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Crypto News Updates

The Bitcoin Space Is Largely Controlled By a Select Few

The bitcoin space was supposed to be decentralized. One that was controlled by the people that owned it. It was supposed to give people more financial independence and say in their futures. However, light is being shed on an arena that is now largely controlled by a small group of crypto-centered businessmen.

Is Bitcoin Remaining Decentralized?

As it turns out, more than 95 percent of the world’s total bitcoins are stored within two percent of the world’s crypto accounts. This data comes by way of Flipside Crypto, a research firm that suggests bitcoin is perhaps not as decentralized as it’s been made out to be. Among the top bitcoin influencers are Dan Morehead, the founder of Pantera Capital; Barry Silbert, the founder of Digital Currency Group, and Tyler and Cameron Winklevoss, who currently run the Gemini Exchange in New York.

In addition, there are also figures such as Brian Armstrong, the young CEO of Coinbase, one of the biggest and most popular cryptocurrency exchanges in the world. At this time, the company has filed paperwork to go public, and Armstrong – who is rather rich and controls a healthy portion of the world’s bitcoin supply – is set to become even stronger and wealthier with this move.

Individuals like Morehead remember a time when bitcoin wasn’t anywhere near as large as it is today. He’s been an investor for much of his adult life and remembers when bitcoin was small and unknown. He states in an interview:

I was first attracted to bitcoin as an investment. It was something interesting to learn about. I sent $2 million to Coinbase, and I started trying to buy $2 million of bitcoin. My daily trading limit was $50.

Today, Pantera manages more than $50 billion in assets and has invested in some of the world’s biggest tech and financial startups, while companies like Coinbase initially began in an apartment in San Francisco to become one of the largest digital trading platforms the world has ever seen.

By contrast, Cameron and Tyler Winklevoss didn’t have years of investing under their belts when they first made their way into the bitcoin arena. In a recent discussion, Cameron mentions that their lack of career options and low interest in Wall Street is what made them curious about the digital currency.

Curiosity Is What Drove Them

He states:

Tyler and I didn’t have 20 years of capital markets experience when we came to bitcoin. We were open to this possibility, and that’s how we’ve always been: driven by curiosity… In the early days of Facebook, in watching and being part of that ride, we saw the power of networks, and so many people dismissing social networks as a fad… [Bitcoin] is a money network. What happens when you put an economic incentive around that network? That’s possibly the most effective network in the world.

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Cathie Wood: BTC Will Be a Staple Investment

Imagine a world where bitcoin and cryptocurrency just completely took over. There are no more standard financial investment tools, and things like stocks and bonds cease to exist. The entire world is based on cryptocurrency, and everything is paid for in bitcoin. While it may be many years until we reach a society like this, Cathie Wood of ARK Invest thinks we’re heading in that direction.

Cathie Wood: BTC Will Replace Bonds

In a recent interview, the monetary executive claimed that she’s confident bitcoin will one day replace bonds, and that the currency is going to be a primary staple of many professional portfolios. She says:

You think about the traditional 60/40 stock and bond portfolio but look what’s happening to bonds right now. If we’re ending a 40-year secular decline in interest rates, that asset class has done its thing. What’s next? We think crypto could be the solution.

Right now, bonds are selling off at an alarming rate. In addition, many analysts are convinced that the inflation that exploded in 2020 is going to continue throughout the new year, and this will ultimately cause many bonds to lose their worth. Institutions such as the Federal Reserve have continued to purchase bonds as a means of keeping the economy stable, and this has caused bitcoin to increase in value according to Wood.

She’s confident that so long as this behavior continues, people will eventually turn their backs on bonds and begin investing further in bitcoin and assorted cryptocurrencies. She states:

We know there’s a concern given all the quantitative easing and the no-rules based monetary policy out there. Fixed income has done 40 years of really hard work. If bitcoin represents a new asset class, why not invest in it?

Wood mentions that last year saw huge bouts of technological innovation come about, and this has also contributed to the death of the dollar and the inflation experienced by the U.S. and other established countries. She also says that while many aspects of the global economy are still based on gold, much of the money and financial flow designed for gold saw itself going to BTC over the past 12 months.

