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Top Crypto Losing Value: BTC, ETH, LINK – Opportunity to Buy?

Crypto bears rule

Bitcoin failed once again to break the $12,000 properly and has now crashed towards the $10,000 level. This drastic price action, ultimately, has driven the whole crypto markets towards ruins within the past 48 hours. As of today, even the very bests of Defi tokens are seen to be nurturing a common unprecedented downtrend. Ethereum, …

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Bitcoin failed once again to break the $12,000 properly and has now crashed towards the $10,000 level. This drastic price action, ultimately, has driven the whole crypto markets towards ruins within the past 48 hours.

As of today, even the very bests of Defi tokens are seen to be nurturing a common unprecedented downtrend.

Ethereum, like Bitcoin also crashed below the key support at $400. This marked the beginning of a downtrend in which the top cryptocurrency has now fallen towards the $380 level as many other altcoins nurture the downtrend.

In fact, it is easier to say that the only cryptocurrency recording any form of gains as of the time of writing this piece is TRX.

#1. Bitcoin (BTC 10% Loss):

BTC charts

As BTC makes a drastic move down the price chart, the last 24 hours was particularly disappointing. With a 10% on the daily timeframe, BTC now accrues more than a 25% plunge in the last 3 days.

BTC has an equally distributed market sentiment. With a 50% pessimism, the market is expected to move either ways without any preference to any side.

Technical Points

  • Price bounced off the $10,000 level and fell into deep consolidation
  • Strong support lies at $10,000
  • Next key resistance at $10,500

At present, Bitcoin is changing hands at $10,335 while the chart is looking great in the shorter timeframe.

Also Read : Bitcoin Price Prediction: Will Bitcoin Reach $100,000 By 2020?

#2. Ethereum (ETH 11.14% Loss):

ETH charts

Ethereum is showing great correlation to the price of Bitcoin. The top crypto plunged in almost the same proportion to BTC. On the daily timeframe, ETH lost around 12% in value.

The coin swung into a consolidation phase having tested the support at $380. The bullish momentum, though held prices firmly above $380, could not succeed further.

ETH is looking good on the yearly and 60-day, timeframes, with 116% and 69% respectively.

Technical Points

  • Next key resistance at $400
  • Next major support at $380
  • RSI consolidates around the oversold condition.

Also Read : Will Ethereum Overcome the Recession in 2020?

#3. Chainlink (LINK 20% Loss):

chainlink charts

LINK is arguably one of the most impressive coins of the present alt season. Although the coin made massive gains in the past few weeks, it’s recording some losses since yesterday.

LINK is currently changing hands at $11.91 while further downslide seems possible in the short term. 

LINK still gains over 500% in the yearly timeframe and  150% in the last 60 days. 

Technical Points

  • Next resistance level is $12.0
  • Next support level exists at $11.5
  • RSI falls towards the oversold condition at 30.0

Also Read : Chainlink Price Prediction 2020 – How High Will LINK Reach?

Source: https://coinpedia.org/price-analysis/btc-eth-link-losing-value/

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TA: Ethereum Corrects Rally, But 100 SMA Could Spark Fresh Increase

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Ethereum climbed further above the $2,500 level against the US Dollar. ETH price is correcting gains, but it is likely to remain stable near $2,350 and the 100 hourly SMA.

  • Ethereum gained pace above $2,500 and it traded to a new all-time high near USD 2,548.
  • The price is now trading well above $2,400 and the 100 hourly simple moving average.
  • There is a key rising channel forming with support near $2,420 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to resume its rise as long as it is above the $2,350 support zone.

Ethereum Price Is Correcting Gains

Ethereum followed a bullish path above the $2,400 level and extended its gains. ETH even broke the $2,500 level and traded to a new all-time high at $2,488.

Recently, there was a downside correction below the $2,500 level, similar to bitcoin. The bears were able to push the price below the $2,480 support level. The price even broke the 50% Fib retracement level of the upward wave from the $2,406 swing low to $2,548 high.

The price is now approaching the $2,420 support level. It is testing the 76.4% Fib retracement level of the upward wave from the $2,406 swing low to $2,548 high.

Ethereum Price

Source: ETHUSD on TradingView.com

There is also a key rising channel forming with support near $2,420 on the hourly chart of ETH/USD. If there is a downside break below the channel support, the price could decline towards the $2,350 support. The 100 hourly simple moving average is also near the $2,350 level to provide support.

Any more losses might call for a move towards the $2,300 level in the near term. The next major support is near the $2,200 level (the last major breakout zone).

Fresh Increase in ETH?

If Ethereum stays above the channel support, it could start a fresh increase above $2,450. An initial resistance on the upside is near the $2,500 level.

