Crypto News Updates

Ethereum’s Technical Outlook Strengthens as Market-Wide Recovery Begins

  • Ethereum has been closely tracking Bitcoin’s price action throughout the past few days and weeks, which has led it to see some immense turbulence as of late
  • Just two days ago, the benchmark cryptocurrency faced a rejection at its all-time highs that resulted in it reeling from $19,500 to $16,400
  • This selloff was the most intense one seen since this uptrend first got started a handful of weeks ago
  • Where it trends next will depend almost entirely on whether or not bulls can extend the ongoing rebound
  • One analyst does believe that Ethereum is in a position to rally higher in the near-term, as it is now looking strong from a technical perspective

Ethereum and the entire crypto market have witnessed some of the most intense turbulence seen in weeks over the past couple of days.

Bitcoin’s rejection at its all-time highs, coupled with fear regarding a new wave of regulations, sent the entire market reeling lower, with ETH plunging from its recent $620 highs to lows of $490.

Where the market trends in the mid-term will depend largely on whether or not bulls can extend the ongoing rebound that is taking place at this moment.

One trader expects further upside, noting that the cryptocurrency is looking increasingly strong from a technical perspective.

Ethereum Rallies Higher Alongside Bitcoin 

At the time of writing, Ethereum is trading up over 4% at its current price of $539, which marks a massive rebound from its multi-day lows of $490 set at the bottom of the recent selloff.

The strength seen in the time following the recent market-wide selloff is a positive sign, as it indicates that the major digital assets were all brought into oversold territory.

ETH may face some resistance around $540, but a firm break above this level could lead it to see some significant upside.

Analyst Claims ETH is Poised to See Further Upside

One trader explained that Ethereum is now looking technically strong and may be well-positioned to see further upside in the days and weeks ahead.

He does note that he’d like to see one more sweep of the range lows to make a sustained push higher in the days and weeks ahead.

“Back to blue. I bought spot ETH at $500 and I’m now long on lev. I’d still like to see another sweep of the lows, just hoping to not get chopped. Signals have been strong enough from this chart that it warrants me being long when we’re blue.”


Image Courtesy of Cold Blooded Shiller. Source: ETHUSD on TradingView.

The coming weekend should shine some light on the present state of the market, and provide valuable insights into where Bitcoin, Ethereum, and other major crypto-assets will trend in the mid-term.

Featured image from Unsplash.
Charts from TradingView.

Source: Bitcoinist News

Crypto News Updates

PR Expert Claims Social Media Is One of Crypto’s Largest Tools

The crypto space is big, but it’s not that big. In fact, a new survey suggests that roughly 60 percent of Americans either don’t know what cryptocurrency is or have no experience with it. However, according to Jonathan Jadali, social media is playing a huge role in getting the word out there about the world’s latest trading space.

Social Media Is a Big Tool for BTC and Other Forms of Crypto

Jadali has been involved in crypto trading since the age of 18. He’s now the successful owner of a public relations agency devoted to cryptocurrency, and he says that social media has been one of the biggest tools for attaining new followers and bringing people aboard the crypto train. In a recent interview, he states:

There’s a ready market for crypto-related information and a growing list of people now are meeting that demand on social media. There is little you cannot learn on YouTube and the countless crypto-focused Facebook groups. Brands and individuals alike are rushing to meet this glaring need, resulting in what I describe as crypto’s knowledge rush. This has been a hugely positive development, as the amount of valuable, crypto-based content has expanded greatly.

In recent days, he believes that the best content regarding cryptocurrency is coming from pages on Reddit, Facebook and Twitter. He says that some of the world’s leading crypto experts have established themselves on these platforms and shell out knowledge daily to their followers. Eventually, more and more people catch on and the industry just gets bigger and more resilient.

He explains:

Some of the best content has come from big players like the blockchain company Ripple. They’ve made a big deal of sharing educational content and webinars on cryptocurrencies to their nearly one million Twitter followers. They even launched a TV show called ‘The Ripple Drop.’ For businesses like them, this is a vital way to build brand loyalty and to market their services, considering that crypto trading is still new and the skepticism around it has not yet fully disappeared.

