Sunday 31 January 2021
Bitcoin (BTC) is a Digital Store of Value
Bitcoin and crypto Twitter has been ablaze over the past few weeks as Mark Cuban, a billionaire investor, has continued to dabble in the space. Cuban is best known for his role as a Shark on “Shark Tank” and as the owner of the Dallas Mavericks. The American investor recently started to increase his exposure to the Bitcoin space, at least in terms of his public persona, when he began to tweet about cryptocurrencies.
In a recent blog post, Cuban affirmed that he sees Bitcoin as a digital store of value.
Related Reading: Wall Street Veteran Kickstarts Own Bitcoin Fund With $25m Investment
Cuban Talks Bitcoin
In a blog post dated January 31st, Cuban discussed Bitcoin, Ethereum, and other aspects of the digital economy.
In this blog published to Blog Maverick, his personal website, he explained that blockchain driven assets have “now legitimately become stores of value”:
“This digital store of value isn’t limited to Digital Goods of course. It has long included cryptocurrencies (CryptoAssets is what they should be called, they are rarely used as currency), like Bitcoin , Ethereum and so many others, along with the tokens being created to support De-Fi and other value creating derivatives of CryptoAssets. They all are Stores of Value with market cap leader Bitcoin having a decade plus long history of transactions and wealth generation.”
The investor has long discussed Bitcoin, previously arguing that investors should have some percentage of their portfolio in the leading cryptocurrency.
It appears @mcuban is finally all-in on Bitcoin, crypto, and digital goods.
Just a matter of time until every innovator sees the light.
Welcome to the party, Mark!
https://t.co/Z8oQ3eLJdH
— Pomp
(@APompliano) January 31, 2021
Cuban is now arguing that there may be some intrinsic value to these digital assets:
“To so many the idea that a CryptoAsset could be a store of value is crazy. To them, there is no there, there. There is no intrinsic value. To them it is a digital representation of nothing, that crazy people are paying good money for. That is not the case.”
Related Reading: DeFi Founder Targeted in $8m Hack Says He Has His Hacker’s IP
Far From the Only Billionaire Involved
Ray Dalio, another billionaire investor, also recently released a blog post on his thoughts on Bitcoin.
The world-famous asset manager commented last week that he thinks “Bitcoin is one hell of an invention.”
He added that the cryptocurrency is becoming a gold-like asset:
“Those who have built it and supported the dream of making this new kind of money a reality have done a fabulous job of sustaining that dream and moving Bitcoin (by which I mean it and its analogous competitors) into being an alternative gold-like asset.”
Cuban and Dalio join the growing list of prominent investors that see Bitcoin as a viable investment opportunity.
Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Unsplash Chart from TradingView.com Price Tags: xbtusd, btcusd, btcusdt Mark Cuban: Bitcoin (BTC) is a Digital Store of Value
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source https://cryptonews.wealthsharingsystems.com/2021/02/bitcoin-btc-is-a-digital-store-of-value/
BTC, ETH, UNI, ATOM, COMP
Over the past seven days, the crypto market saw an uptick in volatility as Bitcoin (BTC) and Dogecoin (DOGE) price rallied higher simply because of social media activity. In situations like these, traders who make their investment decisions based on emotions tend to incur heavy losses and this is exactly what happened last week.
Dogecoin’s (DOGE) recent pump and dump caused several new traders who bought due to FOMO to lose money within a short time and this scenario is likely to play out again as social media groups have decided that collective pumps of altcoins is a new method of investing.
A similar trend currently seems to be developing in Bitcoin (BTC), which has retraced a large portion of the up-move that was caused due to the “Elon pump” on Jan. 29. This shows that barring a few emotional buyers, most professional traders may have used the rally to lighten their long positions.
Stack Funds head of research Lennard Neo believes the Bitcoin miners are selling on rallies and that trend may continue as the Chinese New Year holiday approaches. Neo expects Bitcoin’s price to remain volatile in the near term.
Even as Bitcoin’s price consolidates, the decentralized finance tokens continue to surge, which suggests traders’ focus has shifted to the DeFi space. Let’s analyze the charts of the top-5 cryptocurrencies that could trend in the next few days.
BTC/USD
Bitcoin’s long wick on Jan. 29 shows the bears aggressively sold the rally above the downtrend line of the descending triangle. That was followed by a Doji candlestick pattern on Jan. 30, indicating indecision among the bulls and the bears.
The failure of the bulls to push the price above the downtrend line today has attracted further selling. The bears are currently trying to sustain the price below the 20-day exponential moving average ($33,395).
If they succeed, the BTC/USD pair may drop to the 50-day simple moving average ($30,631) and then to $28,850.
A breakdown and close below $28,850 will complete the bearish descending triangle pattern that has a target objective at $15,741. However, it is unlikely to be a straight fall because the bulls will try to arrest the decline at the 50% Fibonacci retracement level at $25,897.42 and again at the 61.8% retracement at $22,106.73.
This negative view will invalidate if the price turns up from the current level or rebounds off the $28,850 support and sustains above the downtrend line. Such a move will suggest strong accumulation at lower levels, which could result in a rise to $40,000.
The 4-hour chart shows the breakout above the downtrend line met with strong selling pressure and the price quickly retracted back into the triangle.
The failure of the bulls to push the price back above the downtrend line has attracted selling and the bears have pulled the price below the 20-EMA. The bulls are currently attempting to defend the 50-SMA but if this support also cracks, the pair may start its journey towards $28,850.
This negative view will invalidate if the price rebounds off the current level and rises above the downtrend line. Such a move could push the price to $38,519.63.
ETH/USD
Ether (ETH) broke above the $1,400 resistance on three previous occasions but the bulls could not sustain the breakout, which shows profit-booking at higher levels. However, the positive thing is that the bulls have not given up much ground in the past few days. This shows the bulls are accumulating on dips.
The ETH/USD pair had formed a Doji candlestick pattern on Jan. 30, indicating uncertainty. That indecision has resolved to the downside today and the pair may now drop to the 20-day EMA ($1,253), which is likely to act as strong support.
A bounce off the support will suggest the sentiment remains bullish and traders are buying on dips. The bulls will then try to resume the uptrend. If the bulls can drive the price above the $1,400 to $1,473.096 resistance zone, the pair could rally to $1,675 and then to $2,000.
This bullish view will invalidate if the bears sink the price below the 20-day EMA and the uptrend line. In such a case, the pair may drop to the 50-day SMA ($990).
The 4-hour chart shows the formation of an ascending triangle pattern, which will complete on a breakout and close above $1,440. This bullish setup has a target objective of $1,768.
However, the moving averages have flattened out and the relative strength index (RSI) is just below the midpoint, which suggests a balance between supply and demand.
If the bears sink the price below the support line of the triangle, it will invalidate the pattern. The next support on the downside is the uptrend line and then $1,050.
UNI/USD
Uniswap (UNI) is in a strong uptrend that has pushed the RSI deep into the overbought territory. While the RSI can remain overbought for an extended period, traders should be cautious as corrections from overbought levels can be swift and sharp.
The first support on the downside is the 38.2% Fibonacci retracement level at $15.3963. If the price rebounds off this level, it will suggest the bulls are aggressively buying the dips and are not waiting for a deeper correction to enter.
