Yearn.finance’s YFI governance token has been facing a relentless selloff throughout the past few days and weeks, with its bulls unable…
Yearn.finance’s YFI governance token has been facing a relentless selloff throughout the past few days and weeks, with its bulls unable to garner any momentum.
There are many reasons why it has been struck so hard despite bullishness seen by Bitcoin and the rest of the crypto market, but this latest selloff has come about simply due to weakness seen by the entire market.
One analyst is now noting that the cryptocurrency is rapidly approaching a dangerous price region, with support seen throughout the lower-$12,000 region being vital.
If it breaks below here, YFI could see a rapid selloff that forces its price to decline below $10,000, which would be a grave technical development that could strike a lethal blow to its mid-term outlook.
The analyst is calling the sub-$12,000 region a “death zone” for the cryptocurrency.
With Bitcoin showing immense signs of weakness, there’s a decent possibility that a decline beneath this level is imminent in the near-term.
Yearn.finance’s YFI Token Struggles as Selling Pressure Mounts
At the time of writing, Yearn.finance’s YFI governance token is trading down over 4% at its current price of $12,900. This is one of the lowest prices the cryptocurrency has seen in the time since it set its $45,000 peak a couple of months ago.
There have been multiple factors contributing to this weakness, including the DeFi downturn, less value being captured by the YFI token due to decreased yields on Curve, and a fragmented community.
These factors’ confluence has put immense pressure on the cryptocurrency’s price, and there’s no end in sight to its downturn.
Even Bitcoin’s recent uptrend did little to create a tailwind for altcoins like Yearn.finance’s YFI.
Trader: YFI Is Nearing a “Death Zone”
While sharing his thoughts on YFI’s near-term trend, one analyst explained that he believes the cryptocurrency is entering a “death zone.”
The pseudonymous trader, known for making massive Bitcoin trades on BitMEX, further stated that he sees no reason to be bullish on the cryptocurrency in the short-term.
“It took a while but looks like YFI is finally approaching the sub 12k death zone. Expect deep panic selling below 10k. Yields continue to stagnate and drop, don’t see any reason to be bullish short to mid term.”
The coming few days should shine a light on its mid-term outlook, as its response to the lower-$12,000 region will offer serious insights into its technical strength.
Featured image from Unsplash.
Charts from TradingView.
Bitcoin recently exploded above $13,000 and came dollars way from setting a higher high and confirming a new uptrend. Altcoins, however,…
Bitcoin recently exploded above $13,000 and came dollars way from setting a higher high and confirming a new uptrend. Altcoins, however, haven’t responded as well, and one cryptocurrency capital manager has a theory as to why.
Su Zhu believes that because most altcoins haven’t delivered on the promises from three years ago, that when Bitcoin breaks out into a new bull market, newcomers and investors from the last cycle won’t be so easily duped again.
Su Zhu: Crypto Newcomers Won’t Fall For Altcoin “Failed Promises”
During the 2017 crypto bubble, Bitcoin rising to over $20,000 caused widespread retail investor FOMO. Because by that time the top cryptocurrency was trading well above $10,000, smaller time investors wanting to own a full coin or find the next Bitcoin turned to altcoins like Ethereum, XRP, Litecoin, and more.
The illiquid and low market cap assets began to explode in valuations as money poured in without a second thought about what it was and if it had value. What it did have, was promise.
More and more promise also poured into the market to catch the wave of money coming in, and an explosion of ICOs created thousands of more crypto projects.
Most coins, ultimately dropped 99% or more when the bubble popped, with only altcoins with a shred of promise hanging on to some of their gains.
The top projects mentioned above retained their value well compared to coins lower down the list, which were decimated during the bear market. Many of them, many never trade near all-time high levels again.
Crypto capital manager, Su Zhu, a veteran in the industry, claims that newcomers won’t fall for the same act again.
ppl who expect dominance (flawed a metric as it is) to get anywhere near 2017 lows forget that pretty much everything nonBTC has now exhibited 3yrs of failed promises and anti-lindyness
this fact will not be lost on newcomers when they contemplate what to buy
DeFi Could Prove That Dumb Money Will Fall For The Same Tricks Next Cycle
Too many crypto projects are now defunct, have exit scammed, or are too worthless for investors to even consider if another bull market begins. Newer coins, as DeFi has shown, will always be the most attractive in a speculative assets class.
Negative sentiment surrounding XRP or Litecoin, for example, have kept them underperforming Bitcoin and Ethereum, while Chainlink has exploded into the top ten.
