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Weekly Price Update: BTC/USD and ETH/USD struggle below major resistance areas

Bitcoin touched $9,944 while ETH/USD dropped to lows of $316 over the weekend. BTC/USD…

The post Weekly Price Update: BTC/USD and ETH/USD struggle below major resistance areas appeared first on Coin Journal.

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Bitcoin touched $9,944 while ETH/USD dropped to lows of $316 over the weekend.

BTC/USD broke below $10k and is struggling around $10,200 while ETH/USD bulls need to clear $350 before attacking $400.

The crypto market in general is seeing some green after a week of sell-off pressure pushed most coins to lows seen pre-last month.

A more dramatic action this past weekend was perhaps seen with DeFi token SUSHI. The SushiSwap protocol’s founding developer ‘Chef Nomi’ sold off his holdings, with the token’s price tanking close to 80% to touch lows of $1.17.

FTX CEO Sam Bankman-Fried then took over the project’s keys, with prices rebounding 30% as of writing.

BTC/USD

The top cryptocurrency had a weekly close below the psychological $10k the week ending July 20 at $9,944; with $10,200 the timeframe’s high.

This past week, Bitcoin tanked from highs of $12k to test prices just under $10k before printing the $10,260 weekly candle. Bulls face a huge fight to retake $11,000 as sellers continue to reject deals around $10,300.

BTC/USD does however have healthy support around $10,000, which is a major demand zone. According to data from IntoTheBlock, over 78% of wallets purchased the digital asset around this price level to suggest investors are likely to hold out in the hope for more gains.

Short term, however, Bitcoin is mostly bearish and could trade within a narrow range at $10,100-$10,400 if the technical picture does not improve. This outlook is reinforced by the Relative Strength Index and a MACD that are both holding deep within the bear territory.

Bitcoin price chart Source: TradingView

Recovery above the immediate resistance level at $10,400 could bring $11k into the picture and see bulls look to retest the next major hurdle at $11,160 (SMA50). A breakdown at this level brings the CME gap to $9,700 and below that the SMA200 ($9,086) into the picture.

ETH/USD

Ethereum has recovered some of the losses posted over the past week and is trading around $349 after the ETH/USD pair plunged to lows of $316 over the weekend.

ETH/USD is up more than 6% in intraday trades and is looking strong on the lower time frames. However, renewed selling pressure above the 24-hour high $359 and major resistance area at $400 will likely scamper any chance of short term retest of last week’s highs near $500.

ETH/USD 1-day price chart. Source: TradingView

Bulls must aim at taking out resistance around $374 (SMA50 on the daily charts) to sustain momentum towards the psychological $400.

At the time of writing, the bulls have failed to break above $360 with prices touching an intraday high of $359. If bears exert added pressure, Ethereum’s price could retest lows of $319 seen over the weekend. ETH/USD could even revisit the $305 price level if bulls run into exhaustion in later sessions. That key support area is marked by the intraday SMA100.

Source: https://coinjournal.net/news/weekly-price-update-btc-usd-and-eth-usd-struggle-below-major-resistance-areas/

Blockchain

Ripple’s Garlinghouse to File Dismissal Motion Against the SEC Lawsuit Over XRP Sales

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Ripple’s Garlinghouse to File Dismissal Motion Against the SEC Lawsuit Over XRP Sales

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The CEO of Ripple, Brad Garlinghouse is filing for a motion to dismiss the SEC lawsuit against himself and Ripple. This is according to a copy of a letter written by Garlinghouse’s lawyer stating that he intends to file a dismissal motion for the case.

The letter claims that the case was nothing but a regulatory overreach as the company’s sale of XRP did not involve any contract and the proceeds were not pooled with other buyers in a common enterprise. Its price also fluctuates in line with other digital assets such as Bitcoin and Ethereum.

“But Mr. Garlinghouse’s XRP sales involved no contract of any kind with the buyers, as his sales were done anonymously over an exchange. Nor were the proceeds of Mr. Garlinghouse’s sales pooled with other buyers in a common enterprise. And XRP’s value historically has not been correlated with Ripple’s actions, results, or public announcements, but instead with changes in the value of other digital assets, such as bitcoin and ether, that the SEC has publicly declared are not securities”, the letter read.

