Bitcoin bears are having a field day and are latching on to every bit of negative news to intensify selling. One of the reasons highlighted is the crack down on the Bitcoin miners by China. This has resulted in a sharp drop in the Bitcoin hash rate to an 8-month low. While this may affect Bitcoin’s price in the short term, analysts believe it will be a major positive in the long term as Bitcoin mining will shift to more crypto-friendly geographies.
OUR BLOG ARTICLES FOR THIS SPECIAL ISSUE ARE
HOW LEDGER NANO X CAN PUT YOU IN CONTROL OF YOUR CRYPTOS,
AABB GOLD TOKEN – A LESS VOLATILE INVESTMENT WITH GOLD-BACKED
POINTPAY INVESTING IN THE FUTURE OF GLOBAL CRYPTO
Last week, we had advised traders to book profits on 50% of the positions bought at lower levels because a new uptrend is unlikely to start in a hurry. This turned out to be a profitable exercise as Bitcoin turned down from £29,350 on June 15.
The 20-day exponential moving average (EMA) failed to act as a strong support when the price turned down from £29,350. This shows the sentiment remains negative. The failure of the buyers to defend the £23,620 support is another sign of a lack of demand at lower levels.
However, the relative strength index (RSI) has formed a positive divergence, indicating the selling pressure has reduced. The bulls are likely to defend the £23,620 to £21,000 support aggressively. If buyers can drive the price above the 20-day EMA, the BTC/GBP pair will continue its consolidation between £21,000 to £31,005. Contrary to this assumption, if bears sink the price below £21,000, the selling could intensify and the pair may drop to £15,000. Long-term investors may start to accumulate on dips. They can buy 30% of their desired long-term purchase at the current level.
Short-term investors may buy if the next dip again rebounds off £21,000. The stops can be placed just below the support. Long positions should be avoided if the next drop cracks the £21,000 level.
Lastly please check out the advancement’s happening in the cryptocurrency world.
Enjoy the issue!
FEATURING IN THIS WEEKS EDITION
– The Coop Network
– Asia Broadband
– Amber Group
– World Mobile Token
– Close Cross
CRYPTO TRADE OPPORTUNITIES
BITCOIN – BTC/GBP
Last week, we had advised traders to book profits on 50% of the positions bought at lower levels because a new uptrend is unlikely to start in a hurry. This turned out to be a profitable exercise as Bitcoin turned down from £29,350 on June 15. The 20-day exponential moving average (EMA) failed to act as a strong support when the price turned down from £29,350. . Read more
ETHEREUM – ETH/GBP
Ether’s rebound off the support line of the triangle on June 12 fizzled out at the 20-day EMA on June 15. This suggests that the sentiment is bearish and traders are selling on rallies. The bears pulled the price below the triangle on June 18 and the attempt by the bulls to push the price back into the triangle failed on June 20. Read more
RIPPLE – XRP/GBP
The bulls could not push XRP above the 20-day EMA in the past week, indicating the trend remains bearish and the sellers are defending the resistance aggressively. The selling continued and the bears pulled the price below the £0.53566 support on June 21. This breakdown has opened the doors for a further fall to the support line of the descending channel. Read more
CARDANO – LTC/GBP
Cardano turned down from the 20-day EMA on June 15 and the bears pulled the price below the £0.94523 support on June 21. This completed a descending triangle pattern, which is a bearish sign.
The bulls are currently attempting to push the price back above the breakdown level of £0.94523. If they succeed, it will suggest strong buying at lower levels. The bulls will have to drive the price above the downtrend line to suggest that the correction is over. Read more
BINANCE – BNB/GBP
The bulls have not been able to push Binance Coin above the 20-day EMA in the past few days, which suggests the bears are defending this resistance aggressively. The bears broke the £225 support on June 21, which has opened the gates for a retest of the critical support at £160. Both moving averages are sloping down and the RSI is in the negative zone, suggesting advantage to the bulls. Read more
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A MUST SEE LEVERAGE-FREE DECENTRALIZED TRADING SOLUTION – CLOSECROSS
The financial derivatives market is worth $1200tn p.a. but only 1-2% of the population participates in it. This is mainly due to the problems the users face such as highly complex interfaces and difficult to understand financial jargon; high fixed costs; balance of information in favour of derivative issuers and facing unquantified risks when taking on leverage. Read more
WORLD MOBILE TOKEN LOOKS TO RAISE $40M IN CARDANO-BASED NATIVE TOKEN SALE
World Mobile Token (WMT), a utility token which is built on Cardano’s blockchain and the sharing economy announces their token generation event (TGE). The company aims to raise 40 million USD within the first five weeks of the public sale on top of the 5 million USD it has raised privately. Read more
THE COOP NETWORK – BLOCKCHAIN TECHNOLOGY AT WORK
Form and functionality. Utility and value. Combining the digital world with the analog world. This is how one can describe The Coop Network. The Geoma Dao Coop, the legal entity behind this project , is incorporated as a CO-OP ,or cooperation, and subscribes to the international principles which characterise a CO-OP Read more
GRAYSCALE INVESTMENTS CONSIDER NEW CRYPTO TRUSTS, INCLUDING POLYGON AND SOLANA
Grayscale announces 13 crypto assets that it is considering for trust incorporation. Digital currency asset managers Grayscale has announced the addition of 13 new crypto projects to their list of assets under consideration, including newer chains like Polygon (MATIC) and Solana (SOL). The firm currently operates 13 single asset trusts, the biggest one being the Bitcoin Trust, with $25 billion under management. As well as a multi-asset trust valued at $404 million, consisting of BTC, ETH, BCH, LTC, and LINK. Read more
ETHEREUM TRANSACTION FEE REVENUE AT LOWEST LEVEL IN A YEAR
“We have to look as far back as June 2020, before ‘DeFi Summer’, to find similar levels of transaction fees paid,” wrote Glassnode.
