Cryptocurrencies latest news and history organized by date that contains 1000000+ news archives. Click here to read what world was saying about cryptocurrencies. Cryptocurrencies latest news and history organized by date that contains 1000000+ news archives. Click here to read what world was saying about cryptocurrencies. With over 80% of tokens under parity, today opens with the cryptocurrency sector down, with a clear prevalence of red signs. So-called stablecoins have been tanking in bitcoin terms lately. Should we be calling them “crypto-dollars” instead?
Margin Trading and Lending on the Crypto Market
Ternio’s ERC-20 TERN Token Listed On Global Crypto Exchange Bibox
New Crypto Asset Skyrockets 1,880% on Launch Day – Here’s Why Traders Are Pouncing on Project Serum
BSP cites many risks in crypto, says it doesn’t accept such transactions
Here’s what on-chain data is saying about Band Protocol’s 30% decline
What are the different ways of earning money through Bitcoin?
Bitcoin Price Forecast: BTC/USD Back To The Drawing Board? Could Retest $11,000 Before Attacking $12,000 Again
NEAR Token Sale Postponed After CoinList Is Overwhelmed by Demand
Kazakhstan Proposes 15% Tax on Bitcoin Mining to Help Combat Coronavirus
3 Reasons Why Gold Just Crashed
No Audits, No Problem: DeFi Stablecoin YAM Attracts Over $100 Million
Cardano, Tezos, and Stellar Outperform Bitcoin, With BTC Dominance on the Decline: Crypto Roundup
Surging Interest in ‘Yam’ Yield Farming — But Is It Too risky?
Bitcoin price falls to $11200, crash to $9700 ahead?
Compound Price Analysis: COMP/USD In A bullish Phase Despite Rejection From $247 Monthly High
Flipstarter Campaign Launched to Create Viral BCH Videos for Normies
Why is Bitcoin superior over other cryptocurrencies?
CoinShares: ‘Bitcoin Is Like a Risky Tech Stock’’
How Not To Lose Everything During the Bull Run
100,000 Join Cointelegraph’s Blockchain Week Event in China
Which is Better-Trading Via Crypto Exchange Vs. Crypto CFDs
Venezuela May Soon Be Collecting Taxes in Crypto
Things you should know about the bitcoin wallet
Animoca Targets Non-Crypto Gamers by Developing Big Brand Games
Source: seattlecrypto.com
Cryptocurrencies down today, Bitcoin -5%
With over 80% of tokens under parity, today opens with the cryptocurrency sector down, with a clear prevalence of red signs.
Declines are prevalent between yesterday and today, both in the stock market and in the cryptocurrency market, with gold falling by -5.6%, marking the worst daily decline in the last 50 years.
Bitcoin’s decline stops just above the 5 points of loss and in 24 hours cancels the attempts to consolidate in the $11,600 area, marking a dangerous double maximum after the attempts at the 12,000 points advanced in recent days that instead of attracting new purchases seem, at the moment, to have been exploited to make the abundant gains of recent weeks.
Yesterday’s downward daily closure comes just a few days (nine) after the drop of over 6%, after that Bitcoin attempted to break the $12,000.
A similar sequence was seen at the beginning of June when prices were testing the psychological resistance of the $10,000. Breaking attempts that only took place after one month, at the end of July.
Scrolling the list of the most capitalized, it is necessary to go down to the 27th position to find the first positive sign.
It is that of Maker (MKR) which rises more than 14%, followed by Aave (LEND) with +12%. Compound (COMP) does better and is positioned between the two in 28th position, with a flight of almost 30%. They are the three best of the day, together with Aragon (ANT) and Ampleforth (AMPL), both up 11% from yesterday’s levels, in clear contrast to the rest of the sector.
They are all tokens linked to projects in the DeFi ecosystem, which is now experiencing a contraction in the value locked below $4.5 billion after exceeding the $4.8 billion yesterday.
The drop is due to the weakness of the Ethereum price, the most used collateral in dApps and DEXs, which fell below $375 in the last few hours. In fact, with more than 4.5 million units locked, the absolute record, there is no decline from yesterday’s levels.
The tensions of the last 24 hours have increased total trade to over $180 billion. For the second consecutive day, over $3 billion was traded in dollars for Bitcoin. The same for Ethereum with over $1 billion. Volatility also rises, returning above 2.8%, levels that had not been recorded since the end of June.
The reasons behind Bitcoin prices dropping more than 7% in less than 48 hours are confirmation of what has been reported for several days. Since the beginning of the month, the $12,100 area has started to record, day after day, an increase in upward hedges by professional option traders.
This seems to be the main reason that in recent days has rejected the double bullish attack of the resistance above $12,000.
Defences that in the last 24 hours see a rapid increase in protections even in the $11,800 area.
If the trend should be confirmed today (increase in openings of Call options) it becomes important to follow the further decline in prices that currently find the first level of support, both on a technical basis and in options, between 10,450 and 10,700 dollars.
The cross with the Euro returns to test the 9500 points, former resistance now crucial medium-long term support.
