🗞 Cryptocurrency Weekly News | April 7th, 2021 🗞
Greetings everyone to Bitcoin Existence Day 4475.
Very little has changed in the last week, so today’s entry will be short and sweet. But I’d like to begin with the sentence that rounded out the conclusion of BTC price action last week:
“For now, Scenario 2 becomes the most likely path forward. If this plays out, expect a few weeks of frustration from both the bull and bear camp as one impatiently waits for a breakout, and the other for a plunge.”
Indeed, even as Ethereum has flirted with a new high, Bitcoin remains just under and has been virtually flatlined for over a week. Is this loss of momentum hinting at a possible correction in our future? Or a healthy pause to allow long-term moving averages to rise and serve as future potential support? A little of both? Read more and view the technical charts.
Ethereum Rallies Ahead of the Coming Berlin Half Fork
Ethereum made a significant move last week and pushed past $2k to set a new all time high ahead of next week’s Berlin hard fork. The price of ETH reached a new high after hitting $2060 on April 2nd, with the Berlin hard fork scheduled for April 14 at block height 12,244,000. The Berlin upgrade incorporates multiple Ethereum Improvement Proposals (EIPs), and addresses problems with gas mechanisms alongside other pressing issues.
Last week signified the ending of March and Q1, and allows us to take stock of Ethereum’s recent price performance. ETH had six consecutive positive months, starting with an 8% increase in October 2020, and continuing on to March’s 35% gain.
The gains made over March also confirmed that ETH has had five consecutive positive quarters starting with a 3% increase in Q1 of 2020, which led to significant gains of 69%, 59%, and 105% over the following quarters of 2020. These were subsequently followed by a jump of 159% over Q1 of 2021 highlighting the increasing bullish sentiment around ETH, and the entire Ethereum ecosystem. Read more.
Greetings everyone to Bitcoin Existence Day 4475.
Very little has changed in the last week, so today’s entry will be short and sweet. But I’d like to begin with the sentence that rounded out the conclusion of BTC price action last week:
“For now, Scenario 2 becomes the most likely path forward. If this plays out, expect a few weeks of frustration from both the bull and bear camp as one impatiently waits for a breakout, and the other for a plunge.”
Indeed, even as Ethereum has flirted with a new high, Bitcoin remains just under and has been virtually flatlined for over a week. Is this loss of momentum hinting at a possible correction in our future? Or a healthy pause to allow long-term moving averages to rise and serve as future potential support? A little of both? Read more and view the technical charts.
Ethereum Rallies Ahead of the Coming Berlin Half Fork
Ethereum made a significant move last week and pushed past $2k to set a new all time high ahead of next week’s Berlin hard fork. The price of ETH reached a new high after hitting $2060 on April 2nd, with the Berlin hard fork scheduled for April 14 at block height 12,244,000. The Berlin upgrade incorporates multiple Ethereum Improvement Proposals (EIPs), and addresses problems with gas mechanisms alongside other pressing issues.
Last week signified the ending of March and Q1, and allows us to take stock of Ethereum’s recent price performance. ETH had six consecutive positive months, starting with an 8% increase in October 2020, and continuing on to March’s 35% gain.
The gains made over March also confirmed that ETH has had five consecutive positive quarters starting with a 3% increase in Q1 of 2020, which led to significant gains of 69%, 59%, and 105% over the following quarters of 2020. These were subsequently followed by a jump of 159% over Q1 of 2021 highlighting the increasing bullish sentiment around ETH, and the entire Ethereum ecosystem. Read more.
CryptoCalibur
Cryptocurrency Weekly News | April 7th, 2021 | CryptoCalibur
Stay on top of your game through our weekly news and cryptocurrency market analysis — Ethereum Rallies Ahead of the Coming Berlin Half Fork...
---
CryptoCalibur Team Pick : Asset Removal -- VELO
—-
Greetings everyone.
Today we have made the internal decision to remove Velo Protocol ($VELO) from our portfolio of Team Picks.
Velo has been difficult to understand lately, both fundamentally and technically. Fundamentally the team and project have many advantages, but so far they have been unable to capture market attention and traction. Technically, the chart is a mystery and has experienced a series of mysterious pumps and dumps, especially since the turn of the year. It seems truly unknowable as to whether this token is heading to $10 or to zero. For these reasons, we are moving out of the position.
Results:
Entry: $0.4267
Exit: $0.7904
Profit/(Loss): 85%
Above please find a listing of our entire current and former selections.
---
CryptoCalibur Team Pick : Asset Removal -- VELO
—-
Greetings everyone.
Today we have made the internal decision to remove Velo Protocol ($VELO) from our portfolio of Team Picks.
Velo has been difficult to understand lately, both fundamentally and technically. Fundamentally the team and project have many advantages, but so far they have been unable to capture market attention and traction. Technically, the chart is a mystery and has experienced a series of mysterious pumps and dumps, especially since the turn of the year. It seems truly unknowable as to whether this token is heading to $10 or to zero. For these reasons, we are moving out of the position.
Results:
Entry: $0.4267
Exit: $0.7904
Profit/(Loss): 85%
Above please find a listing of our entire current and former selections.
---
🗞 Cryptocurrency Weekly News | April 13th, 2021 🗞
Greetings everyone to Bitcoin Existence Day 4482.
Last week we noted that Bitcoin was essentially flatlined, yet Stochastics measures were still very near overbought.
This week let’s note that Bitcoin is essentially flatlined, yet Stochastics measures are even a bit more overbought. 🙂
Not too interesting, but that’s where we find ourselves yet again. Let’s jump straight to a chart.
We tick quietly and cautiously near our ATH, and our oscillator trends higher and higher toward a level that would imply buyer fatigue. Here we must point out that occasionally, on a breakout, an oscillator can go overbought and just stay there as price runs. So that is definitely a possibility. How will we know if that’s playing out? One clue will be the volume and power of the price candle breakout if a new high does in fact play out. Read more and view the technical charts.
Governments and Legislators Hone in as the Market Remains Bullish
There was no real let up this week as the total crypto market cap surpassed $2T with both Bitcoin and Ethereum fluctuating close to their all time high prices. While the market remained bullish, a number of governments pressed ahead with their plans to develop digital currencies with Japan and Sweden both announcing updates to their CBDC (Central Bank Digital Currency) schemes.
The Bank of Japan began an initiative on Monday to study the feasibility of issuing a digital currency, and the first phase of this exploratory initiative will run until March 2022. It will focus on testing the technical feasibility of issuing, distributing and redeeming a CBDC, and involve a number of commercial banking partners.
The Riksbank, Sweden’s central bank also announced its intention to test how the nation’s banks will be able to handle commercial and retail payments using the e-krona digital currency. The Riksbank had previously conducted internal pilot programs related to the viability of the e-krona, but testing will be broadened to include commercial banking participants in order to move onto the next phase of the e-currency project.
The Chinese island province Hainan also reaffirmed its intention to run a digital Yuan pilot scheme from April 12 to 25. The pilot will involve Sansha city’s municipal government, the Industrial and Commercial Bank of China’s Hainan branch, and the People’s Bank of China’s Haikou branch. Anyone participating in the program will receive a 99 Yuan ($15) discount for every 100 Yuan purchase made in supermarkets, hotels, and restaurants across the island. The test in Hainan actually heralds a second phase of cities testing CBDCs with Qingdao, Dalian, and Xi’an cities also taking part. Shanghai and Changsha were among the cities taking part in the initial stage of the pilot scheme. Read more.
Greetings everyone to Bitcoin Existence Day 4482.
Last week we noted that Bitcoin was essentially flatlined, yet Stochastics measures were still very near overbought.
This week let’s note that Bitcoin is essentially flatlined, yet Stochastics measures are even a bit more overbought. 🙂
Not too interesting, but that’s where we find ourselves yet again. Let’s jump straight to a chart.
We tick quietly and cautiously near our ATH, and our oscillator trends higher and higher toward a level that would imply buyer fatigue. Here we must point out that occasionally, on a breakout, an oscillator can go overbought and just stay there as price runs. So that is definitely a possibility. How will we know if that’s playing out? One clue will be the volume and power of the price candle breakout if a new high does in fact play out. Read more and view the technical charts.
Governments and Legislators Hone in as the Market Remains Bullish
There was no real let up this week as the total crypto market cap surpassed $2T with both Bitcoin and Ethereum fluctuating close to their all time high prices. While the market remained bullish, a number of governments pressed ahead with their plans to develop digital currencies with Japan and Sweden both announcing updates to their CBDC (Central Bank Digital Currency) schemes.
