Traders are expecting bitcoin to go higher. DeFi is surging in web traffic. And Cosmos is alive and well, despite internal feuding.
Cosmos, the blockchain interoperability project that turned a small ICO into a thriving ecosystem, almost came to an end in February 2020 when the project’s co-founders engaged in a heated feud. It is now a testament to open-source collaboration and teamwork. “The Cosmos community managed to mature beyond a cult of personality without turning founders into martyrs, working together to reduce individual influence over the shared resources,” says CoinDesk’s Leigh Cuen.
The blockchain subsidiary of messaging app giant LINE has made its native token available to Japan-based traders for the first time. BitMax – operated by LINE’s LVC Corporation – has become the first crypto exchange in Japan to offer LINK (LN).
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Australia’s National Rugby League (NRL) announced Monday it was piloting a blockchain-based app developed by the country’s patent and intellectual property office. Called Smart Trademark, the platform allows the legal owners of a trademark to link online stores and their supply chains to a government registry, so they can distinguish themselves from counterfeit websites.
DeFi token YFI rises quickly following a listing on Binance (Decrypt)
“Bitcoin mania appears to be almost back in full bloom,” says Bloomberg.
Bitcoin is on the hunt for a new yearly high, having crossed above $12,000 early on Monday. The cryptocurrency picked up bids during the Asian trading hours, rising from $11,750 to $12,068, according to CoinDesk’s Bitcoin Price Index. A break above $12,118 looks likely, as bullish demand can be seen in the strong hourly volume that continues to rise with bitcoin’s hike in value. If bitcoin manages to surpass the $12,118 level, the next target would be the high of $12,325 reached early in August 2019. Crypto investment firm Three Arrows Capital’s co-founder Kyle Davies said Ethereum’s decentralized finance (DeFi) ecosystem could be another catalyst bolstering bitcoin’s recent rally.
Bitcoin’s Stolen Revolution
“Systems of power are rapidly asserting control over Bitcoin. And their incentives are not your incentives,” says Evan Shapiro, CEO of O(1), the team behind the Coda Protocol. Bitcoin was supposed to be an open system owned by its users. Instead it’s increasingly orchestrated by middlemen and powerful mining interests, he argues.
Noelle Acheson’s Crypto Long & Short this week looks at how open-source networks create and don’t create value. The upshot? Copying is easy and increasingly likely. But size and audience dictates whether projects will be successful ultimately. “You can copy an open-source technology. But what gives a technology value is the community and network support from users,” she writes.
Decentralized Ready Next Time
Ben Goertzel, the founder and CEO of SingularityNET, a blockchain-based AI marketplace project, writes that COVID-19 has laid bare the need for decentralized technology. “Decentralized IT may now be, roughly, where internet tech was right after the dot-com crash. Although the speculative bubble popped, the tech built while it was inflating throughout the 90s laid the groundwork for the net-centric world we have today.”
Nathaniel Whittemore’s Long Reads Sunday follows the latest big themes around crypto. This week: a look at how public markets these days are less about capital raising and more about narratives and liquidity for early investors.
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Cosmos, Dogecoin, XRP Price Analysis: 20 September
XRP, at the time of writing, was showing no signs of price movement in either direction in the near-term. Similarly, Cosmos was likely to be neutral or bearish, until overall market conditions took a turn towards the bullish side. Dogecoin, the popular meme-coin, was also stagnant across its price charts.
XRP is the fourth-largest cryptocurrency in the market with a market capitalization of $11.27 billion. It was trading at $0.25, at press time, with the crypto-asset’s level of resistance laying at $0.267, while the support was at $0.23.
The MACD highlighted a bearish crossover and gave a sell signal. However, the Signal line and the MACD line have been moving quite close to each other for the past few days, indicating a lack of strength in the market. The Awesome Oscillator concurred, as its histogram gave a sense of weak bullishness.
A strong move above or below $0.25 could set the stage for XRP’s next move.
