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Price analysis 5/25: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

Price analysis 5/25: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

Bitcoin and the major altcoins remain stuck in a range as traders search for the next factor that will start a directional move.

Bitcoin (BTC) has been struggling to sustain above $30,800 since May 16, suggesting that demand dries up at higher levels. Similarly, U.S. equity markets have not ceased to decline due to uncertainty regarding the number of rate hikes that will be needed to bring inflation under control

As the crypto bear market deepens, analysts are becoming extra bearish on their projections for the extent of the fall. Trader and analyst Rekt Capital said that Bitcoin could be at risk of falling to $19,000 to $15,500 before a bottom is formed.

Daily cryptocurrency market performance. Source: Coin360

However, Arcane Research recently pointed out that buying when Bitcoin’s Fear and Greed Index reaches a score of 8 had resulted in an average median 30-day return of 28.72%. Interestingly, the index hit 8 on May 17.

Could Bitcoin slide further and pull altcoins lower or is it time for a recovery? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin rose above the downtrend line on May 23 but the bulls could not sustain the higher levels. The price turned down and dipped to the strong support at $28,630 on May 24 but a minor positive is that the bulls successfully defended this level.

BTC/USDT daily chart. Source: TradingView

The bulls are again attempting to push and sustain the price above the downtrend line. If they succeed, the BTC/USDT pair could rally to the 20-day exponential moving average (EMA) ($31,286).

In downtrends, the bears tend to sell the rallies to the 20-day EMA. Hence, this level may act as a stiff resistance. The bulls will have to clear this hurdle to suggest that a bottom may be in place.

On the downside, $28,630 is the important support to keep an eye on because a break below it could result in a drop to the May 12 intraday low at $26,700.

ETH/USDT

Ether (ETH) dipped below the uptrend line on May 24 but the bulls bought at lower levels and pushed the price back above the uptrend line. This suggests that bulls are trying to defend the uptrend line with vigor.

ETH/USDT daily chart. Source: TradingView

However, the bears have not given up and they are again attempting to pull the price below the uptrend line on May 25. If bulls thwart this attempt, the ETH/USDT could rise to the overhead resistance at $2,159.

Contrary to this assumption, if the price breaks and sustains below the uptrend line, it will suggest advantage to bears. The pair could then decline to $1,903. A break and close below this support could pull the pair to the May 12 intraday low at $1,800.

BNB/USDT

BNB climbed above the 20-day EMA ($323) on May 24 but the long wick on the May 25 candlestick suggests that the bears are attempting to defend the overhead resistance at $350.

BNB/USDT daily chart. Source: TradingView

The flattish 20-day EMA and the relative strength index (RSI) near the midpoint do not give a clear advantage either to the bulls or the bears.

If bulls push the price above $350, the advantage could tilt in favor of the buyers. Such a move could clear the path for a potential rally to the 50-day simple moving average (SMA) ($368) and later to $413.

Conversely, if the price turns down and breaks below $320, it will suggest that bears are aggressively selling at higher levels. The BNB/USDT pair could then slide to $286.

XRP/USDT

The bulls are defending the immediate support at $0.38. Although Ripple (XRP) bounced off $0.39 on May 24, the bulls could not sustain the higher levels.

XRP/USDT daily chart. Source: TradingView

The bears are again attempting to sink the price below the support at $0.38 but the long tail on the candlestick suggests strong buying at lower levels. If the demand sustains at higher levels, the bulls will attempt to push the price above the downtrend line and challenge the 20-day EMA ($0.46).

On the contrary, if the price turns down from the current level or the downtrend line, the bears may again try to sink the XRP/USDT pair below $0.38. If they can pull it off, the pair could drop to the vital support at $0.33.

ADA/USDT

Cardano (ADA) has been trading in a tight range between $0.49 and $0.56 since May 19. This suggests that bulls are attempting to form a higher low but are facing stiff resistance from the bears at higher levels.

ADA/USDT daily chart. Source: TradingView

If the price rebounds off the support at $0.49, the ADA/USDT pair may remain stuck in the range for a few more days. The bulls will have to push and sustain the price above the 20-day EMA ($0.58) to indicate the start of a strong relief rally that may reach the breakdown level of $0.74.

Instead, if bears sink the price below the strong support at $0.49, the selling may intensify and the pair could slide toward the May 12 intraday low at $0.40.

SOL/USDT

Solana’s (SOL) attempt to rally on May 23 fizzled out at $54. The failure of the bulls to push the price to the 20-day EMA ($58) indicates that demand dries up at higher levels.

SOL/USDT daily chart. Source: TradingView

The bears are trying to sink the price below the immediate support at $47. If they manage to do that, the SOL/USDT pair could drop to $43 and thereafter to the critical support at $37. The downsloping moving averages and the RSI near the oversold territory indicate advantage to sellers.

Contrary to this assumption, if the price rebounds off $47, the bulls will try to propel the pair above the 20-day EMA and challenge the breakdown level at $75.

DOGE/USDT

Dogecoin (DOGE) has been stuck inside a tight range between $0.08 and $0.09 for the past few days. The bulls tried to push the price above $0.09 on May 23 but failed. This may have attracted selling by the bears who are trying to sink the price below the immediate support at $0.08.

DOGE/USDT daily chart. Source: TradingView

If they succeed, the DOGE/USDT pair could slide to the crucial support at $0.06. This is an important level for the bulls to defend because a break and close below it could resume the downtrend. The pair could then drop to $0.04.