The Bank of Japan began an initiative on Monday to study the feasibility of issuing a digital currency, and the first phase of this exploratory initiative will run until March 2022. It will focus on testing the technical feasibility of issuing, distributing and redeeming a CBDC, and involve a number of commercial banking partners.
The Riksbank, Sweden’s central bank also announced its intention to test how the nation’s banks will be able to handle commercial and retail payments using the e-krona digital currency. The Riksbank had previously conducted internal pilot programs related to the viability of the e-krona, but testing will be broadened to include commercial banking participants in order to move onto the next phase of the e-currency project.
The Chinese island province Hainan also reaffirmed its intention to run a digital Yuan pilot scheme from April 12 to 25. The pilot will involve Sansha city’s municipal government, the Industrial and Commercial Bank of China’s Hainan branch, and the People’s Bank of China’s Haikou branch. Anyone participating in the program will receive a 99 Yuan ($15) discount for every 100 Yuan purchase made in supermarkets, hotels, and restaurants across the island. The test in Hainan actually heralds a second phase of cities testing CBDCs with Qingdao, Dalian, and Xi’an cities also taking part. Shanghai and Changsha were among the cities taking part in the initial stage of the pilot scheme. Read more.
CryptoCalibur
Cryptocurrency Weekly News | April 13th, 2021 | CryptoCalibur
Stay on top of your game through our weekly news and cryptocurrency market analysis — Governments & Legislators Hone in as the Market Remains Bullish
🗞 Cryptocurrency Weekly News | April 19th, 2021 🗞
Greetings everyone to Bitcoin Existence Day 4489.
Well, for at least the last 3 or 4 weeks we have been talking about diminishing momentum on Bitcoin, and a rising risk of a price retreat. Finally, over the weekend, we did in fact get the big bad event. A selloff.
For today’s discussion let’s first revisit what we said in our search for a conclusion last week:
“But it’s probably a bit more likely that even if we get a breakout, price won’t run too far or fast. In fact, a false breakout on weak volume would raise the risk of short-term failure, and price would likely retrace to the 50 day moving average or even the rising trend line below. With the status of our oscillator, this is a valid scenario to take serious.”
In fact, this is exactly what happened. The chart was broadcasting a breakout, and we got it. The oscillators were broadcasting poor follow through ability, and we certainly got that as well.
Let’s hop on to a chart now and discuss what it is trying to tell us. Read more and view the technical chart.
Coinbase’s Nasdaq Listing Dominates Another Event-Filled Week
The last seven days were packed full of significant events, and the listing of Coinbase shares on Nasdaq dominated the news for much of the week. However, before we focus on the COIN listing, a series of highly significant events also took place last week which deserve our attention.
The Berlin network upgrade for Ethereum went live at block 12244000 on April 15, and ETH subsequently ran up to a new all time high price the following day, hitting $2,544 on April 16, as Ethereum’s total open interest also surpassed $8B for the first time.
Not to be outdone, Bitcoin reached a new all-time-high on April 14 after topping $64,595 amid more bullish revelations. MicroStrategy announced that their Board of Directors would be paid in Bitcoin after the tech giant modified its compensation arrangements for non-employee directors. At the same time TIME President Keith Grossman revealed that the magazine would begin accepting payments in Bitcoin, and hold BTC on its balance sheet.
Coinbase’s global class A shares opened at $381 on Wednesday after launching on Nasdaq, as the cryptocurrency exchange made its landmark stock market debut. Shares for Coinbase Global Inc (COIN) became available as the company opted to go public via a direct listing in preference to going through an Initial Public Offering (IPO). While this meant that the company would not raise any additional funds it also meant that existing investors were not subject to any lock-up restrictions and were free to divest their holdings following the market listing. Read more.
Greetings everyone to Bitcoin Existence Day 4489.
Well, for at least the last 3 or 4 weeks we have been talking about diminishing momentum on Bitcoin, and a rising risk of a price retreat. Finally, over the weekend, we did in fact get the big bad event. A selloff.
For today’s discussion let’s first revisit what we said in our search for a conclusion last week:
“But it’s probably a bit more likely that even if we get a breakout, price won’t run too far or fast. In fact, a false breakout on weak volume would raise the risk of short-term failure, and price would likely retrace to the 50 day moving average or even the rising trend line below. With the status of our oscillator, this is a valid scenario to take serious.”
In fact, this is exactly what happened. The chart was broadcasting a breakout, and we got it. The oscillators were broadcasting poor follow through ability, and we certainly got that as well.
Let’s hop on to a chart now and discuss what it is trying to tell us. Read more and view the technical chart.
Coinbase’s Nasdaq Listing Dominates Another Event-Filled Week
The last seven days were packed full of significant events, and the listing of Coinbase shares on Nasdaq dominated the news for much of the week. However, before we focus on the COIN listing, a series of highly significant events also took place last week which deserve our attention.
The Berlin network upgrade for Ethereum went live at block 12244000 on April 15, and ETH subsequently ran up to a new all time high price the following day, hitting $2,544 on April 16, as Ethereum’s total open interest also surpassed $8B for the first time.
Not to be outdone, Bitcoin reached a new all-time-high on April 14 after topping $64,595 amid more bullish revelations. MicroStrategy announced that their Board of Directors would be paid in Bitcoin after the tech giant modified its compensation arrangements for non-employee directors. At the same time TIME President Keith Grossman revealed that the magazine would begin accepting payments in Bitcoin, and hold BTC on its balance sheet.
Coinbase’s global class A shares opened at $381 on Wednesday after launching on Nasdaq, as the cryptocurrency exchange made its landmark stock market debut. Shares for Coinbase Global Inc (COIN) became available as the company opted to go public via a direct listing in preference to going through an Initial Public Offering (IPO). While this meant that the company would not raise any additional funds it also meant that existing investors were not subject to any lock-up restrictions and were free to divest their holdings following the market listing. Read more.
🗞 Cryptocurrency Weekly News | April 26th, 2021 🗞
Greetings everyone to Bitcoin Existence Day 4496.
Today’s entry will be reasonably short. To pick back up from last week, we found the market finally experiencing a cycle of at least short-term weakness that began to threaten the venerable 50-day moving average. Since that point in time we went on to solidly take out that 50-day, and then trended further downward to break our recent lows and establish a new short-term lower low. Read more and view the technical chart.
Traders Brave the Sudden Market Dips to Stimulate Record Volumes
After an extended period of appreciation, the market moved into the red early in the week with most cryptocurrencies losing anywhere from 5% to 20% over Sunday/Monday. Bitcoin fell below $50,000 as Ethereum slipped below $2,200 and the total market cap dropped under $2T. As ever, analysts and commentators looked around for correlations to help explain the loss of value, and reports eventually surfaced of regional blackouts in the Xinjiang region of Northwest China which houses one of the world’s largest Bitcoin mining networks.
The blackouts caused mining operations to go offline and led to a drop in Bitcoin’s hash rate, with the hash rate actually dropping to its lowest level since November 2020. Sunday saw exchanges offering crypto futures execute an enormous amount of liquidations with a record $10B worth of positions being liquidated. The forced closure of long positions accounted for $9.26B or over 90% of total liquidations with Bitcoin futures accounting for over 50% of the total market-wide liquidations as Sunday ended. Read more.
Greetings everyone to Bitcoin Existence Day 4496.
Today’s entry will be reasonably short. To pick back up from last week, we found the market finally experiencing a cycle of at least short-term weakness that began to threaten the venerable 50-day moving average. Since that point in time we went on to solidly take out that 50-day, and then trended further downward to break our recent lows and establish a new short-term lower low. Read more and view the technical chart.
Traders Brave the Sudden Market Dips to Stimulate Record Volumes
After an extended period of appreciation, the market moved into the red early in the week with most cryptocurrencies losing anywhere from 5% to 20% over Sunday/Monday. Bitcoin fell below $50,000 as Ethereum slipped below $2,200 and the total market cap dropped under $2T. As ever, analysts and commentators looked around for correlations to help explain the loss of value, and reports eventually surfaced of regional blackouts in the Xinjiang region of Northwest China which houses one of the world’s largest Bitcoin mining networks.
The blackouts caused mining operations to go offline and led to a drop in Bitcoin’s hash rate, with the hash rate actually dropping to its lowest level since November 2020. Sunday saw exchanges offering crypto futures execute an enormous amount of liquidations with a record $10B worth of positions being liquidated. The forced closure of long positions accounted for $9.26B or over 90% of total liquidations with Bitcoin futures accounting for over 50% of the total market-wide liquidations as Sunday ended. Read more.
