Connect with us

Blockchain

YAM Madness Drove LINK to New ATH Above $17, Will It Last? (Chainlink Price Analysis)

Published

on

  • Chainlink surged by another 18.5% today to bring the price for the coin as high as $17.90.
  • This move created a new ATH value for LINK and allowed it to claim the 5th ranked position according to market cap.
  • Against Bitcoin, LINK also created a new ATH value as it reached as high as 153,000 SAT today.

LINK/USD: LINK Pushes Into Fresh ATH at $17.90

Key Support Levels: $16, $15.10, $14.
Key Resistance Levels: $17.90, $19, $19.50.

Chainlink is showing zero signs of slowing its pace after it surged by a further 18.5% today to push the coin into $17.90. The move was likely propped by the YAM farming craze, as LINK was one of the tokens eligible for yield farming in the protocol.

At these levels, however, it met resistance at a 1.618 Fib Extension and headed lower toward $16.84.

Chainlink has been on a remarkable run as of recently. It climbed by a total of 75% in this past week alone, surpassing everybody’s expectations. Despite the parabolic increase, Chainlink’s intrinsic value stems from the fact that the entire DeFi ecosystem requires its decentralized pricing oracle.

The surge today also allowed Chainlink to flip Bitcoin Cash and claim the 5th ranked position as it currently holds a market cap of almost $6 billion.

linkusd-aug13
LINK/USD. Source: TradingView

LINK-USD Short Term Price Prediction

Looking ahead, if the bulls push higher again, the first level of resistance lies at $17.90 (1.618 Fib Extension – orange). Beyond this, resistance lies at $19, $19.50, and $20. If the buyers push further above $20, additional resistance is located at $21 (1.272 Fib Extension) and $22.80 (1.414 Fib Extension).

On the other side, the first level of support lies at $16. Beneath this, additional support is found at $15.10 (.236 Fib Retracement), $14, and $13.35 (.382 Fib Retracement).

Both the RSI and Stochastic RSI are in overbought conditions, which could suggest the market may be overextended. However, it is essential to note that when a coin is surging, the RSI has been known to remain overbought for extended periods.

LINK/BTC: Bulls Reach As High As 153,000 SAT For The First Time

Key Support Levels: 140,000 SAT, 131,000 SAT, 117,600 SAT.
Key Resistance Levels: 153,300 SAT, 161,200 SAT, 170,000 SAT.

Against Bitcoin, LINK also surged further higher this week as it broke the previous resistance at 117,600 SAT and pushed higher to reach the 153,300 SAT resistance today (1.618 Fib Retracement).

The coin has since dropped slightly as it trades at 146,700 SAT, but the momentum appears to be in favor of the bulls.

linkbtc-aug13
LINK/BTC. Source: TradingView

LINK-BTC Short Term Price Prediction

Looking ahead, if the buyers push above 150,000 SAT again, the first level of resistance lies at 153,300 SAT (1.618 Fib Extension). Above this, additional resistance is located at 161,200 SAT (1.414 Fib Extension – purple), 170,000 SAT, and 178,600 SAT (1.618 Fib Extension – purple).

On the other side, the first level of support lies at 140,000 SAT. This is followed by support at 131,000 SAT (.236 Fib Retracement), 117,600 SAT (.382 Fib Retracement), and 110,000 SAT.

Likewise, both the RSI and Stochastic RSI are extremely overbought, which suggests that the market may need to retrace slightly.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited – first 200 sign-ups & exclusive to CryptoPotato).

Click here to start trading on BitMEX and receive 10% discount on fees for 6 months.

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/yam-madness-drove-link-to-new-ath-above-17-will-it-last-chainlink-price-analysis/

Blockchain

Blockchain Bites: Crypto Tax Switcheroo, Stablecoin Confusion, the Post-Capitalist Plunge

Published

on

Fintech giant Plaid has quietly added support for two DeFi applications, the IRS wants to know about your crypto holdings and data shows the total value of stablecoins has surpassed the $20 billion milestone. 