On the contrary, if the price rebounds off $0.08, the pair may continue to trade inside the range for a few more days. The bulls will have to push and sustain the price above the psychological level of $0.10 to indicate that the downtrend may be weakening.

Related: Singapore venture firm launches $100M Web3 and metaverse fund

DOT/USDT

Polkadot (DOT) has been clinging to the $10.37 level for the past few days. The bulls pushed the price above $10.37 on May 23 but could not sustain the higher levels. This suggests that bears are selling on rallies to the 20-day EMA ($11.23).

DOT/USDT daily chart. Source: TradingView

The bears may try to pull the price to the immediate support at $9.22. If this support cracks, the DOT/USDT pair could drop to $8 and thereafter to $7.30. The bulls are expected to defend the zone between $8 and $7.30 aggressively.

On the upside, the buyers will have to push and sustain the price above the 20-day EMA to indicate that the sellers may be losing their grip. The pair could then rally to the breakdown level at $14 where the bears may again mount a strong defense.

AVAX/USDT

Avalanche (AVAX) broke below the pennant formation on May 24 but the long tail on the day’s candlestick shows that bulls bought the dip. They tried to push the price back into the pennant but failed.

AVAX/USDT daily chart. Source: TradingView

The bears are trying to build upon their advantage and pull the price below the immediate support at $26.87. If they do that, the AVAX/USDT pair could slide to the crucial support at $23.51. This is an important level for the bulls to defend because if they fail to do that, the downtrend could resume. The next support on the downside is $20.

To invalidate this bearish view in the short term, the bulls will have to push the price above the pennant and the 20-day EMA ($37.23).

SHIB/USDT

Shiba Inu (SHIB) attempted to break above the immediate resistance at $0.000013 on May 23 but the long wick on the day’s candlestick shows that bears continue to sell at higher levels.

SHIB/USDT daily chart. Source: TradingView

The failure of the bulls to push the price higher could attract selling by aggressive bears who will try to pull the SHIB/USDT pair below the immediate support at $0.000010. If they manage to do that, the pair could slide to the May 12 intraday low at $0.000009.

Alternatively, if the price rebounds off the support at $0.000010, it will suggest that bulls are buying on dips. That could keep the pair stuck inside the $0.000010 to $0.000014 range for a few more days.

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.



via cointelgraph.com
JPMorgan places BTC fair price at $38K, declares crypto a preferred alternative asset

JPMorgan places BTC fair price at $38K, declares crypto a preferred alternative asset

The banking giant says Terra's collapse did not appear to harm the VC market, and things will be looking up for crypto as long as VC stays in.

JPMorgan has placed Bitcoin’s (BTC) fair price at $38,000, which is 28% higher than its current level of around $29,500, according to a note the bank issued to clients on Wednesday. “The past month's crypto market correction looks more like capitulation relative to last January/February and going forward we see upside for Bitcoin and crypto markets more generally," the note said. Bank strategist Nikolaos Panigirtzoglou was the lead author of that document.

A bank investors’ note placed Bitcoin’s fair value at the same level in February. It was trading around $43,000 at that time.

Crypto has surpassed real estate as a preferred “alternative asset” for the bank, along with hedge funds, the note continues. It said:

“Thus far, there is little evidence of VC [venture capital] funding drying up post-Terra’s collapse. Of the $25 billion VC funding year-to-date, almost $4 billion came after Terra. Our best guess is the VC funding will continue and a long winter similar to 2018/2019 would be averted.”

VC funding would be critical to avoiding that crypto winter, it added.

On the same day, major venture capitalist Andreessen Horowitz announced the closing of its fourth cryptocurrency fund at $4.5 billion. Also on Wednesday, crypto-focused venture firm NGC Ventures launched its third blockchain fund with $100 million raised from investors that included Babel Finance, Huobi Ventures and Nexo Ventures.

JPMorgan CEO Jamie Dimon has repeatedly expressed his personal antipathy toward cryptocurrency, going so far as to call it a fraud, but the bank, itself, has taken a more practical stance. It became the first major bank in the Metaverse earlier this year. Dimon has praised crypto for it cross-border payment facility.



via cointelgraph.com
Bitcoin creeps toward $30K, but data shows bears in favor for Friday’s $1.8B BTC options expiry

Bitcoin creeps toward $30K, but data shows bears in favor for Friday’s $1.8B BTC options expiry

Traders are calling for a “relief rally” to $35,000, but derivatives data shows bears stand to profit from this week’s $1.81 billion BTC options expiry.

Bitcoin (BTC) price has been unable to close above $32,000 for the past fifteen days and is currently down 37% year-to-date. Although that might seem excessive, it does not stand out among some of the largest U.S.-listed tech companies that have also sustained notable losses recently. 

In this same 15-day period, Shopify Inc. (SHOP) stock dropped 76%, Snap Inc. (SNAP) crashed 73%, Netflix (NFLX) is down 70% and Cloudflare (NET) presented a negative 62% performance.

Cryptocurrency investors should be less concerned about the current "bear market" considering Bitcoin's 79% annualized volatility. However, that is clearly not the case, because Bitcoin's "Fear and Greed Index" reached an 8 out of 100 on May 17, the lowest level since March 2020.

Traders fear that worsening macroeconomic conditions could cause investors to seek shelter in the U.S. dollar and Treasuries. Japan’s industrial production data released on May 18 showed a 1.7% contraction year-over-year. Moreover, May 20 retail sales data from the United Kingdom showed a 4.9% decline versus 2021.

