Bitcoin Breaches $19K Level – Will Selloff Continue? What’s The Next Bottom?

Bitcoin Breaches $19K Level – Will Selloff Continue? What’s The Next Bottom?

The price of Bitcoin (BTC) is currently trading below the $20,000 mark, reaching a low of $19,147 on Saturday, according to statistics from Coingecko.

As the whole cryptocurrency market continues to be pummeled, the price of BTC has fallen below its 2017 all-time high of $20,000, and the market as a whole continues to suffer severe losses. At the time, reaching $19,500 was referred to as a “surge” associated with potential U.S. regulation of stablecoins.

The BTC/USD pair fell below $20,000 for the first time since December 2020, reaching $19,065 at press time, according to TradingView data.
Since November, the biggest cryptocurrency has lost more than 70 percent of its value.

Suggested Reading | The Sandbox (SAND) Blows Up 20% After Collab With Major Entertainment Firm

Bitcoin Drop Takes Toll On Market Sentiment

Bitcoin could make history this week by closing below the 200-week moving average, a rare occurrence. This phenomenon has only been observed five times in the past. Recent calculations indicate that Bitcoin’s 200-week moving average is approximately $21,700.

All cryptocurrencies are currently in the red as a result of a market-wide downturn. At the time of writing, Bitcoin’s market value has fallen further below the $1 trillion threshold, at $885 million.

As the price of bitcoin continues to decline, several market observers have expressed fear that sentiment could continue to spiral downward as well.

BTC total market cap at $368 billion on the weekend chart | Source: TradingView.com

As jitters increased following the Federal Reserve’s pronouncement on the inflation outlook, crypto markets suffered the brunt of a major selling that began with last week’s shocking Consumer Price Index (CPI) data.

Next Bottom At $15,500?

Traders now anticipate that the next Bitcoin low might occur at $15,500. The next BTC bottom might be around $19,000 or $15,500, according to Rekt Capital, a cryptocurrency trader, based on the coin’s historical statistics on weekly moving averages.

The failure of two major cryptocurrency projects, Terra Luna and Celsius, has contributed to Bitcoin’s collapse. Both were intended to be significant ways of promoting the stability of digital money, but they have eroded trust in the technology.

Suggested Reading | Bitcoin At $20K Could Be ‘New Bottom,’ Commodity Expert Suggests, And Here’s Why

Meanwhile, the chief executive officer of Digital Currency Group, Barry Silbert, the CEO of Global Macro Investor, Raoul Pal, investor Scott Melker, and others indicated that they are buying the (Bitcoin) dip.

By declaring in a recent tweet that he is purchasing Bitcoin, Silbert has somehow eased the paranoia of cryptocurrency bulls.

The crypto tycoon has echoed the sentiments of MicroStrategy’s CEO Michael Saylor, who recently increased his optimism despite dealing with heavy losses.

Featured image from Forbes, chart from TradingView.com



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Magic Internet Money token depegs as Terra (LUNA) domino effect persists

Magic Internet Money token depegs as Terra (LUNA) domino effect persists

Magic Internet Money (MIM), a US dollar-pegged stablecoin of the Abracadabra ecosystem, joins the growing list of tokens losing their $1 value amid an untimely crypto winter. The sudden de-pegging of the MIM token commenced roughly on June 17, 7:40 pm ET, which saw the token’s price drop to $0.926 in just three hours.

Terra’s LUNA and TerraUSD (UST) death spiral not only affected the investors but also had a negative impact on numerous crypto projects, including Abracadabra’s MIM token ecosystem — as alleged by Twitter handle @AutismCapital.

Depegging of Magic Internet Money (MIM) token price chart. Source: CoinMarketCap

Citing an insider scoop, AutismCapital claimed that Abracadabra accrued $12 million in bad debt as a direct result of Terra’s sudden downfall “because liquidations couldn’t happen fast enough to cover the protocol’s MIM liabilities.”

Daniele Sestagalli, the founder of Abracadabra, however, refuted the claims of insolvency by ensuring to have enough funds to pay back the piling debts — which has been attributed to the falling MIM prices. Sestagalli stated:

“[The Abracadabra] Treasury has more money than the debt and $CRV are valuable for the protocol.”

