Crypto Push

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​​Ethereum, Cosmos, Near Price Analysis: 16 March As the king alt finally found a close above the $2,600-level, it jumped above its 20/50 EMA. Now, as it flashed a bullish edge on its technicals, it endeavored to challenge its reversal pattern on the 4-hour chart. Cosmos faced a strong rejection of higher prices at the $27-mark while its 20 EMA continued to be a hurdle. On the other hand, Near managed to break out of its pattern but its RSI still needed a close above 50 to confirm a change in momentum. Ether (ETH) Since falling below the $3,200-mark, ETH found an oscillating range between the above mark and the $2,300 base. After falling from its ATH, the bearish phase led ETH to lose more than half its value as it gravitated towards its six-month low on 24 January. Recently, ETH saw a morning star candlestick pattern that propelled a close above its 20/50 EMA. Now, the upper trendline of the down-channel posed an immediate barrier for the bulls. At press time, ETH was trading at $2,640.2. The bullish RSI undertook a steep upturn from the 37-floor. A close above the 58 mark would position it for a test of its overbought region. Also, the CMF crossed the midline and affirmed the increased money volumes into the crypto. Cosmos (ATOM) Since falling from the $43-mark, the alt had been on a sharp downturn by marking lower peaks and troughs. The recent sell-off phase led ATOM to lose nearly 30% (from 17 February) of its value until it touched its two-month low on 24 February. Following this, the bulls stepped in as the alt rose in a rising wedge (white) while snapping the trendline support and reclaiming the $25-mark again. Now, the 20 EMA (red) would be an immediate hurdle for the bulls. At press time, ATOM was trading at $26.93. The RSI saw a rising wedge growth but struggled to overturn its midline. a break below this pattern could lead to a near-term pullback. Further, the Supertrend continued to be in the red zone and favored the selling vigor. Near Protocol (NEAR) Since its ATH, NEAR lost more than 64% of its value and plunged toward its 11-week low on 24 February. It lost its crucial price points as the bears were in the driving seat. NEAR adhered to its trendline support while diving towards the $7.6-long-term support. As a result, it bounced back to witness three-week trendline support (white, dashed). Consequently, it saw a down-channel (white) that tested the $10.3-mark. At press time, the NEAR was trading at $10.128. The RSI saw a patterned growth but was yet to find a close above the equilibrium. Also, the AO corresponded with the increasing buying influence as it approached its zero-line.

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​​As shorting demand decreases, this is what Bitcoin has in store for investors The price action of Bitcoin hasn’t witnessed much stability in the last few weeks. The constant fluctuation in price has frustrated the market to an extent where a section of investors is actually wishing that the price falls further down. Shorts on the house! On-chain data has indicated that there has been quite an increase in investors looking to short the king coin in the last couple of days. That goes to say about the significant demand for short interest in Bitcoin. This shorting interest has risen by 329.66% in the last week alone. And, the consequences of the same have been visible on the king coin’s performance. Due to the recent shorting, the average funding rate has turned negative. The indicator in the chart below is revisiting the negative zone which is a good sign. Notably, around the first week of March, funding rates were worse. It’s also interesting to note that up until the first week of March, the crypto-margined Futures contracts were observing a downtrend. Unlike stablecoin margined Futures contracts, crypto-margined contracts are vulnerable to a price fall. In such a situation, not only do they lose their profits, but they also lose the value of the asset. Stablecoin margined contracts, on the other hand, are immune to losing value. These are only preferred by long traders. Shorting them leads to immediate liquidation since they can’t be hedged. As a result, crypto-margined contracts came down by 27% in 10 months. However, their recent increase might be indicative of the fact that investors are gaining confidence in Bitcoin once again. Otherwise, there is no reason investors would dare to pull off such a stunt in the midst of a bear market. Secondly, backing this confidence is the aforementioned negative funding rate. The dip in funding rate is actually a good sign for investors since they indicate buying signals. Multiple funding rate bottoms have been followed by a price rise in the past, although those dips have been much more significant. Regardless, if the indicator’s historical tests play out as per expectations, one can expect the price to rise in the coming few days.

