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14 Apr 15:04
Bitcoin Price Hits Nearly $65K on the Day Coinbase Shares Start Trading on Nasdaq

Data from TradingView indicates that at 06:14 UTC on Wednesday (April 14), the Bitcoin ($BTC) price hit $64,895 on crypto exchange Bitstamp, thereby setting a new all-time high.

According to Bybt, Bitcoin futures open interest across major exchanges reached a record $27.75 billion at 07:01 UTC.

As of 07:10 UTC on April 14, funding rates for BTC perpetual swaps are positive. On Binance, the funding rate is 0.1164% and on OKEx it is 0.-44%.

Here is how Bybt says we should interpret these numbers:

Positive funding rates suggests speculators are bullish and long traders pay funding to short traders. Negative funding rates suggests speculators are bearish and short traders pay funding to long traders.

As you probably know, later today (at 09:30 ET or 13:30 UTC), Coinbase’s Class A common stock starts trading on the Nasdaq Global Select Market under the ticker symbol “COIN”. The excitement surrounding Coinbase’s Nasdaq debut has got everyone even more excited about crypto than they were before.

Among the top 10 cryptoassets by market cap, Ethereum ($ETH) and Dogecoin ($DOGE) also set new all-time highs today by reaching $2,384 and $0.133 respectively.


05 Apr 16:04
A Memorable March: Bitcoin and Ethereum Adoption Skyrockets

March 2020 has been a rather disastrous month that will be remembered for a long time. It was the time when COVID-19 started spreading throughout the world, the global economy experienced a major meltdown with stock prices crashing, the world entered a state of lockdown, there was panic, fear, and even the crypto industry did not go unscathed.

One year later, and March 2021 already seems somewhat better from all standpoints. But, when it comes to the crypto industry, this last month has been one of the most prosperous in the sector’s entire history, especially when it comes to adoption and the prices of Bitcoin and Ethereum.


March 2021 boosts crypto adoption

The past 31 days have brought a lot of progress to the cryptocurrency industry, but it could be said that the adoption has seen the most progress. Institutional investors have been overcoming their fear of cryptocurrency for over a year now, and with each passing month, they have been more and more encouraged to join the crypto sector and help it grow. Companies like Grayscale and MicroStrategy have invested millions into crypto on behalf of their clients, and despite recent dips, institutions continue to invest. Grayscale even launched new crypto products only a few weeks ago.

Major financial institutions like JPMorgan and Morgan Stanley have started offering crypto products, and even the Deutsche Bank openly stated that cryptocurrencies can no longer be ignored.

This last month revealed that Tesla has bought over $1.5 billion worth of Bitcoin. This month, however, its CEO, Elon Musk, announced that the electric car company will now start accepting Bitcoin as a means of payment.

Another report revealed that Bitcoin miners managed to earn over $1.5 billion in March of this year alone, making mining one of the most profitable ways of earning Bitcoin at the moment.

And, of course, no one will soon forget that this was a month of Bitcoin ETFs, with as many as three of them emerging in Canada, one of which was launched by Galaxy Digital’s Mike Novogratz. These are the first BTC ETFs in North America, and their very existence has given US companies a new encouragement to continue to bombard the SEC with new ETF applications.

This has also been a major month for Ethereum, as its DeFi sector reached an all-time high at $46.1 billion in total value locked (TVL) in mid-March. Meanwhile, NFTs (non-fungible tokens) became one of the main topics of news and discussions, as tokenization started taking off. There were countless examples of celebrities, groups, and organizations launching NFTs, selling tokenized versions of songs, tweets, watches, and anything else that has any kind of value.

Not to mention that Visa embraced crypto settlement, and chose Ethereum blockchain to conduct them on. Lastly, Ethereum continues to slowly implement changes that will eventually result in its transformation into Ethereum 2.0 — a better, faster, more scalable blockchain, with much cheaper transactions and greater functionalities.