Gold Isn’t as Big as It Once Was

She explains:

The dollar dropping seven percent on a trade weighed basis last year and falling further this year is another stimulus. It should be a stimulus for gold, but bitcoin is getting the incremental flows that might go to gold.

We are seeing clear evidence of this by simply viewing the prices of both assets. For example, while gold ultimately rose beyond the $2,000 mark in the year 2020, it is presently down by a little more than six percent, while bitcoin – despite a sudden dip in the past week – is still up 75 percent compared with where it was at the beginning of the year.

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Despite the Bitcoin Drop, Many Analysts Remain Bullish

Bitcoin has been a major focal point of discussion as of late. The world’s number one digital currency by market cap experienced a record bull run during the month of February, but during the final days of the month, the currency came crashing down and experienced a $10,000 dip. The asset fell from roughly $56,000 per unit to about $46,000, which is what it remains at still.

The Latest Bitcoin Slip Hasn’t Caused Many People to Turn

Despite this mega drop, the currency still has many advocates, and a lot of analysts and industry experts appear to be coming to the asset’s aid. Michael Saylor, for example, is the leader of MicroStrategy, a software firm and one of the original public institutions to express support for cryptocurrency. The company has purchased more than $4 billion worth of bitcoin in the past six months, and it appears the firm isn’t quite done with its buying plans.

In a recent interview, Saylor says that the dip doesn’t mean anything, and that the asset is going to replace gold at some point in the future. He says:

Bitcoin is going to flip gold, and it’s going to subsume the entire gold market cap. Then, [bitcoin is] going to subsume negative-yielding sovereign debt and other monetary indexes until it grows to $100 trillion.

Others feel that while bitcoin is likely to experience more bullish behavior throughout the year, Saylor’s prediction might be going a little overboard. One such figure is Anthony Pompliano, a partner at the hedge fund Morgan Creek Digital. He says:

I’ve held a price target of $100,000 per bitcoin by the end of 2021 since I publicly wrote about it in 2019. [I’m] sticking with that, yet somehow have become the most conservative person in the room.

In other words, while he’s confident bitcoin is going to do well, his predictions for the asset – which at one point were considered boisterous – are now rather small when compared with the thoughts of some of his peers and counterparts.

Mati Greenspan – the founder of Quantum Economics and a former analyst with e-Toro – says that so long as institutions continue to pour money into the asset, it’s going to hit new highs. He mentions:

Bitcoin has already had a fantastic year, and further gains would indeed be a blessing. The main driver lately has been the rush from multinational corporations to diversify out of fiat money and into crypto, a trend that we see as just getting started now.

Not Everyone Is Confident

By contrast, Charlie Munger – the vice chairman of Berkshire Hathaway – says he sees no future for bitcoin, citing its volatility as a major problem. He comments:

I don’t think bitcoin is going to end up the medium of exchange for the world. It’s too volatile to serve well as a medium of exchange.

The post Despite the Bitcoin Drop, Many Analysts Remain Bullish appeared first on Live Bitcoin News.

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“Wonderful” Shark Tank Investor Shifts Portion of Portfolio To Bitcoin and Ethereum

Although Bitcoin couldn’t hold above the $1 trillion market cap for very long, doing so in the first place might have been a turning point for even the most skeptical investors. It has even caused one Shark Tank investor to change his tune, shifting a portion of his portfolio into the highly volatile asset. Here’s how else the cryptocurrency asset class has been able to turn other high-wealth investors from naysayers into believers.

ABC’s Shark Tank Investor Kevin O’Leary Allocates 3% Into Bitcoin And Ethereum

Cryptocurrencies like Bitcoin and Ethereum are extremely volatile compared to traditional asset counterparts. That volatility has kept Shark Tank investor Kevin O’Leary from making a bid on the asset class for years, aside from a small purchase he made on Coinbase in 2017.