This Is Going to Just Get Bigger

In addition, he has also commented that several new social networks are popping up all over the place. What’s the big clincher? Many of these are strictly crypto based or revolve around digital asset activity, which he claims is proof that the space is just getting stronger every day. He says:

Today, crypto-based social networks have started sprouting and providing tremendous value to traders and enthusiasts. It’s not just that crypto has benefited from social media. The future looks like crypto-based social media platforms are going to become a mainstay. Honest, Mamby, Hive and Bitfinex are just a few of the crypto-based social media networks that have been launched in the last two years. Most of these networks reward their users for their involvement in the networks.

The post PR Expert Claims Social Media Is One of Crypto’s Largest Tools appeared first on Live Bitcoin News.

Source: Live Bitcoin News

Crypto News Updates

This Pattern Suggests Bitcoin Could Plummet to $12,000 Before Uptrend Continues

  • Bitcoin and the entire crypto market are showing some signs of strength on this relatively quiet morning for the markets
  • Following a brief bout of trading below $17,000, the benchmark cryptocurrency has firmly reclaimed this price region
  • It is now attempting to push higher as bears lose steam, which could be a sign that its recent $16,400 lows are a long-term bottom
  • Where the market trends in the mid-term will depend entirely on Bitcoin and whether or not it can stabilize
  • One trader is now pointing to a pattern that indicates BTC could soon see a strong decline that sends it to $12,000 before it rebounds

Bitcoin and the rest of the crypto market are currently caught within a bout of consolidation following the recent market-wide decline.

This tempered trading favors bulls, as BTC and most altcoins have pushed higher over the past day.

Where the entire market trends next will depend on whether or not Bitcoin can confirm $17,000 as a long-term support level.

However, one trader is now musing a potential scenario in which BTC reels as low as $12,000 before finding enough support to begin journeying past the resistance that exists around its all-time highs.

Bitcoin Gains Momentum Following Recent Selloff 

Bitcoin is now trading up nearly $1,000 from its multi-day lows, with the recent dip to $16,400 clearly marks a knee-jerk reaction to a culmination of a few factors seen as potentially bearish.

At the time of writing, BTC is trading up just under 2% at its current price of $17,420. This marks a notable decline from its recent highs of $19,500.

The rejection at these highs, coupled with fears of a new wave of regulations, sent the price tumbling lower, but this fear seems to be subsiding.

Trader Indicates Move to $12,000 Could Be Imminent

One trader explained in a recent tweet that Bitcoin could be on the cusp of reeling down towards $12,000 before it can fund enough support to climb back up towards its all-time highs in the upper-$19,000 region.

“Three notes: – this is just a scenario, one of many, describing the most savage correction I could envision – probabilities on this? no idea, lots of other scenarios to consider, too early to tell – don’t bet your bank to the downside on this, seems a lot of people want this,” he said while pointing to the below chart.


Image Courtesy of Bitcoin Jack. Source: BTCUSD on TradingView.

The coming few days should provide insight into where the entire market will trend next. A sustained bout of trading above $17,000 could result in Bitcoin navigating back up towards its all-time highs.

Featured image from Unsplash.
Charts from TradingView.

Source: Bitcoinist News

Crypto News Updates

Breaking Down the Effect of Bitcoin’s $3,000 Drop on the Futures Market

  • Bitcoin has undergone a strong drop since peaking at $19,500 just days ago
  • The coin currently trades at $17,000 as of this article’s writing
  • Analysis compiled by Coinalyze found that over the course of the past few days, $1 billion worth of open interest has been wiped from leading Bitcoin futures exchanges
  • This was accompanied

How the Strong Bitcoin Drop Affected the Futures Market For BTC

Bitcoin has undergone a strong drop since peaking at $19,500 just days ago. The leading cryptocurrency currently trades for $17,000, far below the highs.

The drop came in a short period of time, with liquidations pushing Bitcoin dramatically lower in a wave. The issue was that many market participants were overleveraged, meaning that a small correction triggered liquidations and stop losses, resulting in a rapid cascade lower.

