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Blockchain

TA: Bitcoin Steadies Above $59K, Here’s How Bulls Could Aim Fresh Rally

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Bitcoin price failed to continue higher above $60,800 and corrected lower against the US Dollar. BTC is now holding gains and it is likely to rally above $61,000 unless there is a break below the 100 hourly SMA.

  • Bitcoin is struggling to gain momentum above the $60,000 and $60,500 levels.
  • The price is now trading above the $59,000 level and the 100 hourly simple moving average.
  • There is a major contracting triangle forming with resistance near $60,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to start a major rally once it clears the $60,050 and $60,500 levels.

Bitcoin Price is Holding Gains

Bitcoin dipped sharply towards the $58,000 support after it was rejected above $60,500. However, BTC remained well bid above the $58,000 zone and it recovered losses.

There was a break above the $59,000 level and the price even climbed above $60,000. A high is formed near $60,677 and the price is currently consolidating. It traded below the 23.6% Fib retracement level of the upward move from the $58,025 low to $60,677 high.

On the downside, the price is finding bids near the $59,250 and $59,100 levels. The 50% Fib retracement level of the upward move from the $58,025 low to $60,677 high is also near the $59,350 level.

Bitcoin Price

Source: BTCUSD on TradingView.com

There is also a major contracting triangle forming with resistance near $60,050 on the hourly chart of the BTC/USD pair. If there is an upside break above the $60,050 and $60,200 levels, there are high chances of a fresh rally. In the stated case, the price is likely to surge towards the $61,200 and $62,000 levels in the near term.

Dips Supported in BTC?

If bitcoin fails to climb above $60,050 and $60,200, there could be a short-term downside correction. An initial support on the downside is near the $58,350 level.

The next major support is near the triangle at $58,750 and the 100 hourly simple moving average. If the bulls fail to protect the 100 hourly SMA, there could be a sharp downside break. In the stated case, the price might decline towards the $56,800 level in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now just above the 50 level.

Major Support Levels – $59,350, followed by $59,000.

Major Resistance Levels – $60,050, $60,500 and $61,200.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.newsbtc.com/analysis/btc/bitcoin-steadies-above-59k/

Blockchain

Butterfly Protocol Announces New Program to Allow Full Blockchain Top-Level Domain Sponsorship and Control

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Custom TLD blockchain domains for the decentralized web allow total control of the domain ecosystem without fear of censorship and centralized control

SAINT KITTS AND NEVIS, May 5,2021 Butterfly Protocol (www.butterflyprotocol.io), the blockchain-based web naming system built for the decentralized internet, today announced that it is opening up additional sponsorship options for top-level domains (TLDs), allowing anyone to create and totally control their own decentralized, token-powered ecosystem. This move compliments the original sponsorship option where TLDs can be sponsored and are controlled by the common governance contract.

The movement to a decentralized web has been accelerating recently due to highly visible censoring such as Facebook’s ban on allowing Donald Trump access to posting, the takedown of the Parler social media app and the continuing restrictions on free speech by authoritarian governments. Blockchain domain systems such as Unstoppable Domains, Handshake and ENS have been paving the way for making the decentralized and distributed web accessible and Butterfly is taking that access to a new level.

As opposed to the existing platforms, Butterfly allows for the sponsorship of practically any TLD. Rather than being stuck in the confines of .crypto or .eth as TLDs, sponsors can create their own such as .token, .defi or even .trump, .biden, or .obama. As a decentralized autonomous organization (DAO), Butterfly does not limit the community to what can be created but there are measures being initiated soon to discourage the use of existing TLDs from other sources and those that are clearly trademarked.

The process to sponsor TLDs can come in two forms. The light version where anyone can go to the ButterflyProtocol.io domain panel and contribute approximately 9000 BFLY tokens to initiate the creation. Or the custom option where it requires 100,000 BFLY tokens for complete control of that TLD’s domain environment. For custom requests, Butterfly support works directly with the sponsor for the creation of the TLD and the subTokens associated with that name.

To learn more about the Butterfly Protocol, the BFLY token and how to participate in the quickly evolving decentralized web, please click here

About Butterfly Protocol
Butterfly Protocol is a blockchain-based web naming system built for the decentralized internet. Butterfly’s Decentralized Autonomous Organization offers a registry platform that allows people to purchase top-level domains using cryptocurrency in the form of its utility token, BFLY. Butterfly Protocol uses blockchain technology to create a system similar to ICANN without centralized control. Butterfly Protocol allows anyone to suggest, sponsor, or bid on the creation of new top-level domain names, and receive a share of the tokens associated with the name, which they can use to create subdomains and continue growing the decentralized web. Along with domain names, Butterfly allows for each domain address to be used for several unique functionalities, including cryptocurrency transactions, messaging, and social media. 

