After falling closely in worth earlier this month, cardano (ADA) has rallied strongly out there over the previous few days, outpacing all different cryptoassets within the high 30 by market capitalization on a weekly foundation and coming into the highest 10 membership once more. In the meantime, litecoin (LTC), which for a very long time reigned as one of many high cryptoassets, has now fallen out of the highest 10 rating, after a month of disappointing returns for the cryptocurrency.
As of press time (09:52 UTC), ADA was up nearly 25% over the previous 7 days, buying and selling at a worth of USD 0.102. Nevertheless, the token was nonetheless down every day, with a 24-hour worth drop of three.6%.
ADA worth chart:
The drop adopted Cardano’s third anniversary yesterday, with founder Charles Hoskinson saying in a dwell stream recorded for the event that there at the moment are “seven occasions as many transactions every day at the moment than there have been on the second anniversary.”
The positive factors for ADA additionally got here as crypto alternate Bittrex re-listed the token after finishing an improve to the alternate’s ADA pockets. The improve adopted a chronic interval of ADA being unavailable from the alternate, which Hoskinson mentioned in a video replace was because of the alternate utilizing “essentially the most damaged of all of the wallets” with a lot of “very outdated, very unhealthy code,” making it tough to improve.
In the meantime, litecoin, usually referred to by its founder Charlie Lee as “the silver to bitcoin’s gold,” has fallen out of the highest 10 rating of cryptoassets by market capitalization. It’s now the 11th most dear cryptoasset, coming in simply behind ADA and bitcoin SV (BSV) by way of market capitalization.
The autumn in LTCs rating comes after it was reported earlier in September that transactions on the Litecoin blockchain had skyrocketed after a brand new sport generally known as LiteBringer was launched this month. And because it seems, the excessive stage of transactions on the Litecoin community has saved up because the sport launch, with 157,000 transactions yesterday.
The reshuffling of the highest 10 rating occurred as Litecoin dropped by 1.7% over the previous 24 hours, buying and selling at a worth of USD 45.5. The value was up by 4% in every week, trimming its month-to-month losses to lower than 22%.
Author: By admin
Ethereum (ETH/USD) forecast and analysis on September 29, 2020 • PumpMoonshot
Cryptocurrency Ethereum (ETH/USD) is trading at 357. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bullish trend on Ethereum. At the moment, cryptocurrency quotes are moving near the upper border of the Bollinger Bands indicator bars.
As part of the Ethereum forecast, a test of level 351 is expected. Where can we expect an attempt to continue the growth of ETH/USD and the further development of the upward trend. The purpose of this movement is the area near the level of 385. The conservative buying area for Ethereum is located near the lower border of the Bollinger Bands indicator bars at 340.
Cancellation of the option to continue the growth of the Ethereum rate will be a breakdown of the area of the lower border of the Bollinger Bands indicator bars. As well as a moving average with a period of 55 and closing of quotations of the pair below the 330 area. This will indicate a change in the current trend in favor of the bearish for ETH/USD. In the event of a breakdown of the upper border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of the cryptocurrency.
Ethereum (ETH/USD) forecast and analysis on September 29, 2020 implies a test level of 351. Further, growth is expected to continue to the area above the level of 385. The conservative buy zone is near the area of 340. The cancellation of the cryptocurrency growth option will be the breakdown of the level of 330. In this case, we should expect a continuation of the fall.
Author: by PumpMoonshot
Bitcoin price may surge as fear and uncertainty strain global markets
The global economy doesn’t seem to be in a good place right now, especially with countries such as the United Kingdom, France and Spain imposing fresh, new restrictions across their borders, thereby making the future financial prospects of many local business owners even bleaker.
As far as the crypto economy goes, on Sept. 21, Bitcoin (BTC) dropped by nearly 6.5% to the $10,300 mark after having stayed put around $11,000 for a few weeks. However, what is interesting to note this time around is the fact that the flagship crypto plunged in value simultaneously with gold and the S&P 500.
From a technical standpoint, a quick look at the Cboe Volatility Index shows that the implied volatility of the S&P 500 during the aforementioned time window increased quite dramatically, rising above the $30.00 mark for the first time in a period of more than two months, leading many commentators to speculate that another crash akin to the one in March could be looming.
