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TA: Ethereum Breaking This Confluence Resistance Could Spark a Recovery

Ethereum started a major decline below the $3,200 support zone against the US Dollar. ETH price traded as low as $2,807 and it is now attempting a recovery wave. Ethereum started a fresh decline below the $3,300 and $3,200 support levels. The price is now trading below $3,200 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $3,020 on the hourly chart of ETH/USD (data feed via Kraken). The pair could a steady recovery wave if there is a close above $3,050 in the near term. Ethereum Price Corrects Losses Ethereum started a major decline from the $3,500 resistance zone. ETH traded below many important support zones near $3,300 and the 100 hourly simple moving average, similar to bitcoin. The bears gained strength below the $3,200 support zone. Finally, ether spiked below $3,000 and extended its decline. A low is formed near $2,807 and the price is now correcting losses. There was a break above the $2,920 and $2,950 resistance levels. The price recovered above the 23.6% Fib retracement level of the recent decline from the $3,455 swing high to $2,807 low. An immediate resistance on the upside is near the $3,020 level. There is also a key bearish trend line forming with resistance near $3,020 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com A close above the $3,020 and $3,050 levels could start a decent recovery. The next major resistance might be near the $3,130 level. It is near the 50% Fib retracement level of the recent decline from the $3,455 swing high to $2,807 low. A clear break and close above the $3,130 level could start a steady increase. The next major resistance sits near $3,300. More Losses in ETH? If ethereum fails to correct higher above the $3,020 and $3,050 resistance levels, it could start another decline. An initial support on the downside is near the $2,960 level. The next major support seems to be forming near the $2,900 level. A downside break below the $2,900 support zone could lead the price towards the $2,800 zone. The next major support is near the $2,750 level, below which ether price might decline towards the $2,640 support zone. Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bearish zone. Hourly RSI – The RSI for ETH/USD is still well below the 50 level. Major Support Level – $2,960 Major Resistance Level – $3,050

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ERTHA metaverse is Heroes of Might and Magic game-type inspired economic and social life built on a binance smart chain to explore and investigate the world by choosing specializations and increasing the strength of your NFT and country. Ertha’s globe consists of 350,000 HEX land plots, represented as NFTs. By owning a HEX land plot, […

60 Cryptocurrency Exchanges in South Korea to Shut Down All or Some Services This Week

The deadline for cryptocurrency exchanges and wallet operators to comply with the new regulatory requirements to stay open in South Korea is this week. So far, only one crypto exchange has been licensed to continue operations. About 60 crypto exchanges are expected to either shut down or reduce services. 60 Crypto Exchanges Expected to Shut […

TA: Bitcoin Dives To $40K, Why Recovery Could Be Capped

Bitcoin price settled below $46,000 and declined heavily against the US Dollar. BTC even traded close to $40,000 before starting an upside correction. Bitcoin is down over 10% and it broke the $45,000 and $43,000 support levels. The price is now trading below $43,000 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $43,100 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could resume its decline if it fails to recover above the $43,000 zone. Bitcoin Price Corrects Losses Bitcoin price failed to stay above the $46,000 support zone. As a result, there was a sharp decline in BTC below the $45,000 level (as discussed yesterday). The price broke many support zones near $44,000 and $43,000 to enter a bearish zone. The decline gained below $42,000 and the price settled below the 100 hourly simple moving average. It traded close to $40,000 and a low was formed near $40,200. Bitcoin is now correcting higher and it broke the $41,500 level. The price was able to surpass the 50% Fib retracement level of the recent drop from the $44,250 swing high to $40,200 low. An immediate resistance on the upside is near the $43,000 level. The first major resistance sits near the $43,100 level. There is also a major bearish trend line forming with resistance near $43,100 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com The trend line is close to the 76.4% Fib retracement level of the recent drop from the $44,250 swing high to $40,200 low. To start a strong recovery, the price must clear the $43,100 resistance. The next major resistance is near the $44,000 zone, above which the price could revisit the $45,000 resistance. More Losses In BTC? If bitcoin fails to clear the $43,100 resistance zone, it could resume its decline. An immediate support on the downside is near the $42,200 level. The next major support is near the $41,500 zone. A downside break below the $41,500 zone could trigger a fresh decline towards the $40,500 level or even $40,000. Technical indicators: Hourly MACD – The MACD is slowly gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still well below the 50 level. Major Support Levels – $41,500, followed by $40,500. Major Resistance Levels – $43,000, $43,100 and $44,000.