A successful break above the $2,500 level could initiate a move towards the $2,550 level. Any more gains are likely to set the pace for a test of $2,600 or even $2,660 in the coming sessions.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now just below the 50 level.

Major Support Level – $2,350

Major Resistance Level – $2,500

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.newsbtc.com/analysis/eth/ethereum-100-sma-could-spark-fresh-increase/

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Brian Brooks defends fintech charter to House Financial Services Committee

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Brian Brooks has defended the fintech banking charter introduced while he served as the acting comptroller of the currency after Congressional Democrats took aim at the license on Thursday.

Brian appeared as a witness before the House Financial Services Committee’s Subcommittee on Consumer Protection and Financial Institutions at an April 15 hearing titled, “Banking Innovation or Regulatory Evasion? Exploring Trends in Financial Institution Charters.”

The fintech charter was introduced by the Office of the Comptroller of the Currency, or OCC, and overseen by Brooks in 2020, allowing financial technology firms including cryptocurrency companies to offer lending and payment products without being overseen by state banking regulators, FDIC insurance, or deposits from customers.

Californian representative and chairwoman of the House Financial Services Committee, Maxine Waters, claimed that banks and state regulators have complained about the lack of regulatory scrutiny faced by fintech firms licensed under the charter:

“State regulators, community banks and credit unions have raised alarms about how new entities, including big tech firms, are receiving unconventional bank charters and offering bank products and services while evading regulations most banks, including community banks, must comply with.”

Waters characterized the OCC of having “overstepped its authority,” accusing the office of “pretending that laws signed by Abraham Lincoln were intended to create charters for fintech or cryptocurrency.”

However, Brooks told the committee the charter had bolstered regulatory oversight of the fintech and crypto industries, arguing their activities would otherwise continue outside of regulators’ view.

Brooks described the charter as empowering firms that “provide consumers with better alternatives to traditional banks on the one hand and strip-mall financiers, like payday lenders, on the other.”

Other Democrats raised concerns that Bitcoin is primarily a vehicle for criminal syndicates, with California’s Brad Sherman claiming the crypto asset is largely used by “tax evaders” and “narco-terrorists.” Texas’s Al Green also advanced what he said were his constituents’ concerns regarding the prevalence of Ponzi schemes in the crypto sector.

Brooks dismissed these worries, arguing that exclusionary regulations could hinder the United States’ technological dynamism and that heavy-handed legislation could undermine U.S. soft power in the emerging digital economy:

“We’re building a second Internet here — it’s not built for terrorist financing, it’s built to allow us to have a truly decentralized Internet. If you believe that America’s soft power in the world has a lot to do with the fact that we control ICANN and the Internet Protocol, I think you would feel similarly about these new protocols.”

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/brian-brooks-defends-fintech-charter-to-house-financial-services-committee

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Liquity Protocol attracts $1B TVL in just 10 days

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The team behind Liquity Protocol — a DeFi project launched on April 5 — has attracted $1 billion worth of locked up value according to data from Dune Analytics.

The Pantera Capital-backed Liquity is a Swiss-based decentralized and governance-free lending protocol that offers interest-free loans against Ethereum locked as collateral, with users required to maintain a minimum collateral ratio of 110%.

Loans are paid out in the protocol’s algorithmic stable coin LUSD, which is pegged to the value of USD at a one-to-one ratio. The protocol automatically generates LUSD to meet user demand, and so far has minted a supply of 480 million stable coins, with more coins being minted than burned each day.

The loans are secured by the protocol’s Stability Pool that acts as a source of liquidity to repay liquidated debt, and also by fellow borrowers collectively acting as guarantors of last resort. Users can earn money through the protocol by staking liquidity and earn revenue from issuance fees in LUSD and redemption fees in ETH.

Data from the mammoth 10-day run published via DuneAnalytics revealed that borrowing demand has rewarded stakers so far, with an average of roughly $240,000 of fees generated per day on the protocol between April 12 and April 14. The total staked amount edged past $720,000 on April 15, and the majority of users are keeping within a collateral range between 150-250%.

On March 29 Cointelegraph reported that the Liquity Protocol had closed its Series A funding round led by Pantera Capital with a $6 million investment, which included additional contributions from companies such as quantitative investment firm Alameda Research.

The decentralized finance protocol sector continues to push past its all-time highs, with data aggregator DeFi Llama showing that there is now $123.33 billion worth of total locked-up value in DeFi protocols as of today. In its short lifespan, the Liquity Protocol has pushed itself up to rank 26 in the top 100 DeFi protocols with $1.06 billion in TVL.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/liquity-protocol-attracts-1b-tvl-in-just-10-days

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