Day: July 20, 2020

Synthetix Takes Mimetic Trading Platform Out of Stealth Mode

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Synthetix unveiled its new decentralized asset management platform dHedge, emerging out of stealth mode.  dHedge takes advantage of non-custodial mimetic trading for Synths, or tokens that provide exposure to assets such as gold, Bitcoin and the U.S. dollar on the Ethereum blockchain.  Synthetix founder Kain Warwick said dHedge will harness the full power of the protocol. He added: “dHedge is one of the first platforms to fully utilise the power of the Synthetix protocol. I’m extremely excited for its impact not just on the Synthetix ecosystem, but for DeFi at…

Binance Coin (BNB) Rallies 7%, Technicals Suggest Fresh Monthly High Above $19

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Binance coin price is gaining bullish momentum above the $18.00 resistance against the USDT. BNB is trading in a nice uptrend and it could aim a break above the $18.99 monthly high. Binance coin price is up more than 7% and it recently broke the $18.00 resistance against the USDT. The price is likely to continue higher above the $18.50 and $19.00 resistance levels. There is a crucial bullish trend line forming with support near $17.30 on the 4-hours chart of the BNB/USDT pair (data source from Binance). Bitcoin could…

ERC-20 Tokens Make up About 50% of Entire ETH Blockchain

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With the five-year anniversary of the Ethereum blockchain less than two weeks away, the market cap performance of ERC-20 tokens has skyrocketed to almost achieve parity with that of Ether. Ryan Selkis, CEO of crypto analytics firm Messari, said in a July 17 newsletter that over the past two months, the market cap of all ERC-20 tokens has shot up to roughly $25.6 billion, about 49% of the total assets on the Ethereum (ETH) blockchain, $52.6 billion.  “Ether now only accounts for 51% of the value secured on the Ethereum…

Bitcoin Lacking Momentum Above $9,200, But Signs of Bullish Break Emerge

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Bitcoin is slowly rising and trading above the $9,150 level against the US Dollar. BTC is struggling to gain bullish momentum above $9,200, but there are a few bullish signs emerging on charts. Bitcoin recovered above $9,200 and traded as high as $9,240. The price is currently trading nicely above the $9,150 level and the 100 hourly simple moving average. There was a break above a significant bearish trend line with resistance near $9,160 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must stay…

Peter Schiff Doubles Down on Sentiment That Bitcoin Is a “Pyramid Scheme”

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Despite a decade-long track record and growing adoption as a medium of exchange and store of value, Bitcoin is still seen as a pyramid scheme by some. One such individual that still sees the leading cryptocurrency in that light is Peter Schiff, the chief executive of Euro Pacific Capital and a long-time gold bull. Schiff is also one who predicted the 2008 Great Recession a few years before it happened. Related Reading: PSA: There’s A Crypto Scam on Youtube Misappropriating Cardano Content BTC Is A Pyramid Scheme? Peter Schiff Thinks So…

Huobi Japan Opens Voting on Listing 6 New Tokens

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Major Japanese exchange Huobi is asking its users to vote before August 16 on which new cryptocurrencies they would like to see listed.  According to an update on the Huobi website posted on July 16, the Japan-based exchange is considering adding Enjin (ENJ), IOS Token (IOST), Neo (NEO), Ontology (ONT), Qtum (QTUM), and Tezos (XTZ).  Huobi account holders started voting on which tokens they want to see listed on the exchange on July 16. Users are granted one vote per account every Friday for a maximum of five votes. Voting…

It’s “Open Air” for Bitcoin Down to $7,000 as Technical Weakness Mounts

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Bitcoin has been flashing some signs of technical weakness as it hovers above the lower boundary of its long-held trading range between $9,000 and $10,000. Its inability to stabilize above the support that was previously established in the mid-$9,000 region does point to some underlying weakness amongst buyers. The lower boundary of the cryptocurrency’s trading range also coincides closely with its crucial Ichimoku Cloud support. Although this support has been defended thus far, a break below it leaves “open-air” for Bitcoin to reel lower. One analyst is even noting that…

Ethereum Bears Will Get “Scorched” If This Pivotal Resistance Breaks

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Like Bitcoin, Ethereum has flatlined over the past few months. For just around eight weeks now, the leading altcoin has traded in between $230 and $240, barely deviating from these two levels. Yet an analyst expects a massive breakout should ETH break above an extremely close resistance level. Related Reading: Crypto Tidbits: Twitter’s “Bitcoin Scam,” Elon Musk & Dogecoin, Institutions Want BTC & ETH Here’s How Ethereum Bears Could Soon Get “Scorched” According to a cryptocurrency trader, Ethereum breaking above the red line seen in the chart below will cement…

Improving AML/KYC Compliance Will Be a Differentiator Says Exec

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The ability to verify documents and comply with anti-money laundering (AML) and know-your-customer (KYC) requirements is now a differentiator for crypto firms, said identity verification provider Trulioo. Anatoly Kvitnitsky, Trulioo’s vice president for growth, told Cointelegraph that as crypto crosses many borders, those who want to stand out and maybe attract those looking to exchange crypto to fiat or vice-versa compliance with regulatory requirements.  “It is a good idea to improve the crypto world’s approach to compliance, especially as exchanges become more and more common,” Kvitnitsky said. “Definitely something like…

This Unexpected Signal Indicates Bitcoin Is About to See a Bull Trend

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Bitcoin’s price action has been extremely boring over the past two months, with the leading cryptocurrency trading in a historically small range. Bulls, however, may soon get a boost as the premium between the Bitcoin spot market and the implied price of BTC determined by Grayscale investors has shrunk. Related Reading: Crypto Tidbits: Twitter’s “Bitcoin Scam,” Elon Musk & Dogecoin, Institutions Want BTC & ETH Bitcoin Could Soon Enter Bull Run, Predicts Unexpected Signal According to a Bitcoin chartist, the premium between the two markets has reached under 5% in a…