Connect with us
[crypto-donation-box]

Blockchain

Top 5 cryptocurrencies to watch this week: BTC, LINK, UNI, XTZ, ATOM

Republished by Plato

Published

on

Bitcoin (BTC) price has yet to recapture the $40,000 level and traders who were expecting a quick resumption of the uptrend may have been caught off guard by the recent pullback. This could have led to the liquidation of about $500 million worth of cryptocurrency futures positions in the past 24 hours.

Over leveraged positions provide the necessary ammunition during the uptrend, but they become a liability when the trend reaches an inflection point.

When the markets turn down, leveraged long positions quickly turn into a loss, resulting in margin calls from brokers. When the margin requirements are not met, the brokers dump the positions at market price, leading to a sharp plunge.

Therefore, data indicating a reduction in leveraged Bitcoin positions in the past few days is a positive sign as it decreases the risk of cascading liquidati.

Crypto market data daily view. Source: Coin360

While a sharp fall is usually avoided when the markets are not overleveraged, sustained buying is needed to maintain the higher levels. If that does not happen, the price continues to correct gradually.

Grayscale Investments has been one of the major buyers in the past few months but they now have a new competitor, Osprey Funds, which began quoting in the over-the-counter market on Jan. 15 under the ticker symbol OBTC. The firm is offering a competitive management fee structure compared to Grayscale.

This is a positive sign for crypto markets because if both these firms attract institutional investors, the buying may resume and Bitcoin can reverse course to pursue new highs.

While Bitcoin remains stuck in a range, select altcoins are running hard. Let’s study the charts of the top-5 cryptocurrencies that may be favored by the bulls in the next few days.

BTC/USD

Bitcoin is currently consolidating in an uptrend. The price action of the past few days has formed a symmetrical triangle, which generally acts as a continuation pattern. The long tail on today’s candlestick shows the bulls are buying the dips to the 20-day exponential moving average ($34,241).

BTC/USDT daily chart. Source: TradingView

The upsloping moving averages and the relative strength index (RSI) in the positive territory suggest that bulls are in control. If the buyers can push the price above the triangle, the next leg of the uptrend could begin.

The first stop could be the current all-time high at $41,959.63, but if the bulls can propel the price above it, the BTC/USD pair may rally towards the pattern target at $50,000.

Contrary to this assumption, if the rebound fails to find buyers at higher levels, the bears may try to sink the price below the triangle. If they succeed, the pair may drop to the 38.2% Fibonacci retracement level at $29,688.10.

This level may attract buyers but if the bulls fail to push the price above the 20-day EMA, then the correction could deepen to the 50-day simple moving average ($26,581).

BTC/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the bulls have purchased the drop to the support line of the symmetrical triangle but they may face resistance at the moving averages that are sloping down.

If the price turns down from the moving averages, the bears will try to sink the price below the triangle. If they succeed, a deeper correction is likely.

On the contrary, if the bulls can push the price above the moving averages, the pair may rise to the resistance line of the symmetrical triangle. A breakout of this resistance may start the uptrend.

However, if the price turns down from the resistance line of the triangle, the pair may trade inside the triangle for a few more days.

LINK/USD

Chainlink (LINK) broke above the $20.1111 resistance on Jan. 15 and followed it up with another up-move on Jan. 16, hitting a new all-time high at $22.96. But the long wick on the Jan. 16 candlestick suggests profit-booking at higher levels.

LINK/USDT daily chart. Source: TradingView

The price rebounded off the $20.1111 breakout level today, suggesting that the bulls have flipped this level to support. If the bulls can now push the price above $23, the LINK/USD pair could rally to $27 and then to $30.

The upsloping 20-day EMA ($16.25) and the RSI near the overbought zone suggest bulls are in control.

Contrary to this assumption, if the price turns down and breaks below $20.1111, the next stop is likely to be $17.7777. This is an important support because a break below it will indicate a possible change in trend.

LINK/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the breakout above $20.1111 had pushed the RSI deep into the overbought territory, which may have attracted profit-booking from short-term traders.

However, the positive sign is that the bulls aggressively purchased the dip to the 20-EMA. If the bulls can sustain the price above $21.5709, the pair may retest $22.96. A break above this resistance may resume the uptrend. The upsloping moving averages and the RSI in the positive zone suggest bulls have the upper hand.

