Bitcoin Sinks Below $33K, Analyst Says BTC at 'Dangerously Low Levels' While ETH Rests at 'Comfortable Levels' – Market Updates Bitcoin News

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Bitcoin News 08 July, 2021 - 08:35am 17 views

When is ETH London hard fork?

Ethereum's long-awaited London hard fork is likely to launch on Aug. 4 between 13:00 UTC (9 a.m. ET) and 17:00 UTC, with block 12,965,000. Many Ethereum enthusiasts are excited for the delayed release, while some are watching on with “cautious optimism.” Yahoo FinanceEthereum’s London Hard Fork Expected to Launch on Aug. 4

by Jamie Redman

Traders are focused on what will happen next in the land of crypto markets, as prices have started to dip after a long period of consolidation. At 7:00 a.m. (EDT), the price of bitcoin (BTC) slid to a low of $32,100 per unit but has regained some of the losses. 24-hour statistics show BTC has lost 6.4% during the last 24 hours and 2.87% during the last seven days.

Ethereum holds the second largest position on Thursday, in terms of market capitalization with $251 billion. ETH has slid over 9% today but across the last week, ETH is up a touch over 2%. At press time, ether is swapping for $2,155 per unit and has close to $8 billion in 24-hour global trade volume.

Out of the entire top ten list of crypto coins, cardano (ADA) has managed to hold back losses. ADA has shed 5% today but the crypto asset is up over 3% over the course of the trailing seven days. The biggest gainer on Thursday is hyperion (HYN) which is up over 73% and the biggest loser is the tokenstars token TEAM which is down 53% in the last 24 hours.

In a markets update note sent to Bitcoin.com News, Alex Kuptsikevich, the Fxpro senior financial analyst explained that “bitcoin is at dangerously low levels.” Kuptsikevich said that there’s been a summer lull in crypto markets lately, but it may just be “the calm before the storm.”

“Over the past 24 hours, Bitcoin has lost 7% and is trading around $32.3K,” Kuptsikevich said. “The price dynamic of the first cryptocurrency with seriously reduced trading volumes is considered a worrying sign. After all, if the market is affected by a small number of open positions, then any small storm could turn into a large-scale sell-off, disrupting an avalanche of stop orders. The current levels near the local lows of the last two months make us watch with bated breath for further movements.” Kuptsikevich continued:

The decline of the first cryptocurrency under $30k is likely to trigger a new wave of liquidation. But the most alarming thing for crypto-enthusiasts is that such an outcome will underscore the prolonged nature of the correction, increasing speculation around a new ‘crypto winter’ like in 2018.

Kuptsikevich said that whether or not a ‘crypto winter’ comes to fruition, we will find out soon enough. Even though BTC is resting at dangerous levels, ether is at “a quite comfortable level.” “The project is consistently moving along the roadmap of the transition to PoS. The developers have the confidence of market participants, and Goldman Sachs recently called ethereum more promising than bitcoin,” the market analyst added.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Bitcoin Price Consolidation May Be Nearing the End, Indicator Suggests

Yahoo Finance 08 July, 2021 - 10:20am

Bollinger bandwidth, a measure of volatility calculated by dividing the spread between the Bollinger bands by the 20-day average of the cryptocurrency’s price, has declined to a 2 1/2-month low of 0.15.

The cryptocurrency saw big moves in December and April after the bandwidth fell to 0.15.

Bollinger bands are volatility bands placed two standard deviations either side of the 20-day average of price.

Bitcoin dropped from $60,000 to $48,000 after the Bollinger bandwidth dipped to 0.15 in mid-April.

A similar reading in December paved the way for a bullish breakout from the multi-week price consolidation below $20,000.

The cryptocurrency saw big moves during the 2017 bull run each time the bandwidth narrowed to 0.15.

Moves signaled by Bollinger bandwidth are direction-agnostic, as history shows. It means the anticipated change can be bullish or bearish.

The forthcoming Grayscale unlockings and blockchain data pointing to renewed buying by wealthy investors indicate that this time the move is likely to be bullish.

The upside is expected to gather steam above the 50-day moving average (MA) resistance, currently at $36,000.

