Crypto Weekly Roundup, September 21, 2020: Sentiment shifts bullish as Bitcoin approaches $11K
Bitcoin is back in the driving seat. The leading crypto has made 2.5% gains over the past week, pushing the crypto market upwards as sentiment shifts in favor of the bulls.
The move comes on the back of macroeconomic news. Last Wednesday, the Federal Reserve pledged to keep interest rates close to zero until 2023. Traditional safe haven gold failed to capitalize on subsequent weakness in the dollar, but digital safe haven Bitcoin moved on upwards to flirt with $11K.
Meanwhile, Ethereum is trading sideways. The smart contract platform has passed several network milestones in the last few days, yet the price hasn’t reacted.
Two of the biggest Bitcoin buyers are facing off on Twitter. MicroStrategy CEO Michael Saylor tweeted on Tuesday that his firm has completed its purchase of a whopping 21,454 BTC, or 0.1 percent of the total supply.
This prompted another big buyer — Barry Silbert, founder and CEO of Grayscale — to joke of a “buying race” between the two firms. Investment fund Grayscale however, has had a significant head start. In April, the firm had already accumulated more than 1.7% of the total supply of BTC, and was later said to be buying an average of 1,190 BTC per day.
Ethereum has recorded the highest number of daily transactions ever, according to data from Etherscan. This is driven by the newfound popularity of decentralized finance, with the amount of value locked in DeFi apps now hitting all-time highs on the approach to $10 billion.
Meanwhile, competitor NEO continues its multi-week winning streak. The “Chinese Ethereum” is showing double-digit percentage gains as traders anticipate the launch of multi-chain yield farming app Flamincome. This is released today, and will allow crypto traders to simultaneously farm yield across NEO and Ethereum.
In the coming week, market volatility could be sparked by rising tensions between China and its neighbors Taiwan and Indonesia. These territorial grievances are coming to the surface just as the U.S. ups the ante in its own battle over tech industry regulation.
On Friday, traders will be braced for the expiry of a big batch of Bitcoin options contracts. Data from Skew shows the number of open contracts is almost at an all-time high, and around half of them are due to expire on Friday. This could spark a sudden move as a large number of traders reposition themselves.
Author: By eToro
Price analysis 9/21: BTC, ETH, XRP, BCH, DOT, BNB, LINK, CRO, LTC, BSV
Legacy and crypto crypto markets saw a strong correction today as traders fear that the second round of economic stimulus might be delayed as the White House, Senate and Congress could become entangled in a fight to fill the vacancy created by the passing of Supreme Court Justice Ruth Bader Ginsburg.
In addition to this, financial stocks are leading the bloodbath as reports emerged that several banks could have been involved in facilitating the movement of over $2 trillion over a two-decade period. These suspicious transactions have been flagged as possible money laundering or criminal activity by the banks internal compliance officers.
While Bitcoin price is correcting today, this exposure of potentially illegal behavior by banks will only strengthen the narrative for why investors should buy Bitcoin (BTC).
Daily cryptocurrency market performance. Source: Coin360
The increasing number of coronavirus cases across the world is also adding to the negative sentiment seen in the market today. This has led to panic selling by traders who are dumping equities, gold, crude oil and cryptocurrencies and instead are buying the U.S. dollar.
However, after the initial round of selling, most asset classes are likely to chalk their own course depending on their long-term fundamentals and cryptocurrencies may be among the first to rebound.
Let’s study the charts of the top 10 cryptocurrencies to spot the critical support levels that could attract buyers.
Bitcoin turned down from the 50-day simple moving average ($11,225) on Sep. 19 and broke below the 20-day exponential moving average ($10,781) and the $10,625 support today. This fall suggests that the bears used the recent relief rally to $11,000 to initiate short positions.
BTC/USD daily chart. Source: TradingView
The bears will now try to sink the price below the $9,835 support and if they succeed, it could result in panic selling that may drag the price down to $9,000 or even further.
If this sharp fall was followed by a strong rebound, it would suggest that the bulls are accumulating at lower levels and such a move might attract several buyers once again.
