Commercial Paper Reserves Of Tether Under Heavy Regulatory Scrutiny

Commercial Paper Reserves Of Tether Under Heavy Regulatory Scrutiny

5:53am, 31st July, 2021
Tether has been facing a lot of pressure from regulatory authorities. Now, the attention of the watchdogs has shifted to its commercial paper reserve. As a result, this week has been very hot for the company. The regulators focus their attention on what makes up the Tether reserves. Related Reading | Cardano Aims To Facilitate Users With Smart Contracts A report disclosed that Tether’s Michael Hsu said that the US regulators focus their attention on the paper to know if every Tether Token is actually backed by $1 as the company claims. US Regulators Scrutinize Tether From what we learned, the regulators investigating Tether are led by Janet Yellen, the US Treasury Secretary. Before now, Yellen has held some meetings about the possible risks of stablecoins. Now, the ” President’s Working Group on Financial Market” aims to know if Tether really holds large amounts of commercial papers as it claims. Commercial papers usually represent debt instruments that companies issue to investors for short-term funds. However, the Working Group does not believe the claims as it compares it to a mutual fund that can lose its investors in one day. Presently, the total USDT in circulation is 62 billion. So, there seems to be a legitimate cause for alarm. The crypto market is back in the bullish mode as BTC climbs above the $40k mark | Source: Crypto Total Market Cap on TradingView.com Last two months, Tether had revealed the composition of its total reserves. According to the stablecoin, it had more instruments that were not just cash or cash equivalents, such as bonds, secured loans, bitcoin, and a larger portion comprising of commercial papers. Related Reading | Tether To Conduct An Audit To Negate Claims Concerning Transparency While talking with sources, Stuart Hoegner, the Tether general counsel, revealed that the company is planning a thorough audit in some months to come. Let’s recall that Tether hasn’t carried out such audits before now, and the announcement helped a lot of investors to breathe easier. However, on July 19, Yellen was heard asking lawmakers to establish rules that will guide stablecoins in the financial market. More Calls on Crypto regulations After calling for regulations on stablecoins, Yellen received a letter nine days later from Senator Elizabeth Warren asking her to push for greater regulation for the cryptocurrency industry as a whole. During a hearing of the “Senate Banking Committee,” Warren also stated her negative position about the crypto industry. According to her, it was better to hand over the financial systems to giants banks than some nameless and faceless, shadowy miners and super-coders. Related Reading | Anthony Di Lorio To Leave Cryptocurrency Space For Philanthropic Initiatives However, during the hearing, an Anderson Kill Law partner, Preston Byrne, stated that the most frightening of all is that Elizabeth Warren is in control of the financial system. Elizabeth is a democrat who has been serving as a United States Senator since 2013. Featured image from Pixabay, chart from TradingView.com
How Much Is Your Love Worth? Polish Influencer Sells “Love” As NFT

