Day: July 23, 2020

Ethereum Options Traders Jump the Gun as ETH Price Soars to $280

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Since the start of the week Ether (ETH) has gained more than 17% and the gains appear to be connected to increasing stablecoin use and the rise of DeFi applications.  As reported by Cointelegraph, Ethereum network usage surpassed Bitcoin’s, doubling the volume settled over the entirety of 2019. Another possibly bullish factor in the background is the Ethereum 2.0 final testnet scheduled for August 4. This appears to have investors in a good mood, despite the current rise in gas fees. Over the past week investors rushed to options markets,…

Crypto Race Heats Up: Bitcoin’s Dominance Ratio Drops to Lowest Level in 12 Months

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The largest digital asset by market capitalization, bitcoin has lost a significant share of market dominance during the last few weeks. Bitcoin’s dominance ratio dropped to 61.5% on Thursday, after hovering around 66% for months on end. The last time the crypto asset’s dominance level was around the 61% range was over 12 months ago on June 30, 2019. Bitcoin has the largest market valuation out of all the digital assets in existence. BTC’s market cap today is around $175 billion out of the grand total of $284 billion that…

Crypto Usage and Trading Surging in Africa, Exchange CEO Says

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Crypto usage and trading has made its way over to Africa, gaining prevalence all over the continent, according to Chris Maurice, CEO of Yellow Card — a crypto exchange based in Lagos, Nigeria. “In terms of the crypto scene and everything, things are growing very rapidly, really across the continent, but specifically in Nigeria, South Africa, Ghana, and Kenya,” Maurice told Cointelegraph in an interview.  With the four mentioned countries leading the crypto charge, Maurice added, “At this point, it’s just a matter of time before it continues to expand…

Ethereum Just Broke a Multi-Year Accumulation Range; $350 May Be Imminent

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Ethereum incurred a strong impulse higher yesterday that allowed it to shatter through the upper boundary of its macro trading range between $230 and $250. This allowed the cryptocurrency to completely alter its technical trajectory, as analysts are now noting that it could be poised to push significantly higher in the days and weeks ahead. It is also important to note that the strength of this movement even created a tailwind that lifted Bitcoin higher, as the benchmark cryptocurrency closely followed ETH. Analysts are now noting that this latest move…

Market Wrap: Bitcoin Hits 1-Month High; DeFi Value Locked Hits $3.3B

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Thursday was an up day for both bitcoin and ether prices. Bitcoin (BTC) trading around $9,590 as of 20:00 UTC (4 p.m. EDT). Gaining 2% over the previous 24 hours. Bitcoin’s 24-hour range: $9,364-$9,686 BTC above 10-day and 50-day moving averages, a bullish signal for market technicians. Bitcoin trading on Coinbase since July 21.Source: TradingView Read More: 3 Reasons Bitcoin’s Price Could Soon Rise to $10K Bitcoin prices rose for a third straight day to its highest price in a month, reaching $9,686 Thursday. George Clayton, managing partner of New…

US Takes Down $25 Million Bitcoin ATM Operation, Seizes 17 Machines

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The U.S. government has taken down a $25 million bitcoin ATM operation and seized 17 machines along with some cryptocurrencies. The Department of Justice says the man behind this unlicensed bitcoin ATM operation has agreed to plead guilty and is facing up to 30 years in prison. US Dismantles Bitcoin ATM Operation The U.S. Department of Justice (DOJ) announced Wednesday that a California man, Kais Mohammad, has admitted to operating an unlicensed bitcoin ATM network that “laundered millions of dollars of bitcoin and cash for criminals’ benefit.” The 39-year-old owned…

How Crypto Market Fear And Greed Be Used Profitably As A Trade Trigger

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Investing in Bitcoin is a wild and bumpy ride. Some choose to “HODL,” while others decide to trade the normally volatile crypto asset. Both are subject to extreme fluctuations in price, however, traders can turn market sentiment into a profitable trading signal. Here’s how the cryptocurrency market fear and greed index can be used as a trade trigger, along with a clear anomaly where such a strategy proved completely ineffective. Contrarian Trading Against Speculative Sentiment And Hype Sentiment in the crypto market is nearly as all over the place as…

“There’s a Bitcoiner In the Hen House,” Pomp Says Regarding Crypto Bank Regulation

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Recent regulatory approval for banking crypto custody comes after a Coinbase alum took a prominent seat as the Acting Comptroller of the Currency for the the Office of the Comptroller of the Currency, or OCC — a U.S. banking regulator.  “There’s one major change that occured over the last 60 days,” Morgan Creek Digital co-founder Anthony Pompliano said in a July 23 episode of his YouTube show, Lunch Money.  Pomp added: “Brian Brooks, who used to be the chief legal officer of Coinbase, is now the Acting Comptroller of the…

Bitcoin Rallies 5% as US Regulator Greenlights Bank Crypto Custody

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The price of Bitcoin (BTC) is up 5% in the past 24 hours and currently trades at $9,600 after reaching a daily high at $9,664. The overnight increase in BTC coincides with an unexpected decision from the Office of the Comptroller of the Currency (OCC). On July 22, the OCC said banks in the U.S. are allowed to hold cryptocurrencies. It essentially gave the green light to bank-operated crypto custodial services. Within a day of the announcement, the cryptocurrency market surged. In tandem with BTC, Ether (ETH) also saw a…

Chinese Blockchain Projects Unite to Push Mainstream Adoption Forward

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NEO, a project dubbed the “Chinese Ethereum”, and the Blockchain-based Services Network, or BSN, are joining forces to push blockchain’s mainstream adoption forward, according to an official announcement on July 22. Overcoming major barriers  High entry barriers and fragmented developer experiences are major barriers which are preventing the mass adoption of blockchain technology, according to the report.  To solve these problems, BSN aims to provide a public repository of blockchain resources. The network will also try to reduce costs related to development, deployment, operation, maintenance, connectivity, and application management. As…