This bullish view will invalidate if the bears sink and sustain the price below the 20-EMA. Such a move could pull the price down to $17.7777, indicating the momentum has weakened.

UNI/USD

Uniswap (UNI) is currently in an uptrend but is facing selling above the $9 mark as seen from the long wick on Jan. 16 and today’s candlestick. If the bulls do not give up much ground, it will suggest traders are not rushing to the exit after the recent rally and are buying on dips.

UNI/USDT daily chart. Source: TradingView

The upsloping 20-day EMA ($6.15) and the RSI in the overbought territory suggest bulls have the upper hand. If the UNI/USD pair stays above the 38.2% Fibonacci retracement level at $7.4725, the bulls will try to resume the uptrend.

If they can push the price above $9.3776, the rally could extend to $12.4597 and then to $15.

Contrary to this assumption, if the bears sink the price below $7.4725, the pair may drop to the 20-day EMA. Usually, a deep correction suggests that the momentum has weakened and that may result in a few days of range-bound action.

UNI/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the pair is currently consolidating after the recent sharp up-move. The bulls are buying the dip to the $8 support and the bears are selling above $9.

If the bulls can push the price above the $9 to $9.3776 overhead resistance, the uptrend could resume.

On the other hand, if the bears sink the price below the 20-EMA, the decline could extend to the 50-SMA. Such a move could keep the pair range-bound for a few days.

XTZ/USD

Tezos (XTZ) had been stuck inside the $2.85 to $1.85 range for the past few weeks. The bulls are currently attempting to push the price above the range and start a new uptrend.

XTZ/USDT daily chart. Source: TradingView

However, the long wick on the Jan. 16 candlestick shows that the bulls are finding it difficult to sustain the price above the range. Today, the long wick and the tail on the candlestick indicates indecision among the bulls and the bears.

If the bulls can sustain the price above $2.85, the possibility of the start of a new uptrend increase. The upsloping 20-day EMA ($2.48) and the RSI above 66, suggest the path of least resistance is to the upside.

The first target objective on the upside is $3.90 and then $4.4936. This bullish view will negate if the XTZ/USD pair drops and breaks below the 20-day EMA.

XTZ/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the bulls had pushed the price above $2.85 but they could not build upon the strength, which led to a correction. However, the bulls aggressively purchased the dip to the 20-EMA and are now trying to drive the price above $3.1838. If they succeed, the uptrend could resume.

On the contrary, if the price turns down from the current levels or the overhead resistance and drops below the 20-EMA, it could correct to the 50-SMA. A break below this support could signal that the recent breakout above $2.85 was a bull trap.

ATOM/USD

Cosmos (ATOM) rose above the stiff resistance at $8.877 on Jan. 16 and made a new all-time high at $9.60. Whenever the price hits a new all-time high, it is a sign that bulls are in command.

ATOM/USDT daily chart. Source: TradingView

However, the bears have not given up yet as they have pulled the price back below $8.877 and are attempting to trap the aggressive bulls. The bullish momentum could weaken if the bears sink the price below the 61.8% Fibonacci retracement level at $7.093.

Conversely, if the bulls can defend the zone between the 38.2% retracement at $8.05 and the 50% retracement at $7.572, it will suggest strong demand at lower levels.

If the price turns up from this support zone, the bulls will try to resume the uptrend. A break above $9.60 could push the ATOM/USD pair to $12.10 and then to $13.974.

ATOM/USDT 4-hour chart. Source: TradingView

Both moving averages are sloping up and the RSI is in positive territory, indicating that bulls have the advantage. The pair has bounced off the 20-EMA and the bulls will now try to push the price above the $8.877 overhead resistance.

If they succeed, the pair could rise to $9.60 and a break above it will signal resumption of the uptrend. Conversely, if the bears sink the price below the 20-EMA, it will suggest that the momentum has weakened and a drop to $7.50 and then to the 50-SMA is possible.

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.