It bears mentioning that the $30 mark serves as an upper threshold for the occurrence of world-shocking events, such as wars or terrorist attacks. Otherwise, during periods of regular market activity, the indicator stays put around $20.
When looking at gold, the precious metal has also sunk heavily, hitting a two-month low, while silver saw its most significant price drop in nine years. This waning interest in gold has resulted in speculators believing that people are once again turning toward the U.S. dollar as a financial safe haven, especially because the dollar index has maintained a relatively strong position against other premier currencies such as the Japanese yen, the Swiss franc and the euro.
Speaking of Europe, the continent as a whole is currently facing a potential economic crisis, with many countries dealing with the imminent threat of a heavy recession due to the uncertain market conditions that have been induced by the COVID-19 scare.
While there has been a definite correlation in the price action of the crypto, gold and S&P 500 markets, Joel Edgerton, chief operating officer of crypto exchange bitFlyer, highlighted in a conversation with Cointelegraph that when compared with other assets — such as precious metals, stock options, etc. — crypto has exhibited far greater volatility.
In particular, he pointed out that the BTC/USD pair has been sensitive to the movements of the U.S. dollar, as well as to any discussions related to the Federal Reserve’s potential strategy change seeking to spur national inflation to above the 2% mark. Edgerton added:
“The price movement is mainly driven by institutional business with retail customers continuing to buy the dips and accumulate assets. A key point to watch is the possible effect of the US election and if that changes the Fed’s response from its current very accommodative stance to a more normal stance.”
Lastly, he opined that any changes to the U.S. tax code could also have a direct effect on the crypto market, especially as various states, as well as the federal government, continue to be on the lookout for newer tax avenues to make up for the stimulus packages that were doled by the Fed earlier this year.
Sam Tabar, former managing director for Bank of America’s Asia-Pacifc region and co-founder of Fluidity — the firm behind peer-to-peer trading platform Airswap — believes that crypto, as an asset class, continues to remain misunderstood and mispriced: “With time, people will become increasingly more aware of the digital asset space, and that sophistication will decrease the correlation to traditional markets.”
As part of its most recent plunge, Bitcoin stopped at a price point of around $10,300, resulting in the currency’s social media sentiment slumping to a 24-month low. However, contrary to what one may think, according to data released by crypto analytics firm Santiment, BTC tends to see a big surge whenever online sentiment around it is hovering in FUD — fear, uncertainty and doubt — territory.
1) Prices of $BTC and other #crypto assets tend to bounce most precipitously when the crowd is demonstrating a high level of FUD. This is exactly what we’ve been seeing for #Bitcoin, #Ethereum, and many #altcoins following the early September pic.twitter.com/YiCX3kZiur
— Santiment (@santimentfeed) September 21, 2020
The firm said that this trend of negative online sentiment witnessed since the beginning of September is not only relevant for Bitcoin but also for Ether (ETH), as well as some other digital currencies. It went on to state: “Generally, the best buy opportunities in #crypto come when the average trader is down, both psychologically and financially. This is what our metrics currently indicate.”
The online sentiment of any cryptocurrency is usually calculated by accumulating social media datasets associated with the coin in question. This information is then processed using various machine-learning protocols so as to sort the data as being either positive or negative. Some analytics providers also make use of a metric called “market value to realized value,” or MVRV, which calculates the average profit and loss of different holders to determine whether a coin is currently over- or underbought.
The tandem plunge in the value of stocks, gold and crypto was neither a coincidence nor due to any technical anomalies, as it’s normal to witness simultaneous dips across various markets during times of high uncertainty.
For example, over the course of the last few months, a number of investors worldwide have assessed the risks related to their existing portfolios and have started to liquidate their most volatile assets — which, in most cases, are cryptocurrencies and equities. Tabar noted that such plunges are part and parcel of volatile markets and that similar scenarios (minus crypto) were also witnessed back in 2008:
“As for commodities and gold especially, I agree with the narrative of scarce resources. Looking at the unique stimulus packages that have been launched in most of the world’s largest economies you could have expected such a move. I think in the crypto space, this narrative only holds for Bitcoin and not for any other cryptocurrency.”
