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TA: Ethereum Gains Momentum, Why Bulls Could Aim More Upsides

Ethereum started a fresh increase above $4,200 against the US Dollar. ETH could gain pace if there is a clear  break above $4,250 in the near term. Ethereum was able to climb above the $4,150 and $4,200 resistance levels. The price is now trading above $4,120 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $4,180 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase if it clears the $4,250 and $4,260 resistance levels. Ethereum Price Could Rise Further Ethereum started a from increase from the $4,000 support zone. ETH was able to clear the $4,120 resistance zone and the 100 hourly simple moving average. Ether price even traded above the $4,200 resistance zone. A high was formed near $4,253 and the price is now correcting lower. It traded below the $4,220 level. An immediate support is near the $4,180 level. The stated level is near the 23.6% Fib retracement level of the upward move from the $3,965 swing low to $4,253 high. There is also a key bullish trend line forming with support near $4,180 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $4,240 level. Source: ETHUSD on TradingView.com The next major resistance is near the $4,260 level, above which the price might start a fresh rally. In the stated case, the price might rise towards the $4,320 level. Any more gains could lead the price towards the $4,500 level. Dips Supported in ETH? If ethereum fails to continue higher above the $4,240 and $4,260 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $4,180 level and the trend line. A break below the trend line could push the price towards the $4,100 support level. It is close to the 50% Fib retracement level of the upward move from the $3,965 swing low to $4,253 high. The main support is near the $4,080 level and the 100 hourly SMA. Any more downsides could lead the price towards the $3,950 support. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 level. Major Support Level – $4,180 Major Resistance Level – $4,260

Start-up CGU Raises $2.5 Million USD in Third Public Round

PRESS RELEASE. A crypto platform Crypto Gaming United (CGU), which has joined the crypto exchange TimeX on the 18th of october, made $2.5 million in a record-breaking six seconds since public token trading began. One of the co-founders of the project is a crypto-currency, DeFi and blockchain app entrepreneur Sergei Sergienko born in Russia. CGU […]

Alleged South African Bitcoin Fraudster Makes First Court Appearance Since Arrest

Alleged South African Bitcoin Fraudster Makes First Court Appearance Since ArrestSandile Shezi, the South African bitcoin trader accused of defrauding investors, recently made his first court appearance before a Johannesburg magistrate. Shezi out on Bail The bitcoin trader’s court appearance came just days after he honored his pledge to surrender himself to the police. However, according to a report by the Sowetan, Shezi — who […]

Why Bitcoin Needs To Clear $64K For Hopes of a Fresh Rally

Bitcoin price started a fresh increase from $60,000 against the US Dollar. BTC is back above $62,000, but it must clear $64,000 for hopes of a fresh rally. Bitcoin recovered losses and was able to climb above the $62,500 resistance. The price is now trading above $62,000 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $63,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a steady increase if there is a close above the $64,000 resistance zone. Bitcoin Price Eyes Fresh Rally Bitcoin price dipped below the $60,000 level, but downsides were limited. BTC traded as low as $59,610 before starting a fresh increase. The price was able to rise above the $61,000 and $61,200 resistance levels. There was a recovery wave above the $62,000 and $62,500 levels. Bitcoin even spiked above the 50% Fib retracement level of the downward move from the $66,980 swing high to $59,610 low. The price is now trading above $62,000 and the 100 hourly simple moving average. It is currently facing resistance near the $63,000 and $63,200 levels. There is also a major bearish trend line forming with resistance near $63,200 on the hourly chart of the BTC/USD pair. The main breakout resistance is now forming near the $64,000 level. It is near the 61.8% Fib retracement level of the downward move from the $66,980 swing high to $59,610 low. Source: BTCUSD on TradingView.com A clear break above the trend line resistance and then $64,000 may possibly call open the doors for a move towards the $65,000 level. The next major resistance sits near the $66,500 level. Fresh Decline In BTC? If bitcoin fails to clear the $64,000 resistance zone, it could start a fresh downside correction. An immediate support on the downside is near the $62,200 level. The first major support is now forming near the $61,500 level and the 100 hourly SMA. A break below the $61,500 support may possibly push the price towards the $60,000 support zone in the near term. Technical indicators: Hourly MACD – The MACD is slowly gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $62,200, followed by $61,500. Major Resistance Levels – $63,000, $63,200 and $64,000.

Mastercard to Enable Merchants on Its Network to Offer Crypto Products and Services

Payments giant Mastercard has partnered with a cryptocurrency exchange to allow its partners and merchants in the U.S. to offer crypto solutions, including the buying, selling, and holding of cryptocurrencies. “We want to offer all of our partners the ability to more easily add crypto services to whatever it is they’re doing.” Mastercard’s Network Integrates […]