Doubling down on his stance, Sestagalli further publicly shared the treasury address holding $12 million in assets while asking concerned investors to verify the same using on-chain data.

On the other hand, Autism Capital alleged that Sestagalli’s bad debt was created five days ago and shared the below screenshot showing his conversation about the same on MIM’s Discord group.

Sestagalli’s conversation on MIM Discord group. Source: @AutismCapital

While the risk of insolvency continues to threaten the Abracadabra protocol, either through the MIM treasury continuing to dump in value or more bad debt created, investors are advised to keep track of market fluctuations and do their own research (DYOR) before making investment decisions. 

Related: USDD stablecoin falls to $0.97, DAO inserts $700M to defend the peg

Five days ago, on June 13, Stablecoin protocol USDD’s price dipped to $0.97 on major crypto exchanges.

To help out during the market fluctuations, the Tron DAO Reserve announced that it received 700 million USD Coin (USDC) to defend the USDD peg. As a result of the fund infusion, the team behind the stablecoin explained that the collateralization ratio of USDD is now boosted to 300%.



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The 2 Most Common Airdrop Phishing Attacks and How Web3 Wallet Owners Can Stay Protected – Featured Bitcoin News

The 2 Most Common Airdrop Phishing Attacks and How Web3 Wallet Owners Can Stay Protected – Featured Bitcoin News

In the world of cryptocurrencies, decentralized finance (defi), and Web3, airdrops have become commonplace in the industry. However, while airdrops sound like free money, there’s been a growing trend of airdrop phishing scams that steal people’s money when they attempt to get the so-called ‘free’ crypto assets. The following is a look at two different ways attackers use airdrop phishing scams to steal funds and how you can protect yourself.

Airdrops Don’t Always Mean ‘Free Crypto’ — Many Airdrop Giveaway Promotions Are Looking to Rob You

Airdrops have been synonymous with free crypto funds, so much so that a rising crypto scam called airdrop phishing has become prevalent. If you are a participant in the crypto community and use social media platforms like Twitter or Facebook, you’ve probably seen a number of spam posts advertising airdrops of all kinds.

Usually, a popular Twitter crypto account makes a tweet and it is followed by a slew of scammers advertising airdrop phishing attempts and plenty of accounts saying that they have received free money. Most people won’t fall for these airdrop scams but because airdrops are considered free crypto, there’s been a bunch of people who have lost funds by falling victim to these types of attacks.

The first attack uses the same advertising method on social media, as a number of people or bots shill a link that leads to the airdrop phishing scams web page. The suspicious website may look very legitimate and even copy some of the elements from popular Web3 projects, but in the end, the scammers are looking to steal funds. The free airdrop scam could be an unknown crypto token, or it could also be a popular existing digital asset like BTC, ETH, SHIB, DOGE, and more.

The first attack usually shows that the airdrop is receivable but the person must use a compatible Web3 wallet to retrieve the so-called ‘free’ funds. The website will lead to a page that shows all the popular Web3 wallets like Metamask and others, but this time, when clicking on the wallet’s link an error will pop up and the site will ask the user for the seed phrase.

This is where things get shady because a Web3 wallet will never ask for the seed or 12-24 mnemonic phrase unless the user is actively restoring a wallet. However, unsuspecting airdrop phishing scam users may think the error is legitimate and enter their seed into the web page which eventually leads to the loss of all the funds stored in the wallet.

Basically, the user just gave the private keys to the attackers by falling for the Web3 wallet error page asking for a mnemonic phrase. A person should never enter their seed or 12-24 mnemonic phrase if prompted by an unknown source, and unless there’s a need to restore a wallet, there’s really never a need to enter a seed phrase online.

Giving a Shady Dapp Permissions Is Not the Best Idea

The second attack is a bit more tricky, and the attacker uses the technicalities of code to rob the Web3 wallet user. Similarly, the airdrop phishing scam will be advertised on social media but this time when the person visits the web portal, they can use their Web3 wallet to “connect” to the site.

However, the attacker has written the code in a way that makes it so that instead of giving the site read access to balances, the user is ultimately giving the site full permission to steal the funds in the Web3 wallet. This can happen by simply connecting a Web3 wallet to a scam site and giving it permissions. The attack can be avoided by simply not connecting to the site and walking away, but there are lots of people who have fallen for this phishing attack.

