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Category Archives: Cryptocurrency

Verady Unveils Ledgible Accounting Partnerships With Blockchain.Com and Algorand – AiThority

Posted: May 7, 2020 at 1:41 pm

Verady, the leading cryptocurrency tax and accounting software company, announced two major Ledgibleplatformclients, Blockchain.com and Algorand. The accelerated adoption by two prominent blockchain organizations highlights theLedgibleplatforms adaptability, security, and trusted brand within the cryptocurrency space.Ledgibleadds a necessary financial infrastructure component to both organizations as they expand their offerings.

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Blockchain.com, who has over 48 million wallet users and an exchange providing best-in-class trading capabilities, will benefit from the integration by incorporatingLedgiblesinstitutional grade reporting internally.

Algorand, a next-generation blockchain platform that enables the frictionless exchange of value, will leverageLedgiblefor internal accounting and auditing. In addition,Ledgiblewill be integrating ALGO into its software, so that all holders of the native token of the Algorand platform (managed by the Algorand Foundation) will have integrated accounting. Thisexpands the growing suite of digital financial products and services that are available to Algorand users.

Algorands next-generation blockchain technology is already breaking new ground with notable applications like the worlds first central bank digital currency.Ledgiblesintegration for institutional level financial management and reporting helps to further innovations like these that advance the crypto industry as a whole.

New product and service offerings, likeLedgiblesprofessional-grade accounting can leverage blockchain technology to spur mainstream adoption. As these solutions become more widely available and accessible, they will become as familiar as traditional financial solutions.

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WithLedgiblesability to perform AICPA SOC assured tax, accounting, and reporting of cryptocurrency activity, Blockchain.com and Algorand now have reliable, secure insight into their crypto financial transactions.

As one of the oldest crypto companies and one of the largest crypto exchanges with more than 48 million wallets in 140 countries with over 100 million transactions to date our accounting needs are immense, said a spokesperson for Blockchain.com. WithLedgible, weve found a platform that meets our institutional standards and brings best-in-class speed to our financial reporting and tracking.

One of Algorands goal is to enable enterprises to easily embrace the opportunity that blockchain provides, said W. Sean Ford, COO of Algorand. Broadly applicable financial reporting tools likeLedgible Accountingfurther that goal. Were excited to partner with Verady to not only account for our own assets, but to provideLedgible Accountingto our partners who are helping to develop and grow the Algorand blockchain.

Verady is determined to help move the cryptocurrency industry forward with advanced, secure, and intuitive reporting tools. In a rapidly changing economic landscape, were glad to work alongside leaders in the industry to make crypto more accessible, said Kell Canty, co-founder and CEO of Verady.

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Andreessen Horowitz Creates Second Cryptocurrency Fund With $515M Investment – Benzinga

Posted: at 1:41 pm

Venture Capital firm Andreessen Horowitzannounced that it was creating a second fund dedicated to cryptocurrency investments.

General Partners Chris Dixon and Katie Haun, in a joint statement, said that the firm, better known as "a16z," will focus on next-generation use-cases of cryptocurrencies and blockchain, including in payments systems, "decentralized finance," "Web 3," and content monetization.

a16z launched its first cryptocurrency-specific fund in June 2018 with an investment of $300 million.

Dixon and Haun said they see blockchain networks as better alternatives to established payments systems like PayPal Holdings Inc. (NASDAQ: PYPL) as they don't require banking infrastructure to transfer the money, but "the bits and bytes" being transferred "are themselves the bearer instrument."

The venture capital firm also sees Bitcoin (BTC) as a potential replacement of gold as a safe haven away from fiat. The cryptocurrencies also provide a better avenue of monetization for content creators, according to the investment firm.

"Rather than engaging audiences through centralized gatekeepers that charge high rents and create self-serving rules, creators can use token models that bypass gatekeepers and give their fans a direct stake in their success," Dixon and Haun said.

Blockchain networks also providean opportunity to move the web away from the control of few corporate-owned networks, like those of Facebook Inc. (NASDAQ: FB) and Twitter Inc. (NYSE: TWTR), according to a16z.

