Cryptocurrency News Roundup for September 7, 2020

Cryptocurrency News Roundup for September 7, 2020

It was only a matter of time until the crypto exchange heavyweights introduced their own solutions alongside the burgeoning decentralized finance (DeFi) market.

Huobi, for example, set a precedent by unveiling its plans to join the yield farming mania earlier in August. Now it’s Binance’s turn to follow suit, albeit from a different entry point as compared to its Singapore-based peer.

The exchange announced Sunday the launch of a new platform dubbed Launchpool that enables users to farm new assets. It will kick-start proceedings with the Bella Protocol, an inaugural offering that comes loaded with automation and a one-click design to attract new DeFi users.

As a bonus, users on the platform will also be entitled to subsidized gas fees. More on that and other big stories from the day in the Monday edition of BeInCrypto’s cryptocurrency news roundup:

Binance officially made a fully-fledged entry into the realm of DeFi on Sunday by rolling out a new platform dubbed Launchpool. The inaugural project for Launchpool will be the Bella Protocol.

By participating in Launchpool, users will be able to stake BNB, BUSD, or ARPA tokens into separate pools to farm $BEL tokens over 30 days. This will begin on Sept 9, 2020, at 00:00 AM (UTC), and Binance will subsequently list the $BEL token at 6:00 AM (UTC) on Sept 16, 2020.

Reaction to the news was mixed. One Twitter user replied,

If Binance is to be taken seriously, it needs to come clean on how it listed SUSHI, how much it made in fees & margins, & how much its trading team made betting against its customers.

The Bitcoin price decreased considerably last week, creating a bearish engulfing candlestick and closing -12.30%. The price has fallen back to the $10,100 support area, which had previously been acting as a resistance between September 2019 and July 2020.

The level is also very close to the long-term descending resistance line that the price had broken out from this past July.

Technical indicators are leaning bearish. The MACD has given a bearish reversal signal, and the stochastic RSI is in the process of generating a bearish cross.

  • Bitcoin is trading inside the long-term $10,100 support area.
  • The price has created a short-term double-bottom.
  • BTC looks to have completed wave 4 of a bullish five-wave impulsive formation.

Read the Full Analysis

The daily chart shows that besides being in a support area, the price has also found support at the 200-day moving average (MA). The same MA has previously acted as resistance before the breakout.

While technical indicators do not confirm a reversal, they show that the market is extremely oversold and at its lowest level since the March crash.

On lower time-frames such as the six-hour, there is already considerable bullish divergence in both the RSI and the MACD, while the stochastic RSI has made a bullish cross.

Read the Full Analysis

A new report by The Telegraph sheds light on e-payment service Mode’s plans to launch a $52 million listing on the London Stock Exchange (LSE). The company hopes to raise an initial $10 million from a private equity sale ahead of the listing.

Mode, backed by Twitter co-founder Biz Stone operates a Bitcoin banking mobile app available across the world except in the U.S. The platform allows customers to purchase BTC via credit card or bank transfers.

The short-term Chainlink (LINK) charts show that the price may not give an opportunity to enter at $10. After generating considerable bullish divergence, the price initiated an upward move that is still ongoing.

At the time of writing, it was trading very close to the $12.20 minor resistance area and a short-term descending resistance line. A breakout above both would likely take the price towards $13.8, and afterward at the longer-term descending resistance line near $15.

Read the Full Analysis

The long-term ZCash (ZEC) chart reveals a similarly bearish outlook. The price has fallen below the $75 area, which had previously acted as resistance. This makes the July rally above this area a likely deviation above the range high, which was followed by a rapid decline.

Likewise, technical indicators are bearish. The MACD has crossed into negative territory, the stochastic RSI is in the process of making a bearish cross, and the RSI is decreasing.

Read the Full Analysis


Schiff buys more Bitcoin: But there's a twist

Schiff buys more Bitcoin: But there’s a twist

The vast majority of Twitter users trust 18-year-old Spencer Schiff’s investment advice over that of his father, Peter Schiff — a renowned gold bug and Bitcoin critic.