CryptoCalibur
Cryptocurrency Weekly News | April 26th, 2021 | CryptoCalibur
Stay on top of your game through our weekly news and cryptocurrency market analysis — Traders Brave the Sudden Market Dips to Stimulate Record Volumes
Please enjoy the May 2021 CryptoCalibur Team Picks Technical Analysis article.
📈📉📈📉📈
——-
https://cryptocalibur.com/cryptocalibur-team-picks-may-2021-technical-analysis/
📈📉📈📉📈
——-
https://cryptocalibur.com/cryptocalibur-team-picks-may-2021-technical-analysis/
CryptoCalibur
CryptoCalibur Team Picks - May 2021 Technical Analysis | CryptoCalibur % %
After a short pause, the 2021 crypto Bull Market trends higher, but with a bit of a character change. Leadership has moved from Bitcoin to Ethereum, as the smart contract platform surges higher and higher.To the charts...
🗞 Cryptocurrency Weekly News | May 3rd, 2021 🗞
Greetings everyone to Bitcoin Existence Day 4503.
As we move forward in Bitcoin and Crypto history, we should note here that we are experiencing a clear leadership change. Bitcoin has been in correction for about 3 weeks at this point, meanwhile Ethereum is surging strongly to new highs. This should be seen as a natural cyclical change, and certainly something we have seen in past Bull Markets. But as this entry series is about Bitcoin, let’s do some light analysis about the ongoing correction. Read more and view the technical chart.
Ethereum Continues to Surge as Q3 Approaches
Just four weeks ago, we highlighted the progression being made on Ethereum leading up to the Berlin hard fork scheduled for April 14, with the price of ETH hitting a new high of $2060 on April 2. The end of March resulted in ETH recording six consecutive positive months, starting with an 8% increase in October 2020, and moving onto March’s 35% gain.
Last week saw us move from April to May, and Ethereum shows no signs of letting up, as April closed out with Ethereum posting 45% monthly returns, therefore, making it seven consecutive positive months for the first time in ETH’s history. Last week also saw the price of ETH fluctuate at around $2,970 as it continued to post new all-time highs and signal the potential breaking of the $3,000 barrier.
As ever, positive price appreciation leads to an inevitable increase in attention, and the run up in the price of ETH allows us to focus on the ever-expanding Ethereum network which shows no signs of slowing down as Q3 approaches and ETH 2.0 inevitably slides closer to reality.
Firstly, according to Dune Analytics, the total number of DeFi users hit 2 million last week, with the majority of DeFi protocols making use of the Ethereum network. MetaMask surpassed 5 million monthly active users, while the number of active Ethereum addresses reached an all-time high of 771,000. Read more.
Greetings everyone to Bitcoin Existence Day 4503.
As we move forward in Bitcoin and Crypto history, we should note here that we are experiencing a clear leadership change. Bitcoin has been in correction for about 3 weeks at this point, meanwhile Ethereum is surging strongly to new highs. This should be seen as a natural cyclical change, and certainly something we have seen in past Bull Markets. But as this entry series is about Bitcoin, let’s do some light analysis about the ongoing correction. Read more and view the technical chart.
Ethereum Continues to Surge as Q3 Approaches
Just four weeks ago, we highlighted the progression being made on Ethereum leading up to the Berlin hard fork scheduled for April 14, with the price of ETH hitting a new high of $2060 on April 2. The end of March resulted in ETH recording six consecutive positive months, starting with an 8% increase in October 2020, and moving onto March’s 35% gain.
Last week saw us move from April to May, and Ethereum shows no signs of letting up, as April closed out with Ethereum posting 45% monthly returns, therefore, making it seven consecutive positive months for the first time in ETH’s history. Last week also saw the price of ETH fluctuate at around $2,970 as it continued to post new all-time highs and signal the potential breaking of the $3,000 barrier.
As ever, positive price appreciation leads to an inevitable increase in attention, and the run up in the price of ETH allows us to focus on the ever-expanding Ethereum network which shows no signs of slowing down as Q3 approaches and ETH 2.0 inevitably slides closer to reality.
Firstly, according to Dune Analytics, the total number of DeFi users hit 2 million last week, with the majority of DeFi protocols making use of the Ethereum network. MetaMask surpassed 5 million monthly active users, while the number of active Ethereum addresses reached an all-time high of 771,000. Read more.
CryptoCalibur
Cryptocurrency Weekly News | May 3rd, 2021 | CryptoCalibur
Stay on top of your game through our weekly news and cryptocurrency market analysis — Ethereum Continues to Surge as Q3 Approaches
🗞 Cryptocurrency Weekly News | May 10th, 2021 🗞
Greetings everyone to Bitcoin Existence Day 4510.
Let’s pick right back up where we left off last week. First of all, leadership is solidly in the Ethereum camp right now, and Bitcoin continues to tread water and lose of momentum. Last week we postulated that the crypto Grandfather may be in the process of making an A-B-C correction, with A and B likely already complete. 7 days later we have done little more than drift sideways to ever so slightly lower levels. In the process we also observed a price break to just under the 50-day moving average, a quick recovery, and then a test of the underside of our long-in-the-tooth midterm trendline which found logical resistance.
In a nutshell, Bitcoin is momentarily uninteresting and little has changed with regard to the corrective path potential.
This might be a good time to take a look, as we occasionally do, at a relative strength oscillator to see if it confirms the gut feel of strength loss that is created from our study of traditional TA charting techniques. Read more and view the technical chart.
ETH Surges Again, and Then Surges Some More
In last week’s newsletter we highlighted how Ethereum posted 45% monthly returns for April, with the price of ETH fluctuating close to the $3,000 barrier. Well, the space’s premier smart contract platform just kept on climbing and grew to over $3,900 across the week, thus setting up a potential push past $4,000.
Futures traders remained highly active and stimulated record trading volumes of ETH futures, with close to $90B being traded in a single day. The total Open Interest for Ethereum Futures also hit $10B for the first time towards the end of the week. Uniswap v3 officially launched as news spread that the total DEX trading volume jumped by 90% month-over-month as decentralized exchanges recorded all time high trading volumes in April.
The total DEX trading volume surpassed $150B for April with Uniswap and Pancakeswap accounting for the majority of the volume. Interestingly, ETH and ERC-20 tokens are increasingly being withdrawn from centralised exchanges and being deployed across various DeFi applications with the top DeFi protocols generating $252m in revenue for protocol users across April.
According to The Block, Uniswap generated $113.6m while Compound generated $46m, with SushiSwap and Aave generating $35.2m and $24.7m respectively. In addition, this year’s stablecoin transaction volume has already surpassed the total volume for 2020. Stablecoin trading volumes at the end of April are up by 49% compared to the whole of 2020 with USDT accounting for $1.01T (64%), followed by USDC with $312B (19.7%), and Dai with $114B (7.2%). Read more.
Greetings everyone to Bitcoin Existence Day 4510.
Let’s pick right back up where we left off last week. First of all, leadership is solidly in the Ethereum camp right now, and Bitcoin continues to tread water and lose of momentum. Last week we postulated that the crypto Grandfather may be in the process of making an A-B-C correction, with A and B likely already complete. 7 days later we have done little more than drift sideways to ever so slightly lower levels. In the process we also observed a price break to just under the 50-day moving average, a quick recovery, and then a test of the underside of our long-in-the-tooth midterm trendline which found logical resistance.
In a nutshell, Bitcoin is momentarily uninteresting and little has changed with regard to the corrective path potential.
This might be a good time to take a look, as we occasionally do, at a relative strength oscillator to see if it confirms the gut feel of strength loss that is created from our study of traditional TA charting techniques. Read more and view the technical chart.
ETH Surges Again, and Then Surges Some More
In last week’s newsletter we highlighted how Ethereum posted 45% monthly returns for April, with the price of ETH fluctuating close to the $3,000 barrier. Well, the space’s premier smart contract platform just kept on climbing and grew to over $3,900 across the week, thus setting up a potential push past $4,000.
Futures traders remained highly active and stimulated record trading volumes of ETH futures, with close to $90B being traded in a single day. The total Open Interest for Ethereum Futures also hit $10B for the first time towards the end of the week. Uniswap v3 officially launched as news spread that the total DEX trading volume jumped by 90% month-over-month as decentralized exchanges recorded all time high trading volumes in April.
