Ethereum Lacking Momentum, But Here’s Why 100 SMA Could Spark Fresh Rally
Ethereum is struggling to clear the $230 resistance level against the US Dollar. ETH price is showing positive signs and it seems like a close above the 100 SMA (H4) could trigger a fresh rally.
After a strong rejection near $250, Ethereum started a major decline below the $238 support against the US Dollar. ETH price traded below the $230 support level and settled well below the 100 simple moving average (4-hours).
The decline was such that the price even spiked below $220. A low was formed near $216 before the price started an upside correction. There was a break above the $220 level, plus the 23.6% Fib retracement level of the downward move from the $250 swing high to $215 low.
The upward move was capped by the $232 resistance. It represents the 50% Fib retracement level of the downward move from the $250 swing high to $215 low. The price is currently trading above the $225 support, but it is struggling to gain momentum above the 100 simple moving average (4-hours).
Ethereum price testing $230. Source: TradingView.com
Recently, there was a break above an important bearish trend line with resistance near $225 on the 4-hours chart of ETH/USD. This is a positive sign, but the bulls still need to push the price above the 100 SMA and $230.
If there is a successful close above $230 and $232, the price could start a strong increase in the coming sessions. The next target for the bulls could be $250.
If Ethereum fails to continue higher above the $230 and $232 resistance levels, there are chances of a fresh decline. An initial support is near the $222 level.
A daily close below the $222 support zone could start a steady decrease. The next support is near $215, below which the bears might aim a test of $200.
4 hours MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
4 hours RSI – The RSI for ETH/USD is currently correcting lower towards the 50 level.
Major Support Level – $222
Major Resistance Level – $232
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- UNICEF Crypto Fund to Invest $100K in Humanitarian Blockchain Projects
- U.S. new coronavirus cases hit all-time high of 57,497 — as COVID-19 surges in Florida, Arizona, California and Texas
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UNICEF Crypto Fund to Invest $100K in Humanitarian Blockchain Projects
Over the past four years, the United Nations International Children’s Fund has been investing in startups applying open-source technology, hoping to make the world a better place, but is looking to step up its game even further now.
Cecilia Chapiro, an investment advisor at UNICEF Ventures, told Cointelegraph that UNICEF had launched its innovation fund in 2016 with the goal to support emerging technologies being built in developing countries. Since then, UNICEF has invested in over 50 startups across 35 countries. “We invest in technologies that have the potential to influence billions of people, especially children in emerging countries,” Chapiro said.
According to Chapiro, UNICEF identified blockchain as one of the technologies that could make a global impact. As such, UNICEF invested $100,000 of equity-free funding through its innovation fund a year and a half ago into six startups, three of which were focused on blockchain.
To further understand blockchain technology’s impact, UNICEF launched a cryptocurrency fund supported by the Ethereum Foundation in October 2019. Chapiro explained that the crypto fund is based on the same framework as the innovation fund; the only difference is that investments are made in cryptocurrency. She said:
“UNICEF’s innovation fund allows companies to partake in a one-year portfolio experience. We provide non-financial benefits that go along with the investment. We look for companies with a prototype that can be reviewed and strengthened to benefit a large number of users. We support the companies in a number of ways, helping prepare them to speak with additional investors after the one-year program ends.”
On June 20, UNICEF’s crypto fund made its largest crypto investment to date, worth 125 ETH — around $28,600 at the time — in eight open-source technology companies. Immediately following this funding round, UNICEF announced that it will invest another $100,000 worth of both United States dollars and crypto in blockchain startups that leverage open-source technology to combat global challenges, especially those related to the COVID-19 pandemic.
Chapiro, who helped launch UNICEF’s crypto venture, explained that the fund has enabled the organization to seriously invest in blockchain startups. She said: “After investing in three blockchain companies over a year ago and then a few more just two weeks ago, UNICEF’s crypto fund has reached a new level of growth to accommodate the funding of about five to eight more open-source blockchain projects.”
According to Chapiro, UNICEF is looking to support early-stage startups with a blockchain prototype that can be transformed and eventually deployed in countries that need the technology the most. For example, during the last funding round, UNICEF invested in blockchain startup StaTwig, a company based in India that uses a blockchain to track the supply-chain of rice being delivered from the Indian government to low income areas.
Sid Chakravarthy, the founder and CEO of StaTwig, told Cointelegraph that India uses a Public Distribution System to deliver essential goods to individuals living under the poverty line. Chakravarthy explained that each state in India operates its own PDS, noting that COVID-19 has created an even higher demand for PDS products. He said:
“In Telangana State, where we are currently working, there are 28.3 million beneficiaries. These beneficiaries receive a lot of subsidized essentials, such as rice, dal, kerosene and sugar through this program. Rice is the most important product. It is procured from state farmers and traders, processed in rice mills, then transported to and stored at various warehouses and finally distributed to beneficiaries through fair price shops.”
While India’s PDS may seem effective in theory, there are a number of problems that need to be addressed. For instance, Chakravarthy noted that there is a lack of visibility into the inventory in India’s supply chains. A more transparent system could ensure that there are enough rice bags in each warehouse to meet the supply and demand of each state. In addition, transparency could provide higher quality products that are not exposed to harsh environmental conditions.