“Against my advice my son just bought even more Bitcoin,” said Schiff. “Whose advice do you want to follow?”

Against my advice my son @SchiffSpencer just bought even more #Bitcoin. Whose advice do you want to follow? A 57-year-old experienced investor/business owner who’s been an investment professional for over 30 years or an 18-year-old college freshman who’s never even had a job.

According to a Sept. 7 tweet from Peter Schiff, 81% of over 46,000 Twitter users who replied to the poll would prefer the advice of an “18-year-old college freshman who’s never even had a job” over that of a man with more than 30 years’ experience as an investment professional. 

The younger Schiff was quick to respond to his father’s remarks and the survey results, stating that Crypto Twitter appeared to be backing him. Others enthusiastically showed their support for Spencer on social media.

“Your son will be a multi-millionaire at least by the time he’s 57 if he keeps buying Bitcoin,” said Quantum Labs CEO Usman Majeed. 

However, a few thought that a father and son favoring different assets was more of an investment strategy.

“Using your son to hedge your gold bet is a great idea,” said Morgan Creek Digital co-founder Anthony Pompliano. “Gold goes up, you benefit. Bitcoin goes up, your son benefits. Clever way to be long [on] both assets without publicly capitulating on gold.”

Pompliano wasn’t the only commentator who reached this conclusion. “Sounds like Peter is making sure he can have it both ways depending on Bitcoin’s success or failure,” said Reddit user Spl00ky. “If Bitcoin fails, he’ll say: ‘See, my son should have listened to me.’ If Bitcoin succeeds, he’ll say: ‘Look how smart my son is, the apple doesn’t fall far from the tree.’”

The survey comes just two weeks after Schiff solicited Bitcoin (BTC) donations from Twitter for his son’s 18th birthday. Although the wallet connected to Spencer Schiff currently holds no Bitcoin, it has seen transactions worth 0.11 BTC since August 27th.


Author: by admin

Weekly Recap: Bitcoin and Ethereum Incur Significant Losses

Weekly Recap: Bitcoin and Ethereum Incur Significant Losses

The first week of September was quite bearish for most digital assets within the cryptocurrency market. Roughly $40 billion were erased from the total market capitalization, generating significant losses across the board. Among the cryptocurrencies affected was Bitcoin, which saw its price drop below the $10,000 for the first time since late July.

The flagship cryptocurrency kicked off the week on a good posture despite the substantial losses it incurred later on. Indeed, BTC opened Monday’s, August 31st, trading secession at a high of $11,716. Following the bullish impulse seen over the previous weekend, Bitcoin seemed to be poised to break out.

By Tuesday, September 1st, around 5:00 UTC, the bulls stepped in, pushing BTC’s price up over 3%. The spike in demand for the pioneer cryptocurrency saw it take another aim at the infamous $12,000 resistance level. Bitcoin rose to a high of $12,086 later that day, but this supply barrier strongly rejected the upward price action.

What followed was an 18.13% correction that extended towards the end of the week. By Friday, September 4th, around 14:00 UTC, the bellwether cryptocurrency had broken below the $10,000 support level and was trading at a low of $9,895.22, marking the lowest price point of the week. However, BTC did not stay there for long.

It seems like this price hurdle was seen as a “buy the dip” opportunity for many sidelined investors. The increasing buying pressure pushed Bitcoin back up by 5.88%, allowing it to regain the $10,000 level as support. BTC was able to close Friday trading at a high of $10,477.13. The downward pressure seen over the entire week caused investors a negative weekly return of 10.57%.

As a new monthly candlestick opened, Ethereum showed signs that it wanted to break above $500. Indeed, the smart contracts giant entered Monday’s, August 31st, trading session at a low $428.92 and immediately began climbing. By Tuesday, September 1st, at 22:00 UTC, Ether had made a new yearly high of $488.95.