RELATED READING | ONE YEAR LATER: BITCOIN EMERGES AS “THE STIMULUS ASSET”

Over the last few years, the affectionally-dubbed “Mr. Wonderful” has appeared on CNBC blasting the asset class as “garbage,” but he’s now bought into weighted bucket of Bitcoin and Ethereum with at least 3% of his portfolio, according to a recent segment.

O’Leary says that the volatility the asset class is notorious for still “sickens” him, but that he’s “getting used to it” and thinks that crypto is “here to stay.”

 bitcoin ethereum shark tank kevin oleary

The rise of Bitcoin and Ethereum over the last year has been undeniable | Source: BTCUSD on TradingView.com

Crypto Wins Over Mr. Wonderful, What Happens When The Feeding Frenzy Begins?

O’Leary is a mainstay on ABC’s Shark Tank, alongside other wealthy entrepreneurs and investors such as Robert Herjavec, Lori Grenier, and Mark Cuban. Cuban, another crypto pundit who once said he’d rather have bananas than Bitcoin, has also recently come around to the asset class.

Cuban hasn’t necessarily given much support to Bitcoin itself, but has recently dabbled in NFTs in recent months.

RELATED READING | FAMED INVESTOR, BLACK SWAN AUTHOR IS “GETTING RID OF” HIS BITCOIN, HERE’S WHY

Bitcoin and Ethereum, have grown enormously in ROI, market cap, and adoption. The pandemic and resulting stimulus-related money printing propelled the digitally scarce asset with futuristic, decentralized use cases into the forefront of finance, and since then, no one can deny their relevancy and potential.

With that widespread realization that these technologies are “here to stay” as O’Leary said, there’s a mad dash to buy in now rather than paying increasingly higher prices later on. High wealth individuals like O’Leary, whose net worth is reportedly around $400 million are only just starting to allocate 3% of their portfolios and look what how much the asset’s price has appreciated.

What will the result be when large portfolios are crypto-dominant? It is a future that’s hard to imagine for the time being, but as the asset class has shown its transformative potential has nowhere nearly been tapped, and is only just beginning to show what it is capable of.

Featured image from Deposit Photos, Charts from TradingView.com

Source: Bitcoinist News

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SOVI on HECO Liquidity Mining Updates

The last seven days have been extremely eventful for everyone at Sovi Finance and we are happy to announce the successful completion of the SOVI auction on the NewItem platform, and the launch of SOVI Liquidity Mining on the Huobi ECO Chain (HECO).  The two events have proved to be highly successful and have attracted a significant amount of engagement from our community members and highlight how the Sovi revolution has spread across the gaming and DeFi worlds and will continue to do so!  

The SOVI NewItem Auction & Liquidity Mining Launch

The SOVI auction on NewItem and the ability to liquidity mine SOVI on Heco began on February 18th.During the auction, 40,000 SOVI were made available with 1 SOVI being equal to 1HT, and the token auction ended at 14:00 GMT with 37,520 tokens being sold and with the remaining of only 2480 scheduled to be burnt.

SOVI Liquidity Mining began at 17:00 GMT, and we achieved a TVL of $20M USDT within the first 30 minutes before going on to hit $24M. The launch also saw participants benefit from an overall APY of 16983%, with the exact figures being as follows.

  • TVL $23M
  • APY 16983%  
  • SOVI/USD: 15632.25%
  • SOVI/HT: 16983.63%
  • SOVI: 1739.14%
  • HT: 107.23%
  • HUSD: 107.50%
  • HPT: 106.60%

We would like to thank the SOVI community for all their support and congratulate everyone who participated. We would also like to add that the price of SOVI has stabilised at around the $30 to $40 (USD) level, and anyone can buy SOVI using Mdex. You can see all the relevant info regarding SOVI on Mdex here, and you just need to click on the “Trade” button to go directly to the available SOVI trading pairs.  

Once again, the SOVI LP Mining Pool brings many beneficial features to influencers, network participants, and loyal platform supporters, and allows our entire community to earn rewards by acting as liquidity providers on HECO. The tokenomics of SOVI on HECO are as follows. 