“We expect buyers to step in above the 50-day MA,” Katie Stockton, founder and managing partner of Fairlead Strategies, said in a weekly research note published Monday. “A breakout above the 50-day MA would indicate a test of $44,000-$45,000 resistance.”

A move below $30,000 could bring deeper losses, she said, indicating that is a less likely outcome.

While concerns of an early scaling back of stimulus by the Federal Reserve pose a downside risk, the minutes of the Fed’s June meeting scheduled for release at 18:00 UTC Wednesday are unlikely to be as hawkish as the June policy statement.

“Between weaker U.S. data and the Fed’s desire to temper hawkish bets, the Fed minutes could sound more cautious and balanced than the FOMC statement and Fed projections,” BK Asset Management’s Kathy Lien said, according to FXStreet.

According to some analysts, bitcoin digested most of the negative news during the mid-May sell-off from $58,000 to $30,000. As such, the downside, if any, appears limited.

Bitcoin is trading near $34,700 at press time, representing a 1.6% gain on the day, CoinDesk 20 data shows.

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In fact, the June reading was 20% higher even than the highest the SKEW reached during the U.S. stock market’s February-March 2020 waterfall decline. To illustrate, imagine there are two groups of investors: permabears, who more or less permanently think that stock prices are about to fall, and the mainstream consensus, which is bullish. Consider the Crash Confidence Index, a periodic survey introduced in 1989 by Yale University finance professor Robert Shiller.

While bullish on ether, Goldman denied cryptos' superiority to gold when it came to taking the top spot among safe-haven assets.

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The month-long consolidation and declining volume suggest a volatile price move could occur as traders await confirmation of a decisive breakout.

EtherLite (ETL) began trading on cryptocurrency exchanges earlier this month, and its price is up by over 300% in the past week.

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The Fate of Ethereum Miners When There’s Nothing Left to Mine - CoinDesk

CoinDesk 08 July, 2021 - 10:20am

Also: Why there’s growing demand for bitcoin on Ethereum.

Welcome to another edition of Valid Points.

WBTC leverages a technology known as “atomic swaps” to facilitate cross-chain cryptocurrency trades. Users on Ethereum can request new WBTC tokens from certified “merchants” after undergoing necessary anti-money-laundering and know-your-customer (AML/KYC) identification procedures. New mints and burns of WBTC are tracked publicly through the blockchain, as is the amount of BTC backing these tokens 1:1 on Bitcoin. 

Speaking to the growing volume of tokenized bitcoin in DeFi, Denis Vinokourov, head of research at Synergia Capital, said in an interview with CoinDesk in June, “It shows the hunt-for-yield trade is nowhere near the exhaustion mark and also underlines the growing comfort, as well as a sense of security, that wrapping bitcoin is a safe method in earning yield on assets, be that by retail or more professional market participants.”

The Merge is one of two upcoming code changes on Ethereum that is expected to radically change network monetary policy and reward dynamics. It seeks to reduce the energy consumption of Ethereum by an estimated 99.95%. The other, Ethereum Improvement Proposal (EIP) 1559, is aimed at improving the transparency and efficiency of Ethereum’s fee market. 

Last week, we discussed miners’ perspectives on EIP 1559. While EIP 1559 is the more imminent upgrade slated for activation on the network early next month, its impact on miner revenue and profitability is minor in comparison with The Merge upgrade, according to Igor Stadnyk, the CEO of Ethereum mining pool Mineral

“Basically, the current EIP is not a huge reduction [to rewards]. A huge reduction was from five to three ether. A huge reduction was from three to two ether,” Stadnyk said in a phone interview with CoinDesk. 

Stadnyk is referring to changes that protocol developers have activated in the past on Ethereum to curb monetary inflation by reducing block subsidy rewards. Block subsidies are a fixed amount of ether awarded to miners for every block they successfully find and append to the blockchain. After The Merge, block subsidies will once again be reduced, only this time from 2 ETH to zero. 

Once Ethereum merges with the Ethereum 2.0 Beacon Chain, mining on the network will become obsolete. For miners, there will be no block subsidies, no transaction fees and certainly no miner extractable value (MEV). Revenue from transaction fees and MEV will instead be awarded to users who contribute to network security by staking their coin holdings in increments of 32 ETH. 