Plaid <3 DeFi
Visa-owned fintech company Plaid, which connects traditional bank accounts to thousands of digital platforms has quietly added support for Dharma’s DeFi wallet and Teller Finance, a DeFi startup bringing unsecured lending to the Ethereum blockchain. CoinDesk’s Ian Allison got the scoop that Plaid’s head of UK, Keith Grose, is a believer in decentralized and open applications, even if it’s a cynical attempt for fintech to manage its own disruption. “I think it’s still a long way before DeFi becomes part of the main route for finance, but it’s a really exciting corner and one that personally I’m passionate about,” Grose told Allison. “We’re only scratching the surface…”

Tax policies
The U.S. Internal Revenue Service (IRS) is reportedly repositioning a question about crypto transactions that will make it harder for taxpayers to avoid declaring their holdings. According to a Wall Street Journal report Friday, the IRS is updating the 1040 income tax form for 2020 to require that all returnees check a box if they have transacted any crypto assets over the year – placing the question at the top of the document, rather than buried further down, the WSJ says. A law expert told the WSJ that the question would make it easier for the IRS to win cases if the taxpayer checks the “no” box and is later found to have held crypto. Half a world away, four Knesset members are seeking to ease Israel’s 25% capital gains tax on cryptocurrencies through draft legislation.

Bipartisan appeal
A new bipartisan-backed bill aims to clarify investment contract assets or digital tokens sold as part of a securities offering are separate and distinct commodities, not securities, CoinDesk’s Sandali Handagama reports. Introduced by Chairman of the National Republican Congressional Committee Rep. Tom Emmer (R-Minn.), the legislation would amend existing securities laws to exclude tokens from the definition of a security. Chief Policy Officer for the Chamber of Digital Commerce Amy Davine Kim, said tokens – issued by companies that register with the SEC – are the object of an investment contract and not necessarily a security. Rep. Michael Conaway (R-Texas), who joined Emmer in introducing the legislation, proposed a separate bill Thursday that could bring digital currency exchanges under a single federal framework.

China & crypto
Ant Group has launched a cross-border trading blockchain platform, called “Trusple.” The Antchain-based trading platform will make it easier for small and medium-sized enterprises (SMEs) to sell their wares to clients overseas, by automating payments and order placements. Ant has partnered with the likes of Standard Chartered, Deutsche Bank and BNP Paribas to help “optimize” the process. Ant, a sister to Alibaba Group, is looking to raise a record $35 billion in a dual public listing. Meanwhile, Chinese state media have broadcasted a coordinated campaign declaring that “cryptocurrency has undoubtedly become the top performing investment” this year. CoinDesk’s Wolfie Zhou said while many are responding to the bullish signal others are concerned about the potential agenda behind the rare coordinated effort. 

a16z approval
Andreessen Horowitz’s (a16z) late-stage venture fund has received a green light from the U.S. Federal Trade Commission (FTC) for a transaction involving Coinbase. The VC giant’s $2 billion fund, Andreessen Horowitz LSV Fund I, L.P, received antitrust clearance from the FTC in a filing dated Sept. 22 involving “Coinbase Global, Inc,” Coinbase’s parent. CoinDesk’s Danny Nelson and Zack Steward report it is unclear whether the approval is for the fund’s previously disclosed purchase of shares in the cryptocurrency exchange or for a new purchase. Though, given Coinbase’s $8 billion valuation would represent nearly half of a16z’s $16.6 billion assets under management, it’s extremely unlikely the clearance is for an outright purchase.

Quick bites

At stake

More questions?
Earlier this week stablecoin issuers received a reassuring message from some of the top U.S. financial regulators: parking your fiat reserves in banks is a-okay. 

On Monday, the Comptroller of the Currency (OCC), under the U.S. Department of the Treasury, issued official guidance declaring that national banks and federal savings associations can hold reserve funds for stablecoin issuers. It was a signal for these issuers to continue what they already have been doing for years.

