Bitcoin dropped to $17,567 on June 18, its lowest level since November 2020. The drop below $20,000 was the first occasion in Bitcoin’s short history that it breached the all-time high made during the previous bull market cycle. Traders fear that if Bitcoin starts to trade below $20,000, it could lead to margin calls and forced liquidations. Jeffrey Gundlach, CEO of DoubleLine Capital, expects Bitcoin to drop to $10,000.
Some institutional investors seem to be dumping their positions in a hurry. Canada's Purpose Bitcoin exchange-traded fund (BTCC) and 3iQ CoinShares Bitcoin ETF, have both witnessed massive liquidations in the past few days. BTCC’s holdings plunged from 47,818 Bitcoin to 23,307 Bitcoin between June 16 and June 17 while 3iQ’s stash reduced from 23,917 Bitcoin on June 1 to 12,668 Bitcoin on June 17.
We expected bulls to defend the $20,000 support but the bears had other plans. They pulled the price to $17,567 on June 18 but could not sustain the lower levels. This suggests strong buying on dips.
The BTC/USD pair rose back above $20,000 on June 19 but the buyers are struggling to build upon this recovery. If the price turns down from the current level, it will suggest that bears have flipped the $20,000 level into resistance. That could increase the possibility of a drop to $17,567.
If this level cracks, the next stop could be the support line of the descending channel near $16,000. Conversely, if buyers sustain the price above $20,000, the pair could rally to the 20-day exponential moving average (EMA).
This is an important level to watch out for. If the price turns down from this level but rebounds off $20,000, it will suggest that buyers are attempting to form a higher low. The bulls will then attempt to push the price toward the 50-day simple moving average (SMA). A break and close above this resistance could indicate a potential change in trend.
Lastly please check out the advancement’s happening in the cryptocurrency world.
Enjoy the issue!
FEATURING IN THIS WEEKS EDITION
– Brise Paradise
– DC Pay
– Asia Broadband
– Age of Zalmoxis
CRYPTO TRADE OPPORTUNITIES
BITCOIN – BTC/GBP
We expected bulls to defend the $20,000 support but the bears had other plans. They pulled the price to $17,567 on June 18 but could not sustain the lower levels. This suggests strong buying on dips. The BTC/ USD pair rose back above $20,000 on June 19 but the buyers are struggling to build upon this recovery Read more
ETHEREUM – ETH/GBP
Buyers defended $1,000 from June 15 to June 17 but could not sustain the price above $1,250. This indicated a lack of demand at higher levels. The sellers used this opportunity and pulled Ether to $879 on June 18. A minor positive is that bulls purchased the dip as seen from the long tail on the day’s candlestick. Read more
RIPPLE – XRP/GBP
The bulls successfully defended the support at $0.29 for the past few days but struggled to start a recovery. This suggests that bears continue to sell on minor rallies. However, the relative strength index (RSI) has formed a positive divergence indicating that the bearish momentum could be weakening. The bulls will again try to push the price above the 20-day EMA. Read more
Cardano has been consolidating in a large range between $0.39 and $0.70 for the past several days. A positive sign is that the bulls have not allowed the price to dip below its May 12 intraday low of $0.39. Read more
BINANCE – BNB/GBP
We had highlighted in our previous analysis that if the $200 level cracks, the next support is at $186. Binance Coin bounced off $183 on June 18 and the bulls have pushed the price back above the breakdown level of $211. Read more
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TAG Heuer, a Swiss Luxury Watchmaker, Launches First of its kind NFT-enabled Smartwatch
TAG Heuer, a Swiss luxury watchmaker, has unveiled a smartwatch that is capable of not only displaying NFTs but also linking crypto wallets dabbed the, TAG Heuer Connected Calibre E4. TAG Heuer, in collaboration with Bored Ape Yacht Club and CLONE-X, has unveiled an NFT-enabled smartwatch that has the ability to display NFTs as well as connect to crypto wallets. Some of the wallets you can access include Ledge Live and MetaMask. The TAG Heuer Connected Calibre E4 functions with the help of a smartphone enabling users to transfer their NFTs. Read more
Cryptopunk Nft Sale Raises $100k To Support Ukraine War Effort