"Blockchains enable the creation of decentralized networks that make strong commitments baked into the architecture of the network itself as to how control and money will be distributed among network participants" Dixon and Haun noted. "Don't be evil' is replaced by can't be evil.'"

a16z has been investing in cryptocurrency and related businesses going as far back as 2013when it invested in exchange desk Coinbase.

Bitcoin traded 2.04% lower at $8,846.27 at press time on Thursday. The shares dropped after having crossed the $9,000 mark earlier in the day, in anticipation of miner reward halving due in two weeks.

Other cryptocurrencies traded similarly lower. Stablecoin Tether (USDT) was slightly up at $1.01.

2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Cryptocurrency Market Update: Bitcoin leaves behind Ethereum and Ripple in the dust as bulls start consolidating their positions pre-halving -…

Posted: at 1:41 pm

ETH/BTC bears had a field day this Thursday as it dropped from 0.0227 to 0.0022. IN the process, the bears managed to take control for the fifth consecutive day. Since ETH/BTC is now trending below the 20-day Bollinger Band, it shows that the price is currently undervalued and may face bullish correction soon. The RSI indicator has dipped to 33.75 and is on the verge of entering the oversold zone. On the downside, there are three support levels that the bulls must defend at 0.0217 and 0.0212.

BTC/USD bulls remained in control for the second straight day as the price flew up from $9,029.73 to $9,341.85 and entered the red Ichimoku cloud. The price is trending in an upward channel formation as the bulls aim for the $9,500 psychological level. The resistance levels beyond that are at $9,615.85 and $9,941.73. On the downside, there are two healthy support levels $9,187 and $8,826.75. SMA 20 is about to crossover the SMA 200 to chart a bullish cross. The MACD indicates increasing bullish momentum, while the RSI is trending within the overbought zone at 76.45.

ETH/USD bears remained in control for four straight days, as the price fell from $205.46 to $205.64. The price is presently consolidating in a flag formation. On the downside, there are two support levels at $196.85 and $188.60. On the upside, ETH/USD must overcome resistance levels at $214.25 and $224.35. The MACD indicates decreasing bullish momentum, while the Elliott Oscillator is has had three straight red sessions.

XRP/USD fell from $0.217 to $0.216 as the bears retained control for the fourth straight day. The price is consolidating in a pennant formation as the sellers aim for the $0.2125 and $0.203 support levels. On the upside, resistance lies at $0.2236 and $0.235. The MACD indicates decreasing bullish momentum, while the Elliott Oscillator has had four straight red sessions.

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Cryptocurrency Price Analysis: Bitcoin, Ethereum, Ripple, and ChainLink Where Are They Heading? – Coingape

Posted: April 21, 2020 at 7:50 pm

BTC/USD Daily CHART SHORT TERM

Bitcoin has seen an interesting week of trading as it rebounded from the support at $6,600 last week. The support here was provided by a rising trend line and was bolstered by a .236 Fib Retracement level. After rebounding, it went on to break above $7,000 but fell short at $7,200 this weekend which caused the coin to roll over again.

The cryptocurrency has since dropped beneath $7,000 and is now trading back at the support provided by the rising trend line.

Bitcoin is considered neutral at the moment, however, if it drops beneath the support line and falls below $6,600, the market would be considered as bearish in the short term.

Looking ahead, if the sellers push beneath $6,650, the first level of support lies at $6,612 (.236 Fib Retracement). Beneath this, support lies at $6,400, $6,200, and $6,085 (.382 Fib Retracement).

On the other side, if the buyers step in and push higher, the first level of resistance lies at $7,000. Above this, resistance lies at $7,174 (bearish .618 Fib Retracement), $7,200, and $7,400. If the bulls can break $7,400, higher resistance lies at $7,676 (1.618 Fib Extension), and $8,000 (bearish .786 Fib Retracement).

The RSI is trading beneath the 50 line which indicates weak bearish momentum. If it continues to drop further beneath 50, we can expect Bitcoin to drop beneath $6,600.

