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Cardano Price Analysis: Despite the Correction, ADA Eyes ATH Following 30% Weekly Surge

ADA/USD – Cardano Bulls Pushing For New ATHS

Key Support Levels: $1.10, $1.00, $0.95..
Key Resistance Levels: $1.20, $1.28, $1.34.

Cardano has seen a marvelous bull run during the entire period of February, in which it managed to climb by a total of around 230%. Initially, in the first half of the month, the coin had seen resistance around $0.84 (1.618 Fib Extension). This resistance was finally broken last week as ADA set a new ATH price at $1.20.

From there, the cryptocurrency started to trend lower over the past few days as it dropped as low as $0.89 (.382 Fib) yesterday. It has managed to close each daily candle above a rising trend line which allowed it to rebound.

Today, ADA has now pushed above the resistance at $1.10 and is making an attempt at the ATH price around $1.20 again.

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ADA/USD Daily Chart. Source: TradingView

ADA-USD Short Term Price Prediction

Looking ahead, the first resistance lies at $1.20 (ATH). This is followed by $1.28 (1.618 Fib Extension – orange), $1.34 (1.272 Fib Extension – blue), and $1.41 (1.414 Fib extension 0 blue). Additional resistance is found at $1.52 and $1.60.

On the other side, the first support lies at $1.10. This is followed by $1.00 (.236 Fib), $0.95, $0.89 (.382 Fib), and $0.8 (.5 Fib).

The RSI is back on the rise after dipping into the midline this week. This indicates the bullish momentum is increasing within the market.

ADA/BTC – Bulls Set Fresh 2020 Highs

Key Support Levels: 2200 SAT, 2000 SAT, 1775 SAT.
Key Resistance Levels: 2300 SAT, 2333 SAT, 2455 SAT.

Against Bitcoin, ADA has set a new high for the year around 2300 SAT. The cryptocurrency had dropped into the support at 1700 SAT last week and rebounded from there.

It found resistance at 2100 SAT over the past few days but managed to break past here with the 7.5% price hike today.

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ADA/BTC Daily Chart. Source: TradingView

ADA-BTC Short Term Price Prediction

Looking ahead, the first resistance lies 2300 SAT. This is followed by 2333 SAT (1.618 Fib Extension – orange), 2390 SAT, and 2455 SAT (July 2018 High-day Closing price). Added resistance lies at 2585 (1.414 Fib Extension – blue) and 2820 SAT (1.618 Fib Extension – blue).

On the other side, the first support lies at 2200 SAT. This is followed by 2000 SAT (.236 Fib), 1775 SAT (.382 Fib), and 1700 SAT.

The RSI is also rising here but still has room before becoming overbought. This indicates there is still room for this bull run to continue higher before a retracement is required.

Source: Crypto Potato

Flare Finance: Expanding DeFi to Ripple, Dogecoin, and Litecoin

[Featured Content]

The field of decentralized finance (DeFi) is booming over the past year. There are hundreds of decentralized apps (dApps) built on top of a multitude of networks, with the predominant currently being Ethereum.

In fact, the industry has expanded so much that it’s even hard to comprehend the magnitude. Last year at around this time, there were less than $600 million locked in various DeFi protocols, where the total TVL right now is around $40 billion. There’s a clear demand for the industry and many projects are working hard to cater to the various needs of the investor.

With this said, Flare Finance takes a comprehensive approach and attempts to deliver real-time practical solutions and garner real-world applications of cryptocurrencies. The protocol is set to bring DeFi to the networks outside of Ethereum, namely to Ripple (XRP), Dogecoin (DOGE), and Litecoin (LTC).

About Flare Finance

Through the use of smart contracts on its network, Flare Finance opens the door for many investors, providing exposure to a multitude of new financial products such as:

  • Non-custodial liquidity pools
  • Decentralized insurance coverage
  • Peer-to-peer (P2P) margin and spot trading

It’s an independent entity that has absolutely no associations with Flare Network or Ripple. However, Flare Network will ensure that other cryptocurrencies such as LTC, DOGE, and XRP will be able to take advantage of smart contract capabilities without relying on any other native token for their safety.

Flare Finance will bring forward a DeFi-based platform that will be deployed on the Flare Network. This will include a range of products that aim at creating a decentralized financial infrastructure.

One thing that’s worth consideration, however, is that the team behind Flare Finance has opted to remain anonymous. However, their identities are supposedly disclosed to the team behind Flare Network and they purportedly have many years of experience in development.

What Does Flare Finance Bring to the Table?

Flare Finance provides a set of products designed to cater to those who want to get involved with the field of decentralized finance.