Financial analysts across the globe blame the weakened market conditions on the U.S. Federal Reserve's slow reaction to the inflation surge. Thus, traders increasingly seek shelter outside of riskier assets, which negatively impacts Bitcoin price.

Bulls placed most bets above $40,000

The open interest for the monthly May 27 options expiry in Bitcoin is $1.81 billion, but the actual figure will be lower since bulls were caught by surprise as the BTC price has fallen 26% in the last 30 days.

Bitcoin options aggregate open interest for May 27. Source: CoinGlass

The 1.31 call-to-put ratio reflects the $1.03 billion call (buy) open interest against the $785 million put (sell) options. Nevertheless, 94% of the bullish bets will likely become worthless as Bitcoin currently trades near $30,000.

If Bitcoin's price remains below $31,000 on May 27, bulls will only have $60 million worth of these call (buy) options available. This difference happens because there is no use in a right to buy Bitcoin at $31,000 if it trades below that level on expiry.

Related: Low inflation or bust: Analysts say the Fed has no choice but to continue raising rates

Bears can secure a $390 million profit on May 27

Below are the three most likely scenarios based on the current price action. The number of options contracts available on May 27 for call (buy) and put (sell) instruments varies, depending on the expiry price. The imbalance favoring each side constitutes the theoretical profit:

  • Between $28,000 and $30,000: 800 calls (buy) vs. 14,200 puts (sell). The net result favors bears by $390 million.
  • Between $30,000 and $32,000: 2,050 calls (buy) vs. 11,200 puts (sell). Bears have a $250 million advantage.
  • Between $32,000 and $33,000: 5,650 calls (buy) vs. 9,150 puts (sell). The net result favors bears by $110 million.

This crude estimate considers the call options used in bullish bets and the put options exclusively in neutral-to-bearish trades. Even so, this oversimplification disregards more complex investment strategies.

For example, a trader could have sold a call option, effectively gaining negative exposure to Bitcoin above a specific price, but unfortunately, there's no easy way to estimate this effect.

Bitcoin bears need to sustain the price below $30,000 on May 27 to profit $390 million from the monthly options expiry. On the other hand, bulls can reduce their loss by pushing BTC above $32,000, an 8% rally from the current $29,700 price. However, judging by the bearish macroeconomic conditions, bears seem better positioned for May 27 expiry.

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.



via cointelgraph.com
How To Set Up Uptime Monitoring For Your Home Bitcoin Mining Setup

How To Set Up Uptime Monitoring For Your Home Bitcoin Mining Setup

If you’re looking for a way to keep an eye on your miners, this new Umbrel project helps you do just that.

Umbrel continues to onboard awesome projects to their platform — most recently an application called "Uptime Kuma." Self-described as "a fancy self-hosted monitoring tool," Uptime Kuma is a project by Louis Lam that endeavors to ship a self-hosted version of "Uptime Robot." For those of you who have started home mining and wish to set up a self-hosted solution to remote uptime monitoring (with Telegram notifications!), Uptime Kuma on your Umbrel is fantastic. Here's how to set it up.

Requirements:

  • Umbrel node running with Uptime Kuma downloaded, on the same network that the miners you wish to monitor are on
  • Telegram
  • 5 minutes of your time

Start by downloading Uptime Kuma from the Umbrel app store and then open it up on a computer on the same network as your Umbrel and your miner(s). Click "Add New Monitor" in the top left corner of the page.

Fill out the form as applicable.

For “Friendly Name" you can put something like "Garage S9" for example. For the URL, put in the IP address of your miner such as "http://192.168.0.xxx". If you already have a miner running on your home network, I hope it's safe to assume you know where to find this information. Set the "Heartbeat Interval" to your liking. This is how frequently Uptime Kuma will ping your machine to check that it is online. "Retries" represents the number of times Uptime Kuma will reattempt to ping your machine after an initial failed ping. "Heartbeat Retry Interval" represents the amount of time Uptime Kuma will wait between reattempted pings to your machine after an initial failed ping.

Now, for the Telegram notifications.

In the top right corner of the "Add New Monitor" form, there is a "Setup Notification" button.

Click that button and you'll open the notification settings form.

From here, choose Telegram from the dropdown list and choose a name for your Telegram alert. Again, you can put something like "Garage S9", for example. You'll need a Telegram Bot Token, which you can get from here: https://t.me/BotFather. In the Telegram chat with the BotFather, type "/newbot" and hit enter. It will reply with a couple of questions: "Alright, a new bot. How are we going to call it? Please choose a name for your bot." Here, again, you can put something like "Garage S9" for example. "Good. Now let's choose a username for your bot. It must end in `bot`. Like this, for example: TetrisBot or tetris_bot". Here, again, you can put something like "Garage S9 Bot". Then the bot will say you are done, and provide you with an API key.

Take that API key and paste it into the "Bot Token" field on the Uptime Kuma notification form.

Click the link below the empty chat ID field to get the chat ID information.

That link should take you to a new webpage for the API which looks like a bunch of shadowy super coder text but all you need from here is the chat ID. For me, this was the eighth row of text on the page. Note: You need to send a Telegram message to your bot to initiate the chat and generate a chat ID before the chat ID will show at the link in the form. Send a test message to whatever your newly-created bot name is before clicking the link below the empty chat ID field.

Paste that chat ID into the Telegram notification form on Uptime Kuma and hit Test. You should receive a Telegram message from your newly created bot. Save the notification form on Uptime Kuma and then scroll down and save the "Add New Monitor" form.