Analysis compiled by Coinalyze found that over the course of the past few days, $1 billion worth of open interest has been wiped from leading Bitcoin futures exchanges.

This was also marked by a spike in trading volume, of $66 billion on futures exchanges and $7 billion on spot exchanges.

These two data points in tandem suggest that the recent correction marked a needed correction in the Bitcoin market to ensure that derivatives players were not getting too far overleveraged.

After the strong correction, the funding rates of top Bitcoin futures markets have reset. The funding rate is the rate that long positions pay short positions on a recurring basis to make sure the price of the future stays in line with the spot market.

According to ByBt, a crypto derivatives tracker, the funding rates of most leading exchanges have reset to the baseline of 0.01% per eight hours. Further, on OKEx in particular, the funding rates of many pairs have actually trended into a negative region, suggesting an increasing number of short takers.

Bitcoin may revert higher if there continues to be low and even negative interest rates and if consolidation takes place.

Par for the Course

Many say that this correction is par for the course in that it should be expected.

Bob Loukas, a long-time Bitcoin investor and macro analyst, recently pointed out that the previous bull run was punctuated with drawdowns similar to the one taking place now:

“Most have a short memory. Remember in Jan 2017 just shy of #Bitcoin ATH’s, boom 34% decline. The 2 months later a sharp rally, new ATH’s, and double boom 34% decline. Never a one way street.”

Countless others in the space have corroborated this, arguing that it is actually healthy for bullish markets to pull back.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from
Macro Analysis Predicts Bitcoin Has Begun Rally Toward $100k

Source: Bitcoinist News

Crypto News Updates

Here’s Why Bitcoin May Need to Tap $13,000 Before Continuing Its Uptrend

  • Bitcoin has been spiraling lower ever since it tapped its all-time highs within the mid-$19,000 region
  • There are a few factors driving this move lower, including selling pressure stemming from the rejection, fear regarding a regulatory crackdown in the U.S., and withdraws on OKEx resuming
  • The confluence of these factors has created a perfect storm for bears, and they appear to be taking full advantage of it
  • One trader believes that Bitcoin has quite a way to fall before it finds any significant support and begins pushing higher
  • He is specifically watching for a move down towards $13,000, noting that it still appears to be “way overextended”

Bitcoin has done a full 180-degree turn, with the cryptocurrency’s previous upwards momentum now degrading as bears aim at sending it significantly lower.

The selling pressure seen as a result of the rejection at $19,500 is undoubtedly what sparked this movement, but a couple of other factors have perpetuated it.

Recent comments from the U.S. Treasury Secretary regarding a crackdown on private crypto wallets spooked investors and caused the crypto to see a sudden inflow of sell-side pressure.

Furthermore, OKEx reopening withdraws has also coincided with this dip, signaling that their users are possibly taking profits off the table.

Bitcoin Shows Signs of Weakness as It Breaks $17,000

At the time of writing, Bitcoin is trading down just over 1% at its current price of $16,900. This is around the price at which it has been trading throughout the past day.

The support previously holding BTC above $17,000 appears to be evaporating, which could be a sign that downside is imminent in the near-term.

If this level flips into resistance, it may put Bitcoin’s price action firmly in bulls’ control.

Analyst Claims Move to $13,000 Could Be Imminent

While sharing his thoughts on Bitcoin’s price action, one trader explained that a move towards $13,000 could be imminent in the near-term.

He notes that it may first consolidate above its weekly support around $16,200, with this level eventually breaking and opening the gates for an even larger move lower.

“Differently from ETH, BTC looks way over extended from the weekly 21EMA, still far from interesting support. My ideal entry would be the outlined major support @ 13k’s. Currently we might hold the 16213 weekly support, then head lower for an ABC correction.”


Image Courtesy of Wolf. Source: BTCUSD on TradingView.

Over the coming few days, Bitcoin’s price action should provide serious insights into the aggregated market’s outlook in the days and weeks ahead.

Featured image from Unsplash.
Charts from TradingView.