In related news, a report compared the function of XRP in 2017 to USDT in 2020 and found that stablecoins like Tether have been adding $100 million in market cap each day for the past several months. Since its launch, XRP has aimed to be the future of digital payments in cryptocurrency, but it appears that Tether has surpassed it in both adoption and market capitalization.
At the time of writing, the latest candle on ATOM’s price charts was suggesting that a possible surge towards $5.45 may be forthcoming.
However, this is unlikely. The OBV showed the steady sale of ATOM, highlighted by the lower highs formed. Further, the Chaikin Money Flow was exhibiting significant fluctuations in recent days, flipping from bullish to bearish territory multiple times, as buyers and sellers wrestled for control.
Overall, it is more likely that ATOM will head south.
Ranked 51st on CoinMarketCap, Dogecoin appeared to have ended its slump from mid-August. It has been noting a period of consolidation since the first week of September and could continue to float languidly around $0.028 in the coming days.
The RSI was moving irregularly around the neutral 50 zone, a sign of the market’s choppiness and indecision.
Dogecoin took a baby step towards recovery after ending its downtrend from August. A close above $0.029 would be another bullish step.
Over 140,000 addresses have claimed their 400 UNI token airdrops
Nearly three-quarters of claimable UNI tokens have been obtained thus far.
The post Over 140,000 addresses have claimed their 400 UNI token airdrops appeared first on The Block.
Mike Novogratz: ‘Bitcoin Price Would Be Way Higher’ If This Were to Happen
The bitcoin price has once again dipped below the $11,000 threshold, which according to some market leaders has created a buying opportunity. Bitcoin bull Mike Novogratz appears to be in the camp that the current BTC price is a gift. The Galaxy Digital chief on Twitter offered some analysis, suggesting that the bitcoin price is […]
The post Mike Novogratz: ‘Bitcoin Price Would Be Way Higher’ If This Were to Happen appeared first on BeInCrypto.
The bitcoin price has once again dipped below the $11,000 threshold, which according to some market leaders has created a buying opportunity. Bitcoin bull Mike Novogratz appears to be in the camp that the current BTC price is a gift.
The Galaxy Digital chief on Twitter offered some analysis, suggesting that the bitcoin price is only trading at the current level is because it remains early innings for the industry. He explained that if there were more understanding and belief behind the leading cryptocurrency, “the price would be way higher.”
Novogratz was responding to a crypto investor who is waiting for the BTC price to “moon” despite not being able to convince her family and friends about the benefits of bitcoin.
There have been green shoots of bitcoin adoption of late, the most recent of which being MicroStrategy upping its holdings from $250 million to $425 million. Similar to when Paul Tudor Jones jumped on the bitcoin train, the expectation is that MicroStrategy will inspire more companies to invest in bitcoin as part of their “treasury reserve strategy.”
Big Bitcoin Position
Novogratz has previously shared how he holds “big positions” in both bitcoin and gold. In an August interview on CNBC, the billionaire investor revealed that even after missing out on some gains in the stock market, rather than keeping him up at night he’s been “sleeping like a baby with bitcoin.”
While bitcoin price predictions aren’t as common as they used to be, crypto traders are sharing some analysis.
Rekt Capital, a crypto trader and technical analyst, in March outlined the conditions for which the bitcoin price would be poised to reach a new all-time high in 2021. He said at the time that BTC was trading in Phase 4 of a four-year cycle. He noted back then that in 2020, the bitcoin price would try to rally to close above $14,334, which would set the stage for a new peak in 2021.
On Sept. 20, Rekt Capital revisited the outlook, reminding their followers that the BTC price must surpass $14,300 before year-end in order to have a shot at reaching a new all-time high next year.
Twitter account “hodlonaut” pointed out some strong fundamentals. Hodlonaut noted that the “security of the network is now more than 10x higher than when” the bitcoin price reached its current all-time high at year-end 2017.
If another wave of FOMO hits, there could be more people stacking sats than ever before — if the market watchers are correct.
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