Bitcoin and Ethereum hit all-time highs in March 2021

The situation regarding crypto prices was equally as good, at least for a time. Bitcoin managed to hit a new ATH earlier this month, which was followed by a major price correction. The coin reached an ATH of $61,683 on March 13th, only to correct to $54k three days later. It then attempted to reach $60k once again after that, and it succeeded, but the approaching expiration date of $6 million worth of Bitcoin options caused fears of major sell-off, resulting in an even deeper price drop that brought the coin to $51k by March 25th.

Now, only one week later, the coin is nearly back at $60k, surging rapidly over the past week, and currently sitting at $59,781.

Ethereum saw a similar price performance, however it was held back by extremely strong resistance at $1,850 for the majority of the month, and this barrier caused it to trade sideways for weeks. The coin managed to breach it only once in the past month, around the time of Bitcoin’s ATH. However, ETH did not manage to beat its February record. Instead, it only climbed to $1920 before dropping back down.

When Bitcoin options expiration date approached, ETH price was affected too due to BTC dominance, dropping to $1560 as a result. However, just like BTC, Ethereum also recovered over the past six days, and it currently pushes strongly against the resistance at $1850, which is also the coin’s price at the time of writing.

At the moment, both coins are trading in the green, with their prices surging as the new rally took over, and it would not be surprising for new ATHs to be reached in the next day. Historically speaking, crypto industry often performs very well in April and May, so the next two months have an excellent chance of bringing great price performance.


01 Apr 19:04
Ethereum breaks out against Bitcoin: Is a strong bull rally in the works?

Ether's (ETH) price has broken out for the first time in 23 days in its Bitcoin (BTC) pair. It follows a high-profile announcement from Visa to use USDC, a stablecoin based on the Ethereum blockchain.

Although ETH/BTC saw a strong technical breakout, the uptrend has been fueled by firm fundamental catalysts, buoying the short-term bull case for ETH.


Traders think Ethereum will outperform Bitcoin in April

According to the pseudonymous trader known as "Rekt Capital," Ethereum was close to breaking out of its triangle market structure multiple times since January 2021.

However, every time it attempted to break out of it, ETH saw a fairly large rejection from the resistance area.

For the first time in nearly a month, ETH is beginning to rally past its resistance level at the top of the triangle, marking its third attempt at a breakout in three months. The trader said:

"Broke out from its triangle. But it has rallied straight into red resistance (last resistance before new All Time Highs) And while this resistance could force ETH into a retest of the triangle... A successful retest would likely result in a break past red."

Rookie, another well-known pseudonymous trader, similarly said that the technical market structure of Ethereum looks optimistic.

The trader explained that he anticipates Ethereum to outperform Bitcoin throughout April to June, considering that it has begun to see momentum on the ETH/BTC pair.

The ETH/BTC pair continuously stagnated since early March, even when Bitcoin saw a strong uptrend to around $60,000.

Now, the ETH/BTC pair has broken out for the first time since March 9, refueling its technical momentum as it heads towards $2,000. Rookie noted:

"Expecting Ethereum to outperform Bitcoin for all of Q2."


On-chain data is also bullish

Meanwhile, data from Glassnode shows that the number of active Ethereum addresses reached a 1-month high at 33,257.

The increasing number of active addresses indicates that the user activity on the Ethereum blockchain is rising in tandem with the price.

For any blockchain protocol, the rally of its underlying token's price being supplemented with an increase in user activity is an optimistic trend because a blockchain at its core is a value transfer network.

On top of this, the total value locked in DeFi lending on Ethereum has been consistently surging since 2020. A pseudonymous Ethereum investor and researcher known as DCinvestor said:

"Believe it or not, this was a common refrain a few years ago when DAI went live people didn't get it, and they eschewed collateralized lending but numbers don't lie now, it's becoming the bedrock of a new, hyper-capital efficient world being built out on #Ethereum via #DeFi."

