Ethereum (ETH/USD) gave back some gains early in today’s Asian session as the pair depreciated to the 1888.34 area after trading as high as the 1944 area during the North American session, with the interday high representing a multi-week peak. Buying pressure emerged around the 38.2% retracement of the appreciating range from 1206.05 to 2041.42 ahead of the surge. Stops were elected above the 1881.21 level during the climb, representing the 78.6% retracement of the depreciating range from 2041.42 to 1292.76. If ETH/USD extends its upward strength, additional upside price objectives include the 2080.48, 2134.98, 2150.66, and 2210.42 levels.
Stops were also recently elected above the 1930.40, 1957.36, and 2017.05 levels during the appreciation, areas related to historical buying pressure around the 215.16, 370.50, and 176.43 areas. Some areas of potential technical support during pullbacks include 1403.13, 1205.96, and 1008.79, with stronger technical support likely in place around 1296.30 and 1066.14. If ETH/USD extends its recent depreciation, potential technical support includes 1285.87 and 1205.96. Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 1759.32 and the 50-bar MA (Hourly) at 1816.23.
Technical Support is expected around 1285.87/ 1205.96/ 1128.29 with Stops expected below.
Technical Resistance is expected around 2080.48/ 2134.98/ 2150.66 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
Disclaimer: This trading analysis is provided by a third party, and for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
Author: 24 Crypto
Top Crypto News: 03/12
Let’s review some interesting crypto news for today.
Fuse Network announced an integration with OpenZeppelin flagship product Defender to boost the Fuse platform. Moreover, OpenZeppelin follows set industry standards to create developer tools and for building secure distributed systems. It is also one of the pioneers in the realm of smart contract developer tools and security. Recently, Fuse has also launched its FuseSwap DEX and is enhancing Fuse Studio through token payment services. Therefore, to boost smart contract development on this platform, Fuse integrated with OpenZeppelin. Further, developers will also get access to Defender, which has the capability to automate important smart contract operations. Additionally, Defender Advisor empowers developers by providing access to a repository of articles on smart contract security with implementation examples. This coalition promotes Fuse to become the third blockchain platform (besides Ethereum and xDAI) to be supported by Defender.
XanPool partnered with DAO Maker to support multiple fiat payment options. Moreover, Xanpool is one of the largest fiat gateway software solutions. It supports fiat onramp services for several Asia-Pacific countries and integrated with 15 payment methods and supports over 8 fiat currencies. Further, it allows over 75,000 users to securely transfer digital currencies or fiat money in their desired currency. Hence, this collaboration allows DAO Maker to integrate various fiat deposits as a payment option on the multi-investment platform. This will also extend the DAO Maker’s fiat onramp to support more markets through national currencies.
Cryptocurrency exchange Binance announced its hiring of former U.S. senator and ambassador to China Maxwell Baucus. As per the tweet, Baucus has joined as a government relations adviser. Moreover, he will provide direction and guidance to the firm and work with U.S. regulators. Binance is one of the largest exchanges that enable wider adoption of crypto assets and taking it to the next level. Hence, Baucus will strengthen Binance’s policy and compliance team as well as improving their government relations.
Additionally, Binance Pay integrated new features for merchants to facilitate businesses to choose their preferred payment options. Besides this, users can immediately move funds between their Binance Pay and personal Spot wallet or withdraw funds to their choice of bank. In addition, Binance Pay can be used for making bookings on Travala as the crypto-friendly travel service is the first merchant to integrate Binance Pay.
Bondly Finance partnered with Atari to link non-fungible tokens (NFTs) into a gaming platform. NFT space is exploding nowadays, and Bondly has already launched exclusive brands with Logan Paul, Tory Lanez, and PelleK. Besides this, Bondly has achieved a milestone when their native NFTs generated over $4 million in the first three months. Hence, this collaboration will take this innovative space to the next level by combining legacy gaming features with modern entertainment creators in music and gaming. Since the entire Atari Metaverse revolves around these Digital Collectibles and NFTs, this coalition facilitates the purchase of NFTs using Atari ($ATRI), Bondly ($BONDLY), and other major cryptocurrencies.
In the last piece of crypto news for today, we have Alpaca City partnering with Polygon (Matic Network) to enhance the NFT user experience. As per the tweet, Polygon will provide its Layer 2 solutions to the Alpaca City users since Ethereum gas fees is currently a pain area for users to enjoy NFTs and DeFi space. Therefore, this integration will improve the user experience by providing a lower gas fee, which allows the breeding of new cute alpacas. Further, this would also encourage the burning of ALPA tokens, which helps strengthen the inflation of the ALPA token. Alpaca City is a combination of Alpaca NFTs and DeFi farming, which empowers players to farm and collect NFTs. Additionally, this will also allow ALPA token holders to participate in the governance of Alpaca City.