Boom! If that all worked, you should have a functioning Telegram notification bot for your miners. Test this by disconnecting for a couple minutes and see if you get a Telegram message from your bot. You can also monitor uptime on any browsing device that can access your Umbrel via the Uptime Kuma web GUI.

Happy Hashing.

This is a guest post by Scott Marmoll. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.


via bitcoinmagazine.com
Scott Minerd says Bitcoin price will drop to $8K, but technical analysis says otherwise

Scott Minerd says Bitcoin price will drop to $8K, but technical analysis says otherwise

BTC price could be poised for a big bounce despite Minerd’s prediction that price will drop to $8,000.

Bitcoin (BTC) is predicted to drop more than 70% to the $8,000 value area, according to comments by Guggenheim chief investment fficer Scott Minerd. This is not the first time he has made a bearish call, and he has, in the past, made bullish calls as well. However, Minerd’s more recent calls have occurred just before major reversals.

It should be noted that Mr. Minerd, if inferred from previous comments, is a Bitcoin bull and has a long forecast for the biggest digital asset in the six-figure range. However, if traders and investors used his comments as a sentiment indicator for a market low, then other confirmatory data must be used.

Long term oscillators values support a bullish reversal

The weekly and monthly RSI (relative strength index) and composite index show that extremes have been met. These extremes do not predict or guarantee a reversal. Still, they warn bears that the momentum of further downside movement is likely to be severely limited or eliminated.

BTC/USD weekly relative strength index (RSI) (Coinbase) Source: TradingView

The weekly RSI remains in bull market conditions, despite it moving below both the oversold levels of 50 and 40 — until it hits 30, the bull market RSI settings remain. Currently, at 33, this weekly RSI level is the lowest since the week of December 10, 2018, and just below the March 2020 COVID-19 crash low of 33.48.

Likewise, the weekly composite index reading for Bitcoin is at an extreme. It is currently at the lowest level it has traded at since the week of February 8, 2018. The current level that the weekly composite index is at has historically been a strong indicator that a swing low is likely to develop.

BTC/USD weekly composite index (Coinbase) Source: TradingView

The black vertical lines identify the most recent historical lows in Bitcoin’s weekly composite index.

Chart patterns on oscillators can help identify upcoming reversals

The use of basic chart patterns like rectangles and triangles on a Japanese candlestick or American bar charts c is not limited to just the price chart. For example, the great analyst and trader Connie Brown (the creator of the composite index) impresses analysts and traders to pay attention to chart patterns in oscillators.

BTC/USD monthly (RSI) (Coinbase) Source: TradingView

The falling wedge pattern on the monthly RSI fulfills all the requirements to confirm that pattern: five touches of the trend lines. It should be noted that the monthly RSI for Bitcoin, like the weekly RSI, remains in bull market conditions, and the current RSI is just below the first oversold level of 50.

Another major development with Bitcon’s oscillators is the regular bullish divergence between the monthly RSI and the monthly composite index. The composite index, created by Connie Brown, essentially is the RSI with a momentum calculation — it catches moves that the RSI cannot.

Note the structure of the lines on the monthly RSI compared to the composite index. The RSI shows lower lows, but the composite index shows higher lows. That is a regular bullish divergence.

BTC/USD Monthly composite index (Coinbase) Source: TradingView

Regular bullish divergence is most often measured between price and an oscillator, but it can also be measured between two oscillators. Regular bullish divergence is a warning sign that the current downtrend will likely face a corrective move higher or the beginning of a new uptrend.

Bitcoin price action remains correlated to stocks

Due to the continued correlative behavior between Bitcoin and the broader cryptocurrency market to stocks, special attention should be given to this week, specifically Thursday (May 26, 2022).

Economists and Wall Street continued to sound off worries about growth. After Target’s (NYSE: TGT) dismal quarterly report last week, all eyes are on other big-name retailers announcing earnings on May 26: Macy’s (NYSE: M), Dollar Tree (NASDAQ: DLTR) and Dollar General (NYSE: DG) are all on deck May 26.

However, given that much of the stock market is below bear market levels, any negative news from retail stocks or the United States Federal Reserve is likely to be considered “priced in.” Volume into the tech-heavy NASDAQ (NASDAQ: QQQ) has increased, as have inflows to Bitcoin and the wider crypto market.

Thus, if stocks bounce, Bitcoin will bounce. The upside potential for Bitcoin will likely be limited to the critical psychological and 2022 volume point of control at $40,000.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.



via cointelgraph.com
Andreessen Horowitz closes $4.5 billion crypto fund amid market turmoil

Andreessen Horowitz closes $4.5 billion crypto fund amid market turmoil

The new investment vehicle will focus on early-stage ideas as well as projects that are more mature and have already shown some traction.

Even though crypto markets appear to be on a long, arduous path ahead based on recent weeks of token turmoil, venture investors looking to get their hands on a web3 future aren't slowing down.

On Wednesday, venture capital giant, A16Z, announced closing its fourth cryptocurrency fund at $4.5 billion. This brings the total money invested by Andreessen Horowitz in digital currency and blockchain business to more than $7.6 billion.

The new investment vehicle will focus on early-stage ideas as well as projects that are more mature and have already shown some traction. According to the firm, $1.5 billion of the funding will be used for seed injections, while $3 billion will be dedicated to venture investments.

Despite the current market downtown, the firm is optimistic about discovering fresh prospects. Marc Andreessen, the co-founder of A16Z, commented that cryptocurrencies are still in their "early innings," adding that the market has a lot of growth potential.