If the bulls can push the price above $20.5612, the UNI/USD pair could rally to $28 and then to $32. Both moving averages are rising and the RSI is above 79, indicating the bulls are in control.
However, if the correction deepens below $15.3963, the next support is at the 20-day EMA ($11.85), which is near the 61.8% Fibonacci retracement level at $12.2054. A deeper fall usually delays the start of the next leg of the uptrend.
The 4-hour chart shows the pair has made a flag pattern. If the bulls can push the price above the flag, the uptrend could resume and the pair may rally to $22 and then to $25.
Another possibility is that the pair continues to correct and drop to the 20-EMA. If the price rebounds off this support, it will suggest the sentiment remains positive and the bulls are buying on minor dips.
During the current leg of the uptrend, the price has repeatedly taken support at the 20-EMA. Therefore, a break below the 20-EMA will suggest the bullish sentiment may be waning and could result in a drop to $15.3963 and then to the 50-SMA.
ATOM/USD
Cosmos (ATOM) has formed a cup and handle pattern that will complete on a breakout and close above $8.877. If the bulls can propel the price above the $10.20 resistance, the uptrend could begin.
The first target on the upside is $11.151 and the next level to watch out for is $13.554. The rising moving averages and the RSI’s bounce from the midpoint suggest the bulls have the upper hand.
If the bears sink the price below the 20-day EMA ($7.65), the ATOM/USD pair may remain range-bound between $6.603 and $8.877 for a few more days.
The bullish assumption will be negated if the bears sink and sustain the price below the 50-day SMA ($6.4). Such a move may pull the price down to $5.50 and then to $4.50.
The 4-hour chart shows the bulls have pushed the price above the downtrend line of the descending triangle. This has invalidated the bearish setup but the bulls are struggling to thrust the price above the $8.877 resistance.
The flat moving averages and the RSI near the midpoint suggest the pair may remain range-bound between $8.877 and $6.726 for some more time. If the bulls can propel the price above $8.877, the pair could rise to $10.20, while a break below $6.726 will suggest the bears are trying to make a comeback.
COMP/USD
Compound (COMP) completed a rounding bottom pattern on Jan. 29 when it broke and closed above the $272.61 resistance. This reversal setup has a target objective of $464.60.
The upsloping moving averages and the RSI near the overbought territory suggest bulls are in command. After the breakout from a pattern, the price usually retraces and retests the breakout level, but if the trend is very strong, it only consolidates or enters a minor correction before resuming the up-move.
If the COMP/USD pair rebounds off $272.61, it will suggest the bulls have flipped the previous resistance into support. That could then act as a launchpad for the next leg of the uptrend.
This positive view will invalidate if the bears sink and sustain the price below $272.61. Such a move will indicate profit-booking at higher levels and a lack of buying on dips.
The 4-hour chart shows traders booked profits near $340 but the correction was short-lived as the price turned up from $304.84. If the bulls can now drive the price above $340, the pair may rally to $405.
On the other hand, if the price again turns down from $340, the pair may drop to the 20-EMA. If the price rebounds off this support, the bulls will again try to resume the up-move, but if the bears sink the pair below the 20-day EMA, a drop to $272.61 will be on the cards.
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.
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source https://cryptonews.wealthsharingsystems.com/2021/01/btc-eth-uni-atom-comp/
Trump Plaza in Atlantic City to be Blown Up • This Week in Gambling
Less than a month after his presidency ended, Donald’s Trump Plaza is set to be demolished in Atlantic City, New Jersey. The building has been vacant since 2014.
The resort is set for demolition on February 17, as the building has been falling apart in recent years. What’s left of the complex has been a grim reminder of Atlantic City’s economic difficulties over the past decade.
Trump Plaza is still positioned on some pricey real estate, located where the Expressway brings tons of traffic into the downtown area. And now, after years of delay, the land is worth more vacant than with the building. The cost of blowing it up is still estimated at $14 million.
It was originally opened in May of 1984. You can read more about Trump Plaza at Casino.org.
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source https://cryptonews.wealthsharingsystems.com/2021/01/trump-plaza-in-atlantic-city-to-be-blown-up-%e2%80%a2-this-week-in-gambling/
Bitcoin Bears Erase the “Elon Musk” Candle as Sellers Take Control
- Bitcoin has witnessed some massive selling pressure throughout the past day that has erased all the gains that came about as a result of the “Elon Musk” pump a few days ago
- The selling pressure seen has come from a combination of spot and derivatives, with investors generally going risk-off
- It remains unclear what the cause of this could be, but it may be a combination of technical weakness as well as turbulence within the traditional market
- One analyst is now noting that there’s a strong possibility further downside is imminent for the entire market
- He is pointing to the cryptocurrency’s January low as the next level he is closely watching, with a bounce here potentially allowing for massive upside
Bitcoin has seen some wild price action over the past few days. It all started with Elon Musk’s endorsement of BTC, which catalyzed a massive pump towards $40,000 that has been entirely erased over the past few days.
This “FOMO” induced pump seemed to provide exit liquidity for holders looking to get out, as it was aggressively sold into.
One trader believes that this is a sign of imminent downside, as he is now pointing to the cryptocurrency’s January low as a near-term target.
Bitcoin Plunges as Bears Erase the Entire “Elon Candle”
Earlier this week, Elon Musk changed his Twitter bio to “#Bitcoin” and commented that the change was inevitable in hindsight.
This caused Bitcoin to soar nearly $7,000 and caused nearly half a billion in short liquidations.
However, the selling pressure at these highs was significant and caused a massive rejection that has since resulted in it erasing all of the gains that came about due to Musk’s endorsement.
BTC Could Soon target Move to January Lows
One trader believes that a move to Bitcoin’s January lows could be in the cards, especially considering the multiple rejections it has posted at a key trendline.
“Bears have a clear invalidation from here imo. Easy to flip long if wrong,” he gravely noted while pointing to the below chart.
Image Courtesy of TraderSZ. Source: BTCUSD on TradingView.
Despite this sentiment, there seems to be a strong institutional bid around $30,000, as the crypto bounces just about every time this level is tapped.
As such, holding above $30,000 could provide Bitcoin with room for significantly further upside in the days and weeks ahead.
Featured image from Unsplash. Charts from TradingView.
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source https://cryptonews.wealthsharingsystems.com/2021/01/bitcoin-bears-erase-the-elon-musk-candle-as-sellers-take-control/
Thanks Bitcoin, MicroStrategy stock is up 113% since being downgraded by Citigroup
On Dec. 8, 2020, Citigroup, one of the largest banks in the world, downgraded MicroStrategy’ss stock (MSTR). Since then, MSTR stock is up 113.27% from $289.45 to $617.31, as the price of Bitcoin (BTC) rallied.
In the same period, the Citigroup stock has declined slightly by 0.63%, from $58.36 to $57.99.
Why has MicroStrategy stock performed so strongly despite the downgrade?
MicroStrategy has been investing its treasury holdings in Bitcoin, making BTC is treasury reserve asset. Currently, it is the biggest public company holder with over 70K BTC worth roughly $2.4 billion at today’s prices.
Moreover, on Dec. 9, 2020, MicroStrategy announced raising $550 million in capital from convertible bonds.
