Connect with us

Ethereum

Bitcoin, Technical Analysis: BTC Recovers Above $30,000 As Weeklong Consolidation Continues

Sam Bankman-fried

This week’s whirlwind price swings in crypto markets continued on Friday, with BTC moving higher, following yesterday’s declines. Bitcoin has risen back above $30,000 on Friday, with ETH also climbing above its $2,000 point.

Bitcoin

Bitcoin was trading higher on Friday, as price uncertainty in crypto markets continued to grip traders, leading mainly to consolidation.

Following a decline to a low of $29,389. 44 during Thursday’s session, BTC/USD rose by over 3% on Friday, hitting a high of 30,664. 98 in the process.

The move comes as a floor in prices may have finally been found, as bulls lifted BTC from the $28,800 point, which many now consider to be the current support.

BTC/USD – Daily Chart

Friday’s surge took place as bullish pressure also led to a breakout of the 36 level on the 14-day RSI, which we marked as a key obstacle in the way of price gains.

As of writing, relative strength is now tracking at 37. 93, which is close to another ceiling at 40, which has dampened bullish hopes in the past.

Earlier gains have also eased, since prices passed the $30,500 resistance point, which some bulls are using as an ideal exit point.

Ethereum

Ethereum was once again trading above $2,000, following a breakout below this point over the course of Thursday’s session.

ETH/USD has so far risen to a peak of $2,054. 80 on Friday, which is roughly 4.5% higher than its peak the day before.

Similar to BTC, today’s move in ethereum comes after bulls used the current floor of $1,950 as a springboard to today’s heights.

ETH/USD – Daily Chart

However, since reaching these highs, price strength has slowed, with ETH now trading $20 lower than its earlier peak.

Although the RSI has also passed its own ceiling at 35, now tracking above the 36 level, prices are approaching a hard resistance at $2,060.

This point may have caused earlier bulls to vacate their positions, with those remaining likely to hold firm as we head into the week, unless bearish pressure resurfaces.

How high do you expect ETH to trade this weekend? Comment below to share your thoughts.

Eliman Dambell

Eliman has a unique perspective on market analysis, having been a broker director, retail trading educator, and market commentator for Crypto, Stocks, and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage caused or alleged caused by the use or reliance of any content, goods, or services mentioned in this article.

Read More

Continue Reading
Advertisement I show You how To Make Huge Profits In A Short Time With Cryptos!
Click to comment

Leave a Reply

Your email address will not be published.

Ethereum

Cypherpunk Holdings Takes a Risk with ‘Significant Drawdowns,’ and Sells Their Whole Stock of Bitcoin and Ethereum

On Tuesday, the Canada-based investment firm Cypherpunk Holdings Inc. announced that the company has sold all of its bitcoin and ethereum due to the “risk of further significant drawdowns.” The company has transitioned its treasury to cash after selling 214. 72 bitcoin and 205. 82 ethereum as Cypherpunk Holdings continues “to see systemic risks propagating” across the crypto economy.

Cypherpunk Holdings Sells All of the Bitcoin and Ethereum on Its Balance Sheet

Crypto winter has done a lot of damage since the bull run’s price highs, as more than $2 trillion has left the digital currency economy since the first week of November 2021. Today, the crypto economy is worth roughly $945 billion and bitcoin (BTC) is coasting along just above the $20K per unit range.

BTC is down more than 70% from the all-time high ($69K) on November 10, 2021, and ethereum (ETH) has lost more than 77% since the ATH ($4,878) recorded on the same day. On June 28, 2022, or eight months later, the publicly listed Canadian investment company Cypherpunk Holdings revealed it had dumped all of its bitcoin and ether holdings.

Cypherpunk Holdings (CSE: HODL) (OTC Pink: CYFRF) was one of the many publicly listed companies that held bitcoin and ethereum on its balance sheet. According to the company’s update, the sale was necessary due to risk. It also stated that there may be “significant drawdowns” in the future for the crypto economy.

CEO and president of Cypherpunk Holdings Jeff Gao.

Cypherpunk Holdings sold approximately 214. 7203 BTC and 205. 8209 ETH and it got around $4,927,000 for the lot of crypto assets. The company said that it currently has just over $14 million worth of “cash and stables” on hand. Jeff Gao, Cypherpunk Holdings’ CEO and President, talked about selling the digital assets to make room for cash.

“Recently, Cypherpunk liquidated all of its treasury holdings in BTC and ETH for cash and withdrew back to custody,” Gao wrote in an update concerning the company’s cryptocurrency holdings and strategy.

” We continue to see systemic risk propagating throughout crypto ecosystem. In our assessment of the risks and opportunities involved in holding asset tokens and in the time it takes for volatility and illiquidity to end, we believe the best approach is to wait and watch. “On balance of probabilities, weaker price action opens the way for lower levels to come as reports about the number of chains placing a ‘temporary suspension’ on withdrawals increases

The executive of Cypherpunk Holdings continued to add:

Until such a time as our thesis on market conditions change, our treasury will remain in cash. Cypherpunk will continue to be bullish on crypto in the long-term and will actively pursue compelling risk-reward opportunities when they become available.

Company Sold 196. 74 Bitcoin and 382 Ether Prior to the June 28 Announcement and Amid the Terra LUNA Fallout

Furthermore, Cypherpunk Holdings dumped bitcoin (BTC) before the June 28 announcement, as it told investors on June 13 that it sold 96. 74 BTC for $2.9 million and 50 ETH for $100K. Cypherpunk Holdings’ management also decided to unload shares of Animoca Brands, as it sold the company’s last block of 500,000 Animoca shares for “a realized profit of 234%.” Amid the Terra LUNA and UST fallout, on May 11, 2022, Cypherpunk Holdings sold 100 BTC and 332 ETH for just over $4 million.