Chainlink, however, is an example that not all new projects are empty promises, and the DeFi trend itself could prove Zhu’s theory incorrect.
While a full bull run isn’t here, uneducated investors will likely once again buy up the excrement left behind, as they just were while DeFi was at its hottest. Food-named coins fresh out of the oven surged, then in a flash left late investors burned.
The scenario sounds all too familiar and could suggest that when there’s a bull market in a speculative asset class, there’s no stopping dumb and money from being departed.
Featured image from Deposit Photos, Charts from TradingView.com
XRP’s price action has been similar to how it has been for the past couple of years, with it consolidating in…
XRP’s price action has been similar to how it has been for the past couple of years, with it consolidating in the mid-$0.20 region while being wholly unable to garner any type of sustainable trend.
This consolidation phase has come about despite the strength seen by Bitcoin and the rest of the crypto market.
Much of the cryptocurrency’s lackluster price action can be pinned on its lack of utility and waning community momentum.
Although XRP had built one of the strongest communities on social media throughout 2017 and 2018, reports of Ripple’s incessant quarterly token dumps, coupled with its lackluster price action, has caused this to disintegrate.
Despite this being an underlying weakness, one analyst still believes that the cryptocurrency could be just a week or two away from starting its next bull run.
He notes that it is rounding off a bottom formation on its weekly chart and could soon break above its 2017 resistance – which ended up being XRP’s 2018 support.
Bitcoin is currently attempting to break above $13,200, which is a key resistance level that has been slowing its ascent for the past week.
Although a break above this level would be bullish for the aggregated market, altcoins like XRP and even Ethereum have been struggling to see any strong momentum as of late.
At the time of writing, XRP is trading down just under 2% at its current price of $0.25. This is around where it has been trading for the past few weeks.
Its key resistance sits between $0.30 and $0.32, although it may also face some selling pressure if it can push up towards $0.28.
Analyst: The Embattled Token May Only Be a Couple Weeks Away from a Bull Market
Despite its lackluster price action seen as of late, one analyst does believe that a serious bull run could be right around the corner.
He notes that this rally will start once the cryptocurrency can break above the $0.30 to $0.33 region.
“XRP: It’s bull run starts above .30-.33c. 17′ resistance. 18′ support. Rounding off on the weekly. Just not quite there yet though. Maybe in a week or two it can close above BTC allowing. But for now it’s lagging,” he said.
Where the asset trends next will likely depend on the aggregated market. If Bitcoin and Ethereum can continue pushing higher and create a tailwind, it could also lift assets like XRP.
Featured image from Unsplash.
Charts from TradingView.
Bitcoin price is only a mere few hundred dollars away from setting a higher high and confirming a new bull market….
Bitcoin price is only a mere few hundred dollars away from setting a higher high and confirming a new bull market. Coinciding with what appears to be a breakout ready to happen, whale-sized wallets holding more than 1000 BTC have surged to the highest level in the asset’s history.
Is this it – is the next cryptocurrency bull market based on Bitcoin’s block reward halving as the stock-to-flow model predicts, finally here?
Big Buyers Prepare For Crypto Bull Run By Accumulating Bitcoin
Bitcoin has been bullish all throughout 2020, even becoming the best performing mainstream asset beating out gold, stocks, and more. The leading cryptocurrency by market cap started off the year bullish, leading into the block reward halving in May.
But before the day arrived, the pandemic struck and the stock market selloff on Black Thursday caused Bitcoin’s uptrend to collapse.
The cryptocurrency and stocks have been on a tear since, with Bitcoin only recently decoupling due to network effect and adoption metrics rising.
For example, non-zero BTC wallets and active wallets have recently reached new highs, and now, even whale-sized wallets holding 1000 BTC or more have spiked to the highest levels ever.
Whale-Sized Wallets With 1000 BTC Or More Reach New Highs, Is Price Next?
According to data, BTC addresses with a balance of 1000 BTC or more have grown to the highest level ever. These whales hold enough Bitcoin, that if the cryptocurrency ever reaches prices of $1 million per BTC as predictions reach, they’d have $100 million USD worth of the cryptocurrency.
And that could be precisely the reason for the number increasing. With the expectation that Bitcoin’s valuation could rise to such levels, whales are preparing for the long haul. At current prices, that sized wallet worth of BTC would be valued at over $13 million today.