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Author: by admin
Why MicroStrategy Keeps Buying Bitcoin
On March 12, Michael Saylor, CEO of MicroStrategy, announced that the company had accumulated another 362 bitcoin, worth $15 million, adding to its huge treasury of BTC. At this point, Saylor and MicroStrategy have demonstrated to the market that they feel the dollar price relative to bitcoin is irrelevant — they will accumulate bitcoin at any price.
The strategy behind this feverish accumulation is quite simple, really. Saylor has articulated that he believes the best way forward for the company is not to do anything else other than focus on its strengths: selling business intelligence software, taking its profit and storing value… just not in dollars.
In an interview late last year, CNBC host Melissa Lee asked Saylor the question “Are you a software company or a bitcoin hedge fund?” Saylor responded decisively.
“We do have a software company generating cash, but if we simply swept the cash into fiat currency and allowed it to debase at 15 percent per year, we’d be losing as much on the balance sheet as we generated from the P&L, so that didn’t make sense,” he responded. “[Bitcoin] looks like it’s emerging as the primary treasury reserve asset for people that are looking for some way to avoid the great monetary inflation.”
CRYPTO NEWS – This is HUGE for Ethereum and Altcoins!!!
In this video, we discuss why end of March is HUGE for Ethereum and many altcoins and how this can give the Cryptocurrency space the boost it needs to continue upwards throughout 2021.
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Norway’s Fourth-Richest Man Invests in a Crypto Mining ASIC Manufacturer – Mining Bitcoin News
According to regional reports, the Norwegian billionaire and hedge fund manager, Ole Andreas Halvorsen, is investing funds into an energy-reducing cryptocurrency mining chip hardware company. The company Norway’s fourth richest man is investing in claims to build application-specific integrated circuit (ASIC) mining chips that are allegedly 300%-500% more energy efficient than existing hardware.
Norwegian news reports detail that the billionaire hedge fund manager Ole Andreas Halvorsen is dipping his toes into the cryptocurrency space. A report from Trijo explains that the hedge fund manager and cofounder of the Connecticut-based hedge fund, Viking Global Investors, is now investing in a cryptocurrency-focused firm called Harmonychain.
Halvorsen is joining a number of well known luminary investors from the Norwegian region investing funds into the crypto sphere with investors like Kjell Inge Røkke, Bjørn Dæhlie, and Arne Fredly. Halvorsen himself is considered one of the top-earning hedge fund managers worldwide and has captured the 11th ranking hedge fund manager position in the world according to Forbes.
According to the report written by Teodor Stig-Matz, Harmonychain was supposed to be listed on the Oslo Stock Exchange. However, Stig-Matz’s report notes that the listing on the Oslo Stock Exchange was postponed.
The Harmonychain website has a lot of interesting claims about the firm’s microchips as well. The company is in the midst of developing a “dual-purpose Artificial Intelligence (AI) and Scrypt algorithm ASIC Supercomputer microchip.”
The harmonychain.com website adds:
[The microchip] is tailored towards Cryptocurrency accounting/mining that is up to 300%-500% more energy efficient than existing Scrypt accounting computer systems.
Because the chip is Scrypt the Harmonychain chip is dedicated to mining the digital asset litecoin (LTC) and Scrypt-based coins. The firm’s claims that the chips are 300%-500% more energy efficient would essentially reduce computer energy use by 70-80%. If research and development goes well, Harmonychain hopes to deploy the Scrypt ASIC semiconductors with AI potential by 2022 or 2023. The startup insists it will be the most profitable mining hardware available when released.
“The ASIC is designed as a dual purpose chip with edge AI potential,” harmonychain.com’s website states. “If prototype production works well, we plan to start mass deliveries in H2 2022 and 2023. According to industry standard, customers can expect to prepay approx. 9-12 months prior to delivery. The Supercomputer is poised to be the most profitable Crypto hardware on the market. Our Crypto Supercomputer miners have an estimated payback of less than 2 years,” the company’s FAQ adds.
Halvorsen joining the crypto economy is a bullish sign to many digital asset investors and enthusiasts. He is one of the most respected hedge fund managers worldwide and a protégé of hedge fund manager Julian Robertson. Halvorsen also joins the great number of venture capitalists and well known hedge fund managers stepping into the cryptocurrency economy.
What do you think about Norway’s fourth richest man getting investing in a cryptocurrency mining chip company? Let us know what you think about this subject in the comments section below.