ETH/USD Daily CHART SHORT TERM

Ethereum managed to increase as high as $191 this week where it met resistance at a bearish .618 Fibonacci Retracement level. More specifically, it was unable to break above resistance at $187 (1.618 Fibonacci Extension level). It rolled over from here to drop into support at $170.

Etheruem is bullish right now after creating a fresh high for April. However, if it continues to fall and drops beneath $160 it would be considered neutral with a further drop beneath $150 turning the market bearish.

The first level of support lies at $167 (.236 Fib Retracement). Beneath this, support lies at $160, $152 (.382 Fib Retracement), and $140 (.5 Fib Retracement).

On the other side, if the bulls push higher, the first level of resistance lies at $176 (1.414 Fib Extension). Above this, resistance lies at $187 (1.618 Fib Extension), $191 (bearish .618 Fib Retracement), and $200.

The RSI is above 50 to show that the bulls are not willing to give up control of the market momentum which is a good sign for ETH.

XRP/USD Daily CHART SHORT TERM

XRP rebounded from support at the rising trend line last week which allowed it to climb as high as $0.196 this weekend. However, we can see that it rolled over from here as it drops back into the support at $0.18 which is further bolstered by the rising support trend line.

XRP remains neutral at this moment in time, however, if it was to break beneath $0.18 we could consider the market as bearish.

Beneath $0.18, the first level of support lies at $0.17 (.382 Fib Retracement). Beneath this, support lies at $0.159 (.5 Fib Retracement), $0.147 (.618 Fib Retracement), and $0.14.

On the other side, resistance is located at $0.19, $0.196, and $0.20. Above $0.20, higher resistance is found at $0.211, $0.22, and $0.229 (bearish .5 Fib Retracement).

LINK/USD Daily CHART SHORT TERM

ChainLink has been on an absolute surge during April as it manages to rise toward the $3.70 level. It has since dropped lower but has managed to find support at $3.40, where lies the .236 Fibonacci Retracement level.

ChainLink remains bullish right now but must break $3.70 to continue this bull run. A break beneath $3.40 would turn it neutral with a further drop beneath $3.00 turning it bearish.

If the sellers break $3.40, support can be found at $3.20 and $3.13 (.382 Fib Retracement). Beneath this, support lies at $3.00, $2.91 (.5 Fib Retracement), and $2.69 (.618 Fib Retracement).

On the other hand, the first level of resistance lies at $3.66 and $3.70. Above this, resistance lies at $3.80, $4.00, and $4.13 (1.272 Fib Extension level). Additional resistance lies at $4.38 (1.414 Fib Extension) and $4.50.

The RSI is well above 50 to indicate the bulls dominate the market momentum.

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Market Update: Bitcoin, Ethereum, Ripple, and ChainLink - Where Are They Heading?

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Bitcoin saw a 2.44% price fall today as it straddles the $6,850 support.Ethereum dropped by a total of 4% as it drops into $170.Ripple fell by a total of 2.5% as it drops into $0.18.ChainLink dropped by 4.2% as it reaches support at $3.40.

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Yaz Sheikh

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Coin Gape

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Ripple Executive Says Institutional Trading Boosting XRP Behind the Scenes, With Cryptocurrency Exchange Bitso Taking the Lead – The Daily Hodl

Posted: at 7:50 pm

Institutional traders are bringing greater liquidity to Ripples XRP-powered cross-border payment product, On-Demand Liquidity (ODL), according to the companys vice president of global institutional markets.

Ripple VP Breanne Madigan says that XRP liquidity is the lifeblood of ODL, lowering the risk and cost of each cross-border transaction.

The continued growth of ODL has led to an expanding number of financial institutions, payment providers and market-makers to trade in XRP. The resulting increase in institutional trading volume has helped to bring further liquidity to XRP, specifically in ODL corridors in spite of the recent market turbulence surrounding the COVID pandemic.

Bitso, the largest crypto exchange in Mexico, has expanded its reach by utilizing ODL, dramatically increasing its XRP/peso volume.