With Cypherpunk Holdings removed from the Bitcoin Treasuries list, and Microstrategy’s recent purchase of 480 bitcoins, publicly-listed companies hold 268,357 BTC worth 5. 382 billion at current bitcoin exchange rates. Exchange-traded products hold 828,641 BTC, countries hold 50,699 BTC, and private companies own 174,381 BTC, according to the Bitcoin Treasuries list on June 29.

What do you think about Cypherpunk Holdings dumping its bitcoin and ether because it believes “weaker price action” is coming? Please comment below to let us know your thoughts on this topic.

Jamie Redman

Jamie Redman, the News Lead at Bitcoin.com News, is a Florida-based financial journalist. Redman has been an active member of the cryptocurrency community since 2011. Redman is passionate about Bitcoin, open-source codes, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

Read More

Continue Reading

Ethereum

Pocket Network Advances Its Multichain Strategy With Latest Milestone

press release

PRESS RELEASE. TAMPA, Fla., June 27, 2022 / — Pocket Network, an infrastructure middleware protocol which facilitates decentralized multichain blockchain access to developer applications in Web3, including Ethereum, Polygon, Gnosis Chain, Avalanche, Solana, Fuse, Fantom and Near, recently marked a significant milestone in its multichain strategy with 50 supported blockchains on its network after integrating Moonbeam and Moonriver blockchains. Pocket has its sight on the century mark – with 100 blockchains supported by the end of 2022.

“As we see developer demand drive more activity and apps to a wider variety of blockchains, interoperability challenges, as well as latency and reliability, from centralized infrastructure providers will continue to grow,” said Michael O’Rourke, Co-founder and CEO of Pocket Network. “With our multichain strategy, we are positioned to cement Pocket as the true decentralized, full-node RPC protocol in the industry.”

The real breakthrough of a multichain network is in the utility this brings to Web3 developers. This is especially true with the streamlined Pocket Portal that developers can access to deploy apps to any of Pocket’s 50 supported blockchains. This interface vastly simplifies developers’ abilities to connect with any chain of their choosing and provides a one-stop RPC solution with an instantaneous process to get an endpoint, an analytics dashboard, and app notifications to monitor performance.

Regardless of blockchain, users and developers no longer have to pick between speed and security, efficiency and decentralization, and uptime and latency. Being resilient, faster, cheaper, more secure, and better for developers has been the winning formula to Pocket’s scale and dominance. This way, Pocket’s chain-agnostic mission is imperative for the development of decentralized infra.

About Pocket Network

Pocket Network, a blockchain data ecosystem for Web3 applications, is a platform built for applications that uses cost-efficient economics to coordinate and distribute data at scale. It enables seamless and secure interactions between blockchains and across applications. With Pocket, the use of blockchains can be simply integrated into websites, mobile apps, IoT and more, giving developers the freedom to put blockchain enabled applications into the “pocket” of every mainstream consumer. For more information visit pokt.network.

Media Contact: Hanna Yakimets, hanna@pokt.network


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Bitcoin.com Media

Bitcoin.com is the premier source for everything crypto-related.
Contact ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Read More

Continue Reading

Ethereum

ETH Testing $1.2K, Is There a Reversal inbound? (Ethereum Price Analyse)

The crypto market is slowly recovering from the recent sharp decline. In recent days, Altcoins have outperformed Bitcoin. Buyers were able to keep the price above $1,000. However, this upward trend is unlikely to last long considering the macro.

Technical Analysis

By Grizzly

The Daily Chart

Ether is now experiencing significant resistance. Horizontal levels at $1,300, $1,500 and $1,700 are a the potential challenge for the ETH recovery. In the meantime, the intersection of the descending line and horizontal resistance (in yellow) at $1,700 has created a resistance zone (in red). Let’s suppose that the bulls still want to dominate the market in the short-term. In that case, the range between $1600 and $1700 appears to be a strong barrier.

In the bearish scenario, ETH has strong support in the area around $700-$900. A positive external force is needed to act as a catalyst for the market. The most probable upcoming event is the ETH 2.0 merger.

Key Support Levels: $900 & $700

Key Resistance Levels: $1300 & $1500 & $1700

1
Source: TradingView

Moving Averages:


MA20: $1335


MA50: $1734


MA100: $2401


MA200: $3040

The ETH/BTC Chart

The situation with BTC appears to be quite different. Altcoins have outperformed BTC in recent months, as shown in this chart. Horizontal resistance was 0. for buyers, which allowed them to continue their move. 058 BTC. The overall structure of the market is bearish. Unless the bulls push the price higher than the horizontal resistance of 0. 065 BTC, one can not hope for a change in the trend.

Key Support Levels: 0. 050 BTC & 0.0. 045 BTC


Key Resistance levels: 0. 055 BTC & 0. 06 BTC

2
Source: TradingView

On-chain Analysis

Fund Holdings

Definition: The total amount of coins held by digital assets holding such as trusts, ETFs, and funds – this is a proxy for indirect investment or demand for ETH.

Currently, the number of coins they held, which was constant during the fluctuations of 2021 and early 2022, increased in the first downward wave. They saw this as an opportunity to purchase at the time. Their supply fell to its lowest point in two years after the release of macroeconomic negative news and fears about a recession.

3
Source: CryptoQuant
SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

Disclaimer: Information found on CryptoPotato is those of writers quoted. This information does not reflect the views of CryptoPotato about whether to invest in, sell or hold investments. Before making any investment decision, you are strongly advised to do your own research. You are responsible for any use of the information. For more information, please refer to Disclaimer.

Cryptocurrency charts by TradingView.

Read More

Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.