The fourth Crypto Fund has been in the works for some time; Cointelegraph first reported on it in January. It doubles the previous crypto fund's size and demonstrates the growing interest among the firm's limited partners in boosting their exposure to cryptocurrency firms.

The new funding has come less than a year since Andreessen Horowitz announced the launch of its $2.2 billion Crypto Fund III. A16z's dominance has made waves in the crypto industry throughout recent months, with several crypto native companies like Paradigm and Electric Capital raising enormous sums to compete against it.

Related: $3B flows to metaverse and Web3 gaming this month as a16z tips in $600M

Formerly known for investments in Instagram and Slack, the firm first entered the crypto sector with an investment in Coinbase in 2013. It has since backed a number of crypto businesses, including Polychain Capital, OpenSea, Solana, Avalanche and Yuga Labs.



via cointelgraph.com
Turkey Crafts Legislation For Bitcoin, Crypto Oversight: Report

Turkey Crafts Legislation For Bitcoin, Crypto Oversight: Report

Turkish governing party is reportedly set to submit bills to parliament in the coming weeks to better regulate the Bitcoin and cryptocurrency markets.

Turkey is close to presenting draft legislation to regulate the Bitcoin market, especially businesses involved in the sector that operate in the country, Bloomberg reported on Wednesday.

Two Turkish officials familiar with the matter told the news outlet that President Recep Tayyip Erdogan’s governing AK Party is set to submit bills to parliament containing the new rules in the coming weeks. The bill is set to include measures for businesses providing cryptocurrency businesses to the public, such as exchanges.

“Among the proposals is a requirement that companies have a minimum of 100 million liras ($6 million) in capital, they said, speaking on condition of anonymity to discuss plans that aren’t public,” Bloomberg reported. “Another rule would mandate global cryptocurrency platforms to open branch offices that can be taxed in Turkey, according to the officials.”

The news comes after scandals involving cryptocurrency businesses plagued the country last year.

Faruk Fatih Ozer, the CEO of local cryptocurrency exchange Thodex, fled the country in April 2021, leaving the funds of about 390,000 active users of the exchange irretrievable. Thodex’s lawyer, Bedirhan Oguz Basibuyuk, said at the time that the CEO fled Turkey because he would have been “either arrested or committed suicide” otherwise. The lawyer cited liquidity problems and a years-old hacking incident as part of the reasons for the apparent exit scam.

A Turkish court jailed six suspects later that month as part of its investigation into the Thodex case. The group of suspects included the brother and sister of Ozer as well as senior company employees.

In the same month last year, Turkish authorities reportedly arrested four people connected to another cryptocurrency exchange, Vebitcoin, as part of a fraud investigation.

Following the issues with those two businesses, the Turkish government reportedly began exploring the idea of establishing a central custodian bank for cryptocurrency exchanges. It also instituted a ban on cryptocurrency payments in the same month as its own fiat currency tumbled.

Currently, Turkey is victim of harsh inflationary pressures as President Erdogan refuses to raise interest rates. The country’s population experienced annual increases of 35% in healthcare, 27% in education, 26% in clothing and footwear and 18.71% in communication, according to latest data.


via bitcoinmagazine.com
Mercado Bitcoin partners with Stellar to create MVP for Brazilian CBDC

Mercado Bitcoin partners with Stellar to create MVP for Brazilian CBDC

Cryptocurrency companies unite to create use cases for Brazil’s CBDC with central bank approval.

Brazilian exchange Mercado Bitcoin announced its partnership with the Stellar Development Foundation (SDF) on Tuesday. The company said it intends to develop one of the nine projects selected for the LIFT Challenge Real Digital, promoted by the Central Bank of Brazil.

The LIFT Challenge Real Digital are a collaborative environment carried out by the Central Bank of Brazil (Bacen), in partnership with National Federation of Associations of Central Bank Servers (Fenasbac). With the announcement of Stellar's integration, SDF will join the consortium created by Mercado Bitcoin to develop solutions for Real Digital and which also has CPQD and ClearSale.

CEO of Stellar Development Denelle Dixon said that Stellar’s network is prepared to support Mercado Bitcoin and the Central Bank of Brazil as they explore use cases for the Real Digital’s future. “Stellar was designed for asset issuance, and its built-in compliance tools give Mercado Bitcoin a strong foundation to develop a solution with the features that Bacen expects to see,” she claimed.

According to the statement, Mercado Bitcoin selected the Stellar network due to the speed, efficiency and security of the protocol.

"We are in a consortium of companies that have the structure and ambition to build robust solutions for the financial market through blockchain technology. Utilizing the Stellar network will allow us to deliver a complete case for evaluation by the Central Bank," said Reinaldo Rabelo, CEO of Mercado Bitcoin.

In addition to the consortium created by Mercado Bitcoin, the Central Bank of Brazil also chose the DeFi Aave protocol and ConsenSys in partnership with Visa and Microsoft to develop use cases for the nation's Real Digital.

In April, Cointelegraph reported that the president of Brazil's Central Bank had confirmed that the country’s sovereign digital currency pilot will go live this year. However, this release will still be a pilot version and will not be available to the entire population of the country. According to Campos Neto, the Real Digital hopes to enable smart contracts and decentralized finance on the CBDC platform.

“The Real Digital initiative is a response to the rapid progress of digital transformation and society's demand for native means of settlement in a new environment. conditions for important efficiency gains to be achieved", said Campos Neto last year.