SOVI Tokenomics (HECO)

Hope Sovi Mining (hSOV & hSOV2)

  • Type: hSOV & hSOV2 mining
  • Start block: 930700
  • Block period: 1528500
  • Block Production: 0.02 SOVI
  • Total Distribution: 58400 SOVI

SOVI Auction

  • Type: Direct mint
  • Total Distribution: 40000 SOVI

Liquidity Mining

  • Start block: 2257600
  • Block period: 10512000
  • Type: LP Token Mining (SOVI/WHT SOVI/USDT)
  • Stage 1: 14 days | 70000 SOVI
  • Stage 2: 21 days | 73500 SOVI
  • Stage 3: 21 days | 51450 SOVI
  • Stage 4: 21 days | 36015 SOVI
  • Stage 5: 288 days | 345744 SOVI
  • Total Distribution: 576709 SOVI

Single Token Stake Mining

  • Type: Single Token stake mining(WHT, HUSD, HPT,SOVI)
  • Start block: 2257600
  • Block period: 201600
  • Total Distribution: 7056 SOVI

Referral Bonus 

Type: Given upon every user claim: In order to receive the bonus, the inviter needs to put at least $1000 worth of tokens into the liquidity pool. Inviters are able to collect extra production from 2 layers below them, with 50% from direct referrals and 50% from indirect referrals. Referral Index levels: Stage 1: 6% Stage 2: 7% Stage 3: 8% Stage 4: 9% Stage 5: 10%

Total Distribution: 51277 SOVI (calculated as fully occupied)

Mundi 

Type: Transferred upon every user claim, and users who stake the Igniter type of NFT will be able to enjoy 2% of extra SOVI production from overall liquidity mining.

Total Distribution: 11534 SOVI

Team 

Type: Received upon every user claim with 10% extra from every production except for the referral bonus. 

Total Distribution: 66824 SOVI

For SOVI tokenomics please go to: https://docs.sovi.finance/usdsovi-tokenomics/sovi-tokenomics-heco

We encourage our community members to take part in liquidity mining and you can find out more about our mining mechanism on HECO here, and single asset liquidity provision here. Sovi Finance allows everyone to join in the new financial revolution and earn valuable digital assets via strategic gameplay and taking part in DeFi activities such as liquidity mining, staking, and yield farming.  There is much more good news to come soon, so make sure to join the Sovi communities, follow us across social media, and stay tuned!  

Disclaimer: The information presented here does not constitute investment advice or an offer to invest. The statements, views, and opinions expressed in this article are solely those of the author/company and do not represent those of Bitcoinist. We strongly advise our readers to DYOR before investing in any cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, Bitcoinist does not guarantee or imply that the cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in his or her country.

Source: Bitcoinist News

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Effects Of Bitcoin Blockchain On International Economy

The development of Bitcoin is only just underway, but the financial environment is already evolving. In this respect and consideration, it is vital to recognize how the financial system and demand will shape in the next few years. Here are some obvious implications of cryptocurrency on the international economy. Global Expenditure Shifts are becoming very common. Now, several investors and shareholders include digital currencies, specifically Bitcoin to their investments. It is most possibly attributed to the increased probability of improving the holdings with the help of crypto allocations. According to the graphs given, VanEck notes that a tiny Bitcoin transfer dramatically increases the accumulated profit

In the modern world where technology continues to improve day by day, everyone must be aware of cryptocurrencies and how it is used. Its attributes which make it different from paper currencies must be kept in mind as it helps in a better understanding of how can one invest in the cryptocurrencies and get maximum profit from them.

You can visit https://bitqt.org/ for more information about the following topic.

Cryptocurrencies have certain features which aren’t found in fiat and other conventional instruments. Therefore the financial market has the capacity to control it. For whatever purpose it was long regarded as a ‘virtual currency’, here are several special features of cryptocurrencies that may stimulate international development and contribute to the world’s economic performance:

Divides Currency trades

No link to the United States dollar is needed for digital currencies, providing traders with more opportunities to engage with international markets and bypass U.S. fiscal policy at the same time.