Another way to secure a wallet is by making sure the wallet’s Web3 permissions are connected to sites the user trusts. If there are any decentralized applications (dapps) that seem shady, users should remove permissions if they accidentally connected to the dapp by falling for the ‘free’ crypto scam. However, usually, it is too late, and once the dapp has permission to access the wallet’s funds, the crypto is stolen from the user via the malicious coding applied to the dapp.

The best way to protect yourself from the two attacks mentioned above is to never enter your seed phrase online unless you are purposely restoring a wallet. Alongside this, it is also good form to never connect or give Web3 wallet permissions to shady Web3 websites and dapps you are unfamiliar with using. These two attacks can cause major losses to unsuspecting investors if they are not careful of the current airdrop phishing trend.

Tags in this story
2 common attacks, 2 major attacks, Airdrop, airdrop phishing, airdrop scam, attackers, connecting wallets, decentralized finance, DeFi, Hackers, malicious code, metamask, mnemonic phrase, permissions, Phishing, restoring a wallet, scammers, Scams, Seed Phrase, Wallet Connect, Wallets, Web3, Web3 wallet, Web3 Wallet Attacks

Do you know anyone who has fallen victim to this type of phishing scam? How do you spot crypto phishing attempts? Let us know your thoughts in the comments.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 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. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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 this article.

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Bitcoin Supply In Loss Reaches 50% As BTC Drops Below $20k

Bitcoin Supply In Loss Reaches 50% As BTC Drops Below $20k

On-chain data shows the percentage of the Bitcoin supply in loss has surged to almost 50% now as the crypto’s price tumbles below $20k.

49.94% Of The Total Bitcoin Supply Is Now Holding Some Loss

As pointed out by an analyst in a CryptoQuant post, the drop below $20k has now put almost 50% of the supply underwater.

The “percent supply in loss” is an indicator that measures what part of the total Bitcoin supply is currently in the red.

The metric works by checking the transfer history of each coin on the chain to see what price it was last moved at.

If the previous selling price of a coin was more than the current BTC price, then that particular coin is being held at some loss right now.

Related Reading | Bitcoin Long-Term Holders Now Own Nearly 80% Of Realized Cap

On the other hand, if the coin was last moved at a lower price than now, then the coin is in profit instead. The supply in loss naturally only counts the former type of coins.

Now, here is a chart that shows the trend in the Bitcoin supply in loss over the last few years:

Looks like the value of the indicator has been rising up recently | Source: CryptoQuant

As you can see in the above graph, the percentage of the Bitcoin supply in loss has been going up in recent weeks as the price has been crashing down.

The latest drop in the value of the crypto, which has now taken it below the $20k level, has pushed a further amount of supply underwater.

Related Reading | Mike McGlone Says $20,000 Is The New $5,000 For Bitcoin, But Is He Right?

Now, the total percentage of the supply in the red has reached very nearly 50%. Historically, periods with value of the indicator between 50% to 60% have been when the coin has observed bottoms before.

Because of this, the range may be ideal for accumulating Bitcoin. However, a real bottom may still have some ways to go as the supply in loss has only just now reached the 50% mark.

During the last two bottoms, the value of the metric was at least 55%. If a similar pattern follows now as well, then the crypto may have potential for more downtrend before the bottom is finally in.

BTC Price

At the time of writing, Bitcoin’s price floats around $19.2k, down 33% in the last seven days. Over the past month, the crypto has lost 37% in value.

The below chart shows the trend in the price of the coin over the last five days.

Bitcoin Price Chart

The value of the crypto seems to have plunged down over the past day | Source: BTCUSD on TradingView
Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com



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Bitcoin price falls below $20K for first time since 2020, Ethereum dips under $1K

Bitcoin price falls below $20K for first time since 2020, Ethereum dips under $1K

Bitcoin (BTC) achieved a bear market first on June 18 as BTC price action gave up $20,000 support.

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

BTC price crosses under 2017 all-time high

Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD sliding under $20,000 for the first time since December 2020, reaching press-time lows of $19,066.

