In the 183th Edition of the latest crypto news magazine, you will get to know all the weekly updates regarding the market. After Elon Musk’s Tweets backtracking on Bitcoin support, the sentiment soured further on May 18 when China banned financial companies from offering cryptocurrency-related services. This sequence of events resulted in a massive crypto meltdown on May 19 where Bitcoin plunged 30% to $30,001.51 before attempting a recovery.
That was followed by the US Treasury Department’s announcement on May 20 requiring transfers worth $10,000 or more to be reported to the Internal Revenue Service.
OUR BLOG ARTICLES FOR THIS SPECIAL ISSUE ARE
POINTPAY – REVOLUTIONIZING TRADITIONAL BANKING MODEL,
JOIN IN REVOLUTIONISING CRYPTO TRADING WITH BLOCKQUAKE,
LEDGER NANO X – THE GATEWAY TO EVERYTHING CRYPTO
TICAN A DECENTRALIZED PAYMENT GATEWAY
Bitcoin plunged to £21,000 on May 19 according to our expectations. However, the bulls purchased this drop as seen from the long tail on the day’s candlestick. Also, check out more weekly crypto news magazine here.
The bulls attempted to push the price back above £31,005 on May 20 but failed. The downsloping moving averages and the RSI near the oversold territory suggest that bears are in control. Therefore, relief rallies to the 20-day EMA are likely to be sold into. With buyers stepping in at £21,000 and sellers at £31,005, the stage seems to be set for a consolidation between these two levels for a few days.
However, if the bears sink the price below £21,000, the selling could intensify and the pair could drop to £15,000. This negative view will invalidate if the bulls push and sustain the price above £31,005. That will suggest the bottom has been made at £21,000.
A short-term trading opportunity may present if the price rebounds off the £21,000 to £22,000 range in the next few days. Traders may buy on the bounce off this zone with the stops at £20,800. The target objective of this trade is £31,005. Traders may step aside if the price breaks below £21,000. Subscribe to latest crypto news magazine for the latest updates about profit and loss in cryptocurrency.
Lastly please check out the advancement’s happening in the cryptocurrency world.
Enjoy the issue!
FEATURING IN THIS WEEKS EDITION
CRYPTO TRADE OPPORTUNITIES
BITCOIN – BTC/GBP
Bitcoin’s relief rally again turned down from the 38.2% Fibonacci retracement level at £28,593.47 on May 27. This suggests that traders are selling on every minor rally. Both moving averages are sloping down and the relative strength index (RSI) is in the negative territory, indicating bears have the upper hand. The sellers will now try to sink the BTC/GBP pair below the £23,620 support. If they succeed, the pair could drop to the critical £21,000 to £20,000 support zone. Read more
BITCOIN – BTC/GBP
Bitcoin plunged to £21,000 on May 19 according to our expectations. However, the bulls purchased this drop as seen from the long tail on the day’s candlestick. The bulls attempted to push the price back above £31,005 on May 20 but failed. The downsloping moving averages and the RSI near the oversold territory suggest that bears are in control. Therefore, relief rallies to the 20-day EMA are likely to be sold into. With buyers stepping in at £21,000 and sellers at £31,005, the stage seems to be set for a consolidation between these two levels for a few days. Read more
ETHEREUM – ETH/GBP
The failure of the bulls to sustain Ether above the 20-day EMA on May 18 could have attracted profitbooking by traders, resulting in the massive drop on May 19. The bulls tried to stage a recovery on May 20 but hit a wall at the 50-day SMA. Renewed selling pulled the price below the May 19 low of £1,382.24 but the positive sign is that this did not lead to panic selling among investors. The long tail on the May 23 candlestick suggests traders purchased the drop to £1,216.19. Read more
RIPPLE – XRP/GBP
We had suggested traders buy on a breakout and close above the triangle but the trade did not trigger because XRP could not close above the triangle on May 18. However, this breakout above the triangle could have trapped the aggressive bulls. The selling intensified on May 19 and the XRP/GBP pair plunged below the triangle to hit an intraday low of £0.5828. The bulls tried to stage a recovery on May 20 but could not push the price back into the triangle. Read more
CARDANO – LTC/GBP
Cardano plummeted below the moving averages on May 19 and fell to an intraday low of £0.75. However, the bulls purchased this dip as seen from the long tail on the day’s candlestick. The buyers extended the recovery on May 20 and pushed the price above the 20-day EMA. However, the bulls could not sustain the breakout and the bears pulled the price back below the 20-day EMA on May 21. Read more
BINANCE – BNB/GBP
We had projected a bearish picture on Binance Coin in our previous analysis and the fall exceeded our target objective. This is a usual feature during downtrends where targets are exceeded as traders dump their positions due to panic. The moving averages have completed a bearish crossover and the RSI is in the negative territory, indicating an advantage to the bears. The current pullback is likely to face stiff resistance at £302.79. Read more
INTRODUCTION TO ROOCOIN – THE GOFUNDME OF THE CRYPTO WORLD!
Hello and allow me to introduce you to RooCoin, a brand new project that is only 11 days old and is aiming to become the cryptocurrency version of GoFundMe.
RooCoin Is a ‘charity-oriented’ token that’s helping to support community causes across the world. It will change the direction of crypto philanthropy; it will become more transparent and ‘ethical’. We are also building some amazing products that we believe are missing in the market, which will not only give the project real utility but provide it with the longevity required, not only for raising charity funds but also to be a strong contender in the market. Read more
ZUMO BRINGS ITS CRYPTOCURRENCY WALLET TO THE PLATINUM CRYPTO ACADEMY
May 13, 2021, Edinburgh – Zumo is delighted to introduce its non-custodial cryptocurrency wallet and payment platform to users of the Platinum Crypto Academy.
