Binance Coin Price Analysis BNB Bulls Take Control and Reclaim $460, What’s Next?

Binance Coin was successful in reclaiming $460 following major news that Binance will invest $1 billion in the BSC ecosystem. What are the next targets?  Key Support level: $460  Key Resistance level: $526; $690  Binance Coin (BNB) has rallied 22% in the past four days on the news that Binance, the largest crypto exchange in the world, will invest $1 billion into the Binance Smart Chain (BSC) ecosystem.  Following the news, BNB has successfully broken above the key technical resistance level at $460, making it support. The price is now seemingly getting ready to test the first resistance at $526 and start making its way towards the all-time high at $690.Indicators  Volume: We saw excellent volume on the breakout, which confirms that the move is sustained. We can probably expect the price to continue moving upwards towards the first resistance. Its important to pay close attention to the volume as increasing volume on a move up is extremely bullish.  RSI: The RSI on the daily timeframe is making higher highs, which is good news for bulls as it is still quite far off from the overbought area (RSI 70). This shows that the price has plenty of room to move higher.  MACD: The moving averages, as well

2021-10-15Deep Dive

Bitcoin hits $60K for the first time since April after reports of imminent ETF approval

Bitcoin has surpassed the $60,000 mark briefly for the first time since April 2021. The price has been boosted by reports suggesting a Bitcoin futures ETF is likely to begin trading in the United States as early as next week.   Data from Cointelegraph Markets Pro indicate that Bitcoin prices have been on a slow grind upward since the beginning of this month. Before the upward price action began, prices had hovered around $42,000 from Sept. 20 to Oct. 1. The $60,000 mark was first breached on Bitstamp exchange just after 5 AM (UTC), and Bitcoin is now just 7% away from reclaiming its Apr. 14 all-time high of $64,804. The price has since eased slightly and at the time of writing, Bitcoin is trading around $59,500.  Bloomberg reported earlier today that sources familiar with the matter had issued positive indications that the Securities and Exchange Commission is likely to approve several Bitcoin futures ETFs to begin trading next week.  Rumors about the imminent approval saw a price increase of about $7,000 over the past seven days, equating to a 13% increase from $53,000 to $60,000. The sharpest increase was over the past two days, over which time Bitcoin has rallied from about

2021-10-15Deep Dive

Bitcoin Futures Premium Shoots 3x Amid Strong Rumors of Bitcoin Futures ETF

The rumors of the first Bitcoin ETF approval linked to Bitcoin futuresare gaining strength adding more fuel to the BTC price surge. Thus, ahead of the SEC approval, the Bitcoin futures premium has tripled this month.  On Thursday, October 14, the open interest (OI) for Bitcoin futures touched a record high on CME. As per the data by Bybt, the total BTC futures open interest is currently at 21.77 billion. While on the other hand, the BTC futures OI on CME has touched an 8-month high at $3.32 billion. The open interest on CME is even more than when Bitcoin was trading at $65,000 levels.  The rising open interest and premium for BTC futures suggest more money coming into the market. It means that more investors are willing to seek exposure to the worlds largest cryptocurrency. Furthermore, the rising OI in Bitcoin futures also suggests that more institutional money is coming into the market.  Sources: Bitcoin Futures ETF Wont Face SEC Roadblock  As per the latest report from Bloomberg, the Bitcoin futures ETF is likely to face the least resistance from the U.S. Securities and Exchange Commission (SEC). People familiar with the matter said that SEC is likely to approve Bitcoin ETF this month.  It

2021-10-15Deep Dive

Ethereum (ETH) Approaches $4000 In Multi-Week High, Mark Cuban Sees Strong Upside

