Bitcoin had an eventful first half in 2021. Institutional adoption boosted its price above £47,000 in mid-April but the law of gravitation pulled the price down to £20,000 in mid-May, a 57% drop from the highs. Since then, the price has remained range-bound. The big question troubling investors is whether the downtrend is over or is there one more leg down.
OUR BLOG ARTICLES FOR THIS SPECIAL ISSUE ARE
WORLD MOBILE TOKEN: USING BLOCKCHAIN TO CONNECT THE
A COMPREHENSIVE GUIDE TO THE SOMEE.SOCIAL PLATFORM
Bitcoin is currently stuck between the 50-day simple moving average (SMA) and £23,620. Although the bulls pushed the price above the 20-day exponential moving average (EMA) on July 4, they could not clear the hurdle at the 50-day SMA. This shows that the bears are not ready to throw in the towel yet.
If bears pull the price below £23,620, the BTC/GBP pair could retest the critical support at £21,000. Repeated retest of a support level tends to weaken it. A break below £21,000 could result in panic selling and the pair could plummet to £15,000.
Therefore, traders who had purchased on the rebound off £21,000 as suggested in our earlier analysis may trail their stops to breakeven.
The flattish 20-day EMA and the bullish divergence on the relative strength index (RSI) indicate a minor advantage to the bulls.
If the price rebounds off £23,620, the bulls will make one more attempt to drive the price above the 50-day SMA. If they succeed, the pair could start its journey toward the £30,000 to £31,005 overhead resistance zone.
Lastly please check out the advancement’s happening in the cryptocurrency world.
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FEATURING IN THIS WEEKS EDITION
– Ferrum Network
– World Mobile Network
– The Coop Network
– Somee Social
CRYPTO TRADE OPPORTUNITIES
BITCOIN – BTC/GBP
The Bitcoin price GBP is currently stuck between the 50-day simple moving average (SMA) and £23,620. Although the bulls pushed the xbt to gbp price above the 20-day exponential moving average (EMA) on July 4, they could not clear the hurdle at the 50-day SMA. This shows that the bears are not ready to throw in the towel yet. Read more
ETHEREUM – ETH/GBP
Ethereum price gbp broke above the 20-day EMA but turned down from the 50-day SMA as we had projected in the previous analysis. The 20-day EMA is flat and the RSI is near the midpoint, suggesting a balance between supply and demand.
If the eth price gbp rebounds off the current level or from £1,468.55, the bulls will make one more attempt to push the ETH/GBP pair above the downtrend line. If they manage to do that, the bearish descending triangle setup will be negated and the pair could rally to £2,160. Read more
RIPPLE – XRP/GBP
The ripple price GBP held previous support at £0.53566 acted as a stiff resistance on June 29 and the bulls could not push XRP above it. Since then, the price has been trading close to the 20-day EMA.
This suggests that the bulls are not dumping their positions yet and they may make one more attempt to clear the hurdle at £0.53566. If they manage to do that, the XRP/GBP pair could rise to the 50-day SMA and then to £0.70. Read more
CARDANO – ADA/GBP
ADA to GBP broke above the 20-day EMA and reached the 50-day SMA as we had projected in our previous analysis. However, the bulls could not push the price above the 50-day SMA.
This suggests that bears are attempting to defend this resistance aggressively. On the way down, the bulls are currently trying to sustain the ada gbp price above the 20-day EMA. Due to this, the price is stuck between the moving averages. Read more
BINANCE – BNB/GBP
BNB Coin has been trading close to the 20-day EMA for the past few days. Though the bulls have not been able to push the price above it, they have not allowed the altcoin to correct.