The total DEX trading volume surpassed $150B for April with Uniswap and Pancakeswap accounting for the majority of the volume. Interestingly, ETH and ERC-20 tokens are increasingly being withdrawn from centralised exchanges and being deployed across various DeFi applications with the top DeFi protocols generating $252m in revenue for protocol users across April.
According to The Block, Uniswap generated $113.6m while Compound generated $46m, with SushiSwap and Aave generating $35.2m and $24.7m respectively. In addition, this year’s stablecoin transaction volume has already surpassed the total volume for 2020. Stablecoin trading volumes at the end of April are up by 49% compared to the whole of 2020 with USDT accounting for $1.01T (64%), followed by USDC with $312B (19.7%), and Dai with $114B (7.2%). Read more.
CryptoCalibur
Cryptocurrency Weekly News | May 10th, 2021 | CryptoCalibur
Stay on top of your game through our weekly news and cryptocurrency market analysis — Ethereum Continues to Surge as Q3 Approaches
🗞 Cryptocurrency Weekly News | May 17th, 2021 🗞
Greetings everyone to Bitcoin Existence Day 4517.
Let’s start quick here and kick off this week’s BTC commentary with a couple of quotes. First one from 2 weeks ago, and the second from last week:
“To talk about just one possibility here – we could very well be 2/3’s of the way through an A-B-C correction.”
“With this in mind we can turn our view to the $42,000 support level that we have been talking about for a few weeks. A move from today’s trading level to $42,000 is a nice approximate match of 26%.”
Technical Analysis is a game of weighing odds, percentages, and then integrating that into a strategy of money management. It’s not about being right, but sometimes it turns out… you are. Worth a mini celebration, as next time we might not be so fortunate. Read more and view the technical chart.
ETH Reaches a New All Time High as Silly Season Begins
In last week’s newsletter, we documented the sustained increase in interest from a wide range of market participants in all things Ethereum. This week, ETH got off to a good start, and hit a new all time high of around $4,356 on May 12. One day prior, the CME experienced record Ethereum daily trading volumes with Open Interest hitting $583m while the total trading volume surpassed $1.5B. Around the same time, Ethereum Options Open Interest on Deribit hit $6B for the first time, while the balance of Ethereum on exchanges reached a 23-month low.
NFTs were also pushed to the forefront once again as Ebay Inc announced its decision to allow the sale of non-fungible tokens for digital collectibles such as trading cards, images or video clips on Tuesday. The ecommerce giant will provide an NFT inventory to sellers who meet their standards, and users can expect to see a range of features that will allow them to buy and sell NFTs across a wide selection of categories on the platform in the near future.
Meanwhile, on Wednesday Christie’s announced that the sale of nine CryptoPunks NFTs via an auction amassed $16.9m in total. CryptoPunks are some of the oldest and most highly coveted NFTs, and their sale represented Christie’s first major NFT sale since Beeple’s EVERYDAYS: THE FIRST 5,000 DAYS, digital collage sold for a record $69m in March. Read more.
Greetings everyone to Bitcoin Existence Day 4517.
Let’s start quick here and kick off this week’s BTC commentary with a couple of quotes. First one from 2 weeks ago, and the second from last week:
“To talk about just one possibility here – we could very well be 2/3’s of the way through an A-B-C correction.”
“With this in mind we can turn our view to the $42,000 support level that we have been talking about for a few weeks. A move from today’s trading level to $42,000 is a nice approximate match of 26%.”
Technical Analysis is a game of weighing odds, percentages, and then integrating that into a strategy of money management. It’s not about being right, but sometimes it turns out… you are. Worth a mini celebration, as next time we might not be so fortunate. Read more and view the technical chart.
ETH Reaches a New All Time High as Silly Season Begins
In last week’s newsletter, we documented the sustained increase in interest from a wide range of market participants in all things Ethereum. This week, ETH got off to a good start, and hit a new all time high of around $4,356 on May 12. One day prior, the CME experienced record Ethereum daily trading volumes with Open Interest hitting $583m while the total trading volume surpassed $1.5B. Around the same time, Ethereum Options Open Interest on Deribit hit $6B for the first time, while the balance of Ethereum on exchanges reached a 23-month low.
NFTs were also pushed to the forefront once again as Ebay Inc announced its decision to allow the sale of non-fungible tokens for digital collectibles such as trading cards, images or video clips on Tuesday. The ecommerce giant will provide an NFT inventory to sellers who meet their standards, and users can expect to see a range of features that will allow them to buy and sell NFTs across a wide selection of categories on the platform in the near future.
Meanwhile, on Wednesday Christie’s announced that the sale of nine CryptoPunks NFTs via an auction amassed $16.9m in total. CryptoPunks are some of the oldest and most highly coveted NFTs, and their sale represented Christie’s first major NFT sale since Beeple’s EVERYDAYS: THE FIRST 5,000 DAYS, digital collage sold for a record $69m in March. Read more.
CryptoCalibur
Cryptocurrency Weekly News | May 17th, 2021 | CryptoCalibur
Stay on top of your game through our weekly news and cryptocurrency market analysis — ETH Reaches a New All Time High as Silly Season Begins
🗞 Cryptocurrency Weekly News | May 24th, 2021 🗞
Greetings everyone to Bitcoin Existence Day 4524.
So did anything happen in the last 7 days? 🙂 🙂
History is created by way of weeks and months of status quo followed by hours of dramatic evolution.
Let’s unravel what we have just experienced, starting with that A-B-C correction that we’ve been discussing for a few weeks. As fate would have it, the C wave wasn’t about to complete without making us sit up and take notice. On the back of extended multi-month crypto hype, a surplus of too many competing copycat projects for too few dollars, and extreme over-leveraged retail trading positions… wave C ended with a sharp and dramatic collapse. In the end BTC experienced a 30% further drop in less than a day. Make no mistake about it, this was a capitulation that came to an end via billions of dollars in forced liquidation. Read more and view the technical chart.
A Dip for the Ages as Sudden Correction Leads to Record Losses
In last week’s newsletter we touched on the proliferation of Dog themed ERC-20 tokens, and the mainstream attention generated by the activities of Tesla CEO Elon Musk. Despite the advent of “Silly Season” ETH still soared to a new all time high of around $4,356, however, this all came to an end as the market was hit with a sudden crash which saw the total market cap fall by around $750B in just a few hours.
Bitcoin lost $10k in price on Wednesday and fell from around $42k to $32k while Ethereum lost over $1k in price and fell from around $3,400 to $2,300. The total cap fell from around $2.07T to $1.35T as a sudden correction took place.
The size of Bitcoin on-chain realised losses actually eclipsed all previous capitulation events, such as Jan/Feb 2018, Nov 2018, and March 2020, with the USD value of daily losses realised by spent coins hitting a new ll time high of $4.53B on May 19 with the total weekly realised loss hitting $14.2B.
As expected, leverage traders were caught up in the carnage as $8.86B of liquidations took place across exchanges with 802,002 traders being liquidated. Over $3.3B worth of positions were liquidated in just one hour, with Huobi accounting for $3.21B worth of liquidations, while Bybit and OKEx accounted for $1.66B and $1.27B worth of liquidations respectively. Read more.
Greetings everyone to Bitcoin Existence Day 4524.
So did anything happen in the last 7 days? 🙂 🙂
History is created by way of weeks and months of status quo followed by hours of dramatic evolution.
Let’s unravel what we have just experienced, starting with that A-B-C correction that we’ve been discussing for a few weeks. As fate would have it, the C wave wasn’t about to complete without making us sit up and take notice. On the back of extended multi-month crypto hype, a surplus of too many competing copycat projects for too few dollars, and extreme over-leveraged retail trading positions… wave C ended with a sharp and dramatic collapse. In the end BTC experienced a 30% further drop in less than a day. Make no mistake about it, this was a capitulation that came to an end via billions of dollars in forced liquidation. Read more and view the technical chart.
A Dip for the Ages as Sudden Correction Leads to Record Losses
In last week’s newsletter we touched on the proliferation of Dog themed ERC-20 tokens, and the mainstream attention generated by the activities of Tesla CEO Elon Musk. Despite the advent of “Silly Season” ETH still soared to a new all time high of around $4,356, however, this all came to an end as the market was hit with a sudden crash which saw the total market cap fall by around $750B in just a few hours.