In an official statement, MicroStrategy explicitly said that it intends to invest in Bitcoin with the proceeds of the bond. This is also the statement that is said to have triggered Citi to downgrade MicroStrategy. The statement read:
“MicroStrategy intends to invest the net proceeds from the sale of the notes in bitcoin in accordance with its Treasury Reserve Policy pending the identification of working capital needs and other general corporate purposes.”
At the time, Citigroup analyst Tyler Radke issued a sell rating. He acknowledged that the return on MicroStrategy’s Bitcoin investment has been “impressive,” but said the market is overpricing the core business of the firm. He wrote:
“MSTR’s bitcoin investment has returned $250M (or worth $26/share or +20% towards stock) since August ’20. While impressive, it pales in comparison to the 172% return in the stock. At the current stock price, our analysis suggests that the market is pricing in much more optimistic valuation scenarios for the core business and Bitcoin.”
Since December 2020, however, the price of Bitcoin saw an explosive rally. While the skepticism toward the core business of MicroStrategy could have some merit, BTC saw a rally of over 100% in the last month of the year.
In just December, Bitcoin rallied from $18,319 to over $42,000 on Binance, outperforming most assets in both the stock market and the crypto market.
What’s next?
MicroStrategy remains an important multi-billion dollar business intelligence firm with strong core business.
But as long as the price of Bitcoin continues to increase in the near term, it will likely have a positive impact on the stock price of MSTR.
Michael Saylor, the CEO of MicroStrategy, remains fully confident in the company’s position on Bitcoin, and often buying the price dips. In the fourth quarter financial results for 2020, Saylor wrote:
“Going forward, we continue to plan to hold our bitcoin and invest additional excess cash flows in bitcoin. Additionally, we will explore various approaches to acquire additional bitcoin as part of our overall corporate strategy.”
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source https://cryptonews.wealthsharingsystems.com/2021/01/thanks-bitcoin-microstrategy-stock-is-up-113-since-being-downgraded-by-citigroup/
The Best Online Casino Bonuses in 2021 • This Week in Gambling
It’s no secret that online casino platforms are becoming more and more competitive. Can anyone blame them? There’s an emerging market for online gamers and most online casinos are trying to be more aggressive in getting players to use their platforms over their competitors. How do they do this, you ask? Well, a lot of it has to do with their branding and marketing promotions.
These promotions often come in the form of bonuses and they are great for the online gaming community. And the more generous and aggressive these online casino operators become with their promotions, then the better it will be in the long run for gamers in general. This means that you get the opportunity to really capitalize on these bonuses to make your gaming experience a lot more fun and fulfilling.
There are all sorts of different tactics that these operators can employ out there like free sign up no deposit bonuses and whatnot. And if you’re someone who really prioritizes these kinds of promos and bonuses, then it might be really tiring on your part for having to scour the internet for the best incentives for you to go for a particular online casino. Don’t sweat it. This list has got you covered.
How Casino Bonuses Work
For the most part, online casinos will give their bonuses in terms of percentage matches. These matches can range from around 50% to even 200% depending on the actual promotion. This percentage is essentially the amount that the casino will give you back in cash relative to the amount that you deposited. Also, a lot of the time, these casino bonuses have a certain limit to them as a way for online platforms to cap their rewards.
If you’re still confused about how this works, let’s say that a casino offers a bonus of 100% up to $400.
If you deposit $100 at first, then you’re going to get a bonus of $100 from the casino as well. If you deposit $400, then the casino will give you a bonus of $400. However, since the bonus is capped at $400, then any amount that you deposit above the cap will only yield you a bonus of $400. For example, if you deposit $600, you will still just get $400 because of the cap.
Types of Casino Promotions and Bonuses
Now, depending on the online platform, certain casino operators will offer different types of promotions and bonuses. They’re not always going to be created equal and they will also tend to target different markets as well. Here are some of the most common types of casino bonuses and promotions:
Welcome Bonuses
Welcome bonuses are typically designed for new users to deposit as much money as they can during that initial deposit. They will often be generous with these bonuses in order to hook new users onto their platform at the outset.
No-Deposit Bonuses
This is also a bonus tactic that is targeted towards new users. Essentially, these casino operators will give users the opportunity to play games without even depositing an initial amount by providing them instant bonuses.
High Roller Bonuses
High roller bonuses are designed more for heavy users of a particular online platform. They are designed to incentivize users to bet more and more on their usual gaming platforms by providing them bonuses to do so.
Device-Specific Bonuses
A lot of online casino operators are making waves in mobile device app development. This is why they will also provide bonuses for users who use their platforms on mobile devices.
Best Casino Bonuses for 2021
- Casino Las Vegas: Bonus of 100% up to $1000
- 888 Casino: Bonus of 100% up to $1500 and extra $30 bonus
- PokerStars Casino: 100 Free Spins
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source https://cryptonews.wealthsharingsystems.com/2021/01/the-best-online-casino-bonuses-in-2021-%e2%80%a2-this-week-in-gambling/
Uniswap (UNI) and Compound (COMP) hit new highs as DeFi TVL reaches $27.6B
On Jan. 30 Uniswap (UNI) and Compound (COMP) both rallied to new all-time highs as the entire DeFi sector continued to heat up. UNI soared to a new all-time high at $19.93 and COMP price did the same as it briefly traded at $340.
In the past 30 days the entire decentralized finance sector has been in a strong uptrend and data from DeFi Pulse shows the total value locked has soared from $16.43 billion on Jan. 2 to a new all-time high at $27.67 billion on Jan. 30.
The surge in COMP price follows the recent release of a new governance module and upgrade to the comp.vote interface which now allows community members to save on gas fees by voting by signature instead of on-chain transactions.
DeFi becomes more attractive after the Robinhood debacle
This week’s controversy surrounding investment brokerages halting the markets for GameStop and AMC stock has presented DeFi and crypto exchanges as a possible alternative to the centralized traditional finance sector.
In a tweet, Compound founder, Robert Leshner said the recent developments showed that “the long-term answer” to the time it takes for trades to settle with the Depository Trust & Clearing Corporation (DTCC), “is for markets to run on blockchains.”
Leshner said:
“Instant settlement would eliminate most of the complexity, cost, and capital requirements which plague T+2 settlement. Robinhood wouldn’t have credit obligations, or the need to turn against their own customers.”
Uniswap grants program launch backs UNI’s rally
Uniswap’s grants program was unveiled on Jan. 20 as a way to help expand the exchange’s ecosystem.
Developers interested in participating now have a chance to submit a proposal and receive funding for the development of a project that adds value to the overall platform. According to Uniswap’s Twitter feed, there were “40 grant submissions to @uniswapgrants in the 14 days since applications opened up.”
Since the release of the grants program, the price of UNI has increased 160% from $7.10 on Jan. 21 to its current price of $18.51. Uniswaps rising TVL, daily transaction volume and investor’s excitement over the upcoming v3 launch are additional factors backing UNI’s surge to a new all-time high.
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source https://cryptonews.wealthsharingsystems.com/2021/01/uniswap-uni-and-compound-comp-hit-new-highs-as-defi-tvl-reaches-27-6b/
Is the weakness of Bitcoin after the ‘Elon Musk pump’ hinting at a bull trap?
The price of Bitcoin (BTC) is showing overall weakness as it struggles to establish $34,000 as a support level. Overall, BTC appears to be stagnating without signs of a short-term relief rally, leading traders to be cautious.