Last but not least, it seems as though the stock market will continue to remain in a highly uncertain space, especially as the devastating economic impacts of the coronavirus pandemic will become exceedingly visible during the third and fourth quarters of this year.
Perhaps most importantly, the dollar’s dominance is once again on the rise, as is highlighted by the fact that the number of U.S. mortgage applications in recent weeks has increased to levels 25% higher than this time last year.
Author: by admin
Bulgarian exchange owner convicted over auction fraud scheme
Rossen Iossifov, a 53-year-old Bulgarian national and owner of the ‘RG Coins’ cryptocurrency exchange, has been convicted of operating a multi-million dollar money laundering ring as part of a transnational auction fraud scheme.
Following a two-week trial Iossifov was found guilty by a federal jury in Frankfort, Kentucky, of conspiracy to commit money laundering and conspiracy to commit racketeering. The Kentucky resident will face sentencing on Jan. 12, 2021.
The jury found that at least 900 U.S. citizens were conned in a scheme that saw Iossifov’s Romania-based accomplices post advertisements on popular auction platforms like eBay and Craigslist for high-value goods such as vehicles that did not exist.
According to a Department of Justice release, scammers would provide their victims with fraudulent documents and invoices featuring the trademarks of reputable companies to cultivate the appearance of legitimacy, and even employed call centers and “support staff” to alleviate their buyers’ concerns.
Once they had received payment, Iossifov would convert the funds into crypto assets and transfer the proceeds to off-shore money launderers. The jury found that Iossifov knowingly provided services to the criminal syndicate from at least September 2015 until December 2018 — exchanging more than $4.9 million worth of Bitcoin for four other members of the organization.
Arrests were carried out by U.S. state and federal authorities with assistance provided by the Romanian National Police and the Romanian Agency for Prosecuting Organized Crime.
Iossifov is the 17th defendant to have been convicted in the case, with three other fugitives currently at large. More than one dozen of the defendants were extradited from Romania.
RG Coins was founded in April 2014, with the website selling hardware wallets and facilitating cryptocurrency exchange for the Eastern European region.
DeFi is too ‘noisy,’ MyEtherWallet CEO says
September 29, 20200 Comments
The crypto space’s decentralized finance niche has reached frenzied status within the crypto industry, signaled by exuberant price highs and rampant speculation.
“DeFi is the new overhyped concept in Ethereum,” MyEtherWallet, or MEW, CEO and founder Kosala Hemachandra told Cointelegraph in an interview. “The noise is too much, so everyone is just like running around trying to figure out what the next big thing is and then putting a ton of money inside without doing enough research,” he said.
Back in 2019, DeFi likely brought to mind different concepts than what we see today. DeFi, at its core, existed as a way for people to borrow, loan, and store funds based on their crypto holdings. Over the course of 2020, however, DeFi has ballooned, spurring projects created out of nowhere, gaining significant attention while speculators move their funds around in search of the best profit on coin price speculation and interest bearing vehicles. Hemachandra’s comments refer to this newer hype movement.
The MEW founder explained that DeFi boasts losers and winners, with the winners adding further hype to the movement. As by product of the hype, Ethereum network transaction fees have skyrocketed in recent weeks, at times costing users between $40 and $80 per transaction.
“That’s the main cause of the Ethereum gas price issue, as of right now,” said Hemachandra. He noted, however, that the present situation is an opportunity for the industry to scale up to the challenge and improve solutions around Ethereum, explaining that tension can spur growth.
Others have noted that another potential problem with DeFi stems from Ethereum’s low transaction per second numbers.
Author: by admin
MINDBLOWING: This Data Suggest Bitcoin’s Price Is About To EXPLODE | Cryptocurrency news
DISCLAIMER: Trading Bitcoin is VERY risky, and 80% of traders don’t make money. Make sure that you understand these risks if you are a beginner. I only recommend crypto trading to already experienced traders!
This information is what was found publicly on the internet. This is all my own opinion. All information is meant for public awareness and is public domain. Please take this information and do your own research.
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