ETHEREUM $1,000 BY END OF 2020 PRICE PREDICTION!!! INSANELY BULLISH DEFI & CHAINLINK NEWS
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Bad crypto news of the week
Bitcoin was down a bit this week, stopping just above $11,000. That increase in volatility is only to be expected, say some experts, as we approach the end of some BTC futures and options contracts. Other contributors to increased volatility include Bitcoin’s long period of consolidation and a key resistance level.
But what happens next? World leaders have been discussing the role of cryptocurrencies during The Great Reset, the time that will follow the end of the pandemic and the reopening of world economies. As some leaders look for a new kind of capitalism, the cryptocurrency industry is hoping for more decentralization and greater personal control.
That will require a greater uptake of cryptocurrencies. Investment firm Bitcoin Capital is trying to do its bit. The company is rolling out an exchange-traded product that can allocate funds to up to fifteen digital coins. altFins is trying to help too. The cloud-based platform is releasing an app to enable investing across multiple exchanges. The move should make trading more mature.
And even the SEC is trying to help, at least indirectly. The commission has changed its definition of an “accredited investor” to include “professional certifications, designations or credentials, or other credentials issued by an accredited educational institution.” Previously, the designation requires a million dollars in net worth or a stable income of at least $200,000 a year. The new designation might help crypto traders.
It’s possible, though, that lots of Americans have already used cryptocurrencies. The new IRS forms should make that clear. The income tax forms for 2020 will ask Americans whether they received, sold, sent, exchanged, or acquired “any financial interest in any virtual currency?” When the IRS takes crypto seriously, you know it’s arrived.
The moves to broaden the use of cryptocurrencies might be too late though. Chris Larsen, co-founder and chairman at Ripple, has warned that US regulation is causing it to lose the technological Cold War. China’s digital currency, he says, could replace the US dollar as the world’s reserve currency.
Meanwhile, other countries are already moving forward. Canadian restaurant chain Tahini’s has decided to convert all of its cash reserves into Bitcoin. And in India, the crypto peer-to-peer market has tripled since the beginning of the year. No wonder Binance has launched a new hackathon in the country and is setting up an accelerator for the country’s decentralized finance ecosystem.
It’s not all good news, though. Inner Mongolian miners are going to have to do without cheap electricity.
In better news, Deepak Chopra has been talking about using the blockchain to help fight mental health problems caused by Covid-19. And an interesting simulation has found the Satoshi Nakamoto used a single PC to mine 1.1 million Bitcoins. That was a different era.
Check out the audio version here:
Joel Comm is an internet pioneer, New York Times best-selling author, futurist speaker and co-host of The Bad Crypto Podcast. That’s a fancy way of saying he writes words, says things and loves to play with cryptos.
The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Published 5 days ago on August 29, 2020
EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – September 3rd, 2020
EOS tumbled by 10.55% on Wednesday. Reversing an 8.11% rally from Tuesday, EOS ended the day at $3.1049.
It was a particularly bearish start to the day. EOS slid from an early morning intraday high $3.5009 to a late morning intraday low $2.8838.
EOS fell through the first major support level at $3.2242 and the second major support level at $2.9773.
Finding support going into the afternoon, EOS revisited $3.13 levels before sliding back to sub-$3.00 levels.
Avoiding a fall back through the second major support level, however, EOS found late support to wrap the day at $3.10 levels.
At the time of writing, EOS was down by 0.71% to $3.0829. A bearish start to the day saw EOS fall from an early morning high $3.1063 to a low $3.0816.
EOS left the major support and resistance levels untested early on.
EOS would need to move through the $3.1632 pivot level to support a run at the first major resistance level at $3.4426.
Support from the broader market would be needed, however, for EOS to break out from $3.20 levels.
Barring an extended crypto rally, EOS would likely fall well short of the first major resistance level and Wednesday’s high $3.5009.
Failure to move through the pivot level at $3.1632 would bring the first major support level at $2.8255 into play.
Barring another extended sell-off, however, EOS should avoid sub-$2.80 levels. The second major support level sits at $2.5461.
First Major Support Level: $2.8255
Pivot Level: $3.1632
First Major resistance Level: $3.4426
23.6% FIB Retracement Level: $6.52
38% FIB Retracement Level: $9.68
62% FIB Retracement Level: $14.77
Ethereum slid by 7.48% on Wednesday. Reversing a 9.61% rally from Tuesday, Ethereum ended the day at $440.02.
It was a mixed start to the day. Ethereum rose to an early morning intraday high $481.20 before hitting reverse.
Falling short of the first major resistance level at $499.79, Ethereum slid to a late morning intraday low $420.58.
Ethereum fell through the first major support level at $440.50 before briefly revisiting $448 levels.
A 2nd pullback saw Ethereum fall back through the first major support level to $421 levels before finding late support.
Ethereum moved back through to $445 levels before easing back to wrap up the day at $440 levels.
At the time of writing, Ethereum was down by 0.08% to $439.68. A bearish start to the day saw Ethereum fall from an early morning high $440.58 to a low $437.50.