How Much Is Your Love Worth? Polish Influencer Sells “Love” As NFT

6:33pm, 30th July, 2021
NFTs are becoming the next big thing in the crypto market as more investors get on board with projects surrounding them. Non-fungible tokens like the “Stoner Cats” NFTs was released with huge success in their communities. Non-fungible tokens which mostly revolved around art when they were first released has now expanded into a wider domain. Increasing support for NFTs has shone through with e-commerce giant Shopify adding merchant support for non-fungible tokens. And most recently, Coca-Cola partnering up with Tafi to launch its very first collection of non-fungible tokens. The non-fungible tokens include files like images, audio, and video. Related Reading | Are NFTs Dead? New Game Changing Trends Now comes one of the most interesting uses of none-fungible tokens so far and that is 26-year-old Polish influencer Marta Rentel announcing she has sold her love online as an NFT. The NFT sold for $250,000 and the lucky buyer gets to go on a date with the influencer. Selling “Digital Love” Talking about the sale, Rental explained that she wasn’t selling her physical love. But was rather selling the love of her online persona. “Nothing on the Internet is physical,” Rental said. “It’s part of my online persona.” The 26-year-old Polish influencer boasts over 600,000 followers on Instagram and goes by the name of Marti Renti online. The influencer explained that she wanted to be the first person in the world to tokenize emotions. Related Reading | TABOO Set to Launch First-Ever NFT Collectibles for Supermodels This remains a novel idea, as one would scratch their head trying to figure out exactly how they would tokenize emotions. But Rentel believes that love can be separated into physical love, platonic love, and most importantly, digital love. With each one being just as real as the other. Rentel confirmed the sale of the NFT but added that she did not know who had bought it either. The identity of the buyer seems will remain unknown until the date with the influencer. NFTs As A Store Of Value NFTs are gaining more support given what they represent. With this, people can show that they undisputedly own a piece of artwork or anything else being sold as a non-fungible token. Information about the work and the owner is written directly to the blockchain where everyone can see who the owner of the piece is. This has been especially popular amongst artists as this provides them a way to directly sell their art. And also helps to combat people using their work without properly paying or licensing it. Related Reading | Banksy’s Infamous ‘Spike’ Artwork Becomes an NFT The information on the blockchain is impossible to edit or remove. So every and all record regarding a sale is put on the blockchain, which basically acts as a digital ledger for the sale. Marta Rentel does not stop at selling her “love” as an NFT. The influencer plans to continue to sell her Instagram photos and YouTube videos as non-fungible tokens. Featured image from Kindpng
TA: Ethereum (ETH) Outpaces Bitcoin, Why Bulls Aim Larger Increase

TA: Ethereum (ETH) Outpaces Bitcoin, Why Bulls Aim Larger Increase

7:13am, 30th July, 2021
Ethereum is up over 5% and it broke the $2,400 resistance against the US Dollar. ETH price outpaced bitcoin and it seems like there are chances of more gains above $2,450. Ethereum started a fresh increase and it managed to surpass the $2,320 resistance zone. The price is now trading well above $2,300 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $2,340 on the hourly chart of ETH/USD (data feed via Kraken). The pair could correct lower, but the bulls are likely to remain active near $2,390 and $2,350. Ethereum Price is Gaining Pace Ethereum formed a support base above $2,250 and started a fresh increase, outpacing . ETH price gained strength and it broke the main $2,300 and $2,320 resistance levels. The price even surged above the $2,400 level and the . It opened the doors for more gains and the price traded as high as $2,450 level. It is now correcting gains from the $2,450 resistance zone. Ether is approaching the 23.6% Fib retracement level of the upward wave from the $2,303 swing low to $2,451 high. The first major support is near the $2,390 and $2,380 levels. It is near the 50% Fib retracement level of the upward wave from the $2,303 swing low to $2,451 high. There is also a major bullish trend line forming with support near $2,340 on the hourly chart of ETH/USD. Source: The next key support is near the $2,280 level and the 100 hourly simple moving average. A clear downside break below the $2,280 support zone could lead the price towards the $2,200 support. More Gains in ETH? If ethereum remains stable $2,340, it could continue to rise in the near term. An immediate resistance on the upside is near the $2,450 level. A clear break and close above $2,450 might start another steady increase. In the stated case, the price could easily rise towards the $2,500 level. The next key resistance is near the $2,550 level, above which the price might test $2,680 in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is now correcting lower from the overbought zone. Major Support Level – $2,340 Major Resistance Level – $2,450
Why Another Wave Up For Altcoins Is Probable According To BTC Dominance