The product line includes the following iterations:

  • FlareX – this is an intuitive and efficient margin and spot trading platform that can easily decipher trading algorithms and provide traders with an edge in a fairly simple manner.
  • Flare Farm – this is a robust governance and yield farming platform. It can help investors yield serious benefits and compelling returns on their staked assets.
  • Flare Loans – crypto-collateralized loans are booming in popularity. Flare Loans will help users take advantage of collateralized loans and tap further into the industry of decentralized finance.
  • Flare Mutual – those who want to invest in risk-based mutual funds and garner further yield on their assets.
  • Flare USD – this is a product that’s designed to help in the distribution of stablecoins that are pegged to the USD.
  • Flare Mine – this will be a decentralized mining platform that will allow BTC and ETH mining rigs owners to mine Spark.

What Does the Future Hold?

Only recently has Flare Finance been able to conclude a closed Beta Program with its top users winning prizes. The public beta program is expected to launch soon which will allow anyone to take part and compete for the top prizes. Users can follow the project on Twitter for further updates on the upcoming public beta launch.

Flare Finance will also conduct a snapshot of all Spark token holders. They will receive DFLR tokens that can be swapped for YFLR. This is done to ensure that only active users will remain and contribute to the ecosystem. It also remains to be seen which will be the next cryptocurrency that will be integrated by Flare Finance.

Source: Crypto Potato

13,000 Bitcoins Withdrawn from Coinbase: Institutional Investors Still Buying at $48K?

While the BTC price continues to struggle slightly above the $50,000 mark, on-chain data revealed that over 13,000 bitcoins had been moved out from Coinbase to custody wallets. CryptoQuant’s CEO believes that these withdrawals went towards institutional investors, and he categorized it as the “strongest bullish signal.”

Bullish Developments on the BTC Horizen?

BTC’s price has suffered in the past several days after the asset peaked above $58,400 for a new all-time high record. However, the bears were looming, waited for their opportunity, and plummeted the cryptocurrency to a low beneath $45,000.

Despite bouncing off somewhat rapidly following this $13,000 nosedive, bitcoin is still more than 10% down from its latest price peak. However, data provided by the monitoring company CryptoQuant suggests a more favorable short-term future for the primary cryptocurrency.

The firm’s CEO, Ki Young Ju, took it to Twitter to exemplify a substantial withdrawal from the largest US crypto exchange – Coinbase. Earlier today, nearly 13,400 bitcoins were withdrawn to “multiple Coinbase custody wallets.”

Bitcoin Withdrawn From Coinbase. Source: CryptoQuant
Bitcoin Withdrawn From Coinbase. Source: CryptoQuant

Consequently, he concluded that this sizeable amount worth approximately $650 million has ended up on wallets linked to US institutional investors. According to Young Ju, such investors have continued allocating funds in BTC even after the cryptocurrency lost nearly 20% of its value in a matter of days.

As institutions don’t seem deterred from buying the dip, Young Ju classified it as the “strongest bullish signal I’ve ever seen.” Keeping in mind that corporations such as Square and MicroStrategy also doubled-down on their belief in BTC with considerable allocations, the asset could indeed be heading for a sharp price recovery.

The Role of Coinbase Withdrawals for BTC’s Price

Apart from buying shares of the Grayscale Bitcoin Trust (GBTC), Coinbase is among the most preferred channels for US-based corporations and institutions to buy bitcoin. After all, the exchange facilitated at least one of MicroStrategy’s massive purchases.

Consequently, Young Ju has repeatedly outlined the vital role of large Coinbase withdrawals to custody wallets on BTC’s price. For instance, CryptoPotato reported another similar development in which 15,000 bitcoins were transferred out of the exchange in one day on February 3rd.

Upon the time of the withdrawals, bitcoin traded below $33,000. However, the cryptocurrency skyrocketed in value in the following days and less than a week later neared $50,000 for a new price record.

Source: Crypto Potato

Charlie Munger Compared Bitcoin to Gold But He Won’t Buy Either

Charlie Munger, the longtime Warren Buffett partner, Vice Chairman of Berkshire Hathaway, and BTC critique, has lashed out against the cryptocurrency once again. During a recent interview, the executive dismissed bitcoin’s chances of becoming a medium of exchange but made a rather compelling comparison with gold.

Munger Blasts BTC’s Price Fluctuations

The 97-year-old billionaire investor spoke about the recent developments in the stock markets and the crypto field covered by CNBC. More specifically, he commented on BTC’s price reaching and exceeding $50,000 and the chances of Tesla’s fully diluted enterprise value to top $1 trillion.