As nerves heightened after the United States Federal Reserve’s comments on the inflation outlook, crypto markets bore the brunt of a sell-off, which began after shock Consumer Price Index (CPI) figures last week.

Losing the psychologically significant $20,000 mark, Bitcoin also achieved a lifetime first — dropping below its previous halving cycle’s high for the first time in its history.

The largest cryptocurrency had until now avoided such a move, this being reserved for altcoins, notably Ether (ETH) earlier in the week, which has also now slipped below the $1,000 mark for the first time since January 2021.

Reacting, commentators attributed the latest weakness to liquidity problems at investment fund Three Arrows Capital (commonly known as 3AC) in addition to existing troubles tied to FinTech protocol Celsius and the overall macro environment.

Three Arrows co-founder Zhu Su said that the firm was “in the process of communicating with relevant parties and fully committed to working this out,” without confirming specific problems.

The abrupt dip below $20,000 came during weekend trading where thin order book liquidity amplified volatility.

A bear year unlike any other?

BTC/USD thus sealed 37% losses for the first two weeks of the month, making June 2022 the worst month of June on record, according to data from on-chain monitoring resource Coinglass.

Related: ‘Nothing issue’ — MicroStrategy CEO plans to hodl Bitcoin ‘through adversity’

Year-to-date, the pair traded down almost 60% at the time of writing, over 70% below last November’s all-time highs of $69,000.

As Cointelegraph reported, historical trends suggest that 80-84.5% is the classic drawdown target for bear markets, this putting BTC/USD at between $11,000 and $14,000.

Bitcoin monthly price performance. Source: Coinglass.com

“BTC still needs more volume & volatility than at present to match volume levels at previous Bear Market Bottoms at the 200 MA,” popular trader and analyst Rekt Capital tweeted, continuing analysis of Bitcoin’s 200-week moving average, a key lifelong support line.

“Promising sign is that seller volume is above-average for the 1st time this week but much more is needed for final capitulation.”

Bitcoin/USD 1-week candle chart. Source: Tradingview.com

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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Uganda Claims Exploration Surveys Discovered 31 Million Metric Tons of Gold – Bitcoin News

Uganda Claims Exploration Surveys Discovered 31 Million Metric Tons of Gold – Bitcoin News

While gold is often considered a scarce asset, Uganda explained on Wednesday that recently conducted exploration surveys indicate that there’s roughly 31 million metric tons of gold ore waiting to be mined in the region. Moreover, a spokesperson from Uganda’s Ministry of Energy and Mineral Development said there’s an estimated 320,158 tonnes of refined gold available.

Uganda Claims the Country Has 31 Million Tonnes of Gold Ore — 320,158 Metric Tons of Refined Gold Is up for Prospect

During the last five years, the value of one ounce of fine gold has risen by 48% against the U.S. dollar. An ounce of gold’s spot market value tapped an all-time high this year at $2,060 per unit.

Today, an ounce of gold is $1,840 per unit and the spot market price is up around 0.48% during the past 30 days. Meanwhile, reports from Uganda show the country has discovered quite a bit of gold ore, and is looking to attract miners and investors.

On Wednesday, Solomon Muyita, a spokesperson for the Ministry of Energy and Mineral Development told Reuters that the country has found 31 million tonnes of ore by conducting a number of exploration surveys across the land.

Uganda Claims Exploration Surveys Discovered 31 Million Metric Tons of Gold
Artisanal and small-scale Ugandan mines.

The spokesperson further noted that 320,158 tonnes of refined gold could be mined immediately and a Chinese company called Wagagai Mining is already planning to mine in the area. Wagagai just got its gold production license in March 2022, and it set up a 21-year mining lease with officials from the Busia district in the eastern region of Uganda.

Uganda Claims Exploration Surveys Discovered 31 Million Metric Tons of Gold
Pictures of the first phase of construction on October 6, 2021, according to NTV Uganda video.

Muyita said most of the ore was found in Karamoja, Busia District, alongside central and western areas as well. Wagagai is set up in Mawero Parish, Butebo sub-county, and it is estimated that there’s 12.5 metric tons of mineable refined gold at the location.