Although it may sound like the administration’s risk, since the US dollars serve as the world economy’s medium of exchange (the main component of US major superpower), it makes further purchases at the global arena.

Break off a need for intermediaries

 In its entirety, cryptocurrencies intended to make electronic transfers between peers and financial institutions possible with no interference. quite unlike the conventional currency. It does not actually require an agent or a broker. Exchanges are decentralized

Encourages more purchases abroad

Since the banking system is not accessible to a significant portion of citizens living in many developing nations, Bitcoin plays a valuable role in offering them access to financial services, enabling them to transfer funds and make payments on not only domestic but also global e-commerce platforms.

Meanwhile, in developed nations where banking and payment systems are more evolved, cryptocurrencies offers an additional payment option for purchases. The use of Bitcoin and other cryptocurrencies allows them to avoid or minimize the transaction and conversion costs typically associated with international fiat payments. In both cases, all it takes is a digital wallet to shop across the globe.

Promotes more purchases overseas

Cryptocurrencies are known for low transaction and conversion fees, making them ideal for making payments anywhere around the world. Those traveling across geographical boundaries, either on work or as tourists will be able to purchase the desired goods and services using cryptocurrencies without having to worry about expensive forex charges.

Bitcoin Enforcement

Now because cryptocurrencies are omnipresent, both federal and state policymakers are quick to tackle their economic problems. National organizations are operating actively in this regard to managing this ad hoc financial environment. This will contribute to regulations that tackle this financial and virtual currency crisis that these digital assets may trigger.

Many developing nations are wanting to ban any operation concerning Bitcoin. Various organizations have strong responses to cryptocurrencies. Many people, by comparison, use this as a payment form.

Eliminate access hurdles and New Competition emerges

Cryptocurrency has set up a distributed digital exchange network to remove the requirement for money issuing and payment across all centralized entities. In that case, it unlocked the door to a different form of economy and to possibilities where the monetary industry is dominated by no entity.

Unlimited Credit Network Entry

Cryptocurrency allows uncontrolled access to a trustworthy currency system because it is a form of digital money that is entirely data-based. If the price stays steady for a long time, people who are separated from international retailers will constantly be brought together

Thus, amid its dramatic decline in recent weeks, some still trust Bitcoin in the reconstruction of the continuing global economic crisis to fully turn all sectors from finance to healthcare services and property. Cryptocurrency is, and besides, stable in periods considering its massive implications.

Image by mohamed Hassan from Pixabay

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The 5 Most Highly Anticipated Blockchain Mainnets in 2021

In years to come, the early days of 2021 will be remembered for the success of Bitcoin and Ethereum, and for the institutional FOMO that propelled their native assets to fresh all-time highs. Less than a year after the Covid-19 pandemic first made headlines, the market is breaking new ground as billionaires expand their balance sheets and bet big on crypto. But what does the rest of 2021 have in store? While Bitcoin and Ethereum continue to strengthen their position, a number of rival layer-one blockchains are readying for lift-off… 

1) Radix

The first layer-1 protocol built specifically to serve the booming decentralized finance (defi) sector, Radix is a high-performance platform that demonstrated 1.4 million transactions per second (TPS) with its 2018 algorithm, while their current algorithm is theoretically definitely scalable. By this metric, the defi protocol leaves Ethereum, Bitcoin and pretty much every other network in the dust – but what else has it got going on under the hood? 

Like Gavin Wood’s interoperable Polkadot protocol, Radix utilizes sharding. Rather than a static set of shards, however, it supports a virtually unlimited number in order to achieve the parallelism required for a global-scale defi platform. Radix is built around its own consensus algorithm, Cerberus, which it enables it to deliver linear scalability without compromising composability or interoperability, and it touts itself as a viable alternative to Ethereum, a platform it says “was never designed to serve the needs of defi.” 