Source: Bitcoinist News

Crypto News Updates

Bitcoin Latinum Seeks to Enhance Crypto Transaction Speeds

Bitcoin Latinum, which is described in a press release as a “next generation” bitcoin fork, is now ready and available for trading. The asset is being released to the public through a new pre-sale launch, which will take place on, while the currency will become generally available to crypto exchanges and traders everywhere beginning in early 2021.

Bitcoin Latinum Will Allegedly Improve Real-Time Usage

The currency is set to trade under the symbol LTNM, while more than 888 million units of the token will be available.

Bitcoin Latinum is an “enhanced bitcoin fork,” meaning that it can potentially improve speed limits for transactions and improve real-time usage for bitcoin and other cryptocurrencies that utilize its technology. One of the biggest problems with bitcoin, Ethereum and several other “old school” cryptocurrency blockchains as of late is that they’ve become relatively bogged down by activity.

Bitcoin, for example, can sometimes take several hours or even days to confirm and verify transactions, while Ethereum is also suffering from similar problems, which has resulted in high gas fees and an overall lack of scalability. Bitcoin has turned to the Lightning Network to potentially help with some of the problems caused by the slow transaction times, while Ethereum is preparing to launch what’s known as Ethereum 2.0, which will allegedly help to improve ETH-based speeds.

However, where Bitcoin Latinum differs is that it will accumulate its power from the decentralized finance (DeFi) space. The technology behind the platform is purportedly being adopted by companies all over the world; firms that work in gaming, media, telecommunications and cloud services. The tokens offered by Bitcoin Latinum will be tradeable through these companies and provide their customers with access to various goods and product options.

The insurance broker chosen to ensure that all risks are assessed, and that insurance is offered for customers of Bitcoin Latinum is Marsh & McLennan. This insurance is designed to ensure any clients utilizing Latinum’s technology are safe from theft, outside cyberattacks and internal issues that may result in outages or similar problems. The company is also getting a boatload of initial funding from a firm known as the Draper Dragon Fund.

One of the first companies that will be adopting the technology behind the token is Cross Creek Media, an Oscar-winning film studio tied to both Sony Pictures and Universal. The company’s films have earned nearly $2 billion from the international box office. Some of the films on the company’s roster include “Black Swan” with Natalie Portman and “Hacksaw Ridge.”

A Film Studio Incorporating Blockchain?

In a statement, Timmy Thompson – CEO of Cross Creek Media – said:

We are excited about Bitcoin Latinum and its capabilities as an insured token, as we continue developing award-winning properties. Cross Creek’s portfolio of new media technology investments perfectly positions us to take advantage of the digital asset sector in media and gaming.

The post Bitcoin Latinum Seeks to Enhance Crypto Transaction Speeds appeared first on Live Bitcoin News.

Source: Live Bitcoin News

Crypto News Updates

Here’s the Key Level Ethereum Must Claim to Rally Towards $800

  • Ethereum’s price has been closely tracking that of Bitcoin as of late, which has caused the cryptocurrency to see some notable losses
  • It has been defending $500 throughout the course of its recent push lower. This comes as Bitcoin breaks below $17,000 and begins seeing accelerating downwards momentum
  • If $500 becomes a strong base of support for ETH, it could help propel the cryptocurrency significantly higher in the days and weeks ahead
  • A sustained decline beneath this level, however, could open the gates for it to see significantly further losses in the days and weeks ahead
  • One trader is still expecting a move up towards $800, noting that it first needs to break above $570

Bitcoin has been leading the market lower over the past couple of days, with Ethereum erasing the bulk of its recent gains as it slides towards $500, while BTC shows intense signs of weakness as bulls fail to defend $17,000.

This decline marks the first sustained pullback seen throughout the course of the recent multi-week uptrend.

Both BTC and ETH are still up significantly from their multi-month lows, but there now seems to be a greater risk of seeing even further downside.

One trader is noting that Ethereum needs to begin rallying higher and break above $570 to see further upside. He notes a break above this level could lead it to $800.

Ethereum Defends $500 as Selling Pressure Mounts 

At the time of writing, Ethereum is trading down just over 2% at its current price of $510. This is around where it has been trading throughout the past few days.