One concerning trend is that the volume of Bitcoin has been stagnating along with its price, apart from the “Elon pump” on Jan. 29. This trend indicates that there is an overall drop in buyer demand since the $42,000 top despite BTC hovering in the low $30,000 region.
Bitcoin gets choppy after revisiting $38,000
On Jan. 29, the price of Bitcoin rose to as high as $38,461 on Binance after Tesla CEO and the world’s richest man, Elon Musk, ostensibly showed support for Bitcoin.
However, before this rally, on-chain analysts were already warning that the momentum of Bitcoin was slowing.
Ki Young Ju, the CEO of CryptoQuant, for example, pinpointed the high selling pressure from Bitcoin miners as a sign of a short-term bearish scenario.
Although the price of Bitcoin briefly surged 14%, it snapped back down to sub-$34,000 within 24 hours. Hence, weakening on-chain indicators were likely a warning that BTC would retrace most of its “Elon pump” gains.
Ki wrote before the rally:
“Exchange Whale Ratio hit the eight-month high, meaning $BTC might have a large red candle if the price drops. It’s supposed to be below 85% if this bull-run is legit. Otherwise, it’s likely to be a bull trap.”
Whales likely sold as the price of Bitcoin abruptly surged to the $38,000 resistance level, causing a sharp correction.
With shaky on-chain indicators and some selling pressure coming from miners, traders are also showing caution about longing BTC/USD in the near term.
A pseudonymous trader known as “Salsa Tekila” said that he is not using leverage until Bitcoin breaks out or drops back to $30,000. He said:
“We’re at that point where $BTC is far enough from the 30k for me not to be comfortable longing with any form of leverage but at the same time I wouldn’t short. Therefore being spot long until a big down / legacy open / probably Monday morning is best. NO LEVERAGE”
Meanwhile, another popular pseudonymous trader known as “Byzantine General” argues that the rally is broken. Hence, even if Bitcoin is bullish in the macro picture, more downside is possible until it sees a convincing breakout on lower time frames. He noted:
“The bull run is still on IMO, but the rally is broken. If we re-claim the yearly TWAP we can continue ze pump, but until then it looks kinda meh.”
What to watch out for
Traders and technical analysts are closely observing Bitcoin’s reaction to the $34,500 to $35,000 range.
If Bitcoin breaks out of it with strength, momentum, and high volume, then the probability of a short-term trend reversal rises.
However, if Bitcoin struggles to retest the $34,500 resistance level and continues to stagnate in the $33,000 region, the risk of a further breakdown to the $33,000 support remains.
Additional signs that BTC price could see another pullback include the Crypto Fear and Greed index remaining at “extreme greed” levels and Google searches for “Bitcoin” dropping by 50% since multi-year highs seen earlier this month.
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source https://cryptonews.wealthsharingsystems.com/2021/01/is-the-weakness-of-bitcoin-after-the-elon-musk-pump-hinting-at-a-bull-trap/
Saturday 30 January 2021
Ethereum Could Outperform Bitcoin, Why ETH Could Rally To $1,500
Ethereum remains in a range above the $1,300 support against the US Dollar. ETH price is likely to gain momentum above $1,400 and $1,450 resistance levels in the near term.
- ETH price traded as high as $1,438 and before it corrected lower against the US Dollar.
- The price is consolidating above the $1,320 support level and the 100 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $1,295 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair is likely to accelerate higher after it breaches the $1,400 and $1,430 resistance levels.
Ethereum’s Ether Signaling Fresh Rally
This past week, bitcoin and ethereum saw a steady increase above $1,300 and $35,000 respectively against the US Dollar. BTC trimmed all its gains, whereas ETH remained well bid above the $1,300 support zone.
The recent high was formed near $1,438 before the price corrected lower. There was a break below the $1,380 support level. Ether price even traded below the 23.6% Fib retracement level of the upward move from the $1,207 swing low to $1,438 high.
Source: ETHUSD on TradingView.com
However, the price is consolidating above the $1,320 support level and the 100 simple moving average (4-hours). There is also a key bullish trend line forming with support near $1,295 on the 4-hours chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the upward move from the $1,207 swing low to $1,438 high.
On the upside, the price is facing hurdles near the $1,400 and $1,430 levels. A successful break above the $1,400 and $1,430 resistance levels could open the doors for a sharp increase in the coming sessions. In the stated case, the price could test the $1,500 resistance zone.
Dips Supported in Ether (ETH)?
If Ethereum fails to clear the $1,400 and $1,430 resistance levels, it could start a downside correction. The first key support on the downside is near the $1,300 level and the trend line.
A downside break below the trend line support may possibly call for a test of the $1,260 support level and the 100 simple moving average (4-hours). Any more losses could lead ether price towards the $1,200 support zone.
Technical Indicators
4 hours MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.
4 hours RSI – The RSI for ETH/USD is just above the 50 level.
Major Support Level – $1,300
Major Resistance Level – $1,430
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source https://cryptonews.wealthsharingsystems.com/2021/01/ethereum-could-outperform-bitcoin-why-eth-could-rally-to-1500/
Why Bitcoin Price Remains At Risk of A Drop To $31K After Elion’s Rally
Bitcoin price rallied towards the $38,000 resistance, but it failed to hold gains against the US Dollar. BTC started a fresh decline and it is now struggling to stay above $33,500.
- Bitcoin is showing a few bearish signs below the $35,000 and $35,500 resistance levels.
- The price is now trading near the $34,000 pivot level and the 100 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $33,900 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
- The pair either decline heavily towards $31,000 or it might clear $35,000 for a fresh increase.
Bitcoin Price Remains At Risk
This past week, bitcoin price saw a sharp upward move above the $35,000 resistance against the US Dollar. The BTC/USD pair surged over 15% and it even climbed above the $36,500 level.
The price spiked above the $38,000 resistance and settled above the 100 simple moving average (4-hours). A high was formed near $38,603 before the price started a fresh decline. There was a sharp decline below the $36,500 and $36,000 levels.
Bitcoin price even traded below the 50% Fib retracement level of the upward move from the $29,282 swing low to $38,603 high. The price even tested the $33,000 support level.
It found support near the 61.8% Fib retracement level of the upward move from the $29,282 swing low to $38,603 high. The price is now trading near the $34,000 pivot level and the 100 simple moving average (4-hours).
There is also a key bullish trend line forming with support near $33,900 on the 4-hours chart of the BTC/USD pair. If there is a clear break below the trend line, the price could continue to move down below $33,500. The next major support is at $33,000. Any more losses could lead the price towards the $31,000 support zone.
Fresh Increase in BTC?
If bitcoin stays above the trend line support, there are chances of a fresh increase above $34,500. An initial resistance on the upside is near the $35,000 level.
A proper break and close above the $35,000 resistance will most likely set the pace for a sustained upward move in the coming sessions. The next major resistance on the upside is near the $36,400 level.
Technical indicators
4 hours MACD – The MACD for BTC/USD is slowly gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is just above the 50 level.