With its Component Catalogue and Developer Royalties, Radix aims at becoming the most developer friendly layer-1 platform in DeFi. Speed to market, high security, earning potential for valuable components and unlimited scaling possibilities are the strong points Radix will be providing to the next generation of dApp developers. Founded by reclusive engineer Dan Hughes, who cut his teeth on Bitcoin in the 2010s, Radix is on course for a mainnet release in Q2. With gas fees sky high on Ethereum quickly, it can’t come quick enough for defi users.

2) Dusk Network

Dusk Network is a privacy-focused, open-source blockchain for financial dApps. Powered by Zero-Knowledge technology, Dusk Network can be used to issue tokens regulated by privacy-preserving permissionless smart contracts. The goal of Dusk is to reshape the financial industry, giving users the opportunity to access capital and assets and a full spectrum of smart financial services.

We’re all familiar with defi, but Dusk Network has pioneered its own term: RegDeFi (regulated decentralized finance). The era of regulated decentralized finance would see major financial institutions come to the party, as the walls bifurcating the world of tradfi and defi start to tumble. In this milieu, Dusk Network sees itself as representing “the compliance and confidentiality engine for a global connected world of finance.” As of right now, there is no defined date for the mainnet launch – though a blog published on January 7 suggests it will be this year.

3) Marlin

Marlin is an open protocol that supplies programmable network infrastructure for defi and Web 3.0. Introduced in mid-2019 as part of Binance Labs’ Incubation Program, the protocol delivers scalability, resilience and decentralization at the base layer by optimizing the networking architecture beneath blockchains themselves. Which is to say, Marlin enables nodes to communicate faster and transfer a greater volume of data in a shorter time period, increasing a metric by which all blockchains are judged: throughput.

It’s not just blockchains Marlin serves either; the protocol can be harnessed by dApps seeking faster P2P communication, as well as cloud storage systems and social networks. Marlin has inked partnerships with the likes of Matic Network and Blockcloud, and having already launched its so-called ‘larvanet’, an incentivized mainnet network is forecasted to launch sometime this year.

4) Concordium

Enterprise blockchain Concordium recently launched its fourth testnet, and a mainnet release is due within the first six months of this year. The first layer-one blockchain with identity built in at the protocol level, the Zug-based platform utilizes zero-knowledge proofs to preserve user privacy while also offering the ability to revoke anonymity if pressed by a court order. In other words, it keeps regulators happy while assuring law-abiding citizens of their anonymity.

Like the other blockchains summarized above, scalability, security and decentralization are the primary concerns of Concordium, who believe that satisfying regulatory requirements is the key to unlocking trillions of potential blockchain-based business transactions. Like Ethereum, the platform utilizes smart contracts with use-cases in multiple sectors and industries, from IoT to supply chain. Interestingly, Concordium’s founders have close ties to companies like Volvo, Ikea, and Saxo Bank, meaning it stands a better chance of capturing corporate interest than many of its rivals in the enterprise space.

5) Casper Network

Casper Network is gearing up for its imminent mainnet launch, having recently closed a $14 million private validator token sale led by crypto fund Digital Strategies. A Proof-of-Stake public blockchain geared towards application development and enterprise integration, Casper recently joined China’s Blockchain-based Service Network (BSN), a state-backed initiative to accelerate blockchain adoption in the region and beyond. In joining the BSN ecosystem, the scalable, decentralized blockchain has set itself up nicely to enjoy a breakout 2021.

Ostensibly a user-friendly blockchain for enterprise customers, Casper is built on a consensus protocol (Highway) developed by ex-Ethereum Foundation researcher Vlad Zamfir. The project, which initially started out as a scaling solution for Ethereum, has already garnered plenty of interest with HeraSoft recently migrating its gold-backed asset token onto the network to enable tracing and ownership. If Casper can lower barriers to entry like it says it can, big things are inevitable.

Security, scalability, privacy, decentralization: these terms are liberally tossed around by blockchains new and old. The proof, as they say, is in the pudding. While it’s impossible to say which upcoming projects will meet the crypto community’s often wild, unrealistic expectations, we’re confident the above choices can deliver the goods.