Bitcoin lost $10k in price on Wednesday and fell from around $42k to $32k while Ethereum lost over $1k in price and fell from around $3,400 to $2,300. The total cap fell from around $2.07T to $1.35T as a sudden correction took place.
The size of Bitcoin on-chain realised losses actually eclipsed all previous capitulation events, such as Jan/Feb 2018, Nov 2018, and March 2020, with the USD value of daily losses realised by spent coins hitting a new ll time high of $4.53B on May 19 with the total weekly realised loss hitting $14.2B.
As expected, leverage traders were caught up in the carnage as $8.86B of liquidations took place across exchanges with 802,002 traders being liquidated. Over $3.3B worth of positions were liquidated in just one hour, with Huobi accounting for $3.21B worth of liquidations, while Bybit and OKEx accounted for $1.66B and $1.27B worth of liquidations respectively. Read more.
CryptoCalibur
Cryptocurrency Weekly News | May 24th, 2021 | CryptoCalibur
Stay on top of your game through our weekly news and cryptocurrency market analysis — A Dip for the Ages as Sudden Correction Leads to Record Losses
Please enjoy the June 2021 CryptoCalibur Team Picks Technical Analysis article.
📈📉📈📉📈
——-
https://cryptocalibur.com/cryptocalibur-team-picks-june-2021-ta/
📈📉📈📉📈
——-
https://cryptocalibur.com/cryptocalibur-team-picks-june-2021-ta/
CryptoCalibur
CryptoCalibur Team Picks - June 2021 Technical Analysis | CryptoCalibur % %
After a short pause, the 2021 crypto Bull Market trends higher, but with a bit of a character change. Leadership has moved from Bitcoin to Ethereum, as the smart contract platform surges higher and higher.To the charts...
🗞 Cryptocurrency Weekly News | June 2nd, 2021 🗞
Greetings everyone to Bitcoin Existence Day 4531.
After many wonderful months of Bitcoin bull market, we find ourselves in a new reality. It’s interesting to observe that many headlines are saying things like “the bitcoin correction” or “will the bull market continue?”. But the chart speaks with clarity. From the April 14th peak, to the May 19th high volume collapse, Bitcoin printed a 53.67% decline. This is a bear market. Even if the worse is behind us (and it might not be – more on that in a bit) we should expect price to move in fits and starts as it absorbs the damage and begins to heal.
Let’s talk psychology for a minute. Many sources have documented the damage done to (mostly) retail traders who found themselves holding positions of leverage. The May 19th collapse is fossilized evidence of the catastrophic completion of this epoch. When something of this sort takes place, participants and liquidity are permanently removed from the game. Some will drift back in time, some will not. Retail interest moves in intermediate term to long term cycles; we should expect a logical period of lowered activity.
In the institutional world Michael Saylor may be as convinced as ever about the long-term trajectory of our algorithmically determined evolution of money. Elon Musk and the Tesla board may as well. But it’s also clear that these entities, and others like them, are now bag holders for at least some portion of their Bitcoin. At the very least this will serve as flags of caution for other institutional players that have been nibbling at fiat diversity, or at least considering it. Again, time heals all wounds. If Bitcoin is truly destined for a 6, 7, or 8 figure valuation, it will still get there. But perhaps not on the same schedule that many believed it would 6 weeks ago. Read more and view the technical charts.
Traders Stay Active Despite Signs of a Trap
As the fallout from the market downturn continued last week, analysts reached a general consensus that we were approaching either a Bull trap or Bear trap. Which way the market will go is still unknown but as last week brought May to an end it left us with some interesting data to pour over.
Firstly, record amounts of trading took place over the month of May as trading volumes on spot exchanges pushed past $2T, with more than $70B in trades being executed throughout the sell-off on May 19. The trade count on Coinbase for the BTC-USD pair was significantly higher than on any other exchange, as Coinbase processed 1.7 million trades for the pair, nearly double the number of trades on the next highest day.
While CEX’s saw record volumes, the total DEX trading volume surpassed $300B in May, after pushing past $100B for the first time in April and recording a 96% month-over-month increase. ETH volumes surpassed BTC volumes for the month with the average daily spot volume for both currencies topping $20B. Ethereum options volume also hit a new all time high in May, touching $15B after breaking the $5B barrier for the first time in April. BTC futures volume also moved to a new ATH of $2.47T after increasing by 29.9%.
The total stablecoin supply hit $100B last week, with Tether’s USDT accounting for just over half the supply with more than $50B worth of USDT currently in circulation while the total supply of USDC moved to over $20B. At the same time, borrowing rates for stablecoins in DeFi began making a new low for the year with the average rate falling below 10%. Read more.
Greetings everyone to Bitcoin Existence Day 4531.
After many wonderful months of Bitcoin bull market, we find ourselves in a new reality. It’s interesting to observe that many headlines are saying things like “the bitcoin correction” or “will the bull market continue?”. But the chart speaks with clarity. From the April 14th peak, to the May 19th high volume collapse, Bitcoin printed a 53.67% decline. This is a bear market. Even if the worse is behind us (and it might not be – more on that in a bit) we should expect price to move in fits and starts as it absorbs the damage and begins to heal.
Let’s talk psychology for a minute. Many sources have documented the damage done to (mostly) retail traders who found themselves holding positions of leverage. The May 19th collapse is fossilized evidence of the catastrophic completion of this epoch. When something of this sort takes place, participants and liquidity are permanently removed from the game. Some will drift back in time, some will not. Retail interest moves in intermediate term to long term cycles; we should expect a logical period of lowered activity.
In the institutional world Michael Saylor may be as convinced as ever about the long-term trajectory of our algorithmically determined evolution of money. Elon Musk and the Tesla board may as well. But it’s also clear that these entities, and others like them, are now bag holders for at least some portion of their Bitcoin. At the very least this will serve as flags of caution for other institutional players that have been nibbling at fiat diversity, or at least considering it. Again, time heals all wounds. If Bitcoin is truly destined for a 6, 7, or 8 figure valuation, it will still get there. But perhaps not on the same schedule that many believed it would 6 weeks ago. Read more and view the technical charts.
Traders Stay Active Despite Signs of a Trap
As the fallout from the market downturn continued last week, analysts reached a general consensus that we were approaching either a Bull trap or Bear trap. Which way the market will go is still unknown but as last week brought May to an end it left us with some interesting data to pour over.
Firstly, record amounts of trading took place over the month of May as trading volumes on spot exchanges pushed past $2T, with more than $70B in trades being executed throughout the sell-off on May 19. The trade count on Coinbase for the BTC-USD pair was significantly higher than on any other exchange, as Coinbase processed 1.7 million trades for the pair, nearly double the number of trades on the next highest day.
While CEX’s saw record volumes, the total DEX trading volume surpassed $300B in May, after pushing past $100B for the first time in April and recording a 96% month-over-month increase. ETH volumes surpassed BTC volumes for the month with the average daily spot volume for both currencies topping $20B. Ethereum options volume also hit a new all time high in May, touching $15B after breaking the $5B barrier for the first time in April. BTC futures volume also moved to a new ATH of $2.47T after increasing by 29.9%.
The total stablecoin supply hit $100B last week, with Tether’s USDT accounting for just over half the supply with more than $50B worth of USDT currently in circulation while the total supply of USDC moved to over $20B. At the same time, borrowing rates for stablecoins in DeFi began making a new low for the year with the average rate falling below 10%. Read more.
HaasOnline
Advanced Bitcoin & Crypto Trading Bots - HaasOnline
HaasBot is the #1 trusted Bitcoin trade bot platform, we are trusted by thousands of customers. Our bitcoin bot will allow you to automate bitcoin trades using technical indicators, safeties, and insurances to protect your crypto investments.
🗞 Cryptocurrency Weekly News | June 9th, 2021 🗞
Greetings everyone to Bitcoin Existence Day 4538.
Today’s entry will be short and to the point for a couple reason. First, I’m traveling! Second, the character of the ongoing Bitcoin trend is fully unchanged since last week. In fact, the bearish case has only continued to solidify.
Items to note:
- BTC price continues to erode, consequently the 50-day moving average continues to approach the 200-day and threatens to make a Bearish Cross. One of the most reliable signals in technical analysis, at this point it would require a very sharp BTC rally to stop it.
- The symmetrical triangle trend continuation (down) pattern has completed and broken to the downside. Our best hope here for the bulls is that we create a new trading range and begin a basing process. But the news is negative.
- The potential of a very large and bearish head and shoulders pattern continues to develop, with downside targets of $25k minimum and a possibility of much lower levels down to the $19k breakout level. For now, it’s just a potential – but warrants a close watch. Read more and view the technical chart.