Transaction fees and miner revenue increased with the onset of “DeFi Summer.” As network congestion has eased, transaction fees have declined. Read more
BANK OF ISRAEL DEPUTY GOVERNOR CONFIRMS DIGITAL SHEKEL PILOT IS UNDERWAY
Despite the pilot, the central bank’s deputy governor said he was apprehensive about launching a full-scale CBDC in Israel, and referred to Bitcoin as a “pyramid scam.” The Bank of Israel has reportedly already issued a central bank digital currency through a pilot test of a digital shekel. According to a Monday report from the Jerusalem Post, Bank of Israel deputy governor, Andrew Abir, said the financial institution had started to conduct a pilot program for a digital shekel. Speaking at a conference of the Fair Value Forum of IDC Herzliya, Abir added that he was not optimistic about the bank issuing a central bank digital currency, or CBDC, despite the fact he confirmed a pilot test was underway. Read more
MICROSTRATEGY BUYS ANOTHER $489 MILLION WORTH OF BITCOIN
Microstrategy bought on Monday 13,005 Bitcoins worth about $489 million at an average price of $37,617 per coin. Now the business owns a total of 105,085 BTC that they bought for $2.74 billion. The average price per coin comes out to be $26,080. Microstrategy’s CEO Makes Bitcoin Acquisition Second Business Read more
CRYPTO FIRM AMBER GROUP HITS UNICORN STATUS WITH LATEST $100M FUNDING
Crypto financial services firm Amber Group has raised $100 million in a Series B round of financing, bringing its valuation to $1 billion. Amber Group, a Hong Kong-based cryptocurrency financial services firm, has raised $100 million in a Series B round led by investment bank China Renaissance. Other high-profile backers, including Tiger Global Management, DCM Venture, and existing investors Coinbase and Pantera Capital, participated in the round, which saw Amber Group reach the unicorn status with a pre-money valuation of $1 billion. Read more
CENTRAL BANK OF PORTUGAL AWARDS FIRST LICENSES TO LOCAL CRYPTO EXCHANGES
The ‘crypto-friendly’ country made moves with regards to regulating the local Bitcoin scene. Banco de Portugal, the country’s central bank, issued operational licenses to two local crypto exchanges for the first time ever, a notice on the site shows. Receiving the licenses were Lisboabased Criptoloja and Braga-based Mind The Coin. “It was a long way. Being the first regulated exchange in Portugal means a lot,” said Pedro Borges, chief executive officer Criptoloja, in a statement. The exchange filed for the first license on September 29 last year, as per reports. Read more
US GOVERNMENT AUCTIONS OFF LITECOIN AND BITCOIN CASH SEIZED FROM TAX EVADER
The U.S. General Services Administration (GSA) is auctioning off Bitcoin Cash (BCH) and Litecoin (LTC) seized from a taxpayer for non-payment of internal revenue taxes. In a statement, GSA announces that the public is now able to bid on 11 stashes of cryptocurrencies, which include 8.93 BTC and 150.2 LTC with a combined market value of nearly $377,000. Among the stashes available for bidding, the GSA estimates that one lot consists of 150.22 LTC and 0.00022 Bitcoin Cash. Read more
HOW LEDGER NANO X CAN PUT YOU IN CONTROL OF YOUR CRYPTOS
To understand Ledger Nano X, it is important that we understand what a Virtual currency is? A virtual currency (cryptographic asset) is a currency that does not have an entity such as banknotes or coins like a general currency and is traded through the Internet. Fiat currencies are managed by the central banks of each country, but virtual currencies do not have a centralised organisation to manage them. Therefore, transaction information is managed between users using a technology called the blockchain. Read more
AABB GOLD TOKEN – A LESS VOLATILE INVESTMENT WITH GOLD-BACKED CRYPTO!
In human history, one of the most important developments of the financial world is cryptocurrency. The volatile nature of the crypto market draws and keeps various recreational investors on the sidelines. However, a new and less volatile cryptocurrency investment is gaining popularity nowadays. These are the digital tokens that represent real-world assets and provide numerous opportunities to transform business like the AABB Gold token which is a gold-backed crypto. An excellent way to avoid inflation is to invest in commodities-backed cryptocurrencies, which use precious metals as their source of value. Read more
POINTPAY INVESTING IN THE FUTURE OF GLOBAL CRYPTO
The crypto stock market platform allows users to earn by investing in crypto coins, trade them and hold them at a high-interest rate. PointPay is a platform that provides you with all this functionality under one roof and hence it makes sense for users to consider PointPay Investing.
If you are a newbie, you can learn how to make money on cryptocurrency investing and exchange; you can visit PointPay’s Crypto School. PointPay’s crypto school explains the entire process of cryptocurrency exchanges step-by-step. Read more