Major Support Level – $33,500
Major Resistance Level – $35,000
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source https://cryptonews.wealthsharingsystems.com/2021/01/why-bitcoin-price-remains-at-risk-of-a-drop-to-31k-after-elions-rally/
XRP price gains 86% after Wall Street Bets’ crypto wing says ‘pump it’
XRP price underwent a strong 86% breakout in the early trading hours on Jan. 30 as the fourth-ranked cryptocurrency by market cap became the new coin of focus in the r/Wallstreetbets cryptocurrency-focused off-shoot r/Satoshistreetbets.
Data from Cointelegraph Markets and TradingView shows that XRP rose from $0.28 to a peak at $0.51 before profit selling pulled the price back to $0.41.
It appears that the antics of the past week which saw r/Wallstreetbets pump GameStop, AMC and Dogecoin (DOGE), have carried over into the weekend as Stellar (XLM) also saw its price pump in tandem with XRP.
After rallying more than 800%, DOGE price is now down 71% from its recent all-time high of $0.078 on Jan. 29. Data from TheTIE also shows that the rally in XRP price coincided with a drastic jump in tweet volume.
Stellar (XLM) has also received some attention from r/Satoshistreetbets, resulting in a price spike of 64% on Jan. 27 which saw the price of XLM reach as high as $0.38 before correcting to its current value of $0.318.
XRP’s legal woes may place a damper on the rally
In the past few months, XRP price has been hard hit due to a lawsuit filed against Ripple by the U.S. Securities Exchange Commission (SEC). The SEC alleges that the company is conducting an ongoing illegal securities offering as Ripple still periodically sells XRP tokens out of the treasury.
Ripple recently filed a Freedom of Information Act request with the SEC seeking documents pertaining to Ethereum co-founders.
The company is demanding to know why Ether (ETH) isn’t considered a security and said that the government body “clearly picked two winners and ignored a growing and robust industry that is much larger than Bitcoin and Ether.”
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source https://cryptonews.wealthsharingsystems.com/2021/01/xrp-price-gains-86-after-wall-street-bets-crypto-wing-says-pump-it/
Ka-Ching Cash Slot Machine from Aristocrat • This Week in Gambling
Take a first hand look at the Ka-Ching Cash slot! An amazingly fun and simple multi-denomination game from our friends at Aristocrat! This is a 5 reel 4 row slot game that comes in two versions: Xing Fu Coins, and the game we’re looking at today, Vegas Neon! There is a “Hold and Spin” feature along with 5 jackpots to be won! Which jackpot you win will be determined by which reels you fill with your Ka-Ching Cash symbols!
Hold! Spin! Cash! Ka-Ching! Coming from Bash Games Studio, the Ka-Ching Cash slot combines Cash on Reels and Hold & Spin for a unique and intuitive jackpot chase.
These new applications of player favorite mechanics will bring variety to the floor in two distinct themes – Vegas Neon & Xingfu Coins.
See more Aristocrat games, such as Zorro Wild Ride, on our website! You can read more about Aristocrat slots at their website.
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FTX Token (FTT) rallies 105% as interest in derivatives trading grows
FTX is a cryptocurrency derivatives exchange backed by Alameda Research, a quantitative trading firm and crypto liquidity provider.
The exchange launched in April 2019 and offered the usual spot trading, inverse swaps and futures contracts that can be found at other major platforms. By early 2020, the exchange launched its daily and weekly binary BTC options markets.
FTT is the exchange’s native token and it’s issued on the Ethereum blockchain. FTT stakers are granted a trading fee discount based on a tiered system and other benefits include bonus votes in their polls and increased airdrop rewards.
The first airdrop took place in August 2020 when 500 million Serum (SRM) tokens were distributed to FTT holders. To differentiate itself from competitors, the users’ collateral is shared in one universal stablecoin wallet.
This means traders can reduce their margin requirements drastically. Numerous leveraged tokens mimicking leveraged ETF stocks have also been listed, including 3x Long Bitcoin and 3x Short Litecoin.
Leveraged tokens are derived from the exchange’s perpetual swap contracts and operate as tradeable ERC-20 tokens that can be withdrawn and traded. These innovative products have made the FTX a popular exchange among investors, as reflected by its rising futures contracts open interest.
As shown above, the figure grew by 340% over the past six months, surpassing the $2 billion mark to vastly outperform more established exchanges.
In November 2020, the exchange ventured into tokenized equity trading, albeit not available for its U.S. citizens. Its partner CM-Equity custody the tokens redeemable for the underlying stocks. Interestingly, it’s allowed its users to buy less than one share, which is particularly useful for high-priced stocks like Amazon ($AMZN) and Google ($GOOG).
In December, FTX continued to innovate by launching pre-IPO futures contracts for AirBNB and Coinbase. These contracts allow traders to speculate on what price those companies will list on a stock exchange. The exchange also offers trading for thematic products, including a basket of cannabis-related listed stocks.
By creating multiple markets with enough liquidity provided by its market-making structure, the exchange was able to gather attention from a new client base. More recently, a Wall Street Bets index was launched, including GameStop ($GME), Dogecoin (DOGE), and iShares Silver Trust ($SLV).
Backed by these popular offerings, FTX Token (FTT) price has doubled since the beginning of 2021.
To further incentivize holding the token, FTX repurchases and burns 33% of all fees generated from the exchange and 10% of its insurance fund net additions. This process will continue until half of the initial 350 million supply are destroyed.
While this may appear like a deflationary schedule, there are 31.25 million tokens allocated to the team, representing at least 17.8% of the targeted 175 million circulating supply. Regardless, considering the current $11.70 token price, its market capitalization after the burn process is completed surpasses $2 billion.
This number represents a 45% discount to Binance Coin’s (BNB) projected 2031 market capitalization, according to data from Messari. This is also roughly in line with the exchanges’ aggregate open interest $4.26 billion to $2.0 billion difference .
Interestingly, Binance has an undisclosed investment in FTX, and this may be creating fewer incentives for direct competition.
Currently, it seems that the market is pricing both tokens at the same valuation. Binance appears to be expanding its ecosystem via its Binance Smart Chain decentralized exchange, their blockchain projects incubator and a successful token launchpad platform.
FTX, on the other hand, is focused on being the market-leader of derivatives products innovation.
Currently all of these projects are producing value for token holders and with the burn schedule and rising popularity among derivatives exchanges it’s possible that FTT will continue to see further price appreciation.
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.
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source https://cryptonews.wealthsharingsystems.com/2021/01/ftx-token-ftt-rallies-105-as-interest-in-derivatives-trading-grows/
GameStop mayhem, Robinhood scandal, Musk tweets, DOGE explodes: Hodler’s Digest
Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.
Top Stories This Week
Rob from the poor and give to the rich? Robinhood prompts furious backlash after restricting trades
The volatility seen on the stock markets this week made some of Bitcoin’s recent price swings look tame. And it’s all down to a dramatic face-off between a Reddit group called r/Wallstreetbets and the short-selling hedge funds that Reddit took on at their own game.
Day traders have helped GameStop stock surge from $17.25 on Jan. 4 to highs of $483 this week — a 2,700% rise for a retailer struggling to survive in an online world. This inflicted billions of dollars of pain on established investors caught up in the short squeeze.
But Robinhood caused controversy when it restricted trades on GME stock, as well as other r/Wallstreetbets targets, including AMC Entertainment, BlackBerry and Nokia. The investing app, which has proven popular with millennials, was accused of preventing average investors from fighting back against hedge funds manipulating the market.
