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Wednesday Watch: Closely Watching

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Good morning. Crypto prices have retreated again, but again, we’re not here thirty days ago. It’s still up. It matters, of course, if you bought Bitcoin at $40k. Btw, BitPinas has an excellent posts mapping where Filipinos can buy Bitcoin and other cryptocurrencies, from virtual currency exchanges to P2P marketplaces.

Welcome to Watch, part of our new series: BitPinas Daily. We will look at the price of Bitcoin, Ethereum and the major cryptocurrencies. Crypto is global, but sometimes news that matters happens while we sleep. So we bring to you what’s happening in our space here and abroad. 

Market Price as of January 13, 2021:

Bitcoin $33,938 -4.86%
Ethereum $1,045.41 -4.35%
Tether $1.00 -0.99%
XRP $0.293570 1.11%
Bitcoin Cash $451.73 -6.13%
SLP $0.013 8.33%

Bitcoin closed January 12, 2021, at $33,938 per BTC. We’re down -2.7% in the last 7 days and 13% since the year began. This is 21.5% below the previous all-time high of $41,940, which was hit on Jan. 8, 2021.

Bitcoin’s market capitalization stands today at $615,347,714,586 which is 66.82% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $916,615,834,820.

On the table above, there’s the cryptocurrency SLP. If you wonder what that is, check out this article: Playing Axie Infinity vs Minimum Basic Salary in the Philippines.

Table of Contents.

DeFi

OCC Chief on DeFi: Get ready for self-driving banks

In an op-ed for The Financial Times, Brian Brooks, the acting chief of the U.S. Office of the Comptroller of the Currency (OCC), the country’s currency regulator has warm words about how DeFi could change how banks work in the future, attributing to its greater efficiency.

Comparing it to self-driving cars, Brooks said DeFi is paving the way for self driving banks (Banks without bankers). Still, he doesn’t think there are regulations currently in place that can be interpreted to work for DeFi. After all, bank regulation is more about regulating bankers actually. 

Here are some of his thoughts:

  • Federal regulators could ensure fair treatment of customers by self-driving banks. 
  • Regulators could properly examine a bank that exists only as software. (“It may be easier than supervising banks today,” he said.)
  • Regulators could ensure self-driving banks properly serve their communities. (“Their greater efficiency would free significant amounts of capital that is lost to operating costs today or slowed by decisions dependent on human grey matter.”)

But can self-driving banks — banks without officers and directors — become banks under current regulations? Brook’s said not yet. Bank charters, for now, can only be issued to human beings. “But those antiquated rules should be revisited just as regulations that still mandate the use of fax machines should be,” he concluded. 

Liquidations

$2.9 billion: Bitcoin liquidations kick up broader market headwinds

(By Frank Chapparo, The Block) “Data collected by The Block Research shows that liquidations of bitcoin futures long positions topped $1.47 billion on Sunday. Additional data from ByBt shows that liquidations over the last 24-hours stand at nearly $2.9 billion.”

Corporate

MicroStrategy plans to get more corporations buying Bitcoin

(By Scott Chipolina, Decrypt) “Business intelligence firm MicroStrategy is offering a free, online course in Bitcoin strategy on February 3 and 4, 2021.”

Bitcoin

Top 100 Bitcoin addresses accumulated $11B more BTC in the past 30 days

(By Joshua Mapperson, Cointelegraph) “The top 100 richest Bitcoin addresses are increasingly bullish, accumulating 16% more Bitcoin over the last 30 days. In total these addresses added 334,000 more Bitcoin to their bags, or around $11 billion worth. The majority barely reacted to Bitcoin’s recent price drop from $41,000 to below $33,000. Only seven addresses conducted a transfer out of the wallet since the most recent all-time-high on January 10.”

What else is happening

  • Telegram sees 25 million new users in 72 hours. (Scott Chipolina, Decrypt)
  • Mark Cuban is more into crypto than he’s previously let on. (Turner Wright, Cointelegraph)
  • Coinbase implied IPO valuation is now $75 billion (Sam Reynolds, Blockworks)
  • Tether minted $2 billion last week (Zack Voell, Coindesk)

This article is published on BitPinas: Wednesday Watch: Closely Watching

Please share and grow the BitPinas community.

Source: https://bitpinas.com/price-analysis/wednesday-watch-closely-watching/

Blockchain

Polkadot, Ethereum Classic, Maker Price Analysis: 27 December

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Polkadot moved below its $16.05-support level, with its indicators highlighting more bearishness for the price over the coming trading sessions. Other altcoins such as Ethereum Classic and Maker moved within fixed channels on their charts and awaited further cues from market leaders BTC and ETH.

Polkadot [DOT]

Source: DOT/USD, TradingView

The world’s fourth-largest cryptocurrency, Polkadot was trading at $15.7, at press time, down by 8.6% in 24 hours. The fall was a sign of the selling pressure that gripped the market since the price was unable to break above the $18.9-resistance. On the charts, the candlesticks moved below the 20-SMA (yellow) and 50-SMA (blue) and signaled a bear market for DOT. Moreover, the indicators suggested that the bearish momentum was on the up and that the price could move lower on the charts.

The Awesome Oscillator’s red bars rose in length below zero and so did the red bars on the MACD’s histogram.