New Ethereum-to-Cardano Bridge Will Provide NFT Creators Eco-friendly Options

Bondly has announced a new functionality on the Cardano blockchain that is aimed at creators. Energy consumption has been a major problem on the Ethereum network, especially given the increased usage of the blockchain over the past couple of months. Developers behind the project have been working towards moving the network to proof of stake but that is still another year away. In the meantime, Ethereum blockchain still uses a proof of work mechanism which requires a large amount of energy for transactions to be confirmed on the network. Thus, Bondly has introduced a new solution for NFT creators who may be looking for more sustainable and eco-friendly options for their creations. But at the same time, do not want to lose the NFTs they have already minted on the Ethereum blockchain. Related Reading | Bridging Two Worlds In its announcement, Bondly says its official Ethereum to Cardano bridge will enable creators to choose a more eco-friendly blockchain for their NFTs. Creators are able to move their NFT creations from the Ethereum blockchain to the Cardano blockchain using this bridge. In terms of energy-efficiently, the Cardano blockchain is four million times more efficient than Bitcoin. Ethereum is said to use the energy equivalent of Columbia, while Cardano’s energy usage comes out to be equivalent to that of a family home. Thereby providing a greener and eco-friendly network for creators who are worried about the environmental impact of blockchain use. Related Reading | Cardano Loses 3rd Spot On Crypto Top 10, Why It May Drop Even More Bondly announced that through this partnership with IOG, it will be able to provide NFT creators a way to simply transfer NFTs minted on the Ethereum blockchain over to Cardano without the risk of losing a transaction or paying high fees for transfers. Cheaper On Cardano In addition to having their work on an eco-friendly blockchain, creators do not have to worry about the high fees that the Ethereum network has come to be known for. With the majority of NFT minting happening on Ethereum, the network fees have shot through the roof, leaving smaller creators who cannot afford these high fees out to dry. This is, however, not the case with Cardano. ADA price struggles at $2.13 | Source: ADAUSD on TradingView.com The network boasts of low fees for any transaction carried out on the blockchain. Additionally, the network also offers NFT creators price predictability and stable transaction costs, which will eliminate increasingly high fees and the fear of lost transactions due to not having enough gas fees to cover a transaction. The bridge is set to launch in 2022 and in celebration of its launch, Bondly will release a special series of eco-friendly NFT on the network. Harry Liu, CEO of Bondly, said; “The creation of a cross-chain NFT bridge between Ethereum and Cardano marks a pivotal moment in the transition from legacy blockchain technology to one of the most hotly anticipated ‘third generation’ networks. As one of the pioneers of the NFT movement, we continue to play a key role in building the infrastructure that will herald the next phase of NFT evolution.” Related Reading | Cardano Set To Enter The Babbage Era After Alonzo HFC Milestone Liu is not the only one excited about the bridge. Founder of Cardano, Charles Hoskinson, expressed support for the project. “We built Cardano with energy efficiency in mind, which is why this partnership with Bondly is so crucial,” said Hoskinson. “We believe that blockchain will only achieve mass adoption when end users have a seamless experience, regardless of which blockchain they are using, which is what bridges like this will achieve.” The founder has always believed that interoperability will be the future of the blockchain industry and this stance is reiterated with the new partnership with Bondly. Featured image from Bitcoinist, chart from TradingView.com

Player’s Wins a $120,000 Jackpot on Slot Game, Wish Granted by King Elvis

Player’s Wins a $120,000 Jackpot on Slot Game, Wish Granted by King ElvisPlayer wins a mighty big jackpot in the flashy new sequel Aloha King Elvis! on our crypto casino! A massive 1000x on the exciting Hawaiian-themed slot game The charismatic Elvis Frog has been taking a trip to Hawaii lately in BGaming’s popular new slot game on Bitcoin.com’s very own crypto casino. The titular character King […]

BTC Holders Reduce Spending, Why Bitcoin Could Get More Rocket Fuel

Bitcoin trends to the upside in the daily chart after experiencing some downside action during the weekend. As of press time, the benchmark crypto trades at $63,136 with a 3.8% profit in the 24-hour chart. The rally has been driven by an increase in institutional demand as the first Bitcoin-linked Exchange Traded Funds (ETFs) in the U.S. have been rollout. Both products experienced a record in trading volume with ProShares’ product surpassing the launch of the Gold ETF by reaching $1 billion in less than 3 days. $BITO just about at $1b in total volume today (curr $993m but trades still trickling in). Easily the biggest Day One of any ETF in terms of ‘natural’ volume. It also traded more than 99.5% of all ETFs (incl some bigs like $DIA, $ARKK, $SLV). It def defied our expectations.. pic.twitter.com/rWIPSAJboT — Eric Balchunas (@EricBalchunas) October 19, 2021 This propelled the Chicago Mercantile Exchange (CME) Open Interest to the stratosphere setting a new all-time high of $5.44 billion for futures contracts, a report by Glassnode indicated. The CME OI has risen by over 265% in October 2021 alone, as seen in the chart below. Related Reading | TA: Bitcoin Price Faces Hurdle, Why 100 SMA Is The Key The derivates market has been heating up across the board with the funding rates going positive as Bitcoin moves higher. This has triggered a FOMO effect which led to a correction as over-leverage traders were shaken out in the past days. Bitcoin seems to be making quick recoveries and holding on to $60,000 as critical support, but as Glassnode noted an over-heated futures sector put the entire market at risk of further downside price action. (…) funding rates remain at similar levels as observed just prior to the early September flush out. With futures open interest remaining near all-time highs, a risk of further downside to clear even more leverage does remain in play. Bitcoin Investors Expect More Gains In support of the current optimistic general sentiment in the crypto market, Glassnode noted a reduction in activity by long-term holders. These investors were taking profits for the past 2 weeks following a period of accumulation. Related Reading | Is China Considering Lifting The Bitcoin Mining Ban? The NDRC Runs Public Survey As the research firm explained, Bitcoin long-term holders (LTH) exhibited a typical behavior as BTC’s price entered price discovery. As the chart below shows, there seems to be an inverse correlation between the total BTC supply held by LTHs and the price of this cryptocurrency. Whenever there is a reduction in LTHs spending, the price of Bitcoin tends to the upside in a massive rally as seen in late January and early February 2021. Related Reading | On-Chain Data Shows Surge In Stablecoins Supply Pouring Into Bitcoin When combining the behavior of LTHs, already resuming their BTC accumulation, with that of Short-term holders (STH), Glassnode concluded that the overall sentiment is for Bitcoin to reach new highs: (…) STHs have stopped spending during this correction. With LTH supply already starting to recover, the most likely interpretation is that the vast majority of coin holders are still expecting and waiting for higher prices.