El Salvador Steals the Show as Institutions Continue to Turn to Digital Assets
All eyes were on Bitcoin this week as the Bitcoin 21 Conference took place in Miami, Florida. A number of interesting developments were unveiled over the week, however, it was the revelation that El Salvador was in the midst of making Bitcoin legal tender that turned the most heads, and effectively stole the show.
A recorded announcement by Nayib Bukele, the president of El Salvador, was played at the Bitcoin 2021 conference, and announced the government’s intentions.
“Next week I will send to congress a bill that will make Bitcoin a legal tender,” said the laser-eyed head of state.
The declaration makes El Salvador the first country to legally make Bitcoin legal tender, and onboard a non-fiat currency, with other nations expected to follow suit. Prior to the announcement, institutions had looked to take centre stage as the ETC Group is set to launch the first Bitcoin exchange-traded product (ETP) in the United Kingdom.
The ETP will launch on the Aquis Exchange Multilateral Trading Facility (MTF) in London on June 7. Trading of the ETP will take place in GBP, CHF, the Euro, and the U.S. Dollar, and the launch will represent the first cryptocurrency ETP being made available for trading on either a U.K. market or any European MTF. Read more.
Greetings everyone to Bitcoin Existence Day 4538.
Today’s entry will be short and to the point for a couple reason. First, I’m traveling! Second, the character of the ongoing Bitcoin trend is fully unchanged since last week. In fact, the bearish case has only continued to solidify.
Items to note:
- BTC price continues to erode, consequently the 50-day moving average continues to approach the 200-day and threatens to make a Bearish Cross. One of the most reliable signals in technical analysis, at this point it would require a very sharp BTC rally to stop it.
- The symmetrical triangle trend continuation (down) pattern has completed and broken to the downside. Our best hope here for the bulls is that we create a new trading range and begin a basing process. But the news is negative.
- The potential of a very large and bearish head and shoulders pattern continues to develop, with downside targets of $25k minimum and a possibility of much lower levels down to the $19k breakout level. For now, it’s just a potential – but warrants a close watch. Read more and view the technical chart.
El Salvador Steals the Show as Institutions Continue to Turn to Digital Assets
All eyes were on Bitcoin this week as the Bitcoin 21 Conference took place in Miami, Florida. A number of interesting developments were unveiled over the week, however, it was the revelation that El Salvador was in the midst of making Bitcoin legal tender that turned the most heads, and effectively stole the show.
A recorded announcement by Nayib Bukele, the president of El Salvador, was played at the Bitcoin 2021 conference, and announced the government’s intentions.
“Next week I will send to congress a bill that will make Bitcoin a legal tender,” said the laser-eyed head of state.
The declaration makes El Salvador the first country to legally make Bitcoin legal tender, and onboard a non-fiat currency, with other nations expected to follow suit. Prior to the announcement, institutions had looked to take centre stage as the ETC Group is set to launch the first Bitcoin exchange-traded product (ETP) in the United Kingdom.
The ETP will launch on the Aquis Exchange Multilateral Trading Facility (MTF) in London on June 7. Trading of the ETP will take place in GBP, CHF, the Euro, and the U.S. Dollar, and the launch will represent the first cryptocurrency ETP being made available for trading on either a U.K. market or any European MTF. Read more.
HaasOnline
Advanced Bitcoin & Crypto Trading Bots - HaasOnline
HaasBot is the #1 trusted Bitcoin trade bot platform, we are trusted by thousands of customers. Our bitcoin bot will allow you to automate bitcoin trades using technical indicators, safeties, and insurances to protect your crypto investments.
🗞 Cryptocurrency Weekly News | June 15th, 2021 🗞
Greetings everyone to Bitcoin Existence Day 4545.
As we work our way through another week in the life of Bitcoin, we encounter a conflict between shorter term action and longer term.
Tl;dr? — The last week has been a nice break that seems to be losing steam. Looking for a pullback so we can get a feel for the buyers in lurk.
In the short term, we are definitely seeing signs of strength that we haven’t in many weeks. For starters, we made it over the declining 13-day moving average for the first time in 5 weeks. In the process, we invalidated what had been looking like a symmetrical triangle bearish continuation pattern. Put both of these issues firmly in the positive camp. Read more and view the technical chart.
MicroStrategy Doubles Down While El Salvador Makes Good on Its Promise
In last week’s newsletter, we highlighted the announcement by Nayib Bukele, the president of El Salvador, that he would send a bill to congress that would make Bitcoin legal tender in the nation. Well, the El Salvador “Bitcoin bill” officially passed after receiving 62 out of 84 possible votes, and President Bukele quickly announced plans to develop clean, sustainable Bitcoin mining in the country, harnessing energy generated by volcanoes. The country is also expected to announce a number of programs and incentives aimed at attracting crypto companies, as well as traders and investors to base themselves in El Salvador.
Meanwhile, tech giant MicroStrategy pressed ahead with its private offering of $400m worth of senior secured notes in order to fund additional Bitcoin purchases. After making an official announcement, the company followed up with a confirmation of its pricing for the senior secured notes which pushed the expected proceeds from the sale closer to $500m.
MicroStrategy received about $1.6B in orders for the offering, and announced the aggregate principal amount of the notes sold in the offering was $500m worth with the notes due in 2028 and bearing an annual interest rate of 6.125%. Interestingly, according to its June 7th, Form 8-K filing with the SEC, the tech company declared it expected an impairment loss of at least $284.5m due to fluctuations in the price of Bitcoin over Q2. Read more.
Greetings everyone to Bitcoin Existence Day 4545.
As we work our way through another week in the life of Bitcoin, we encounter a conflict between shorter term action and longer term.
Tl;dr? — The last week has been a nice break that seems to be losing steam. Looking for a pullback so we can get a feel for the buyers in lurk.
In the short term, we are definitely seeing signs of strength that we haven’t in many weeks. For starters, we made it over the declining 13-day moving average for the first time in 5 weeks. In the process, we invalidated what had been looking like a symmetrical triangle bearish continuation pattern. Put both of these issues firmly in the positive camp. Read more and view the technical chart.
MicroStrategy Doubles Down While El Salvador Makes Good on Its Promise
In last week’s newsletter, we highlighted the announcement by Nayib Bukele, the president of El Salvador, that he would send a bill to congress that would make Bitcoin legal tender in the nation. Well, the El Salvador “Bitcoin bill” officially passed after receiving 62 out of 84 possible votes, and President Bukele quickly announced plans to develop clean, sustainable Bitcoin mining in the country, harnessing energy generated by volcanoes. The country is also expected to announce a number of programs and incentives aimed at attracting crypto companies, as well as traders and investors to base themselves in El Salvador.
Meanwhile, tech giant MicroStrategy pressed ahead with its private offering of $400m worth of senior secured notes in order to fund additional Bitcoin purchases. After making an official announcement, the company followed up with a confirmation of its pricing for the senior secured notes which pushed the expected proceeds from the sale closer to $500m.
MicroStrategy received about $1.6B in orders for the offering, and announced the aggregate principal amount of the notes sold in the offering was $500m worth with the notes due in 2028 and bearing an annual interest rate of 6.125%. Interestingly, according to its June 7th, Form 8-K filing with the SEC, the tech company declared it expected an impairment loss of at least $284.5m due to fluctuations in the price of Bitcoin over Q2. Read more.
HaasOnline
Advanced Bitcoin & Crypto Trading Bots - HaasOnline
HaasBot is the #1 trusted Bitcoin trade bot platform, we are trusted by thousands of customers. Our bitcoin bot will allow you to automate bitcoin trades using technical indicators, safeties, and insurances to protect your crypto investments.
🗞 Cryptocurrency Weekly News | July 8th, 2021 🗞
Greetings everyone to Bitcoin Existence Day 4566.
Following nearly a full year of crypto excitement, we find ourselves more than 2 months into a Bear phase and, to be honest, stuck in a boring and narrow market. For the last 6 weeks Bitcoin has been trending tightly and entered July with an even more narrow range.
But there are still observations to be made, as we attempt to find a hint of our next move. Let’s take a look at a chart, and then tally up a few items of note. Read more and view the technical chart.
