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Chainlink, IOTA, Dogecoin Price Analysis: 21 August

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Bitcoin may have a market dominance of over 55%, however, the effects of its movements aren’t always equal among the rest of the market’s altcoins. In fact, an argument can be made that lately, many of these alts have been taking an independent trajectory owing to falling correlation stats, one where their values aren’t defined by the price fortunes of large-cap cryptos. The cases of Chainlink, IOTA, and Dogecoin illustrate the same.

Chainlink [LINK]

Source: LINK/USD on TradingView

Chainlink, the 6th-largest cryptocurrency on CoinMarketCap’s charts, has been one of the year’s best-performing cryptos, with LINK noting YTD gains of almost 740%, at the time of writing.  In fact, LINK has gained exponentially in the month of August, with the crypto recently touching its ATH on the charts as well.

At the time of writing, however, corrections were ensuing on the charts, with the crypto down by almost 19% over the last 4 days. Interestingly, this came on the back of a 48% surge that pushed LINK to its aforementioned ATH.

Chainlink’s indicators underlined the trend reversal on the charts while the Parabolic SAR’s dotted markers were above the price candles, the MACD line underwent a bearish crossover.

Chainlink is in the news after it was revealed that it would be providing decentralized weather data to insurance start-up Arbol.

IOTA

Source: IOTA/USD on TradingView

IOTA, the cryptocurrency ranked 21st on CoinMarketCap, was one of the many cryptos to go on an uptrend in August, with the month’s performance pushing the crypto’s price over its July 2019 levels. Like many in the crypto-market, IOTA too climbed on the back of Bitcoin’s attempt to breach the $12,000-mark. However, when BTC fell, so did IOTA. However, such retracement wasn’t too last as soon, the crypto was climbing again.

After having fallen by 12% when corrections ensured, at the time of writing, IOTA had risen again on the charts by over 13%.

The recent volatility in the market was highlighted by the widening mouth of the Bollinger Bands. Further, the Awesome Oscillator pictured receding market momentum.

On the development front, IOTA successfully launched Chrysalis Phase 1 recently.

Dogecoin [DOGE]

Source: DOGE/USD on TradingView

Dogecoin, the Internet’s favorite meme-cryptocurrency was quite the rage last month after it went on a brief, but astonishing run that saw DOGE climb by over 100% in 3 days. However, that surge is long gone and over the past few weeks, Dogecoin has struggled to record any gains of note.

In fact, DOGE was down by over 30% since its peak last month, with the crypto noting more corrections over the past few days.

Dogecoin’s indicators, however, remained fairly healthy while the Chaikin Money Flow suggested that capital inflows were greater than capital outflows, the Relative Strength Index was right in between the oversold and overbought zones.

Source: https://eng.ambcrypto.com/chainlink-iota-dogecoin-price-analysis-21-august

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Finnovex East Africa 2021: Live Experience at Virtual Event

February 9-10, 2021| Finnovex East Africa 2021 Virtual Summit: The Leading Summit on Financial Services Innovation and Excellence East Africa currently is home to some of the quickest growing economies in the world and the entire continent is set for a vast economic transformation. Africa already leads the world on telecom infrastructure and uptake and … Continued

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February 9-10, 2021| Finnovex East Africa 2021 Virtual Summit: The Leading Summit on Financial Services Innovation and Excellence

East Africa currently is home to some of the quickest growing economies in the world and the entire continent is set for a vast economic transformation. Africa already leads the world on telecom infrastructure and uptake and digital innovation and this pandemic crisis has brought to the fore the possibilities of transforming into a digital economy.

Today it presents a chance to continue to build the economy in the post-Covid-19 environment and even for East Africa to aspire to become a global hub for innovation. Within the region, we have seen a broad range of fiscal policies that have been rolled out rapidly and are now being scrutinized, evaluated, and fine-tuned to achieve the desired results.

Keeping in mind the excellence in financial services and innovation in East Africa’s economy Exibex is proud to present Finnovex East Africa 2021 Virtual edition as a platform for Devising Transformational Strategies for The New Normal and be a driver in creating a roadmap to recover from the aftereffects of the pandemic and emerge stronger to not just achieve the expected levels of innovation and excellence, but to supersede them.