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​​Bitcoin: Why ‘within reach’ Apple could be next before ‘to the moon’ From its humble beginnings in 2008 to its 2021 price peak, it has been quite a ride for Bitcoin (BTC). In fact, executives at tech giants like Google, Facebook, and Amazon have been quitting jobs to do crypto full time. But, what’s the hype all about? Let’s compare the world’s largest cryptocurrency, Bitcoin (BTC), with one of the world’s largest tech companies, Apple (APPL). Bitcoin is in the news today after its average daily trading volume surpassed Apple‘s by nearly 60%. That’s a massive achievement for a ‘niche’ market’s asset. In fact, the average daily trading volume (APPL) during the observed one-month period leading up to 9 March 2022 was $15.6 billion. In comparison, BTC’s average daily trading volume over the 30-day period was $24.73 billion. Simply put, Bitcoin’s average daily trading volume was higher than Apple’s by exactly 58.42%. After the executive order was announced by President Joe Biden, Bitcoin’s price noted a recovery as the market seemed optimistic. In fact, BTC climbed as high as $42,577 on the charts. However, at the time of writing, it was back at square one. It was valued at $39,237, down by 6.66%. Biden announced the “First Whole-of-Government Strategy” for digital assets. More specifically, he ordered varying federal agencies to work together in formulating a policy. The president’s executive order emphasized that any policies designed for digital assets should protect not only investors but also consumers, companies, and the broader financial system. This announcement came on the back of the number of new entities (new people buying BTC) spiking last week. By doing so, BTC broke through a pretty rough downtrend, one which started after its previous ATH. According to the attached Glassnode chart, figures for the same crossed 112.5k new entities. So, what’s next? Bitcoin still has a long journey ahead if it aims to surpass Apple in terms of market capitalization. The latter stood at the $2.7T mark whereas BTC was still shy of the $740B mark at press time. Worth pointing out, however, that on 10 March, Bitcoin’s price shed $3,000 off its value. In fact, the scale of liquidations on the entire network over just one hour stood at $55.81 million.

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​​What latest retracement on ALGO’s chart reveals about its future price trend As the bears refrained from giving up their advantage, Algorand (ALGO) was on the back foot for the last few months. Now, it struggled to topple the long-term 23.6% Fibonacci resistance. While the buyers are trying to keep up their pressure, the chances of defending the $0.73-support were bright. If this pressure sustains, a retest of the mean (20 SMA) of its Bollinger bands (BB) seemed likely. Following this, the overall market structure would play a vital role to anticipate a patterned breakout possibility. At press time, ALGO traded at $0.7349, down by 3.82% in the last 24 hours. ALGO 4-hour Chart After the bulls struggled to hold their grounds at the $1.8-resistance, ALGO steeply downturned and gravitated towards the $0.7-$0.73 support range. This range has offered a strong floor for over a year now. The alt lost nearly 61.5% of its value (from 5 January) and pulled back towards its seven-month low on 24 February. Since then, the sturdy 23.6% Fibonacci level shunned all recovery attempts by the ALGO buyers. As a result, the latest retracement saw a sharp pullback between the down-channel (yellow). During this phase, the mean of the BB coincided with the upper trendline of this channel and offered strong resistance. Historically, the bulls have shown a keen interest in defending the current support range. Also, the price has entered into a ‘cheaper’ phase near the lower band of its BB. From here on, a retest of the $0.76-$0.77 mark before potentially entering into a consolidation phase seemed probable for the alt. Further, most reversals from the $0.7 level found a recovery towards the upper band of the BB. Rationale The sellers tested the 34-support thrice in just the last three days. While the buyers maintained the flatter support level on the RSI, the price action marked lower troughs. Thus, revealing a bullish divergence. Similarly, the OBV maintained its immediate support while the price kept falling, conforming to the bullish tendencies in the near term. Conclusion The oversold readings on the BB with the divergences on its RSI and OBV made the chances of a near-term bullish comeback bright. But the buyers still needed to ramp up the volumes to find a pattern-breaking sustainable rally. To top it up, the investors/traders should keep a close watch on Bitcoin’s movements as ALGO shares a 74% 30-day correlation with the king coin.

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​Socialswap launches unique usecase on March 06 - Gigantic growth forecast for DEX's token. After launching several innovative new features in the last 180 days, the project has now announced another unique usecase. Socialswap is launching an aggregator on March 06 that makes exchanging cryptocurrencies easier, faster and cheaper than on any other platform. Socialswap thus continues its huge upward trend. In the last six months, the project has developed from an underdog to one of the big players. Several tens of thousands of people have already recognized the gigantic potential in Socialswap. This also includes a few of the biggest influencers in the crypto space. World-renowned crypto superstars like Carl the Moon and Evan Luthra are already official advisors of the project. Click here to join the project's official Telegram channel: https://t.me/socialswapchannel Click here to learn more about Socialswap: https://info.socialswapinfo.io/