Source: https://cointelegraph.com/news/top-5-cryptocurrencies-to-watch-this-week-btc-link-uni-xtz-atom

Blockchain

Opimas estimates that over US$190 billion worth of Bitcoin is currently at risk due to subpar safekeeping

Republished by Plato

Published

on

May 2021. Safekeeping of cryptocurrencies presents a challenge for institutions holding cryptocurrencies on their clients’ behalf. Cryptocurrency transactions are irreversible and anyone with full access to a wallet’s private key controls the cryptocurrencies that reside within it. Frighteningly, a number of institutional participants and even some large cryptocurrency exchanges rely on subpar custody approaches, leading Opimas to estimate that over US$190 billion worth of Bitcoin is currently at risk due to subpar safekeeping.

Luckily, a number of companies have emerged to address this problem. A new research report from Opimas—Crypto Custody: No More Excuses, authored by analysts Suzannah Balluffi and Anne-Laure Foubert—looks at the landscape of cryptocurrency custody-enabling technology providers and institutional-grade cryptocurrency custodians as well as the size of the market for cryptocurrency custody and brokerage services.

Some key findings in the report include:

Many of even the largest holders of Bitcoin and other digital assets continue to rely on storage devices meant for individual investors. Although some of these self-custody devices and wallets are secure and reputable, the operational risk posed by this approach is significant for institutional investors. Furthermore, a chunk of institutionals’ cryptocurrency holdings sit in hot wallets on exchanges. In total, about 22% of institutional cryptocurrency holdings are safeguarded in these relatively risky manners (Figure 1).

Figure 1. CUSTODY METHODS UTILIZED BY INSTITUTIONAL INVESTORS 

 

Source: Opimas analysis.

There are no more excuses for lackadaisical safekeeping – institutions can now choose from several reputable cryptocurrency custody-enabling technology providers and institutional-grade cryptocurrency custodians. Yet no custody solution is equal – there is still no best practice when it comes to security and governance relating to private keys. For example, some providers may rely on time-tested Hardware Security Modules (HSMs), while others use a newer technology known as Multi-Party Computation (MPC) – see Figure 2.

Figure 2. A COMPARISON OF HSM AND MPC TECHNOLOGY PROVIDERS

Source: Ledger, Fireblocks, Opimas analysis.

Some cryptocurrency custodians have followed in the footsteps of traditional capital markets by adding prime brokerage services to their offerings, including trading and settlement, lending, margin finance, staking, reporting, and capital introduction services. Opimas estimates that the current annual revenues generated by the institutional crypto brokerage and custody market are roughly US$2 billion and will grow to nearly US$8 billion by 2026 – a sizeable portion of this coming from brokerage services (Figure 3).

FIGURE 3. THE MARKET FOR CRYPTO CUSTODY & PRIME BROKERAGE SERVICES IS GROWING 

Source:  Opimas analysis. 

  • Regulations surrounding institutions’ ability to store cryptocurrency have become clearer (and in some cases more favorable) in numerous jurisdictions. Notably, the Office of the Comptroller of the Currency (OCC) ruling in the US has allowed banks to store cryptocurrencies for their customers. This regulatory clarity has led a number of financial institutions around the world to provide trading and custody for digital assets. With the advances in brokerage and custody solutions, Opimas expects institutional cryptocurrency holdings to grow from 20% of the cryptocurrency market cap to over 50% by 2026 (Figure 4).

FIGURE 4. INstitutional cryptocurrency holdings over time 

Source:  Opimas analysis.

Source: PlatoData Intelligence

Continue Reading

Blockchain

Kraken Daily Market Report for May 08 2021

Republished by Plato

Published

on


Overview


  • Total spot trading volume at $2.86 billion, 9% higher than the 30-day average of $2.63 billion.
  • Total futures notional at $797.5 million.
  • The top five traded coins were, respectively, Ethereum, Bitcoin, Dogecoin, Tether and Ethereum Classic.
  • Strong returns from Gnosis (+14%) and Ethereum (+12%).

