A study conducted by the World Economic Forum and Global Blockchain Business Council reveals the reasons why the blockchain industry still lacks well-defined standards on the global level.
Dubbed the Global Standards Mapping Initiative, the study notes that the gaps, divergence and overlap in the standard-setting landscape of the blockchain industry are the biggest challenges the industry needs to surmount.
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Industrial Production Cools Off in Europe Too – Forex News by FX Leaders
The economic data from the Eurozone in the last few months has shown increased weakness, as the economy cools off again after the reopening bounce. Services have fallen into contraction, despite the slight upward revision we saw yesterday, while other aspects of the economy, such as inflation and business sentiment, have deteriorated again. Today’s industrial production report confirms further cooling down, as production came in at 0.7% in August, from 5% in July.
- August industrial production MoM +0.7% vs +0.8% expected
- July production +4.1%; revised to +5.0
- Industrial production YoY -7.2% vs -7.0% expected
- Prior production YoY -7.7%; revised to -7.1%
Euro area factory output continued to highlight an improvement in Q3, but the pace of recovery is losing some steam after the August bounce, which, although it was expected, was not very robust. That said, manufacturing PMI data for September provided some indication that the industrial sector was still holding up towards the end of Q3, but amid ongoing virus concerns, it remains to be seen how things will progress as we move towards the year-end. Below is the detailed report.
Ethereum Bulls Back in Town Following 13% Weekly Increase (ETH Price Analysis)
Ethereum has been on a bullish footing since breaking out of the consolidation phase last week. Over the past seven days, Ethereum managed to rise by a total of 12% to reach the current level.
It had surged higher at the start of this week as it reached as high as $396, where it ran into resistance at a bearish .5 Fib Retracement level. It has since dropped lower but is supported by the previous resistance at $375.
Looking ahead, if the bulls regroup and start to push higher again, the first level of resistance lies at $390. This is followed by resistance at $396 (bearish .5 Fib), $400, and $410. Added resistance lies at $416 (bearish .618 Fib) and $421.
On the other side, the first level of support lies at $375. This is quickly followed by support at $371 (.382 Fib), $364 (2019 High), and $356 (.618 Fib). Added support is found at $350 and $343 (100-days EMA).
On the daily chart, the Stochastic RSI is overbought and ready for a bearish crossover signal. However, on the following 4HR chart, the RSI is showing signs of bearish divergence as the RSI makes lower lows while the price makes higher highs;
Against Bitcoin, Ethereum managed to break a month-old falling trend line last week. After breaking above, it initially found resistance at a bearish .236 Fib Retracement at 0.0332 BTC.
The buyers managed to break this level of resistance at the start of the week as they surged into the higher resistance at 0.0337 BTC – provided by the March 2019 support (now turned resistance).
Looking ahead, the bulls need to break 0.0337 BTC and 0.034 BTC to kick-start a short term bull run. Beyond 0.034 BTC, resistance lies at 0.0347 BTC and 0.0352 BTC.
On the other side, the first level of support lies at 0.0332 BTC. Beneath 0.033 BTC, additional support is found at 0.0327 BTC and 0.032 BTC (100-days EMA).
The RSI is above the mid-line to indicate bullish momentum; however, the Stochastic RSI is already overbought and is primed for a bearish crossover signal.
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Selling AUD/USD at MAs, as it Fails – Forex News by FX Leaders
The AUD/USD has been one of the most bullish pairs since March, when the crash from the COVID-19 panic ended. This pair climbed until September 1, rising above 0.74, before the bullish trend finally ended, as USD buyers returned for some time, sending this pair down to 0.70, where the 100 SMA was waiting on the daily chart.
Then the price bounced off the 100 SMA, but the bounce ended at the 50 SMA on the daily chart on Friday last week. In the last three days, we have seen the price fall back down in this pair, and it broke below the moving averages on the H1 chart without much resistance from them.
The AUD/USD fell to 0.7150, but started reversing up yesterday, during the US session. The price reached the 200 SMA (purple) earlier today, but buyers failed to break above it after a few hours, so we decided to open a sell forex signal, since the stochastic indicator was also overbought in this time-frame. Now the price has reversed back down, so our trade here looks good.
Multiple data points suggest Bitcoin’s 2017-style bull run has begun
Last week, Bitcoin (BTC) saw its price rise 6.95%, rising from $10,804 on October 5 to $11,555 by October 12. The surge marked the best performing week for the price of Bitcoin since July and data show a noticeable shift in market sentiment around the digital asset.
According to data from TheTie, an alternative data provider for digital assets, the daily sentiment score for Bitcoin has reached 62.4. The metric measures the tone of conversations in Twitter to derive positive or negative sentiment in the market, and any score above 50 implies that market sentiment is positive.
Bitcoin Price vs. Sentiment. Source: TheTie
Bitcoin and the rest of the crypto industry endured a fair share of negative press at the start of October. The CFTC and DOJ cracked down on BitMEX exchange, charging the company with illegally operating a derivatives exchange on Oct. 1 and the UK’s FCA banned retail cryptocurrency derivatives on Oct. 6.
However, neither of these events produced the negative outcomes many investors expected. Moreover, the negative news was followed by bullish stories like Square allocating 1% of its assets to Bitcoin.
Generally, bullish signs continue to pile up for Bitcoin and as the digital asset rallied to $11,500, the total market capitalization of the entire sector increased by 6% from $339 billion to $359.
Furthermore, a recent report surveying over 30 panelists, including eToro’s cryptocurrency commentator David Derhy, Alpha5 CEO, Vishal Shah, and LMAX Group currency strategist, Joel Kruger, found that Bitcoin is set to hit $14,283 by the end of 2020, according to the panelist average.