These users, also called “validator node operators,” will most consistently be rewarded on Ethereum in the form of interest on their staked ether. For validator node operators actively running software on Eth 2.0 today, their estimated annual percentage return (APR) for a single 32 ETH deposit is between 6% and 7%. 

For Ethereum miner Brian Lee, those returns aren’t a convincing reason to make the switch from mining to validating post-Merge, given that he would likely have to sell some of his bitcoin holdings in order to have enough ether to stake. Lee’s long-term bets are on bitcoin becoming “a better store for wealth” than ether because of the experimental and frequently changing roadmap of Ethereum. 

“So I’m thinking maybe I’ll switch to [mining] Ethereum Classic,” Lee said during a phone interview with CoinDesk. “There’s a ton of coins out there. I think a lot of guys I talked to [are] thinking about going to Ravencoin after Ethereum merges.” 

As the world’s second-largest blockchain by market capitalization, Ethereum is the most profitable cryptocurrency to mine on graphics processing unit (GPU) devices. These devices are also frequently used for video gaming applications. GPUs, unlike application-specific integrated circuit (ASIC) devices that dominate the Bitcoin blockchain, can be repurposed for different tasks and computations. 

Michael D. Carter, the host of cryptocurrency mining YouTube channel BitsBeTrippin, told CoinDesk in a phone interview that according to his calculations, if all Ethereum GPU miners were to move over to Ravencoin, the price of the coin would have to appreciate roughly 10 times in order for miners to remain profitable. 

To Carter’s mind, the more likely scenario post-Merge is that miners end up splitting their computational energy, also called hashrate, across multiple different coins that support GPU mining and stay in business by spreading out to several new blockchain networks. 

“You’re going to see network discovery and you’re going to get buzz around other networks naturally because people are going to want to know: Where are the miners going to be pointing their hashrate? Is there anything as profitable? What’s the value propositions of these other networks?” Carter said.

And it won’t just be miners doing network analysis and profitability projections post-Merge for mining alternatives to Ethereum. 

Wolfgang Spraul, director of operations at Linzhi, a cryptocurrency mining hardware manufacturing company that builds Ethereum ASICs, told CoinDesk in an email, “If nobody on Ethereum is left using Ethash-PoW, [Ethereum’s mining algorithm], we will work with Ethereum Classic. And if no one there wants to use Ethash-PoW any longer, we will work with smaller coins like Ubiq.”

At this stage in the game with The Merge estimated by developers to be ready for activation early next year, mining pools such as 2Miners say it’s “too early to announce anything” concrete. 

Plus, Carter adds, there’s still lots of work to be done on the protocol development side for The Merge; as such, the Ethereum mining community will want to keep a close eye and stay involved in the development process. 

“We’re all investors and have aligned interests with regards to ETH succeeding, so it’s a bit counterintuitive to torch that to the ground [prematurely],” Carter said. “Let’s get through [EIP 1559] and then let’s get … back to The Merge.” 

You can verify the activity of the CoinDesk Eth 2.0 validator in real time through our public validator key, which is: 

Search for it on any Eth 2.0 block explorer site.

New episodes of “Mapping Out Eth 2.0.” with Christine Kim and Consensys’ Ben Edgington air every Thursday. Listen and subscribe through the CoinDesk podcast feed on Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica, IHeartRadio or RSS.

TA: Bitcoin Consolidates Below $35K, What Could Trigger Fresh Rally

NewsBTC 08 July, 2021 - 10:20am

Bitcoin spiked higher above the $35,000 resistance, but it failed to extend gains. BTC traded as high as $35,130 before it started a fresh downside correction.

There was a break below the $34,500 support level and the 100 hourly simple moving average. It even traded below the $34,000 level, but the bulls were active near the $33,500 level. A low was formed near $33,594 and the price is now consolidating losses.

It climbed above the 23.6% Fib retracement level of the recent drop from the $35,130 swing high to $33,594 low. It seems like there is a major contracting triangle forming with support near $33,750 on the hourly chart of the BTC/USD pair.