The selling pressure seen over the past few days isn’t letting up, and Bitcoin’s break below $17,000 could create headwinds that force ETH lower in the near-term.

Analyst: ETH Could Rocket Towards $800 if One Key Level is Reclaimed

One trader explained in a recent tweet that a reclaim of $570 could open the gates for Ethereum to see a sustained move up towards $800.

“ETH: Line held. Once we reclaim $570 we’ll go to $800. For now expecting lower.”


Image Courtesy of Mayne. Source: ETHUSD on TradingView.

Although Ethereum could slide lower in the near-term – as mused by the analyst – the next strong upswing seen by the crypto could mark the start of a move towards $800.

This would allow the crypto to erase its trend of underperforming Bitcoin and potentially see significantly higher highs in the months ahead.

Featured image from Unsplash.
Charts from TradingView.

Source: Bitcoinist News

Crypto News Updates

Anthony Pompliano: BTC Could Reach $100K Soon

Co-founder and partner of Morgan Creek Digital Anthony Pompliano has always been a major bitcoin bull. He’s recently emerged to let all traders know that he thinks bitcoin could potentially reach a price of around $100,000 by next year.

Anthony Pompliano: As Confident As Ever in BTC

2020 has been rocky from the start, but to say it hasn’t been kind to bitcoin would be a huge falsehood. The world’s number one cryptocurrency by market cap has seemingly surged by more than 160 percent since the beginning of the year when it was first trading for around $7,000.

From there, the currency experienced some major pitfalls thanks to the coronavirus after spiking all the way to $10,000, though things eventually revamped themselves for the coin and the asset jumped back to five-figure territory in July. Bitcoin has been on a solid bull run ever since, and the currency recently rose beyond the $19,000 mark, coming within inches of the all-time high it first attained in late 2017.

In a recent interview, Pompliano shared his thoughts on bitcoin’s present level of momentum, and he’s confident things will continue in this manner for some time. He explained that the currency’s demand far outweighs its supply, which will eventually play into the asset’s hands and make it far more valuable.

He states:

Bitcoin is the winner of a supply and demand exercise.

Some of the elements that have pushed this demand over supply is the fact that bitcoin experienced its third halving in early May. While the event was rather lackluster and didn’t amount to any serious visible results, the currency’s reward supply for miners was cut in half, resulting in a stronger level of rarity for the world’s number one digital asset.

From there, the world was privy to heavy money printing, low interest rates and high inflation, which has pushed back the value of the U.S. dollar and other forms of fiat. All this, Pompliano states, has helped carve out a path for bitcoin to explode. He explains:

I don’t think it’s that crazy to see a $100,000 bitcoin price by the end of 2021, and if we continue to get bigger and bigger buyers… if this kind of tips over and all of the sudden, it becomes a kind of consensus trade, it wouldn’t surprise me to see something even higher.

A Few Concerns?

While he’s confident bitcoin will remain in a bullish state over the next year or so, Pompliano also mentioned a few risks presently associated with the rising asset. He comments:

The first thing is a self-inflicted wound. If there’s a bug introduced into the code or something like that. The second thing would be some sort of geopolitical risk where we saw a really aggressive and coordinated kind of action by multiple nation states.

The post Anthony Pompliano: BTC Could Reach $100K Soon appeared first on Live Bitcoin News.

Source: Live Bitcoin News

Crypto News Updates

Todd Gordon Predicts $70K+ Price for Bitcoin

The price of bitcoin has continued to exceed expectations during these final months of 2020, and as things grow from where they were just eight months ago in March, many analysts are predicting that 2021 is going to be a year fully devoted to the world’s number one cryptocurrency by market cap. Figures such as Todd Gordon – founder of – believe that the asset could spike as high as $74,000 by next year.

Gordon: Bitcoin Will Soon Explode Like We’ve Never Seen

To come up with his recent prognosis on the status of bitcoin and where he thinks it will go, Gordon used what’s known as the Elliott wave theory, which he describes in a recent interview. He explains:

It’s hard to give bitcoin an intrinsic fundamental value because there’s pretty much a finite supply… It’s a wonderful way to value crypto because Elliott wave is meant to detect the herding mentality and the emotions driving the price – fear and greed – and it creates very recognizable patterns. The Elliott wave theory is based on the idea that there’s five waves in a primary trend, three [up]trends and two intervening corrections.