The SEC is now looking into Robinhood’s handling of GameStop trading, with Congress announcing hearings into the practice of short selling.
All of this drama could bring crypto assets into sharper focus. Industry executives have described the fiasco as a “clear indication of how broken and fundamentally rigged the traditional financial system is.”
Bitcoin soars by $5,000 in minutes — BTC hits $38,000 after Elon Musk’s ‘Dogecoin treatment’
The GameStop saga can be linked to several of the other top stories this week. Tesla CEO Elon Musk has been among those cheering on r/Wallstreetbets, and this week, he offered a ringing endorsement of crypto as an alternative.
The world’s richest man quietly added “#bitcoin” to his Twitter bio… with BTC surging by more than $5,000 within minutes as a result. This helped turn the fortunes of the world’s biggest cryptocurrency around, as it had been at peril of losing support at $30,000.
Alas, the price boost was short-lived. In the 24 hours that followed, BTC headed back toward $33,000 — leaving $34,500 as a significant resistance zone that needs to be broken if there’s any chance of sustaining bullish momentum.
Cointelegraph Markets analyst Michaël van de Poppe says the critical level to watch now is the $30,000 region. “If that fails to sustain support (after numerous tests already), I expect a drop toward $25,000 and the 21-Week MA,” he wrote.
Dogecoin ranks among top 10 crypto assets for first time since 2015
And another symptom of this week’s mayhem saw Dogecoin surge 900% in less than two days. The meme coin was well and truly unleashed, sprinting from $0.0078 to $0.078 and quadrupling its previous all-time high.
DOGE’s sudden parabola was attributed to an organized pump carried out by r/Wallstreetbets, and Robinhood also ended up suspending instant deposits for crypto purchases because of the “extraordinary market conditions.”
At one point, DOGE briefly surpassed Bitcoin in daily trading volumes on Binance — with its market cap leapfrogging ahead of Litecoin, Bitcoin Cash and Stellar. Tweets about Dogecoin also surged by 1,787%, with 89,991 posts about DOGE in just 24 hours.
Unfortunately, dogs bite — and traders were left licking their wounds after a vicious dump. Prices fell by 45.82% in a single day, leaving many with buyer’s remorse. On Twitter, RyanJK captured the mood by writing: “Doge doing what it does best, welcoming people into crypto with a huge slap in the face.”
Ripple demands to know why Ether isn’t a security as XRP defense gets desperate
Ripple Labs has filed its response to the Securities and Exchange Commission over allegations that XRP is a security — and the company seems prepared to drag the rest of the industry into its legal fight.
The embattled firm has filed a Freedom of Information Act request that demands information “about how the SEC determined the status of Ether as a non-security.”
Representatives at the SEC have said that, while Ether’s presale may have been a securities offering at the time, ETH is now sufficiently decentralized and qualifies as a commodity.
Ripple has been throwing the kitchen sink at efforts to stave off the SEC’s case, which has caused the price of XRP to collapse, with many U.S. exchanges delisting the token. But curiously, the altcoin has had something of a weekend boost, with prices up 30%.
Coinbase unveils plans for direct stock listing
Coinbase has announced plans to pursue a direct listing of its Class A common stock, instead of plumping for an initial public offering.
This means that the major crypto exchange won’t be offering new shares to investors and, instead, will sell existing equities to the public.
Some advantages of the format for those holding stock in the company can include the ability to sell without lockups, creating “instant billionaires.”
When Coinbase first announced its intent to go public on Dec. 17, figures from Messari suggested the exchange could be worth $28 billion after going public.
Coinbase Pro has a history of experiencing outages and other issues at high-traffic times, and once again, users reported suffering difficulties at one point this week.
As Ryan Broderick wrote on Twitter: “The GameStop effect has completely upended the crypto market now. There’s a big Twitter-led $btc pump happening today and Coinbase — basically the Robinhood for entry-level crypto trading — has frozen USD purchases. Just tested it myself.”
Winners and Losers
At the end of the week, Bitcoin is at $34,293.71, Ether at $1,365.72 and XRP at $0.38. The total market cap is at $1,012,676,711,938.
Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Fantom, Dogecoin and Voyager Token. The top three altcoin losers of the week are Enjin Coin, Decentraland and NXM.
For more info on crypto prices, make sure to read Cointelegraph’s market analysis.
Most Memorable Quotations
“With upcoming Chinese New Year holidays, we expect this [Bitcoin] selling pressure to continue in the short-term, providing good entry opportunities for market participants.”
Lennard Neo, Stack Funds head of research
“Has Doge ever been to a dollar?”
MSB Chairman, parody Twitter account
“Right now, the reality of the institutional demand that would support a $35,000 price or even a $30,000 price is just not there. I don’t think the investor base is big enough and deep enough right now to support this kind of valuation.”
Scott Minerd, Guggenheim CIO
“If you are using a mobile crypto wallet on an iOS device, be sure to update iOS as soon as possible!”
Pete Kim, Coinbase head engineer
“If you don’t like suits, buy $GME and $AMC. If you don’t like the bankers, buy #Bitcoin.”
Cameron Winklevoss, Gemini co-founder
“People have maximum interest at $40,000 per #Bitcoin, but almost zero interest at $30,000 per #Bitcoin. Interesting.”
Michaël van de Poppe, Cointelegraph Markets analyst
“Gamestonk!!”
Elon Musk, Tesla CEO
“Are cryptocurrencies here to stay? Digital innovation in payments – yes. Have we landed on what I would call the design, governance and arrangements for a lasting digital currency? No, I don’t think we’re there yet.”
Andrew Bailey, Bank of England governor
“If I were a regulator, I would be kind of hyperventilating at the success of [Bitcoin] at the moment, and I would be arming myself to deal with it.”
Lloyd Blankfein, Goldman Sachs senior chairman
Prediction of the Week
Guggenheim says institutional demand not enough to keep BTC above $30,000
Guggenheim’s Scott Minerd has come out with another gloomy price outlook for Bitcoin, stating there’s not enough institutional demand to keep the asset over $30,000.
Speaking to Bloomberg, the chief investment officer said: “Right now, the reality of the institutional demand that would support a $35,000 price or even a $30,000 price is just not there. I don’t think the investor base is big enough and deep enough right now to support this kind of valuation.”
Minerd also believes that the downward pressure has a lot further to go, explaining that it is “not uncommon to see squeezes like this.”
On Jan. 20, Minerd told CNBC that he expects prices to retrace back to $20,000. The last time BTC fell by over half was in March 2020, when it dropped from just over $10,000 to below $5,000 in just three weeks.
FUD of the Week
Apple updates iOS to fix crypto wallet security vulnerabilities
Apple has issued new security updates for its mobile operating system after the iPhone maker discovered vulnerabilities that could compromise crypto wallets.
The security updates, which were released Tuesday, affect iOS 14.4 and iPadOS 14.4. The vulnerabilities reportedly allowed hackers to gain remote access to a target system, thereby exposing the user’s cryptocurrency wallet.
Pete Kim, Coinbase’s head engineer, issued this warning: “If you are using a mobile crypto wallet on an iOS device, be sure to update iOS as soon as possible!”
Crypto crime dropped 57% in 2020, but DeFi hacks surged, CipherTrace says
Crimes targeting the virtual currency sector decreased by more than half in 2020, according to blockchain security firm CipherTrace.