Bitcoin closes in on setting a higher high for the first time since 2017 | Source: BTCUSD on TradingView.com
Another theory for the increase in 1000+ BTC wallets could be more corporations following suit suddenly, and buying BTC on OTC markets to hedge against inflation and the dying buying power of the dollar.
The pandemic and resulting stimulus money has wreaked havoc on the monetary supply and caused a rapid imbalance further against the scarce supply of just 21 million BTC.
Currently, just 23 companies alone hold over 786,000 BTC or more than 3% of the total supply. The more 1000 BTC whale-sized wallets there are, the even less Bitcoin there will be to go around for small fish investors.
Featured image from Deposit Photos, Chart from TradingView.com, Arcane Research, and Glassnode
Bitcoin, जिसे अक्सर एक क्रिप्टोकरेंसी, एक आभासी मुद्रा या एक डिजिटल मुद्रा के रूप में वर्णित किया जाता है – एक प्रकार का धन है जो पूरी तरह से आभासी है। यह नकदी के एक ऑनलाइन संस्करण की तरह है। इसका उपयोग उत्पादों और सेवाओं को खरीदने के लिए किया जा सकता है।
प्रत्येक Bitcoin मूल रूप से एक कंप्यूटर फ़ाइल है जिसे स्मार्टफोन या कंप्यूटर पर ‘डिजिटल वॉलेट’ ऐप में संग्रहीत किया जाता है। लोग आपके डिजिटल वॉलेट में bitcoin (या एक का हिस्सा) भेज सकते हैं, और आप अन्य लोगों को बिटकॉइन भेज सकते हैं।
हर एक लेन-देन को एक सार्वजनिक सूची में दर्ज किया जाता है जिसे ब्लॉकचेन कहा जाता है। यह bitcoin के इतिहास का पता लगाने के लिए संभव बनाता है कि लोगों को उन सिक्कों को खर्च करने से रोकने के लिए जो उनके पास नहीं हैं, उन्हें प्रतियां बनाने या लेनदेन को पूर्ववत करने से रोकें।
बिटकॉइन माइनिंग वह प्रक्रिया है जिसके द्वारा बिटकॉइन प्रचलन में जारी किए जाते हैं। आम तौर पर, खनन को नए ब्लॉक की खोज के लिए कम्प्यूटेशनल रूप से कठिन पहेली को हल करने की आवश्यकता होती है, जिसे ब्लॉकचेन में जोड़ा जाता है। ब्लॉकचेन में योगदान देने में, खनन नेटवर्क में लेनदेन रिकॉर्ड जोड़ता है और सत्यापित करता है। ब्लॉकचेन में ब्लॉक जोड़ने के लिए, खनिकों को कुछ बिटकॉइन के रूप में इनाम मिलता है; इनाम हर 210,000 ब्लॉकों को आधा किया जाता है।
कोई भौतिक बिटकॉइन नहीं हैं, केवल एक सार्वजनिक बहीखाता पर रखी गई शेष राशि जो सभी के लिए पारदर्शी पहुंच है, वह – सभी बिटकॉइन लेनदेन के साथ – कंप्यूटिंग शक्ति की एक विशाल मात्रा द्वारा सत्यापित है। बिटकॉइन किसी भी बैंक या सरकारों द्वारा जारी या समर्थित नहीं हैं, और न ही व्यक्तिगत बिटकॉइन कमोडिटी के रूप में मूल्यवान हैं। इसके बावजूद यह कानूनी निविदा नहीं है, bitcoin लोकप्रियता में उच्च हैं, और सैकड़ों अन्य आभासी मुद्राओं के लॉन्च को ट्रिगर किया है जिन्हें सामूहिक रूप से Altcoins के रूप में जाना जाता है।
Bitcoin का इतिहास
बिटकॉइन के अग्रदूत हैं: एडम बैक के Hashcash जिसका आविष्कार 1997 में हुआ था, और बाद में वी दाई के B-money, निक स्जाबो के bit gold और हैल फनी के Reusable Proof of Work।
