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Irish Banks Hail EU’s ‘Radical’ Anti-Money Laundering Push

Irish Banks Hail EU’s ‘Radical’ Anti-Money Laundering PushBanks in Ireland have welcomed an upcoming reform of the European Union’s anti-money laundering regulations that will affect the crypto space. The Irish banking industry organization voiced support for the changes aimed at disrupting illicit transactions at the union level while calling them “radical.” New AML Body to Weed Out Suspicious Transactions in the EU, […]

Top Crypto Trader Says He’s Closely Watching These Areas of Interest for Bitcoin, Marks Key Resistance for BTC

A top crypto trader is discussing the key levels Bitcoin must conquer to signal a true recovery. In a new series of tweets, the crypto analyst known in the industry as Altcoin Psycho says that he is wary of Bitcoin’s recovery this weekend – even as Bitcoin surpasses $34,000 on Saturday. “No need to overcomplicate […]

The post Top Crypto Trader Says He’s Closely Watching These Areas of Interest for Bitcoin, Marks Key Resistance for BTC appeared first on The Daily Hodl.

Strategist Mike McGlone Believes Bitcoin Can Jump to $60K Resistance vs. $20K Support

Strategist Mike McGlone Believes Bitcoin Can Jump to K Resistance vs. K SupportThe senior commodity strategist at Bloomberg Intelligence, Mike McGlone, has been long on bitcoin for a while now and he said last month that bitcoin has a “bullish ace up its sleeve.” This week the strategist’s analysis notes that bitcoin prices will likely revert toward the $60K handle in contrast to the $20K support range. […]

Users Criticize Uniswap’s Decision to Remove Over 100 Tokens From Main Interface

Users Criticize Uniswap’s Decision to Remove Over 100 Tokens From Main InterfaceThe largest decentralized exchange (dex) platform, in terms of trade volume, Uniswap has revealed the dex has removed a number of tokens from the platform interface. The community assumes the tokens could be deemed securities by global regulators. Uniswap users can still swap these tokens via accessing specific smart contracts themselves, as the company behind […]

3 reasons why Bitcoin price has not been able to rally back above $40K

Bitcoin bulls appear to be back, but a strengthening U.S. dollar, a new wave of COVID-19 infections and low trading volumes threaten the current recovery.

The ongoing story for the past couple of months in the cryptocurrency market has been confusion on whether Bitcoin (BTC) is destined for another leg down or is finally ready to break out toward new highs.

Bitcoin’s price history and data from previous corrections suggest that the current struggles for the top cryptocurrency could persist for a little bit longer due to the strengthening dollar, the possibility of decreasing economic stimulus and a slew of technical factors connected to Bitcoin’s price action.

A strong dollar threatens Bitcoin’s recovery

According to data from Delphi Digital, one of the biggest factors placing strain on risk assets around the globe is the strengthening U.S. dollar which appears to be attempting a trend reversal after falling below 90 in late May.

DXY 1-day chart. Source: TradingView

Rising dollar strength put a halt to the year-long uptrend in the 10-year US Treasury yield which is also a reflection that the economic expansions seen in the first half of 2021 are beginning to lose steam and there is a threat that a new wave of Covid-19 infections threatening the global economic recovery.

Fractals and the Death Cross suggest the correction is not over yet

The short-term outlook for Bitcoin remains bearish as previous instances of the “Death Cross,” which appeared on BTC’s chart in late June, have been followed by a corrective period that can last for nearly a year.

Bearish crossover of the 50 day and 200-day MA. Source: Delphi Digital

According to the analysts at Delphi Digital, the 12-month moving average is being tested as support, and a dip below this level would signal further downside for BTC price.

Bitcoin price testing the12-month moving average. Source: Delphi Digital

The 12-month moving average has been a key support level for Bitcoin historically, so how the price performs near this level could dictate whether the current uptrend remains intact.

Related: El Salvadorians take to the streets to protest Bitcoin law

Overall, caution is warranted for traders because low volumes have historically led to higher volatility when fewer open bids can lead to rapid price fluctuations.

As explained by Kevin Kelly, a certified financial analyst at Delphi Digital, “the short-term outlook turns quite a bit more bearish if and when we break those key levels” near $30,000.

Kelly said:

“I don’t necessarily think that we will see as nearly as significant of a drawdown as we did in say, post-December 2017, early 2018, and into the end of that year. But I do think, just given the structure of the market, that we could potentially be in for a bit more short-term volatility and potentially some more headwinds here, in the near term.”

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

This classic trading pattern signaled that Bitcoin price had hit a top

In technical analysis, traders interpret the head and shoulders formation as a strong sign that a trend reversal is in process.

Traders tend to focus too much on timing the right entry to a trade, but very few focus on developing a strategy for exiting positions. If one sells too early, sizable gains are left on the table and if the position is held for too long, the markets quickly snatch back the profits. Therefore, it is necessary to identify and close a trade as soon as the trend starts to reverse.

One classical setup that is considered reliable in spotting a trend reversal is the head-and-shoulders (H&S) pattern. On the longer timeframes, the H&S pattern does not form often, but when it does, traders should take note and act accordingly.

Let’s look at a few ways to identify the H&S pattern and when to act on it.

Head-and-shoulders basics

The H&S pattern forms after a bull phase and indicates that a reversal may be around the corner. As the name indicates, the formation consists of a head, a left shoulder, a right shoulder, and a distinct neckline. When the pattern completes, the trend usually reverses direction.

Head-and-shoulders top pattern. Source: TradingView

The above image shows the structure of an H&S pattern. Before the formation of the setup, the asset is in an uptrend. At the peak where the left shoulder forms, traders book profits and this results in a decline. This forms the first trough but it is not yet a strong enough signal to provoke a trend change.

Lower levels again attract buying because the trend is still bullish and buyers manage to push the price above the left shoulder, but they are not able to sustain the uptrend.