COMPANY CONTACT: info@bproto.io 
Source: Plato Data Intelligence (https://zephyrnet.com)

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Blockchain

Ripple Reports Double the XRP Sales For Q1, 2021

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Ripple has stated that for the first three months of 2021, its total sales of XRP were $150.34 million, 97% higher than the $76.27 million reported for Q4, 2020.

The company stated that the increase in sales figures was led by the growing demand for RippleNet’s On-Demand Liquidity or ODL service.

 “Ripple continued to engage in sales to support ODL and key infrastructure partners as part of providing increased XRP liquidity to improve the ODL experience of certain customers, eliminating the need for pre-funding and enabling instant global payments.”

Ripple Token Volumes Increasing

Ripple, which is rumored to be planning an IPO, stated that in order to meet the growing demand for ODL, it agreed to acquire 40% of Asia’s leading cross-border payments specialist, Tranglo. The partnership will help Ripple expand the reach of its services to the Asia Pacific region, it added.

The report added that total XRP volume for Q1 also eclipsed the previous quarter by 37.7% with $204 billion for the period compared to $148 billion in XRP volume for Q4, 2020. The figures were compiled using CryptoCompare TopTier (CCTT) volumes.

“CCTT’s reported daily volume for XRP increased significantly in Q1 2021 from Q4 2020. The average daily volume reported was $2.26B in Q1 vs. $1.61B in the previous quarter. Notably, XRP volumes posted four of the highest volume days ever recorded.”

On the subject of escrow, it stated that 3 billion XRP were released in line with prior quarters, and the official escrow arrangement. 2.7 billion XRP were returned and subsequently put into new escrow contracts throughout the quarter, it added.


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GoinGecko is currently reporting that there are 46 billion XRP tokens circulating out of a maximum supply of 100 billion so the company still controls around 54% of the supply.

XRP Price Update

The report stated that Q1 has been a period of XRP accumulation with the number of whale accounts holding between 1 and 10 million tokens increasing 6.3%. This has been reflected in XRP token prices which have gained 154% over the three-month period.

At the time of writing, XRP was trading down 11% on the day at $1.53 according to CoinGecko. The cross-border exchange asset is still cooling from its 2021 high of $1.92 on April 14, but it has yet to get anywhere near its ATH of $3.40 in early January 2018.

Ripple prices were boosted in April as the company made some progress in its ongoing battle with the U.S. SEC.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/ripple-reports-double-the-xrp-sales-for-q1-2021/

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Blockchain

A pillar of the Civil Rights Movement, Dr. Robert J. Brown, will keynote a global blockchain leadership event.

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Blockchain and Liberty for All

Broadcast live from Washington DC, June 18-19, 2021, with contributions from chapters around the globe, GBA will virtually present its’ annual state of the union to the world. The GBA global leadership team will present their blockchain results so far and discuss where we are headed for the next decade. 

The featured Keynote speaker, Dr. Robert Brown will share his wisdom gained from decades of working with world leaders, industry titans, and civil rights leaders. The Washington Post called him a “World Class Power Broker”. Just some of his many accomplishments include:

  • Key advisor to the late Dr. Martin Luther King, Jr. 
  • Involved in the Robert Kennedy campaign
  • Special Assistant to President Richard Nixon
  • Close friend and confidant of Nelson Mandela 
  • Consulted with many prominent US corporations on race relations and crisis management
  • Worked on the committee that established the legislation creating the Office of Minority Business Enterprise within the US Department of Commerce
  • He signed the documents that increased funding for historical black colleges & universities under President Nixon
  • Serves on the boards of numerous universities and corporations 
  • He holds eleven honorary doctorate degrees from prestigious institutions of higher learning.

Dr. Brown has handled communications and race relations during pivotal moments of the civil rights movement. His ability to build bridges between Democrats and Republicans during the Civil Rights heyday, makes him an exceptional choice for blockchain leaders who will face inevitable backlash as this technology revolutionizes the landscape for many in power. How are we to move forward in a respectful and mutually beneficial manner? 

As blockchain technology continues to disrupt every industry, GBA influencers will need to hear the lessons learned from this icon of history.

The Government Blockchain Association, (GBA), is honored to have Dr. Brown as a keynote speaker for Blockchain and Liberty for All.

Political freedom must be accompanied by economic freedom for people to be truly free. Blockchain Technology is a new frontier in the economic landscape.” -Gerard Dache, Executive Director, GBA

 

You do not want to miss this event. For more information, go to

http://bit.ly/block4all

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