In this video, we will look at the sequence of events that preceded the bitcoin price drop. We will then look into the argument that the BTC market found its bottom and this can be a potentially good point in time to accumulate the BTC portfolio. Source: https://wunderbit.co/en/blog/bitcoin-crash-economic-crisis-coronavirus
Holders can earn passive income with Origin’s OUSD
Origin, a peer-to-peer commerce company, has announced the launch of Origin Dollars, or OUSD. This stablecoin uses its reserve for the decentralised finance (DeFi) space and allows users to profit by holding it
Origin announced earlier today that its stablecoin, Origin Dollars or OUSD, is now live. OUSD is a stablecoin that leverages DeFi, allowing balances to grow without holders staking their coins or having an account with the platform.
Matthew Liu, Origin’s co-founder, stated that at the moment, only a small audience gets and understands DeFi as the barrier to entry is much higher. The goal of Origin and its OUSD stablecoin is to make DeFi easily accessible to more people around the world.
The company announced that OUSD is currently backed 1:1 by the leading three stablecoins: USDT (Tether), USDC (Circle and Coinbase dollar) and DAI (MakerDAO).
To mint OUSD, users can easily deposit any of the three supported stablecoins into the new Origin app, or they can buy the coin from Uniswap.
Once a user buys OUSD, their investment will produce passive income in their wallet, with no further action required. “OUSD automatically earns competitive yields from DeFi protocols while it’s still sitting in your wallet,” the blog post added.
Origin revealed that OUSD has a novel design that ensures users don’t need to stake or lockup their coins to participate in lucrative DeFi strategies. There is also no need to unstake or unlock when users want to transfer their coins to another wallet, ensuring users don’t spend gas fees and can conveniently switch between earning coins and spending them.
Origin stated that, “Your earnings compound continuously and are reflected in your ever-increasing OUSD balance, while still being available for payments, commerce, and peer-to-peer transactions.”
The passive nature of earning money with OUSD makes it perfect for both sophisticated DeFi experts and novice users. Anyone can earn returns passively, without the stress and complexities associated with yield farming.
According to the blog post, the OUSD stablecoin is a natural extension of Origin’s mission to promote peer-to-peer commerce. Origin believes that the OUSD stablecoin will help boost the decentralised commerce platform as it leverages DeFi and allows sellers and buyers to transact easily.
MakerDAO won’t compensate Vaults affected by liquidations during the March market crash
MakerDAO has concluded a governance poll in which Maker token holders have decided not to compensate Vault owners who suffered losses by liquidations during the March 12-13 market crash.
The post MakerDAO won’t compensate Vaults affected by liquidations during the March market crash appeared first on The Block.
Bitcoin May Drop to Psychological Support and Faces Selling Pressure at $10,600
Bitcoin (BTC) plunged to $10, 321 low after failing to break the $11,000 resistance. Now the king coin fluctuates between $10,300 and $10,600 in a tight range.
Bitcoin Price Long-Term Prediction: Bearish
The recent fall does not have a corresponding rebound. Buyers did not buy the dips to push BTC price upward. What we saw is the consolidation of prices above the $10,300 support. For the past 48 hours, BTC is fluctuating above the current support. BTC recovery will be delayed as the coin failed to rebound at the recent lows.
Bitcoin is in the bearish trend zone and as a result, the selling pressure may persist. Sellers may want to sink Bitcoin below the current support at $10,300. Subsequent falls to 10,000 and $9,800 may attract BTC rebounding from the recent lows. A strong bounce from the recent support can propel BTC to resume the uptrend. That is a rally above $10,500 and the bullish momentum extending to $10,800 high. Nonetheless, for the upside momentum to resume, the $11,000 resistance has to be reclaimed as a support level.
Bitcoin Indicator Reading
BTC price is fluctuating below the resistance line of the descending channel. The coin will resume an upward move if price breaks and closes above the resistance line. The crypto is at level 41 of the Relative Strength Index period 14. That is, it is in the downtrend zone and below the centerline 50.
Key Resistance Zones: $10,000, $11,000, $12,000
Key Support Zones: $7,000, $6,000, $5,000
What Is the Next Direction for BTC/USD?
The current move depends upon the holding of the psychological support at $10,000. The breaking of this level will mean that the Fibonacci tool analysis will hold. On September 3 downtrend; the retraced candle body tested the 78.6% Fibonacci retracement level. It indicates that the downtrend will extend to 1.272 Fibonacci extension level or $9,300 low. At this level, the market will now reverse.
Disclaimer. This analysis and forecast are the personal opinions of the author and not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.
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