Profit-booking by the bulls and shorting by counter-trend traders pull the price down, which finds support near the previous trough. Joining these two troughs forms the neckline of the setup.

As the price rebounds off the neckline, the bulls make one more attempt to resume the uptrend but as the price reaches the height close to the left shoulder, profit-booking sets in and the rally fizzles out.

This lower peak forms the right shoulder and is usually in line with the left shoulder. The up-move reverses and the selling picks up momentum. Finally, the bears succeed in pulling the price below the neckline. This completes the bearish pattern and the trend reverses from bullish to bearish.

Spotting trend reversals with the H&S pattern

BTC/USDT daily chart. Source: TradingView

Bitcoin (BTC) started a strong up-move after breaking out at $20,000 in December 2020. The BTC/USDT pair hit a local peak at $61,844 on March 13 and the price corrected, forming a trough on March 25. This local peak was the left shoulder.

The bulls considered the dip as a buying opportunity because the trend was still up. Aggressive buying then pushed the price above $61,844 and the pair hit a new all-time high at $64,854 on April 14. This level attracted selling, which pulled the price down to form the second trough on April 25. The middle peak, higher than the other peaks, formed the head.

Another attempt by the bulls to resume the uptrend failed on May 10. This formed the right shoulder and the ensuing correction broke below the neckline of the pattern. The breakdown and close below the neckline on May 15 completed this bearish setup.

Sometimes, after the breakdown, the price retests the breakdown level from the neckline but when the momentum is strong the retest may not happen, an example which is shown in the chart above.

BTC/USDT daily chart. Source: TradingView

To calculate the pattern target of this setup, determine the distance from the neckline to the top of the head. In this case, the value is $15,150. This distance is then subtracted from the breakdown point on the neckline to arrive at the minimum target objective.

In the above example, the breakdown happened close to $48,000. This projected a pattern target at $32,850. This figure should be used as a guide because sometimes the decline exceeds the target, and in other scenarios the down move ends without reaching the target objective.

Head-and-shoulders sometimes fail

Sometimes traders jump the gun and take counter-trend positions before the price breaks below the neckline of the developing H&S formation. Other times, the break below the neckline does not see follow-up selling and the price climbs back above the neckline. These instances may lead to failed setup, trapping the aggressive bears who are forced to cover their positions and this results in a short squeeze.

ADA/USDT daily chart. Source: TradingView

Cardano (ADA) started an uptrend from the $0.10 level on Nov. 20, 2020. The uptrend hit resistance in the $0.35 to $0.40 zone in January and a H&S pattern started developing. The price dipped to the neckline on Jan. 27, but the bears could not sink and close the ADA/USDT pair below the support.

When the price rebounded off the neckline on Jan. 28, it was a signal that the sentiment remained bullish. There was a minor hiccup on Jan. 30 and 31 when bears attempted to stall the up-move near the right shoulder but sustained buying from the bulls pushed the price above the head on Feb. 1. This break above the head of the pattern invalidated the setup.

ADA/USDT daily chart. Source: TradingView

When a bearish setup fails, it catches several aggressive sellers on the wrong foot. This results in a short squeeze and propels the price higher. The same thing happened in the above example and the pair soared in February.

Key takeaways

The H&S pattern is considered a reliable reversal pattern but there are some important points to bear in mind.

A downward sloping or flat neckline is considered to be a more reliable pattern compared to an upsloping neckline. Traders should wait for the price to break down and close below the neckline before initiating trades. Pre-empting the setup could result in losses because a failed bearish pattern could result in a strong rally.

The pattern targets should only be used as a guide because sometimes the price may overshoot and continue the down move and at other times it may reverse direction before reaching the target objective.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Finally a Crypto Institution that Works

The Sofi Credit Card is a fantastic way to juice your crypto portfolio just by spending money the way you normally do. The Sofi Credit Card gives you 2% cash back on eligible purchases that can be redeemed directly to your active Sofi Invest account. 🔥 Get started by applying here → https://www.sofi.com/bitboy ​​🔥 See […]

Group of Salvadorans Take to the Streets to Protest El Salvador’s New Bitcoin Law

Group of Salvadorans Take to the Streets to Protest El Salvador’s New Bitcoin LawWhile some Salvadorans situated near Playa El Zonte beach like the new bitcoin tender law implemented by Nayib Bukele’s regime, a number of other citizens dislike the law. This week, regional reports show citizens from El Salvador have taken to the streets to protest the bitcoin tender law. Salvadoran Protestors Say Bitcoin Is ‘Too Volatile’ […]

Over 100 Creators Under the Name ‘NFT 256’ Present Their Artwork ‘NFT256 WORLDS’ for Auction on NFT STARS

Sydney, Australia The new NFT marketplace NFT STARS has announced the auction of the audio-visual artwork titled “NFT 256 WORLDS“. The visual aspect was created by an artistic collective by the name NFT 256, and a famous Russian musician took part in the creation of the original soundtrack for the drop. The auction starts on July […]

The post Over 100 Creators Under the Name ‘NFT 256’ Present Their Artwork ‘NFT256 WORLDS’ for Auction on NFT STARS appeared first on The Daily Hodl.

Bitcoin Bulls Must Hold Key Price Level This Weekend or Bullish Momentum Will Be Lost, According to Top Crypto Analyst

Top crypto analyst and trader Michaël van de Poppe is discussing key Bitcoin (BTC) price levels as the flagship cryptocurrency consolidates above $33,000. In a new video, Van de Poppe says that although Bitcoin appears to be in a slight bullish period, especially in the wake of news that Tesla and SpaceX hold BTC on […]

The post Bitcoin Bulls Must Hold Key Price Level This Weekend or Bullish Momentum Will Be Lost, According to Top Crypto Analyst appeared first on The Daily Hodl.

Powered by the people: 3 altcoins whose tweet volume spiked before a strong rally

In some cases, unusually high tweet volume can signal that an asset is about to soar, but traders should mind the context.