Why Another Wave Up For Altcoins Is Probable According To BTC Dominance

7:53pm, 29th July, 2021
BTC dominance has always had an inverse effect on the price movements for altcoins. Historically, BTC dominance determines the direction the value of altcoins swings in. Bitcoin has so far maintained majority dominance on the market. But as more time passes, that dominance goes down as altcoins see more demand. BTC dominance simply shows how much demand there is for bitcoin compared to altcoins. The more BTC dominance rises, the lower the demand for altcoins. This means that for altcoins to rally up further, bitcoin demand has to go down. Related Reading | Over the years, this dominance has decreased as more and more investors put money in altcoins. One reason for this being a lot of investors feel they have missed the boat with bitcoin and thus are trying to get in early enough on altcoins. Others revolve around the new technological advancements being made by projects. Hence, investors are putting money into projects that they believe in. How Current BTC Dominance Affects Altcoins BTC dominance has continually declined over the past couple of months. Currently sitting at 48.97% dominance, bitcoin now has less than half of the entire market dominance. This trend shows that demand for altcoins is on the rise. So, BTC dominance will continue to see declining numbers. As the dominance declines, the value of altcoins will continue to go up. Market trends indicate that BTC dominance is poised to drop following the latest recovery. BTC dominance currently sits at less than 50% | Source: When this happens, the demand for alts is expected to pick up very quickly. Leading to another upward wave for the market. Coins like the number 2 Ethereum are forecasted to gain even more dominance as the project gains more notoriety among the investment sector. With ETH 2.0 moving the network to proof of stake and using significantly less power to mine. The reduced environmental impact will mean that mining will become less of a problem. What This Means For Bitcoin Alts gaining more dominance does not negate the value of bitcoin. Currently, there are over 5,000 coins in the market all vying for market share. And some of these projects come with some very innovative ideas and tech. Thus, it is expected that as time passes, some of these projects will become popular. Therefore gaining more market share as more investors come into the market. Related Reading | The declining BTS dominance just means that bitcoin is not the only digital asset investors are rushing to get into. Despite decreasing dominance, bitcoin still remains the number 1 in the market. Being the first cryptocurrency and the reason why cryptocurrencies are currently so popular. But as alts rally in what is usually known as “alts season,” bitcoin will continue to see declining dominance. This will translate to the price of altcoins rallying massively as interest in them grows. Featured image from CryptoPotato, chart from TradingView.com
DeFi Liquidity Pool: A Guide to Liquidity Pool Token