अगस्त 18, 2008: डोमेन नाम bitcoin.org पंजीकृत किया गया था। आज, यह डोमेन “WhoisGuard संरक्षित” है, जिसका अर्थ है कि जिसने इसे पंजीकृत किया है उसकी पहचान सार्वजनिक जानकारी नहीं है।
31 अक्टूबर, 2008: Satoshi Nakamoto नाम का उपयोग करने वाले एक व्यक्ति या समूह ने metzdowd.com पर द क्रिप्टोग्राफी मेलिंग सूची में एक घोषणा की: “मैं एक नए इलेक्ट्रॉनिक कैश सिस्टम पर काम कर रहा हूं जो पूरी तरह से बिना भरोसे के सहकर्मी से सहकर्मी है तृतीय पक्ष।”
3 जनवरी, 2009: पहला बिटकॉइन ब्लॉक खनन किया गया था। ब्लॉक ओ को “जेनेसिस ब्लॉक” के रूप में भी जाना जाता है।
8 जनवरी, 2009: बिटकॉइन सॉफ़्टवेयर के पहले संस्करण की घोषणा क्रिप्टोग्राफी मेलिंग सूची में की गई थी।
9 जनवरी, 2009: ब्लॉक 1 का खनन किया गया, और बिटकॉइन खनन बयाना में शुरू हुआ।
Bitcoin की विशेषताएँ
विकेन्द्रीकृत इसे इस तरह से डिज़ाइन किया गया है कि हर व्यक्ति, व्यवसाय, साथ ही साथ खनन और लेनदेन सत्यापन में शामिल प्रत्येक मशीन एक विशाल नेटवर्क का हिस्सा बन जाए। इसके अलावा, यहां तक कि अगर नेटवर्क का कुछ हिस्सा नीचे चला जाता है, तो पैसे चलते रहेंगे।
गुमनाम इन दिनों बैंक अपने ग्राहकों के बारे में लगभग सब कुछ जानते हैं। यह सभी बिटकॉइन में बहुत अलग है, क्योंकि वॉलेट किसी भी व्यक्तिगत रूप से पहचान करने वाली जानकारी से जुड़ा नहीं है। हालांकि कुछ लोग चाहते हैं कि उनके वित्त को किसी भी प्रकार के प्राधिकरण द्वारा नियंत्रित और ट्रैक किया जाए, दूसरों का तर्क हो सकता है कि इस गुमनामी में ड्रग व्यापार, आतंकवाद और अन्य अवैध और खतरनाक गतिविधियां होंगी।
पारदर्शक बिटकॉइन की गुमनामी केवल रिश्तेदार है, क्योंकि हर एक बीटीसी लेनदेन जो कभी हुआ था, ब्लॉकचेन में संग्रहीत होता है। सिद्धांत रूप में, यदि आपका बटुआ पता सार्वजनिक रूप से उपयोग किया गया था, तो कोई भी यह बता सकता है कि ब्लॉकचेन बर्नर का सावधानीपूर्वक अध्ययन करके इसमें कितना पैसा है। हालांकि, किसी व्यक्ति को किसी विशेष बिटकॉइन पते का पता लगाना अभी भी लगभग असंभव है जो लोग अपने लेनदेन के साथ गुमनाम रहना चाहते हैं, वे रडार के नीचे रहने के लिए उपाय कर सकते हैं। कुछ प्रकार के बटुए हैं जो अपारदर्शिता और सुरक्षा को प्राथमिकता देते हैं, लेकिन सबसे सरल उपाय कई पते का उपयोग करना होगा और एक ही बटुए में बड़े पैमाने पर धन हस्तांतरण नहीं करना होगा।
तेज बिटकॉइन नेटवर्क लगभग तुरंत भुगतान की प्रक्रिया करता है। आम तौर पर दुनिया के किसी कोने में किसी व्यक्ति को धन प्राप्त करने में बस कुछ ही मिनट लगते हैं, जबकि सामान्य बैंक हस्तांतरण में कई दिन लग सकते हैं।
Non-repudiable एक बार जब बिटकॉइन किसी को हस्तांतरित कर दिए जाते हैं, तो उन्हें वापस लाने का कोई तरीका नहीं होता है, जब तक कि प्राप्तकर्ता उन्हें वापस नहीं भेजना चाहेगा। यह भुगतान के रिसेप्शन को सुनिश्चित करता है, जिसका अर्थ है कि जो कोई भी व्यक्ति के साथ व्यापार कर रहा है, वह यह दावा करके घोटाला नहीं कर सकता कि उन्हें कभी पैसा नहीं मिला।
बिटकॉइन के साथ क्या खरीदा जा सकता है?
