Ethereum Is Likely to Perform Really Well in 2021 Due to Ichimoku Signal

Ethereum Is Likely to Perform Really Well in 2021 Due to Ichimoku Signal

Ethereum is likely to perform extremely well in 2021, analysts say despite the recent rapid drawdown in ETH’s price.

The coin currently trades for $350, around 30% below the recent year-to-date highs of $490, set just a few weeks ago. Ethereum’s strong move lower was a result of a correction in the Bitcoin market, along with a rapid slowdown in the utility of leading decentralized finance platforms.

Speaking on Ethereum’s potential in 2021, Brave New Coin’s Josh Olszewicz recently noted that the Ichimoku Cloud on the weekly has flipped green for the first time since late 2018. The Ichimoku Cloud is an indicator that shows the trends of an asset and important levels to watch.

Olszewicz believes that the Ichimoku Cloud flipping green will mean that Ethereum will perform “extremely well” in Q2 of 2021:

“1W $ETH. Cloud green for the first time since late 2018 this bodes extremely well for Q2 2021.”

The Cloud is somewhat of a leading indicator, in that it predicts trend changes in the future as opposed to providing insights about the current trend.

Chart of ETH's price action over the past few years with analysis by crypto trader josh olszewicz (Carpenoctum on Twitter). Chart from TradingView.com

While Ethereum may perform well in 2021, analysts are expecting short-term weakness likely towards the $300 lows last seen at the start of September.

Referencing the chart below, the head of technical analysis at Blockfyre, a crypto research firm, recently said:

“Looks way more bearish SHORT term I 100% will go all in if this is given. It is my bullish invalidation point and thus optimal entry. More blood yet to come imo. Buy lower grey box or buy LH reclaim flip to support.”

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There is also some uncertainty about all markets due to stimulus talks being paused by President Trump. There are rumors that stimulus talks are being restarted but there haven’t been any concrete moves from both sides just yet.

Source: crytonow.com

Author: adminhttps://crytonow.com


Binance Lists VIDT Datalink [VIDT] On Innovation Zone; Binance Effect Surges Price By 40%

Binance Lists VIDT Datalink [VIDT] On Innovation Zone; Binance Effect Surges Price By 40%

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Leading crypto exchange, Binance announced the listing of VIDT Datalink to its Innovation Zone, thus permitting its certain users to trade newer cryptocurrency token offerings directly from their Binance account, and also protecting less suited investors from being exposed to the potential risks that come with trading them, particularly the new decentralized finance [DeFi] tokens.

The official announcement also revealed that trading for VIDT/BTC and VIDT/BUSD trading pairs will be opened from the 9th of October.

The blog post further mentioned,

“Users can now start depositing VIDT in preparation for trading.”

It is essentially a blockchain-powered data validation platform that aims to certify and secure all digital assets. So far, it has raised $3.25 multi-million via private and public token sales. Founded by Marnix van den Berg, Pim Voets, Ceciel van Helden, and Wico van Helden, the project runs on the Ethereum blockchain, with its utility token VIDT running as an ERC-20 token and used as the means for payment in the V-ID platform.

Shortly after its very low-key ICO back in September-December 2018, the VIDT token became significantly popular as the project onboarded clients such as Airbus Defence & Space, AmSpec, Krohne, and JWC Superyachts and fruitful collaborations with IBM, CMS Law, DigiByte, and Nyenrode Business University. These developments pushed the token price has recently reached its previous all-time high of around $0.24 in February this year.

Six months later, VIDT peaked again after it hit $1.20 in value. Despite this, VIDT registered a steady fall, hitting a low of $0.34. As the DeFi tokens underwent a recovery, VIDT noted a mild uptick. Another crucial factor for the appraisal of the token was the news of DigiByte joining V-ID Blockchain’s ‘VIDT Datalink’ data verification solution.

But the latest announcement of the token listing on the Malta-based cryptocurrency exchange’s innovation zone has further catapulted the coin to record an approximately 40% increase from $0.50 to the press time price of $0.70 in the last 24-hours., according to the above Coingecko chart.

This is not the first time that the “Binance effect” materialized in which a token’s price allegedly experienced fast appreciation once listed. A number of tokens in the past posted significant gains after landing on the major centralized exchange.

