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Indian Police Search for Bitconnect Founder After the US Indicted Him for Defrauding Crypto Investors

Indian Police Searching for Bitconnect Founder After the Crypto Ponzi Scheme Defrauds Bitcoin InvestorThe Indian police have launched an investigation into Bitconnect and booked its founder after a bitcoin investor reported being defrauded by the global crypto “Ponzi scheme.” According to U.S. authorities, the scheme reached a market capitalization of $3.4 billion at its peak. The founder and his co-conspirators allegedly obtained about $2.4 billion from investors. Bitconnect’s […]

Korean Regulator Takes Action Against 16 Foreign Crypto Exchanges

Korean Regulator Takes Action Against 16 Foreign Crypto ExchangesThe South Korean financial intelligence unit is taking action against 16 foreign cryptocurrency exchanges for operating illegally in the country. “For illegal business activities of unregistered entities, maximum of 5 years of imprisonment or up to KRW 50 million of fines can be imposed,” the regulator said. 16 Foreign Crypto Exchanges Flagged by South Korean […]

Investor Sentiment Falls As Crypto Market Sheds $100 Billion

The crypto market has now been put under another challenge. In the past day, bitcoin prices have dropped about $2,000, which has seen the crypto market lose a significant amount of value. As it now stands, the crypto market cap is down more than $100 billion and is now dangerously close to falling below $1 trillion once more. This has expectedly affected the market sentiment, triggering more fear in the market. Market Turns To Fear The crypto market had been seeing some recovery with the anticipation around the Ethereum Merge. But as the excitement has worn off, the market has started to see a drastic correction in price. Bitcoin had hit $25,000 at its peak this last recovery cycle. However, it has since shed the majority of those gains. Related Reading: Bitcoin Price Must Clear This Level If It Wants To See $28,000 With this, the crypto market sentiment recovered for a time after bitcoin began its rally. At its highest point, the Fear & Greed Index has a score of 42, the highest point in four months. This put it as close to greed as it has been, but the market had other ideas. The price of bitcoin had retraced back below $22,000, and with it, the market sentiment had declined. It closed Thursday with a low score of 30, which put it firmly back in the fear territory. The retracement is reflected in the crypto market, falling from $1.1 trillion to about $1 trillion at the time of this writing.  Crypto market cap losses $100 billion | Source: Crypto Total Market Cap on TradingView.com As fear has seeped back into the market, investors are warier when it comes to investing in the crypto market. Perp traders had shown fatigue in the market last week, causing bitcoin funding rates to decline below neutral. Now, the rest of the market is following suit. Recovery In Crypto Market? With the market only just starting to retrace, it is likely that the correction is not over. Such corrections are expected when the market grows so much in such a short time. This helps prices to adjust to values that reflect their current market state. Related Reading: Crypto Market Gains Retrace As Ethereum Merge Draws Closer This means that bitcoin’s price may still have some declining to do. For now, it is speculated that the bottom has been established at a price of $17,600, so bears will want to try to test the support at this point. Historical movement also supports such movements as was done with previous bear markets. Additionally, the weekend is already here, and it is a period known for low liquidity. This means that it is likely that bitcoin will continue to trend low through the weekend. If Bitcoin’s price falls below $21,000, then the crypto market will fall below $1 trillion. Featured image from Coinmama, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Bitcoin Miners Take in Bear Rally Profits by Selling More Than 6,000 BTC Since August 1

Bitcoin’s value against the U.S. dollar lost 7.3% during the last 24 hours after more than $600 million in value was removed from the $1.07 trillion crypto economy. Statistics show that a number of bitcoin miners capitulated over the last two weeks, selling 5,925 bitcoin worth millions, according to cryptoquant.com data. More Than 6,100 Bitcoin […]

Ethereum Sends Red Signals, But Should You Worry About The Long Term?

