Day: July 26, 2020

Why Bitcoin Suddenly Spiked to $10,200, Instantly Liquidating $75M

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The price of Bitcoin (BTC) rose to as high as $10,272 on July 26 in an unexpected weekend rally. It liquidated $74 million worth of long contracts on BitMEX alone, catching many traders off guard. The hourly price chart of Bitcoin. Source: TradingView.com There appear to be two main reasons behind the abrupt upsurge of Bitcoin from $9,700 to over $10,200. They are the liquidation of over-leveraged shorts and traders taking profit from over-extended alternative cryptocurrencies (altcoins). Profit-taking pattern observed as Bitcoin spikes When the price started to rally, major…

Bitcoin Explodes Past $10,000 For the First Time in Six Weeks: $50M Liquidated

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Bitcoin is back. Over the past few minutes, the asset has rocketed higher past $10,000 for the first time in approximately six weeks. At the local highs, the asset reached $10,150 — and slightly higher on margin exchanges. BTC price chart from TradingView.com According to data shared by crypto derivatives tracker Skew.com, approximately $50 million worth of Bitcoin short positions have been purged on BitMEX. This is the largest liquidation event in many weeks since there has been such low volatility in these markets. BTC’s price action comes as the…

Ethereum Hits $320 as Price Goes Parabolic: What Analysts Think Comes Next

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Ethereum is ripping higher after having broken past the pivotal $250 resistance earlier this week. As of this article’s writing, the asset trades for a few dozen basis points shy of $320 — a price almost 30% higher than that of five days ago. ETH’s latest leg higher has brought it to a new year-to-date high. Earlier this year, in February, the asset topped at around $290 before proceeding to plunge to $88. This latest move, then, has been a breath of fresh air for bulls. Chart of ETH’s price…

Crypto Is Next Step in Currency Evolution but Must Adapt to Succeed

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As the human race evolves, our means of exchanging value also continuously develops. From the barter system that dates back to 6,000 B.C. to the present-day use of fiat currency, the human race has been on a nonstop journey toward creating more efficient exchange methods. Factors such as convenience, availability, stability and sustainability have played crucial roles in the evolution of exchange methods. What is fiat currency? Fiat currency is essentially paper money backed solely by the government’s word and central bank regulations. It became the preferred method of exchange…

Ethereum Racks Up Serious Numbers to Set Benchmarks

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Ethereum’s dominance as the preeminent smart contract blockchain platform has been boosted by the popularity of decentralized finance and decentralized applications tokens in 2020, with ERC-20 tokens now accounting for nearly half of the assets on the blockchain. The smart contract platform has been in existence for just under five years and, in that space of time, has established itself as the blockchain of choice for DApp developers. Adding substance to that claim is data indicating that Ethereum has overtaken Bitcoin as the blockchain with the highest daily settlement value.…

Technicals Suggest Uptrend Isn’t Over Yet

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Ethereum followed a strong uptrend above $250 and $270 against the US Dollar. ETH price surged above the $300 level and it is currently consolidating gains. ETH price gained more than 20% in the past few days and it surpassed $300 against the US Dollar. A new monthly high is formed near the $310 level and the price is currently correcting lower. There is a major bullish trend line forming with support near $295 on the 4-hours chart of ETH/USD (data feed via Kraken). The pair is likely to continue…

ESPN Announces Online Gaming That Allows Bitcoin Deposits and Withdrawals

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ESPN Global has announced the launch of a blockchain-powered gaming platform, which will allow competitors to deposit and withdraw using bitcoin and other cryptocurrencies through Cryptopay. The platform is also integrating an online treasure hunt, Satoshi’s Treasure, with $1 million worth of bitcoin to be split among 1000 winners. In a June 23 statement, the UK-based company said it is in the pre-launch phase of a platform that will offer some of the most popular games in one mobile application for crypto prizes. Blockchain technology will decentralize verification and support…

Bitcoin Bulls Aim Big After Recent Bullish Breakout At $9,650

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Bitcoin is gaining bullish momentum above the $9,500 and $9,600 levels against the US Dollar. BTC is likely to continue higher towards $10,000 as long as it is above $9,500. Bitcoin is up over 3% and it surpassed the $9,650 resistance zone. It traded as high as $9,748 and settled well above the 100 simple moving average (4-hours). There is a crucial bullish trend line forming with support near $9,650 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair must stay above the $9,650 support…

Ethereum Price Rally to $370 Depends on Bitcoin’s Upcoming Weekly Close

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On Saturday Bitcoin (BTC) and Ether (ETH) price perked up as BTC briefly pushed above $9,700 and Ether set a 2020 high at $309.  The weekend surge comes as a bit of a surprise as weekends are typically marked by low trading volume and some traders avoid the markets due to the volatility that sometimes accompanies the weekly close.  Crypto market weekly price chart. Source: Coin360 Technicals aside, Ether’s rapid ascent to $309 could also be receiving a sentiment boost from the news that the total value of funds locked…

Spotting the Potential of NFTs in the Blockchain Gaming Industry

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Non-Fungible Tokens (NFTs) are emerging as a very popular blockchain trend in gaming, as they’re also now being used in the sports industry (ticketing), financial services, and as a way to sell and transfer property, highlighted Craig Russo, director of innovation of an investment firm and startup ecosystem, Polyient Games. In an interview with Cointelegraph, Russo explains that NFTs first captured the attention of the mainstream crypto community in 2017 with the launch of Ethereum (ETH) collectibles game, CryptoKittie. Since then, Russo believes that the NFT market has come to…