DeFi Liquidity Pool: A Guide to Liquidity Pool Token

8:34am, 29th July, 2021
DeFi is not an uncommon term in the current financial system due to its growing impacts on the financial market. It provides solutions to the limitations of traditional finance. It encourages an open and decentralized financial transaction that won’t depend on intermediaries, like banks, insurers, brokerages, or stock exchanges. Instead, it allows the use of decentralized networks to provide services to users. Despite the fact cryptocurrency allows decentralized transactions, it is faced with the same challenges that it has always avoided; intermediaries! So, this brought about the emergence of DeFi liquidity pools. We understand that some people are not familiar with DeFi, liquidity pool, and how it works. This article will provide a simple guide to liquidity pool token and liquidity staking programs. What Factors Determine DeFi Liquidity Pool? The aim of DeFi is to ensure open finance and exclude middlemen from any sort of transactions done and that includes; loans and insurances. It seeks to enhance flexibility when buyers and sellers carry out transactions. However, liquidity has always been a major constraint of cryptocurrency and blockchain. This brought about the emergence of the DeFi liquidity pool. DeFi liquidity pool is modeled on a ‘smart contract’ which allows buyers and sellers to execute transactions and determine prices in order to achieve fairness. It supports DeFi by making it convenient and efficient for users. The term ‘liquidity’ refers to how easy it is to convert at the right price. When it comes to cryptocurrency, liquidity refers to how easy it is to sell and buy cryptocurrency without resulting in a loss of value. The exchange value of cryptocurrency increases when the liquidity rate is high and this is why the liquidity pool is referred to as the backbone of cryptocurrency. There are different factors that result in the increase and decrease of the liquidity pool rate. They include; the market, market makers, and more investment. The Market: The lack of wide access and market efficiency impacts negatively on the liquidity of cryptocurrency and this as a result hinders communication. When the market is not efficient enough then it becomes difficult to carry out transactions between cryptocurrencies. In order to increase liquidity rate, wallets must not be isolated to just local exchanges. The easier it is to access global exchanges, the higher the liquidity rates. So the market must be open so that people can trade with different cryptocurrencies. Market Makers: The major factor that determines the easy conversion of cryptocurrencies to cash is the market makers. They include; trading firms and buyers. However, it is not trading firms alone, but firms that are capable of utilizing infrastructures to their advantage in order to achieve an operative market. More investment: For a market to be liquid there must be people ready to trade. When people continue to invest in the market and ensure that there are global exchanges when a transaction is done, the liquidity pool increases. When there is money people will want to trade without having to worry about the price being affected. Hence, the liquidity pool will increase. How Can DeFi Be Applied? Stablecoins: Stablecoins make use of DeFi because they deal with assets that are not tied to cryptocurrency in order to avoid fluctuation of price and they include education or making transactions in conventional stores. While there are different liquidity pool providers, is known to be the only stable that is made specifically for decentralized payments for educational fees to be accepted by universities worldwide. Hence, it creates an open market and open market system with gradecoin as their DeFi fluctuating . Some of the peculiar features of Edgecoin are fast transactions, fewer costs, it offers a secured global system. Edgecoin has a liquidity staking program with the motto “earn while you learn”. That means when you stake Edgecoin you will get 34% Gradecoin. Gradecoin is the governance token of Edgecoin and it has two tokens in total. Another benefit of the staking program is the large rate of demand which makes it easier to stabilize price and access to the world’s first educational stablecoin. It is very easy to get started; all you need is your desktop, visit the website edgecoinpay.com and stake. Benefits of the Edgecoin One of the benefits Edgecoin offers is an open payment system that allows institutions to make transactions that are related to education. This includes; payment for books, enrollment fees, and accommodation. So transactions have been made easier through a decentralized payment platform. Edgecoin is providing solutions to the traditional financial system by ensuring speed and also ensuring that people have access to educational infrastructure. Recently there was announced the partnership with , which from now accepts Edgecoin tokens as a form of payment, and more universities are lined up. Apart from all these, allows you to get a Grade which is a on the DeFi market when you hold a Edgecoin. All you have to do is to head over to the website edgecoinpay.com and begin staking your EdgeCoin to receive 34% of GradeCoin before decreasing the amount of GradeCoin you get for staking. Follow these easy steps: -download Brave or Chrome browser-connect your wallet through Metamask-choose the coins you would like to deposit and begin staking within Edgecoin-get your W-Edge coins followed with your 34% of GradeCoin at 0.20 located to your wallet that you created to deposit on. Image by from
Hands-On With TradingView ‘All Time Highs’ Bitcoin & Stock Tarot Cards