The event will discuss the roles of banking and non-banking institutions, financial organizations, investment firms, fintech companies, and other stakeholders in developing inducements to the paradigm shift in this sector.

Join us at this VIRTUAL SUMMIT on February 9-10, 2021 from the comfort of your home or office. Despite the challenges created between every aspect of our community due to the pandemic, we’re confident in delivering a dynamic experience that fosters interaction among all our attendees through our virtual event with live experience.

Finnovex will feature thought-provoking presentations engaging discussions and focused roundtables aimed at delivering a thorough and nuanced outline of what the future will hold. Join us as we discuss the best and next practices with leaders and experts from the financial services industry.

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Source: https://beincrypto.com/finnovex-east-africa-2021-live-experience-at-virtual-event/

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Crypto hedge fund CEO testifies to Washington State Senate about the challenges of regulating digital assets

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Crypto regulations have proven to be a slippery slope so far, with governments around the world continuing to suppress the industry’s organic growth by instilling poor policies and a general disregard for cryptocurrencies.

But builders, developers, and crypto fanatics are fighting back to ensure a fair industry. One such individual is Jesse Proudman, the CEO of crypto hedge fund Strix Leviathan

Proudman, whose company operates out of Washington state in the US, who recently testified at the State Senate about the stark lack of crypto and blockchain regulations in the country and the potential of a huge exodus of talent as other countries embrace the technology more formally.

Be friendly towards crypto firms

In a release shared with CryptoSlate, Proudman said that startups choosing to do business in Washington are expending resources to interpret existing regulation and anticipate future regulation as it pertains to these new business lines in good faith.

However, Proudman noted that as these technologies evolve faster than the state of regulation, many startups are left behind in a “nebulous grey zone.” “Retroactive penalties for regulatory violations that may not have been clear at the time of infraction will continue to deter blockchain startups from establishing a presence in Washington State,” he stated.

It’s not just small companies facing such ill-effects. Large players like Ripple, the issuer of XRP, are also considering a move away from US shores as ever-changing and tightening laws, lack of recognition, and the slow pace of policies have crippled the organization in several ways.

The environment is worse for upstarts. Regulatory uncertainty and conflicting information lead to an expensive legal burden for startups in the state, explained Proudman, adding that this aspect has a “direct impact on job growth in the industry.”

He added that while Strix Leviathan is a “very lean” team, the legal and regulatory costs are a significant drain on resources. As such, the team has paid $189,101 in legal fees in 2018 (15% of all expenses), $206,708 in legal fees (21% of all expenses) in 2019, which has caused a drain on its resources and ability to expand.

2017 ICO mania is long gone

In the testimony, Proudman raised several points to the Senate regarding the various differences of today’s crypto market compared to the one in 2017, a time when ICOs ran abound and raised billions of dollars from the market with little to show.

Some of these points were:

  1. Blockchains are Transparent Ledgers: More transparency than most appreciate. AML / KYC / OFAC Checks are industry standards. Money laundering as a fraction of total transaction volume is orders of magnitude smaller than in traditional fiat currencies.
  2. Functioning Products and Platforms: 2017’s “ICO” fundraising craze resulted in lofty ideas with limited execution. Fast forward three years and we’ve seen an enormous shift in the sophistication and capabilities of this asset class. 
  3. Industry Security Has Improved Dramatically – Hacks and theft prevalent in the 2015-2017 era markets have been reduced given focused industry attention and the rise of qualified custodians focused on safe storage.

As Proudman best put it, “The charlatans have largely been banished after a three-year drought.”

You can watch the full video of Proudman’s testimony below:

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Source: https://cryptoslate.com/crypto-hedge-fund-ceo-testifies-to-washington-state-senate-about-the-challenges-of-regulating-digital-assets/

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Bitcoin Fundamentals Paint Bullish Picture Despite Latest Pullback

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Bitcoin Fundamentals Paint Bullish Picture Despite Latest Pullback | Crypto Briefing


















The uptrend in Bitcoin has paused near all-time highs. On-chain indicators now show more strength to keep climbing. 


Key Takeaways

  • Bitcoin’s total hashrate has recovered after dropping 35% in October, flagging a buy signal.  
  • The leading crypto is, however, witnessing movement from old BTC wallets as prices reached all-time highs. 
  • Analysts predict that Bitcoin’s price may witness a short-term pullback, but the momentum remains bullish. 