Numerous on-chain metrics also match the positive sentiment around Bitcoin. While investor activity has been picking up, the price has yet to follow. According to cryptocurrency analyst, Willy Woo, this signals an increase in “investor activity”, one that has yet to be accounted for in the price of Bitcoin. Woo said:
“Investor activity” is predicated on on-chain volume. This is because when BTC moves between wallets between two different participants, we assume there was a payment for it off-chain (fiat or alt-coin). It’s an imperfect measure but approximates what’s going on.”
Bitcoin NVT (Transaction volume vs price). Source: Woodbull.com
Not only has activity increased but the number of coins held on exchanges has been on a steady decline, with the changing trend resembling the accumulation period that occurred before the 2017 bull market.
As both fundamental and technical analysis paint a bullish picture amidst the current political and financial turmoil, a perfect storm seems to be brewing for Bitcoin.
In 2020 DeFi played a key role in revitalizing the excitement surrounding cryptocurrencies and Ether (ETH) price but in the last two months the majority of DeFi tokens lost value.
Data from DeFi Pulse shows that the total value locked in DeFi is at $10.89 billion. Meanwhile, Uniswap has $2.6 billion in total value locked and the decentralized exchange has continued to see a steady increase in trading volume.
Total Value Locked in DeFi. Source: Digital Assets Data
According to data from Flipside Crypto, around $300 million worth of tokens are being sent to DeFi dapps every day. This is outpacing centralized exchanges which currently see a daily inflow of around $156 million.
Uniswap alone is currently responsible for 70% of the DeFi inflow, with $211 million going to their liquidity pools every day.
All Ethereum network activity. Source: Flipside Crypto
The growth of DeFi protocols has brought renewed attention to Bitcoin and to date more than $1.1 billion worth of BTC has been tokenized on the Ethereum blockchain through Wrapped BTC alone.
Flipside Crypto noted that roughly $385 million worth of wBTC and renBTC changed hands in September.
While many factors point towards an eventful end of the year for Bitcoin, it’s worth noting that significant hurdles are ahead. Historical data shows Bitcoin has sold off at the $12,000 level at least three times this year as miners and whales take profit. With the price again approaching the $12K level, there’s the risk of this happening a fourth time.
There is also the looming specter of regulatory crackdowns on the decentralized finance sector. While a blanket ban on DeFi will be difficult to enforce, centralized domains can be seized and project workers can be arrested.
Such a scenario could have a devastating impact on Bitcoin’s current bullish sentiment, but for now, traders are expecting a rebound in DeFi. Such an event is likely to provide the fuel Bitcoin needs to push through the $12K level and achieve a new 2020 high.
Bitcoin Poised to Retrace as Whales Go on Selling Spree
Bitcoin went through an impressive uptrend over the past week, pushing the price up nearly 11.5%. The pioneer cryptocurrency went from a low of $10,530 on Oct. 8 to recently trade at a high of $11,740.
Now, multiple on-chain and technical indexes suggest that a correction is underway.
Bitcoin’s macro backdrop looks exceptional, and every day it seems to get better.
Another multi-billion dollar company, Stone Ridge, revealed that it had purchased roughly 10,000 Bitcoin, worth more than $100 million. The assets management firm joins over 15 publicly traded companies that are holding cryptocurrencies on their balance sheets.
The rising interest among institutional and retail investors in this new asset class is a positive development for the entire industry. Trading veteran Peter Brandt believes that such a spike in demand will be the catalyst that ignites a new bull market in this sector.
Meanwhile, multinational financial services corporation Fidelity maintains that the capital influx will continue to accelerate as more investors familiarize themselves with crypto via social media platforms.
“As this new wave of retail investors familiarizes themselves with these channels, some of their attention will undoubtedly flow to Bitcoin and other digital assets,” reports Fidelity.
As more market participants turn their attention to crypto, it seems like Bitcoin whales have enjoyed the recent price action to offload some of their holdings.
On-chain data reveals that the number of addresses with 1,000 to 100,000 BTC is dropping rapidly while prices trend upward. Since Oct. 8, nearly ten whales have left the network or redistributed their tokens.
This sort of bearish divergence between prices and the number of BTC whales on the network is concerning.
The increasing sell pressure may suggest that the flagship cryptocurrency is poised for a wild downward ride before it returns to new yearly highs.
When looking at the TD sequential indicator, this pessimistic thesis holds.
This technical index recently presented a sell signal on Bitcoin’s 1-day chart. The bearish formation developed in the form of a green nine candlestick.
A further increase in the sell orders by BTC whales may help validate the TD setup scenario. If this were to happen, the bellwether cryptocurrency would likely pull back for one to four daily candlesticks before the uptrend resumes.
Such downswing could see BTC lose most of the gains incurred over the past week.
Indeed, IntoTheBlock’s “In/Out of the Money Around Price” (IOMAP) model reveals that the most significant support level underneath Bitcoin lies between $10,400 and $10,740.
Here, approximately 1.5 million addresses had previously purchased more than 1 million BTC.
Such an important area of interest may serve as stiff support that keeps falling prices at bay.
Given the high demand seen by institutional and retail investors in the last few weeks, the bullish outlook cannot be taken out of the question.
The IOMAP cohorts show that Bitcoin faces a major supply barrier ahead as 1.5 million addresses hold nearly 1 million tokens between $11,400 and $11,760. If the pioneer cryptocurrency manages to slice through this hurdle, it will jeopardize the bearish thesis previously explained.
There is no significant resistance above this zone that will prevent prices from rising towards new yearly highs.
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