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CryptoCoin.Pro Implements Blockchain Technology in its Virtual Blockchain Summit 2020

CryptoCoin.Pro Implements Blockchain Technology in its Virtual Blockchain Summit 2020

In the just-concluded 2020 Virtual Blockchain Summit, CryptoCoin.Pro boasts to have organized the world’s first tokenized blockchain event. The event that was scheduled on June 11th to 12th, was able to circumvent the global coronavirus challenge that is hindering physical meetings. It was a huge win for the blockchain industry that is growing at a […]

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CryptoCoin.Pro Implements Blockchain Technology in its Virtual Blockchain Summit 2020

In the just-concluded 2020 Virtual Blockchain Summit, CryptoCoin.Pro boasts to have organized the world’s first tokenized blockchain event. The event that was scheduled on June 11th to 12th, was able to circumvent the global coronavirus challenge that is hindering physical meetings.

It was a huge win for the blockchain industry that is growing at a fast rate, especially with the COVID-19 crisis era. The event’s success will go a huge way in assisting other global organizers who are pushing for virtual summits. One example is the oncoming WWDC20 organized by Apple Inc. that is scheduled to start on June 22.

According to the press release on the Virtual Blockchain Summit 2020, the event was achieved through a tech twist that used Streams. live video streaming solutions. “The organizers of the Virtual Blockchain Summit have been working on this solution so that the world can have a seat at the table with some of the best people in the industry,” the press release stated.

During the event, each speaker who participated in the event was awarded ownership tokens in the company which organizes VBS. It was made possible by the tokenization technology from Tokeny Solutions, which has been working CryptoCoin.Pro in the project.

Blockchain Technology and Virtual Blockchain Summit 2020 Bigger Picture

Tokenization is the process of protecting sensitive data by replacing it with algorithmically generated digits known as the Tokens. Some of the panellists who featured in the event included Miko Matsumura from EverCoin, Henri Arslanian from FinTech Association, Beniamin Mincu from Elrond Network, Daniel Coheur from Tokeny Solutions, and Sergiu Draganus from Cryptocoin.Pro.

Cryptocoin.Pro specializes with FIAT- crypto payment and withdrawal services by deploying GUI and API credit cards and also bank transfers. On the other hand, Tokeny Solutions majors in assisting different market players to dematerialize assets through the blockchain, hence allowing them to reach the global market.

As the global market gets reshaped by the coronavirus outbreak, industries that will implement blockchain technology in their daily operation will be on a vantage point to compete with competitors.

However, the increase in different tokens in the market will be both advantageous and at the same time a disadvantage. This is because as more tokens get introduced in the market, the better service delivery to people who need the services and at the same time the higher number of tokens might trigger global scams in an unprecedented way.

Source: https://zycrypto.com/cryptocoin-pro-implements-blockchain-technology-in-its-virtual-blockchain-summit-2020/

Blockchain

Market Wrap: Bitcoin Bounces to $11.8K; Over 10K BTC Locked in Harvest Finance

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Bitcoin traders hit the buy button Monday while a DeFi project gains $135 million in BTC locked since the start of September.

  • Bitcoin (BTC) trading around $11,689 as of 20:00 UTC (4 p.m. ET). Gaining 2.2% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $11,409-$11,839
  • BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians.

btcoct19-2

Bitcoin trading on Bitstamp since Oct. 17.
Source: TradingView

Bitcoin’s price is making major gains Monday, with a rally starting around 12:00 UTC (8 a.m. ET) and the price jumping from $11,477 to as high as $11,839 on spot exchanges such as Bitstamp within hours. Since then, the price has settled around $11,689 as of press time.   

Read More: ‘Boring’ Bitcoin Market Sends Miners’ Fee Earnings to 3-Month Low

Katie Stockton, a technical analyst for Fairlead Strategies, said bitcoin began a bullish run on Oct. 18, when the price per one BTC began trending above a key moving average. Bitcoin has been consolidating since breaking out above its 50-day moving average,” Stockton told CoinDesk. 

“Short-term momentum remains to the upside within the intermediate-term uptrend, suggesting the consolidation phase will give way to a test of August’s high,” she added. 

