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This Textbook Indicator Suggests Tezos (XTZ) Will Soon Recover Against Bitcoin

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Earlier this month, Tezos (XTZ) was all the rage. After Bitcoin stalled in the $11,000s, the price of the altcoin shot higher independently of the leading cryptocurrency. As a result, the XTZ/BTC pair moved higher, reaching crucial levels not seen in months.

But even since last week, Tezos has been on the decline. To be fair, most altcoins have been declining against Bitcoin as capital rushes back into the market leader.

XTZ is expected to soon bounce as the Tom Demark Sequential, a popular technical indicator, prints a bullish reversal signal for the asset.

Related Reading: Crypto Tidbits: MicroStrategy’s $250m Bitcoin Purchase, Ethereum DeFi Boom, BitMEX KYC

TD Sequential Is Predicting a Reversal in Tezos’ Bitcoin Pair

The Tom Demark Sequential is suggesting that Tezos may make a comeback against Bitcoin after a one-week retracement.

A Telegram chat tracking the indicator, which forms “9” and “13” candles at inflection points in a trend, shared the chart below. It shows that XTZ/BTC just formed a “buy 9,” indicating XTZ will reverse against Bitcoin.

The Tom Demark Sequential has been used accurately on Tezos in the past, as indicated in the chart below. The indicator formed “buy C-13” candles at the lows in early July and early August, and almost marked the highs earlier this month.

Chart of XTZ/BTC's price action over the past two and a half months with the Tom Demark Sequential. Chart from TradingView.com

The appearance of this signal comes after the head of a cryptocurrency fund seemingly suggested that XTZ is primed to bounce as Algorand and Cosmos move higher:

“XTZ was q1 darling as the staking narrative gripped the masses, led to spillover in cosmos and atom. Cosmos getting buddy buddy with defi in the new initiatives, and Algo putting it in pressers and dec upgrades, if im a betting man which I am tezos does the same soon.”

XTZ Fundamentals Weak Due to DeFi? 

The fundamental value in investing in XTZ, though, has been perceived as weak by analysts.

Crypto-centric economist Alex Krüger recently remarked that the emergence of yield farming through DeFi has indicated there is little value to Tezos staking/baking:

“XTZ is not the slow LINK cousin. One is a protocol token, the other an oracle token. XTZ is getting murdered for a good reason: its staking appeal has collapsed with the emergence of yield farming.”

Tezos offers around 6% per annum while yield farming opportunities can yield and have yielded thousands of percent per annum. These yields are not sustainable, of course, but on balance, a DeFi user can easily outpace an XTZ holder.

Related Reading: Crypto Tidbits: Dave Portnoy Drops Bitcoin, Tether Supports Ethereum’s OMG Network, DeFi Still Hot
Photo by Tim Marshall on Unsplash
Price tags: xtzusd, xtzbtc
Charts from TradingView.com
This Textbook Indicator Suggests Tezos (XTZ) Will Soon Recover Against Bitcoin

Source: https://www.newsbtc.com/2020/08/22/textbook-indicator-suggests-tezos-xtz-recover-bitcoin/?utm_source=rss&utm_medium=rss&utm_campaign=textbook-indicator-suggests-tezos-xtz-recover-bitcoin

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Five Reasons Ethereum Has Entered a New Bull Market

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Ethereum is currently retracting sharply from its previous and 30-month peak of $620. Even with a decline of around $100 to today’s prices of $525, ETH is still up over 300% since the beginning of the year.

The confirmed genesis of the long-awaited Beacon Chain, which is Phase 0 of the even longer awaited Serenity ETH 2.0 upgrade, has no doubt driven momentum but it is not the only strong point for Ethereum.

Over 5 Reasons to be Bullish on Ethereum

DTC Capital’s Spencer Noon has pulled out a few key charts to back up the notion that we are definitely in a bull run for Ethereum.

Active addresses on the network are the first metric as it now has just under 500,000 per day. This is almost double what it was at the same time last year.

In terms of fees paid, Ethereum dwarfs everything else in the crypto space with 80 billion gas now being used on a daily basis. The analyst exclaimed that this is;

“A clear sign that it is the most useful network in the world.”

Over $16 billion in stablecoins have now been issued on Ethereum, a figure that has gone parabolic since the start of this year which is a sign that there is a major demand for digital dollars.

The DeFi effect has been huge as, despite a number of rivals and ‘killers’ emerging this year, Ethereum remains the foundation of the entire ecosystem. Ethereum’s largest use case has gone parabolic as there are now ten times more DeFi users than there were a year ago.

Total value locked across the DeFi space has surged almost 2000% since the beginning of 2020 to reach $14 billion with five billion dollar plus protocols which is a sign that the space is maturing.

And There’s More …

The amount of Bitcoin tokenized on Ethereum is also at record highs with 152,000 BTC, or $2.7 billion worth at today’s prices wrapped on the Ethereum network.

The DEX effect cannot be overlooked either as decentralized exchanges on Ethereum have done $20 billion in volume over the last 30 days. This has brought their combined total to $86 billion this year;

“A sign that DEXs can compete with the top centralized exchanges.”