Overall losses from crypto theft, hacks and fraud fell 57% in 2020 to $1.9 billion, due mainly to improved security systems — but it wasn’t all good news.
Last year also saw a surge in crime related to decentralized finance, and the majority of incidents were “rug pulls.” This is where a token is artificially hyped and inflated, with the creators and early investors pulling the plug after the pump, leaving the latecomers out of pocket.
CipherTrace’s report warned that 50% of all crypto hacks were linked to DeFi protocols, with 99% of major fraud volume in the second half of 2020 stemming from rug pulls.
BoE Governor: Cryptocurrencies of today are destined to fail long term
The current generation of crypto assets lacks the design and structure needed to ensure long-term survival, Bank of England Governor Andrew Bailey has warned.
Speaking during a World Economic Forum panel, he said: “Are cryptocurrencies here to stay? Digital innovation in payments — yes. Have we landed on what I would call the design, governance and arrangements for a lasting digital currency? No, I don’t think we’re there yet.”
Bailey also indicated that the levels of transactional privacy afforded by crypto assets are a source of concern among regulators.
Best Cointelegraph Features
Risk it for the Bitcoin: Has BTC matured to be a safe investment play?
Institutional investors have arrived at the cryptocurrency table, but does that mean that Bitcoin has now become a safe investment?
DOGE price surge: The power of memes and social media on full display
Dogecoin, the quintessential meme crypto, is being pulled on a leash by yet another social media-driven hype.
Zombies not welcome: Original altcoins lose ground to DeFi newcomers
As DeFi takes over the cryptosphere, will the zombie projects remain dead after the great repricing?
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source https://cryptonews.wealthsharingsystems.com/2021/01/gamestop-mayhem-robinhood-scandal-musk-tweets-doge-explodes-hodlers-digest/
The innovative Cash Game Dollar at GGPokerOK: how does it work?
In 2020, the prominent poker room GGPokerOK launched several innovations and new features. They have recently become real trends in the online poker industry. One of the innovations that went relatively unnoticed was the appearance of a new game currency. Cash Game Dollar is denoted by the abbreviation C$.
The cash game currency was initially introduced on November 28, 2020. The newly implemented cash dollars can be used for playing online poker omaha and No-Limit Holdem games. Let us have a closer look at this issue.
What is C$?
C$ is similar to T$ (tournament dollar). Both currencies do not expire but cannot be instantly converted to dollars. They can only be used to participate in qualifying events in which players can convert their C$ or T$ into real dollars. One C$ equals one USD. You can use C$ to pay for buy-in in cash games. The new currency is displayed in a pop-up window when you enter the selected game.
Where can you use C$?
You can use cash game dollars in the following games on GGPokerOK:
- Short deck;
- Texas Hold’em;
- Rush and Cash;
- Omaha;
- All-In/Fold.
Players can choose how to pay for the buy-in – either using USD or C$ balance. If necessary, you can even combine currencies if there is an insufficient amount on your balance. The game will primarily use the C$ balance. Players have no other way to convert C$ to USD other than to actively use them at the cash game tables. C$ bets will be returned to the same player in C$. Jackpot fees and the rake are charged from C$. Therefore, your C$ balance will be decreasing over time.
If you win a game against a player who used C$, your winnings will be credited in USD. In January 2021, all daily leaderboards for Texas Hold’em, Rush & Cash, Short Deck and Omaha will be paid out in C$. Gamblers will need to convert their winnings into a cash balance before withdrawing.
GGCare at GGPokerOK
In 2021, a new GGCare function has already been launched on GGPokerOK. It helps unlucky players to return some money. Therefore, all cash game participants (Omaha, Hold’em, All-in or Fold, Spin and Go, Rush & Cash, and Short Deck) who experienced a suck out, bad beat, or cooler will be automatically registered in a daily Flipout tournament with a prize pool of $30,000, which will be held the following day. In January, GGPokerOK will distribute $930,000 on GGCare.
The starting stack size in freerolls will depend on the player’s bad luck, which is determined by a special algorithm. The more unlucky a player is the more starting stack he/she will receive. You can always check out unlucky hands in the PokerCraft timeline. The results of Flipout tournaments can be found both on the “My Tournaments” tab and PokerCraft.
It should be noted that rewarding players with prizes for bad luck is not a new concept. Many poker websites ran “Bad Beat Jackpot” promos for unlucky gamblers. And now a similar promo has been launched on GGPokerOK.
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Ethereum Pushes Against Key Resistance as Chart Shows Signs of “Strong Bid”
- Ethereum has been largely tracking Bitcoin’s price action as of late, but its swings have been far more tempered as it hovers within the $1,300 region
- The cryptocurrency has been showing some signs of strength, with bulls ardently absorbing all the intense sell pressure it has faced in recent times
- This indicates that there’s a significant number of investors keen on gaining exposure to ETH, providing it with a strong bid during all dips
- Where it trends will somewhat depend on Bitcoin undoubtedly, but it is currently pushing up against a key resistance level that may soon break
- One analyst is comparing the present price action to that seen in November, which means that a massive upsurge could be imminent
Ethereum has been consolidating throughout the past few days and weeks, with buyers and sellers both reaching an impasse as it largely trades within the mid-$1,300 region.
At the moment, $1,380 is the key resistance level to watch, as sellers have been ardently trying to guard against a break above this level.
Once broken, however, ETH could see a massive upswing that leads it to new all-time highs, which is a possibility that one analyst is closely watching.
Ethereum Consolidates as Bulls Build Strength
At the time of writing, Ethereum is trading down marginally from its recent highs of just over $1,400 set yesterday afternoon.
The crypto is now well-within a consolidation phase that has done little to provide insights into where it may trend in the mid-term.
Bitcoin and its continued reaction to the resistance that sits in the mid-$30,000 region should provide some insights into where major altcoins like Ethereum will trend next.
ETH Shows Signs of Strength Despite Consolidation
One trader explained in a recent tweet that Ethereum could be gearing up for a major push higher similar to that seen by the crypto in November before it exploded into the $1,000+ region.
He also notes that the buying activity on each dip indicates that the bid for ETH is quite strong.
“Noteworthy that $ETH has spent almost entire month hovering near 1300s. Quite similar to its behaviour in November when price exploded up right after at the beginning of month and never looked back. BID is STRONG.”
Image Courtesy of Mohit Sorout. Source: ETHUSD on TradingView.
So long as Bitcoin remains steady, there’s a strong possibility that Ethereum will soon see a large move higher.
Featured image from Unsplash. Charts from TradingView.
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source https://cryptonews.wealthsharingsystems.com/2021/01/ethereum-pushes-against-key-resistance-as-chart-shows-signs-of-strong-bid/
Analyst says Bitcoin price sell-off may occur as Chinese New Year approaches
On Jan. 29 Bitcoin (BTC) price briefly rallied to $38,500 before retracing the move and spending the majority of the day struggling to reclaim $35,000.
The wild breakout in Bitcoin price has partially been attributed to Elon Musk changing his Twitter profile to simply “#Bitcoin,” which Musk subsequently followed up with a cryptic tweet saying “In retrospect, it was inevitable.”