On Crypto Twitter, a surge of attention directed at a coin often comes in response to dramatic price action. Quite naturally, rallying assets attract the attention of traders and take over Twitter conversations, which can also create positive feedback loops that further prop up the momentum.

This is exactly what happened with some of the coins that saw a greater increase in average daily tweet volume this month, compared with the last. KuCoin Shares (KCS), which went up from $7.40 on July 4 to $14.20 on July 14, generated a staggering increase in average tweet volume, totaling more than 1,100% month-to-month.

Another big winner in terms of price, Axie Infinity (AXS), added 456% in tweet volume over the same period. In both cases, tweets mirrored the rallies’ dynamics, with the tweet volume curve closely following the price chart.

In other cases, however, the relationship can be reversed. Sometimes, the Twitter crowd picks up the news or emerging narratives that the wider market has yet to absorb, producing tweet volume spikes that come before price increases. Is there a way for traders to spot these dynamics early enough to gain an edge over the rest of the pack?

Data intelligence for early birds

Tweet volume is one of several metrics used to calculate the VORTECS™ score, an algorithmic indicator that compares complex patterns of market and social activity of an individual digital asset to years’ worth of historical data.

Exclusively available to Cointelegraph Markets Pro (CTMP) subscribers, the algorithm assesses parameters such as the market outlook, price movement, social sentiment and trading activity to generate a score that shows how suitable conditions of the observed combinations are for any coin at any given time.

On top of that, there is a dedicated space on the Markets Pro dashboard featuring assets that see abnormal tweet volume in real-time. Once they are alerted that something is brewing around a coin on Twitter, traders can be incentivized to take a closer look at the asset and make a judgment as to whether its price is likely to go up soon.

Here are three examples from the last thirty days where Twitter activity foreshadowed price action.

Crypto.com Coin

CRO’s Price vs VORTECS™ chart. Source: Cointelegraph Markets Pro

In the case of Crypto.com Coin (CRO), the source of Twitter users’ excitement is crystal clear: A few hours before the coin flashed on Markets Pro’s Unusual Twitter Volume box (red circle in the chart), it emerged that CRO became the first digital asset platform to partner with the Ultimate Fighting Championship, or UFC. The announcement was also delivered to Markets Pro users seconds after the original source published it, thanks to the platform’s instantaneous NewsQuakes™ functionality.

Unsurprisingly, the big news triggered a sprawling Twitter conversation. If traders had not been convinced by NewsQuake™ and coin’s rising VORTECS™ score, the skyrocketing tweet volume could be the final argument in favor of opening a CRO position. The coin had been valued at $0.113 when tweet volume peaked on July 8, and it kept climbing in the next four days, eventually hitting $0.132 before the price began to decline.


QSP’s Price vs VORTECS™ chart. Source: Cointelegraph Markets Pro

Establishing what had triggered the surge of tweets referencing Quantstamp (QSP) around June 1 is less straightforward. One potential reason could be the launch of oneFIL, a stablecoin for the Filecoin community, around that time.

The protocol behind oneFIL is audited by Quantstamp. While QSP generates just a handful of Twitter mentions per day, on July 1 it got over 150 tweets, immediately putting it on the Markets Pro radar (red circle in the graph). While the peak tweet volume corresponded to the QSP price of $0.030, the coin pulled off a strong performance in the following days, reaching $0.034 on July 4, continuing to push further.

Flow Dapper Labs

FLOW’s Price vs VORTECS™ chart. Source: Cointelegraph Markets Pro

Flow Dapper Lab’s (FLOW’s) peak tweet volume came late on July 10 (red circle in the graph) in response to a highly successful week that the asset had, more than doubling its price from $9 to over $18.

A high VORTECS™ score that FLOW received some 50 hours earlier indicated that in the past, such rallies unfolded in several rounds and that historical precedent suggested a possibility of the second leg. Sure enough, the price kept climbing even after the wave of tweets began to recede, eventually hitting $21.20

These examples demonstrate that, while an onslaught of tweets alone is not always a harbinger of an impending rally, spotting abnormal Twitter activity early on can lead to a profitable trade. It can be especially useful when combined with other metrics and a robust understanding of the coin-specific context.

Disclaimer. Cointelegraph is a publisher of financial information, not an investment adviser. We do not provide personalized or individualized investment advice. Cryptocurrencies are volatile investments and carry significant risk including the risk of permanent and total loss. Past performance is not indicative of future results. Figures and charts are correct at the time of writing or as otherwise specified. Live-tested strategies are not recommendations. Consult your financial advisor before making financial decisions. Full terms and conditions.

SpaceX owns BTC, daily Dogecoin volume soared to nearly $1B in Q2, Grayscale eyeing DeFi and ETF: Hodler’s Digest, July 18–24

Coming every Saturday, Hodlers Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more a week on Cointelegraph in one link.

Top Stories This Week


SpaceX owns Bitcoin, Elon Musk and Nic Carter believe BTC is becoming greener

Elon Musk, Dogecoin (DOGE) proponent and fair-weather friend to Bitcoin (BTC), revealed for the first time on July 21 that his aerospace firm SpaceX owns an undisclosed amount of Bitcoin.

I do own Bitcoin; Tesla owns Bitcoin; SpaceX owns Bitcoin, he said.

Musk was speaking at The Word a virtual event dedicated to Bitcoin alongside Twitter CEO Jack Dorsey and Ark Invest CEO Cathie Wood, and the erratic tech billionaire suggested Tesla was on the verge of accepting the cryptocurrency again following promising signs that the percentage of renewable energy used for mining was increasing.

Teslas $1.5 billion foray into Bitcoin earlier this year sparked a major BTC price rally. However, Teslas suspension of Bitcoin as a payment method over environmental concerns in May appeared to tank the price of Bitcoin, with BTC crashing around 40% over the past two months.

Now that there is a diminishing Chinese coal-powered hash rate after the mining ban, it appears that Musk is warming up to digital gold again. Musk has stated that, after he does a bit more due diligence on mining sustainability and can confirm it’s backed by 50% renewables or more, Tesla may re-enter the market.