China’s Wagagai Mining to Start Production Soon — Surprise Deposits Discovered Every Year

Muyita remarked that Wagagai will start production this year and the company has invested $200 million so far into the construction of the refining station. Now gold’s scarcity, however, also stems from the difficulty of mining the ore, and while Muyita claims there’s 320,158 metric tons of gold, there’s only 2,500 to 3,000 mined each year.

Uganda Claims Exploration Surveys Discovered 31 Million Metric Tons of Gold
The Independent reported that Wagagai Mining’s Busia District operation had to be closed temporarily over 19 Covid-19 cases.

Moreover, South Africa is the world’s largest producer and but there’s also significant gold mining happening in the U.S., Canada, Australia, Russia, and China. The precious metal’s scarcity proposition however is constantly put to the test by surprise ore deposits found worldwide.

For instance, at the end of October 2020, Bitcoin.com’s newsdesk reported on a surprise find of approximately 40 million troy ounces of gold in Russia’s Siberian region. In August 2020, a historical region of Central Europe, situated in Poland and called Silesia, discovered massive gold deposits in the area.

In March 2021, a Yemeni freelance journalist based in the capital Sana’a, Ahmad Algohbary, reported on a colossal mountain of gold discovered in the Congo. While the reports noted that the Congo mountain of gold had no confirmed estimates as to how much gold was discovered, it was said that artisan miners were smuggling the gold.

Smuggling gold is very prominent in Africa according to a United Nations (UN) report that says production in the Congo region “continues to be systematically underreported.” This means that while statistics say there’s only 2,500 to 3,000 metric tons mined each year, a significant amount of mined gold may be entering the market that’s not being reported.

Tags in this story
31 million metric tons, Africa, Ahmad Algohbary, Artisan Mining, Busia District, Canada, China, Congo, fine gold, gold, Gold Deposits, Gold Ore, metric tons, Mineable Gold, Ore, Ounce of Gold, Refined Gold, Russia, Scarcity, Smuggling Gold, South Africa, tonnes, Tons, Uganda, US, Wagagai Mining

What do you think about the 31 million metric tons of gold found in Uganda? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




Image Credits: Shutterstock, Pixabay, Wiki Commons, NTV Uganda, The Independent,

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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 this article.

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Ether Drops Below $1K, Dragged Down By BTC Slide

Ether Drops Below $1K, Dragged Down By BTC Slide

The cryptocurrency market is still stunned by last week’s precipitous decline. In 10 days, Ether shed around 45 percent of its value.

On the four-day chart, the Ethereum (ETH) price has now returned to the historical RSI low recorded in 2018 when the cryptocurrency traded at $81.

On Saturday, ETH values fell below crucial levels and are currently trading in the triple digits as the recent crypto sell-off continued.

According to data provided by Coingecko, as of the time of writing, ETH is trading at $1,008, a decrease of about 40 percent over the past week.

Suggested Reading | Bitcoin Breaches $19K Level – Will Selloff Continue? What’s The Next Bottom?

Ether Drops To As Low As $997

ETH is currently selling at $997.61 on Etherscan, a decrease of approximately 9 percent over the last 24 hours. The breach of this support level is expected to presage heavier losses for Ethereum.

The bears are in complete control of the market, and there are no major buyers.  In the bearish scenario, if sellers force the price below $900, the probable demand zone is between $700 and $900.  Upon reaching this region, ETH may enter the accumulation phase.

Currently, inflation, a wobbly stock market, rising interest rates, and worries of a recession are fueling negative sentiment on the stock and cryptocurrency markets.

ETH total market cap at $122 billion on the daily chart | Source: TradingView.com

A Shot At $1,700 In A Bullish Scenario

In a bullish situation, ETH will certainly approach $1,700 in static resistance. The ability to overcome this barrier depends on the purchasing power of the market.

This eventuality seems unlikely given that the current macroeconomic climate has caused investors to view high-risk assets with skepticism.

Recent reports indicate that Ether’s developers have opted to delay the network’s move to a proof-of-stake (PoS) consensus while the bear market persists.

This improvement is anticipated to terminate the reliance on proof-of-work (PoW) mining and the Merge scalability solution, which has been in development for six years.