As long as the user activity on the Ethereum blockchain continues to increase alongside important metrics pertaining to DeFi on Ethereum, the price of ETH would likely reflect the rising demand for its blockchain network.

Since the primary demand for ETH is coming from DeFi as a means to pay for "gas" or transaction fees, the popularity of DeFi would catalyze the value of Ethereum.

Commentators also say that the EIP1559 proposal, which is expected to go live in July, is not priced into the price of Ether, which would overhaul Ethereum's fee market structure and indirectly lead ETH to become more scarce.

30 Mar 17:03
The Future Of AI And Blockchain Implementation

The combination of blockchain technology and AI is one of the hottest emerging digital trends of the 21st century as they provide data reliability and faster processing speeds when used together. As more companies recognize the affordability of the new technologies, the value of the global blockchain AI market is set to increase from $220.5 million in 2020 to $973.6 million in 2027.

There is a rise in the adoption by small to medium-sized enterprises of developed blockchain AI applications. Blockchain DApps enable payment automation through cryptocurrencies, making them more reliable by removing the need for approval by a central authority. AI complements blockchain as it uses machine learning to process data and make decisions similar to humans. Both AI and blockchain are in the current position of helping and complementing each other as developments in the two fields are advancing.


The Emergence Of Decentralized AI

The digital revolution that started in the new millennium transformed what people knew about valuable resources. Data is one of the resources companies such as Google, Amazon, or Facebook have used to provide a user experience that can be highly monetized. Similarly, Satoshi Nakamoto’s release of Bitcoin in 2008, as the first decentralized digital payment currency, has paved the way to a new digital revolution where privacy, security, and information are equivalent to the gold standard.

Blockchain has evolved into much more than a payment system. It detached itself from purely financial applications, creating a decentralized system for data storage, digital identities, unique digital assets, such as virtual land, and supply chain management. Projects such as VeChain, Enjin, or Filecoin have all integrated blockchain technology to disrupt existing centralized processes.

Furthermore, the advantages that blockchain and AI bring to the table have prompted new ecosystems to be developed and used in the smart economy, where the IoT and smart cities represent the future. The technology underpinning such sustainable ecosystems is still growing, however, and it can bring both challenges and opportunities.

Microsoft announced in 2019 that it would utilize blockchain technology to make machine learning more efficient, and although the underlying conceptions of both technologies are different, they somehow work together. An MIT presentation by the CEO of Chainhaus outlined a concept of autonomous AI trading agents helping the company create new financial products.

Even the IMF’s Christine Lagarde indicated that both AI and blockchain could shape an economic future “that works for all,” reiterating how data transparency and integrity can be beneficial. Integrating AI into the blockchain can benefit both, as it can increase processing speeds on the blockchain, which is one of the main issues of the technology. Advancements in development will soon increase transaction speeds and provide better opportunities for AI to be integrated into blockchain.


On the Flipside

  • Data authenticity is not guaranteed, and it can lead the AI to risky, and even dangerous, decisions if data integrity is not verified.
  • Companies that have a centralized governance and verification model or flawed consensus cannot leverage AI fully.
  • The lack of interoperability between blockchains will limit AI’s opportunities to be immersed in the IoT.


The Future Of Blockchain AI

Combining blockchain and AI is no longer an abstract concept, and the excitement surrounding it has already made the market aware of possible use cases. Most recently, Fetch.ai has raised an additional $5 million to develop an infrastructure powered by AI where the software will perform work on behalf of individuals.

Releasing AI into the world in its current format can be damaging for the entire system. Blockchain offers the required security against harmful agents that could take control of the AI. Even Elon Musk advised caution regarding AI; however, he never took into consideration distributed ledger technology. As we’re rapidly shifting toward Web 3.0, where machines will communicate with each other and the IoT will produce a new digital reality, such developments require data to be distributed evenly and safely through the network, and blockchain can achieve this.

