While Bitcoin’s surge and consolidation over $11,000 grabbed the mainstream headlines, in the crypto world, all attention is on Chainlink. The altcoin surged into the top-10 with a massive 20 percent gain in the past 24-hours now occupying the sixth spot behind Bitcoin Cash, with a market capitalization difference of $1.2 billion at press time.
The original hardfork in the cryptocurrency market, Bitcoin Cash saw a massive pump on August 2, prior to Bitcoin’s bull trap at $12,000. During this time, BCH jumped to $330, but since then the trend has been bearish. Consecutive lower highs have marred the market and now the altcoin is trading at $308.
Looking at the 4-hour chart, a parallel wedge is on the verge of forming, anchored by lower highs at $336, $319 and 310 and higher lows at $281, $286, and $300, respectively. Given the position of highs and lows with the falling wedge, the price is likely to get squeezed out.
Bollinger Bands which contracted mid-week have opened up massively indicating a wave of volatility while its simple moving average is now just below the trading price.
Lead Bitcoin Cash developer Amaury Sechet stated, in an August 6 blogpost that an upgrade for the BCH network will be scheduled for November 15 2020.
Since the market crash in March, Link has been the coin to look out for. Surging by over 12x in the past few months Link, in the past few days, has moved into double digits and the top-10 of the coin market.
In the 4-hour chart, Chainlink’s massive push has upended its rising channel but in the process saw the formation of its first red candle in the past two days, indicating that the peak of the rally may have cooled off. Resistance at $8.65 was long broken, but if a dump arises it could act as support preventing the price from falling below. Owing to the massive price rush, no other immediate support levels lie below its last traded price.
Unsurprisingly, Link’s Chaikin Money Flow indicator has skyrocketed to its highest point since February at 0.39 indicating a rush of money into the Link market to reign in on the price surge.
According to trader Benjamin Blunts, Link’s massive rally over $10 was the result of a short squeeze on its Futures contracts, referring to the altcoin as the “fastest horse right now.”
While not as bullish as Chainlink, Tezos is still having a good time in the market since its drop to $2.75. The altcoin has, since the end of last month, traded in a strong upward channel mounting higher highs after higher highs.
The highs were placed at $2.95, $3.11, $3.26, $3.35. During this rapid rise, the altcoin broke important resistance levels at $2.94 and $3.14, respectively, which will act as support going forward. It should be noted that the highs were interspersed by higher lows, so the push has had deceleration along the way.
Relative Strength Index for Tezos is still under 70 which is a positive sign but is trending upwards at 65.52. Each time it has broken past 70, a drop has manifested hence this level should be looked at with caution.
Five blockchain networks including Tezos, Ethereum, Nervos, EOS and NEO will be integrated into China’s Blockchain Service Network [BSN] a consortium to advance the adoption of blockchain adoption in the country.
KuCoin Exchange Hacked: $150 Million In Bitcoin and Ethereum Stolen
- Hot wallets of the popular cryptocurrency exchange KuCoin have been compromised and drained for at least $150 million worth of digital assets.
- The company reported the event as a “security incident” a few hours ago, reaffirming that “part of Bitcoin, ERC-20, and other tokens in KuCoin’s hot wallets were transferred out of the exchange.”
- The monitoring resource Whale Alert has tracked most coins sent to this particular address. In the past few hours, the address has seen numerous small transactions, possibly testing.
- Some of the less-known altcoins transferred out of the exchange’s hot wallets include DGTX, AGI, SNX, DX, SNT, DRGN, and more.
- To ensure that further unauthorized withdrawals cannot happen, KuCoin has suspended all deposits and withdrawals while conducting a “thorough security review.”
- The Singapore-based exchange asserted it had re-deployed the hot wallets after the incident. The statement reassured that the cold wallets are safe and unharmed, and users who have lost any funds will be reimbursed “completely by KuCoin and our insurance fund.”
- Binance CEO Changpeng Zhao, among other prominent individuals within the industry, has shown support and promised that his company will “actively” assist during the investigation.