If bitcoin remains stable above the triangle support and the $33,600 zone, it could start a fresh increase in the near term. An immediate resistance on the upside is near the $34,500 level and the triangle upper trend line.

The next key resistance is near $35,000, above which the price could attempt a strong increase. If there is a close above the $35,000 resistance zone, the price could rise towards the $36,500 level.

Hourly MACD – The MACD is slowly gaining pace in the bullish zone.

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

Major Support Levels – $33,650, followed by $33,000.

Major Resistance Levels – $34,500, $35,400 and $36,500.

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

© 2020 NewsBTC. All Rights Reserved.

© 2020 NewsBTC. All Rights Reserved.

On-Chain Analyst Expects Bitcoin Price to Explode Due to Impending Supply Shock

CryptoGlobe 07 July, 2021 - 11:20pm

Popular bitcoin analyst Willy Woo has predicted a potential supply shock for Bitcoin could see the price of the flagship cryptocurrency surge in the near future, as long-term bitocin holders have been accumulating coins while short-term holders have been selling.

According to Woo, as Cointelegraph reports, the ratio of Bitcoin held by long-term investors is growing, as these are actively absorbing selling pressure from investors that have been selling their cryptocurrency holdings since February.

To Woo, the incoming supply could be as hard as one that “went by unnoticed by the market in Q4 2020.” At that time, it’s worth noting, the price of bitcoin started surging and went from around $11,000 to a new $64,000 all-time high earlier this year. Woo said:

Pundits were debating whether BTC was an inflation hedge in a post-COVID world when the data was pointing to long term investors stacking BTC at a fast pace. The price subsequently went on a tear, very quickly de-coupling from its tight correlation with stocks.

Data from on-chain analytics firm Glassnode shows that the Bitcoin network is adding 32,000 users every day, a level that hasn’t been seen since January 2018, when it added 40,000 users per day ahead of a year-long bear market.

Woo noted that this time things are different as “new users are taking this opportunity to buy the dip; they’re coming in at the highest rate seen in 2021.” The analyst, as reported, has predicted the price of bitcoin could hit $200,000 by the end of this year, even after lowering his BTC price prediction from $400,000.

Earlier this month, Willy Woo revealed that he has seen signals suggesting that the Bitcoin network’s user growth is now “near an all-time high,” even though the price of the cryptocurrency is ranging between $30,000 and $40,000.

Cryptocurrency Terms to Know Before You Invest: A Beginner's Guide

NextAdvisor 07 July, 2021 - 05:30am

No, these are not words from a newly-discovered alien language. They’re among the many new and key terms in the language of cryptocurrency.

Cryptocurrency isn’t just a novel investment option, and in many ways represents a different world altogether compared to traditional stocks and bonds. Between unfamiliar acronyms, emerging technologies, and keeping up with memes and tweets, just learning the basics takes time, even for seasoned traditional investors.

But another item you should add to your checklist is at least a beginner’s understanding of what you’re getting into, including how crypto differs from other investment strategies, and the different factors that can affect a cryptocurrency’s market value.

Here are some of the terms and phrases that will help beginners better understand the world of crypto investing. 

Any coin that’s not Bitcoin. Altcoins can be anything from the second-most popular coin, Ethereum, to any of the thousands of coins with very minimal market value. Experts say you should largely stick to the bigger, more mainstream cryptocurrencies as an investment.

The first and most valuable cryptocurrency, launched on Jan. 3, 2009. While its value has climbed steadily since then, it has seen wild fluctuations. In the past months alone, the price of Bitcoin has fluctuated from a record high of $60,000 to below $30,000.

Groups of data within a blockchain. On cryptocurrency blockchains, blocks are made up of transaction records as users buy or sell coins. Each block can hold only a certain amount of information. Once it reaches that limit, a new block is formed to continue the chain.

A digital form of record keeping, and the underlying technology behind cryptocurrencies. A blockchain is the result of sequential blocks that build upon one another, creating a permanent and unchangeable ledger of transactions (or other data).