Suggested Reading | Bitcoin At $20K Could Be ‘New Bottom,’ Commodity Expert Suggests, And Here’s Why

Heavy Market Liquidation Pulls Down ETH

The recent decline of ETH, the second-largest cryptocurrency, is due to the liquidation of a significant investment, possibly by Three Arrows Capital. The liquidation led to a substantial sum of ETH being unloaded on the open market.

After the Federal Reserve raised interest rates by 75 basis points, the highest increase in the last three decades, the stock market inched up Wednesday afternoon.

According to Edward Moya, a senior market analyst at OANDA, the fact that the cryptocurrency market did not follow is “worrying for some investors.”

Analysts estimate that Bitcoin and Ether can decline up to 85 percent during bear markets.

Due to the impossibility of market prediction and timing, there is never an “ideal” time to buy in cryptocurrencies. However, according to analysts, now could be a good time to enter the market because prices are cheap.

Featured image from Arch20, chart from TradingView.com



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Third non-EU country, Ukraine, joins the European Blockchain Partnership

Third non-EU country, Ukraine, joins the European Blockchain Partnership

After Norway and Liechtenstein, Ukraine became the third country outside the European Union (EU) to join the European Blockchain Partnership (EBP), an initiative derived by 27 member states to deliver cross-border public services.

The Ministry of Digital Transformation of Ukraine announced the country’s move to join the EBP as an observer on June 17. With the ultimate goal of integrating its digital economic space with the EU, Ukraine plans to expand its interstate blockchain network partnership with other countries.

Ukraine’s intent to join the EBP dates back to July 2021, when Oleksii Zhmerenetskyi, the head of the Parliamentary group, Blockchain4Ukraine, and Konstantin Yarmolenko, the founder and CEO of Virtual Assets of Ukraine, wrote a letter to Ursula von der Leyen, the president of the European Commission. The letter declared Ukraine’s interest in joining the EBP and the European Blockchain Services Infrastructure (EBSI). von der Leyen later confirmed the prospect of Ukraine’s accession to the EBP as an observer.

Speaking to Cointelegraph, Yarmolenko stated Ukraine’s interest in running test-node of the EBSI and pilot use cases of the cross-border public services based on the blockchain technology. He highlighted that the cryptocurrency donations during the Russia-Ukraine war “proved as important support,” stating:

“Next step is full blockchain integration of Ukraine and EU based on EBP/EBSI initiatives.”

After working with the EBP on blockchain pilot use cases as an observer, Ukraine aims to gain full membership. Yarmolenko further revealed that Ukraine is targeting additional blockchain partnerships to provide the citizens of Ukraine with cross-border public services including verification of educational credentials/diplomas and identity credentials and refugee/asylum registration and support.

While sharing details about the partnership, Yarmolenko stated that the move to join the EBP is a way to strengthen ties with the EU, adding that “I’d even call it blockchain integration with EU.”

Additionally, pointing out one of the advantages of the EU-wide blockchain partnership, Zhmerenetsky stressed that Ukraine’s accession to the EBP would reduce the recognition of Ukrainian documents for higher education and driver’s licenses for Ukrainian refugees in Europe.

Related: EU commissioner reiterates need for ‘regulating all crypto-assets’

Mairead McGuinness, the Commissioner for Financial Services, Financial Stability and Capital Markets Union at the European Commission, recently highlighted the need for “Regulating all crypto-assets — whether they’re unbacked crypto-assets or so-called stablecoins.”

The EU commissioner also disclosed plans to discuss a proposal with the French government via Markets in Crypto Assets (MiCA):

“MiCA rules will be the right tool to address the concerns on consumer protection, market integrity and financial stability. This is something that is so urgent given recent developments.”



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BTC Below $20,000, ETH Slips Under $1,000 – Market Updates Bitcoin News

BTC Below $20,000, ETH Slips Under $1,000 – Market Updates Bitcoin News

Bitcoin fell below $20,000 on Saturday, as the sell-off in cryptocurrency markets continued to start the weekend. ETH was also trading below a key level, as prices fell below $1,000 for the first time in over 18 months.

Bitcoin

Bitcoin fell below $20,000 on Saturday, as bearish momentum extended entering the weekend.

Despite the best effort of bulls to hold the line, the recent price support of $20,200 finally gave way earlier today.