The record price level for 2020 so far occurred Aug. 17, with bitcoin hitting $12,476 on spot exchange Bitstamp. 

btcsinceaug2020

Spot trading on Bitstamp since August.
Source: TradingView

While bitcoin trading volumes and transactions have been quiet as of late, momentum, in the form of bitcoin spot volume, has been higher than usual Monday. Volumes on major USD/BTC are at $473,739,764 Monday, already higher than the past month daily average of $348,110,579. 

volumespastmonth

Bitcoin volumes on major exchanges the past month.
Source: CryptoCompare

John Willock, CEO of crypto asset manager Tritum, said he sees bitcoin’s price passing $12,000 again soon. “Definitely $12,000 is easily in sight,” he said. “The potential for U.S. fiscal stimulus that is broadly anticipated is likely to result in more price surges in haven/hedge assets like bitcoin and gold.”

2020btcvsgold

Bitcoin and gold returns in 2020.
Source: CoinDesk Research, St. Louis Fed, Yahoo Finance

Constantin Kogan, partner at crypto fund-of-funds BitBull Capital, noted a low in bitcoin miner revenue from fees. “The share of miners’ revenues from transaction processing fees fell to a three-month low of 3.49% over the weekend,” he said. 

Read More: Bitstamp Adds Crypto Crime Insurance for Assets Held Online

Indeed, miners’ revenues from fees was the lowest point for that metric since July 12, when it dropped to 2.52%. Some of that can be attributed to low volatility and transactions being processed on the Bitcoin network, according to Kogan.

btxtxnssixmonths

Miner revenue from fees.
Source: Glassnode

On Oct. 18, 231,437 transactions were processed on the network, a 40% fall from July 1, when 382,408 transactions were recorded. “Revenues of BTC miners have fallen amid low market volatility,” Kogan noted.

Investors plow BTC into Harvest Finance on Ethereum

Ether (ETH), the second-largest cryptocurrency by market capitalization, was up Monday trading around $379 and climbing 1% in 24 hours as of 20:00 UTC (4:00 p.m. ET). 

The decentralized finance, or DeFi, space is still attracting bitcoiners looking to increase profits. The project Harvest Finance, which allows users to deploy crypto automatically to popular DeFi projects, has gone from almost zero BTC in early September to surpass 10,000 BTC Sunday. 

Total BTC locked in Harvest Finance Monday as of press time was 11,479 BTC, $135,394,805 at current prices and nearly $348 million in total assets locked.

btcharvestfinance


Bitcoin locked in the Harvest Finance protocol since the start of September.
Source: DeFi Pulse

When asked about the bitcoin being parked in protocols like Harvest Finance, Brian Mosoff, chief executive officer of investment firm Ether Capital, remarked on the lower volatility and the potentially lower trading returns for bitcoin versus ether. 

btcvsethvolatility

ETH versus BTC volatility since the start of September.
Source: CoinDesk Research

“Bitcoin has lower volatility than ETH so it also may be ‘safer’ to put it into DeFi, and this may be another contributing factor,” Mosoff said. 

Other markets

Digital assets on the CoinDesk 20 are mostly green Monday. Notable winners as of 20:00 UTC (4:00 p.m. ET):

Notable losers as of 20:00 UTC (4:00 p.m. ET):

Read More: Filecoin Miners Go On Strike One Day After Mainnet Launch

Commodities:

  • Oil was down 0.29%. Price per barrel of West Texas Intermediate crude: $40.62.
  • Gold was in the green 0.18% and at $1,901 as of press time.

Treasurys:

  • U.S. Treasury bond yields were mixed Monday. Yields, which move in the opposite direction as price, were up most on the 10-year, jumping to 0.762 and in the green 1.3%.
https://www.coindesk.com/coindesk20

The CoinDesk 20: The Assets That Matter Most to the Market

Disclosure

Source: https://www.coindesk.com/market-wrap-bitcoin-bounces-harvest-finance

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Blockchain

ETH Price Analysis: Ethereum’s Sideways Action To End At $400 Or $360 First?

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ETH/USD – Bulls Defend Support at 2019 Highs

Key Support Levels: $364, $355, $346.
Key Resistance Levels: $380, $396, $400.

Last week, Etheruem had surged as high as $396 as it hit the resistance provided by a bearish .5 Fib Retracement level. Over the week, Ethereum started to head lower from here as it broke beneath $376 to reach the support at the 2019 High at $364 on Friday.