When the price clings to resistance, the possibility of a breakout from it increases. If bulls can push the price above the moving averages, the BNB/GBP could pick up momentum and rally to £305.44. The bears will again pose a stiff challenge at this level. Read more
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GAME CHANGING CROSS CHAIN DEFI ECOSYSTEM – FERRUM NETWORK
Platinum Crypto Academy and Cryptonaire Weekly brings you a well known crypto industry service company Ferrum Network, a project that is building a DeFI ecosystem that interacts across chains and removes barriers to mass adoption. Designed by distributed-systems experts with industry leading experience from some of the world’s biggest tech companies. Ferrum Network created a high-speed interoperability network built to address two fundamental problems impeding the mainstream adoption of cryptocurrencies, and blockchain deployments for real-world financial applications: slow transaction speeds and lack of interoperability between networks. Read more
ETHEREUM PRICE CAN GAIN 40% ON BITCOIN, ARGUES ANALYST AS LONDON FORK NEARS
Technical setups, coupled with optimistic fundamentals, project Ethereum, would rise sharply against Bitcoin in the coming weeks. Ether (ETH) could rise by almost 40% against Bitcoin in the coming trading sessions, according to one analyst. So believes Michaël van de Poppe, an Amsterdam-based market analyst who predicts that the ETH/ BTC exchange rate would climb from its current 0.05-0.06 sats range to as high as 0.07 sats soon. Read more
CARDANO (ADA) JUST GOT ADDED TO THIS MAJOR INSTITUTIONAL FUND
Grayscale Investments has reduced the share of Bitcoin and added Cardano to its Digital Large Cap Fund as part of its quarterly rebalancing. Grayscale Investments, the world’s largest crypto asset manager, announced yesterday that it has added Cardano (ADA) to the company’s Digital Large Cap Fund. “Welcome aboard, Cardano. We have adjusted the portfolio of Grayscale Digital Large Cap Fund to now include ADA,” the company tweeted. Read more
CARDANO (ADA) ADDS 50,000 NEW ‘STAKING’ ADDRESSES IN JUST 3 WEEKS
The platform’s total number of staking addresses grew 8 percent. According to data aggregation platform PoolTool, Cardano (ADA) added more than 50,000 staking addresses in three weeks’ time, reflecting a substantial 8% growth in less than a month. Cardano’s total staking addresses surpassed the 600,000 milestone in early June as the attention around the platform continues to grow. Read more
RANSOMWARE GROUP REVIL HACKS 200 U.S. COMPANIES, DEMANDS $70M IN BITCOIN AS RANSOM
REvil has reportedly pulled off the biggest ransomware attack in history. Deploying a vicious malware that has affected 200 companies in the United States. And over a million companies across the world. According to the group, they deployed a universal malware that has infected over a million network systems. REvil is now demanding $70 million in Bitcoin to be paid to the group before they would release the universal decryptor for “more than a million” infected systems. Initially, the hacker group REvil had asked each affected business to pay $45,000 in Monero individually. But then the group revised its demands and now wants $70 million in Bitcoin. This comes in light of President Biden earlier asking President Putin to stop protecting hackers. Read more
COINBASE ACTIVELY BUILDING CRYPTO HUB IN INDIA, LOOKING TO HIRE ‘HUNDREDS’ OF PEOPLE
The Nasdaq-listed cryptocurrency exchange Coinbase is actively building a cryptocurrency hub in India. The company says it has “ambitious plans” for the South Asian crypto hub and is looking to hire for many positions, including hundreds of engineers.
Coinbase Has ‘Ambitious Plans’ for Its Indian Crypto Hub
Coinbase published a blog post on Friday, authored by Pankaj Gupta, the company’s VP of Engineering and Site Lead in India. Gupta joined Coinbase about two months ago “to establish and lead a new tech hub for Coinbase in India,” he explained, elaborating: Read more
BITCOIN BECOMES ONE OF THE MOST SUSTAINABLE INDUSTRIES THIS YEAR
The sustainability of the Bitcoin mining industry has significantly increased this year, according to a report published by the association of miners that was formed following the backlash on BTC’s energy use. In a new report, the Bitcoin Mining Council (BMC) says the results of its first voluntary survey that looked into the electricity consumption and sustainable power mix of 32% percent of the world’s Bitcoin network. Read more
BITCOIN EXCHANGE SUPPLY HITS A 6-MONTH LOW AS ACCUMULATION CONTINUES
The likelihood of another steep selloff for BTC is diminishing as more holders are accumulating, according to data from Santiment. The amount of Bitcoin (BTC) held on exchanges has been declining steadily since mid-May, offering reassurance that the worst of the market selloff has passed. Read more
BITCOIN ETFS ARE LONG OVERDUE, SAYS SEC COMMISSIONER HESTER PEIRCE
The Securities and Exchange Commission’s continuous rejection of Bitcoin ETFs is somewhat of a double standard, argued “Crypto Mom” Hester Peirce. The Securities and Exchange Commission’s (SEC) unwillingness to approve a Bitcoin exchange-traded fund (ETF) in the U.S. is outdated and borders on double standards, according to the agency’s commissioner Hester Peirce, also known as “Crypto Mom.” “That is probably the biggest, the most-often-asked question that I get: When will the SEC approve a Bitcoin exchange-traded product?” she acknowledged in an interview with CNBC published yesterday. Read more
WORLD MOBILE TOKEN: USING BLOCKCHAIN TO CONNECT THE UNCONNECTED
World Mobile Token is the utility token at the centre of the World Mobile Chain. This technology was created in the partnership between WM and Input-Output Global to homogenise access to social, digital, and financial services. World Mobile Token works on a shared economy-based function that provides the basis for affordable network nodes, relying on Cardano blockchain infrastructure in telecom. Read more
A COMPREHENSIVE GUIDE TO THE SOMEE.SOCIAL PLATFORM
Today, almost every social media platform monitors and tracks all user activity to package and sell that data to the highest bidder. They do not precisely disclose the scope of the information they collect. They also know they can get away with it simply because the user agreements that most people unwittingly agree to during sign-up authorize unfettered tracking, collection, and selling of private data. Read more