It now also processes 2.5% of remittance transactions from the United States to Mexico, the third-largest remittance market in the world an achievement that the companys leadership chalks up to their partnership with Ripple.

According to Bitso head of finance Barbara Gonzalez Briseno, Ripples technology has enabled them to charge only a fraction of (traditional) wire transfer fees.

Madigan says that exchanges that arent ODL partners can also help increase XRP liquidity going forward.

But even non-ODL partner exchanges like Kraken or Coinbase will contribute to increased liquidity. As non-ODL partner exchanges continue to grow more mainstream, larger institutional traders will begin transacting in XRP, making order books including ODL order booksmore liquid.

Featured Image: Shutterstock/Irving Sandoval

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Chainlink Cryptocurrency is Up 100 Percent YTD; What’s Behind the Intense Rally? – Bitcoinist

Posted: at 7:50 pm

Chainlinks native cryptocurrency LINK has rebounded by more than 180 percent from its mid-March lows, beating top assets including Bitcoin and Ethereum.

The LINK-to-dollar exchange rate topped at $3.84 on Saturday as ParaFi Capital, one of the venture firms backingpopular DeFi platform MakerDAO, proposed to collateralize its stablecoin DAI using the LINK cryptocurrency.

The firm noted that LINK brings an attractive market cap, liquidity profile, and appetite for speculation, which could assist DAI in maintaining its US dollar-peg.

For context, lending protocol Aave has seen close to $20MM in LINK 2 supplied as collateral since launching in mid-January, wrote ParaFi. LINK is valued at over $1 billion and is also one of the most liquid ERC-20 tokens available. The token is relatively decentralized with no known kill-switch or blacklisting capabilities.

The speculation helped to bring more users to the Chainlink network. The number of LINK wallets last week surged at an average of 1,400 per day, leading analysts to predict an uptrend in the LINK prices.

The Chainlink predictions are coming to be accurate, at least in the near-term. The LINK-to-dollar exchange rate on Monday jumped 6.26 percent to $3.79, signaling traders willingness to keep the prices afloat above crucial support levels. The move uphill brought the pair up by more than 100 percent on a year-to-date timeframe.

In comparison, bitcoin was down 0.21 percent within the same period.

LINK/USD breaks above October 2019 Resistance | Source: TradingView.com, Binance

Chainlinks gains also led the prices above its long-term moving average, the 200-daily MA. The blue wave in the chart above is now likely to behave like psychological support a place of LINK token accumulation. That increases the possibility of the cryptocurrency to retest $4.10. An extended move above the said level could push LINKs upside target towards $4.81.

Notably, the Chainlink price is rising but remains at the risk of profit-taking. Once the MakerDAO hype fades, traders could start offloading their LINK positions to move into either Bitcoin or fiat. Part of the reason is the fast-spreading Coronavirus pandemic that has raised the demand for the US dollar among institutional and retail investors.

Another reason for a medium-term downside move could be low volume. The price of the cryptocurrency is rising but on meager trade volumes, which shows that a lesser number of traders are participating in the ongoing bull run.

That said, maintaining stop-loss orders on bullish positions is necessary to minimize risks should there by any surprising trend reversal.

Cover Image via Unsplash

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Johor cops nab 14 Chinese nationals over cryptocurrency scams – The Star Online

Posted: at 7:50 pm

ISKANDAR PUTERI: Police have arrested 14 men from China for involvement in cryptocurrency (bitcoin) scams in a house at Horizon Hills here.

Iskandar Puteri OCPD Asst Comm Dzulkhairi Mukhtar said the arrests were made around 2.15pm on Saturday (April 18) following a two-month long surveillance.

"The suspects are aged from 20 to 30 with three of them having no valid travel documents," he said when met by reporters at Iskandar Puteri police headquarters here on Sunday (April 19).

He added that the suspects targeted victims from China by impersonating as a successful investor.

"One of them would pose as a successful investor or a mentor while the rest will pose as investors before creating a group chat through WeChat and QQ application for each of their victims.

"All of the suspects would then give a fake testimony to persuade the victim into investing," he said, adding that the group has been active for the past two months.