As reported by CryptoPotato, Ethereum social sentiment and searches are also at their highest levels since early 2018 as the mainstream media and the masses start paying attention.

This latest pullback may settle below $500, but there is little doubt it will provide a buying zone for ETH which still has a long way to go.

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Source: https://cryptopotato.com/five-reasons-ethereum-has-entered-a-new-bull-market/

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Coinbase CEO Fears Rumored Regulations Proposed By The Trump Administration

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Coinbase’s CEO Brian Armstrong has sent a letter to the US Treasury Secretary Steven Mnuchin regarding new rumored regulations on self-hosted cryptocurrency wallets. Armstrong believes that if implemented, the new legislation could harm users and, ultimately, the role of the US in the cryptocurrency financial field.

New Regulations On Self-Hosted Crypto Wallets?

The CEO of the largest US-based digital asset exchange took it to Twitter to outline the potential importance of these regulations if indeed implemented. The rumors indicate that the current Treasury Secretary Mnuchin plans to make them official before the end of his term.

Armstrong explained that self-hosted cryptocurrency wallets (also referred to as non-custodial or self-custody wallets) are “a type of software that lets individuals store and use their own cryptocurrency, instead of needing to rely on a third-party financial institution.”

They enable users to access basic financial services through this technology – “just like anyone can use a computer or smartphone to access the open market.”

Should the proposed regulations become official, they would require financial institutions, including Coinbase, to verify the recipient (owner) of the self-hosted wallet. Meaning, it would collect identifying information on that party before completing the transaction.

According to Armstrong, such requirements would lead to several potential issues because “it is often impractical to collect identifying information on a recipient in the crypto-economy.”

Some of those issues could affect users that send cryptocurrencies to various merchants online or to other people in emerging markets, where “it is difficult or impossible to collect meaningful know-your-customer information.”

Even simpler transactions like upvoting some content on Reddit or transferring an item in a game would also require the verification of the recipient, which makes the process prolonged and complicated.

The US Will Suffer The Most

Armstrong believes that the impact of these “barriers” would prompt US-based users to initiate fewer transactions. This would “effectively create a walled garden for crypto financial services in the US, cutting us from innovation happening in the rest of the world.”

US customers would turn to foreign cryptocurrency companies to access such services, which could put the country’s status as a financial hub at risk in the long-run.

“If this crypto regulation comes out, it would be a terrible legacy and have long-standing negative impacts for the US. In the early days of the internet, there were people who called for it to be regulated like to phone companies. Thank goodness they didn’t.” – added Armstrong.

He also asserted that Coinbase and other cryptocurrency companies have sent a letter to the Treasury last week to articulate these concerns. However, he hasn’t specified if the Treasury has responded in any way yet.

Featured Image Courtesy of Observer

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Source: https://cryptopotato.com/coinbase-ceo-fears-rumored-regulations-proposed-by-the-trump-administration/

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South Korean crypto market records more trades in Altcoins

TL:DR Breakdown: The South Korean crypto market had the most altcoin trading volume for the past five months. Korean traders showed more interest in trading home-based coins. The South Korean crypto market recorded a massive altcoin trading volume over the past five months, according to the market report on Friday by Xangle and Chainalysis. The […]

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TL:DR Breakdown:

  • The South Korean crypto market had the most altcoin trading volume for the past five months.
  • Korean traders showed more interest in trading home-based coins.

The South Korean crypto market recorded a massive altcoin trading volume over the past five months, according to the market report on Friday by Xangle and Chainalysis. The data were curated from the four biggest digital currency exchanges in the country. Traders in the country were mostly trading cryptocurrencies from Korean projects. Overall, the cumulative value of trading volume on the exchanges from June to October reached $93 billion.

Altcoin trading dominated in the South Korean crypto market

Between the stated periods, the four biggest crypto exchanges gained a cumulative trading volume as follows: Coinone ($15.7 billion), Bithumb ($39 billion), Korbit ($630 million), and Upbit ($37 billion). According to the report, the Bitcoin trading volume only accounts for about 15.3 percent of the entire cumulative trading volume in the South Korean crypto market. For decentralized finance (DeFi) tokens, Xangle noted that such cryptos had poor listings on the exchanges.

They represented about 11.5 percent of the entire listing in Bithumb, Coinone, Upbit, and Korbit combined. As such, they accounted for a lower record at 5.96 percent of the $93 billion total cumulative trading volume. From these records, Xangle noted that altcoins were the most traded digital currencies in the South Korean crypto market, as Bitcoin and DeFi tokens contained less than 50 percent of the entire volume.

Korean altcoins

Per the report, there are more than 260 digital currencies available on the four exchanges for trading. Coinone exchange offers the highest number of coins (130) for trading, followed by Bithumb (116), Upbit (105), and Korbit (23). About 33 percent of these coins are the native cryptocurrency of the Korean crypto project, according to Xangle. The most-traded Korean coins include KLAY, TMTG, FLETA, EGG, and so on.

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