Ethereum Classic [ETC]

Source: ETC/USD, TradingView

Ethereum Classic moved rangebound between $7.74 and $7.06 as a lack of strong momentum prevented a breakout in either direction. Low trading volumes and limited buying activity also accentuated the crypto’s recent price action. An extended bearish scenario could see the price fall below its immediate support level and move towards the $6.2-support. On the other hand, a bullish outcome would see the price rise towards the $8.3-resistance level.

The Relative Strength Index stabilized just above the oversold zone and outlined the bearish nature of the crypto’s price.

The Chaikin Money Flow suggested that capital inflows into the market were beginning to recover on the charts.

Maker [MKR]

Source: MKR/USD, TradingView

Maker was trading within a channel of $1,490.60 and $1,325.90, at press time, continuing its trend over the past five days. While it looked like the bears were about to flip the press time support, some bullish activity was recorded in the last trading session. However, a further pullback in the broader market could see the price head lower towards $1,153.4, while a bullish scenario could see a rise towards the immediate resistance.

The Bollinger Bands suggested low volatility in the price as the bands were compressed.

Finally, the Awesome Oscillator was bearish-neutral, but the momentum was weak.

Source: https://ambcrypto.com/polkadot-ethereum-classic-maker-price-analysis-27-december

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Blockchain

Chainlink Price Analysis: 27 January

Republished by Plato

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

Chainlink‘s price was highlighting the promise of a surge, one that could range anywhere between 18% to 40% over the next month. This surge will be pivotal to the project’s prospective listing by the Grayscale Investment company. It should be noted though that while the rumor got some credibility recently, Grayscale hasn’t announced the listing of these assets yet.

At press time, LINK was trading at $21.42 with a market cap of $8.6 billion, with the altcoin ranked the seventh-largest cryptocurrency on CoinGecko. After recording a 3.2% surge over the previous week, the oracle platform token might be witness to yet another surge soon.

Chainlink 6-hour chart

Source: LINKUSD TradingView

The attached chart highlighted that Chainlink was in a massive bearish ascending parallel channel pattern. The price got close to hitting the upper trendline, but failed after two tries. However, these attempts were what pushed LINK past its previous ATH and towards the new ATH at $25.8. Since hitting the new ATH, LINK’s price has seen a pullback down towards the lower trendline of the parallel channel, where it stood at press time.

Not only was the price being supported by the lower trendline of the channel, but the short-length EMA [yellow] was also preventing the price’s collapse. Hence, the price seemed to be primed for a bounce.

Adding more credibility to this bounce were the RSI and the Stochastic RSI, with both underlining a dip towards the oversold zone and loss of downward momentum. Finally, the MACD indicator was well below zero on the 6-hour chart, showing no signs of heading higher.

Conclusion

Overall, LINK’s price looked bearish on the charts, but considering the aforementioned supports, the bullish scenario also makes sense. There are two scenarios as to how the price could evolve.

In the first scenario, the price will bounce from the lower trendline of the channel or the mid-length EMA [blue] and head higher. This uptrend will have the potential to push the price up by 18% to 40% to $25.8 and $30.8, from where the price stood at press time.

A continuation of the downtrend after closing below the lower trendline would push the price down to $19.4 or $18.2, a development that would mean a 10% to 15% drop from the press time price.

Source: https://ambcrypto.com/chainlink-price-analysis-27-january

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Blockchain

Binance Coin, Synthetix, Zcash Price Analysis: 27 January

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Binance Coin was trading within a restricted channel and it awaited further direction from the broader market for a breakout. SNX flipped the $17-resistance level, but the indicators suggested that bullish momentum was slowing down. Finally, ZEC moved closer to its 200-SMA and a fall below that level would confirm a bear market trend.

Binance Coin [BNB]

Source: BNB/USD, TradingView

Binance Coin was little changed over the last 24 hours as the crypto-asset traded at $41, up by 0.6%. In fact, BNB saw some consolidation over the past few trading sessions and the price moved between a fixed channel of $41.9 and $40.5. The price might continue to move within the said channel and a breakout in either direction would depend on further cues from market leaders Bitcoin and Ethereum.

The Awesome Oscillator suggested that momentum was bullish-neutral.

Although the Relative Strength Index was pointing south, it remained in the neutral zone and did not underline a strong move in either direction.

Synthetix [SNX]

Source: SNX/USD, TradingView

The final session of trading saw some bearish movement after SNX managed to flip the $17-resistance. Lower trading volumes and subdued buying activity over the last 24 hours suggested that bulls could struggle to maintain SNX above its resistance level and a move towards the $15.8-support level was a likely outcome.

The Stochastic RSI witnessed a bearish crossover and the index was pointing towards the oversold zone, while the On Balance Volume showed muted buying activity.

Zcash [ZEC]

Source: ZEC/USD, TradingView

Zcash has had a rough week, one that has seen the price fall below several support levels. In fact, ZEC was one of the biggest weekly losers among the top-50 coins by market, with losses of over 16% in seven days. On the charts, the price moved towards the 200-SMA (green), a level which is expected to offer support to the price in case of an extended fall. A dip below the 200-SMA would present some strong sell signals and confirm the bearish cycle over the last two weeks.

The Bollinger Bands noted low volatility in prices as the bands were compressed. The candlesticks could continue to move between the Signal line and the lower band in a bearish scenario.

Meanwhile, the Parabolic SAR’s dotted markers were above the candlesticks and highlighted short-term bearishness over the past couple of days.

Source: https://ambcrypto.com/binance-coin-synthetix-zcash-price-analysis-27-january

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