Hands-On With TradingView ‘All Time Highs’ Bitcoin & Stock Tarot Cards

9:14pm, 28th July, 2021
and the stock market over the last year has transcended pop culture, and been fully embraced by the world of memes and the mainstream. What started as an April fool’s day joke earlier in the year, has since turned into a dream come true for this very trader . TradingView has graciously shared a pack of their limited edition All Time Highs finance-focused tarot cards, which we’ve now had the chance to dig into. Here’s a hands-on look at the most unique tarot cards the trading community has ever seen. TradingView Sends NewsBTC Team To New All Time Highs is the de-facto technical analysis software used by the cryptocurrency industry. It isn’t uncommon in traditional finance to see the likes of Bloomberg terminal, Optuma, or Symbolik by Thomas DeMark. But hands down when it comes to accessibility and easy to use tools that anyone can pick up and get started with technical analysis, there’s no touching TradingView. TradingView charts like this BTC one are easy to use | Source: NewsBTC almost exclusively uses TradingView charts in content, which is why our curiosity was so piqued by the company played earlier this year. Related Reading | A phony set of cryptocurrency and stock market themed – even forex – tarot cards were shown to the public, but sadly they weren’t real. With so much interest, TradingView turned the joke into a reality, and has since released the limited edition set of All-Time Highs to select “friends”. The art works is high resolution and mimics the look of traditional tarot cards. Bitcoin And Finance Centric Tarot Cards Tap Into The Arcane Arts The tarot cards, pictured above, represent stock market-, crypto-, or other area of finance-versions of traditional tarot cards. There are also some special guest appearances from the likes of “” or “Warren.” Papa Elon raises an eye brow, Space X wand in hand. Because there is a true to the tarot world counterpart to each card means you can still use the set for their original intended purpose. For example, pulling the King of Crypto card would be read as the King of Pentacles. The King of Pentacles sits on a throne embellished with carvings of bulls, representing his connection to the astrological sign of Taurus, and grapes and vines adorn his robe, symbolising wealth and abundance. In his right hand, he holds the sceptre of his power, and in his left, he holds a golden , symbolic of his material influence. This King has an innate ability to create material wealth and financial abundance – and better yet, he can sustain his wealth over time through self-discipline, control and leadership, a description from reads. Crypto holders can certainly find symbolism in any tarot description alone. But it is the Arcane energy within the cards that is said to matter most. The King of Crypto replaces the King Of Pentacles Card, for example. can be read a variety of ways, with as little as a single card pull. The rest of the interpretation depends on if the card is upright or upside down, and how the user wants to perceive the card’s meaning. It is reasons like this that TradingView has become a fan-favorite across crypto. Related Reading | TradingView also has plenty of reasons during this “age of crypto” and age of “stonks” The company tends to have a lot of fun engaging on social media, and recently held a contest to replace their logo. They even offered to pay for the rights in BTC, helping to push crypto adoption. What they do best, however, is . If you’re interested to try TradingView tools for yourself, be sure to . Follow or via . Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
Limytd a Unique Blockchain Academy

Limytd a Unique Blockchain Academy

9:55am, 28th July, 2021
Blockchain technology undoubtedly has several uses and has been integrated with various sectors apart from financial services. With the development of blockchain technology, several new use cases are opening up all over the world, which no one could imagine before. One of such uses is offered by , a singularly unique blockchain academy that offers courses to educate people about blockchain technology. About Limytd Limytd aims to use the experience and expertise of its global team to educate the masses about the investment opportunities of blockchain technology. It is a blockchain platform that offers a blockchain academy to teach people about the potential of blockchain technology. It is a unique Blockchain Academy in the German-speaking region that offers expert information about blockchain technology. This platform uses its video blockchain dictionary and encyclopedia to train and educate individuals about blockchain technology in-depth. The company wants to use its expertise to train and educate people and impart them with the same knowledge Limytd’s team has. Limytd’s team consists of experts in blockchain technology with its president Christian Brom and managing director Robin Ziegler and Alexander Brom. Other contributors and cooperation partners include Raffael Arno Kerschbaum, Thomas Kindermann, Zeljko Pindic, Enea Shira, Arian Daryabegi, Melissa Osmanovic, and Samir Ahmed. Limytd has a strong team with years of experience and expertise exceeding the majority of platforms. With their combined knowledge of blockchain technology, the team has created an efficient solution to generate awareness among people. Using this knowledge, the company developed a cost-friendly and productive teaching module that can help people get familiar with innovative and world-changing blockchain technology. One of a kind Blockchain Academy Blockchain technology has come way ahead of just being a public ledger for recording cryptocurrency transactions. It has several use cases and is powering numerous platforms to provide unique services to the world. New products such as NFTs, algo-stablecoins, etc., are all built using DeFi functionality and blockchain technology. This technology can ideally reconstruct and structure the world’s economy by bringing advanced applications for professional and personal life. While the world is slowly adjusting to this new revolutionary technology, several people are still unfamiliar with its possibilities. Limytd is solving this problem by providing affordable and advanced-level courses to everyone. This one-of-a-kind service can make Limytd extremely popular in the coming time. The expert team is capable enough to handle the mass demand that might come their way. Experts believe that blockchain technology will not only impact traditional financial services but will also improve several market sectors such as the healthcare industry by making it more transparent and robust. As discussed earlier, blockchain technology has come a long way and still has a long, fruitful journey ahead of it. The only block on its road to success is generating awareness among the masses and equipping them with tools to handle the inevitable change. Platforms such as Limytd are providing solutions to these problems by creating an advanced and informative course about blockchain technology. Considering the expert team the company has, they will undoubtedly help in the acceptance and advancement of blockchain technology.
TA: Bitcoin Resumes Rally, Why BTC Could Accelerate Above $40K