XRP Price on a downtrend! A steep fall to $0.60 level expected

The post XRP Price on a downtrend! A steep fall to $0.60 level expected appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide
As XRP observes a downwards breakout from the consolidation channel, the bears dominate the asset’s price action, according to the Ripple price analysis. Despite the 15% drop, bearish pressure has not abated, and the price action continues to trend downwards. As Ripple is continuing to head lower with no signs of recovery. It is being …

Bearish Blues for Bitcoin. How Much Will BTC Price drop Before Rising Back Again?

The post Bearish Blues for Bitcoin. How Much Will BTC Price drop Before Rising Back Again? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide
The bitcoin market is once again experiencing volatility. Bitcoin’s price has dropped significantly in the last 24 hours. Bitcoin is currently trading at $42,732 and has lost 9.5 percent of its value. Bitcoin and the greater crypto market had an uneventful week, with the leading cryptocurrency oscillating between $42,000 and $48,000.  At the same time, …

Turkey Is ‘at War’ With Cryptocurrency, Says President Erdogan

Turkish President Recep Tayyip Erdoğan has clarified the government’s stance on cryptocurrencies, stating that the country is at war with crypto. He emphasized that Turkey will continue with its own currency. A War and a Struggle Against Cryptocurrency Turkish President Recep Tayyip Erdoğan answered some questions from young people in the “Meeting with Youth” program […

Did Turkey’s President Say “We Are In A War Against Bitcoin”? An Investigation

Is President Erdogan so out of touch with what’s happening around him that he declared war against Bitcoin? Or is this a case of “lost in translation” and quotes out of context? An article titled “We are in a war against bitcoin,” says Turkey’s president” has been making the rounds over at Bitcoin-Twitter, receiving both mockery and rightful criticism. However, we noticed a crucial detail: the article doesn’t contain a direct quote from Erdogan. That’s suspect. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course Armed with an iron will and Google Translate, NewsBTC explored the issue and came to unexpected conclusions.  Let’s fall into the rabbit hole. “When President Erdogan fired the central bank president in March, sending the Turkish lira plummeting against the dollar, Google searches for the term “bitcoin” soared across the country.” The tighter politicians squeeze, the faster #Bitcoin succeeds.https://t.co/F9wmVfl06C — Robert Breedlove (@Breedlove22) September 20, 2021 Is It War Against Bitcoin Or War Against Cryptocurrencies?  The original article cited a mainstream and generally trusted source, an article in Turkish at Bloomberght titled “Erdogan: We have a separate war against cryptocurrencies.” Reportedly, the president held a Youth Meeting Program, so his audience for this was students from all over the country. They were discussing the Digital Turkish Lira, the country’s proposed CBDC, and one of the participants asked about their current views on cryptocurrencies: “Erdoğan said that they do not have a problem of opening up to crypto money, on the contrary, they have a separate war and struggle against them. Erdogan said, “We will not give them such a premium, nor will we. Because we will continue on our way with our money, which is our fundamental identity in this matter.” He never even mentions a war against Bitcoin. Remember, this is a Google translation and some info might’ve been lost. However, the discrepancies are there. The President says they “do not have a problem” with crypto, but that “on the contrary, they have a separate war and struggle against them.” On the contrary to what? And do notice, it’s not a direct quote either. In the actual Erdogan quote, he says nothing about a war against Bitcoin. We need more data. Let’s consult other sources. Remember, “We, the people”, does not mean “We – the state”. Trying to fight a technology that empowers people is a sure way to be on the losing side of history. — Jeff Booth (@JeffBooth) September 20, 2021 What Did President Erdogan Say Exactly? A quick search leads us to The New Arab. They don’t quote the President directly, but their translation makes much clearer the intent of what he said: “Erdogan claimed that the country “definitely” doesn’t have a problem with the spread of digital assets.      However, that Turkey would carry on with its own money, which he believes is part of the national identity.” They don’t have a problem with the spread of digital assets because they’re preparing their CBDC, and their way to sell it is that money is “part of the national identity.” Got it. But, what about this war against Bitcoin thing? A second search leads us to Newsbit, who seemingly quote a much more clear-headed President Erdogan directly: “We have absolutely no intention of embracing cryptocurrencies,” the president replied, adding: “On the contrary, we have a war against them. We would never support cryptocurrencies. Because we continue with our own currency that has its own identity.” Ok, now we know that Erdogan never said anything about a war against Bitcoin and always referred to cryptocurrencies. And that, in code, he was always talking about the Digital Turkish Lira. However, did he really say all that? That quote seems suspiciously close to the original Bloomberg quote, and that one wasn’t literal. If the President said everything that clearly, why wouldn’t Bloomberg quote him? BTC price chart for 09/20/2021 on Exmo | Source: BTC/USD on TradingView.com Time To Consult Primary Sources Luckily for us, Newsbit linked to the Anadolu Agency, a Turkish state-run news agency. This is as close to primary sources as we’re going to get. A report on the whole event that only casually mentions cryptocurrencies at the end. Is the quote present in that report? What did President Erdogan say exactly? Well, according to the Anadolu Agency: “Erdoğan said that they do not have a problem of opening up to crypto money, on the contrary, they have a separate war and struggle against them. Erdogan said, “We will not give them such a premium, nor will we. Because we will continue on our way with our money, which is our fundamental identity in this matter.” Related Reading | Turkey’s Economic Turmoil Shows Bitcoin Is a Better Bet Than Emerging Markets That’s right! The same exact quote with the same exact wording that Bloomberg used at the beginning. So, Bloomberg literally copied and pasted their article. And Newsbit’s supposed quote is just a rewording of that phrase. We don’t know exactly what President Erdogan said, but at least his intention is clear: Yes to his CBDC. War on cryptocurrencies. And we know for sure he never said anything about a war against Bitcoin. Cryptocurrencies and Bitcoin are not synonymous, journalists. Featured Image by Faruk Melik ÇEVİK on Unsplash – Charts by TradingView