Indeed, the dollar-backed stablecoin market nearly quadrupled in size over the past year – from around $5 billion in September 2019 to around $20 billion currently – with much of that wealth backed by reserves held in bank accounts. Much of this growth has been driven by international demand for dollars as well as the increasingly sophisticated financial tools being built on top of public blockchain technology. Since its inception, however, the stablecoin market has existed amid regulatory ambiguity.

The new ruling, the first federal guidance issued regarding stablecoins, adds legitimacy to the booming market sector and paves the way for more banks to enter the ecosystem, say industry commentators. Still, it’s unclear whether the mandate will have any short-term significance. 

“If you don’t have guidance from the banking regulator about how banks can participate in those schemes – or arrangements, rather – that would limit growth. It paves the way for growth,” Jeremy Allaire, CEO of Circle said over Zoom. “But it doesn’t change the way Circle operates today.” 

Allaire isn’t alone in his thinking. “The letter indicates a positive sentiment coming from a top government agency,” Kristen Smith, founder of the Blockchain Association, a D.C. crypto advocacy group, said. “Will it have any major practical changes for the way fiat-backed stablecoins operate? Probably not.”

Market intel

$20B milestone
The total value of stablecoins has now surpassed $20 billion, reflecting the growing demand of investors looking to hedge their risks in both crypto and traditional markets amid the coronavirus pandemic. Data from Coin Metrics show that the total value of assets for all stablecoins breached the $20 billion mark Thursday, only a little more than four months after the number broke a $10-billion record in May. Stablecoins are digital tokens, the values of which are pegged to fiat currencies like U.S. dollars.

Mint wrappers
Three Arrows Capital completed the largest single issuance of new wrapped bitcoin tokens by any merchant, minting 2,316 WBTC through BitGo Thursday afternoon. The Singapore-based firm’s mint represents nearly 3% of the current wrapped bitcoin supply, just over 81,000 at last check. One week ago, Alameda Research set the previous record for most tokens issued in a single mint with 1,999 WBTC issued. Since January, the total supply of wrapped bitcoin has grown by over 13,000% from less than 600 WBTC, according to data from Dune Analytics, CoinDesk’s Zack Voell reports.

Tech pod

Private browsing
Privacy tech company Aleo has launched a data privacy-oriented blockchain and developer kit to make writing zero-knowledge proofs in web applications easy and scalable. CoinDesk’s Ben Powers reports the startup is releasing its first round of software tools to let developers write private applications for the web using a new programming language called Leo, as well as integrate these tools into pre-existing browsers’ functions. Aleo leverages zero-knowledge proofs (ZKPs), a cryptographic technique that allows two parties on the internet, such as an app and a user, to verify information with each other without sharing the underlying data related to this information.

Internet 2030

Jonathan Beller is Professor of Media Studies at Pratt Institute and member of the Economic Space Agency (ECSA) think-tank. His forthcoming book The World Computer: Derivative Conditions of Racial Capitalism will be published by Duke UP in 2021. This essay is part of the Internet 2030 series exploring the future of the digital economy. The essay excerpted below is part of CoinDesk’s ongoing Internet 2030 series exploring the future of digital technologies and cultures. 

Tokenization revolution
Now, in 2030, there is a global movement to redesign the convergence of communications and monetary media as post-capitalist economic media. 

The internet of the past has been clearly grasped as an extension of capitalism that turned everyone to workers in the social factory, who are paid in company scrip, while the real value was hoarded by shareholders. The “background monetization” of our words, images, locations, faces and metabolic processes was recognized as a key impediment to general emancipation and as a blockade against solving world historical problems including climate change. 

Indeed, some claimed (rightly from our perspective), that the economic logic of the internet in 2020 also prevented the possibility of adequately addressing the egregious forms of profitable oppression that come under various headings including “racism” and “sexism,” endemic to what was essentially racial capitalism. 

No longer, it had been decided by a growing number of Earthlings by 2030, will companies and governments strip us of our expressive power, our powers to create cultures, worlds and value(s). No longer will they devalue our lives in accord with their agendas. 