TA: Bitcoin Resumes Rally, Why BTC Could Accelerate Above $40K

10:35pm, 27th July, 2021
Bitcoin price found support near $36,400 and it started a fresh increase against the US Dollar. BTC is showing positive signs and it could rally further above $40,000. Bitcoin remained well bid above the $36,400 and $36,500 support levels. The price is now trading well above $37,000 and the 100 hourly simple moving average. There is a crucial bullish trend line forming with support near $36,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to gain bullish momentum above the $40,000 resistance zone in the near term. Bitcoin Price Gains Pace Bitcoin price from the $40,000 resistance zone. BTC declined below the $38,000 support level, but it remained well above the 100 hourly simple moving average. The bulls were active near the $36,400 and $36,500 support levels. A low was formed near $36,403 and the price is now rising. It broke the $37,000 and $38,000 levels. There was a clear break above the 50% Fib retracement level of the downward move from the $40,520 swing high to $36,400 swing low. It is now trading well above $37,000 and the . Bitcoin seems to be positioned nicely above the 76.4% Fib retracement level of the downward move from the $40,520 swing high to $36,400 swing low. Source: There is also a crucial bullish trend line forming with support near $36,800 on the hourly chart of the BTC/USD pair. On the upside, an initial resistance is near the $40,000 level. The first major resistance is near the $40,500 level. A successful break and close above the $40,500 level could spark a steady increase towards the $42,000 level in the near term. Dip Limited in BTC? If bitcoin fails to climb above the $40,000 and $40,500 resistance levels, it could start another downside correction. An initial support on the downside is near the $39,200 level. The first major support is now near the $38,800 zone. A clear downside break below the $38,800 support might call for a move towards the $37,500 level. The next major support is near the $37,000 zone. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level. Major Support Levels – $39,200, followed by $38,800. Major Resistance Levels – $40,000, $40,500 and $42,000.
Orion Pool Users to Gain Access To Trading, Swapping, Staking, & Voting From A Single Dashboard

Orion Pool Users to Gain Access To Trading, Swapping, Staking, & Voting From A Single Dashboard