A representative store of digital value that lives on a given blockchain or cryptocurrency network. Some blockchains have the same name for both the network and the coin, like Bitcoin. Others can have different names for each, like the Stellar blockchain, which has a native coin called Lumen. 

A popular centralized cryptocurrency exchange. Coinbase made history recently as the first cryptocurrency exchange to go public on the Nasdaq.

A secure method of storing your cryptocurrency completely offline. Many cold wallets (also called hardware wallets) are physical devices that look similar to a USB drive. This kind of wallet can help protect your crypto from hacking and theft, though it also comes with its own risks – like losing it, along with your crypto.

A type of currency that’s digital and decentralized. Cryptocurrency can be used to buy and sell things, or as a long-term store of value.

The principle of distributing power away from a central point. Blockchains are traditionally decentralized because they require majority approval from all users to operate and make changes, rather than a central authority.

Financial activities conducted without the involvement of an intermediary, like a bank, government, or other financial institution. 

Applications designed by developers and deployed on a blockchain to carry out actions without intermediaries. Decentralized finance activities are often completed using decentralized apps. Ethereum is the main network supporting activities in decentralized finance.

Experts sometimes compare specific cryptocurrencies to real gold based on the way it can store and increase in value. Bitcoin is commonly referred to as digital gold.

The second largest cryptocurrency by trade volume, Ethereum is a crypto network and software platform that developers can use to create new applications, and has an associated currency called ether.

A digital marketplace where you can buy and sell cryptocurrency.

When a blockchain’s users make changes to its rules. These changes to the protocol of a blockchain often result in two new paths — one that follows the old rules, and a new blockchain that splits off from the previous one. (Example: a fork of Bitcoin resulted in Bitcoin Cash).

A fee that developers have to pay to the Ethereum network in order to use the system. Gas is paid in ether, the native cryptocurrency of Ethereum. 

The first block of a cryptocurrency ever mined

Stands for “Hold On for Dear Life” though the term originated from a user typo on a Bitcoin forum in 2013. It refers to a passive investment strategy in which people buy and hold onto cryptocurrency — instead of trading it — in the hopes that it increases in value. 

A feature written into Bitcoin’s code in which after a certain number of blocks are mined (typically every four years) the amount of new Bitcoin entering circulation gets halved. The halving can have an impact on Bitcoin’s price.

A unique string of numbers and letters that identify blocks and are tied to crypto buyers and sellers.

A software-based cryptocurrency wallet connected to the Internet. While more convenient for quickly accessing your crypto, these wallets are a bit more susceptible to hacking and cybersecurity attacks than offline wallets — just as files you store in the cloud may be more easily hacked than those locked in a safe in your home.

A way that funds are raised for a new cryptocurrency project. ICOs are similar to Initial Public Offerings (IPOs) of stocks.

For cryptocurrency, market cap refers to the total value of all the coins that have been mined. You can calculate a crypto’s market cap by multiplying the current number of coins by the current value of the coins. 

The process whereby new cryptocurrency coins are made available and the log of transactions between users is maintained. 

A computer that connects to a blockchain network.

Non-fungible tokens are units of value used to represent the ownership of unique digital items like art or collectibles. NFTs are most often held on the Ethereum blockchain.

Two users interacting directly without a third party or intermediary

Your wallet’s address, which is similar to your bank account number. You can share your public wallet key with people or institutions so they can send you money or take money from your account when you authorize it.

The encrypted code that allows direct access to your cryptocurrency. Like your bank account password, you should never share your private key. 

The pseudonymous creator of Bitcoin. No one knows the true identity of Nakomoto — or if it’s more than one person.

An algorithmic program that enacts the terms of a contract automatically based on its code. One of the main value propositions of the Ethereum network is its ability to execute smart contracts

A stablecoin pegs its value to some other non-digital currency or commodity. A digital fiat represents a fiat, or government-backed currency on the blockchain. (Example: Tether, which is pegged to the U.S. dollar)

A unit of value on a blockchain that usually has some other value proposition besides just a transfer of value (like a coin). 

Programmer who invented Ethereum in 2015.

A place to store your cryptocurrency holdings. Many exchanges offer digital wallets. Wallets may be hot (online, software-based) or cold (offline, usually on a device).

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