ETH bounced higher over the weekend as it reached as high as $380. However, the coin is now facing short term resistance at a falling trend line and must overcome this level to continue higher toward $400.

It’s worth noting that the cryptocurrency is trapped in a range and it’s unable to break from it for the time being.

ethusd-oct19
ETH/USD Daily Chart. Source: TradingView

ETH-USD Short Term Price Prediction

Looking ahead, if the buyers manage to break the trend line and head above $380, the first level of resistance lies at $396 (bearish .5 Fib). This is closely followed by resistance at $400. Beyond $400, additional resistance lies at $410 and $416 (bearish .618 Fib).

On the other side, if the sellers push beneath $375, the first level of support lies at $364 (2019 Highs). Beneath this, support lies at $355, $346 (100-days EMA), and $336.

ETH/BTC – ETH Trading Inside Consolidation Pattern.

Key Support Levels: 0.032 BTC, 0.0315 BTC, 0.0311 BTC.
Key Resistance Levels: 0.0337 BTC, 0.034 BTC, 0.0347 BTC.

Against Bitcoin, Ethereum is currently trading within a symmetrical triangle pattern that started in the first week of September. Each time the bulls attempt to push above the triangle, they are rejected by the upper boundary and head lower.

Last week, they tried to push above 0.0337 BTC (March 2019 Support – now resistance) but failed to follow through. As a result, they headed into the lower boundary, where the market rebounded over the weekend to reach the current 0.0327 BTC level.

ethbtc-oct19
ETH/BTC Daily Chart. Source: TradingView

ETH-BTC Short Term Price Prediction

Looking ahead, if the buyers can break the upper boundary, the first level of resistance lies at 0.0337 BTC. Above this, resistance is expected at 0.034 BTC, 0.0347 BTC, and 0.0352 BTC.

On the other side, the first level of support lies at the lower boundary of the triangle. Beneath this, support lies at 0.032 BTC (100-days EMA), 0.0315 BTC, and 0.0311 BTC (.618 Fib Retracement).

The RSI is at the mid-line, which shows the market is in a state of indecision. For a break above the triangle, the RSI must break the mid-line to show bullish momentum within the market.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/eth-price-analysis-ethereums-sideways-action-to-end-at-400-or-360-first/

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Bitcoin Price Has Only Ever Spent 93 Days Above $11,500

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With Bitcoin’s price hovering around $11,500, recent data indicated that the asset had spent only about three months of its existence above that particular level.

BTC: Only Three Months Above $11.5K

The official launch of the first-ever cryptocurrency came in early January 2009. Born during the last massive financial crisis, Bitcoin was this “magical money” that actually lacked any significant attention in its initial years. Consequently, its price traded close to zero for a while.

Since then, however, Bitcoin started gaining traction that ultimately resulted in severe volatility throughout the years. The massive fluctuations took the asset towards an all-time high in December 2017 of nearly $20,000, and just a year later, BTC saw its price beneath $4,000.

Fast-forwarding two years and Bitcoin is currently positioned around $11,500. Although this level is nearly twice as less as the all-time high, recent data from the analytics company Skew informed that BTC hadn’t spent a lot of time above $11,500.

Historical Performance Bitcoin Price. Source: Skew
Historical Performance Bitcoin Price. Source: Skew

More precisely, BTC’s price has hovered above $11,500 for only 93 days (or three months) since January 2009.

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Fundamentals in Place

Apart from the data above, Bitcoin’s hash rate has experienced a significant boost even after the completion of the third halving in May. As CryptoPotato reported recently, the metric measuring the computing power miners use to validate transactions on the BTC blockchain reached a new all-time high of 170 exahashes per second. This represented a 40% increase in the five months following the halving.

Although the hash rate is not correlated with the price, another report suggested an upcoming price increase. By indicating that Bitcoin whales, meaning entities with at least 1,000 coins, have slowed down accumulation, Glassnode asserted that this could ultimately be a bullish sign for the asset price.

Historically, once whales have stopped buying massive quantities, this has led to an opportunity for retail investors. According to the analytics company, Bitcoin may be in the “beginning of a run-up to a market top.”

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Source: https://cryptopotato.com/bitcoin-price-has-only-ever-spent-93-days-above-11500/

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