One wonders what said due diligence this entails, and why he didnt do it before the $1.5 billion Tesla BTC buy.

Musk also revealed, for the first time, that he holds Ethereum (ETH), and unsurprisingly reaffirmed his support for the meme-inspired Dogecoin.

I do personally own a bit of Ethereum, and Dogecoin of course, he said.


Daily Dogecoin volume soared to nearly $1B during Q2

Speaking of Musks favorite cryptocurrency, trading volume for Dogecoin increased by more than 13 times during the second quarter of 2021, nearly tagging $1 billion daily.

According to data compiled by Coinbase and reported by Business Insider, Dogecoin trading volumes soared 1,250% between April and June, with $995 million worth of DOGE changing hands daily on average during the quarter.

By comparison, Dogecoins average daily volume for the first quarter of 2021 was $74 million.

While those figures are sure to spark hype among the fiery-eyed Dogecoin community, the subject of the top canine coin may be a touchy one for Coinbase.

A Coinbase user has filed a class-action lawsuit seeking $5 million in damages because of an allegedly misleading Dogecoin campaign.

According to court documents, plaintiff David Suski said he was deceived into trading $100 of Dogecoin for entry into a $1.2 million sweepstakes offer on Coinbase. The lawsuit asserts that Coinbase failed to communicate that a person could enter the sweepstakes without purchasing $100 of Dogecoin.


Ethereum must innovate beyond just DApps for DeFi degens: Vitalik Buterin

Ethereum co-founder and lead developer Vitalik Buterin has urged the Ethereum community to innovate beyond the confines of decentralized finance, or DeFi.

Buterin was speaking during his keynote at the Ethereum Community Conference in Paris on July 21, and described non-financial utilities as the most interesting part of the vision of general-purpose blockchains.

The 27-year-old outlined several non-financial applications for Ethereum, including decentralized social media, identity verification and attestation, and retroactive public goods funding.

The Ethereum co-founder has had a busy week, and after speaking at the Ethereum conference, he also surfaced in Ashton Kutchers and Mila Kunis living room. He wasnt trespassing of course, and was there as part of the promotion for Kunis NFT project dubbed Stoner Cats.

Buterin launched into a lengthy explanation of Ethereums fundamental components and articulated how the smart contract protocol differs from single-purpose chains such as Bitcoin.


Grayscale sets sights on institutional DeFi fund

While Buterin is looking beyond the decentralized bounds of finance, digital asset management giant Grayscale is looking to gain exposure in the sector.

On July 19, Michael Sonnenshein, CEO of Grayscale, announced a new investment vehicle aimed at DeFi assets.

In an interview with CNBCs Squawk Box, the CEO chimed in to announce Grayscales plans for a DeFi Fund and index. Detailing the purpose of the new product, the Grayscale CEO said the fund would offer exposure to DeFi assets, such as Uniswap and Aave, for its institutional clients.

During the same week, Sonnenshein stated he thinks that only a couple of maturation points separate the United States from its first Bitcoin exchange-traded fund, or ETF.

After many rejections of BTC ETFs in the past, along with 13 ETF applications under consideration, Sonnenshein is undeterred and said the firm is 100% committed to transforming its Bitcoin product, the Grayscale Bitcoin Trust, into an ETF once conditions are right.


US lawmakers don’t want Olympic athletes to use digital yuan at 2022 games

Despite the majority of Japanese citizens reportedly wanting the Olympics canceled over pandemic-related concerns, the event is going ahead.

The U.S. government has already got its eyes on the 2022 Winter Olympics in Beijing, however, and three U.S senators signed a letter urging Olympic officials to forbid American athletes from using the digital yuan during the upcoming event earlier this week.

In a July 19 letter to the U.S. Olympic and Paralympic Committee board chair Susanne Lyons, Republican Senators Marsha Blackburn, Roger Wicker and Cynthia Lummis, also a BTC proponent, requested that officials prevent U.S. athletes from using or accepting the digital yuan.

The senators asserted that the athletes use of the central bank digital currency can be “tracked and traced” by the Peoples Bank of China.

The senators stated that the Chinese government recently rolled out new features for the digital yuan, giving officials the ability to know the exact details of what someone purchased and where.

If Olympic officials approve of the request, China will, unfortunately, have to deploy other methods to track and trace the U.S. athletes that do enter the country.

Winners and Losers



At the end of the week, Bitcoin is at $32,580, Ether at $2,070 and XRP at $0.60. The total market cap is at $1.35 trillion, based on CoinMarketCap data.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Telcoin(TEL) at 26.82%, SushiSwap(SUSHI) at 26.17%, and Axie Infinity (AXS) at 23.12%.

The top three altcoin losers of the week are Mdex (MDX) at -25.55%, THORChain (RUNE) at -18.98%, and Theta (XDC) at -11.26%.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.



Most Memorable Quotations


I might pump, but I dont dump. I definitely do not believe in getting the price high and selling it or anything like that.

Elon Musk, Tesla CEO


Moving beyond DeFi is not about being against DeFi. I actually think […] the most interesting Ethereum applications are going to combine elements of finance and non-finance.

Vitalik Buterin, Ethereum co-founder


Neither USDC nor Tether is a regulated digital asset, for the simple reason that neither token has a regulator. In fact, neither USDC nor Tether tokens are stablecoins in anything other than name.

Paxos, stablecoin provider


I think that digital art is probably going to last a lot longer than galleries. I mean, you probably wont be going into galleries. Well be sitting in bars showing each other what weve recently bought on our phones, and thats kind of what we do now.

Damien Hirst, world-renowned contemporary artist


Make no mistake: It doesnt matter whether its a stock token, a stable value token backed by securities, or any other virtual product that provides synthetic exposure to underlying securities. These platforms whether in the decentralized or centralized finance space are implicated by the securities laws and must work within our securities regime.

