Ethereum Prints A Reversal Sign After Surging 60% In Two Weeks
Ethereum prints a reversal sign after the strong rally according to a Telegram channel that is tracking certain technical analysis signals. The signal predicts that ETH will undergo a bearish reversal in the upcoming days. ETH could be saved by a drop by BTC bulls which will drive the overall direction of the entire market. BTC shows signs that it wants to move higher in spite of the weekend flash crash which only saw the asset rejecting the pivotal level.
The Telegram channel tracking instances of Tom Demark Sequential signals reported that Ethereum is printing a bearish reversal sign. The channel noted that Ethereum formed a “sell 9+ C- 13 candlesticks” on the daily charts. According to Tom Demark, Sequential ETH has to start a correction in the upcoming days if the indicator plays out. Although Ethereum could be printing a reversal signal, Bitcoin’s directionality is all that matters. All crypto is closely tied to the price action of BTC on a macro scale. Luckily for the ETH bulls, analysts are expecting more upside for the BTC price.
According to Bloomberg, technicals are printing signs that the asset is primed to move higher after the last week break of $10,000. The chief marketing strategist for Miller Tabak, Matt Maley said:
“The break above $10,000 is very compelling and should lead Bitcoin higher… It might be able to work off this condition with a sideways correction, but its upside potential is limited over the next week or two.”
Bloomberg added that according to the Trading Envelope Indicator, Bitcoin will reach the upper level of the technical range which is considered a positive development. Santiment, a blockchain analytics firm indicated that Bitcoin will soon see volatility in the upward direction:
“$BTC has just indicated that the 3rd largest token age consumed spike since April has taken place today, indicating a potential short/mid-term price direction change and increased volatility… More likely to the upside than down, because this indicator more often than not foreshadows short-term to mid-term price reversals.”
Also, make sure to check out our new ETH Calculator!
Author: By TeamMMG
Grayscale Ethereum Trust Files to Status of Reporting Company With SEC – news.kuaidiantou.vip
Grayscale Investments has voluntarily publicly filed a Registration Statement on Form 10 with the U.S. Securities and Exchange Commission (SEC) for its Ethereum Trust (ETHE) to obtain reporting status.
If the filing is approved by the SEC, the Ethereum Trust will be the second cryptoasset investment vehicle ever to obtain the status of a reporting company with the regulator, behind only Grayscale’s Bitcoin Investment Trust (GBTC).
Grayscale Investments is a subsidiary of the Digital Currency Group, that was established in 2013. It manages a number of cryptocurrency investment funds that allow investors to gain exposure to various cryptoassets without having to manage their private keys. Grayscale manages these funds for a fee.
Currently, it lets investors gain exposure through various funds to BTC, ETH, XRP, ZEC, ETC, LTC, XLM, and ZEN. Back in June, Grayscale’s assets under management surpassed the $4 billion mark thanks to growing institutional interest in bitcoin and ether. The crypto space’s rally late last month helped it get to $5.7 billion.
In a note sent to investors, Grayscale emphasized the filing was voluntary and that if effective accredited investors “who purchased shares in Grayscale Ethereum Trust’s private placement would have an earlier liquidity opportunity, as the statutory holding period would be reduced from twelve months to six months.”
In an announcement post published on Medium, the firm noted that Q2 2020 statistics show investments into Grayscale’s Ethereum Trust hit $10.4 million, adding:
In fact, demand for Grayscale Ethereum Trust accounted for almost 15% of total inflows into Grayscale products during our biggest quarter yet.
As reported, the cryptocurrency asset manager registered a record quarter in Q2 2020, adding a total of $905 million from investors, who mainly focused on its bitcoin and ether investment products. The figure nearly doubled its previous record high of $503.7 million in the first quarter of the year.
In the first half of this year Grayscale Investment has revealed it had record inflows, of a total of $1.4 billion. Addressing the filing on social media Barry Silbert, founder of the Digital Currency Group, called the attempt a “milestone.”
Featured image via Pixabay.
Ethereum Beats Bitcoin, Gold, and Stocks In Stimulus Check Investment
Stimulus money pouring into assets like stocks, gold, and cryptocurrencies are having a dramatic impact on valuations. But as well as Bitcoin and precious metals are performing, it is Ethereum that has brought the largest return on investment since stimulus checks were issued.
Exactly how much would $1,200 invested in Ethereum have earned savvy investors, and how does this stack up to the rest of the market?
Since 2020 first began, the Federal Reserve’s balance sheet has grown by over $3 trillion and counting. A significant portion of that money has been distributed to individual US taxpayers in the amount of $1,200 per adult over 18.
The money is meant to stimulate economic activity, consumer spending, and provide relief to those hit hard by the pandemic.