The combination of blockchain and AI can impact and improve almost any industry that integrates it. It can highlight lackluster systems in the medical, logistical, financial, and even personal fields while providing alternatives to make processes much faster and more efficient. While recording data on the public or private ledger is an advantage of blockchain, it can offer better insights into how AI operates and takes decisions, making them easier to audit knowing that data has not been manipulated.

The development of AI in conjunction with blockchain has shifted the approach projects are taking to improving their networks. Hedera Hashgraph and Cardano are already implementing DAGs into their blockchain system, creating a non-linear blockchain and using gossip protocols to validate transactions. This is just one way blockchains aim to enable faster AI integration, as it solves bottleneck issues and speeds up processing times. AI integration opportunities are endless, and more projects, such as Matrix AI or DeepBrain Chain, are making AI work on their networks.

29 Mar 09:03
Bitcoin Corrects Gains, Why BTC Remains Attractive Near $54K

Bitcoin Price Remains Supported

After a clear break above the $53,200 resistance, bitcoin extended its rise. BTC broke the $55,000 resistance level and settled nicely above the 100 hourly simple moving average.

It even spiked above $56,500 and traded as high as $56,694. It is now correcting lower and trading below the $56,000 level. There was a break below the 23.6% Fib retracement level of the upward move from the $50,400 swing low to $56,694 high.

There was also a break below a key bullish trend line with support near $55,500 on the hourly chart of the BTC/USD pair. The pair is now consolidating near the $55,000 level.

An initial support on the downside is near the $54,500 level. The first major support is near the $54,000 zone and the 100 hourly simple moving average. The next major support is near the $53,500 level. It is close to the 50% Fib retracement level of the upward move from the $50,400 swing low to $56,694 high.

A downside break below the $53,500 and $53,200 support levels could negate the current bullish bias. In the stated case, the price is likely to revisit $50,500.

Fresh Increase in BTC?

If bitcoin stays above the $54,000 support zone and the 100 hourly SMA, there are chances of a fresh increase. An initial resistance on the upside is near the $56,200 zone.

The first major resistance is near the $56,500 level. The main resistance is still near $57,000 and $57,200, above which the price is likely to rally further.

Technical indicators:

Hourly MACD – The MACD is slowly losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now just below the 50 level.

Major Support Levels – $54,500, followed by $54,000.

Major Resistance Levels – $56,000, $56,500 and $57,200.

26 Mar 14:03
5 Top Performing Cryptocurrencies And 5 Underperforming Cryptocurrencies

Cryptocurrencies have long been criticized for being unpredictable as a result of the volatile nature of the market. This volatility is responsible for the massive gains by cryptocurrencies and also accounts for the losses suffered by these digital tokens. In the last seven days, here are the best-performing popular cryptocurrencies.


1. Theta

Theta, the blockchain that was specifically designed for video streaming, has achieved pretty impressive numbers within the last seven days. THETA reached its all-time high of $14.99 after it went on a solid price run, rising by as much as 40.38%.


2. VeChain

Ranked as the 19th cryptocurrency in terms of market capitalization, VeChain, the blockchain-powered supply platform, experienced a significant jolt in prices which saw it reach its all-time high of $0.09902 last week. The price run has brought its market capitalization to $5,455,650,867.57.


3. Crypto.com

The CRO token of Crypto.com is ranked 20th in terms of market capitalization and made decent gains within the last seven days amidst a generally bearish market. These gains saw the native token of Crypto.com trade at $0.2149.


4. BitTorrent

BTT gains of 91.12% are hard to ignore. The skyrocketing prices resulted in the cryptocurrency surpassing its previous highs to set a new all-time record of $0.003975. Since reaching the new numbers, BTT’s market capitalization has surged. It is currently the 32nd-biggest cryptocurrency based on market capitalization.