- The exchange’s native cryptocurrency felt the adverse consequences immediately. KuCoin Shares (KCS) plummeted from over $1 to $0.86 in minutes. Since then, the token’s price has recovered to some extent and trades just beneath $1.
Crypto Market Cap Gained $10 Billion, Bitcoin Eyes $11,000? (Saturday’s Market Watch)
The cryptocurrency market continues to rebound and has added another $10 billion to its market cap since yesterday. Bitcoin trades around $10,700, while some leading altcoins mark serious gains.
Bitcoin Price Trades Around $10,700
Following yesterday’s increase in which Bitcoin topped at $10,800, the primary cryptocurrency retraced to its intraday bottom at about $10,550. However, the bulls intercepted the price dip and drove the asset upwards once again. Just as 2020 goes so far, this Bitcoin spike followed the 1-2% gains seen on Wall Street at the Friday trading session.
The S&P 500 (1.6%), the Dow Jones Industrial Average (1.34%), and the Nasdaq Composite (2.26%) were all deep in the green.
At the time of this writing, BTC has dipped to $10,760 after getting rejected at the first major resistance at $10,790.
As per the analysis, if BTC price breaks above, it could head towards the next resistance at $11,000, followed by $11,200, $11,360, and $11,530. Alternatively, should the asset fall, it could rely on the support levels at $10,580, $10,440, and $10,390, if necessary.
Despite stocks and cryptocurrencies, gold had failed to increase: Recording an intraday high of $1,875, the precious metal dived and closed the session at $1,860.
Altcoins Gain Traction
Some alternative coins lost significant chunks of value lately, but they have been recovering in the past few days. Ethereum has continued its upward movement with another 3% increase to above $350.
Ripple has surged by 5% to $0.243. Bitcoin Cash (1%), Polkadot (3%), Binance Coin (1%), and Litecoin (3%) are also in the green from the top 10. However, Chainlink has outperformed them all by marking an 11% increase. LINK has overtaken BNB and DOT and currently occupies the 6th spot.
As it typically happens, the most volatile price moves come from mid and low-cap alts.
CyberVein leads with a 21% surge. Ren (20.5%), Yearn.Finance (17%), The Midas Touch Gold (14%), DFI.Money (14%), Cardano (11%), Zilliqa (11%), HedgeTrade (10.5%), and Nervos Network (10%) follow.
In total, the cryptocurrency market cap has increased by $10 billion since yesterday. On a 48-hour scale, the metric is up by 8% since its bottom at $319 billion to $344 billion.
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Cryptocurrency charts by TradingView.
Lewis Hamilton believes that the future of the F1 is in good hands
Lewis Hamilton has described Stefano Domenicali’s return to Formula One as ‘amazing’ and believes the future of the sport is in good hands.
The Italian, a former team principal of Ferrari, has been named the new president and chief executive officer.
Chase Carey, the chairman and CEO of F1 since January 2017, will step back to a non-executive chairman role and relinquish day-to-day control.
And six-time world champion Hamilton was among many to welcome Domenicali’s appointment.
‘Amazing. I know Stefano really well. He’s one of the nicest guys that I know,’ Hamilton said ahead of the Russian Grand Prix in Sochi.
‘I don’t think they could have chosen someone better, to be honest, to replace some big shoes of Chase, who has done an amazing job and has always had such a great approach.
‘Stefano has got a great heart. He’s got a good family and good morals. The future’s positive.’
Domenicali, 55, worked as Ferrari team principal between 2008 and 2014, and has since worked with the Volkswagen Group and as the chief executive of Lamborghini.
He has also been head of the single-seater commission of F1’s governing body the FIA and will continue in that role.
The Italian said: ‘I am thrilled to join the Formula 1 organisation, a sport that has always been part of my life.
‘I was born in Imola and live in Monza. I’ve remained connected to the sport through my work with the single-seater commission at the FIA and I look forward to connecting with the teams, promoters, sponsors and many partners in F1 as we continue to drive the business ahead.
‘The past six years at Audi and then leading Lamborghini [both part of the Volkswagen Group] have given me broader perspective and experience that I will bring to Formula 1.’
Source: dailymail.co.uk; gpblog.com
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