May 08, 2021 
 $2.86B traded across all markets today
 Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD 
ETH 
$3914.1 
↑12% 
$797.5M
XBT 
$58953. 
↑2.7% 
$795.7M
XDG 
$0.6368 
↓7.6% 
$636.4M
USDT 
$1.0014 
↑0.05% 
$285.3M
ETC 
$128.55 
↑7.0% 
$104.4M
ADA 
$1.6234 
↓1.9% 
$79.3M
LTC 
$347.39 
↑0.6% 
$50.5M
XRP 
$1.5653 
↓1.0% 
$48.7M
DOT 
$39.923 
↑0.07% 
$43.9M
BCH 
$1400.7 
↑4.4% 
$42.4M
USDC 
$1.0 
↑0.0% 
$40.4M
LINK 
$48.693 
↓1.3% 
$30.8M
EOS 
$10.361 
↓0.26% 
$29.7M
TRX 
$0.1431 
↓3.0% 
$17.1M
FLOW 
$28.668 
↓2.9% 
$16.1M
SC 
$0.0405 
↓4.7% 
$15.6M
STORJ 
$2.2312 
↓0.4% 
$14.7M
ATOM 
$29.510 
↑3.0% 
$11.8M
XLM 
$0.6155 
↓2.5% 
$11.6M
DASH 
$409.86 
↑1.3% 
$11.2M
XTZ 
$6.9881 
↓1.3% 
$10.0M
QTUM 
$25.576 
↓4.3% 
$9.83M
XMR 
$476.08 
↑4.6% 
$9.7M
KSM 
$435.0 
↑1.3% 
$7.39M
ZEC 
$315.75 
↓1.3% 
$6.91M
FIL 
$148.15 
↓1.4% 
$6.82M
WAVES 
$32.449 
↓0.14% 
$6.57M
UNI 
$40.532 
↑2.0% 
$6.55M
ALGO 
$1.5198 
↓3.7% 
$6.03M
DAI 
$1.0011 
↓0.01% 
$6.0M
OMG 
$11.829 
↓0.15% 
$5.87M
LSK 
$8.4918 
↓6.0% 
$3.77M
COMP 
$782.88 
↑9.6% 
$3.71M
ICX 
$2.6909 
↓1.6% 
$3.63M
NANO 
$9.7242 
↓0.6% 
$3.63M
AAVE 
$466.93 
↑5.7% 
$3.39M
GRT 
$1.5855 
↓0.6% 
$3.05M
OCEAN 
$1.4907 
↑2.0% 
$3.02M
KEEP 
$0.6183 
↑6.5% 
$2.98M
GNO 
$291.84 
↑14% 
$2.91M
SNX 
$18.448 
↓1.1% 
$2.72M
MANA 
$1.4419 
↓1.7% 
$2.67M
KAVA 
$6.2917 
↓2.8% 
$2.6M
BAT 
$1.4187 
↑0.6% 
$2.57M
CRV 
$3.5639 
↓2.6% 
$2.41M
KNC 
$3.4433 
↓2.6% 
$1.93M
REPV2 
$48.252 
↑1.0% 
$1.83M
OXT 
$0.6666 
↓1.1% 
$1.68M
BAL 
$69.63 
↑7.8% 
$1.52M
ANT 
$10.317 
↓3.2% 
$1.31M
YFI 
$54058. 
↑1.3% 
$1.3M
PAXG 
$1877.6 
↑0.8% 
$1.12M
EWT 
$13.644 
↓4.1% 
$772K
REP 
$46.85 
↓0.3% 
$714K
MLN 
$108.99 
↑0.5% 
$425K
TBTC 
$58915. 
↑1.6% 
$43.3K



#####################. Trading Volume by Asset. ##########################################

Trading Volume by Asset


The figures below break down the trading volume of the largest, mid-size, and smallest assets. Cryptos are in purple, fiats are in blue. For each asset, the chart contains the daily trading volume in USD, and the percentage of the total trading volume. The percentages for fiats and cryptos are treated separately, so that they both add up to 100%.

Figure 1: Largest trading assets: trading volume (measured in USD) and its percentage of the total trading volume (May 08 2021)



Figure 2: Mid-size trading assets: (measured in USD) (May 08 2021)



Figure 3: Smallest trading assets: (measured in USD) (May 08 2021)


###########. Daily Returns. #################################################

Daily Returns %


Figure 7: Returns over USD and XBT. Relative volume and return size is indicated by the size of the font. (May 08 2021)



###########. Disclaimer #################################################

The values generated in this report are from public market data distributed from Kraken WebSockets api. The total volumes and returns are calculated over the reporting day using UTC time.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://blog.kraken.com/post/9008/kraken-daily-market-report-for-may-08-2021/

Continue Reading

Blockchain

Legendary Pelé NFT Set to Drop on Ethernity May 8

Republished by Plato

Published

on

[Press Release – Los Angeles, California, 8th May, 2021]

Iconic Brazilian footballer Pelé will be immortalized in NFT form on May 8.