However, if the BTC/USD pair fails to rebound quickly from the lower levels, then the recovery is likely to take much longer as the bulls will then wait for a bottoming formation to complete before buying.
Contrary to these assumptions, if the pair rebounds off the $10,000–$9,835, support, the bulls will once again attempt to push the price above the downtrend line. If they succeed, then the uptrend is likely to resume.
The pullback in Ether (ETH) stalled close to the 50% Fibonacci retracement level of $398.263 and turned down on Sep. 20. The selling intensified after the bears broke the immediate support at $353.443.
ETH/USD daily chart. Source: TradingView
The next support on the downside is $308.392 and below it $288. If the ETH/USD pair rebounds off this support zone aggressively, it will indicate that the bulls are accumulating on dips.
However, the bears are unlikely to give up their advantage easily. They will attempt to stall any pullback attempts at the downtrend line and then at $398.263. If they succeed, it will be a huge negative and will increase the possibility of a break below $288.
This bearish view will be invalidated if the bulls can push the price above the downtrend line and the overhead resistance at $400.
The bears are trying to sink XRP below the $0.235688–$0.229582 support zone and if they succeed, the altcoin can decline to $0.19, completing a 100% retracement of the up-move that started in mid-July.
XRP/USD daily chart. Source: TradingView
The lack of a strong bounce off the support zone indicates that buyers are currently not defending this zone aggressively. They are likely to wait for the decline to end before venturing out to buy.
This bearish view will be negated if the XRP/USD pair rebounds off the current levels and breaks above the downtrend line.
The failure of the bulls to propel Bitcoin Cash (BCH) above the 20-day EMA ($235) attracted profit booking by the short-term bulls and shorting by the aggressive bears. This has resulted in a sharp fall to the critical support zone of $215–$200.
BCH/USD daily chart. Source: TradingView
If the bears can close (UTC time) the price below $215, the BCH/USD pair can drop to the critical support at $200. This is an important support because the bulls have not allowed the price to break below this level since the end of March.
Aggressive bulls might buy the dip to $200 but they will have to push the price back above the 20-day EMA to invalidate the bearish sentiment. If they fail to do so, the bears will again sell on the relief rally to the 20-day EMA.
A break below the $200 support will be a huge negative as it can start a downtrend that has a target objective of $140.
Polkadot (DOT) broke below the rising wedge pattern on Sep.19 and quickly dropped to the $4.00 support. The bulls will attempt to defend the $4.00–$3.5321 support zone while the bears will try to break below it.
DOT/USD daily chart. Source: TradingView
If the bears succeed, the DOT/USD pair can drop to $2.60 and then to $2.00. Such a move will be a huge negative as it is likely to drive away the bulls and reduce the possibility of a sharp recovery.
However, the pair could remain range-bound for a few days if it rebounds off the support zone and breaks above the 20-day EMA ($4.87).
Binance Coin (BNB) broke below the $25.82 support on Sep. 20 but the price recovered from the intraday lows and closed (UTC time) at $26.31. However, renewed selling today has resulted in a sharp fall that has broken below the $25.82 support.
BNB/USD daily chart. Source: TradingView
The bulls are currently attempting to arrest the decline at $23 but the bears are likely to sell on pullbacks to the downtrend line and to the 20-day EMA ($25.68).
If the BNB/USD pair turns down from the downtrend line or the 20-day EMA, the bears will once again attempt to sink the price below $23. A break below this support could result in a decline to the next support at $18.
This bearish view will be invalidated if the bulls can push the price back above $25.82. Such a move will suggest that the current decline was a bear trap.
Chainlink (LINK) is in a downtrend as it continues to make lower highs and lower lows. The break below $8.908 support shows that the bulls are not aggressively defending this level as they are not confident that the bottom is in place yet.
LINK/USD daily chart. Source: TradingView
If the LINK/USD pair closes (UTC time) below $8.908, the selling is likely to intensify. The next support is at $6.90 from where the pair had bounced off in July.