The post Binance Lists VIDT Datalink [VIDT] On Innovation Zone; Binance Effect Surges Price By 40% appeared first on Coingape.

Source: cryptomoneyteam.co

Author: By TeamMMG


Bitcoin’s Rally Could Accelerate Towards $12,000 if It Breaks Crucial Level

Bitcoin’s Rally Could Accelerate Towards $12,000 if It Breaks Crucial Level

  • Bitcoin’s price has finally broken back above $11,000 after a prolonged period of consolidation around $10,700
  • This move marks an extension of the momentum that was incurred following news of Square’s plan to purchase $50 million worth of BTC.
  • Analysts and investors took this news as a sign that companies are widely beginning to accumulate BTC to hold as a reserve asset
  • As such, it renewed a bullish sentiment and, as can be seen today, helped boost Bitcoin’s technical outlook
  • One analyst is now closely watching Bitcoin’s reaction to one key technical resistance
  • He notes that a break above it could catapult BTC up to $12,000
  • Bitcoin and the entire cryptocurrency market have been caught within the throes of a consolidation phase throughout the past few weeks.

    This has done little to offer insight into where the market will trend next and has struck a heavy blow to investor sentiment.

    This is changing, however, as yesterday’s news regarding Square has altered BTC’s trajectory.

    One analyst is now noting that $11,150 is a crucial level to closely watch in the near-term. He postulates that a move past this level could be enough to send BTC flying to $12,000.

    At the time of writing, Bitcoin is trading up just under 2% at its current price of $11,090. This marks a massive surge from recent lows of $10,600 that were set just a handful of days ago.

    BTC has broken into the lower-$11,000 region in previous weeks, however, each tap of $11,200 has sparked far-reaching corrections.

    This time may be different, as fundamental developments are largely backing this movement.

    If bulls want to maintain their control over the asset, it is imperative that the break through this resistance and allow it to establish a secure foothold above $11,000.

    While sharing his thoughts on Bitcoin’s present technical outlook, one analyst explained that he is closely watching for a break above $11,150. He believes that this will be enough to send it straight towards $12,000.

    “Bitcoin: Very simple, plain analysis. Holding above $10,700 is beneficial for further upwards momentum. The crucial breaker is $11,150. If that breaks, I’ll anticipate an acceleration towards $12,000.”

    Bitcoin

    Image Courtesy of Crypto Michaël. Chart via TradingView.

    Altcoins are already beginning to show signs of strength as BTC pushes higher. Where the entire market trends next will depend on Bitcoin’s reaction to this level.

    Source: cryptomoneyteam.co

    Author: By TeamMMG


    Bittrex Global-related firm named in class action case

    Bittrex Global-related firm named in class action case

    The sister company of a cryptocurrency exchange licensed to operate in Bermuda is facing charges of taking part in a multibillion-dollar fraud in the United States.

    Bittrex Global (Bermuda) was given a Class F Digital Assets Business Act licence by the Bermuda Monetary Authority and the company�s executives were on island this month to hire staff.

    David Burt, the Premier, said last week: �Attracting Bittrex Global to Bermuda is a significant achievement.

    �As one of the leading global exchanges, Bittrex Global�s choice of Bermuda for expanding their global operations is a testament to the attractiveness of Bermuda�s approach.�

    But a related firm, called Bittrex Inc, is caught up in a class action complaint in a federal court in New York.

    A report on the Offshore Alert website said the complaint alleged that crypto buyers around the world were swindled out of billions of dollars in an unprecedented �criminal� price-manipulation scheme.

    Bittrex Inc, said in legal papers to be registered in Delaware and based in Seattle, is among 16 defendants named in the consolidated class action complaint filed at the Manhattan court on June 3.

    An initial complaint was filed at the end of 2019.

    The amended complaint said: �Defendants have executed a sophisticated scheme to fraudulently inflate the price of crypto commodities, a class of cryptoassets that includes bitcoin.

    �Defendants� scheme was wildly effective, causing the price of these crypto commodities to spike far above their legitimate value in the largest bubble in human history, and ultimately resulting in billions of dollars of damage to innocent crypto commodity purchasers.�

    The complaint added: �The crypto commodity market that defendants manipulated was new and complex and defendants� misconduct is staggering in its scope and audacity.

