Day: January 18, 2022

Bitcoin Drifts Lower; Stuck Between $40K Support and $45K Resistance

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Bitcoin (BTC) has traded in a sideways range over the past week, although buyers continued to hold support around $40,000. The next level of resistance is between $43,000-$45,000, which could limit short-term price gains. BTC is roughly flat over the past 24 hours, as most technical indicators remain neutral into the Asia trading day. The relative strength index (RSI) on the four-hour chart is the most oversold since Jan. 7, which preceded a 10% price bounce. In a downtrend, however, price reaction to oversold readings could be delayed by a…

Cardano goes ‘full send’ with a 50% ADA rally ahead of SundaeSwap launch

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Cardano (ADA) traded within striking distance of its three-week high  at the start of this week, leading some investors to suggest that a trend reversal was in order. In reality, the bullish momentum is primarily connected to an anticipation of the upcoming decentralized exchange (DEX) called SundaeSwap. ADA price rose by nearly 12% on Jan.17 to reach an intraday high of $1.60, a day after SundaeSwap announced the launch of its “fully-functional beta decentralized exchange (DEX).” Nonetheless, the upside swing also came as a part of a wider rebound trend…

Descending Dogecoin Pattern Predicts Deadly Drop

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Dogecoin has had a dramatic year. Starting only one year ago, DOGEUSD passed the one cent mark and embarked on a meme-fueled moon mission toward $1. It never quite got there, and has been in a downtrend ever since. The downtrend has also since taken a walk down a dangerous path, putting the altcoin in jeopardy of another deadly drop. Here is what could be in store for Dogecoin in the days ahead. Crypto House Training: Good DOGE, Bad Behaviors There are two sides to every coin, and even a…

DeFi Needs to Be More Accessible for Greater Adoption

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Decentralized technologies are about to revolutionize the global financial system and its institutions. Decentralized Finance (DeFi) offers interesting potential to reduce costs and increase the speed of payments by eliminating friction in terms of technology, contracting and coordination between several parties. DeFi delivers on the promise of faster, better, and cheaper payments, but a number of hurdles need to be overcome, including regulatory, business and technical adoption of this nascent infrastructure. The sad reality is that most decentralized finance (DeFi) wallets and protocols are complicated to use, especially for newbies.…

70% Of Bitcoin Supply Is In Profit

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On-chain data shows about 70% of the total Bitcoin supply is currently in profit, a level that has historically been important for bulls. Around 30% Of Total Bitcoin Supply Is Now Underwater As per the latest weekly report from Glassnode, the percentage of BTC supply in profit has now fallen off to just 70%. The “percent of supply in profit” is an indicator that measures the percentage of the total Bitcoin supply that’s currently in the green. When the value of this metric increases, it means more coins have started…

IRS Craves For A Crackdown

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Last year, when the NFT Everydays: The First 5,000 Days by Beeple sold at Christie’s for $69.3 million, it catapulted the non-fungible token’s market into the mainstream. A large number of people have invested billions in this industry and the boom is not stopping. Recently, NewsBTC reported an aggressive surge in the NFT trading volume this year despite the falling crypto market. A report by Dappradar showed that in the first ten days of January, NFT trading generated around $11.9 billion. Our previous report quotes Mason Nystrom, a senior research…

Intel To Present Low Voltage, Energy Efficient Bitcoin Mining Chip At Conference

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This could be huge. Intel plans to enter the Bitcoin mining space with a cleverly marketed “ultra-low-voltage energy-efficient” ASIC chip. Considering that the chip shortage severely delayed the next generation of ASIC miners, this is tremendous. And, more importantly, it opens up the door for Bitcoin miners manufacturing in the USA. And in the rest of the Western world, even.  Related Reading | Why Did China Ban Bitcoin Mining? Here Are The Seven Leading Theories In December, Raja Koduri hinted at Intel’s intention to get into the Bitcoin mining space.…

Bitcoin Miners’ Margins Are Still ‘Quite Healthy’ Even After Recent Sell-off: D.A. Davidson

Bitcoin miners are still generating healthy profits, despite the sharp sell-off in crypto prices and an increase in the network hashrate, Wall Street investment firm D.A. Davidson’s analyst wrote on Tuesday. “Since the late-October peak, hash price ($/TH/day) has fallen from over $0.40 to just $0.22 today yet gross margins remain quite healthy, around 85% down from 91% at peak,” analyst Christopher Brendler wrote. He also noted the gross margin numbers are based on the specification of “industry-standard” S19 Pro mining machines. When…

Bitcoin Miners’ Margins Are Still ‘Quite Healthy’ Even After Recent Selloff: D.A. Davidson

Bitcoin miners are still generating healthy profits, despite the sharp selloff in crypto prices and an increase in the network hashrate, Wall Street investment firm D.A. Davidson’s analyst wrote on Tuesday. “Since the late-October peak, hash price ($/TH/day) has fallen from over $0.40 to just $0.22 today yet gross margins remain quite healthy, around 85% down from 91% at peak,” analyst Christopher Brendler wrote. He also noted that the gross margin numbers are based on the specification of “industry-standard” S19 Pro mining machines, but when a more efficient miner, the…