Crypto
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VORTECS™ Report: This key trading algo spotted bullish altcoin setups even as BTC price fell
Last week was challenging for crypto traders, with Sept. 24’s FUD-triggering crypto-ban news out of China wiping out much of the gains investors managed to rake in earlier in the week. Between Sept. 18 and Sept. 25, the top 100 altcoins shed as much as 14.4% of their aggregate value, while Bitcoin (BTC) lost 12.5%. The number of altcoins posting double-digit returns was unusually low as well. Data from Markets Pro, Cointelegraph’s subscription-based data intelligence platform, shows that only eight assets out of the hundreds tracked gained more than 10% against the U.S. dollar. While trading is an activity marked by a steady flux of gains and losses, how can investors spot ahead of time the coins that are well-positioned to weather the storm? The top performers of a tough week The table be...
Bitcoin whales move ‘record’ BTC value as metric sounds alarm over price volatility
Bitcoin (BTC) analysts are eyeing short-term volatility as whales begin unprecedented behavior. Fresh data shows that whales have not only been highly active on the market — they’ve been moving record amounts of BTC. Whale activity beats Bitcoin all-time highs Despite BTC price action staying in a narrow, uninspiring range of around $40,000, large-volume Bitcoin investors are anything but calm. In recent weeks, these whales have shifted more coins around the network than ever before — even more than during all-time BTC/USD highs of $60,000 and above. Transactions involving $10 million and over recently hit more than $10 billion. Whales have been moving record amount of #Bitcoin last two weeks. Total transfer volume of $10M+ transactions keeps staying at ATH lately. It’s even hig...
Cardano’s Alonzo hard fork was a success but real utility could be a while
Cardano (ADA) reached a major milestone in its roadmap on Sep. 13 as its blockchain launched Plutus-powered smart contracts as a part of the Alonzo hard fork. The Alonzo hard fork has been highly anticipated in the Cardano community as well as the cryptocurrency sphere at large. The smart contract functionality is meant to allow Cardano to become a platform on which developers can build decentralized applications (DApps) and even mint nonfungible tokens (NFTs). This milestone has been hailed as the point in the development of the network where the “mission truly begins.” However, the news of the execution of this milestone didn’t prevent the network’s native token, Cardano (ADA), from falling into the wider slump that has gripped the crypto market since Bitcoin (BTC) flashed cra...
Here’s why Bitcoin mining stocks have been outperforming BTC price in 2021
Bitcoin (BTC) might have outperformed traditional financial markets regarding investment returns, but the cryptocurrency still fell behind Bitcoin-related companies. The price of BTC climbed by about 290% year-over-year, wherein it surged from $10,695 to a little over $42,000. In comparison, shares of Marathon Digital Holdings (MARA), one of the largest North American crypto mining companies, rose by 1,641% in the same period. MARA stock weekly price chart. Source: TradingView.com Institutions-led pump More crypto mining firms outran spot BTC prices in terms of YoY returns. For instance, Canada-based Bitfarms (BITF) surged 1,736%, while Hut 8 Mining (HUT) and Riot Blockchain (RIOT) rallied by 1,010% and 913% in a year. The performance of spot Bitcoin versus crypto-focused stocks in a ...
IMVU to integrate Immutable X for NFT gaming
Immutable X, the scaling solution for layer-2 NFT protocol Immutable, has penned an agreement with Together Labs to integrate into the platform’s native social metaverse IMVU. The partnership will foster the creation and distribution of NFTs within the game’s virtual ecosystem. IMVU, pronounced “imm-view,” is a blockchain simulation game akin to The Sims or Second Life in which players can design, inhabit and interact with virtual worlds. Parented by Silicon valley-based firm Together Labs — a technological architecture working on the social media experience with the implementation of the crypto and all its ecosystem facets — IMVU has 200,000 active creators and 1 million daily active players. Immutable X is an NFT-centric blockchain protocol built upon the Ethereum...
Sparkpool suspends operations as China intensifies crypto crackdown
The real-time Ethereum hash rate connected to Sparkpool drops as the mining pool decides to cease all operations Hangzhou-based mining pool Sparkpool has officially announced that it will be shutting down operations both within China and abroad in order to protect users’ assets amid the regulatory crackdown in China. The announcement comes days after popular crypto exchanges Binance and Huobi suspended services to mainland Chinese users in light of China’s openly hostile stance towards crypto mining and adoption. Sparkpool suspended access to new users in mainland China yesterday after initial restrictions were imposed last week. According to its latest announcement, Sparkpool will continue to shut down services and plans to cease all domestic and international operations by Thursda...