    �Keeping their identities secret, defendants made massive, carefully timed purchases of crypto commodities to signal to the market that there was enormous demand and thus cause the price of those commodities to spike.

    �There was no such demand. The assets defendants used to make these purchases were essentially counterfeit.

    �These purchases were made with defendants� own fraudulently issued cryptoasset called �Tether� or �USDT�, a �stablecoin�, so called because it is purportedly pegged to and backed by US dollars held in reserve.�

    But the complaint alleged Tether had no US dollar backing and it hid the fact by �selling� newly issued USDT to Bitfinex, a crypto-exchange that was secretly owned and operated by the same individuals who owned and operated Tether.

    The complaint said: �With the willing assistance of Bittrex Inc and Poloniex LLC, two other crypto-exchanges, Bitfinex and Tether used fraudulently issued USDT to make strategically timed, massive purchases of crypto commodities just when the price of those commodities was falling.

    �Believing the lie that one USDT equalled one US dollar, the market interpreted these massive purchases as reflecting meaningful consumer demand for crypto commodities, which prevented the prices of those crypto commodities from falling further.

    � … Defendants� manipulative purchases caused prices to skyrocket.�

    Bittrex says on its website it is the �premier US-based blockchain platform, providing lightning-fast trade execution, dependable digital wallets and industry-leading security practices�.

    The company lists cybersecurity engineer Bill Shihara, who founded the company in 2014 along with Richie Lai and Rami Kawach, as its CEO.

    Parent company Bittrex Global lists Tom Albright as CEO and Stephen Stonberg as chief operating officer and chief financial officer on its website.

    Mr Albright, from Washington State, and Mr Stonberg, from Liechtenstein, are the directors of Bittrex Global (Bermuda), in paperwork filed with the Registrar of Companies.

    Both have been in Bermuda hiring for three compliance jobs, according to an online post by Denis Pitcher, the chief fintech adviser to the Premier.

    Mr Stonberg was pictured elbow bumping Mr Burt when the BMA licence was announced.

    Mr Albright said at the time: �The entire crypto industry is about looking forward.

    �Working with the Bermuda Government and the BMA to be part of another regulatory community that keeps innovating is extremely exciting and is an important step in increasing crypto�s penetration at all levels of the financial industry.�

    A spokesman for Bittrex Global said last night: �For obvious reasons, Bittrex Global can�t comment on an ongoing court case.

    �I can confirm that Bittrex Global and Bittrex Inc are two separate legal entities.

    �We would also add that responsibility lies with investors to research the quality of the projects represented by digital assets on the Bittrex Global exchange.

    �Bittrex Global adheres to the highest levels of compliance laid out by EU law � its HQ is in Vaduz, Liechtenstein � as well as Bermudian law.�

    A BMA spokesman added: �As is the case for all entities, the BMA considers all information available, both public and private, prior to issuing a licence.

    �Further, the BMA operates a stringent supervision and enforcement process to ensure that entities remain in compliance with the regulatory requirements throughout the licence period.�

    Mr Burt did not respond to a request for comment yesterday.

    But Mr Pitcher said: �The class action against the US Bittrex entity represents a civil matter raised by private citizens, not a criminal one.

    �It is not appropriate for the Government to speculate on matters of foreign companies or to pass judgment about who we will and won�t do business with based upon speculation. Doing so would most certainly damage our reputation.�

    He added: �It is essential that the Government remains impartial to the very process that we have established. Bittrex Global (Bermuda) Ltd has been vetted by the BMA as fit to do business.

    �Should that situation change, the BMA will take appropriate action and determine whether the continuation of permission to do business should change.�

    Mr Pitcher added that no evidence had been led in court and there were no criminal charges.

    He said: �It is curious that so many are keen to paint the digital asset industry with a special brush that all parties are assumed guilty without due process.

    �It is also curious that Government is asked to interfere and refuse to do business based upon hearsay and not facts.�

    Mr Pitcher said: �Certainly there have been some hiccups along the way in establishing the new fintech industry.

    �However, it is very clear that the correct path forwards is to rely upon the foundation that we have built in putting forth a clear regulatory framework that is governed by the BMA who remains impartial in operation to the Government.�

    Source: www.royalgazette.com


    Ethereum Is Likely to Perform Really Well in 2021 Due to Ichimoku Signal


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