The crypto market is experiencing a correction with Bitcoin and Ethereum giving back their gains from previous weeks. The general sentiment in the sector was optimistic but could take a blow if main cryptocurrencies lose their current levels. Related Reading: USDC Exchange Reserve Spikes – Can This Help Push Bitcoin Back Up? At the time of writing, Ethereum (ETH) trades at $1,690 with a 10% loss in the last 24 hours and 7 days, respectively. The cryptocurrency has preserved a critical support zone at $1,700 that was turned from major resistance into support. In a market update, BitMEX Founder Arthur Hayes called the short-term price action across the crypto market “ugly” as he sees potential for further losses. Hayes said via Twitter: The short-term price action is ugly. Assuming you are long, it could mean you read the market wrong. Is it time to cover, sit tight, or add more? That all depends on your nerve and how well you can read the chart. In the short term, a trader might experience losses, but if the trader is playing the long run on Ethereum, Hayes believes nothing has “fundamentally change” for the second cryptocurrency by market cap. In less than a month, Ethereum is set to deploy “The Merge” on mainnet. This event will signal ETH’s full transition into a Proof-of-Stake (PoS) blockchain. In what is one of the most expected events in the history of the crypto market, Ethereum will set the stage for a less energy-consuming, more scalable, and accessible network. In the past, Hayes has said that “The Merge” will be a transcendental event for ETH’s price as the cryptocurrency will manage to attract fresh capital. The BitMEX founder believes that once the blockchain reduces its energy consumption, sidelined money will flow and potentially push ETH’s price higher. Hayes said: If you tell me the $ETH merge ain’t happening, or something occurred which severely diminishes it’s probability of success then I would be worried about my long position. Time To Increase Your Ethereum Holdings? In that sense, traders should keep an eye on “The Merge” and any potential hurdles as they can negatively affect the price of Ethereum. At the time of writing, the update is on track, but ETH’s price must maintain its current levels to prevent further downside. Related Reading: TA- Trezor (TRB) Holds Strong Above $40, Will The Crypto Pullback Affect It? If bears take control of the market, analyst Justin Bennet believes that the price of Ethereum might find a bottom at $300. Bennett said: Unpopular opinion: The $ETH bottom is probably closer to $300 than $1,000. “That’ll never happen,” they’ll say. It already did during the last #crypto bear market. And that was without a global recession, a bear market for stocks, and inflation ripping to new highs in many developed countries.

TA- Trezor (TRB) Holds Strong Above $40, Will The Crypto Pullback Affect It?

The price of Trezor (TRB) in the last few days has continued to look strong against Tether (USDT). Bitcoin (BTC), Ethereum (ETH), and other altcoins have struggled to hold above their key support zones after the market turned bearish. The price of Trezor (TRB)  has continued to maintain its bullish structure. (Data from Binance) Related Reading: Bitcoin Price Short-Term Upswing In Peril As Bulls’ Aggression Dies Down Trezor (TRB) Price Analysis On The Weekly Chart From the chart, the price of TRB saw a weekly low of $10, which bounced from that area and rallied to a price of $40 after showing great recovery signs in recent weeks.  TRB weekly candle closed with a bullish sentiment with the new week’s candle looking bullish with eyes set for the $60 mark.  The price has struggled to build more momentum as it tries to hold key support. If the price of TRB on the weekly chart continues with this structure, it could quickly revisit  $60 acting as a resistance to the price of TRB. Weekly resistance for the price of TRB – $40, $60. Weekly support for the price of TRB – $28. Price Of Trezor On The Daily (1D) Chart The price of TRB found strong support at $28 above a trendline after successfully forming a bullish structure, the support at $28 seems to be an area of interest on the daily chart. TRB bounced from its support and rallied to $40 where it was faced with resistance. The price of TRB has formed an uptrend line acting as a support for the price of TRB.  The price of TRB needs to hold above this trendline, a break below it invalidates the bullish structure. At the point of writing, the price of TRB is at $40, just above the 50 and 200 Exponential Moving Average (EMA) which corresponds to prices at $28 and $24. The Relative Strength Index (RSI) for the price of TRB on the daily chart is below 70, indicating more buy bids. Daily (1D) resistance for TRB price – $40. Daily (1D) support for TRB price – $28, $24. Price Analysis Of TRB On The Four-Hourly (4H) Chart The price of TRB has continued to sustain its bullish structure above the 50 EMA price corresponding to $38 acting as support and area of interest. On the 4H timeframe, the 200 EMA is also acting as key support for the price of TRB. If TRB fails to hold the support region of 50 and 200 EMA which corresponds to $38 and 30$ we could see the price retesting the region of $21 as the next support area to hold the TRB price. Four-Hourly (4H) resistance for TRB price – $40. Four-Hourly (4H) support for TRB price – $38, $30. Related Reading: Bitcoin Price Declines Below 50-Day MA, Is A Recovery Expected? Featured Image From ITPRO, Charts from TradingView.com

USDC Exchange Reserve Spikes – Can This Help Push Bitcoin Back Up?