Fábio Araujo, coordinator of the Real Digital project within the BC, recently stated that the Central Bank aims to allow the construction or interconnection of the national financial system with decentralized finance (DeFi) and with smart contracts. These are, in his opinion, the great contributions of the blockchain ecosystem and cryptocurrencies.

“These fundamental points of the crypto environment we intend to bring within our regulatory perimeter to do a mass thing to give access to more people. We want to bring smart contract and Defi technologies inside so that we can reach a wider audience," he said.



via cointelgraph.com
Stripe To Enable Millions of Merchants To Convert Payments Into Bitcoin via OpenNode

Stripe To Enable Millions of Merchants To Convert Payments Into Bitcoin via OpenNode

Stripe, a global payment processor, has partnered with OpenNode enabling businesses to convert fiat payments into bitcoin.

  • Stripe, one of the largest payment processors in the world, just announced businesses will be able to convert any amount of payments into bitcoin.
  • The functionality comes through a partnership with Bitcoin Lightning Network infrastructure provider, OpenNode, through Stripe’s new app marketplace.
  • Stripe simultaneously announced the launch of its app marketplace which allows custom UIs to integrate with Stripes global customer base.

Stripe, one of the leading payment processors in the world, just announced a partnership with bitcoin payments infrastructure company OpenNode, which will allow businesses to convert fiat payments into bitcoin.

Through the OpenNode app located in Stripe’s app marketplace, users will be able to convert fiat payments into bitcoin in real time. Businesses can set an automatic amount of their payments to be converted into bitcoin, or they will be able to manually convert any amount into bitcoin they wish.

Businesses will be able to view their bitcoin wallets and conversion rates at a glance within the app, as seen below.

Image Source

The application will also allow businesses to connect directly with their bank accounts enabling accessible bitcoin conversions from fiat at any time as depicted below.

Image Source

The automatic conversion from fiat to bitcoin is accomplished through a split-payment feature located in the app, which businesses will be prompted through when going through the initial setup process. Should businesses choose not to set up split conversion initially, they can simply return to the app’s setting and enable the feature at any time.

Stripe’s app marketplace was also announced today which will allow companies like OpenNode to create customer user interfaces that will streamline workflows and allow data syncing compatibility between Stripe and its participating partners.

Using Stripe’s open application programmable interface (API), developers can start building apps that will support Stripe integrations. Billing for applications will be fairly straightforward for businesses looking to build on Stripe as the company said Stripe apps do not currently offer billing for apps, however apps can either be free or paid for but companies will need to handle their billing outside of the marketplace at launch. 


via bitcoinmagazine.com
WEF 2022: Trust and clarity are missing in discussions of carbon emissions and crypto

WEF 2022: Trust and clarity are missing in discussions of carbon emissions and crypto

Panelists at the World Economic Forum session on crypto’s carbon footprint seem to be seeing FUD galore surrounding the environmental consequences of crypto mining.

The need for a clear, balanced concept of the issue was a constant theme at the panel discussion of crypto’s carbon footprint at the 2022 World Economic Forum. There was general agreement that there has been a rush to judgment on the consensus mechanisms of crypto mining and education, and careful policymaking can counteract it.

“Crypto tribalism” on social media is an impediment to environmentally sound crypto mining, FTX.US president Brett Harrison said, comparing the situation to politics. “A vocal minority obscures the majority,” he said, while there is a unified effort in the background. He added, “Practitioners have to tell actual stories.” 

DataKind CEO Lauren Woodman spoke of the need to “get everyone to the table.” In some places, crypto mining operations are often seen as disruptive to the energy systems they depend on, she said, but an anchor energy client enables infrastructure construction in other places.

“Picking one winner” among the variety of consensus mechanisms “defeats the purpose of blockchain,” which is multichain, multi-asset interoperability, Denelle Dixon, CEO of the Stellar Development Foundation, said. There should be no value judgment on energy consumers, rather energy efficiency should be a value for all of them equally.

Skybridge Capital managing partner Anthony Scaramucci equated decentralization with antifragility and pointed out that crypto mining is in the early stages of its development, “so early that a winner can’t be picked.”

Harrison brought up the practical side of the question. “All of us on this platform can agree on the need for regulation, I think,” Harrison said, adding that responsible regulation is not banning technology, but solving problems.

Education has to accompany regulation, according to Robert Wardrop, management practice professor of finance at Cambridge University and director of the Cambridge Centre for Alternative Finance. He said:

“Trusting technology means trusting its governance.”


via cointelgraph.com
Assuming Bitcoin plays nice, higher timeframe analysis points to $90 Solana (SOL) price

Assuming Bitcoin plays nice, higher timeframe analysis points to $90 Solana (SOL) price

Solana continues to consolidate near the critical $50 price range, while bulls have begun to flirt with the idea of a possible upswing.

Solana (SOL) price has begun to consolidate in a tightening range and if the wider market remains stable, it’s possible that SOL could break out in the short-term.

SOL’s upside potential in the short term could be significant with the move, itself, occurring quickly. The 2022 Volume Profile between $53 and $90 is extremely thin, indicating that any daily close above $53 would easily move towards the next high volume node in the $90 value area.

In addition, the 50% Fibonacci retracement of the all-time high to the July 26, 2021 weekly low and the 2022 Volume Point of Control also exist in the $90 price zone.