5. Harmony

Against the backdrop of negative numbers experienced by lots of cryptocurrencies in the last seven days, Harmony (ONE) has proved to be one of the exceptions. The blockchain platform designed for the creation and use of DApps gained a stunning 121.84% last week, reaching a new ATH of $0.2199. This tremendous growth has seen its fully diluted market cap grow to $2,474,059,997.79, showing no signs of slowing down.


On the flipside

  • Fund inflow is lagging, indicating investor uncertainty toward Bitcoin.
  • According to a report, since Bitcoin’s price rally in February, there has been a steady decline in the inflow of Bitcoin.
  • The report also suggests that cryptocurrency fund inflows declined by roughly 58%, to $99 million, last week.


Underperforming Cryptocurrencies

The big players in the cryptocurrency ecosystem seem to have taken the biggest hit in the wave of falling prices.


1. Bitcoin

Bitcoin fell by 10.83% over the course of the last seven days, from its highs of over $60,000 to currently trading at $53,235.78.


2. Ethereum

The second-largest cryptocurrency in terms of market capitalization is down by a whopping 13.96%. It is currently trading at $1,600.59, a far cry from its previous high of $2,036.29.

3. Cardano

Cardano’s impressive run seems to have come to an end after reaching its all-time high of $1.48 a month ago. Cardano has fallen by 22.03% in a week and is now trading at $1.11.


4. Polkadot

Like Cardano, Polkadot reached its ATH a month ago. At the moment, it is down by 20.42% and trading at $30.68.


5. Nestree

Lesser-known Nestree (EGG) has lost 98.94% in a week, making it the biggest loser in what has been a chaotic week for most cryptocurrencies. It is presently trading at $0.01018.

24 Mar 11:03
Elon Musk says Tesla vehicles can now be bought using bitcoin

Tesla Inc chief Elon Musk said on Wednesday the company's electric vehicles can now be bought using bitcoin and the option will be available outside the United States later this year.

"You can now buy a Tesla (NASDAQ:TSLA) with bitcoin," he tweeted https://twitter.com/elonmusk/status/13746176434460... on Wednesday, adding that bitcoin paid to Tesla will not be converted into conventional currency.

The electric-car maker had last month said it bought $1.5 billion of bitcoin and would soon accept it as a form of payment for cars, sending the price of the world's most popular cryptocurrency soaring.

Musk, who has been promoting cryptocurrencies through his Twitter account, had last month criticized conventional cash, saying when it "has negative real interest, only a fool wouldn't look elsewhere."

He had said that the difference with cash made it "adventurous enough" for the S&P 500 company to hold the cryptocurrency.

Following Tesla's investment in bitcoin, several companies, including Uber Technologies (NYSE:UBER) Inc and Twitter Inc (NYSE:TWTR) had shared their views on the cryptocurrency.

Uber Chief Executive Dara Khosrowshahi said the ride-hailing company discussed and "quickly dismissed" the idea of investing in bitcoin. However, he added that Uber could potentially accept the cryptocurrency as payment.

Twitter had said earlier it was still undecided in holding bitcoin, while General Motors Co (NYSE:GM) said it will evaluate whether bitcoin can be accepted as payment for its vehicles.

Tesla recently added "Technoking of Tesla" to Musk's list of official titles.

23 Mar 06:03
India Favors Crypto Ban, Blocking All Crypto IP Addresses

India’s national government is now planning to propose a law that will ban cryptocurrency in the country. In addition, the law extends its power in blocking all the IP addresses of all crypto exchanges in India. Indeed, this law will shut down all crypto activities in the country.

Furthermore, all crypto traders, investors, and facilities in the country will face heavy penalties once the ban takes action. Specifically, this crypto ban law is related to the January government agenda that called for the banning of crypto.

India’s crypto community stands rightly confused by this decision. Since, just a week ago, the Indian finance minister clearly stated that India will not ban crypto. In fact, it was mentioned that the approval of crypto in the country was nearly complete. Truly, this was a message that brought hope to the crypto community in the country.