As a result of this, BTC/USD fell to an intraday low of $18,905.98 earlier in today’s session, which is the lowest level BTC has traded since December 2020.

Bitcoin, Ethereum Technical Analysis: BTC Below $20,000, ETH Slips Under $1,000
BTC/USD – Daily Chart

Overall, BTC has fallen by nearly $13,000 since the beginning of the month, with the price now down 30% in the last seven days.

In addition to this, the Relative Strength Index (RSI) is trading at 20.9, which is its lowest point in over five years.

Bulls will likely see this as an opportunity, however with the current volatility in the market we may see more turbulence in upcoming weeks.

Ethereum

Similar to bitcoin, ETH fell below a key point on Saturday, with prices dropping below $1,000 for the first time since January 2020.

ETH/USD slipped to an intraday low of $986.85 to start the weekend, which is nearly marginally lower than yesterday’s peak at $1,105.23

This drop saw ETH breakout from its recent price floor of $1,050, which we outlined yesterday was one of the last lines of defense preventing a drop into the $900 region.

Bitcoin, Ethereum Technical Analysis: BTC Below $20,000, ETH Slips Under $1,000
ETH/USD – Daily Chart

Percentage wise, the drop in ETH over the past seven days has been greater than in BTC, with prices here falling by nearly 40% since last Saturday.

As of writing, ethereum is trading over 50% lower than at the start of June, following a streak of almost two weeks worth of back-to-back declines.

Currently, prices have moved back above $1,000, however there will likely be more moves below this point as the weekend progresses.

Where will the next support point be in ETH? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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 this article.

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Why Crypto Could Go Another 15% Lower, This Expert Says

Why Crypto Could Go Another 15% Lower, This Expert Says

Crypto has dropped below the $1 trillion total market capitalization and has returned to its January 2021 levels. At that time, the sector was preparing for a massive bull run that would take its market cap above the $3 trillion.

Related Reading | Anthony Scaramucci Reveals Buying Crypto During Crash, Suggests Staying Disciplined

This time the sector seems to be threatening further losses and for a potential new leg down into its 2020 levels. At the time of writing, the total crypto market cap stands at $870 billion and continues to trend to the downside on the daily chart.

Total crypto market cap trends to the downside on the daily chart. Source: Tradingview

Analyst Justin Bennett believes the sector will “imminently” take a leg lower. He expects the market to find support at $730 billion as it was unable to hold above the $860 billion mark.

The current market conditions, the shift in the U.S. Federal Reserve (Fed) monetary policy, the relentless selling pressure, and the series of negative news in the space seem to support this thesis. Sharing the chart below, Bennett said:

The next leg lower looks imminent. This is where we’re probably going. Another 15-25% to reach the TOTAL confluence of support and measured objective. Expect a 30% drop for most altcoins.

As usual, Bitcoin holds the key for the entire crypto sector as most altcoins tend to follow BTC’s price action. Bennett claims the number one crypto by the market could see a similar 15%-25% drawdown if it breaks the $20,000 area.

This would send BTC’s price to its next critical support zone at around $19,850 and for the first time in its history below its previous all-time high.

On lower timeframes, data from Material Indicators (MI) records over $15 million in buying orders for BTC at $20,000. In the opposite direction, there are around $9 million in asks orders at around $20,900 which could operate as resistance in the short-term.

Bitcoin BTC BTCUSD Crypto
Source: Material Indicators

Will Bitcoin Bounce With The Stock Market?

The benchmark cryptocurrency has been moving in tandem with traditional equities, mainly the Nasdaq 100 Index and the S&P 500. According to Jurrien Timmer, Director of Macro for investment firm Fidelity, the S&P 500 has reached oversold levels. He said:

The weekly stochastics for the SPX: It’s at oversold readings consistent with major bottoms. I don’t believe we’re there yet but we could be getting close. We’re only 1 P/E point away from fair value.

Related Reading | TA: Bitcoin Remains In Downtrend, Risk of Drop Below $20K

If equities find a bottom soon, as Timmer claims, Bitcoin and the crypto market could bounce and prevent Bennett’s scenario. The drawdown in traditional finances has created a capitulation event, as seen below, which could play in favor of digital assets.



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