However, if the bears fail to sustain the price below $8.908, the aggressive buyers might step in and buy. A strong bounce off this support can reach the 20-day EMA ($11.5) where the bears might again step in and short.
This bearish view will be invalidated if the bulls can push the price above the 20-day EMA. Such a move will be the first sign that the downtrend might be over.
Crypto.com Coin (CRO) turned down from the resistance line and broke below the moving averages on Sep. 20. The altcoin can now drop to the critical support at $0.144743.
CRO/USD daily chart. Source: TradingView
If the bears can sink and sustain the price below $0.144743, it will suggest that the CRO/USD pair has topped out at $0.191101.
The next support on the downside is the 38.2% Fibonacci retracement level of $0.12749 and if this breaks down, the decline can extend to $0.11.
This bearish view will be invalidated if the pair rebounds off $0.144743 and rises above the downtrend line.
The indecision between the bulls and the bears resolved in favor of the bears when Litecoin (LTC) broke below the symmetrical triangle pattern on Sep. 20. The next support on the downside is $39.
LTC/USD daily chart. Source: TradingView
Some buying can be expected at the $39 support because this level has not been breached convincingly since April 1 and the buyers have been rewarded every time they purchased on dips to this support.
The strength of the rebound off this critical support will provide insight into the conviction of traders.
If the bounce is strong, it will suggest that the bulls have again purchased closer to the support because they expect it to hold. However, a weak rebound will show a lack of confidence and this will increase the possibility of a break below $39.
The tight range trading in Bitcoin SV (BSV) resolved to the downside on Sep. 20 as the altcoin plunged below the $160 support. Repeated retests of a support level tend to weaken it as traders lose conviction that the support will hold, hence, they stop buying.
BSV/USD daily chart. Source: TradingView
The bears will now use the opportunity and try to sink the BSV/USD pair below the $146.20–$135 support zone. If they succeed, it could start the next leg of the downtrend that can reach $100 where buying might emerge as it is a psychologically important level.
This bearish view will be invalidated if the pair rebounds off the current levels and rises above the 20-day EMA ($167). Until then, the bears are likely to view the relief rallies as a selling opportunity.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Market data is provided by HitBTC exchange.
Author: by admin
Russians charged for $16.8m crypto-coin heist, but traders warned their cash is only as safe as their security is tight
In brief A pair from Russia have been indicted for stealing nearly $17m worth of cryptocurrency.
US prosecutors allege that Dmitrii Karasavid and Danil Potekhin did everything from phishing and spoofing to price manipulation to make off with $16.8m in internet scrip.
Prosecutors claim that the pair would use phishing emails and fake logins to steal the passwords of currency owners. After breaking into the wallets and making off with the cryptocurrency, it is said they and their unnamed co-conspirators also inflated the value of the currencies, allowing them to cash out at a higher rate.
Of course, being that they are both in Russia, it’s anyone’s guess if they will ever actually be arrested and extradited to the US to face trial.
In commenting on the case, US attorney David Anderson also reminded cryptocurrency traders that they’re not exactly dealing in the safest of markets.
“My warning to internet fraudsters is that we will prosecute internet frauds against US citizens regardless of where those frauds originate,” Anderson said.
“My warning to the public is that digital currency exchanges are not like banks. The security of digital currency exchanges is only as good as your own vigilance. While law enforcement will do everything within our power to protect you, you must also protect yourself.”
How could the North Korean Lazarus Group become any more of a threat to the rest of the internet? We’re glad you asked.
The crew at Intel471 did a bit of recon and confirmed that the DPRK hacking crew has called in some help from “top-tier” Russian hackers.
Black hats from the likes of TrickBot, TA505, and Dridex have all been linked to campaigns with Lazarus. Interestingly, Intel471 believes this might be an acknowledgement that Lazarus has arrived among the heavyweights in cybercrime. After years of work, they are getting respect (and cooperation) from the big names in Russia.
“Participation and entry into the underground at the bottom tiers is easy,” explained CEO Mark Arena.
“Becoming trusted, verified and achieving a good underground reputation takes years of work.”
