Crypto news
Bitcoin dips below $47K but one trader is eyeing ‘solid risk/reward’ for longing BTC now
Bitcoin (BTC) added to its losses on Dec. 29 with a fresh tumble briefly taking BTC/USD below $46,600. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView RSI flashes “oversold” Data from Cointelegraph Markets Pro and TradingView showed the pair giving up ground prior to the Wall St. open to increase its 48-hour correction to 10.4%. The latest move in a familiar pattern of behavior, the market showed that the range in which Bitcoin has acted in December remains very much in play. As market participants resigned themselves to a lackluster end to the year, popular trader and analyst Scott Melker noticed a possible buying opportunity at current levels on short timeframes. Bitcoin’s relative strength index (RSI), in addition to other bullish signals, had entered...
A fair comparison? Ethereum growth outpaces Bitcoin in 2021
2021 has proven to be a fortuitous year for the world’s second-biggest cryptocurrency Ether (ETH), which has seen a fourfold increase in value over the past 12 months. In doing so, Ether has outperformed the appreciation of the preeminent Bitcoin and has gained an increased percentage of the overall cryptocurrency market by capitalization. While the wider cryptocurrency markets have enjoyed a year of relative gains, ETH’s increase in value has been in tandem with upgrades to Ethereum’s core protocol, laying down the final pillars for its transition to a proof-of-stake consensus protocol in 2022. Certain Ethereum Improvement Proposals (EIP) have been the center of attention for the wider Ethereum community and have proved to be pivotal for “The Merge” with the proof-of-stake Beacon Chain se...
Robinhood plans to launch beta crypto wallets in January as HOOD drops to $17
Cryptocurrency and stock trading app Robinhood plans to roll out the beta version of its digital wallet feature starting in January 2022. In a Wednesday blog post, Robinhood said tens of thousands of users currently on the waitlist for the trading app’s crypto wallet would have access to the beta version starting in mid-January. The trading app said more than 1.6 million people were waiting for the wallet, which will support depositing and withdrawing Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE) and other tokens. The trading app has been testing its digital wallet feature since it was first announced in September, completing its first alpha transfer — using DOGE — on Nov. 22. According to Robinhood chief operating officer Christine Brown, the beta rollout would be focused on the secur...
Here’s why Cardano founder believes a DeFi extinction wave is on the way
The software developer and entrepreneur forecasted that many projects in the DeFi sector wouldn’t last the next five to ten years In a recent YouTube session, Cardano founder Charles Hoskinson shared his outlook on the future of decentralised finance. Hoskinson, who has seemingly vowed to redefine the sector, predicted that many active DeFi projects would fall off the grid within the next five to ten years. He cited the lack of long-term vision and rigorous engineering as the factor that will drive the majority of these projects to the ground. Hoskinson averred that the industry is flooded with many projects run by the ‘hope and prayer’ mindset, which he emphasised isn’t enough to keep them afloat. ‘ “It’s very hard to do this kind of engineering and to ...
Top 3 privacy-oriented tokens to buy on December 29: XMR, ZEC and DCR
Privacy tokens are an essential part of the world of crypto. XMR, ZEC, and DCR all have the potential for growth. These tokens are at affordable price points, making them solid purchases. Monero (XMR) is an open-source, privacy-oriented cryptocurrency originally launched in 2014. Transaction details and the amount of every transaction is anonymous through the process of disguising the addresses used by the participants. Zcash (ZEC) is a privacy-protecting digital currency that allows people to transact safely with low fees. Essentially, Shielded Zcash ensures that transactions remain confidential. Decred (DCR) is a decentralized and autonomous digital currency. Its main goal is to prioritize decentralized governance and decision-making on the blockchain. Should you buy Monero (XMR)? On Dec...
Cardano and Ripple tokens will crash out of the top 10 chart in 2022: Arcane Research
The blockchain research firm also predicts Bitcoin to continue recording better returns than the S&P 500 index in the incoming year Crypto market analytics company Arcane has laid out its 2022 predictions for various digital assets and the industry at large. The research firm compiled a report highlighting numerous predictions around various aspects, including token prices, regulations, and the performance of different crypto coins. Most notably, Arcane crowned Binance coin as the winner of 2021, explaining that it crushed both Ethereum and Bitcoin in returns. Here’s a look at the other major predictions: The fate of Ripple (XRP) and Cardano (ADA) According to the research firm, the two alts will slip and lose their spot among the top 10 coins by market cap next year. Arcane note...