​​With Bitcoin recording the highest volatility jump, can $50,000 be next After much blood loss and pain, Bitcoin finally climbed past the $40,000 mark yet again. However, it was down by 4.80% at the time of writing. While bulls who want to see some new all-time highs might be rolling their eyes, there are plenty of reasons why things are different this time. March came in like a lion All eyes were locked on the king coin after a 14.5% rally sent its price shooting close to $44,543 on 2 March. A report by Arcane Research studied the rocketing price and what it meant for Bitcoin’s volatility when looking at its admittedly choppy history. It turns out this was a huge deal, as the report stated, “This daily price increase was the largest since February 8th, 2021, when Elon Musk announced that Tesla had bought $1.5 billion in bitcoin. It made the 7-day volatility shoot up to 5.4%, which is the highest level since June 2021…” So Bitcoin is volatile and water is wet, you might think. However, Arcane Research’s report also highlighted the significance of this latest development. The spike in volatility shows that while experts might be worrying about Bitcoin’s rising correlation with tech stocks, the king coin is still charting a course of its own. What is interesting here is that Bitcoin is in the $40,000 to $44,000 range for the third time this year. Now, bulls are waiting for the king coin to crash through the $44,000 resistance. But what’s the next target? It might not be $70,000 just yet as Arcane Research’s report noted, “If the third time is the charm, and bitcoin manages to breach through the $44,000 resistance, $47,000 is the next resistance area to pay attention to.” Bitcoin in a bunker After a heartening rally, Bitcoin’s price again took a tumble. At press time, the flagship coin was trading at $41,382.00, having fallen by 4.80% in the past 24 hours while rising by 7.52% in the last week. Some analysts attributed this to FUD after the news reports of Russian attacks triggering a fire at a Ukrainian power plant. But as the war rages on, crypto investors are struggling with the question of how to treat Bitcoin – be it a digital gold or a tech stock. This turbulence is perhaps one factor behind its recent volatility. In the meantime, however, those who are following Bitcoin stock-to-flow creator PlanB’s model might be interested to know that the analyst has pricey ambitions for the king coin.

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​​This crucial Bitcoin metric is now at the ‘same level as 2017’s market top’ Russia’s invasion of Ukraine had a profound effect on the cryptocurrency market. Over the last few days, however, the market has recovered. Bitcoin, for instance, gained by around 3% in 24 hours. At the time of writing, it was trading at a level just shy of $45,000. Changing narrative(s) The latest weekly report from blockchain analytics firm Arcane Research highlighted a few other indicators to supplement bullish scenarios for Bitcoin. The “real” daily Bitcoin (BTC) volume spiked to levels unseen in three months thanks to the Russian invasion of Ukraine. The aforementioned metric pushed above the $10 billion-mark last Thursday (24 February, the first day of the invasion), marking the highest daily volume recorded since 4 December. The term “real trading volume” refers to data sourced from exchanges that are believed to be reputable and free of wash trading activities. This report cited “new crypto narratives” or rather investors putting their trust within this digital asset class. The report asserted, “Investors are speculating that crypto will become increasingly important apolitical and trust-less money in a time of escalating geopolitical uncertainty, conflict, and capital controls. This speculation may have contributed to the 15% increase in the Bitcoin price over the past seven days.” In fact, the price of BTC saw its largest daily percentage gain in over a year on 28 February. The price jumped by 14.5% in the space of 24 hours. Indicators remain unfazed Bitcoin investors maintained their undeterred narrative to HODL their coins for future profits rather than selling. In fact, on-chain data from Glassnode suggested or rather highlighted a HODLer-dominated market in its latest report. This study, published on 28 February, looked into three main bullish indicators. Illiquid Supply surpassed its May 2021 peak too, hitting 76%. As per the graph below, it hit the same level as the one that corresponded with the 2017 market top. Simply put, it reversed a four-year long increase in coin wallet liquidity. In addition to this, Realized Cap HODL “wave bands older than 3 months are pushing to new local highs of 72%,” the report added. That means 72% of the dollar value stored in Bitcoin is held by coins aged three months and older. Much of this recent uptick has been driven by the 3m-6m old age band in orange at the bottom. The report added, “These are coins that are in approaching or in process of crossing the Short-to-Long-Term Holder boundary of 155-days (~5mths).” Furthermore, data also tracked the coin volume crossing the three-month age threshold over the last 30 days. To conclude, Bitcoin has hiked incredibly from its recent lows given its “helping Ukraine win the war” narrative. On the contrary, there are concerns that Bitcoin will help Russia evade sanctions. Worth noting, however, that a Bitcoin Policy Institute memo has debunked such claims.