Ethereum left the major support and resistance levels untested early on.
Ethereum would need to move through the $447.27 pivot to support a run at the first major resistance level at $473.95.
Support from the broader market would be needed, however, for Ethereum to break out from $450 levels.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
Failure to move through the $447.27 pivot would bring the first major support level at $413.33 into play.
Barring another extended sell-off, however, Ethereum should steer clear of sub-$400 levels and the second major support level at $386.65.
First Major Support Level: $413.33
Pivot Level: $447.27
First Major Resistance Level: $473.95
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Ripple’s XRP slid by 6.53% on Wednesday. Reversing a 4.97% rally from Tuesday, Ripple’s XRP ended the day at $0.2760.
It was a bullish start to the day. Ripple’s XRP rose to an early morning intraday high $0.30432 before hitting reverse.
Falling short of the first major resistance level at $0.3050, Ripple’s XRP slid to a late morning intraday low $0.26434.
Falling through the first major support level at $0.2802, Ripple’s XRP found support at the second major support level at $0.2650.
Ripple’s XRP briefly revisited $0.28 levels before a 2nd pullback to an afternoon low $0.26732. The first major support level at $0.2802 pinned Ripple’s XRP back.
Steering clear of the second major support level, Ripple’s XRP found late support to wrap up the day at $0.276 levels.
At the time of writing, Ripple’s XRP was down by 0.53% to $0.27454. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.27588 to a low $0.27370.
Ripple’s XRP left the major support and resistance levels untested early on.
Ripple’s XRP will need to move through the $0.2816 pivot to support a run at the first major resistance level at $0.2988.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.29 levels.
Barring an extended crypto rally, resistance at $0.29 would likely leave Ripple’s XRP short of the first major resistance level.
Failure to move through the $0.2816 pivot would bring the first major support level at $0.2588 into play.
Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.25 levels. The second major support level sits at $0.2416.
First Major Support Level: $0.2588
Pivot Level: $0.2816
First Major Resistance Level: $0.2988
23.6% FIB Retracement Level: $0.3638
38.2% FIB Retracement Level: $0.4800
62% FIB Retracement Level: $0.6678
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This article was originally posted on FX Empire
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Singapore Aims to Become Asia’s Benchmark for Bitcoin Pricing
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Singapore Exchange Ltd. is creating two new cryptocurrency indexes with the goal of setting the pricing standard for Bitcoin and Ethereum in Asia.
SGX’s iEdge Bitcoin Index and iEdge Ethereum Index will use inputs from exchanges determined by CryptoCompare, according to the methodology. The aim is for the gauges to become reference points for trading in those cryptocurrencies during Asian hours, according to SGX’s Head of Index Services Simon Karaban.
“It’s important to bring transparency to this segment of the market,” Karaban said in an interview. In addition, regulators in Asia are more receptive to creation of derivatives products if they’re on regulated exchanges, he said.
Venues used in pricing as of the launch are itBit, Coinbase, Kraken, Bitstamp, Liquid, Bitfinex, OKCoin, LMAX and Cex.io, according to SGX.
The methodology uses CryptoCompare’s due diligence, which gives bigger weightings to high-liquidity exchanges over low-liquidity counterparts. The price is calculated at the 4 p.m. close in Singapore and the exchange will switch to real-time values in about eight weeks, Karaban said. While crypto trading is available 24 hours a day, seven days a week on some venues, the SGX indexes will be calculated on weekdays only.
Digital-asset tracker funds managed about $4.5 billion as of June, according to a statement from CryptoCompare on Tuesday. Asian fiat-crypto trading pairs now account for 43% of total global spot volumes.
Ethereum Now Entering a Macro Correction as Selling Pressure Mounts – news.kuaidiantou.vip
Ethereum has erased virtually all of the massive gains it has been able to post throughout the past few days and weeks.
The cryptocurrency is now trading just above its key near-term support at $400, with the selling pressure it witnessed this morning severely damaging its near-term outlook.
Analysts are now noting that this decline may mark the start of a macro correction, during which time the asset may plunge significantly further.
One trader is pointing to the support within the $390 region as a reason why further downside may be fleeting, although much of its price action in the coming days may depend largely on where Bitcoin trends.
At the time of writing, Ethereum is trading down over 6% at its current price of $413. This marks a notable decline from daily highs of $450, and an even more significant decline from its multi-day highs of $490 that were set earlier this week.
Analysts are offering mixed outlooks on where it trends next, but one trader explained that he believes it remains technically strong so long as it continued holding above its support within the $390 region.
“In times like these it’s most difficult to adhere to a HTF perspective. Just sharing my views from the monthly… ETH: Positive as long as support at $390s holds,” he said.
Another analyst offered a far grimmer outlook on Ethereum, noting that he believes it is starting a macro correction that could lead it to see some serious losses in the weeks and months ahead.
“I’m going to be moving into net short ETH positions throughout the coming days. From my side, the signals say that price is going for a macro correction,” he noted.
How Ethereum trends throughout the day should offer some information on how impactful this latest decline will be on the cryptocurrency’s long-term outlook.