11:15am, 27th July, 2021
Orion Protocol recently launched its AMM solution, Orion Pool, powering multiple crypto-related activities from a single user interface. The platform has integrated leading swap pools, DEXs, and CEXs, constructing the first decentralized gateway to the entire cryptocurrency market. A New Age Of Decentralized Finance From One Interface With Bitcoin and other cryptocurrencies on the rise, the blockchain ecosystem is flooded with centralized and decentralized exchanges. As a result, users find it increasingly difficult to manage multiple wallets, monitor price movements, and execute orders across exchanges. While centralized exchanges (CEXs) are the most preferred solution for trading cryptocurrencies, governments and financial regulators worldwide are clamping down hard on CEXs, making it difficult for the platforms to operate in several jurisdictions. CEXs store data in centralized security processes, making them an easy target for cybercriminals. Moreover, registering an account on a CEX is a clunky and frustrating process, with several complications of KYC, AML, and other regulatory verifications. DEXs, on the other hand, solve the problems of CEXs, offering users complete control over their funds. However, using DEXs requires a decent understanding of the DeFi ecosystem. To address these problems and improve accessibility, has launched its proprietary AMM solution, , establishing itself as the only platform that offers users decentralized access to swap pools, DEXs, and CEXs in one destination. Following the launch of the Orion Pool, now offers traders a single portal for trading, staking, swapping, and governance voting. This means users no longer have to create multiple accounts across exchanges or undergo several KYC and AML checks. The benefit is access to the best available pricing in the market at any time through Orion Pool. A Gateway To The Entire Crypto Market Constructed on top of Ethereum and Binance Smart Chain (BSC), Orion Protocol is currently integrating Avalanche, Cardano, Elrond, Fantom, HECO, PancakeSwap, Polkadot, SushiSwap, and Uniswap to its ecosystem to add more liquidity to the Orion Terminal. Orion Pool initially launched its multi-asset liquidity pool with ORN/ETH, ORN/BUSD, ORN/BNB, and ORN/USDT pairs. A week later, the platform introduced its dollar-pegged stablecoin, USDo, to add more utility to the native ORN token. These stablecoins are minted by staking ORN and eventually used as the base token for all trading pairs within the Orion Terminal. By partnering with verified brokers and exchanges, Orion Terminal allows everyone to trade through major exchanges, such as Binance and KuCoin, without the need for multiple wallets or KYC. This is made possible by Orion’s proprietary governance mechanism. Pre-verified brokers and exchanges execute trade orders on behalf of the users through the Orion Broker Software. The system auto-picks traders based on the ORN they have staked, following which smart contracts take care of the transactions. This ensures that exchanges don’t gain access to user’s accounts while granting users access to trade DEXs, CEXs, and swap pools without multiple accounts. Although there are already several other liquidity aggregators, Orion Protocol has cemented itself as the first and only platform to provide global and decentralized access to the entire crypto market. As the platform forges ahead with plans to integrate more chains into its ecosystem, Orion Protocol intends to play a key role in shaping cryptocurrency adoption globally.
TA: Bitcoin Tops Near $40K, Why BTC Remains Well Supported

TA: Bitcoin Tops Near $40K, Why BTC Remains Well Supported

11:55pm, 26th July, 2021
Bitcoin price surged and it even spiked above the $40,000 resistance against the US Dollar. BTC is correcting gains, but it is likely to remain stable near $36,000. Bitcoin started a strong increase above the $36,000 and $38,000 resistance levels. The price is now trading well above $36,000 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $36,100 with resistance near $31,250 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair correcting gains, but it is likely to find a strong support near $36,000. Bitcoin Price Corrects Gains Bitcoin price after it broke the key $35,000 resistance zone. It opened the doors for a steady rise above the $36,500 level and the 100 hourly simple moving average. The price surged above the $38,000 level and finally it spiked above the $40,000 resistance. However, the bulls struggled to keep the price above the $40,000 level. A high was formed near $40,484 and the price started a downside correction. There was a break below the $38,500 and $38,000 level. Bitcoin even declined below the 50% Fib retracement level of the upward move from the $33,950 swing low to $40,484 high. Source: The price is now consolidating near the $37,000 support zone. There is also a major bullish trend line forming with support near $36,100 with resistance near $31,250 on the hourly chart of the BTC/USD pair. On the upside, an initial resistance is near the $38,000 level. The first major resistance is near the $38,500 level. The is still near the $40,000 zone. A successful break and close above the $40,000 level could spark additional gains in the near term. Dip Limited in BTC? If bitcoin fails to climb above the $38,000 and $38,500 resistance levels, it could continue to move down. An initial support on the downside is near the $36,500 level. The first major support is now near the $36,000 zone. A clear downside break below the $36,000 support and the trend line may possibly push the price towards the $35,000 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $36,500, followed by $36,000. Major Resistance Levels – $38,000, $38,500 and $40,000.