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Top Strategist Outlines Path Ahead for Bitcoin, Ethereum, and XRP After Major Market Correction

Trader and analyst Michaël van de Poppe is laying out the possible scenarios for Bitcoin (BTC), Ethereum (ETH), and XRP after the big crypto market correction. The crypto tells his 75,000 Twitter followers that he expects BTC to stay above a crucial line of support at $10,000. “Bitcoin – finally, liquidity at the lows taken. […]

The post Top Strategist Outlines Path Ahead for Bitcoin, Ethereum, and XRP After Major Market Correction appeared first on The Daily Hodl.

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Trader and analyst Michaël van de Poppe is laying out the possible scenarios for Bitcoin (BTC), Ethereum (ETH), and XRP after the big crypto market correction.

The crypto tells his 75,000 Twitter followers that he expects BTC to stay above a crucial line of support at $10,000.

“Bitcoin – finally, liquidity at the lows taken. Reclaim of $10,000 would mean a S/R flip and a very probable chance we’ll look for liquidity above the range highs. That would suit a bounce towards $10,750-10,900 and majority of the markets bounce 25-40%.”

Source: Van de Poppe/Twitter

As for Ethereum, Van de Poppe still believes in the coin’s long-term bullish potential even amid the heavy correction.

“ETH is one of the coins you’d want to hold for the coming years. The lower, the better.”

Although the trader remains optimistic that ETH will eventually regain its bullish tone, he’s not eliminating the possibility that the second-largest cryptocurrency can go below $300.

“What is the level to hold for Ethereum? Clearly, it is the $245 area. If we get into this zone, that might be the long opportunity of a lifetime, if we get anywhere close to the weekly level around $245.” 

Should Ethereum hit support at $245, Van de Poppe says the pullback could set up the coin for a major rally to $800.

Meanwhile, van de Poppe is looking forward to buying the dip in XRP.

The fourth-largest cryptocurrency has hit his first buy target at $0.2458 in the midst of a retracement, and Van de Poppe is eyeing support at $0.21245.

“XRP Takes ages, but we’ll get there.”

Source: Van de Poppe/Twitter

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/rangizzz

Source: https://dailyhodl.com/2020/09/06/top-strategist-outlines-path-ahead-for-bitcoin-ethereum-and-xrp-after-major-market-correction/

Blockchain

AllianceBlock Announces Decentralized Capital Market on Edgeware with Defi-NFT Approach

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[PR – Utrecht, The Netherlands, May 14, 2021]

AllianceBlock has announced it will launch a decentralized capital market on the Edgeware smart contract platform. The protocol brings unprecedented tooling to the Substrate-based Wasm contract palette, including NFT contract standards, Defi and DAO primitives to their peer-to-peer market, further empowering collectives and individuals to lend and fund across the network.

In the longer term, AllianceBlock is positioned to bridge traditional finance and defi through globally compliant platforms and tools – interoperating with the latest in digital organization and governance and their team’s background across both financial paradigms, including CEO Rachid Ajaja, previously at Barclays and the VINCI smart cities project:

Edgeware’s vision of building a community owned, decentralized platform with a focus on on-chain governance is perfectly in line with our own. We are seeking to build a new financial infrastructure that takes advantage of innovative technology, and Edgeware’s community treasury, facilities for DAOs, and bridging of digital and physical entities are important parts of linking DeFi with traditional finance.

We are excited to be integrating our products into Edgeware, and look forward to collaborating more moving forward.

Edgeware is currently the oldest and few of the mainnet Polkadot ecosystem smart contract platforms, enabling teams like AllianceBlock to fully test and deploy on variety of development and mainnet Substrate chains.The value alignment and technical foundation, including the opportunity to model best practices off the chain’s own governance, has made deployment on Edgeware a quick and effective launch.

Look forward to a launch AMA in the Edgeware and AllianceBlock community forums in the next few weeks.

About AllianceBlock

AllianceBlock is creating a protocol that will bridge DeFi and traditional finance (TradFi) to bring the benefits of both areas to one another and create the first decentralized capital market.