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In November, the Bitcoin network witnessed higher profit-booking tendencies after its price increased by 42.5%, reaching a peak value of $19,860.

New buyers and derivatives traders have been apprehensive of a bullish trend reversal. However, the growth of mining hashrate and the market’s liquidity points to a bullish continuation. 

Bitcoin’s Supply-Side Story 

Hash ribbons are a supply-side indicator developed by Charles Edwards, the founder of Capriole Investments. It plots the 30-and 60-day moving average of the network’s total hashrate. 

This indicator is now confirming the complete recovery of Bitcoin’s hashrate along with positive momentum in price, signaling a buy

After the end of the wet season in China, the recent miner capitulation caused a 35% drop in the hashrate. Every year, retail miners move from Southwest China to tap cheaper sources of electrical energy. The migration of miners usually takes about a month. 

BTC/USD daily price chart with hash ribbon indicator
BTC/USD daily price chart with hash ribbon indicator. Source: TradingView 

Historically, buying during miner capitulations has yielded positive returns. 

Large mining farms can hold Bitcoin during capitulations, forming an accumulation band allowing “price to stabilize and then climb,” according to leading on-chain analyst Willy Woo.

BTC Exchange Flows 

As the price lingers around all-time highs, concern around profit-booking has kept traders on edge.

Bitcoin’s blockchain reveals older BTC wallets moving tokens to sell at the resistance near the all-time high.

SIMETRI gains of 484%

The number of coin days destroyed (CDD) is a metric that measures old wallets’ movement. CDD measures the amount of BTC moved in transactions and the number of days since it moved last. The movement of Bitcoin from old addresses or large value transactions pushes this metric up. 

In November, the monthly sum reached an 18-month high, signaling profit-booking by holders. 

Bitcoin monthly coin days destroyed
Bitcoin monthly coin days destroyed. Source: Glassnode

Nevertheless, the percentage of BTC spends from addresses that haven’t moved their BTC for over a year is minuscule. It only makes up 4.1% of the overall Bitcoin spend in November. 

Another Warning Signal 

The Network Value Transfer (NVT) ratio is another robust indicator for assessing overbought or oversold market conditions. It measures the total value of transactions to BTC’s total market capitalization. 

Bitcoin price with NVT signal
Bitcoin price with NVT signal. Source: Woobull 

A lower ratio signals an under-priced situation where the network is handling more transactions relative to its market value. A higher ratio, on the other hand, points to over-priced conditions. 

Currently, the NVT represents over-priced conditions. Nevertheless, crypto analyst, David Puell, said: “NVT should be taken with a grain of salt.” He told Crypto Briefing: 

“The lack of velocity seen there may be misleading. A lot of the transactions are now shifting into off-chain mechanisms, and a lot of the supply is being held in large entities (such as exchanges) that hold a lot of the supply changing hands in the market.”

Momentum Indicator 

The Spent Output Profit Ratio (SOPR) is an oscillating indicator that gauges the market’s momentum. It is computed by dividing BTC’s realized price by the price it was last added to an address. Virtually, the paid/purchase price. 

The ratio pivots around one, signaling bearish or bullish momentum accordingly. 

In an uptrend, investors are reluctant to sell at a loss or even at break-even prices, reducing the selling pressure at pullbacks and pushing the price up—the SOPR trends above one in a bull market, which BTC has been in since May. 

Bitcoin SOPR indicator
Bitcoin SOPR indicator. Source: Glassnode

When entities spend a large number of Bitcoin, the SOPR ratio records spikes on those days. 

So far, there hasn’t been a significant spike in that metric, suggesting that the buying interest is equally strong. 

Lastly, analysts are also reporting a slow down in exchange outflows, signaling short-term pain. The exchange outflows have been the most sought out metric this year. More than 500,000 Bitcoin have left exchanges, pointing towards a hugely positive signal in the long-term. 

There is evidence to show the market sentiments are highly optimistic. The strong recovery in price after the recent pullback shows that “buy the dip” psychology is in play. At the same, the resistance at $20,000 still poses a significant psychological barrier. 

Bitcoin is changing hands at $18,984 at press time. 

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Source: https://cryptobriefing.com/bitcoin-bullish-despite-pullback/

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