Zumo is on a mission to introduce new people to blockchain and help people get comfortable with crypto. It offers a crypto wallet that’s the safest and easiest to use in the UK, as well as a B2B offering called Zumokit, which allows businesses to launch their own compliant crypto propositions. It will work with the Platinum Crypto Academy to educate the crypto-curious and share advice on how to join the emerging global economy powered by smart money. Read more
TOTAL CRYPTO MARKET CAP GAINS $400B AS DEFI TOKENS LEAD THE RECOVERY
Bitcoin’s move back to $38,000 triggered strong relief rallies in DeFi tokens and a handful of altcoins. Altcoins and DeFi sprang back to life on May 24 after a handful of decentralized finance tokens saw their prices increase by more than 60% as Bitcoin bulls pushed BTC price to the $38,000 level. Some analysts are describing the move as a ‘dead cat bounce’ but despite those concerns, the bounce in prices seen across the market is likely a welcome sight for cryptocurrency investors who experienced last week’s historical capitulation event that saw nearly $1.3 trillion in value pulled from the total cryptocurrency market cap. Read more
BITCOIN BOUNCES AFTER WEEKLONG ‘CAPITULATION EVENT’ RESULTS IN $14.2B IN LOSSES
Bitcoin price briefly tops $40,000 and Ether climbs above $2,600 as traders gain their composure following last week’s “historic deleveraging event.” Crypto traders were greeted by green markets on May 24 as the majority of altcoins saw their prices bounce back following last week’s downturn that was the “largest deleveraging event since the March 2020 sell-off,” according to an on-chain report from Glassnode. Read more
OIL-CRYPTO ALLIANCES FORM IN NORTH AMERICA TO POWER BITCOIN MINERS
Bitcoin miners in North America are teaming up with oil drillers to utilize excess natural gas and mine the leading crypto asset.
Reuters reports that Bitcoin miners are sending mobile mining rigs on trailers out to oil drilling sites in North Dakota to harness the excess energy produced and efficiently convert it into crypto. Read more
GOLDMAN SACHS BELIEVES ETHEREUM BEATS BITCOIN, NEW LEAKED REPORT REVEALS
Goldman Sachs Group Inc, an American multinational financial services company, has weighed in on the controversy between Bitcoin and Ethereum, emphasizing its support for the latter. Excerpts from the bank’s leaked Global Macro Research paper, posted on Twitter by Santiago Santos, General Partner at ParaFi Capital, showed the bank tackling and analyzing the key arguments that back Ethereum to overtake Bitcoin as the primary store of value in the near future. Read more
ETHEREUM CO-FOUNDER SLAMS ELON MUSK’S PLANS TO ’10X’ DOGECOIN
Vitalik Buterin laid out his thoughts on why scaling Dogecoin (or other blockchains) isn’t child’s play.
To enhance Dogecoin fundamentals, Elon Musk recently proposed increasing the block size of the controversial meme token. The Tesla boss believes doing so can improve speed and scaling to make it a real contender in the world of cryptocurrency. Read more
DEFI CAN ‘TRANSFORM GLOBAL FINANCE’: WHARTON
The Wharton School of Business thinks that DeFi has a lot of potential but admits the industry is still immature.
The Wharton School of the University of Pennsylvania has just published its assessment of the decentralized finance (DeFi) sector. Read more
POINTPAY – REVOLUTIONIZING TRADITIONAL BANKING MODEL
Technology has been threatening the banking sector for a while now. New financial technologies, FinTech, keep emerging each passing day. Tech giants such as Amazon, eBay, Apple, and Google have not been left behind either. That is not something that has gone unnoticed by the traditional banking industry. Just when they thought they had seen it all, cryptocurrency investment came into existence. Now, a time has come where you either shape in or ship out. They have had to rise to the occasion lest they are doomed. What other better way than to use the same technology to their advantage? Read more
JOIN IN REVOLUTIONISING CRYPTO TRADING WITH BLOCKQUAKE
Many crypto exchanges today have entered the digital assets trading market. However, there is definitely room for new players/exchanges in the market, especially those with the right approach and offerings. One such crypto exchange is the BlockQuake platform, which has managed to take digital asset trading or crypto exchange trading a notch higher. Although the BlockQuake platform is not yet live, it is likely to be launched before the end of the second quarter of 2021. Read more
LEDGER NANO X – THE GATEWAY TO EVERYTHING CRYPTO
The crypto market is forecasted to increase from $2.3T in 2021 to $8.5T by 2026, growing at 30% CAGR. Some of the key drivers of this growth in cryptocurrency are DLT (or distributed ledger technology) and increased investments in venture capital. As far as consumers are concerned, cryptocurrency investing opportunities offer them faster and cheaper P2P payment options when compared to those provided by traditional money service providers, without requiring any personal details from them. Read more
TICAN A DECENTRALIZED PAYMENT GATEWA
Tican Payment Gateway is a Top cryptocurrency payment gateway and in today’s article we explore exactly why this is!
WHAT ARE CRYPTO GATEWAY PAYMENT PLATFORMS AND THEIR BENEFIT?
Cryptocurrency payment gateways allow businesses to accept transactions of cryptocurrencies as payment from customers in exchange for goods or services. These systems accept payments from any country and put an emphasis on security due to the nature of blockchain-based cryptocurrencies. Cryptocurrency payment solutions are more in demand than ever as they offer a borderless,
transparent and secure way of processing payments. Cryptocurrencies as a payment method offer the following benefits: Read more