The AllianceBlock Protocol is designed to reflect how traditional finance would be built today with current technology. It incorporates new technology such as DeFi in a TradFi friendly manner, ultimately allowing us to facilitate services required by both spaces.

Long term, the decentralized blockchain-agnostic Layer 2 AllianceBlock Protocol will provide a secure and regulatory compliant gateway for billions of dollars present in TradFi to flow towards DeFi and enable DeFi platforms and protocols to be used by a much greater audience. In doing so, we will unlock DeFi for the world.

About Edgeware

Edgeware is a community-owned, fairly distributed, self-sustainable blockchain ecosystem built on Substrate with on-chain governance and a collectively managed treasury, enabling users to fund the chain’s development and teams to build projects.

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Source: https://cryptopotato.com/allianceblock-announces-decentralized-capital-market-on-edgeware-with-defi-nft-approach/

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Blockchain

Square Has No Plans to Buy More Bitcoin, Says CFO

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This comes on the back of a large Bitcoin dip following the most recent news that came from Tesla and its decision to halt bitcoin payments for its products.

A Slowdown of Enthusiasm

The unbridled electric energy in the air surrounding Bitcoin briefly halted after major cryptocurrencies plunged over 20% shortly following Elon Musk’s announcement that Tesla would no longer accept BTC.

Square’s massive Bitcoin position – 8,027 bitcoins – took a temporary dive, especially in light of the company’s most recent purchase ($170m with a cost basis of over $51,200). Square is still up about $200m with BTC overall (their initial purchase was at a lower price). Still, this recent dip has likely provoked upper management into slowing the pace of their diversification into riskier assets.

Undercurrents of Anticipation

This news by itself, however, isn’t enough to stop the undoubted growth of interest in cryptocurrencies worldwide. In Q1 of 2021, Square reported a whopping $3.5B in Cash App revenue, plowing through previous highs, thanks to Bitcoin transactions. Quarterly earnings expectations were beaten by more than double what analysts targeted.

Square’s Bitcoin-related revenue is up 11x, and its CEO Jack Dorsey is fully behind the movement. Earlier this year, he stated that he believed Bitcoin is “the Internet’s native currency,” and experts expect to see companies’ growing support for cryptocurrencies continue over the next few months, despite yesterday’s roadblock.


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Source: https://cryptopotato.com/square-has-no-plans-to-buy-more-bitcoin-says-cfo/

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Blockchain

PancakeSwap Lottery Hack: $1.8 Million in Question

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The Binance Smart Chain continues to see some of the projects being built on it exploited. The latest was done by someone who had access to the PancakeSwap admin address.

The Exploit

It’s an age-old problem with smart contracts: randomness. Solidity has no native random function, and all sources of randomness have to be on-chain. Projects use things like block headers, transaction hashes, and more to create legitimate sources of randomness, but none are truly random – they are merely pseudorandom.

This issue has led to exploits in the past, such as the recent Meebits exploit. The PancakeSwap lottery numbers were generated based on certain predictable conditions. The exploiter could use this information to predict the numbers in advance, thus draining the entire pool.

Who Did It, and Why?

The author of this post has provided detailed evidence proving that this may indeed have been foul play from the PancakeSwap admins, given that they created the contract, ‘found’ the exploit, and took the money using their own address.

While it’s true that the admin account did make use of the exploit and drain the funds, the author has a misconception: this was no foul play, and the funds weren’t stolen. While there has been no official statement from the PancakeSwap team on the matter, this event was clearly a white hat removal of funds from the contract, preventing a malicious actor from figuring out the bug and exploiting it.


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This is evident, first of all, from the fact that the PancakeSwap admins used their public known address to carry out the exploit. If they wished to drain the funds maliciously, they would have used an anonymous account. Secondly, the funds recovered from the lottery pool are being burned in batches by the admin address.

While an exploit is scary and never a good sign, the handling of this by the team instills some confidence, proving that PancakeSwap is willing to fix issues when necessary (even though they could have trivially taken the morally reprehensible path by stealing user funds).

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Source: https://cryptopotato.com/pancakeswap-lottery-hack-1-8-million-in-question/

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