Gary Gensler, SEC Chair


More than ever, we need to take advantage and harness the potential of these new technologies to ensure that we are better equipped and more united in the future, in order to make our planet a more livable, equitable place for all.”

Irakli Beridze, head of the Centre for Artificial Intelligence and Robotics at the United Nations Interregional Crime and Justice Research Institute


If a Bitcoin ETF is coming through the Gensler administration, my view is it’s not going to happen this year. […] There’s also been quite a bit of sort of a body of language and rhetoric and points that have been made by the staff with previous applications that need to be addressed. And so this isn’t a slam dunk.

Greg King, CEO of Osprey Funds


Recent calls to establish a more appropriate standard for technologically complex digital assets have turned into a firestorm since the Ripple case was filed. Some tech policy experts closely following the case have called for a Ripple Test to replace Howey.

George Nethercutt Jr., former member of U.S. Congress

Prediction of the Week


$13K Bitcoin price predictions emerge with BTC falling below historic trendline

Ever since the crypto downturn began around May 12, the bears have been on parade as they forecast doom and gloom for the future price of BTC.

This week, Cointelegraph reported that a pseudonymous chartist who goes by the name “Bitcoin Master” shared concerns about Bitcoin’s potential to undergo an 80% average price decline upon breaking bearish on its 50-day simple moving average (SMA). The analyst noted that if the said fractal plays out, BTC/USD exchange rates could crash to as low as $13,000.

The 50-week SMA represents the average price traders have paid for Bitcoin over the past 50 weeks. Over the years, and in 2020, its invalidation as price floor has contributed to pushing the Bitcoin market into severe bearish cycles.

However, previous market cycles havent been impacted by Elon Musks inclination to cause mayhem in crypto through his tweets, so we may see a 50-week Musk tweeting average become the accepted method for BTC price predictions in the future.

FUD of the Week


SEC Chairman says cryptocurrency falls under security-based swaps rules

The United States Securities and Exchange Commission, or SEC, may soon issue new rules for the regulation and registration of security-based swaps, including cryptocurrency.

In a speech to the American Bar Association Derivatives and Futures Law Committee, SEC Chairman Gary Gensler outlined that, from November, new requirements will go into effect, which include internal risk management, supervision and chief compliance officers, trade acknowledgment and confirmation, and recordkeeping and reporting procedures, to name a few.

Make no mistake: It doesnt matter whether its a stock token, a stable value token backed by securities, or any other virtual product that provides synthetic exposure to underlying securities. These platforms whether in the decentralized or centralized finance space are implicated by the securities laws and must work within our securities regime, Gensler said.


Auditors reveal USDC backing as Jim Cramer sounds alarm over Tethers mad money

Speaking during a July 20 interview with TheStreet, Jim Cramer, the host of CNBCs Mad Money, questioned Tethers lack of transparency and asked why the firm hasnt disclosed the composition of its commercial paper, which accounts for a large percentage of its holdings.

Tethers brief reserve breakdown in May showed that, as of March 31, three-quarters of its reserves were held in cash, cash equivalents, other short-term deposits and commercial paper. Within that category, commercial paper accounted for 65.39%, with cash alone accounting for just 3.87%.

I am concerned about Tether, and Im not gonna stop sounding the alarm until I know what Tether has. Theyve got about $60 billion in commercial paper. Tether, open up the kimono, what commercial paper do you own? Cramer said.


Crypto is an untested asset category, says UBS CEO Ralph Hamers

Ralph Hamers, CEO of Swiss bank UBS, said on July 20 that he does not fear missing out on crypto, citing that it’s an untested and volatile asset.

Speaking to Bloomberg, Hamers asserted, Clients are looking at different alternatives, and they hear about crypto, and there is a bit of a fear of missing out as well. They read it in the papers, but they also see the volatility.

Commenting on the banks approach to providing exposure to crypto for its wealth management clients, the UBS CEO emphasized that he holds no FOMO towards crypto, noting, We dont offer it actively. [] We feel that crypto itself is still an untested asset category.

Hamers, of course, works within the confines of the traditional finance and banking system, which is a well-tested industry that has caused multiple global financial crises.


Best Cointelegraph Features

Stock-to-flow model possibly invalidated as Bitcoin price loses $30K

Plan Bs stock-to-flow model is the closest its ever been to being invalidated as Bitcoin stagnates in the $30,000 range.

China is pumping money out of the US with Bitcoin

Chinese authorities seem to be putting things in order rather than declaring war on crypto, aiming to further weaken the U.S. economy.

It is time for the US to create a Ripple test for crypto

The SECs approach to crypto must be modified to more clearly articulate how securities laws should apply to digital assets.

Here Are the Five Ethereum Tokens With Strongest Address Activity Right Now, According to Blockchain Analytics Firm Santiment

Blockchain analytics firm Santiment is identifying what it sees as the five Ethereum-based (ERC-20) assets that have recently shown continued strength in terms of address activity. Santiment filters out any low-volume coins and includes only the top 200 cryptocurrencies on CoinMarketCap. The first coin on Santiment’s list is Small Love Potion (SLP). SLP tokens are […]

The post Here Are the Five Ethereum Tokens With Strongest Address Activity Right Now, According to Blockchain Analytics Firm Santiment appeared first on The Daily Hodl.