Ripple and its top executives have been in court since the SEC filed a lawsuit against them alleging that they illegally sold a security (XRP) and made profits of over $1 billion. Garlinghouse has however maintained his position that XRP is not a security.

This could be because other countries such as the UK hold XRP in high regard. Garlinghouse had last year indicated his intention to move Ripple headquarters over to the UK before the SEC lawsuit. In early February of this year, the company filed a defense for the suit which has led to a few more lawsuits.

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In 2015 and 2020, both the Department of Justice and the Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) declared XRP to be a “virtual currency”. The two departments even asked Ripple to implement anti-laundering in place, a requirement that Ripple claims securities are not expected to meet.

The outcome of Ripple’s case with the SEC could be a big determinant of future regulations in the cryptocurrency industry and the entire space awaits the outcome.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

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Source: https://zycrypto.com/ripples-garlinghouse-to-file-dismissal-motion-against-the-sec-lawsuit-over-xrp-sales/

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Crypto fund KR1 makes investment in blockchain data protocol LazyLedger

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KR1, a crypto & blockchain asset investment company, had announced that it has invested a total of USD $75,000 into Strange Loop Labs AG, doing business as LazyLedger Labs.

The investment company took part in LazyLedger’s seed funding round alongside Cosmos’ Interchain Foundation, Binance, Dokia Capital,  Maven 11, and other investors.

LazyLedger is a pluggable consensus and data availability layer to enable anyone to quickly deploy a decentralized blockchain; without the overhead of bootstrapping a new consensus network.

“LazyLedger is a great project and an opportunity to bring better data availability to blockchains; which reduces bloat and increases performance. We believe that LazyLedger is going to play a big role in the next generation of scalable blockchain architectures.”
– Keld van Schreven, Managing Director and Co-Founder of KR1

LazyLedger’s founding team are highly respected decentralized systems engineers and researchers; who were part of the founding team of Chainspace, a blockchain project acquired by Facebook, as well as contributors to Ethereum 2.0 and Cosmos’ Tendermint.

“I’m excited about KR1 supporting LazyLedger as they have been around from day one and the experience they bring is invaluable as one of the oldest funds in the crypto space.”
– Mustafa Al-Bassam, Co-Founder of LazyLedger

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Source: https://www.cryptoninjas.net/2021/03/04/crypto-fund-kr1-makes-investment-in-blockchain-data-protocol-lazyledger/

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DeFi yield optimization protocol ETHA Lend closes $1.6M funding round

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ETHA Lend, a yield optimizer protocol for DeFi, today announced it has closed a $1.6 million initial funding round from lead investors Digital Finance Group (DFG), AU21 Capital, and Privcode Capital.

Other investors include: Vector Capital, Chain Capital, PNYX Venture, Lancer Capital, Oasis Capital, TRG Capital, Candaq Capital, Dealean Capital, Inclusion Capital, Origin Capital, ZB Capital, YBB Foundation, AC Capital, Hotbit.

Designed to provide automated yield allocation across Ethereum and Polkadot DeFi ecosystems; ETHA Lend will be governed by ETHA token holders. The protocol’s algorithm is constructed to understand the precise circumstances of a liquidity provider and supply events; protecting users from high transaction costs, market limitations, and asset volatility.

 “We are excited to have some of the most reputable names in the crypto investment and DeFi funding market on board. Our protocol hosts unique integrations of the DeFi space that shall let users dabble with yield farming with unseen simplicity, cross-chain independence, and progressive yield optimization opportunities. You can look forward to a time when the sector shall be free of the haunting tribalism and intimidations both for new and expert users.”
– Chester Bella, Founder of ETHA LEND

The close of this funding round will enable ETHA Lend to accelerate development towards its mainnet launch, currently scheduled for Q2 2021. ETHA Lend’s smart contracts are being inspected by Certik; one of the most highly reputed blockchain security auditors.

Source: ethalend.org

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Source: https://www.cryptoninjas.net/2021/03/04/defi-yield-optimization-protocol-etha-lend-closes-1-6m-funding-round/

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