Jobless rates have skyrocketed this year nearly as fast as the money supply. Stimulus money is being used for a variety of things, from everyday necessities like paying bills and groceries, to home improvement projects, to savings and investments.
The money flowing into the market has helped keep the stock market afloat. Meanwhile, hard assets with limited supplies are benefiting extraordinarily from inflation.
Gold recently set a new all-time high, and Bitcoin recently broke through $10,000. Silver, and its crypto counterpart altcoins, are also performing extremely well in this environment.
Out of all of the major assets seeing a boost from stimulus checks, it is Ethereum that has benefited the most.
According to CoinMetrics data shared by crypto investors and NuggetsNewsAU CEO and founder Alex Saunders, the Fed’s stimulus is effectively monetizing crypto assets.
In a side-by-side comparison, the impact on the stock market and gold can be seen. But significantly above those two assets in terms of ROI, lies Bitcoin and Ethereum.
After initial checks went out in early April, those who put their money into Ethereum now have $3,000 to show for it. The same investment in Bitcoin is worth just over $2,000. An investment in the S&P 500 or gold, despite strong rallies, would have barely resulted in roughly around $250 profit.
Ethereum’s performance still pales in comparison next to some other crypto assets. For example, Chainlink which recently set a new all-time high has turned that $1,200 check into $3,600, tripling the investment.
The best performer out of the entire crypto market top ten, however, wasn’t even Chainlink – it was Cardano. Cardano’s powerful rally has resulted in a 335% ROI. This would have turned any $1,200 investment made on April 11 when checks started to go out, into over $5,000.
Is this a result of inflation, hard assets performing well, or are crypto assets simply breaking out into a new bull run? Whatever the case may be, the investment world will be quick to catch on when they see that stocks, gold, and the rest of the market can’t keep pace with the crypto space.
Gemini Pay Takes on Coinbase Commerce with Flexa Collateralization on Ethereum
“You can now live on crypto” exclaims the recently launched Gemini Pay as it introduces the public to four simple steps to pay for goods in store with bitcoin, eth, or any of the other assets on Gemini.
After downloading the Gemini app, you just select what currency asset you want to pay with and where, and then you just scan.
The payment is instant and the Flexa protocol solution they use guarantees no fraud through a collateralization process that involves staking FXCs, Flexa tokens.
Some $80 million worth of such tokens are being staked currently, guaranteeing any 0 confirmed bitcoin double spent transaction is still paid to the merchant through this collateralized insurance fund of sorts.
“When paying with a flexcode, the Flexa-enabled stored value account is secured by cryptocurrency value instead of being funded by fiat money, and therefore represents a pre-authorization or a letter of credit.
As in credit and debit networks, merchants receive settlement after each transaction takes place (and after the corresponding amount of cryptocurrency has been converted to fiat) through any preferred settlement method,” they say, further adding:
“The corresponding amount of Flexacoin is locked against their payment until confirmation is achieved on both sides of the transaction, after which the Flexacoin is released and can be used to collateralize additional payments.”
In return they get “their portion of the previously announced initial network reward distribution of 1 billion FXC, which is being returned at a rate of approximately 2,500,000 FXC per day on 15-minute intervals through the end of 2020.”
You can see above initially price and marketcap were moving in tandem, but more recently the market cap has grown faster presumably because of these reward distributions.
They claim some 40,000 merchants accept crypto payments through Flexa which is just a tab on the merchant’s point of sale and can easily integrate with current merchant points of sale, they say.
They have a partnership with Shopify and are registered as a money transmitter with FinCen in all US states where it is required.
Some $14 million was raised by this payments processing project from Pantera Capital, Nima Capital, 1kx and Access Ventures.
That has led to their smart contract showing some 2,000 transactions have been made with the very first one being on the 19th of November 2019.
Making this all fairly new, with Flexa having its own SPEDN which a representative calls as “a demo app for us” to showcase the Flexa protocol.
In the case of Gemini, the crypto is taken from what has been deposited on the Gemini exchange, with that then converted into dollars if the merchants so choose or they can accept it in crypto.
In case there’s some problem with the payment, then the collateral comes in, with presumably the Gemini API telling the smart contract that the $5 locked fxc for the $5 bitcoin payment for an English breakfast in New York, needs to be given to Gemini because Peter Todd double spent it.
Any other app can also integrate this, including Coinbase itself or Metamask if they moved towards being more of an app than a browser plugin.
Making this a bit interesting as there is no fraud risk for the merchant as cryptonians cover it presumably eventually from fees.
For now however there are no fees until the end of 2020 with presumably VCs covering them temporarily.
Ethereum Is Looking Overpriced, May Revisit $420 High
Yesterday, Ether retraced to $360 low after failing to break above $400 high. Today, the price is fluctuating above the $370 high.