Alchemy Pay price prediction: ACH dips as crypto market retreats
The cryptocurrency market has retreated after starting the week strongly, and most cryptos are now trading in the red zone The cryptocurrency market isn’t catching a break. The prices of most cryptocurrencies are down again after performing well at the start of the week. Bitcoin’s price is down by more than 4%, reversing the earlier gains it had recorded. Bitcoin is now trading just below $42,000 and could easily lose more ground in the coming hours. Ether is down by more than 6%, dropping below the $3,000 mark again after a weekend rally saw it surpass the $3,100 resistance point. Alchemy Pay (ACH) isn’t any different. The cryptocurrency has been underperforming over the past 24 hours as the broader crypto market undergoes yet another correction. ACH could experience further losses in the...
Coinbase to introduce direct paycheck deposit feature in the US
Cryptocurrency exchanges want to make it easier for people to invest in Bitcoin and several other cryptocurrencies Leading cryptocurrency exchange Coinbase has announced that it will launch direct deposits for its users in the United States. This feature will allow its US customers to get their paycheck deposited directly into their Coinbase wallets. The NASDAQ-listed cryptocurrency exchange announced this latest development via a blog post yesterday. According to Coinbase, it will be rolling out the feature to its US customers over the next few weeks, allowing them to deposit their paycheck into Coinbase. By doing so, users can make regular crypto trades and enjoy other services such as spending their coins via the Coinbase card, earning cryptocurrency rewards and more. Once the feature i...
DeFi farmers boast about gaming dYdX airdrop as prices surge
As dYdX’s governance token gains amid speculation that Chinese traders could be migrating to the derivatives DEX, savvy DeFi farmers are claiming to be sitting on six-figure stashes after gaming the protocol’s recent airdrop. DYDX has gained 85% in two days as reports claim that China’s crypto traders are converging on the decentralized margin trading protocol as Beijing moves to further crack down on digital assets. DYDX/USD: CoinGecko The exchange’s governance token was airdropped to users on Sept. 8. As the number of tokens received by users was determined by historic trading activity on the exchange, news of the airdrop drove a flurry of activity as farmers flocked to the platform to capitalize on the free tokens. With DYDX tokens currently trading at $21 and its market capitalization ...
Northern Data to obtain 33K ASIC miners through Bitfield acquisition
Blockchain and high performance computing firm Northern Data has announced it will acquire Bitcoin miner Bitfield. According to a Sept. 27 press release, all major shareholders signed a binding purchase agreement for the entire Bitfield enterprise to be sold at a value of roughly $460 million. Northern Data will acquire an equity interest of between 86% and 100% in Bitfield as per the agreement. Northern Data claims it has become “a leading global Bitcoin mining company” through the acquisition, with the firm gaining immediate access to 6,600 operational ASIC miners. A further 26,000 brand-new miners are expected to be deployed primarily at sites in Canada and the U.S. by the start of Q2 2022. “With this acquisition, we add Bitcoin mining to our three existing businesses – Bitcoin hosting ...
BTC price loses $42K after fresh rejection puts focus on ‘worst case’ Bitcoin monthly close
Bitcoin (BTC) fell below $42,000 on Sept. 28 as the largest cryptocurrency worsened overnight losses. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC bulls run out of steam at $44,000 Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching local lows of $41,670 on Bitstamp. The fall followed a $1,000 hourly loss late Monday, which firmly halted any bullish hopes from the weekend’s high of $44,400. The turnaround was broadly expected. As Cointelegraph reported, analysts were already eyeing levels even below $40,000 as potential floors. On Monday, one trader likewise refused to believe Bitcoin’s strength going into the new week, arguing that levels above $44,000 were simply a liquidity grab before heading lower again. #bitcoin Probably flushing out the lat...
Alibaba to ban crypto miner sales amid Chinese crackdown
Chinese e-commerce giant Alibaba is the next company to wrap its cryptocurrency-related services in response to the ongoing crypto crackdown in China. Alibaba officially announced Monday that its platform will prohibit sales of cryptocurrency miners and suspend categories for blockchain miners and accessories from its website on Oct. 8. In addition to stopping sales of crypto mining devices, Alibaba will impose a ban on using its platforms to sell major cryptocurrencies like Bitcoin (BTC), Ether (ETH), Litecoin (LTC), as well as smaller coins like Quark (QRK). The new restrictions involve but are not limited to crypto mining-related hardware and software, as well as relevant tutorials, guides and strategies, the announcement notes. Any sellers that continue listing crypto miners or relevan...