On-chain data shows the USDC exchange reserves sharply rose recently, something that could help push Bitcoin back up after the latest drop. USDC Exchange Reserve Observes Sharp Rise In Recent Days As pointed out by an analyst in a CryptoQuant post, the large amount of USD Coin that flowed into exchanges recently could be deployed to act as fuel for Bitcoin. The “exchange reserve” is an indicator that measures the total amount of USDC currently sitting in wallets of all centralized exchanges. Since stablecoins are tied to fiat (which in the case of USDC is USD), their value is as constant as the fiat currency itself. Because of this, investors often take shelter by shifting coins like Bitcoin into stablecoins during times when they want to avoid the volatility generally associated with much of the crypto market. Once these investors feel the prices are right to dive back into the volatile markets, they exchange their stables for whatever crypto they want to buy into. An especially large amount of buying from such holders can therefore help propel the prices of the major cryptos like Bitcoin. Related Reading: Not-So-Diamond-Hands: Bitcoin Long-Term Holders Have Shed 150k BTC Since LUNA Crash Now, here is a chart that shows the trend in the USDC exchange reserve over the last few months: The value of the metric seems to have jumped up in recent days | Source: CryptoQuant As you can see in the above graph, the USDC exchange reserve has usually made a top around when the BTC price has slid down in the last few months. Following this top, the reserve has started declining, while the value of Bitcoin has either moved sideways or observed a surge. This makes sense as a decreasing reserve of the stablecoin implies investors are now shifting into volatile coins. Most recently, the value of the reserve has seen a very sharp rise. The “inflow” indicator (which measures the total amount of coins moving into exchanges) also shown in the chart registered a big spike at about the same time as this rise. Related Reading: Why are Runfy, Bitcoin and Tron being considered the next cryptos to explode in 2022 This implies that most of the latest increase in the reserve has come from USDC that was sitting off exchanges since a while. All these stablecoins can act as potential dry powder for fueling some upwards momentum for Bitcoin after the coin’s price has plunged below $22k today. However, one thing to note is that only the USDC flowing into spot exchanges can influence the market like this. A large chunk of the latest inflows seem to have gone into derivatives instead, which, while also an indication of higher volatility for the market, doesn’t specifically mean the price will tend to go up. This volatility could make the price swing in either direction. Bitcoin Price At the time of writing, Bitcoin’s price floats around $21.4k, down 10% in the past week. Looks like the value of the crypto has gone down during the last few days | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com

FLOW Reclaims Green Turf After 7-Day Losing Streak

FLOW relishes its winning streaks as the coin trades at its peak Thursday, and shoots upwards after a 7-day losing streak. FLOW registers peak levels, shows renewed vigor after a week Price sets sights on a new key resistance at $3 Token dips by 17.47%, currently trades at $2.28 The uptrend came unexpectedly especially since FLOW’s market cap is trading lower at 1.14%. Other altcoins like SHIB also declined by as much as 10%. Related Reading: Chainlink In Bearish Mood As LINK Price Retreats To $8.63 FLOW, One Of The Strongest Movers On Thursday FLOW was undeniably one of the strongest crypto movers on Thursday as the coin was able to rebound following a slump for seven straight days. The crypto’s recent price drop reaching $2.54 also positioned itself as a support point. But, similar to what happened on August 8, the bulls decided to crash the party which has propelled FLOW to reach $2.80. Chart from TradingView.com Since the coin has bowled over the support point, it appears to be eyeing the $3 resistance level next. But, for FLOW to inch closer to its target zone, the token should be able to surpass the looming obstacle in the RSI. RSI index reads at 60.32 which is way below the ceiling level of 61.19, which historically is the zone that bears favor. FLOW Sets Crosshair At $3 Decentralization is now marking its territory in the blockchain space. With that being said, many projects are now strung together to create a game-changing DeFi culture. The crypto is the newest network to dip into DeFi with its DAO infrastructure spawned as CAST. CAST is pivotal in attracting more projects into the Flow network. This outcome boosts the opportunity for the coin. On July 28, the price of the crypto has peaked at $1.78 following a 9.6% uptrend seen overnight. FLOW price increase was also precipitated by the announcement of CAST which may have triggered an optimistic market sentiment. FLOW total market cap at $2.33 billion on the daily chart | Source: TradingView.com It’s still undetermined whether the FLOW price can continue to bolster or keep up with the uptrend. Amid the uncertainty of its consistency and performance to maintain its bullish streak, the recovery exhibited by the token in the 50-day moving average speaks volumes of the token’s potential. Related Reading: Polygon Seen Breaching $1 This Week – Can MATIC Start An Uptrend? This indicates that the crypto is enjoying a strong demand close to that exact indicator. Flow started the week on a bearish movement, prompting the bears to push a little below the RSI level at 50% before the rebound. As it is, FLOW is currently down by 17.75% or trading at $2.27, according to CoinMarketCap. Featured image from www.onflow.org, Chart from TradingView.com

Crypto Fear and Greed Index Shows Market Sentiment Remains Fearful

Crypto Fear and Greed Index Shows Market Sentiment Remains FearfulAfter the Crypto Fear and Greed Index (CFGI) dropped to significant lows and pointed to “extreme fear” in crypto markets at the end of May, and throughout most of June, today the CFGI rating is still in the “fear” zone, but it has seen an improvement. On June 19, the CFGI rating tapped a low […]