The government of Ukraine has sold a CryptoPunk NFT to raise over US $100,000, which will be used in its war efforts against Russia, Alex Bornyakov, deputy minister of digital transformation of Ukraine, has tweeted. The CryptoPunk #5364 was donated to the ‘Aid for Ukraine’ crypto fund-raising campaign in March and the Fund has sold the NFT in early June to an anonymous buyer for 90 ETH, which is worth more than US $100,000 in value, based on the current market rate of Ether. Ukraine has so far raised over US $135 million in cryptocurrency and NFT donations since the Russian invasion started in end-February, he said, while adding the first wave of crypto donations has since subsided. Read more
NFT Market Summary June 21, 2022
The recent mayhem in the crypto markets and its widespread implications has led to critics raising doubts about the reliability and the future of crypto as an asset class for investment. Investors are moving away from most risky assets, including crypto, and looking for safe haven investments, as slowing business growth and high inflation spook fear, uncertainty and doubt in their minds.
The series of layoffs announced recently by crypto firms are boosting their narratives of the critics, despite layoffs happening in other industries too. Smaller cryptocurrency exchanges were the first to announce layoffs, with most citing the bear market as the main driver behind their decisions. Read more
101-Year-Old Former POW Launches NFT Project
101-year-old Robert McAdam, PhD, a former WWII POW and Purple Heart recipient, is the world’s oldest known collaborative NFT artist. His 3,000-piece generative NFT art collection is entitled “peace101.”
The American war veteran’s collection is planned to be auctioned in June of this year and is expected to appeal to a global audience. Images of the art series will be previewed during the “reveal,” shortly before the announced auction date.
The current blockchain NFT craze and the web 3.0 takeover is not just for Millennials and Zoomers. Today, the Digital Development Corporation, (www.ddc1.com) in collaboration with Dr. McAdam, announces its first NFT production from the “G.I. Generation.”
Brise Paradise – A Place For The Worldwide Crypto Community In Maldives With Huge Perks To The Holder
Brise Paradise is building a space in the Maldives for the crypto community to spend a vacation enjoying paradise on earth, launch products, collaborate on projects, or celebrate wins with their team.
Brise Paradise has officially started its hotel construction marking the first step in creating an ecosystem in the Maldives. The Brise Paradise project will be done in two phases. Phase 1 entails the opening of the Brise Paradise Hotel on a local Maldivian island. Launching the hotel will be the first step toward realizing Brise Paradise’s larger objectives in the next phase. When ready, phase 2 will see the opening of a Private Resort in the Maldives. Read more
Asia Broadband Inc. Ready To Launch Payaabb Crypto Payment Gateway
Asia Broadband, Inc. (OTC: AABB) is excited to launch in early July 2022 its PayAABB, an online crypto payment gateway for merchants. With this new product, businesses can offer their customers the opportunity to complete transactions in Bitcoin, Ripple, Ethereum, Litecoin, AABBG & more as a payment option on their website or on the go.
With no hardware required and a quick and seamless setup process, PayAABB sees Asia Broadband push the envelope once more as they take their crypto project to the next level. Read more
Musicology: Music Ecosystem on the Blockchain
soothes the soul and is loved by most, if not all, people but there are many unexplored musical talents worldwide who lack proper access and enabling resources. The dominance of few major label artists has drastically reduced the diversity in artists and sounds that appear and remain on the charts. The whole power of the music industry is essentially concentrated within a few big and powerful companies, who refuse access to streaming rights of music produced by them and create their own medium to have unbridled control over all the music. Their actions inflate the prices of music. They decide what the public can or cannot listen to and determine if an artist is worthy of promotion or not. According to some reports, the major label artists released more than 90% of all top 10 songs over the last decade. Read more