Bitmain to Host Miners in 180-Megawatt Data Center in Kazakhstan

Bitmain to Host Miners in 180-Megawatt Data Center in KazakhstanCrypto mining hardware manufacturer Bitmain has partnered with Enegix to host Antminer S19 Pro devices in one of the world’s largest data centers. The facility located in Kazakhstan is designed to accommodate more than 50,000 mining rigs. Bitmain to Work With Mining Facility Operator Enegix Leading mining equipment producer Bitmain has announced a partnership with […]

MOST Predictable Bitcoin PUMP (Why BTC is Going to the MOON)

One of the major value propositions that Bitcoin offers to investors is that it has a predictable monetary policy and development schedule, but if you’re watching Bitcoin’s price action on a day-to-day basis, “predictable” is probably the last word that would come to mind. Price can be extremely volatile, leaving many of us always guessing […]

Coinbase Facing Securities Lawsuit Alleging Company Made ‘Materially Misleading’ Statements During IPO

An internationally recognized law firm has filed a securities class action lawsuit alleging that Coinbase made misleading statements during the crypto exchange’s initial public offering (IPO). Scott+Scott Attorneys at Law LLP filed the lawsuit against Coinbase in the California Northern District Court on Thursday on behalf of Coinbase investor Donald Ramsey, who was named individually […]

The post Coinbase Facing Securities Lawsuit Alleging Company Made ‘Materially Misleading’ Statements During IPO appeared first on The Daily Hodl.

$10B asset manager registers new Bitcoin fund with SEC

Stone Ridge Asset Management, the parent company of New York Digital Investment Group, or NYDIG, has been actively pursuing new investment vehicles for Bitcoin. On Friday, Stone Ridge’s open-end mutual fund revealed a new Bitcoin-focused investment strategy.

Stone Ridge Asset Management, the alternative investment manager behind New York Digital Investment Group, has filed a new prospectus with the United States Securities and Exchange Commission, or SEC, to add Bitcoin (BTC) to its open-end mutual fund. 

The prospectus for Stone Ridge Bitcoin Strategy Fund appeared on the SEC website on Friday, though the actual filing is dated July 26, 2021. The Fund is part of an investment portfolio of Stone Ridge Trust, an open-end investment company registered in Delaware.

According to the prospectus, the primary investment objective of the Stone Ridge Bitcoin Strategy Fund is “capital appreciation.” The Fund seeks exposure to Bitcoin via futures markets as opposed to spot purchases, as explained below:

“The Fund pursues its investment strategy primarily by investing in bitcoin futures contracts and in pooled investment vehicles that invest directly or indirectly in bitcoin (collectively, “bitcoin-related investments”). The Fund does not invest in bitcoin or other digital assets directly.”

 The filing was made under SEC Form N-1A, which is required for establishing open-end management companies, including mutual funds. In terms of structure, the Fund is very similar to the NYDIG Bitcoin Strategy Fund II filed in May of this year.

It is further explained in the prospectus that the Fund “expects to have significant holdings of cash, U.S. government securities, mortgage-backed securities” and other assets.

Regarding the Fund’s target exposure, the prospectus states:

“The Fund seeks to invest in bitcoin-related investments so that the total value of the bitcoin to which the Fund has economic exposure is between 100% and 125% of the net assets of the Fund.”

Earlier this year, Stone Ridge filed a prospectus for its Diversified Alternatives Fund, which sought exposure to Bitcoin and other alternative assets.

As Cointelegraph reported, Stone Ridge purchased 10,000 BTC in October 2020 as part of its strategic investment initiative. The timeline of the purchase coincided with the beginning of an eight-month uptrend for Bitcoin that would see its value peak near $65,000 in May. 

Related: NYDIG set to bring Bitcoin adoption to 650 US banks and credit unions

More institutional investors have gained exposure to Bitcoin over the past year, reflecting broad mainstream acceptance and a growing appetite for digital assets. As Cointelegraph reported, the next wave of institutional adoption could be driven by financial advisers – a broad category of professionals who are always looking for new investment horizons. For financial advisers, the Bitcoin market has been significantly de-risked from the perspective of career outcomes. 

The Bitcoin price is in a clear uptrend this weekend, though analysts continue to warn of overhead resistance near $35,000. At the time of writing, BTC was up 6.5% to $34,230.

Related: Bitcoin price hints at ‘megaphone’ bottom pattern, and a breakout toward $40K

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The post Binance CEO Reportedly Expects ‘Heavy’ Crypto Regulations appeared first on The Daily Hodl.

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Kraken Daily Market Report for July 23 2021


  • Total spot trading volume at $573.7 million, the 30-day average is $786.0 million.
  • Total futures notional at $246.8 million.
  • The top five traded coins were, respectively, Bitcoin (+1.5%), Tether (0%), Ethereum (-2.6%), USDC (+0%), and Cardano (+1.6%).
  • Strong returns from PERP (+14%) and SushiSwap (+11%).

July 23, 2021 
 $573.7M traded across all markets today

The post Kraken Daily Market Report for July 23 2021 appeared first on Kraken Blog.

Bitcoin price hits $34K as trader forecasts fresh weekend resistance showdown

Bitcoin is likely going to tackle $34,500 today or tomorrow, Michaël van de Poppe says, opening up the road to $36,000 or more.

Bitcoin (BTC) touched $34,000 on July 24 after the latest resistance flip held to propel the market higher.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoin battles $34,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD just hitting the $34,000 on Bitstamp on Saturday before returning to linger around $200 lower.

The past 24 hours were profitable for traders as Bitcoin launched from $32,000 to deliver 4% gains that were holding above $33,800 at the time of writing. 

For Cointelegraph contributor Michaël van de Poppe, it was necessary for the strength to continue and for $32,500 to hold in the event of a retracement.

“Bitcoin breaks through that resistance at $32.5-$32.7K. Holding that for support = likely continuation towards $36K,” he forecast in a Twitter update.

“Overall, the next resistance at $34.5K is possibly being reached during the weekend.”

Such behavior would not be at all surprising given the wide trading range in which BTC/USD is currently acting — $42,000, the point of all-time highs from February, remains the range ceiling and line in the sand for a definitive bull market continuation.

Fellow trader and analyst Rekt Capital meanwhile highlighted ongoing changes with the 50-week exponential moving average (EMA) as a sign of longer-timeframe bullishness returning.

On the more cautious side, as Cointelegraph reported, $24,000 projections remain should Bitcoin reverse, with one trader eyeing a CME futures gap nearby as possible support.