Dogecoin (DOGE) also continued to make waves across Twitter and with crypto traders. After reaching a new all-time high at $0.078 on Jan. 28, DOGE price corrected by 41% before rebounding to trade at $0.045.
Developments related to DOGE and r/Wallstreetbets led FTX crypto exchange to create a Wall Street Bets (WSB) index which tracks the price of Nokia (NOK), BlackBerry (BB), AMC Theaters (AMC), GameStop (GME), Silver (SLV), DOGE, and the FTX Token (FTT) using a weighted average of their prices.
The exploits of the popular Reddit group have also not gone unnoticed by the United States Securities and Exchange Commission, which announced that it will be taking a closer look at how Robinhood handled the trading of GME stock on its platform.
Bitcoin price holds strong despite miners selling
Despite the recent volatility, institutional investors continue to show an increased interest in Bitcoin and are willing to pay a premium to get exposure to CME’s Bitcoin futures contracts.
Even selling pressure from Bitcoin miners, who have been selling at levels not seen since BTC price topped out at $14,000 in July 2019, has not been able to satisfy increasing demand. Unlike previous years, mass selling from miners is not negatively affecting the long-term price of BTC, as shown by data from CryptoQuant.
According to Lennard Neo, the head of research at Stack Funds, the current miner sell-off is likely to continue in the near-term due to the upcoming Chinese New Year holiday.
Neo said:
“Miners are increasingly exiting their positions as the holiday approaches. This also suggests that the floor price for which miners are comfortable holding Bitcoins has yet to be found and we expect this volatility to persist in the coming weeks.”
Growing interest from institutions and the emergence of DeFi are big drivers of Bitcoin price growth. As the market heads into the Chinese New Year holiday, the key level of support to watch is now $34,000 while a move higher is likely to face resistance at $38,000.
The $4.9 billion worth of BTC futures that expired on Jan. 29 appears to have little effect on the market as this past week’s Robinhood ordeal is bringing more attention to the cryptocurrency industry.
The traditional markets faced a new wave of pressure which led to the worst weekly performance for the S&P 500. The Dow, NASDAQ and S&P 500 all finished the day negative, down 2.03%, 2.0% and 1.93% respectively.
Altcoins show signs of growth
While Bitcoin price struggled to hold the $34,000 level, DOGE made its way into the top-10 and a number of altcoins saw bullish breakouts.
XRP and Stellar (XLM) have both rose by roughly 9% in the past 24-hours, while Voyager Token (VGX) continued to climb higher, currently up 70% and trading at $1.77.
The overall cryptocurrency market cap now stands at $1.01 trillion and Bitcoin’s dominance rate is 63.5%.
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source https://cryptonews.wealthsharingsystems.com/2021/01/analyst-says-bitcoin-price-sell-off-may-occur-as-chinese-new-year-approaches/
The Biggest Gambling Companies in Canada • This Week in Gambling
There are thousands of land-based and online casinos in the world, with thousands of more casino games competing for player attention. This means it can be a tough market to succeed in or even make it to the top no less. Most top-tier gaming companies have been around for decades, and it is not surprising that a number of them are established in Canada, given that the country has been legalizing more and more forms of gambling over the past few years. Online casino slots are becoming increasingly popular, especially with the new way of life – having to stay home for long periods because of the Covid-19 pandemic.
With a long list of options to choose from, finding a great casino or casino game can be challenging as many of them sometimes have qualities that can impact players negatively. Thankfully, most games today, for instance, the Gorilla Gold Megaways, come with a demo version, so you can get a taste of what it has to offer before you commit to spending real money. With such an option, it is hard not to keep coming back because you already know what’s in it for you. The companies that provide such products are what keep the thrill of gaming alive.
Some of the biggest gambling companies in Canada provide gaming software, machines and other equipment to a multitude of casinos all over the world. They also own land-based casinos that offer several slots and other gambling games while continuing to be world-renowned travel destinations. Most of these companies are publicly traded, a sign that they are doing pretty well in the products and/or services they provide. They include:
Gamehost Incorporated
The very first thing featured on this company’s website is their thoroughly analyzed financials, a pretty good sign of how well they are doing in the saturated gaming market. Gamehost Inc. is well-known for its top-notch hospitality and leading entertainment venues. It caters to frequent players and the ‘social occasional gamer’, meaning that you don’t have to be a high roller or an avid gambler to enjoy its products.
Its array of hotels and casinos includes but is not limited to the Great Northern Casino, Service Plus Inns and Suites Hotel that is located in Calgary Deerfoot Inn, and Casino Inc, another premier hotel in the city, of which Gamehost Incorporated’s ownership position is at 91%.
The Stars Group Incorporated
You have probably heard of PokerStars or the BetStars gaming brands. These and many other popular gaming brands are owned by The Stars Group Inc, which was previously Amaya Gaming Group Inc. As of 2020, The Stars Group Inc officially became part of Flutter Entertainment Plc, forming a new gambling giant. This merger was a huge step forward for both companies, with Flutter Plc being the holding company for a vast selection of top international brands, serving over 13 million clients all over the world. Before the acquisition, the Canadian gaming and sports betting brand on its own was one of the most regulated iGaming companies with a license to operate in dozens of jurisdictions.
Jackpot Digital Incorporated
This is another of the biggest gaming companies in Canada that develops mobile games and electronic table games for both land-based and online casinos and the cruise ship industry. Because the majority of the company’s revenue is generated from licensing its table game products to cruise ships, the company has been negatively impacted materially following the temporary suspension of certain activities to contain the spread of the Coronavirus.
Even as the borders open and most businesses get back to normal, the company will still expect to generate less revenue from its customers for a while. Jackpot Digital remains one of the largest gaming companies in Canada, and only time will tell how severely it will be affected by the pandemic.
Onex Corporation
Over two thousand slot machines, about a hundred table games along with poker tables and lottery games, are run by Pure Canadian Gaming, which is owned by Onex Corporation. The corporation boasts of over $37 billion worth of assets under its management and is a big shark in the Canadian gaming industry. Onex Corporation has been around for 36 years and has a track record that rivals only the largest investment companies in the world.
Pollard Banknote Limited
This company focuses on the niche market of lottery and charitable games, providing the industry with marketing, business processes, merchandising solutions, among other products and services globally. They accomplish this by partnering with lotteries to increase their ticket sales and better serve their players. Pollard Banknote Ltd produces exceptional lottery games that are unique and exciting, therefore managing to attract new players from all over the world. It is based in Winnipeg, Manitoba in Canada and has an enviable portfolio of companies in its family, such as Diamond Game and American Games.
Great Canadian Gaming Corporation
Arguably one of the top largest gaming companies in Canada, Great Canadian Gaming Corporation, possesses over twenty gaming facilities, of which fifteen are casinos, and four are racetracks for horses. The corporation also owns three theatres that seat over one thousand people each and are known to host the highest caliber of entertainment. Not only does it boast of an award-winning resort encompassing two hotels, but it also has over forty food and beverage outlets.
Great Canadian Gaming Corporation has been running since 1982, and to contribute towards the containment of Covid-19, it suspended operations at all of its establishments in March 2020. Some of its properties have already been scheduled to reopen as Ontario attempted to reopen its economy.
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source https://cryptonews.wealthsharingsystems.com/2021/01/the-biggest-gambling-companies-in-canada-%e2%80%a2-this-week-in-gambling/
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