Disclaimer: The information presented here does not constitute investment advice or an offer to invest. The statements, views, and opinions expressed in this article are solely those of the author/company and do not represent those of Bitcoinist. We strongly advise our readers to DYOR before investing in any cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, Bitcoinist does not guarantee or imply that the cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in his or her country.

Source: Bitcoinist News

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Stellar Lumen (XLM) Price Could Rally If It Clears $0.4500

  • Stellar lumen price started a sharp decline from well above $0.5000 against the US Dollar.
  • XLM price is now consolidating well below $0.4500 and the 55 simple moving average (4-hours).
  • There is a major triangle forming with resistance near $0.4490 on the 4-hours chart (data feed via Kraken).
  • The pair could start a strong increase if there is a clear break above the $0.4500 resistance zone.

Stellar lumen price is correcting losing from $0.3400 against the US Dollar, similar to bitcoin. XLM price must clear the $0.4500 resistance to move into a positive zone.

Stellar Lumen Price Analysis (XLM to USD)

After struggling to clear the $0.5500 resistance, stellar lumen price started a strong decline against the US Dollar. The XLM/USD pair broke the $0.5000 support level and the 55 simple moving average (4-hours).

It even spiked below the $0.4000 support level and tested the $0.3400. Recently, there was a recovery wave above the $0.4000 level, but the price struggled to settle above the 55 simple moving average (4-hours). A high was formed near $0.4706 before the price dipped to $0.3797.

XLM is currently consolidating above the $0.3800 level. It climbed above the 23.6% Fibonacci retracement level of the downward move from the $0.4706 swing high to $0.3797 low.

On the upside, the first major resistance is near the $0.4300 level. It is close to the 50% Fibonacci retracement level of the downward move from the $0.4706 swing high to $0.3797 low. The next major resistance is near $0.4300 and the 55 simple moving average (4-hours).

There is also a major triangle forming with resistance near $0.4490 on the 4-hours chart. A clear break above the 55 simple moving average (4-hours) and $0.4500 could open the doors for a push above the $0.4800 level.

If there is no upside break, the price could move down below $0.4000. The first key support is near the triangle trend line at $0.3800. A downside break below the $0.3800 support could lead the price towards $0.3500 or $0.3400.

Stellar Lumen (XLM) Price

Stellar Lumen (XLM) Price

The chart indicates that XLM price is clearly trading below $0.4500 and the 55 simple moving average (4-hours). Overall, the price could start a strong increase if there is a clear break above the $0.4500 resistance zone.

Technical Indicators

4 hours MACD – The MACD for XLM/USD is struggling to gain momentum in the bullish zone.

4 hours RSI – The RSI for XLM/USD is currently close to the 50 level.

Key Support Levels – $0.3800 and $0.3500.

Key Resistance Levels – $0.4300, $0.4500 and $0.4800.

The post Stellar Lumen (XLM) Price Could Rally If It Clears $0.4500 appeared first on Live Bitcoin News.

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Bitcoin (BTC/USD) Signals Falling Wedge Breakout to Retest $58,000

Bitcoin opened this week in positive territories, looking to recapture its record high levels after crashing to its three-week lows in the previous session.

The benchmark cryptocurrency was up 4.70 percent ahead of the London morning bell, hitting an intraday high shy of $47,500 after bouncing off its 200-4H simple moving average wave. Its sharp pullback also helped it broke above a descending trendline resistance that comes as a part of a Falling Wedge pattern.

In retrospect, traders perceive Falling Wedges as bullish reversal patterns that form when an asset slips lower while forming a sequence of lower highs and lower lows. That ends up making two converging trendlines. Traders realize a bullish bias when the asset convincingly breaks the Wedge’s resistance, accompanied by higher volumes.

Bitcoin Above $50,000

On Monday, Bitcoin posted a similar resistance breakout, with its volumes on a four-chart stabilizing alongside. The move upside signaled that the cryptocurrency could post extended gains in the sessions ahead, with levels above $50,000 looking like ideal primary upside targets for bulls.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin breaks out of the so-called bullish reversal pattern. Source: BTCUSD on TradingView.com

However, a convergence of 50-4H simple moving average (the blue wave) and a resistance horizontal line near $52,170 should test the bitcoin bulls before they attempt to reclaim the ultimate Wedge primary targets above $58,000. Meanwhile, the support area of $43,000-45,500 needs to hold the floor to stop bears from taking control or risks declining BTC/USD rates to lower $40,000s or upper $30,000.