While the market seemed to have entered a FOMO state after such a milestone, data reveals that the so-called whales began dumping their tokens on unaware crypto enthusiasts. The substantial spike in selling pressure by these large investors was quickly reflected in prices. As a result, Ethereum entered a massive downtrend that was seen throughout the rest of the week.

The second-largest cryptocurrency by market cap lost nearly 27% of its market value after making a yearly high of $488.95. By Friday, September 4th, at 14:00 UTC, ETH had reached a weekly low of $359. Despite the rising number of sell orders behind this altcoin, the $359 price hurdle was able to hold and contain falling prices at bay.

The rejection from this critical support level resulted in an 8.19% upswing throughout the week’s last ten hours. The bullish impulse was able to send Ether up to close the week at a high of $388.21. Investors who held this cryptocurrency throughout the week came out with a negative weekly return of 9.44%.

What cryptocurrency will become the main one in a year?

When looking at Bitcoin and Ethereum from a high time frame, it seems like these cryptocurrencies have tested critical support levels during the recent downswing.

For instance, BTC touched a multi-year trendline previously acting as resistance, rejecting any upward price action since late December 2017. Given the strength that this trendline showed over the last three years, it would likely serve as strong support now. Bounding off this crucial support level may help Bitcoin resume its uptrend, but breaking through it may see it plunge towards $9,000 or lower.

Ethereum, on the other hand, appears to have retraced towards the neckline of a “W” pattern that developed within its daily chart. Such a pullback to this support level is typical when assets form this type of technical formation. If Ether is able to rebound from this price hurdle that sits between $340 and $300, it would likely continue surging towards $800. However, slicing through it could result in further losses since the next significant support level sits around $260.

Konstantin Anissimov, Executive Director at CEX.IO:

This article was originally posted on FX Empire

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Author: Anissimov Konstantin

Bitcoin Is Sandwiched Between Two Important Short-Term Targets

Bitcoin Is Sandwiched Between Two Important Short-Term Targets

As tempting as a Bitcoin sandwich may sound, its a stressful moment for investors who find the cryptocurrency at a pivotal level.

The asset is currently holding at $10,000, but two targets Bitcoin is sandwiched between mean this level won’t last long – one way or the other. But which way will it be?

Bitcoin price fell last week by over $2,000 in 48 hours – wiping out billions from the crypto market cap.

A market filled with extreme greed quickly turned to fear, as the crypto asset suddenly traded back at under $10,000.

Thus far, several trips below $10,000 have been bought up fast, but according to remaining CME gaps left unfilled, a deeper drop isn’t out of the question.

The Chicago Merchantile Exchange offers Bitcoin futures trading desk Monday through Friday. As soon as the weekend hits, trading stops. But as we all know too well, crypto never sleeps, and despite the weekday trading desk hours the market keeps on moving.

During especially volatile weekend price action, “gaps” are left behind on price charts. These gaps often act as targets that get “filled” eventually.

Speculative assets that move at extreme speeds and velocity are most apt to leave gaps behind.

The CME gap below that could act as a target for a reversal or stronger bounce lies at $9660. But there are still targets above that could get taken out before the lower target is ever reached.

bitcoin btcusd cme gaps

Assets, even Bitcoin, don’t move in a straight line. Bitcoin has already dropped so severely, it is difficult to imagine significant downside immediately from here.

Before the cryptocurrency touches the lower gap on CME price charts, it could first aim for the gap above. This gap will fill at roughly $10,400 to $10,600.

This leaves the current level dead smack sandwiched between both targets at around the same distance.

A fall to below isn’t necessarily bearish so long as a reversal takes place there or slightly lower. Weekly closes back within the asset’s downtrend line could indicate that the recent break above $10,000 was nothing but a false breakout.

However, a gap left above does suggest the crypto asset will at least retest that level before a clearer picture of the trend develops.

This post was originally published on


Author: cm_team

Cryptocurrency News Roundup for September 7, 2020

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