SOL/USDT Daily Chart (Binance) Source: TradingView

Bulls traders should anticipate some resistance for SOL price near the Kijun-Sen and 61.8% Fibonacci retracement near the $70 price range. However, given how thin the Volume Profile is, that resistance may be short-lived.

Historicals suggest sells may struggle to pin SOL under $50

Downside pressure remains a concern but is likely limited in size and scope. The triangle pattern on the daily chart shows bulls have made another attempt to push SOL up and out, but have so far been rejected from spending any meaningful time above the upper trendline.

SOL/USDT Daily Ichimoku Kinko Hyo Chart (Binance) Source: TradingView

If a bearish breakout below the triangle does occur, bulls will understandably panic, but bears shouldn’t be overly confident. Despite the 2022 Volume Profile being thin below the $39 price level, the 2021 indicator also shows considerable participation between $41 and $48.

Another fast sell-off toward $39 is likely to occur if SOL closes the daily candlestick at or below $49.

Time cycles indicate a change in trend may begin soon

Solana price action is poised for a substantial bullish bounce from a time cycle perspective. In Gann Analysis, one of the most powerful time cycles is the 180-day cycle (extending to 198 days). Gann indicated that any instrument trending in a single direction over 180 days has a high probability of generating a powerful corrective move or a major trend change.

SOL/USDT Daily Ichimoku Kinko Hyo Chart (Binance) Source: TradingView

May 23, 2022 is the 196th day from the all-time high made on November 8, 2021.

Complimenting Gann’s 180-day cycle is an event within the Ichimoku Kinko Hyo system: a Kumo Twist. A Kumo Twist is the time period when Senkou Span A crosses Senkou Span B. Additionally, the Cloud changing color can be observed. Kumo Twists have a high probability of identifying when a new swing low/high may occur.

Macroeconomic data will continue to weigh on crypto

Solana and the broader crypto market remain at the mercy of the stock market. While the stock market has mounted a modest recovery during the May 23 session, all four major indices are in or near bear market territory.

For example, the RUSSELL 200 (IWM) is down -27%, the NASDAQ (NDX) by -28% and the S&P 500 (SPY) hit bear market territory on Friday, May 20, but it crawled out of it Monday, May 23,. Still, the index remains close to bear market conditions at -17%. Only the DOW has remained out of bear market territory.

Volatility is expected to be exceptionally high this week as well. New home sales data comes out on May 24, durable goods on May 25, GDP growth rate on May 26, and personal spending and income (MoM) on May 27.

Expect any bearish or bullish price action in the stock market to be mirrored by the cryptocurrency market.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.



via cointelgraph.com
The Giving Block Launches First-Ever Bitcoin, Crypto Donations Fund For Miami Nonprofits

The Giving Block Launches First-Ever Bitcoin, Crypto Donations Fund For Miami Nonprofits

The Giving Block and Shift4 have partnered for a Caring With Crypto nonprofit donation campaign to support Miami-based nonprofits.

  • The Giving Block is partnering with Shift4 for a nonprofit donation campaign with the Miami Impact Index Fund.
  • The campaign is called Caring With Crypto, and the CEO of Shift 4 will be personally matching the first $10 million in cryptocurrency donations.
  • The fund allows donors to donate to all participating nonprofits in a single transaction that is equally distributed to all participants.

The Giving Block, a bitcoin and cryptocurrency fundraising platform for nonprofits, announced the Miami Impact Index Fund, allows donors to provide funds to all participating Miami area nonprofits with a single donation, according to a press release sent to Bitcoin Magazine.

When donors provide donations to the fund, each participating nonprofit will receive an equal share of the donation. Donations will also be doubled due to The Giving Block partnering with Shift4, a payment processor, in a program called Caring With Crypto.

The partnership between the two companies will see Shift4 CEO Jared Isaacman personally match any donation up to the first $10 million donated to the program. This effectively doubles any donation made to all of the causes in a single transaction.

The release explains that it is more common for high net-worth individuals to donate property than it is to donate cash, as donating cryptocurrency like bitcoin directly to a 501c3 nonprofit is more tax efficient than a standard cash donation since the IRS classifies cryptocurrency as property.

When a donor donates bitcoin to one of the previously mentioned nonprofits, they receive a tax deduction equal to the fair market value of the bitcoin and they avoid paying the capital gains tax normally incurred by selling bitcoin, meaning that donors would have less access to donatable cash after paying the taxes to receive cash for selling the bitcoin. In short, donors can give more and deduct more from their taxes, which sometimes makes up to a 30% difference, according to the release.

Participants of the fund include but are not limited to: Nicklaus Children’s Health System, NU Deco Ensemble Inc., Third Wave Volunteers Inc, Chapman Partnership, Jackson Health Foundation, Legal Services of Greater Miami, and United Way Miami. 


via bitcoinmagazine.com
Survey: Companies Accepting Bitcoin, Crypto Have Positive Impact On Their Image

Survey: Companies Accepting Bitcoin, Crypto Have Positive Impact On Their Image

A survey from CoinsPaid saw respondents from Argentina, Brazil and Colombia positively view bitcoin as the future of money amid high inflation levels.

  • CoinsPaid recently surveyed respondents from Brazil, Argentina, and Colombia on their outlook of companies accepting bitcoin and cryptocurrencies.
  • Over 50% of Brazilians, 38% of Argentinians, and 35% of Colombians view currencies like bitcoin being accepted by companies positively or think it could be the future of money.
  • After the Brazilian Senate passed a regulatory bill for cryptocurrencies, 36% of Brazilians would prefer a currency like bitcoin to be used for daily purchases.