A slouch-hat hacker from down under has posted an interesting yarn about how they were able to get the passport number of one of the country’s former prime ministers.
Alex Hope showed how, armed with little more than a brag-shot of a boarding pass, it’s possible to pull the personal information of anyone. In this case, it was former Aussie-in-chief Tony Abbott.
Hope explained that the booking number on a boarding pass can be used to log in to the airline’s website, and then Hope showed how with a bit of digging through the airline site and its HTML, anyone who had that number (ie, people who look at Instagram) could pull up the flyer’s passport number.
Hope’s full write-up is here [PDF], and very much worth the read.
Sure, you’ve heard all about iOS 14, but how about the security updates?
Granted, there weren’t a ton of critical fixes to land with the latest edition of the iPhone and iPad firmware, as well as the new Safari, but they’re definitely worth taking the time to download and install.
For example, in Safari there are three different bugs (CVE-2020-9948, CVE-2020-9951, CVE-2020-9983) that would allow for remote code execution.
It’s nothing earth-shattering, but keep in mind that these sort of overlooked, “not too bad” bugs are the ones that end up becoming reliable exploits, especially when chained together. Read the bulletins, patch your gear.
Uni researchers have found a new vulnerability in Bluetooth gear.
Dubbed BLESA, the flaw preys on security holes in the Bluetooth Low Energy (BLE) protocol to force a reconnection and spoof data to a nearby piece of kit.
Now, while these could be nasty attacks, they do require being in range of the vulnerable gear, meaning the actual threat scenario is pretty limited. The bad guy has to more or less be in the room.
That said, it is going to be an absolute pain to patch, billions of devices will need updates, many of which don’t often check for updates. ®
Author: Mon 21 Sep 2020 // 12:33 UTC
Market Analysis Report (22 Sep 2020)
The DeFi space continues to amaze with stunning developments happening on a daily basis. Announced on August 18th through a Medium Post, Meme protocol is quickly catching speed with its native token hitting almost $2,000 a couple of hours back.
The interesting thing is that it has a very limited supply of 28,000 tokens and most of it was distributed through an airdrop to people who joined their Telegram group.
Data from Etherscan shows that 72 people received around 355 MEME tokens as part of the protocol’s initial distribution. Worth pennies back then, the 355 tokens are currently trading at around $1,500 each.
However, a couple of hours back, the price for MEME peaked at almost $2,000, bringing the total worth of the airdrop to about $700,000. Not bad for free DeFi money.
Commenting on the matter of being one of the lucky few was Anthony Sassano, who, two days ago, confessed that he got the airdrop.
I was one of the original airdrop recipients of 350 MEME tokens and sold them on day 1 because, at the time, it was just a random token with no use. Turns out that it became a legit project and 350 MEME is currently worth $300,000.
I was one of the original airdrop recipients of 350 $MEME tokens and sold them on day 1 because, at the time, it was just a random token with no use.
Turns out that it became a legit project and 350 $MEME is currently worth $300,000.
F in the chat
— Anthony Sassano | sassal.eth ⛽ 🏴 (@sassal0x) September 20, 2020
Of course, that was two days ago when the price of the MEME token was below $1,000. Today, its value more than doubled.
Back in August, Andre Cronje, the founder of Yearn Finance, announced the launch of YFI – a particularly scarce governance token with a supply of just 30,000. The thing that the community seemed to like a lot about it was the fact that it was all distributed to the community as people were able to provide liquidity and farm it.
Now, it seems that airdrops are all the rage. First in line was Uniswap – the most popular automated market maker and decentralized exchange protocol. It launched its UNI governance token a few days back and everyone who used the platform before September 1st received a minimum of 400 UNI tokens. The price for the coins surged to an all-time high of almost $9 and the value of the airdrop reached around $3500.
With MEME, people who got the airdropped tokens could currently sell them for much more, but of course, the number of users is substantially lower.
Click here to start trading on BitMEX and receive 10% discount on fees for 6 months.
Author: Published 2 hours ago on September 22, 2020
By Republished by Plato