This is for the first time in the last six weeks that the ETH price has crossed $3,800 levels. After consolidating for a while at around $3,300, Ethereum (ETH) is now making a move to $4000 and above.  The world‘s second-largest cryptocurrency continues to gain strength when we look at its on-chain fundamentals. The total ETH supply on the exchanges continues to remain on a decline. There’s a massive outflow of ETH from centralized exchanges and into the cold wallets. Furthermore, the total number of ETH in the Ethereum 2.0 deposit contracts has crossed 8 million.  Mark Cuban: Ethereum has the “Most Upside”  Speaking to CNBC on Wednesday, October 13, Mark Cuban said that hes more bullish on the future of Ethereum. When asked which cryptocurrency he would suggest to beginners in the crypto space, Cuban named Ethereum (ETH). “As an investment, I think ethereum has the most upside,” he added.  Cuban further added that Ethereum is closest to a “true currency” and wished that he had bought more of it earlier. The Ethereum ecosystem has witnessed stellar growth amid the strong demand for decentralized finance (DeFi) and NFTs this year.  Recently, speaking to CNBC, real-estate billionaire Barry Sternlicht also showered praises for Ethereu, He

2021-10-15Deep Dive

Here’s Why Current Gold Rise May Be Bad for Bitcoin, According to Peter Schiff

Head of SchiffGold fund and CEO of Euro Pacific Capital, vocal Bitcoin hater Peter Schiff, has taken to Twitter to share that the current rise of the gold price is bad news for Bitcoin.  “Rising gold is bad news for Bitcoin”  Schiffs son Spencer, who is a Bitcoiner unlike his father, stated that the precious metal has added merely 2%, but that did not convince his crypto-skeptical father.  Schiff tweeted that gold has finally taken off after worse than expected data on inflation had been released. Bad news on inflation is good news for gold, he stated, adding that this rally is likely to be sustainable and has a long way to go.  The gold bug also claimed that golds rise is bad news for Bitcoin since, if real gold is going up, then “theres no need for a cheap imitation.”  “SHIB has as little value as Bitcoin”  Last week, Peter Schiff also tweeted about the current hot trend in crypto—the Shiba Inu (SHIB) meme cryptocurrency.  In the comment thread under the tweet where he accused the CEO of MicroStrategy, Michael Saylor, of pumping Bitcoin, Schiff also mentioned SHIB.  According to him, SHIB is as worthless as the flagship cryptocurrency.  For more blockchain news, please download WikiBit - the

2021-10-15Deep Dive

Stablecoins’ Primacy Drives Rules Campaign, Treasury’s Liang Says

Treasury Undersecretary for Domestic Finance Nellie Liang said U.S. financial regulators have focused on stablecoins because of the central role theyve begun playing in the world of cryptocurrencies.  “We believe theyre kind of foundational to crypto and future crypto services,” Liang said Thursday during a virtual event sponsored by the Institute of International Finance.  “They‘re being used mostly for crypto trading currently. They also have the potential and have started to be used for payments -- and may be widely used for payments, and that raises a whole set of issues that the President’s Working Group wanted to focus on,” she said.  The PWG is a group of regulators led by the Treasury that includes the heads of several federal agencies. Its aiming to issue a report on stablecoins, which are tied to the value of a sovereign currency, by the end of the month.  The PWGs efforts will focus on four areas, Liang said:  Consumer and investor protection  Regulation to prevent financial crimes  Regulations to protect the integrity of the payments system  Protecting the stability of the overall financial system  Liang said the group would issue a report “in a few weeks.”  For more blockchain news, please download WikiBit- the Global Blockchain Regulatory Inquiry APP.

2021-10-15Deep Dive

Blockchain, the Internet of Things and meat: How a summer road trip led to a fellowship

When envisioning where and how someone comes up with an academic proposal worthy of a fellowship, driving through Wyoming in a Mazda is probably not high on anyone‘s list of scenarios. And surely, upon hearing the terms “blockchain” and “Internet of Things,” the first word that comes to mind probably isn’t “meat.”  However, two business students and an environmental engineering major would say it all fits perfectly, and could also make a huge impact on how people buy their meat. Which is why it earned the trio the Undergraduate Sustainability Challenge Fellowship from the USC Center for Sustainability Solutions.  “I frame it as were solving the trust issue in the meat supply chain,” said sophomore Simon Callaghan.  For the project, since Blockchain is essentially a growing list of records — called blocks — that are linked together, the thought is to use that to trace where meat comes from and protect the trust between farmers and consumers.  The Internet of Things will be used to automate the process by checking off when certain requirements have been met.  “Ideally, you‘d have a QR code on a sticker to put on the meat at the end, and then people at the grocery store will be able to

2021-10-15Deep Dive

THE U.S. GOVERNMENT DOES NOT RESPECT AUTONOMY. BITCOIN DOES.