Overall, the early moves upside this week show that bears are losing focus in the short-term, which should help Bitcoin sustain its recovery up until $50,000 in the best-case scenario.

Macro Narrative

Bitcoin’s recovery takes cues from a recovery in US government bonds on Friday and Monday. Meanwhile, the cryptocurrency expects to remain healthy also as US President Joe Biden’s $1.9 trillion stimulus proposal advances through the House of Representatives.

The bill is now in Senate, controlled equally by Democrats and Republicans, with a decisive vote lying with Vice President Kamala Harris, a Democrat. That has vastly improved the likelihood that the bill would become law even if the entire Republican lot votes against it.

Analysts at Ecoinometrics noted that the Federal Reserve holds about $1.5 trillion in its Treasury General Account.

Meanwhile, Treasury Secretary Janet Yellen has clarified that her office plans to spend all the money to stay in course with Mr. Biden’s expansionary plans, which, in addition to the stimulus, also concerns a $1.4 trillion worth of student loan forgiveness and spending another $3 trillion for infrastructure projects.

“That’s all on the table for 2021, and the total is $6.3 trillion that the US Treasury is going to have to find somewhere,” Ecoinometrics stated. “Even if the final number comes lower, it’s still several trillion, way more than what is sitting on the Treasury General Account at the moment.”

“In that environment, I can only see the narrative for Bitcoin as a hedge against the risk of inflation strengthening,” the data analysis portal added.

Source: Bitcoinist News

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Fractal Is Replacing Ad Cookies and Why That’s a Big Deal

In recent years, you may have noticed the proliferation of websites asking you to confirm your use of third-party cookies. In their haste, most people blindly accept the terms without a proper understanding of what they entail. 

In short, cookies are small files installed on your device, commonly used to track your activity and share that information with organizations or advertisers. Cookies have become such a hot topic that in 2018 the GDPR enforced data privacy laws in the EU that prohibit the use of marketing cookies without the explicit consent of the user. Regulators in the US took a similar stance.

After more than 25 years of tracking cookies, one company believes it has found a solution that delivers a fair deal for web users and marketers alike.

An Innovative Solution to a Big Problem

When it comes to data privacy laws, government regulation is too slow. It doesn’t go far enough, as the vast majority of websites make it virtually impossible to avoid the use of evasive third-party cookies. One study even cited that over 80% of websites still use cookies in a way that puts user privacy at risk. Fractal is a startup aiming to solve this problem through an open-source protocol designed to replace the ad cookie and give users back control over their data.

The protocol bridges the gap between data privacy and data integrity providing a standard for data sharing that decentralizes and protects the data. For users, this ensures the safety of their personal data and allows them to freely use the internet the way it was intended. For advertisers and content creators, that means knowing the people who are interacting with their ads, for instance, are real and not bots, saving money and resources in the process.

The Internet We’ve Always Wanted

Quality content has become exponentially difficult to access on the web, and Fractal addresses this issue head-on. The web itself wasn’t built to be monetized but now it has to be in order for companies to survive. The lack of protocol standards has created a duopoly where just two big companies, Facebook and Google, own 60% of the ad market, leaving thousands of other companies and publishers to fight for the remainder. 

The result is a web experience that has gotten overly loud and increasingly difficult to access for users seeking quality content. Fractal aims to change this reality by replacing the ad cookie with a solution that gives users full control over what they want to share, which results in them being served with content that’s relevant and high quality.

In many ways, Fractal is creating the internet the way it was meant to be. Previously you would have had to choose between data privacy or data reliability. But thanks to advances in web3 technology, it’s now possible to enjoy both: opt-in data sharing with the right to remain private.

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Source: Bitcoinist News