Banks Go Back and Forth over Crypto Integration as Q2 Ends
Last week brought the end of June, beginning of July, as well as the end of quarter two. After posting returns of over 100% for Q4 2020, and Q1 2021, Bitcoin recorded its worst Q2 performance in over eight years as the price of BTC fell by 40% over the quarter. This kind of significant drop in value over Q2 hasn’t been seen since 2013 and also compares to some of Bitcoin’s worst quarterly returns within recent years such as -49% and -42% returns in 2018, and a -40% return in 2014.
Ethereum performed much better, and recorded returns of 105% in Q4 2020, and 159% in Q1 2021, before going on to record an 18% return over Q2 2021. In addition, as of June 27, the Ethereum network had approximately 200K more daily active addresses than the number operative across the Bitcoin network.
However, Binance dominated much of the early week’s news as the UK’s Financial Conduct Authority (FCA) published a consumer warning concerning Binance Markets Limited and the Binance Group. The warning reiterated the fact that Binance Group subsidiary Binance Markets Limited is not permitted to undertake any regulated activities in the UK without the prior written consent of the FCA. Read more.
Greetings everyone to Bitcoin Existence Day 4566.
Following nearly a full year of crypto excitement, we find ourselves more than 2 months into a Bear phase and, to be honest, stuck in a boring and narrow market. For the last 6 weeks Bitcoin has been trending tightly and entered July with an even more narrow range.
But there are still observations to be made, as we attempt to find a hint of our next move. Let’s take a look at a chart, and then tally up a few items of note. Read more and view the technical chart.
Banks Go Back and Forth over Crypto Integration as Q2 Ends
Last week brought the end of June, beginning of July, as well as the end of quarter two. After posting returns of over 100% for Q4 2020, and Q1 2021, Bitcoin recorded its worst Q2 performance in over eight years as the price of BTC fell by 40% over the quarter. This kind of significant drop in value over Q2 hasn’t been seen since 2013 and also compares to some of Bitcoin’s worst quarterly returns within recent years such as -49% and -42% returns in 2018, and a -40% return in 2014.
Ethereum performed much better, and recorded returns of 105% in Q4 2020, and 159% in Q1 2021, before going on to record an 18% return over Q2 2021. In addition, as of June 27, the Ethereum network had approximately 200K more daily active addresses than the number operative across the Bitcoin network.
However, Binance dominated much of the early week’s news as the UK’s Financial Conduct Authority (FCA) published a consumer warning concerning Binance Markets Limited and the Binance Group. The warning reiterated the fact that Binance Group subsidiary Binance Markets Limited is not permitted to undertake any regulated activities in the UK without the prior written consent of the FCA. Read more.
HaasOnline
Advanced Bitcoin & Crypto Trading Bots - HaasOnline
HaasBot is the #1 trusted Bitcoin trade bot platform, we are trusted by thousands of customers. Our bitcoin bot will allow you to automate bitcoin trades using technical indicators, safeties, and insurances to protect your crypto investments.
🗞 Cryptocurrency Weekly News | July 16th, 2021 🗞
Greetings everyone to Bitcoin Existence Day 4573.
Traditional financial markets often experience a period of low volume and inaction during summer months. Especially in late July, and August. In the world of crypto, we very much seem to be in such a phase, perhaps in a simple act of cross-market tradition.
For several weeks at this point our observations on the price action of Bitcoin have remained nearly unchanged. Slow sideways action, diminishing volatility, in conjunction with a soft and steady price decay.
To begin with, it is quite easy to notice that little has changed regarding the items we have analyzed over the last few weeks. The large and obvious head and shoulders pattern is still in place. It remains but a potential for now. Momentum has radically declined, and price drifts sideways for the most part. Read more and view the technical chart.
Binance’s Woes Continue as Visa and Neo Banks Move Closer to Cryptos
Binance is still not free from its apparent global “blacklisting” as Barclays moved to stop its UK clients from sending funds into the leading crypto exchange. Transfers from the EU’s Sepa network were also ‘temporarily suspended’ and this followed on from the exchange’s UK customers being unable to utilize the Faster Payments network, and major banks such as NatWest and Santander restricting access to the exchange.
Some more positive news came in the form of Visa announcing its intention to partner with 50 crypto companies in order to allow users to spend digital currencies through its card program. The credit card giant will partner with companies such as FTX, Crypto.com, and Coinbase to allow users to convert and spend their holdings without merchants having to do anything special as spending on crypto-linked Visa cards surpassed $1B n in the first half of 2021. The news also comes as neo banks such as Revolut, N26, and Monese all announced their intention to offer more crypto related products and services.
Bitcoin also appeared to benefit from increased spending as the current price has the highest level of on-chain volume since BTC was fluctuating around $10.3k. According to data from Glassnode, the UTXO Realized Price Distribution (URPD) broke past 400,000 as BTC fluctuated around $34,300, and when BTC was at $10.3k, the URPD was close to 500,000. Read more.
Greetings everyone to Bitcoin Existence Day 4573.
Traditional financial markets often experience a period of low volume and inaction during summer months. Especially in late July, and August. In the world of crypto, we very much seem to be in such a phase, perhaps in a simple act of cross-market tradition.
For several weeks at this point our observations on the price action of Bitcoin have remained nearly unchanged. Slow sideways action, diminishing volatility, in conjunction with a soft and steady price decay.
To begin with, it is quite easy to notice that little has changed regarding the items we have analyzed over the last few weeks. The large and obvious head and shoulders pattern is still in place. It remains but a potential for now. Momentum has radically declined, and price drifts sideways for the most part. Read more and view the technical chart.
Binance’s Woes Continue as Visa and Neo Banks Move Closer to Cryptos
Binance is still not free from its apparent global “blacklisting” as Barclays moved to stop its UK clients from sending funds into the leading crypto exchange. Transfers from the EU’s Sepa network were also ‘temporarily suspended’ and this followed on from the exchange’s UK customers being unable to utilize the Faster Payments network, and major banks such as NatWest and Santander restricting access to the exchange.
Some more positive news came in the form of Visa announcing its intention to partner with 50 crypto companies in order to allow users to spend digital currencies through its card program. The credit card giant will partner with companies such as FTX, Crypto.com, and Coinbase to allow users to convert and spend their holdings without merchants having to do anything special as spending on crypto-linked Visa cards surpassed $1B n in the first half of 2021. The news also comes as neo banks such as Revolut, N26, and Monese all announced their intention to offer more crypto related products and services.
Bitcoin also appeared to benefit from increased spending as the current price has the highest level of on-chain volume since BTC was fluctuating around $10.3k. According to data from Glassnode, the UTXO Realized Price Distribution (URPD) broke past 400,000 as BTC fluctuated around $34,300, and when BTC was at $10.3k, the URPD was close to 500,000. Read more.
HaasOnline
Advanced Bitcoin & Crypto Trading Bots - HaasOnline
HaasBot is the #1 trusted Bitcoin trade bot platform, we are trusted by thousands of customers. Our bitcoin bot will allow you to automate bitcoin trades using technical indicators, safeties, and insurances to protect your crypto investments.
🗞 Cryptocurrency Weekly News | July 24th, 2021 🗞
Greetings everyone to Bitcoin Existence Day 4580.
The drip, drip, drip decline of Bitcoin persists.
Let’s just say it. It’s ugly out there. Ugly, and boring. Bitcoin has not been able to stage anything close to a rally in weeks at this point, and the list of negative developments are stacking up. Read more and view the technical chart.
Let’s post a chart, then just list them all.
5 Reasons why it’s hard to love Bitcoin right now:
- The Head & Shoulders pattern continues, and the neckline (as I have it drawn) has been compromised.
- The volume on the neckline breach was slightly elevated. That’s a confirming factor.
- Our 3 major moving averages (13, 50, 200) remain in steady Bear formation.
- At the time of writing, BTC is 54% off its all time high. That’s a Bear market, a really lousy one, by any standards.
- Here’s a new but not unexpected development. As warned of last week, the 200 day moving average is now ticking lower day to day. Negative slope. Disgusting.
The Bitcoin Landscape Continues to Shift as Institutions & Regulators Jostle for Position
With the price of BTC holding much of the market’s attention, the Bitcoin landscape continued to go through significant changes over the week. According to data from Glassnode, new user growth reached a new all-time high with over 50,000 new entities coming on-chain a day. At the same time, both retail and so called whales ramped up their BTC purchases with 17 new Bitcoin whales being birthed on the blockchain, while overall whale holdings increased by 65,429 BTC. The supply of Bitcoin held by entities with a balance ranging from 1k to 10k BTC jumped to over 4,200k.
