blockchain. It also means that the five stablecoins of TrustToken, namely TUSD, TGBP, THKD, TCAD, and TAUD, will run on Syscoin’s blockchain and be available for users.

A Collaboration Between Syscoin and TrustToken

According to a release shared with CryptoPotato, the popular decentralized marketplace and e-commerce protocol Syscoin has teamed up with stablecoin platform TrustToken.

Right off the bat, this means that the stablecoins provided by the platform will now run on Syscoin’s blockchain as well. These are TUSD, TGBP, THKD, TCAD, and TAUD.

Stablecoins have grown in popularity over the past few months, mainly because of the DeFi boom, where they are used to enable staking, liquidity provision, and so forth. However, there was also an obvious challenge with all of it – scaling. Supposedly, Syscoin is intended to help with that. Using Z-DAG (Zero Confirmation Directed Acyclic Graph), the protocol claims to be able to settle transactions in less than 10 seconds with comparatively low fees.

The partnership will also enable users to mine two cryptocurrencies at the same time – SYS and BTC.

Distribution of the Roles

While Syscoin’s task would be scalability, TrustToken comes in for the stablecoin part. It’s a platform that aims at an open financial system through a selection of stablecoins.

The stablecoins it offers are collateralized, and it has also partnered with Chainlink, as well as other protocols.

The overall partnership is aimed at creating a solution for scalable and secure token payments at a lower risk interoperability with Ethereum’s network. It should make TrustToken’s stablecoins function quicker and cheaper following the enabling of the bridge.

Speaking on the matter was Syscoin’s Foundation Chairman Jag Sidhu, who said:

“Digital assets have growing needs for better usability, robust decentralized security, and a scalable way of ensuring every transaction complies with regulations. Syscoin uniquely aligns with all of these requirements. We look forward to TrustToken’s family of stablecoins becoming future-proof and gaining significant advantage with Syscoin.”

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Source: https://cryptopotato.com/trusttoken-and-syscoin-partner-on-a-stablecoin-bridge/

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