ACP Dzulkhairi added that police are still investigating the total number of victims and the value of money scammed by the group.

The case is being investigated under Section 420 of the Penal Code for cheating which provides for a jail sentence of up to 10 years and caning, with the possibility of a fine, if convicted.

They are also being investigated under Section 6(1)(C) of the Immigration Act 1959/63, which provides for a fine of not more than RM10,000 or jail of up to five years, or both, and up to six strokes of whipping on conviction.

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5 COVID-Related Cryptocurrency Scams that Can Trick You Out of Your Money – Coin Idol

Posted: at 7:49 pm

Apr 21, 2020 at 10:55 // News

While most of the world is in a lockdown due to the COVID-19 pandemic, many people have lost their jobs or sources of income. While searching for a way to improve the situation, it is rather easy to fall victim to a fraudulent scheme.

As the outbreak of the coronavirus has put most of the planet into a lockdown, scammers and fraudsters take their chance to make some profit for themselves. Some of them target critical health departments of governments, non-profit organizations (including WHO), and private firms working hard to curb the COVID-19 pandemic. The World Health Organization (WHO) has in recent weeks registered a rapid hike in the number of hacks, most of which demand ransoms in cryptocurrency.

However, ordinary people suffer no less, and even more, as scammers trick them out of their last money. In conditions when it is not so easy to earn funds, it might be fatal for some families. Coinidol.com, a world blockchain news outlet, has gathered a list of the most widespread scam schemes related to coronavirus, in order to help our readers protect themselves.

While everybody understands it is important to combat COVID-19 as soon as possible to get back to normal life and prevent global economic collapse, scammers try to benefit from peoples willingness to help. So they pose themselves as reputable organizations such as National Health Service or World Health Organization and ask for cryptocurrency donations to aid the victims of COVID-19, buy drugs and medical equipment or fund the research for a vaccine.

It is easy for fraudsters to trick trusting people as such organizations really collect donations. However, none of them accepts cryptocurrency. Not directly, at least. For instance, the Dutch Red Cross accepts digital currency donations using BitPay as an intermediary. So, if you receive an email from, lets say, WHO, asking you to donate cryptocurrency directly to a wallet, most probably it is nothing but a scam trying to trick you out of your money.

With the death toll of COVID-19 being quite high, it is natural that people wish to protect themselves by any means. And this has not gone unnoticed for scammers that have started offering a really working cure from coronavirus or lists of infected people so that those healthy ones could protect themselves.

The latter scheme targeted the citizens of Great Britain, namely, the residents of Manchester, Pembrokeshire, and Norfolk. People were offered to buy lists covering their neighbourhood, so they could isolate themselves from those infected. However, as a result, the victims got nothing in return.

As of now, there is no cure against coronavirus either legal or illegal. There can also be no lists of infected people as such information is confidential, so disclosing it is considered a crime. If you get any kind of such offers, you must not trust them, for if you do, you will end up with nothing but an empty wallet.

Intimidating people to make them pay is no news for the criminal world. However, now this scheme has been modified in COVID-19 style. Some of the scams come threatening people (victims) to reveal their personal information and also send Bitcoins in the addresses provided or else the family of the victims will be infected with coronavirus.

In this case, scammers simply manipulate peoples fears. The globe is in panic, people are afraid of leaving their homes in order to stay healthy and survive this pandemic. So the threat might seem really formidable to those easily scared.

However, as in most cases, these are only threats, for it is actually not so easy to infect someone who does not leave home. Besides, there is no chance to infect someone without the risk of being infected. Scammers are also people. They have the survival instinct. So dont let fear affect your critical thinking and stay calm.

This is another good old fraudulent scheme that has been brought back for COVID-19. Scammers usually disguise themselves as legitimate and reputable organizations and prompt their victims to open some links or documents within their emails. These might be databases of the infected people, some fake research results that testify finding of a cure or a vaccine etc.