“We see support at the $22k and 24k level should there be a breakdown below the current support level,” trading suite Decentrader added in a fresh market update on Friday.

Ethereum “confirming” breakout

Altcoins meanwhile slowed the pace of their own gains but nontheless retained impressive performance over the week.

Related: Just HODL! Bitcoin and Ethereum outperform ‘lower risk’ crypto index funds

With many of the top fifty cryptocurrencies by market cap seeing weekly returns of 10% or more, confidence was returning to the market.

Ether (ETH), the largest altcoin, traded back above $2,000, hitting ten-day highs.

ETH/USD 1-day candle chart (Bitstamp). Source: TradingView

“So far, so good towards confirming a breakout here,” Rekt Capital said about ETH/USD performance.

Jack Dorsey Says Bitcoin Will Help Twitter Do Its Job Better – Here’s Why

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The post Jack Dorsey Says Bitcoin Will Help Twitter Do Its Job Better – Here’s Why appeared first on The Daily Hodl.

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The future of art? World-famous artists delve into NFTs

With NFTs, the future of art is in the palm of your hand. Here is a look at the topmost famous artists getting into NFTs right now.

For millennia, the world of art has remained unchanged for the most part. The tradition has always revolved around artists selling their work to museums, galleries, or individual collectors. In return, the artist would get a market value for their work which was often kept in private vaults and only displayed to the public ever so often.

With the advent of NFTs, many artists are now able to take their work and offer it up for sale as a digital collectible. Through these blockchain-enabled digital assets, the artist cannot only maintain ownership of a piece of the art they produce but also gain royalties from sales made in secondary markets.

Undoubtedly, NFTs are changing the contemporary art scene as artists no longer have to rely on galleries and museums as their sole medium through which they can sell their work. This shift in perspective has allowed for greater freedom and choice in the artists’ work while also bringing in new audiences and a new stream of traditional artists to NFTs.

Here is a look at the most famous contemporary artists that have gotten into NFTs lately.

Damien Hirst

Hirst recently launched “The Currency” project that consists of 10,000 NFTs corresponding to physical prints of his five-year-old artwork now stored in vaults. The NFTs will cost buyers $2,000 per piece and will be available for purchase by the end of the month.

NFTs are changing the world and the art world is increasingly looking toward crypto, however, for Damien Hirst, it’s not all about a get-rich-quick scheme that is portrayed all over the media. The English artist and entrepreneur was once one of the youngest contemporary artists to dominate the U.K. art scene in the 1990s and is the region’s richest living artist, according to reports.

The Currency project is set to blur the lines between fungibility and nonfungibility (especially money and art), as collectors of Hirst’s NFTs will have the choice of either getting the physical painting or the NFT version of the painting. The NFT will be a high-resolution photo of the physical painting.

In an interview with Cointelegraph, Hirst said that he used to give a lot of art away and he would get frustrated whenever people would sell the art.

“I suppose this whole project is like a test. It’s like when you walk downstairs in your house if you got a painting and it’s not long before the spot represents a dollar sign.”

Related: British artist Damien Hirst uses NFTs to blur the boundaries between art and money

Other highlights of Hirst’s work include a 2008 sale of the “Always Beautiful Inside My Head Forever” project that sold for over $220 million in a direct sale at an auction, as well as the “For the love of God” project that entailed a diamond-encrusted skull which sold for $100 million.

In an interview with Cointelegraph, Hirst said that he was annoyed by applications such as iTunes that take ownership away from musicians and applauded NFTs for their contribution in helping artists maintain ownership of their creations.

Related: British art icon Damien Hirst to accept BTC, ETH payments for print run

Philip Colbert

With a strong background in contemporary art as well as graphic design, Colin Philip Colbert was already a recognized rising star of the pop art world before he joined the NFT space. The British contemporary artist has even gone as far as receiving the praise of legendary designer André Leon Talley. Colbert got his start as an undergrad at the University of St Andrews in Scotland before moving to London’s then-emerging East End arts scene where he conceptualized the project that would become Lobsteropolis.

Based on Colbert’s initial Lobster University project, Lobsteropolis is a digital city built on Decentraland’s blockchain-based virtual world, featuring composite elements of Colbert’s work from several international art exhibitions, shows and museums.

The ambitious project offers a rare glimpse into an emerging industry that features an intersection between blockchain technology and the art world. It also features an open virtual world environment that allows people to interact with one another and the art.

Already, Colbert’s work has attracted the praise of famous personalities in the world of art, including Simon de Pury, a world-renown art auctioneer and curator, and Charles Saatchi, a contemporary art collector and a businessman.

Colbert said that the digital space enables him to explore the narrative of his art in a new way.

One of Lobsteropolis’ most outstanding features is a hybrid artwork and musical performance feature titled Lob-Ster De-Vo which is a rock band-themed multimedia experience. The city is not just an art exhibition but an interactive virtual world as well. Lobsteropolis pushes the boundaries of both virtual and augmented reality in a gameplay experience that allows users to interact with their peers and create several layers of fantasy.

Related: Bringing contemporary pop art to an NFT metaverse

Huang Heshan

“Bu Tu Garden” is Huang Heshan’s latest NFT-based real estate art that will be showcased at the Taobao Maker Festival. The young Chinese artist who initially assumed that everything blockchain-related would be “very complicated and troublesome to operate” admits to his surprise that working with nonfungible tokens is way easier.

Huang will be launching his virtual “Bu Tu Garden” project at Taobao Maker Festival, which is an annual event that celebrates Chinese art and entrepreneurship. Taobao, an Alibaba-owned platform, will be showcasing NFTs for the first time since the beginning of the festival in 2016.

Huang’s debut NFT art project is built on the NEAR blockchain protocol and is made of a virtual real-estate landscape that comprises more than 1,000 virtual structures, 300 high-end family villas and another 1,000 parasols.