“Well, I have the same difficulty that Samuel Johnson once had when he got a similar question, he said, ‘I can’t decide the order of precedency between a flea and a louse,” and I feel the same way about those choices. I don’t know which is worse.”

Berkshire Hathaway’s VC also touched upon BTC’s notorious volatility as the asset is no stranger to double-digit percentage movements daily. Munger believes that these fluctuations will ultimately prevent bitcoin from serving as “the medium of exchange for the world.”

He called BTC the “artificial substitute for gold,” which seemed like the most positive comment he has ever made towards the cryptocurrency. However, he added that “since I never buy any gold, I never buy any bitcoin.”

“Bitcoin reminds me of what Oscar Wilde said about fox hunting. He said it was the pursuit of the uneatable by the unspeakable.” – Munger concluded.

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Charlie Munger. Source: CNBC

Promoting BTC on Twitter is Wrong

In another topic of discussion that brought bitcoin and Tesla together, the CEO of the European fintech company Klarna, Sebastian Siemiatkowski, touched upon the social media promotional posts about BTC.

While he believes that the cryptocurrency is an “interesting technology,” he considers the actions by Tesla’s Elon Musk to update his Twitter bio to display Bitcoin or other similar endeavors as “deeply” worrying.

“If I go on Twitter and search for bitcoin, I can see people writing: ‘Buy now, or you’re going to miss the biggest opportunity of your life.’ If I would take Klarna stock and advertise it with similar writing, I would get a fine, or I would even be put to jail. I am very surprised why regulators aren’t chasing these elements.”

Tesla’s $1.5 billion allocation in BTC opened the door for numerous traditional media outlets to discuss the relationship between the two and draw comparisons by their performance.

Source: Crypto Potato

Coinbase Targets Direct Nasdaq Listing of its Class A Common Stock

After the confidential submission of a draft registration statement to become a publicly-traded company announced last year, Coinbase has taken a major step to be listed on the giant US stock exchange – Nasdaq.

  • CryptoPotato reported earlier that Coinbase had submitted a confidential draft registration statement to the US Securities and Exchange Commission (SEC) to go public via a direct listing instead of an IPO. Initial estimations suggested that the potential valuation was at about $28 billion. 
  • Earlier today, the company announced that it had filed a registration statement on Form S-1 with the Commission “relating to a proposed public direct listing of its Class A common stock.” 
  • This signifies a vital step towards becoming a publicly-traded company. Coinbase plans to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol “COIN.” 
  • It’s worth noting, though, that while the registration statement has been filed, it has yet to become effective. As the company explained it:  
  • “These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective.” 

  • Furthermore, Coinbase asserted that its filing doesn’t “constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.” 
  • The company reported that its net revenue results for 2020 were substantially larger than the 2019 numbers – $1.1 billion against $483 million. The expenses had also increased from $580 million in 2019 to nearly $870 million last year. 

 

Source: Crypto Potato

Bitcoin Price Analysis: Expecting Huge Move Upon Triangle’s Breakout

The recent days were rough for Bitcoin after dropping from the record high at $58,000 on Sunday by almost 25% just two days later. As of now, Bitcoin bottomed at $44,750 on Tuesday, and heavily bounced back to the $50K region. But, was that the ultimate short-term bottom after the 2-day bloodbath earlier this week?

Looking from a longer-term perspective, BTC managed to close the daily candles inside the ascending price channel that it has been following the price for the entire period of February. The upper boundary of this channel had provided strong resistance for the currency on Sunday, just as Bitcoin turned bearish and plunged towards $45K.

Following a decent recovery, yesterday Bitcoin dipped once again, reaching as low as $47,200 (.382 Fib) but, once again, it recovered to close the day inside the aforementioned price channel.

Looking at the short-term perspective, as can be seen on the following hourly chart, Bitcoin is now trading inside a symmetrical triangle pattern as it battles with the upper boundary as of writing these lines. A breakout toward the upside could speed up the recovery, creating the necessary support around the $50K line. On the other side, a breakdown from the triangle’s lower boundary and Tuesday’s low might not be the weekly lowest.

BTC Price Support and Resistance Levels to Watch

Key Support Levels: $50,000, $48,000, $47,200, $44,750, $43,745.

Key Resistance Levels: $51,000, $52,500, $55,000, $56,112, $57,686.

Moving forward, in case BTC breaks above the triangle, the first level of resistance lies at $51,000. This is followed by $52,500, $55,000, and $56,112 (1.414 Fib Extension – purple). Additional resistance lies at $57,686 (1.272 Fib Extension – blue & ATH-day closing price), $59,000, and $60,000.