CoinsPaid, a European cryptocurrency infrastructure provider, released research to Bitcoin Magazine that shows companies accepting bitcoin and other cryptocurrencies are viewed positively and provide noticeable impact on people’s lives in Brazil, Columbia and Argentina.

The survey, which was conducted this past March, showed that 50.5% of Brazilians viewed bitcoin and other cryptocurrencies being accepted by companies with a positive outlook, or that they believed cryptocurrency would be the future of money. Likewise, Argentina reported 38.1% positively towards their outlook while Colombia surveyed at 35.7%.

Respondents from all three countries reportedly stated that one of the main factors that would determine whether or not they wanted to use something like bitcoin for daily transactions is greater security in transactions. This shows a clear demand for bitcoin as its network is by far the largest and most decentralized providing the strongest form of transactional security with a verifiable and uncontrollable public ledger.

Brazilians also showed 36.3% of respondents would prefer to use a currency like bitcoin for daily purchases, which was echoed by the Brazilian Senate as they passed a bill this past February seeking to regulate the broader market.

The movement of countries like Brazil, Argentina and Colombia considering the adoption of new forms of money has not only spurred from heightened levels of inflation, but also from the inspiration provided from El Salvador in its own adoption of bitcoin as legal tender, being the first Latin American country to do so.

In April this year, Reuters reported that Argentina was experiencing over 55% inflation while a Chainalysis report shows Argentina as being the second-highest ranked country for the adoption of cryptocurrencies. Similarly, Brazil experienced a 28-year high for inflation this past April, while Colombia experienced its highest levels of inflation in over 20 years for the same time period.

Bitcoin allows countries to opt-out of controlled economies with a form of money that guarantees inflation cannot devalue their wealth over time while delivering exceptionally low fees with incontestable and incomparable security.


via bitcoinmagazine.com
Bitcoin’s current setup creates an interesting risk-reward situation for bulls

Bitcoin’s current setup creates an interesting risk-reward situation for bulls

A slight improvement in equities markets and the resilience of a few key BTC price metrics are giving bulls hope of a reversal.

The Bitcoin (BTC) chart has formed a symmetrical triangle, which currently holds a tight range from $28,900 to $30,900. This pattern has been holding for nearly two weeks and could potentially extend for another two weeks before price makes a more decisive movement.

Bitcoin/USD 12-hour price at Kraken. Source: TradingView

For those unfamiliar with technical analysis, a symmetrical triangle can be either bullish or bearish. In that sense, the price converges in a series of lower peaks and higher lows. The decisive moment is the support or resistance breakthrough when the market finally decides on a new trend. Thus, the price could break out in either direction.

According to Bitcoin derivatives data, investors are pricing higher odds of a downturn, but recent improvements in global economic perspective might take the bears by surprise.

The macro scenario has improved and BTC miners are staying busy

According to Cointelegraph, macroeconomic conditions driven by the United States helped drive crypto markets higher on May 23. Before the market opened, United States President Joe Biden announced plans to cut trade tariffs with China, boosting investors' morale.

According to the latest estimates, Bitcoin's network difficulty will reduce by 3.3% at its next automated readjustment this week. The change will be the largest downward shift since July 2021 and it’s clear that Bitcoin's downtrend has challenged miners' profitability.

Still, miners are not showing signs of capitulation even as their wallets' movements to exchanges hit a 30-day low on May 23, according to on-chain analytics platform Glassnode.

While miners' sentiment and flows are important, traders should also track how whales and market markers are positioned in the futures and options markets.

Bitcoin derivatives metrics are neutral-to-bearish

Retail traders usually avoid quarterly futures due to their fixed settlement date and price difference from spot markets. However, the contracts' biggest advantage is the lack of a fluctuating funding rate; hence, the prevalence of arbitrage desks and professional traders.

These fixed-month contracts usually trade at a slight premium to spot markets because sellers are requesting more money to withhold settlement longer. This situation is known technically as "contango" and is not exclusive to crypto markets. Thus, futures should trade at a 5% to 15% annualized premium in healthy markets.

Bitcoin 3-month futures’ annualized premium. Source: Laevitas

According to the above data, Bitcoin's basis indicator has been below 4% since April 12. This reading is typical of bearish markets, but the fact that it has not deteriorated after the sell-off down to $25,400 on May 12 is encouraging.

To exclude externalities specific to the futures instrument, traders also have to analyze Bitcoin options markets. The 25% delta skew is extremely useful because it shows when Bitcoin arbitrage desks and market makers are overcharging for upside or downside protection.

If option investors fear a Bitcoin price crash, the skew indicator will move above 12%. On the other hand, generalized excitement reflects a negative 12% skew.

Bitcoin 30-day options 25% delta skew: Source: Laevitas

The skew indicator moved above 12% on May 9, entering the "fear" level as options traders overcharged for downside protection. Moreover, the recent 25.4% was the worst reading ever registered for the metric.

Related: Bitcoin targets record 8th weekly red candle while BTC price limits weekend losses

Be brave when most are fearful

In short, BTC options markets are still stressed and this suggests that professional traders are not confident in taking downside risk. Bitcoin's futures premium has been somewhat resilient, but the indicator shows a lack of interest from leveraged long buyers.

Taking a bullish bet might seem contrarian right now, but at the same time, an unexpected price pump would take professional traders by surprise. Therefore, it creates an interesting risk-reward situation for Bitcoin bulls.

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



via cointelgraph.com