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Bitcoin Price Retakes $9.5K as Analyst Says $12K Breakout May Be Next

A strong correlation with stock market movements still leaves room for Bitcoin to test five figures, says trader Michaël van de Poppe.

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Blockchain

Litecoin, STEEM, Dash Price Analysis: 19 October

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Litecoin’s value dropped on the back of a bearish divergence, but at the time of writing, it was close to a critical level of resistance. STEEM appeared to enter a period of consolidation, while Dash was unable to breach and hold its level of resistance. It is likely that DASH will register more losses over the next few trading sessions.

Litecoin [LTC]

Litecoin, Steem, Dash Price Analysis: 19 October

Source: LTC/USD on TradingView

LTC was moving within an ascending channel (white) and exhibited a bearish divergence (orange) when LTC made a higher high as the OBV formed a lower high.

This showed that the price was making gains, even in the face of diminished buying volume, and the price was subsequently forced to correct to $47.

A level of resistance lay at $50.45 for LTC. The crypto-asset has not been able to close and defend this level since early-September and would be a target for the market’s bulls in the coming days.

A close above this level would be bullish and LTC could soon rise to $54.

Steem [STEEM]

Litecoin, Steem, Dash Price Analysis: 19 October

Source: STEEM/USD on TradingView

The Bollinger Bands were tightening around STEEM’s price, with the same indicating a period of lowered volatility.

The crypto-asset, while it noted a bullish divergence (orange), gained by 1.4% on a move upwards. The asset has been trading between $0.17 and $0.152 for most of the past three weeks.

A phase of consolidation near the support level might break out to the upside. However, more time and data would be needed to confirm both the consolidation and then, a potential breakout.

Dash [DASH]

Litecoin, Steem, Dash Price Analysis: 19 October

Source: DASH/UDST on TradingView

The 20 VWMA (volume-weighted moving average, green) was moving some distance beside the 20 SMA (white) over the past week. Alongside the heavy trading volumes seen in individual sessions, it can be concluded that DASH’s recent spike to $73 and the equally rapid descent to $66 was a violent tussle between the bulls and the bears on the charts.

Further, the price appeared to have flipped the $69.8-level to support, but the bears were able to undo all the recent gains as they pushed the price even lower.

DASH was also trading under the 100 SMA (pink), which highlighted the fact that DASH has been trending lower since late-August.

A reversal in trend would necessitate the capture of the $69.8-level. However, the past few trading sessions have seen the crypto-asset post gains while the trading volume was well below average, suggesting some more losses could be seen shortly.

Source: https://eng.ambcrypto.com/litecoin-steem-dash-price-analysis-19-october

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Uniswap could be a stumbling block for DeFi decentralization

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Unsiwap’s governance vote has been a hot and controversial topic, with questions raised surrounding its centralisation

There are concerns that an Ethereum flash crash may happen when UNI mining is concluded in November. Industry experts have embarked on finding more flaws in addition to the centralisation concerns resulting from Uniswap’s first governance vote.

The last whale account took the proposing side of Dharma. The conclusion of the vote, therefore, means only a handful of addresses with the majority of UNI tokens will have governance power.

It is worth noting that three addresses accounted for nearly all 39.5 million votes in support of the proposal, with only about 700,000 in opposition. The Dharma and Gauntlet proposals’ approval gives them a majority if they agree on any upcoming decision. However, this isn’t the only thing to worry about.

According to Ryan Berckmans from Predictions Global, the governance could be a hindrance to the DeFi sector. Berckmans also predicts that the central control could impact volatility on Uniswap.

Another concern is the conclusion of UNI liquidity mining on November 17. Berckmans points out that about $800 million in Ethereum will be pulled out from the pools when they ultimately expire. This, in turn, could result in a flash crash and even disrupt the whole decentralised finance sector.

In his opinion, the feasible way of keeping the sector stabilised is by perpetuating the UNI farming incentive. He also recommended designating executives to act as governance officers similar to what Ethereum has adopted with Tim Beiko and the new EIP 1559 fee proposal.

Source: https://coinjournal.net/news/uniswap-could-be-a-stumbling-block-for-defi-decentralization/

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Cryptocurrency exchange Binance: closing Jersey branch

Binance is shutting down its Jersey subsidiary less than two years after launching The Jersey branch was launched to tap into more of the European market The subsidiary fell short of financial goals The global leader in cryptocurrency exchange, Binance, has announced its Jersey subsidiary (a British dependency) will be closing imminently with accounts inaccessible […]

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  • Binance is shutting down its Jersey subsidiary less than two years after launching
  • The Jersey branch was launched to tap into more of the European market
  • The subsidiary fell short of financial goals

The global leader in cryptocurrency exchange, Binance, has announced its Jersey subsidiary (a British dependency) will be closing imminently with accounts inaccessible by 30th November. Designed to access the European market for fiat-to-crypto currency trading, it was hoped the Jersey venture would be a vehicle for significant expansion.

Expectations do not seem to have been met. The cryptocurrency exchange has reassured users in Jersey that they will still have access to its main cryptocurrency exchange platform. Binance Jersey will begin restricting new deposits from the end of this month. Final trading and withdrawals in pairs and currency will end on 9th November. Yesterday’s trading generated only $202,743. The native crypto coin has also fallen, producing only $5,500 as a BNC/EUR trading pair.  

Binance UK launch

In June of this year, plans were announced regarding a Binance UK platform, with the same focus on fiat-to-crypto currency exchange as its Jersey, Singapore, US, and Uganda branches. At the time, Binance UK was intended to be run independently of Jersey. This is intended to be an alternative access point to the European market, whilst regulated by the UK’s Financial Conduct Authority (FCA).

The FCA will be keeping a close eye on the cryptocurrency exchange, following recent scandals. In 2019, chief executive, Changpeng Zhao, asked users’ forgiveness in an emotional Youtube plea after a security breach resulted in a $40m hack. More recently, in April 2020, the global exchange was caught up in embezzlement charges alleging that funds had been misappropriated and mismanaged.

The appointment of Teana Baker-Taylor, previously Head of Global Strategy at HSBC, to Binance UK Director indicates a more traditional and conservative approach to this UK venture.

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