On the other side, the first support lies at $50,000. This is followed by the lower angle of the triangle, $48,000, and $47,200 (.382 Fib Retracement). Additional support is found at $44,750 (Tuesday’s low), $43,745 (.5 Fib), and $42,050.

The daily RSI has bounced higher over the past three days and is now at the midline, indicating indecision within the market. If it can rise higher from 50, the bullish momentum will increase and should help BTC trade higher within the price channel.

Bitstamp BTC/USD Daily Chart

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BTC/USD Daily Chart. Source: TradingView

Bitstamp BTC/USD 1-Hour Chart

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BTC/USD 1-Hour Chart. Source: TradingView

Source: Crypto Potato

Someone Just Moved 100 Bitcoins Now Worth $5M That Only Cost $8 in 2010

Early bitcoin adopter has moved 100 BTC for the first time after mining the coins over ten years ago. Within this time, the value of the tokens has exploded more than 600,000 times to about $5 million.

Interestingly, further data revealed that similar OG miners had moved substantial chunks of BTC to exchanges at times close to a local price top.

100 BTC on the Move 11 Years Later

The ever-vigilant crypto community recently caught an intriguing transaction taking place on the Bitcoin blockchain. It shows a veteran miner who had received two Coinbase rewards each worth 50 BTC almost 11 years ago (mined on June 10th, 2010) had decided to move the coins.

Further examination shows that the first transfer ended up on a German peer-to-peer exchange called Bitcoin.de, while the second batch of 50 BTC sits in another recently-created address.

Data following bitcoin’s price performance since its early days indicates that the asset’s first significant increase came approximately in those months when it skyrocketed from $0.0008 to $0.08. Consequently, even if these 100 coins were mined at the price peak, this still represents a mind-blowing ROI within the next less than 11 years.

As of writing these lines, BTC is just shy of the $50,000 price tag. This means that the cryptocurrency has surged by almost 62,500,000%, and if the veteran miner decides to cash out his quite substantial profits, he can pocket about $5 million.

Early BTC Miners

The blockchain analytics firm Glassnode also touched upon several recent transactions in which the sender had mined his stash at least ten years ago. The company tracked the so-called OG miners moving 1,000 BTC to exchanges and concluded that each transfer came right before “near-perfect local tops.”

Bitcoin Spent Outputs With Lifespan > 10 years. Source: Glassnode
Bitcoin Spent Outputs With Lifespan > 10 years. Source: Glassnode

As the graph above illustrates, such transfers occurred when BTC jumped to $30,000 and $40,000 and retraced rather sharply in the following days.

Additionally, CoinMetrics data shows that the number of bitcoins on the move has reached a new all-time high. The BTC liveliness metric, which increases when investors spend their coins and vice-versa, has surged to 0.613. The last time it was nearly this high was just after the 2017 parabolic price increase and prior to the year-long bull market, in which BTC dropped to $4,000.

Bitcoin Liveliness Metric. Source: CoinMetrics
Bitcoin Liveliness Metric. Source: CoinMetrics

 

Source: Crypto Potato

GME Stock Price Soars 110% Days After Keith ‘Roaring Kitty’ Reveals $5.5M Position

GameStop has undoubtedly become the most widely discussed company in 2021 following the Wall Street Bets fiasco that catapulted its price to all-time highs far beyond the wildest imaginations.

The action on the stock had since cooled down a bit as WSB lost some steam, but in the past few days, it’s on again as the price surged over 110%.

GME Stock Price Soars 110%

The price for GameStop shares has skyrocketed once again, weeks after the tumultuous fiasco with Wall Street Bets.

Upon yesterday’s market close, the price had reached $91.71 a pop, totaling an increase of more than 110% over the past three days.

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GME Stock Price. Source: TradingView

It’s worth noting, though, that this is still far away from the all-time high that was reached back on January 28th at the height of the WSB euphoria. Back then, the price topped at $482.55, only to tumble down to $132 on the following day, leaving many investors in dismay.

Roaring Kitty’s $5.5 Million Position

What happened with GME caught the attention of the worldwide media, as well as that of US lawmakers. One of the names that were highly involved with the entire ordeal was that of Keith Gill, perhaps better known for his online pseudonym, Roaring Kitty.

Gill even testified in front of Congress where he dropped the absolute bomb of a statement, saying that he’s not actually a cat.

Furthermore, he refused to give merit to the notion that his actions influenced the markets.

“The idea that I used social media to promote GameStop stock to unwitting investors and influence the market is preposterous. […] My posts did not cause the movement of billions of dollars into GameStop shares.”

It’s worth noting that the entire ordeal caught so much fire that the CEO of NASDAQ said that they might halt trading in case of “increased social media chatter.”