The government that brought you $28 TRILLION in debt that they are unable to pay back without a perpetual raising of the debt “ceiling” and forced confiscation of wealth via taxation and other means is here to tell you that “Yes, yes, yes, yes, yes you will need to submit to us invading your privacy to ensure the IRS knows about every single transaction over $600 you ever make.”  The mounting debt may be no fault of your own. It is likely the product of a run away bureaucracy drunk with power, greed, and an inability to do anything with any semblance of efficiency, but that does not matter. You must suffer. After all, this is YOUR government. You voted for the imbeciles making the decisions. Therefore, you should be liable for the consequences of their decisions. Deal with it, peasant.  Disregard the fact that the decrepit old bag screeching “yes, yes, yes, yes, yes” in your face as if it is an appropriate explanation to a valid question about government overreach has abused her position and the information it affords her (husband) to front run markets. YOU are in the wrong. YOU are guilty until proven innocent. Until the IRS takes

2021-10-15Deep Dive

Dogecoin co-founder Billy Markus pushes for DOGE nodes to do their part

Recently, Billy Markus has begun actively promoting nodes on Dogecoin. The project‘s co-founder jokingly said, “if you don’t run a dogecoin node, you are satan,” while distributing material on how to set one up.  Markus also posted a tweetstorm recommending existing nodes update to the latest version, 1.14.4, so that more users (in the future) can benefit from lower transaction fees.  I wanted to write something slightly more nuanced about Dogecoin Nodes, so bear with me.  Nodes are important. They keep the network moving, validate transactions, and keep the blockchain up to date. Its good to update to 1.14.4 which will allow for lower transaction fees.  Certain sections of the Dogecoin community are pushing $DOGE as a payment method. Last month, Dogefather Elon Musk said low fees are “super important” to make buying movie tickets feasible.  With rising competition, especially from Shiba Inu, which has been on a tear since the start of this month, its clear that Dogecoin needs to re-establish its dominance over the meme coin space.  And with payments seeming like the path forward, lower fees are perhaps a way to achieve that.Dogecoin Core 1.14.4  The Dogecoin 1.14.4 core update was released in late August to fix minor bugs and improve performance. A critical

2021-10-15Deep Dive

Half of unique active crypto wallets played a blockchain game in Q3

The number of crypto wallets participating in blockchain games has surged in recent months according to new research.  According to DappRadar‘s Q3 ’Blockchain Game Report‘, unique active wallets connected to gaming decentralized applications reached a total of 754,000 for the period. This represents almost half of the industry’s activity with the blockchain industry registering 1.54 million daily unique active wallets on average over the three-month period.  The unique active wallet metric refers to unique addresses that interact with a given smart contract, so it does not necessarily translate to daily active users.  The increase in gaming activity has been largely driven by the play-to-earn movement and in-game nonfungible tokens. These in-game NFT collectibles generated $2.32 billion in sales during Q3, the research stated, adding that this represents 22% of the total NFT trading volume for the period:“In the midst of all the euphoria around Ethereum collections like CryptoPunks and Bored Ape Yacht Club (BAYC), the role that NFT in-game items played, may be overlooked.”  Around $10.67 billion in trading volume was recorded for the NFT space from July to September, an increase of just over 700% from the previous quarter.  The Axie Infinity metaverse has been one of the major driving forces for blockchain gaming.

2021-10-15Deep Dive
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