आप वस्तुतः सब कुछ खरीद सकते हैं। उदाहरण के लिए, Microsoft और Dell जैसी विशाल कंपनियां अपने उत्पादों और डिजिटल सामग्री के लिए BTC में भुगतान स्वीकार करती हैं। आप AirBaltic और Air Lithuania जैसी एयरलाइंस के साथ उड़ान भर सकते हैं, UK के थिएटर टिकट डायरेक्ट और इतने पर थिएटर टिकट खरीद सकते हैं।
अन्य विकल्पों में होटल के लिए भुगतान करना और संपत्ति खरीदना, विभिन्न बार और रेस्तरां में बिल उठाना, उपहार कार्ड खरीदना और अच्छे कारण के लिए दान करना शामिल हैं। हर दिन अधिक से अधिक व्यवसाय – छोटी स्थानीय कॉफी की दुकानों से लेकर उद्योग के दिग्गजों तक – बीटीसी में भुगतान स्वीकार कर रहे हैं। इसके अलावा, विनिमय दर में लगातार उतार-चढ़ाव के कारण, बिटकॉइन निवेश के लिए एक प्रमुख अवसर बन गया है।
Bitcoin खरीदना
Bitcoins प्राप्त करने का सबसे सरल तरीका उन्हें खरीदना है। बिटकॉइन विभिन्न एक्सचेंजों से उपलब्ध हैं, लेकिन आप उन्हें सीधे बाजार के माध्यम से अन्य लोगों से भी खरीद सकते हैं। उन्हें नकद, क्रेडिट और डेबिट कार्ड हस्तांतरण या अन्य क्रिप्टोकरेंसी के साथ भुगतान किया जा सकता है।
भारत में बिटकॉइन आसानी से खरीदे जा सकते हैं। BuyUcoin जैसे विभिन्न एक्सचेंज परेशानी मुक्त लेनदेन को सक्षम करते हैं। आपको सबसे पहले BuyUcoin वेबसाइट पर एक खाता बनाना होगा-
Chainlink is the best performing crypto asset of the top ten cryptocurrencies by market cap in 2020, and the years prior…
Chainlink is the best performing crypto asset of the top ten cryptocurrencies by market cap in 2020, and the years prior since it first came into existence. And although the peak in 2020 could very well be in for now, and a massive rejection just occurred at a pivotal mathematical level, a bullish chart pattern forming would have a target of roughly $32 per LINK if it breaks to the upside.
LINKUSD Rejected At 0.618 Fibonacci Retracement Level, Triangle Forms
After Chainlink charged headfirst into $20, the asset’s current peak, it’s been reeling since. Bitcoin set a new higher high for 2020, but the once-unstoppable cryptocurrency altcoin Chainlink has been much weaker by comparison.
A nearly 60% plunge from $20 to just $8 was bought up fiercely from crypto investors hoping for a second wind or for a long-term hold. Those that did so, are still well in profit after LINKUSD surged from $8 to $13 at the peak.
Chainlink rejected at 0.618 Fibonacci retracement level | Source: LINKUSDT on TradingView.com
A strong rejection at the 0.618 Fibonacci retracement level, however, could send the altcoin tumbling further.
Fibonacci retracement tools are used to find potential support and resistance areas, which can act as reversal points. When an asset’s price touches the order block acting as resistance, a rejection sends the asset back to retest lower.
That’s exactly what is happening on the LINKUSD trading pair. The latest rejection might have revealed a downtrend line – validated with three separate touches – that is converging tightly with a lower trendline that sent Chainlink parabolic in mid-2020. The converging trendlines have formed what appears to be a symmetrical triangle– a bullish continuation pattern.
Fibonacci Extension Target Could Send Chainlink Flying To $32
Symmetrical triangles are typically bullish continuation patterns, signaling upside ahead. However, they can break down with severity.
Using the measure rule, taking the width of the symmetrical triangle that’s formed and applying it to an estimated breakout point, would indicate a rise of over 150% to as high as $32 per LINK.
The target of the geometrical shape also coincides with yet another mathematical solution: the 1.618 Fibonacci extension level.
Triangle target would line up with 1.618 Fibonacci extension | Source: LINKUSDT on TradingView.com
Fibonacci levels are ratios of an asset’s price based on a sequence of numbers where each are the sum of the previous two numbers. For example, 3, is the sum of 1 and 2.
These ratios are found all over the world and in nature. The 0.5 and 0.618 Fibonacci levels are especially important for trading, as this is a level where if an asset’s price passes through it, a recovery and new highs are likely, while a rejection from the level could mean new lows.
If Chainlink can get back above the 0.618 level, it could head for the 1.618 extension next.
Featured image from Deposit Photos, Chart from TradingView.com