In any case, Fox Business reported on February 22nd that Gill had doubled his stake in the video game retailer. Roaring Kitty now owns about 100,000 shares of GameStop worth over $4 million while also having 500 call options with a face value of about $1.5 million.

Featured image courtesy of Global News

Source: Crypto Potato

Bitcoin Drops Below $50K, Major Altcoins in Red: Market Watch

After another unsuccessful attempt to decisively overcome the $50,000 price mark, Bitcoin has fallen to $49,000 again. Altcoins, which showed brief signs of recovery yesterday, have dropped again, with Ethereum beneath $1,600 and BNB back to $240.

Bitcoin Drops Below $50,000 Again

The past several days didn’t go well for the bitcoin bulls as the cryptocurrency plummeted by more than $13,000 in about a day or so at the start of the week. They attempted a rapid recovery, which drove the cryptocurrency above $51,500 on a few occasions, but the bears only enhanced the pressure.

As such, BTC failed to increase any further and even dipped to $48,000 yesterday. The situation repeated in the past 24 hours with another false breakout above $50,000. At the time of this writing, though, bitcoin has dropped below that coveted spot once more.

Interestingly, it seems that corporations have not lost any confidence in bitcoin even with the sharp five-digit price decline. Jack Dorsey’s Square allocated an additional $170 million in BTC, while Michael Saylor’s MicroStrategy made an even deeper commitment with purchasing more than $1 billion, as reported yesterday.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Red Domination On The Alt Street

Most alternative coins felt the adverse effects of the market crash even worse than BTC earlier this week, and they have been attempting to recover ever since.

Ethereum dumped from above $2,000 to $1,350 in a matter of days. Although it bounced off and reclaimed some ground initially, ETH is still below $1,600.

BNB also regained some of its recent losses at first but it’s about 12% down since yesterday to $240. Cardano’s price drop seems less painful for the asset as ADA still trades above $1.

At the same time, Polkadot (-11%), Ripple (-8%), Litecoin (-6%), and Chainlink (-6%) are well in the red.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

The situation with the lower- and mid-cap altcoins is substantially more volatile, as expected. Fantom has skyrocketed by 55% in a day and over 280% in the past week to $0.8.

Lisk (25%), Polygon (20%), ICON (20%), Enjin Coin (17%), NEAR Protocol (12%), Zilliqa (10%), Voyager Token (10%), and Avalanche (10%) are next.

On the other hand, IOST has lost the most after a 13% drop, followed by Flow (-10%), Terra (-10%), DODO (-9%), and Horizen (-9%).

Ultimately, the cryptocurrency market capitalization has dropped below the $1.5 trillion mark.

Source: Crypto Potato

Coinbase Decentralization Claim Draws Fury From its Customers

In a blog post on Feb. 25 titled “Coinbase is a decentralized company, with no headquarters”, CEO Brian Armstrong stated that the firm has moved to a ‘remote first environment’.

No HQ = Decentralized?

He added that 52% of their employees have joined the company in a ‘post-office world’ and 95% of them have the option to work from home. Originally based in San Francisco, many company employees have dispersed across the globe since the beginning of 2020.

“It has helped us attract top talent. One of the best parts about being a decentralized company is that we can hire more of the best people.”

This does not make the company decentralized in crypto terms, as the respondents to the tweet pointed out.

Despite being one of the largest fiat to crypto onramps in the world, Coinbase has garnered a reputation for terrible customer service, higher than industry average fees, and questionable reliability when markets are volatile.

Coinbase Customers Lash Out

The barrage of comments came thick and fast and took aim at everything from customer support to the now predictable service outages during large crypto asset price movements.

“Also you have zero customer support (automated copy paste emails do not count), I guess you can call that decentralised too.”

Another Coinbase customer claimed that he had lost almost a thousand dollars in trading fees with just an $8,000 investment.

Someone else questioned the suspension of XRP stating that the company is still very centralized in the United States. Another disgruntled user stated;

“Coinbase [has come] a long way since 2011 in [the] crypto world. Unfortunately, [its] reputation [has become] tarnished due to unacceptable level of customer service and ignoring your most valuable asset – [the] customer.”

The majority of the complaints were regarding unanswered email and customer support inquiries though there were plenty of mentions of the frequent service outages;

“No headquarters. No customer service. No service at all when the market moves… Good for you coinbase.”

One respondent pointed out it was just a ploy to use a popular word at the moment just like the last bull run when companies added blockchain to their names.

At the time of writing, around 12 hours after the blog post was published, there were too many replies to read, and the vast majority of them were negative. It appears that Coinbase, which still has a number of whale investors, has also decentralized itself from its customers.

Source: Crypto Potato