However, all hope is now slowly fading away as the government decides to proceed with the plan of banning cryptocurrency. India will be one of the strictest countries against cryptocurrency once this law will pass. For example, in China, the country prohibits the mining and trading of crypto but not asset acquisition.

Moreover, the crypto space right now is already booming and shows no signs of slowing down. For this reason, the Indian government should consider allowing cryptocurrency in the country. If it does, many people will benefit from the advantages that crypto brings, especially in this pandemic era.

20 Mar 18:03
SBI Crypto's Bitcoin mining pool goes public

SBI Crypto, the mining subsidiary of Japanese financial conglomerate SBI Holdings, has opened its mining pool to the general public.

As one of the fruits of a strategic partnership between SBI and the German tech firm Northern Data AG, the pool reportedly now ranks 11th globally, according to SBI's announcement on March 19. It mines three assets, Bitcoin (BTC), Bitcoin Cash (BCH) and Bitcoin SV (BSV), with a revenue measured in dollars per terahash per day of $0.3897, $0.3805 and $0.3519 respectively.

Prior to its partnership with Northern Data AG and the Texas-based data center operator Whinstone US back in February 2020, SBI's announcement summarizes the company's mining activities to date as follows:

“SBI Crypto has been self-mining digital assets in overseas mining farms since August 2017 and continues to expand its scale. The company will use its current mining power of approximately 1.1 EH/s to support and provide stability to the pool.”

The pool was first opened on a limited release earlier this year, and as of March 19 new users are able to request an account. By April, open signups without requesting an account will be available, with services in English, Mandarin and Japanese. While SBI notes that many of the pool's features are specifically designed for an institutional clientele, individual customers are able to use the service.

SBI Holdings' multiple cryptocurrency ventures via various subsidiaries to date have included the introduction of a Bitcoin lending service through its crypto investment subsidiary SBI VC Trade and acquisition of crypto exchange TaoTao via its foreign exchange and derivatives arm.

In December 2020, SBI announced a joint crypto-related project with Switzerland’s principal stock exchange SIX Swiss Exchange and has recently hinted at further crypto-related ventures in collaboration with foreign financial firms in the near future.

The Japanese conglomerate has also been extensively involved with Ripple, and has been supportive of the company throughout its ongoing legal difficulties in the United States. SBI CEO Yoshitaka Kitao has previously said that Japan would be the most likely country for Ripple to relocate to if it is compelled to leave the U.S.

18 Mar 13:03
BTC Bounces Back to $60K, Thanks to Morgan Stanley, US FED

Bitcoin (BTC) price has reacted positively to two recent announcements. First, Morgan Stanley has finally given the top crypto its nod of approval. Secondly, the US FED hinted at a possible 2022 interest hike.

Financial powerhouse, Morgan Stanley recently reported that it will soon launch three funds that will allow investors to own BTC. The funds; Galaxy Digital’s BTC Fund LP, Institutional BTC Fund LP, and FS Investments’ NYDIG Select Fund are set to launch as soon as April.

However, Morgan Stanley is targeting investment towards high net worth investors. In addition, Morgan Stanley will set an allocation cap of 2.5% of clients’ overall wealth.

Meanwhile, the US Federal Reserve also reported that interest rates could hike in 2022 based on economic indicators. Recent forecasts show that the US’s economic recovery is progressing faster than expected.

For example, indicators put the unemployment rate at 5% by the end of 2021. However, current projections suggest it will be 4.5%. Similarly, the inflation rate is now 2% instead of 2.2% as indicated three months ago.

Prior to these announcements, BTC price was sluggish after its $61,711.87 all-time high on March 13. In fact, the entire crypto market has been bearish of late despite BTC’s recent ATH. As a result, BTC dipped below the $54,000 level before the good news helped the crypto to rebound. At the time of writing, BTC is trading at $59,063.41 with a $64,328,473,882 trading volume.