Arcane Research releases its crypto predictions for 2022
Blockchain data research firm Arcane Research has taken a look at the year that was in its final report for 2021 and offered its predictions for crypto markets going into 2022. Arcane’s Dec. 28 The Weekly Update report focuses on Bitcoin (BTC) and Ethereum (ETH) but delves into other major coins, decentralized finance (DeFi), meme coins, nonfungible tokens (NFT), derivatives, and others. Arcane offered a prediction for what would happen in 2022 on every topic covered in the report. “Bitcoin will outperform the S&P 500 in 2022.” The report noted that through 2021, Bitcoin has outperformed the S&P 500 index. Bitcoin is up 73% while the S&P 500 is up 28% this year, and Arcane believes Bitcoin will continue this performance next year. The benchmark S&P 500 index consists of the...
New ProShares Metaverse ETF to track Apple, Meta, Nvidia
ProShares, the first company in the United States to launch a Bitcoin (BTC) exchange-traded fund (ETF), is diving into metaverse as it now plans to launch a new metaverse-focused ETF. ProShares on Tuesday filed with the U.S. Securities and Exchange Commission (SEC) for an ETF focused on metaverse, called the ProShares Metaverse Theme ETF. Subject to approval by the SEC, the proposed ETF will track the performance of the Solactive Metaverse Theme Index (SOMETAV), consisting of firms providing or using metaverse-related technologies, including data processing and metaverse devices, the ETF prospectus reads. The index includes U.S. companies that are listed on the New York Stock Exchange or The Nasdaq Stock Market and meets certain market capitalization and liquidity requirements, ProShares s...
$2.5T crypto market will not wait for nations to onboard: WazirX CEO
Indian entrepreneur and the CEO of crypto exchange WazirX Nischal Shetty envisions a race between countries to launch their local versions of central bank digital currencies (CBDC) in the coming year. Speaking to Cointelegraph, Shetty said that the year 2022 would be an extension of the ongoing discussions around crypto regulations, exchange-traded funds (ETFs) and the emergence of the metaverse: “We’re optimistic that we’ll get regulatory clarity, see institutional participation fuel retail adoption. We also expect to see more metaverse projects making an entrance.” Shetty pointed out that the crypto industry today — directly or indirectly — employs about 50,000 people in India, which according to NASSCOM research, is expected to grow 2X faster with the potential to create over 800,...
‘Net neutral’ — Rising Bitcoin exchange balances could be due to Huobi Chinese user block
Bitcoin (BTC) balances rising on exchanges may not be a sign of investors preparing to sell, new research argues. Unveiling the latest data from across exchanges on Dec. 28, Glassnode on-chain analyst TXMC pointed the finger at fresh changes in China for rising balances elsewhere. Binance “absorbing” orphaned Huobi users The end of December is seeing nerves fray as a rangebound BTC price combines with increased inflows to exchanges. A classic indicator that traders are at least arming themselves to de-risk in the event of further price weakness, Binance has been particularly closely eyed as its BTC stocks rise. At the same time, however, Chinese investors are being frozen out of international spot trading venues in the aftermath of China’s ongoing crackdown on cryptocurre...
Analysts warn that possible downside wick could push BTC price as low as $44K
It looks as though the year-end rally that many crypto traders had hoped for will have to wait until 2022, as Bitcoin (BTC) bears gained the upper hand on Dec. 28 and hammered the price of BTC below support at $48,000. Data from Cointelegraph Markets Pro and TradingView shows that an early morning wave of selling broke through BTC support at $50,000 and was followed by a second wave in the early afternoon that dropped the top cryptocurrency to a daily low of $47,318 before bulls managed to stem the outflow. BTC/USDT 4-hour chart. Source: TradingView Here’s a look at what several market analysts are saying about the reasons behind this latest correction and what to look out for as 2021 comes to a close. A bearish RSI divergence prior to the reversal Insight into the technical reasons ...
FTX exchange floats $1M prize for banks to accept stablecoins
Cryptocurrency derivatives exchange FTX is calling on banks to reach out and discuss the possibility of accepting stablecoins in exchange for a $1 million reward. In a Tuesday Twitter post, FTX said it was exploring forming relationships with banks in different regions to allow users to have “near-instant and near-free deposits and withdrawals” through stablecoins. The exchange floated the idea of offering a $1 million prize for the first bank in each region to accept the tokens but hinted it would be open to giving more. How much would it cost to convince a bank to accept stablecoins? If we offered a $1m prize for the first bank in each region that does it is that enough? Do you work for a bank and want to discuss this? — FTX – Built By Traders, For Traders (@FTX_Official) December ...