If a user clicks such a link, one will be forwarded to a fake website that usually steals credentials. For instance, a group of scammers in Great Britain posed themselves as Her Majesty's Revenue and Customs and offered people tax returns as if to aid the citizens during a lockdown. Those who clicked the bait were forwarded to a credential-stealing website or asked to pay a small processing fee before actually getting the money. Well, no need to say no one got any money at all.

This scheme is not directly related to coronavirus, however, the pandemic has triggered its significant growth. People are forced to stay at home, with many of them having lost their jobs and sources of income. So remote jobs are becoming more and more relevant.

Scammers have realised this as well. So while people are desperately looking for new jobs, fraudsters are sending them fake offers and lure their personal data and credentials. Some of such employers ask to pay some kind of fees or buy some tools or information necessary for future work. But as soon as the person pays, the employer vanishes along with ones money.

The best way to protect yourself against such schemes is to think twice, explore and investigate. It might be not so easy to tell fraudsters that disguise themselves as a reputable organization, but still, it is possible if you take your time and study the situation. For instance, if you are offered a cure from COVID-19, you may surf the web and see that there is actually no cure, so you have been contacted by scammers.

Governments and other organizations from various countries also keep a close eye on such scams, trying to warn people against them. For instance, the United States Federal Bureau of Investigation (FBI) has issued a warning related to the increase of COVID-19 related scams. The Bureau advised the general public to be sure to tell apart legitimate vendors from scammers before any dealings, research well on online investment opportunities, and to avoid disclosing personal bank account details online suspicious business-related activities.

Furthermore, the FBI and the Office of Criminal Investigation (CIA) said that they have formed a dedicated team to prevent money laundering and fraud crimes using cryptocurrency. So any victim who wants to report an activity involving cryptocurrency or suspected of being a crime, please visit the dedicated team office or contact the FBI Internet Crime Reporting Center.

In Great Britain, fraud and cybercrime reporting centre Action Fraud has joined forces with London Police to spread awareness about coronavirus-related scams. Therefore, their information might also turn out helpful in case you find yourself hesitant about any offer or email you receive on the Internet.

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Cryptocurrency Review: Bitcoin, Ether and ‘Digital Gold’ – CoinDesk

Posted: April 11, 2020 at 7:45 pm

Will bitcoin (BTC) move beyond "digital gold"? Is ether (ETH) viable as money? In 24 charts, CoinDesk Research shows what happened to crypto assets in Q1 2020 and examines what may emerge in the future. Download our Q1 analysis here, and join us on April 15 for a webinar discussing our findings and other relevant cryptocurrency research.

The CoinDesk Quarterly Review provides research-based insights on how the narrative has changed for blue-chips such as bitcoin and ether. We look at which assets outperformed on returns, and how the participants in crypto markets are shifting in the wake of Q1s defining event, the March 12 plunge.

Bitcoins digital gold narrative grew up in a bull market in everything. Bitcoin as gold 2.0, a hedge against inflation and a safe haven in an eventual crash, was a meme investors readily understood.

Now, weve seen an economic crisis cause dislocation in crypto markets and push bitcoins price downward in tandem with stocks. Gold and Treasury bonds appeared to have failed to live up to safe haven expectations. If golds narrative is being debated, do we still know what digital gold means? At the very least, the events of the past month have put to rest the notion that bitcoin today can be a haven.

How March 12 shook crypto markets, and how it didn't

The crash shook participants in crypto markets. Open interest in bitcoin futures and perpetual swaps fell off a cliff in March. These markets are used by traders large and small to speculate on bitcoins price, and as a temporary hedge against positions in the spot market. Futures volume spiked and settled at a higher baseline, as it did in spot markets. The increased activity is taking place in a shrunken market. About $1.6 billion of traders positions were liquidated over two days in March. The sharks are eating each other in a smaller pool, as it were.

At the very least, the events of the past month have put to rest the notion that bitcoin today can be a haven.