We will no longer alienate our “content” as property for someone else’s platform, we will no longer provide labor for someone else’s capital, we will no longer be a pawn in centralized sovereign governance that couldn’t care less about us. We refuse the psychopathology and megalomania that comes from having to assert ourselves by actively denying the real conditions of existence, conditions that inexorably convert our expression into murder.

In short, as one manifesto put it, “We will no longer serve as batteries for someone else’s matrix.”

CoinDesk’s “Internet 2030” series examines the future of the medium and what role blockchain and crypto will play in it with content and conversations on the future of the decentralized web. If you are interested in submitting an op-ed for the series, please reach out directly to [email protected].

Podcast corner

Borderless
CoinDesk reporters Nikhilesh De, Anna Baydakova and Danny Nelson have released the first episode of their new podcast, Borderless. The series explores the most important events happening in and out of crypto affecting the industry, through a global lens. In the first episode they dive into the FinCEN files, a collection of thousands of documents that show, banks, not crypto, are the main conduit for alleged financial crimes.

Who won #CryptoTwitter?

screen-shot-2020-09-25-at-10-48-25-am
https://www.coindesk.com/newsletters

Subscribe to receive Blockchain Bites in your inbox, every weekday.

Disclosure

Source: https://www.coindesk.com/blockchain-bites-crypto-tax-stablecoin-defi

Continue Reading

Blockchain

Voyager CEO Says Revenue Growth Accelerates 8-Fold as DeFi Trading Surges

Published

on

The super-charged trajectory of the cryptocurrency industry is translating to faster growth at the publicly traded digital-asset brokerage Voyager Digital, where revenue this quarter is tracking at an eightfold increase over the prior 12 months’ average pace. 

Voyager CEO Steve Ehrlich told CoinDesk in a Zoom interview that the company’s on pace for revenue of about $2 million during the fiscal first quarter that ends Sept. 30. That compares with $1.1 million during the fiscal year that ended in June.

The company’s shares, listed on the Canadian Securities Exchange, have rallied about 250% year, far surpassing the 49% year-to-date gains for the largest cryptocurrency, bitcoin (BTC), and 169% for No. 2 ether (ETH). 

Ehrlich said in the interview that he’s perfectly happy having investors buy Voyager’s shares as a play on the cryptocurrency industry’s growth. Stockholders, he said, don’t have to delve into the nuances of individual tokens, given the industry’s notorious history of extreme price volatility.  

“You’re getting access to the digital crypto markets but you’re getting it through a publicly traded company that is trading on behalf of their customers,” Ehrlich said. 

Ehrlich said some of Voyager’s growth in the quarter has come from investors seeking quick gains from the fast-moving arena of decentralized finance, or DeFi, where programmers are using blockchain technology to build automated networks for lending and trading. It’s a business that aspires  to challenge traditional Wall Street firms with a cheaper and potentially more equitable model.

But he acknowledged that the DeFi tokens can be complicated and require “education” efforts. The tokens often represent little-tested projects in hardly-established markets. Prices for Kyber Network’s KNC token, traded on Voyager, have plunged 41% in the past month, though they’re still roughly five times where they started the year. 

“We saw people kind of reallocate a little bit out of the DeFi and a couple other tokens” amid a sell-off in the sector this week, he said. 

Ehrlich said Voyager has no plans to put any of the company’s corporate treasury into cryptocurrencies. Such a move was announced recently by publicly traded Microstrategy, which said it steered at least $425 million into bitcoin. 

“Our investors want us to be that agency broker,” Ehrlich said. “They want us to be the one that executes the trade in microseconds for customers, not making bets on coins one way or another.”

He added that he has encouraged some corporate executives wary of following Microstrategy’s bitcoin play to consider converting their cash into USD Coin’s dollar-linked USDC stablecoins, which can be deposited at Voyager for a 9.5% interest rate. 

Source: https://www.coindesk.com/voyager-ceo-revenue-growth-8-fold-defi-trading

Continue Reading

Blockchain

Bitcoin Maintains $10K As Crypto Market Lost $16 Billion in 7 Days: The Weekly Crypto Market Update

Published

on

Another action-packed week took place in the crypto field. Unfortunately, the market is currently in decline as the entire capitalization lost around $16 billion over the past seven days.