The legendary striker, named FIFA World Player of the Century, is getting the tokenized treatment with the release of a licensed aNFT – authenticated non-fungible token – exclusively on the Ethernity Chain at 12pm EST.

The coveted collection features several aNFTs of the soccer star, the result of a collaboration between Visual Lab and Rafa Zabala, whose credits include The Hobbit and Planet of the Apes.

The digital presentation includes “THE KING OF FOOTBALL,” an immersive video tracing the player’s humble origins on the streets of Brazil to a packed stadium witnessing his brilliance. The eponymous “Pelé” aNFT, meanwhile, is represented by a hyper-realistic digital bronze bust of the star in his heyday.

As part of the Pelé aNFT collection, Ethernity will be releasing multi-pack trading cards that make a nod to the player’s Panini trading cards of the past.

Ethernity’s special digital trading cards include “Gilded Bicycle Pelé,” which showcases the player executing his signature bicycle kick. The limited edition cards will be part of the Ethernity Cards and Packs Collection launching this summer, 2021.

90% of aNFT sales will go to The Pelé Foundation, a charitable organization that strives to empower young people facing poverty around the world.

Ethernity’s recent Muhammad Ali aNFT auction, which raised over $550,000, also resulted in a significant donation being made to the Muhammad Ali Foundation.

About Ethernity

Ethernity is exploring applications for non-fungible tokens (NFTs) within the context of art and philanthropy. It provides a way for celebrities and public figures to endorse digital artwork created by renowned artists. Anyone can purchase each limited edition artwork, with a portion of the proceeds going to charitable causes that the celebrity supports. Ethernity was founded by early Bitcoin investor and NFT innovator Nick Rose Ntertsas.

Learn more: http://ethernity.io/

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/legendary-pele-nft-set-to-drop-on-ethernity-may-8/

Continue Reading
Blockchain4 days ago

Major Law Firm CMS Adds Stratis (STRAX) to its Legal Accelerator Program

Blockchain5 days ago

eBay could add a crypto payment option, says CEO

Blockchain5 days ago

Starcoll To Issue Limited Edition Star Wars Collectibles as NFTs

Blockchain4 days ago

Pro traders buy the Bitcoin price dip while retail investors chase altcoins

Blockchain5 days ago

Singapore’s largest bank posts tenfold crypto volume growth in Q1 2021

Blockchain5 days ago

‘This ain’t no game’ as DOGE briefly flippens Nintendo and takes #4 spot from XRP

Blockchain4 days ago

China’s Central Bank to Partner With Alibaba’s Ant Group on Digital Yuan

Blockchain5 days ago

S&P launches cryptocurrency indexes, debuting with Bitcoin and Ether

Blockchain5 days ago

Bybit Launches Ether (ETH) Cloud Mining Service as Demand Booms

Blockchain4 days ago

WallStreetBets launches blockchain-powered app to decentralize indices

Blockchain4 days ago

Bitcoin Miners Moving Away from China, F2Pool Observes

Blockchain5 days ago

Bitcoin and Ethereum Indices Debut on S&P Dow Jones

Blockchain4 days ago

40% intend to use crypto for payments in the next year: Mastercard survey

Blockchain4 days ago

Here Is Why XRP Volume Has Recover Across Payment Corridors

Blockchain5 days ago

eBay is Considering Adding Crypto Payments & NFT Sales

Blockchain4 days ago

Another XRP lawsuit update: SEC accuses XRP Holders of ‘reciting’ Ripple’s litigation position

Blockchain5 days ago

Bank of England Used as Bitcoin Advertising Board Stoking Inflationary Fears

Blockchain4 days ago

‘DeFi may lead to a paradigm shift’ says Federal Reserve Bank paper

Blockchain5 days ago

The Reason for Ethereum’s Recent Rally to ATH According to Changpeng Zhao

Blockchain5 days ago

Bybit to Launch Cloud Mining to Democratize Ethereum Mining

Trending