Data from Kaiko highlighted that Bitcoin’s correlation with the S&P 500 shifted to the negative for the first time this year. While the two were loosely correlated during the first half of 2021, amid a period of repeated new all time highs, the recent BTC price drop has resulted in a negative correlation as the S&P 500 continues to perform strongly. Bitcoin also retains a negative correlation to Gold, which rose by 20% over the past month and now both Gold and the S&P 500 share a similar negative correlation of around -0.2 with BTC.
The Bitcoin hash-rate recovered from a peak-trough decline of 55%, moving to a decline of approximately 39%. This would indicate that hash-power equivalent to around ~29% of the affected hash-power has come back online and may indicate that miners in China successfully managed to relocate their operations elsewhere. Read more.
Greetings everyone to Bitcoin Existence Day 4580.
The drip, drip, drip decline of Bitcoin persists.
Let’s just say it. It’s ugly out there. Ugly, and boring. Bitcoin has not been able to stage anything close to a rally in weeks at this point, and the list of negative developments are stacking up. Read more and view the technical chart.
Let’s post a chart, then just list them all.
5 Reasons why it’s hard to love Bitcoin right now:
- The Head & Shoulders pattern continues, and the neckline (as I have it drawn) has been compromised.
- The volume on the neckline breach was slightly elevated. That’s a confirming factor.
- Our 3 major moving averages (13, 50, 200) remain in steady Bear formation.
- At the time of writing, BTC is 54% off its all time high. That’s a Bear market, a really lousy one, by any standards.
- Here’s a new but not unexpected development. As warned of last week, the 200 day moving average is now ticking lower day to day. Negative slope. Disgusting.
The Bitcoin Landscape Continues to Shift as Institutions & Regulators Jostle for Position
With the price of BTC holding much of the market’s attention, the Bitcoin landscape continued to go through significant changes over the week. According to data from Glassnode, new user growth reached a new all-time high with over 50,000 new entities coming on-chain a day. At the same time, both retail and so called whales ramped up their BTC purchases with 17 new Bitcoin whales being birthed on the blockchain, while overall whale holdings increased by 65,429 BTC. The supply of Bitcoin held by entities with a balance ranging from 1k to 10k BTC jumped to over 4,200k.
Data from Kaiko highlighted that Bitcoin’s correlation with the S&P 500 shifted to the negative for the first time this year. While the two were loosely correlated during the first half of 2021, amid a period of repeated new all time highs, the recent BTC price drop has resulted in a negative correlation as the S&P 500 continues to perform strongly. Bitcoin also retains a negative correlation to Gold, which rose by 20% over the past month and now both Gold and the S&P 500 share a similar negative correlation of around -0.2 with BTC.
The Bitcoin hash-rate recovered from a peak-trough decline of 55%, moving to a decline of approximately 39%. This would indicate that hash-power equivalent to around ~29% of the affected hash-power has come back online and may indicate that miners in China successfully managed to relocate their operations elsewhere. Read more.
🗞 Cryptocurrency Weekly News | July 30th, 2021 🗞
Greetings everyone to Bitcoin Existence Day 4587.
When things change they can change quite fast! As a trend follower, sometimes analysis can find itself on autopilot. By definition, trend direction persists… until it doesn’t. For weeks on end, our story has been the same – bearish deterioration across a slowly evolving Head and Shoulders topping pattern.
But this week brings starkly new information and it’s time to modify the noscript. Read more and view the technical chart.
Just as Bitcoin was threatening to complete that massive Head and Shoulders pattern, a sudden and powerful change of direction came about. As a result, we blasted above the 50-day moving average, moved to an old resistance level, and now find ourselves probing those highs.
Regulators Hone In on Digital Assets as Rules Tighten for Big Crypto Players
Regulators around the world continued to focus on legislating digital assets, as US Treasury Secretary Janet Yellen outlined the Department’s intention to develop an appropriate U.S. regulatory framework for stablecoins. Yellenconvened the President’s Working Group on Financial Markets (PWG), which was joined by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation with a report on stablecoins soon to be released, and the PWG is expected to issue its recommendations in the coming months.
The sit down took place at the start of the week, as the total stablecoin supply hit $110B; Circle took the opportunity to reveal the assets backing the USDC stablecoin with 61% of the total USDC supply backed by cash or cash equivalents. The remainder of the supply is backed by Yankee CDs, US Treasuries, Commercial Paper, and Corporate Bonds, with a marginal amount backed by Municipal Bonds and US Agencies. Read more.
Greetings everyone to Bitcoin Existence Day 4587.
When things change they can change quite fast! As a trend follower, sometimes analysis can find itself on autopilot. By definition, trend direction persists… until it doesn’t. For weeks on end, our story has been the same – bearish deterioration across a slowly evolving Head and Shoulders topping pattern.
But this week brings starkly new information and it’s time to modify the noscript. Read more and view the technical chart.
Just as Bitcoin was threatening to complete that massive Head and Shoulders pattern, a sudden and powerful change of direction came about. As a result, we blasted above the 50-day moving average, moved to an old resistance level, and now find ourselves probing those highs.
Regulators Hone In on Digital Assets as Rules Tighten for Big Crypto Players
Regulators around the world continued to focus on legislating digital assets, as US Treasury Secretary Janet Yellen outlined the Department’s intention to develop an appropriate U.S. regulatory framework for stablecoins. Yellenconvened the President’s Working Group on Financial Markets (PWG), which was joined by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation with a report on stablecoins soon to be released, and the PWG is expected to issue its recommendations in the coming months.
The sit down took place at the start of the week, as the total stablecoin supply hit $110B; Circle took the opportunity to reveal the assets backing the USDC stablecoin with 61% of the total USDC supply backed by cash or cash equivalents. The remainder of the supply is backed by Yankee CDs, US Treasuries, Commercial Paper, and Corporate Bonds, with a marginal amount backed by Municipal Bonds and US Agencies. Read more.
Please enjoy the August 2021 CryptoCalibur Team Picks Technical Analysis article.
📈📉📈📉📈
——-
https://cryptocalibur.com/cryptocalibur-team-picks-august-2021-technical-analysis
📈📉📈📉📈
——-
https://cryptocalibur.com/cryptocalibur-team-picks-august-2021-technical-analysis
Upcoming ask me anything session with DeFine!
📃 Website
📃 DeFine Telegram
⏰ The AMA will take place on August 3rd, 2021 from 18:00 to 19:00 UTC in our Chat Room.
-----------------------------------------------
DeFine is a social NFT platform for all creators including artists, musicians, influencers, gamers, and athletes. The platform facilitates all social interaction for creators and their fanbase with digital assets.
✅ DeFine aims to provide an all-encompassing Asia-focused NFT Social Platform for creators.
✅ DeFine will build upon its existing NFT marketplace to support the broader NFT market and creator ecosystem.
✅ NFT PLUS - expands the application of NFT outside of artwork by attaching assets to the blockchain and metaverse - will be realased in Q3.
🔥 Backed by Huobi Ventures, Draper Dragon, and more
🔥 Listing premier on Huobi + lock HT and ETH with Primepool to Get 2.25 Million DFA
-----------------------------------------------
AMA will take place in our Chat Room: @cryptocaliburchat
📃 Website
📃 DeFine Telegram
⏰ The AMA will take place on August 3rd, 2021 from 18:00 to 19:00 UTC in our Chat Room.
-----------------------------------------------
DeFine is a social NFT platform for all creators including artists, musicians, influencers, gamers, and athletes. The platform facilitates all social interaction for creators and their fanbase with digital assets.
✅ DeFine aims to provide an all-encompassing Asia-focused NFT Social Platform for creators.
✅ DeFine will build upon its existing NFT marketplace to support the broader NFT market and creator ecosystem.
✅ NFT PLUS - expands the application of NFT outside of artwork by attaching assets to the blockchain and metaverse - will be realased in Q3.
🔥 Backed by Huobi Ventures, Draper Dragon, and more
🔥 Listing premier on Huobi + lock HT and ETH with Primepool to Get 2.25 Million DFA
-----------------------------------------------
AMA will take place in our Chat Room: @cryptocaliburchat
Reminder! AMA with DeFine will take begin in ~5 hours in our chat room.
----------------------------------
Time: 18:00 - 19:00 UTC
The AMA will take place in our Chat Room: @cryptocaliburchat
----------------------------------
Time: 18:00 - 19:00 UTC
The AMA will take place in our Chat Room: @cryptocaliburchat
Telegram
DeFine English Community
✅DeFine is a social NFT platform. Official website: https://define.one/