With a background in fine arts, Huang’s Bu Tu Garden takes after the local tastes of Chinese streets in a wild design filled with vibrantly colored trees, inspired by the story of a fictional real-estate tycoon who is dedicated to building up-market housing for the less fortunate.


Another artist who is making a debut into the NFT landscape is Grimes. Popularly known for her exploration of synth-pop music and experimental art, Grimes recently sold her digital artworks for a staggering $6 million in an auction on Nifty Gateway. The artwork includes a series of one-of-a-kind visual and audio artworks. One particular piece called “Death of the Old” sold for over $350,000. A bulk of the sales amounting to more than $6 million originated from individual pieces of art that comprised thousands of copies, selling for $7,500 each.

Related: Musician Grimes’ debut NFT auction generates $5.8M in 20 minutes

The Canadian singer and visual artist already managed to be a critically-acclaimed pop star long before entering the NFT space. Her electronic pop music as well as her relationship with Elon Musk (tech CEO and entrepreneur) has brought her a large following of over 1.9 million people on Instagram. Through her NFT artwork, she showcases her versatile talent in writing, producing and editing her music.

Steve Aoki and Antonio Tudisco

Antoni Tudisco is a creative director and 3D visual artist who was born and raised in Hamburg, Germany. He boasts of a background in media management and web design and development, among other fields of study.

The fashion enthusiast and designer has collaborated with top brands like Adidas, Nike, Versace and Puma, and garnered the attention of artists such as Will Smith. He also has his brand TUDISCO STUDIO, which he recently unveiled at a runway show in New York City.

Now, Tudisco is making a debut into the NFT space by collaborating with American music producer and DJ Steve Aoki to create “Dream Catcher.”

So far, the artwork has already earned more than $4.29 million and entails a collection of NFTs that can be redeemed in the form of a physical screen displaying the artwork. Apart from Tudisco, Aoki has also partnered with motivational speaker Tom Bileu in launching the “Neon Future” NFT set.

The intersection of technology and art

While modern art is becoming increasingly augmented with technology, some still believe that there will always be a place for traditional artwork in galleries and auction houses. However, one of the best aspects of NFTs is that they offer an opportunity for new artists to get a market for their art, especially for artists who are not able to enroll in prestigious fine art graduate programs. With NFTs, artists can sell their work directly to collectors and without the need for intermediaries. They no longer have to worry about geographical, financial and educational barriers. Is this the future of contemporary art?

Bitcoin price hints at ‘megaphone’ bottom pattern, and a breakout toward $40K

The megaphone-shaped pattern reflects growing disagreement between investors over the next Bitcoin trend bias.

Bitcoin’s (BTC) latest rebound from below $30,000 has increased its prospects of extending its retracement move higher, at least according to one classic technical pattern.

Dubbed as Broadening Formation, the megaphone-shaped pattern appears when the price moves inside two diverging trendlines. Investopedia states that a broadening formation represents disagreement over the next potential bias among investors. As a result, the price forms higher interim peaks and lower interim lows.

Bitcoin appears to be trading inside a similar structure, as shown in the chart below. Nonetheless, the cryptocurrency lacks volatility, one of the key features of the broadening formation pattern.

Stabilized Bollinger bands reflect limited price volatility in the Bitcoin market. Source: TradingView.com

Should the pattern play out, the Bitcoin price will undergo a bullish breakout above the structure’s upper trendline.

In doing so, it would expect to rise by as much as the maximum height between the broadening formation’s upper and lower trendline. The upside setup appears because traders interpret broadening formation as a trend reversal pattern.

But until then, the pattern offers swing trading opportunities to daytraders, i.e., a bounce from the lower trendline tends to present Long opportunities toward the upper trendline, and a pullback from the upper trendline could have traders open short positions toward the lower one.

Again, the Bitcoin price volatility is lower enough to invalidate such intra-range setups.

Falling channel

The most interim resistance level is near the dashed trendline in the Bitcoin chart below.

Bitcoin falling channel setup limits bullish broadening formation’s upside outlook. Source: TradingView.com

A close above the dashed trendline expects to have Bitcoin test $35,00 as its next resistance target. On an extended move higher, the potential to hit $40,000 is higher based on the cryptocurrency’s recent price patterns.

Conversely, a pullback from the dashed trendline tends to validate a Falling Channel pattern. On the other hand, Bitcoin could retrace its steps lower towards the so-called Broadening Wedge’s support trendline (next downside target near $28,500).

Bitcoin price fundamentals

The conflicting Bitcoin setups emerge as bulls continue to defend $30,000 as support while bears enjoy control over the $34,000-$35,000 area. Unfortunately, that has landed BTC price inside a constrained trading range, giving no interim clues about where it wants to head next.

Fundamentals have played a key role in trapping Bitcoin prices. To the upside, inflationary pressures from the traditional finance sector have provided tailwinds to Bitcoin’s safe-haven narrative. Meanwhile, the downside is an increasingly global regulatory discontent toward the cryptocurrency sector.

Related: SEC Chairman says cryptocurrency falls under security-based swaps rules

In the last two months, the market has witnessed China banning cryptocurrency trading, India raiding regional crypto exchange WazirX, and the U.K. banning Binance’s subsidiary from operating regulated businesses. In addition, Japan and Hong Kong also issued warnings and restrictions against Binance.

Earlier this week, the U.S. state authorities closed crypto company BlockFi’s accounts, alleging that the startup sold unregistered securities. The sector also received criticism for increasing carbon footprints via mining, which requires heavy computational power to run blockchains.

“As long as global regulation of cryptocurrencies is not eased, or a resolution is met, I believe it is difficult to gain public trust, and for Bitcoin to scale the heights it reached in early 2021,” Adam Todd, Founder, and CEO of Digitex, told Cointelegraph.

JG Collins, head of the Stuyvesant Square Consultancy, also wrote in his Seeking Alpha op-ed that “national economics regulators, state environmental regulators, and municipalities troubled by “mining” raising local electrical rates will sweep cryptos away like a tsunami.”

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.


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