Even for Ethereum, the $410 resistance, defended by a high number of open calls in recent days, has proved to be a level where the overlays prevailed in closing profit positions, rather than attracting new purchases.
The descent in the last few hours below $375, begins to raise the first levels of protection, in the event of further falls, from $305 to $345. The latter is the first real barrier that will have to reject any extension of the current drop.
Source: en.cryptonomist.ch
Author: By Federico Izzi
– 12 Aug 2020
First Mover: After Falling 65% This Year in Bitcoin Terms, Do ‘Stablecoins’ Need a Rebranding?
Imagine a future where bitcoin has taken over from the U.S. dollar as the world’s de facto reserve currency. Assuming bitcoin’s notorious price volatility continued to that day, major currencies would be considered volatile assets.
Here’s a chart of how foreign-exchange rates would have looked over the past few months had the dollar, euro, yen and British pound been denominated in bitcoin:
Such a mental exercise is one of the points highlighted in a recent report on “stablecoins” by Matt Walsh and Nic Carter of the cryptocurrency investment firm Castle Island Ventures.
In the taxonomy of digital assets, stablecoins are a category of tokens whose value is linked to dollars or other major currencies or assets. The idea is that their prices are more stable than those of bitcoin and other cryptocurrencies.
But Walsh and Carter refer to dollar-backed stablecoins as “crypto-dollars.” Stability, in other words, is in the eye of the beholder.
“Though initially dubbed ‘stablecoins,’ due to their emergence as a response to volatile ‘native’ cryptocurrencies, they are increasingly being referred to as crypto-dollars,” the report reads.
Related: First Mover: Bitcoin Hits $12K as Trump Orders Checks for Unemployed (Voters)
Such a rebranding could gain traction as dollar-linked stablecoins grow in popularity – even though they’ve been a pretty lousy investment option in recent months compared with bitcoin.
That’s partly a reflection of how weak the dollar has been trading in foreign-exchange markets lately, which in turn is a reflection of investors’ pessimistic views on the dollar’s value as the coronavirus-induced recession drags on.
The total outstanding amount of these “crypto-dollars” has more than doubled in the past four months to about $13 billion, according to Coin Metrics, a cryptocurrency data firm.
Crypto traders use the tokens as a form of liquidity, transferring funds easily between digital-asset exchanges.
The tokens are essentially privately issued digital money, and Castle Island points out that they might someday figure in a “global patchwork of crypto-dollar issuers.” Already, a group of 16 of the dollar-linked stablecoins collectively has a broad monetary base greater than that of 72 countries.
There’s a “growing acceptance of crypto-dollars in commerce,” according to the report, as well as a “recognition that these assets are not merely tokens for inter-exchange settlement but have begun to see usage as non-bank dollar substitutes.”
Jump Capital, an investment firm, wrote in an op-ed for The Block last week that, at least for now, “people want dollars.”
“Despite potential concerns about U.S. monetary policy and debt levels, for billions of people around the world, the U.S. dollar is more stable than their local currency,” according to the piece. They predicted that the market value of stablecoins could eventually outstrip that of bitcoin, currently at $218 billion.
“We believe U.S. dollar stablecoins, or crypto-dollars, may very well end up being the ‘killer app’ for crypto,” the authors wrote. “We may very well end up hearing calls for ‘Stablecoins not bitcoin’ in the same way we heard ‘Blockchain not bitcoin’ a few years ago.”
Such an outlook assumes people continue to want stability in dollar terms. After all, prices for the oldest and largest cryptocurrency are up 65% this year against the dollar.
Which means those crypto-dollars are down 65% this year, in bitcoin terms.
Trend: Bitcoin’s rally looks to be on pause after the bulls failed to keep gains above the $12,000 mark on Monday.
The leading cryptocurrency is currently trading near $11,760, representing a 1.3% decline on the day. Buyers pushed prices to a high of $12,070 on Monday, but the breakout was again short-lived and prices printed a UTC close below $11,800.
Bitcoin’s failure to establish a foothold above the psychological $12K hurdle validates uptrend exhaustion signaled by lower highs on the daily chart MACD histogram, an indicator used to identify trend changes and trend strength. Further, the 10-day moving average is no longer sloping upwards – also a sign of ebbing of bullish momentum.
As such, some chart-driven traders may start to sell, yielding a deeper pullback. Immediate support is located near $11,670 at the ascending trendline on the 4-hour chart. A breach there would expose the higher low of $11,219 created on the 4-hour chart on Aug. 7.
However, if the ascending trendline holds firm, a bounce to $12,000 may be seen.
That said, the greater short-term pressure may be to the downside, as gold has fallen back below $2,000 per ounce. Bitcoin generally rallied in tandem with gold in the second half of July.
First Mover: After Falling 65% This Year in Bitcoin Terms, Do ‘Stablecoins’ Need a Rebranding?
First Mover: After Falling 65% This Year in Bitcoin Terms, Do ‘Stablecoins’ Need a Rebranding?