He says that the first major bitcoin wave occurred about six years ago in 2014. There was a massive drop the year later, though the cryptocurrency then experienced a massive uptrend until the year 2018. He says that bitcoin could potentially find itself making its way even further up the financial ladder in the coming decade.

He comments:

The point of all this is a reliable relationship in the Elliott wave theory is the percent distance traveled in that first wave in 2014 is often equal to the percent change in wave five.

He says he’s taking a risk by predicting such a huge number, though considering how long the first wave lasted in 2014 and where bitcoin is now, he assumes that bitcoin will jump past the $70,000 mark in the coming year. He explains:

I can’t believe I’m going to go out on CNBC and say this, but it’s about $74,000. The Elliott wave goes very well with… Fibonacci multiples. If it does want to fall short, it can go to 61 percent of that target, which is only at $34,000.

Others Feel the Same Way

Other traders offer similar sentiment, though they are confident that the currency could potentially jump even higher. One such figure is Mark Tepper, who explained in a recent statement that he’s always felt a need to own bitcoin, which means other people likely experienced the same thoughts. He said:

I’ve always had to own some. It’s like a FOMO concept for me. If I never owned any and bitcoin hits $100,000 per coin, I’d probably cry myself to sleep every night for the rest of my life if I didn’t own some.

The post Todd Gordon Predicts $70K+ Price for Bitcoin appeared first on Live Bitcoin News.

Source: Live Bitcoin News

Crypto News Updates

Bitcoin Struggles to Hold $17,000 After Wiping Out $1b in Open Interest

  • Bitcoin has been struggling to hold above $17,000, despite this being an important price level for the cryptocurrency
  • Where it trends next will depend largely on whether or not bulls can continue building support at this level
  • So far, each dip below it has been met with intense buy-side support that has allowed it to ascend
  • Where it trends next will likely depend largely on its imminent price action
  • It is important to note that this recent selloff resulted in nearly $1 billion in open interest being wiped out
  • This may make the cryptocurrency fundamentally healthier in the days, weeks, and months ahead

Bitcoin and the rest of the crypto market have been facing their first sustained pullback in the time following BTC’s rally up towards its all-time highs.

The rejection right below these highs, coupled with fear stemming from Treasury Secretary Steve Mnuchin’s comments regarding a new wave of crypto regulations, have both hampered its price action.

Bears are taking increasing control over its price action, and where it trends in the near-term may depend largely on how bulls continue responding to the $17,000 level.

Bitcoin Descends Below $17,000 as Bulls Struggle to Find Support 

At the time of writing, Bitcoin is trading down just over 2% at its current price of $16,850. This marks a notable decline from the cryptocurrency’s recent $17,600 highs set a handful of days ago.

Where the entire market trends in the mid-term may depend largely on whether or not it remains below $17,000 for an extended period of time.

This level has been strong support throughout the past 24-hours, but the buying pressure here appears to be dissolving.

A sustained bout of trading here could result in the entire market seeing some massive near-term downside.

BTC Sees Massive OI Cleansing During Course of Recent Drop 

Throughout the course of the ongoing decline, Bitcoin has seen a massive decline in open interest within the derivatives and futures market.

In aggregate, $1 billion in OI was wiped out as a result of this move lower. It also led to record trading volume and $1.5 billion in long positions for all tokens being liquidated – trends that one analytics platform spoke about in a recent tweet:

“BTC yesterday: – $1 billion of Open Interest wiped out – record trading volume: $66 billion on futures and $7 billion on spot – $900 million longs liquidated – $1.5 billion longs liquidated on the entire futures market (all coins, all exchanges).”


Image Courtesy of Coinalyze.

This could ultimately help the crypto see more sustainable growth in the future, as high OI can often lead to immense turbulence in both directions.

Featured image from Unsplash.
Pricing data from TradingView.

Source: Bitcoinist News