StaTwig has been leveraging blockchain to create a digital identity for every single product. “With rice, every bag gets a unique digital ID,” said Chakravarthy. Products are then tracked from the farmers, all the way to the beneficiaries. Data is recorded, showing each location where the bags have been, the chain of custody and the quality of the product.
UNICEF has also previously invested in Mexico-based startup OS City, which has been issuing blockchain-based government assets and running a pilot to deploy 1,000 blockchain IDs to allocate educational assets for children, such as diplomas. Jesús Cepeda, the founder of OS City, told Cointelegraph that the pilot is the first step toward enforcing blockchain citizen IDs, which will allow government assets to become fully digital, secure and transparent:
“We are solving the problem associated with the tampering of government records. We use blockchain as a tamper-proof, transparent method to allocate information. We are putting forth the funding from UNICEF to organize government records associated with an individual into a ‘wallet-like’ blockchain asset so that we can improve public institutions’ efficiency and trust.”
It’s important to point out that UNICEF’s funding for both StaTwig and OS City was made in Ether (ETH). Christina Rose Lomazzo, the blockchain lead at UNICEF, told Cointelegraph that most organizations that receive funding in crypto immediately convert it to fiat. However, UNICEF’s crypto fund had required the eight companies they previously invested in to keep the funds as cryptocurrency:
“This ensures that companies understand the benefits of cryptocurrency, such as the traceability aspect and speed of transactions versus those being done by traditional systems. These startups could also make use of the crypto by paying their employees with it.”
Chris Fabian, a senior advisor and co-lead of UNICEF Ventures, further stated in a press release that transferring the cryptocurrency funds to eight companies based in seven countries took less than 20 minutes. Additionally, UNICEF has been working on building a series of tools for its crypto fund that would allow the organizations to work more efficiently with cryptocurrencies. Lomazzo shared that the first tool being built is the crypto fund website, which is really just a simplified version of a block explorer. This would allow the general public to track funds while serving as an internal valuation tool.
Interestingly, the new round of funding will be dispersed in the form of both crypto and fiat, a first for UNICEF’s crypto fund. Lomazzo explained that the reason for this change is due to the fact that cryptocurrency is still not universally legal.
UNICEF’s primary focus is to invest in startups based in developing countries, like India, which still has restrictions when it comes to cryptocurrency adoption. Moreover, Lomazzo mentioned that UNICEF’s donors have provided funds in both crypto and fiat, allowing the organization to make use of both currencies.
Related: Indian Banks Act Slow to Accept Crypto Industry Despite RBI’s Approval
Moreover, while UNICEF’s crypto fund will invest up to $100,000 worth of USD and crypto in blockchain startups, another important element is that each company must leverage open-source technology. Brain Behlendorf, the executive director of the Hyperledger Foundation, told Cointelegraph that open-source licensing is essential for transforming software from a tool of control into a tool that could eventually benefit humanity:
“Traditional software approaches create a dependency by the user upon the tech provider, but open-source licensed software confers the freedom to use, modify and share for any purpose, not just those allowed or even envisioned by their original creators. For blockchain applications, this is a natural requirement for decentralization and trust that the system is doing what it should. This may be why the only meaningful blockchain frameworks are all open-source licensed.”
Chapiro further noted that since the fund doesn’t measure return on investment from financial gains, open-source technology is crucial to understand how useful the technology is in a variety of settings.
Although UNICEF’s crypto fund aims to invest in a new batch of startups that could potentially change the world, this may be easier said than done. The biggest challenge, according to Chapiro, is finding blockchain companies based in emerging countries, which is a key requirement for the fund. Many blockchain projects are being developed in the U.S., Europe and Asia.
Additionally, Chapiro mentioned that UNICEF has been looking to invest in companies founded by women or minorities. Although this hasn’t been easy, Chapiro explained that 40% of the investments in UNICEF’s innovation fund have been made in women-led companies. She hopes this number will reach 50% by the end of 2020.
Surprisingly, COVID-19 hasn’t created many issues for UNICEF in terms of finding startups to invest in, as most of the processes have always been virtual. According to Chapiro, the only in-person experience is a week-long workshop in New York, which companies can join once they receive funding. Following COVID-19 spikes, this workshop has been made virtual. However, while COVID19 didn’t have much of an impact on the workings of UNICEF’s crypto fund, Chapiro explained that many of the startups have been affected:
“Many of the other funding programs these startups were a part of were discontinued or limited following COVID-19. This is why we are doing much quicker funding rounds now. We ended up investing in eight companies a few weeks ago, some of which we had previously funded. Now, there is an increasing demand for their services because many of them are solving COVID-19 related challenges.”
Author: by elexonic
The U.S. the third day with new daily cases of coronavirus surpassing 50,000, hitting a new 24-hour high of 57,497.
The COVID-19 pandemic, which was first identified in Wuhan, China in December, had infected 11,124,651 people globally and 2,808,003 in the U.S. as of Saturday. It had claimed at least 526,003 lives worldwide, 129,476 of which were in the U.S., according to Johns Hopkins University’s Center for Systems Science and Engineering.
Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases for three decades and one of the leading experts on pandemics in the U.S. for the last four decades, has said Americans and lawmakers need to reconsider some of their actions.
On Thursday, Fauci said the virus may be mutating to become more transmissible. “We don’t have a connection between whether an individual does worse with this or not. It just seems that the virus replicates better and may be more transmissible. But this is still at the stage of trying to confirm that.”
Fauci focused on three main failings by both the public and authorities: Many states have reopened too quickly, people are not abiding by rules of social distancing, and the authorities could do a better job at contact tracing to track people who’ve been in contact with those who test positive.
Florida reported 11,458 new cases Saturday, second only to the daily peak of 11,571 in New York last April. It confirmed nearly 190,052 cases, up from 178,594 cases the day before, which do not account include those who are asymptomatic or pre-symptomatic, and 3,702, up from 3,684 the day before, deaths from the virus.
Unlike officials in California and Texas, however, Florida Gov. Ron DeSantis, a Republican, has said the state will not delay its reopening plans, and said the rise is mostly due to young people gathering in bars and restaurants and in outside spaces rather than businesses reopening.
Ten Democratic state lawmakers signed a letter on Friday telling DeSantis to introduce a statewide order for people to wear masks in public spaces.
“In watching the devastation that COVID-19 is causing in our communities,” according to the letter, “we strongly recommend that the State of Florida implement a mandatory use of face covering over the nose and mouth while in a business or other building open to the public, as well as outdoor public spaces, whenever social distancing is not possible.”
Thus far, New York has had the most deaths from COVID-19 in the U.S. (32,137), followed by New Jersey (15,164), Massachusetts (8,149), Illinois (7,005), Pennsylvania (6,746), California (6,318) and Michigan (6,215). Texas has reported 2,592 deaths from the virus.
The U.S. Surgeon General and the Department of Health and Human Services issued a public-service announcement this week, urging Americans to follow the guidelines of washing their hands frequently, socially distancing and wearing face masks in public spaces.
While COVID-19’s progress has slowed in states such as New York, where most cases in the U.S. are still centered, confirmed coronavirus cases have risen in 37 U.S. states, with some of the most populous states such as Florida, Texas and California a key cause for concern.
New cases are up 43% in Florida over the past week, up 32% in Arizona, up 37% in the Virgin Islands, up 37% in Montana and South Carolina, up 35% in Texas, up 31% in Idaho, and up 20% in California over the same period, according to this tally by the Washington Post.
On Thursday, DeSantis met with U.S. Vice President Mike Pence to discuss the rise in cases in the state, and urged Floridians to wear masks in public and avoid large crowds. “I want the people of Florida to know we’re in a much better place thanks to the leadership of President Trump,” he said.
Florida has seen a rise in hospitalizations in recent days and, while most of those were among older people, an 11-year-old boy from Miami-Dade County died from complications from the disease, the youngest person in the state to die from COVID-19 and third child in the state to die from the disease.
DeSantis instructed bars, which are allowed to open to half of their usual capacity, to stop selling alcohol as one concession to the surge in coronavirus cases, but the state does not have restrictions on the number of people who can gather in stores and gyms.
How COVID-19 is transmitted
Author: Quentin Fottrell
Top 2 Altcoins To Watch in July | Best Cryptocurrency Investments in July 2020
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Apex Crypto News – Casa Releases Results on Server Implementation Test
Crypto custody firm Casa released results from its test to find a new way to connect to the Bitcoin network and found ElectrumX had the best bang for the buck.
Casa founder and cypherpunk Jameson Lopp noted the custody firm recently rewrote its backend infrastructure to support Electrum based on the tests.
The company chose three different server implementations for the test: ElectrumX, Electra and Esplora Electrs. It discounted three other servers, Electrum-Server, Electrum Personal Server and Bitcoin Wallet Tracker as they felt these were not designed for high performance.
For the testing, Lopp said Casa wanted to understand the performance characteristics of each implementation. They ran a list of 103,000 addresses with more than 100 transactions as their main data set for the test. It found in the first test run alone that one of the server options could already be taken out.
“When the first test run against electrs was halfway done, we realized that if we tried to finish 10 runs of the 103,000 address test set against electrs, it would take weeks to complete. As such, we filtered down the addresses again to a reduced set of 57,000 that had their balances affected by between 10 and 100 transactions and performed our multiple passes of tests against that address set. Thus on the resulting charts you’ll see that there is far less data for Electrs, but we believe it is sufficient to draw conclusions about overall performance.”
With the field narrowed to two, Lopp said they turned to query performance. Here they found ElectrumX only took more than 20 milliseconds to return a transaction history compared to Esplora’s hundreds of milliseconds for simpler queries. However, for larger and more complex ones, particularly those with high unspent output from Bitcoin transactions, it was Esplora that shined. Casa saw Esplora was able to scale well.
“In general, it appears that ElectrumX provides the best “bang for your bitcoin” with regard to performance vs. resource requirements. But if you are willing to devote 10 times as much disk space in order to achieve maximum performance, Esplora is the way to go.”
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