​​With sanctions at the fore, will Russia adopt the digital yuan? Well, it might… You may know the ‘Society for Worldwide Interbank Financial Telecommunication’ as SWIFT – a cross-border payment system that makes it possible for users worldwide to shop, transfer money, pay fees, and more. Now, with major financial institutions in Russia cut off from the system and the currency falling in value, some have speculated that Russia could turn to China for an alternative. Jack be nimble, Jack be SWIFT Many crypto watchers and those following the Russia-Ukraine war might now be asking if it’s possible for Russia to leverage China’s CBDC. The digital yuan made a low-key debut at the Beijing 2022 Olympics early in February. Furthermore, Chinese officials have reported more than $13.68 billion in digital yuan transactions. There are also reportedly more than 260 million digital yuan users, and efforts are on to persuade – or maybe pressure – foreign companies in China to accept digital yuan payments. Now, analysts are keeping their eyes peeled to see if Russia will choose to adopt the digital yuan as a substitute for the SWIFT system. There are arguments to both support and refute this idea. For example, China is heavily involved in developing not just its CBDC, but also a multiple-CBDC platform with the central banks of other countries under BIS. From this perspective, it makes sense to let Russian users onboard to boost adoption of the digital yuan across borders, while helping Russians reduce their dependence on the SWIFT system. On the other hand, China might prefer a hands-off approach where crypto links with Russia are concerned, to avoid attracting sanctions against its own people of businesses. Adding to that, China’s digital yuan is still in a nascent stage and may not be ready for cross-border use cases, especially during a war. However, crypto investors are well aware of the link, as Santiment noted that “China” was amongst its top 10 trending keywords. Over the candlestick For their part, crypto traders and proponents in the USA are urging the government to heed this wake-up call and take measures to hedge against a future where the U.S. dollar might not be the primary choice for a global currency. Investment analyst and commentator Anthony Pompliano was absolutely clear that the U.S. needed to invest in Bitcoin and its adoption. This was not to replace the dollar, necessarily, but to adopt Bitcoin technology before “nefarious actors.” Bitcoin has helped millions escape dictators, support dissidents, fund national defense during wartime, protect erosion of purchasing power by undisciplined central banks, & much more. It is a neutral, liberating freedom technology. US must get in game before nefarious actors.

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​​Are you on dating apps and invested in crypto? Here’s what you should know A recent media report has shed light on crypto fraud that occurred last year on a dating platform. A 24-year-old Tennessee woman reportedly lost $390,000 when she started dating a person named Hao on Hinge. As per texts seen by the NYT, he persuaded her, “I want to teach you to invest in cryptocurrency when you are free, bring some changes to your life and bring an extra income to your life.” Since she wasn’t familiar with investing or cryptocurrencies, she agreed in an interview that she was “very skeptical” to invest. However, on Hao’s reassurance, she seemed to later agree. “I’d heard a lot about crypto in the news. I’m a curious person, and he actually was very knowledgeable about the whole trading process.” By the end of 2021, the woman wished to book profits on her crypto wallet that showed a balance of $1.2 million. But she couldn’t withdraw her money without paying taxes of roughly $380,000, the website notified. But then it was clear that the woman lost her and her father’s life savings to a scam website that looked “legitimate.” This was just one of the 56,000 dating scams to the tune of $139 million as reported by the Federal Trade Commission for 2021. Jane Lee, a researcher at Sift explained to the media outlet that several popular dating apps are allowing matches that solicit investing and trading advice. “People are lonely from the pandemic, and crypto is super hot right now. The combination of the two has really made this a successful scam.” So much so that romance scams reported to the Federal Trade Commission rose by 80% year on year. FTC noted, “The numbers have skyrocketed in recent years, and 2021 was no exception – reported losses hit a record $547 million for the year. That’s more than six times the reported losses in 2017 and a nearly 80% increase compared to 2020.” With this, the loss reported by a median individual in 2021 was $2,400. With that being said, many scams are also taking place on other social networking platforms like Instagram and Facebook. Even TikTok came with tips to #BeCyberSmart to protect “hear and wallet” ahead of Valentine’s Day this year. It noted that people shouldn’t exchange funds, including cryptocurrency if they’ve never met the person. Having said that, fast-moving hacking schemes are also prevalent on platforms that offer NFTs and crypto ‘pump and dump’ tokens by messaging users. To be noted, users need to practice utmost caution while navigating their crypto wallets on other platforms.