Korean Province Seizes Cryptocurrencies From 1,661 Investors for Unpaid Fines

A South Korean province has seized cryptocurrencies worth over $5 million from 1,661 investors who were more than $12 million in arrears on their fines in total. The seizure followed an investigation of nearly 30,000 companies and individuals as well as their cryptocurrency holdings at four exchanges. Korean Province Confiscates Cryptocurrencies for Unpaid Fines The […

Why The Hydra Layer 2 Solution Is Important To The Cardano Network

IOHK, the developer behind the Cardano network, has announced a new solution for the network. Following the launch of smart contracts on the network, it has moved on to other projects to make sure that the network meets all of the needs of its developers. This has shone through in the latest release from the developer, called Hydra. The Cardano hard fork brought to the forefront the possibilities for more development. Even as developers outside of the main Cardano project develop their own solutions and protocols that run on the network, IOHK is continuing its work in making the network more scalable and safe for its users. This is why the release of the Hydra Layer 2 solution is important to the ecosystem. Layering Hydra On Top Of Existing Layer 1 Blockchain Hydra is a Layer 2 blockchain solution built to run on top of the existing Layer 1 blockchain on Cardano. Hydra uses isomorphic state channels which basically will use the same ledger representation over and over again to provide uniform, off-chain ledger siblings. These are referred to as Heads by the developers. This puts things like NFTs, native assets, and Plutus scripting directly into a Hydra Head, which acts basically as an extension of the current existing system. Related Reading | Cardano Founder Charles Hoskinson Says He Wants To Eliminate The Need For CEOs And Presidents This Layer 2 solution will provide the much-needed scalability that is required for networks with high use rates to maintain the required throughput for applications built on the blockchain. Hydra will work side by side with Cardano’s existing Layer 1 solution to provide a smooth user experience. Why Hydra Is Important For Cardano As things like decentralized finance (DeFi) make their way into the Cardano ecosystem, it is imperative for the network to provide suitable fee structures and security on the blockchain. This is where Hydra comes in. The Layer 2 protocol will not only help to scale the network but will also help to bring down fees to a sustainable level. This comes in the form of setting a fee structure that is both acceptable for the stake pool operator community, given that Cardano runs on proof-of-stake and fees that users deem acceptable. Related Reading | Cardano Trends Down, ADA In Danger Of Sliding Back To $2? Hydra will help to set these fees to a low enough point that it is not a problem for its users, while also preventing the fees from being low enough to encourage Denial of Service (DoS) attacks. Also, as the transaction history grows on the Cardano network, storage will become a problem over time. A Layer 2 solution like Hydra will mitigate against these problems in the future. ADA price trending low towards $2.0 | Source: ADAUSD on TradingView.com “Hydra is a layer 2 scalability solution that seeks to address all these concerns and aims to maximize throughput, minimize latency, incurring low to no costs, and greatly reducing storage requirements.” More information on Hydra will be available at the Cardano Summit scheduled to happen on the 25th-26th of September 2021. Featured image from Peoples Gazette, chart from TradingView.com