The good news for Bitcoin bulls is that BTC managed to maintain itself above the critical psychological and technical support of $10,000. Things were looking rather promising until Monday when the price shot up to about $11,000.

Unfortunately, it was then when Bitcoin’s price took a sharp turn in the wrong direction and tanked to about $10,400. From there, it was a couple of days of sideways action until Wednesday when it dipped even further, calling questions whether or not $10,000 will hold. In the late hours of Thursday, however, Bitcoin bulls woke up and pushed its price to where it currently rests around $10,650.

Elsewhere, on Sunday, Buzz Feed reported that major banking giants such as JP Morgan Chase, Bank of America, Standard Chartered, HSBC, and more, were knowingly facilitating the transfer of up to $2 trillion related to suspicious and even criminal activity. This further supports the narrative that cash is used for illicit activities way more than Bitcoin. After all, $2 trillion is roughly 10x Bitcoin’s total market capitalization.

In another interesting development, the world will finally have its first official Bitcoin exchange-traded fund, though it may not be quite where people expected. It’s a collaboration between Nasdaq and a regulated Brazilian fund manager and will be launched on the Bermuda Stock Exchange (BSX).

You Might Also Like:

DeFi markets continue to boom as the total value locked in lending protocols surpassed $10 billion this week.

In any case, it’s interesting to see whether or not the hype will continue or if we will soon witness the burst of what many consider to be a DeFi-fueled bubble.

Market Data

Market Cap: $337B | 24H Vol: 105B | BTC Dominance: 58.3%

BTC: $10,613 (+2.46%) | ETH: $344.46 (+2.61%) | XRP: $0.237(+5.3%)

cryptopost_friday_1

World’s First Bitcoin ETF Approved with Expected Launch in Bermuda by End of Year. Nasdaq has collaborated with a regulated Brazilian fund manager to launch the world’s first Bitcoin exchange-traded fund (ETF). It should go live by the end of the year on the Bermuda Stock Exchange (BSX).

CoinGecko: 23% Participate In Yield Farming, But 40% Can’t Read Smart Contracts. According to a recent report by CoinGecko, 23% of people involved in the cryptocurrency field invest in yield farming. However, 40% of them can’t read smart contracts, leaving them seriously exposed to inherent risks associated with failures in the code.

FEW Brings Out DeFi Risks: Ethereum Proponents Caught Planning to Dump on Investors. Leaked screenshots of a Telegram group chat that includes some of the most popular Ethereum proponents have sparked a tweetstorm in Crypto Twitter. It appeared as if the participants were planning to create a token, airdrop it to themselves, hype it up, and dump it on the community.

Social Capital CEO Chamath Palihapitiya: Bitcoin Is My Best Investment Bet. The popular venture capitalist Chamath Palihapitiya has said that his best investment bet so far has been on Bitcoin. This is despite him having invested in countless successful companies and startups.

Gemini Has Now Opened Doors to Crypto Investors in the UK. The popular US-based Bitcoin trading platform Gemini has officially launched operations for its entire range of services in the United Kingdom. This comes weeks after it received a license from the country’s Financial Conduct Authority (FCA).

Document Leak Suggests Major Banks Facilitated Transfer of $2 Trillion in Dirty Money – 10x Current Bitcoin’s Market Cap. Buzz Feed reported on a major document leak that suggests that major banks have been facilitating the transfer of up to $2 trillion associated with illicit and criminal activities. To put things in perspective, this is roughly 10x Bitcoin’s total market cap.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Chainlink, and Tezos – click here for the full price analysis.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited – first 200 sign-ups & exclusive to CryptoPotato).

Click here to start trading on BitMEX and receive 10% discount on fees for 6 months.

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/bitcoin-maintains-10k-as-crypto-market-lost-16-billion-in-7-days-the-weekly-crypto-market-update/

Continue Reading

Trending