Bitcoin's long-term holdings, however, remained unmoved. Hodlwaves use Bitcoin timestamps known as UTXOs to measure how long each bitcoin has been held. Tracking time between transactions is a useful measure of long-term buy-and-hold activity. That activity is consistent with bitcoins use case as digital gold, a putative store-of-value. Note that long-term holdings (180 days or more) did not change perceptibly during the March 12 crash. Balances held between 90 days and 180 days shifted abruptly. Were bitcoin sellers concentrated among three- to six-month holders? Or were exchange balances, which shifted on these dates, concentrated in that band?

Alternative user narratives: Return of payments?

Some of bitcoin's long-term holders are surely hoping in time it will prove itself as a haven or store of value. But events such as the March crash open the door to new narratives. The flagship crypto assets next meme will set the adoption curve for verifiably scarce digital assets. Will payments re-emerge as an avenue to adoption?

Since launch, the number of computers running the Lightning Network has increased on average 53 percent every quarter. Lightning is a layer two payments system built on top of the Bitcoin network. The value held within Lightning payment channels has also increased.

New importance for bitcoin and ethereum technical road maps

It's possible a new user adoption narrative will be something quite different from what long-term investors in bitcoin have contemplated to date. Will Bitcoin developers add capabilities like Schnorr signatures, with their privacy and programmability that lead to its adoption as digital financial infrastructure?

The technical road map emerges from Q1 2020 with increased importance for ethereum, as well. Ether evangelists have spread the meme ETH is money" in the belief that it has potential as the base currency of a decentralized, digital banking system, dubbed decentralized finance" or "DeFi." The failure of flagship DeFi systems during the March 12 crash have raised questions about that narrative. Now more than ever it seems to be dependent on a relatively uncertain road map for ETH 2.0, an improvement designed to allow more transaction throughput.

On March 12, total ETH locked in DeFi applications increased as expected, then crashed amid a crisis in DeFis programmatic governance. If ETH is money," wed expect to see the amount locked in DeFi and the ETH price grow in tandem, long-term. For the near term, a recovery to previous levels would indicate a restoration of confidence in DeFi systems.

The CoinDesk Quarterly Review lays out a Q1 analysis of what happened to crypto assets in the quarter. It begins to examine what will emerge now that the digital gold story has been shaken. Download it here, and join us April 15 for a webinar discussing our findings.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Cryptocurrency Market Update: Bitcoin and gold toying with a massive selloff, is $1,000 in the picture? – FXStreet

Posted: at 7:45 pm

Bitcoin price managed to stay above $7,200 support in the wake of rejection from levels under $7,500. The most traded cryptocurrency has stepped above $7,300 but is currently struggling with the resistance at $7,400. Across the cryptocurrency market, bears appear to be taking over control. All the top three cryptoassets are slightly in the red. Ethereum is trading marginally below the opening value at $173.31 while Ripple is down 0.88% to trade at $0.20.

A cryptocurrency trader and analyst on Twitter Henrik Zeberg is not afraid to openly speak of Bitcoins possible dive to $1,000. Zeberg is choosing to remain bearish in spite of Bitcoin price recovery from levels around $3,864 (reached in March) to highs close to $7,500 (earlier this week). Using the chart below, the trader points out that Bitcoin is vulnerable at $7,200.

Alongside the gold, the worlds most precious metal, Bitcoin is likely to fall into another selloff. Zeberg says that Bitcoin and gold are so misunderstood at this point! We have strong illiquid phase in front of us.

According to the daily chart, Bitcoin upside is limited by the 50-day SMA. Movement above $7,400 (tipping point) could push the price above $7,500. This is likely to shift the focus back to $8,000.

However, in relation to Zebergs bearish prediction, a bearish pennant patent puts Bitcoin in grave danger of breaking down to retest the support at $6,000 or even $5,000.

Meanwhile, short term analysis shows Bitcoin is likely to embrace consolidation as long as the RSI keeps on with the leveling motion between 50 and 60.

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Cryptocurrency Market Update: Bitcoin and gold toying with a massive selloff, is $1,000 in the picture? - FXStreet

Posted in Cryptocurrency | Comments Off on Cryptocurrency Market Update: Bitcoin and gold toying with a massive selloff, is $1,000 in the picture? – FXStreet

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