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that […

Optimism Will Roll Out Single-Click Launch For Ethereum Projects

Many layer 2 solutions are competing on being the most active in developments. Amid these scaling solutions in Optimism, and given its latest announcement, it will soon enable developers to launch DApps with just a single click of a button. Optimism provides support for all the apps on the Ethereum ecosystem. It ensures that transaction fees are lower by keeping its data on the blockchain but running computation off-chain. The team’s latest blog reveals that an upcoming upgrade will facilitate the launch of DApps on its layer. This means that every tool running on Ethereum will also run on Optimism. Latest Upgrade To Provide Support For Ethereum Protocols The disclosure by the Optimism team assures the developer’s community that the upgrade will help them to simplify the process of launching their decentralized apps. Also, this simplicity stems across features such as gas and traces. Developers targeting Geth now have the opportunity to launch without changing their codes. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course Optimism disclosed that it had overhauled the codes. As a result, it can now go beyond being compatible Ethereum Virtual Machine only to become an EVM equivalence by making its protocol efficient and lightweight. One of the steps the team took to reduce the protocol’s load was to delete its custom compiler. It also deleted over 25,000 lines of codes as it upgraded. According to the post, the team asserts that developing the “EVM-compliant rollup” is not very easy given that it aims to support the whole Ethereum stack. Moreover, to also implement the security features which EVM requires will also cost a lot of money. However, it is mandatory because every line of codes added to the system comes with possible vulnerabilities. Optimism Pursuing Compatibility As for now, the layer 2 scaling solution is now fully equivalent with EVM using Geth. Though it is working to become compatible with alternative node implementations such as Erigon and OpenEthereum using below one thousand lines of codes. The team disclosed that they hadn’t changed the security model of the protocol even with this release. The reason behind the growth of Optimism is the move from Ethereum mainnet to other chains & layer 2 solutions compatible with EVM Ethereum has fallen by 7% in 24 hours | Source: ETHUSD on TradingView.com The migration of capital from Ethereum to these other solutions was to reduce the high fees characterizing transactions carried out on its base layer. Related Reading | While Broader Crypto Market Holds Its Collective Breath, Whales Are Loading Up On Bitcoin The information from Dune Analytics even reveals that another rollup network Arbitrum has a TVL of $2.62 billion, which is the largest ETH Bridge. This rival protocol went live three weeks ago, and it is already making waves. But it is not the only protocol as Polygon ERC-20 Bridge emerged after Arbitrum and is now boasting $2.35 billion in TVL. After Polygon came, Avalanche Bridge and Fantom Anyswap Bridge and each now record $1.86 billion and $476 million, respectively. Featured image from Forbes, chart from TradingView.com

Bitcoin.com Wallet Adds ERC-20 Tokens

The Bitcoin.com Team is excited to announce the integration of ERC-20 tokens into the Bitcoin.com Wallet. That means anyone can now buy, sell, receive, store, trade, and send ERC-20 tokens with the convenience and security of the industry’s most user-friendly non-custodial wallet. ERC-20 Tokens? ERC-20 is the standard protocol for creating tokens on the Ethereum […

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