Technicals Suggest Bitcoin Could Correct To $10,700 Before Fresh Increase

Bitcoin is struggling to gain momentum above the $11,200 level against the US Dollar. BTC is currently correcting lower and it could test $10,700 before a fresh increase. Bitcoin is showing signs of a downside correction below the $11,200 level. The price is likely to find a strong buying interest near the $10,700 level. There was a break below a crucial bullish trend line with support near $10,900 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh increase as long as…

Grayscale’s Crypto Funds Grow by $1 Billion in Just 11 Days

Crypto fund manager Grayscale Investments has managed to increase its assets under management by another $1 billion in less than two weeks. According to an update posted to Grayscale’s Twitter account on July 28, the investment firm currently has $5.1 billion in assets under management (AUM). The funds are mostly held in Grayscale’s trusts for Bitcoin (BTC) and Ethereum (ETH), along with the firm’s digital large cap fund. There are smaller allocations in Bitcoin Cash (BCH), Ethereum Classic (ETC), Horizen (ZEN), Litecoin (LTC), Stellar Lumens (XLM), XRP, and Zcash (ZEC) …

Augur Deploys V2 Upgrade, Integrates Features From DeFi

Decentralized predictive betting market platform Augur (REP) has announced the successful deployment of its v2 upgrade. The upgrade is intended to address bugs and vulnerabilities identified with the existing platform and its rules surrounding betting markets, to introduce support for the Dai stablecoin and other popular DeFi protocols, and to institute an affiliate program. On July 29, Augur revealed that its v2 protocol contracts had been deployed on the Ethereum Mainnet and verified on Etherscan. In a statement the project noted that “exchanges, wallet providers, block explorers, and additional services…

DeFi Can Continue to Grow as ‘Useless’ Top 30 Coins Wither

Data published by crypto market analytics firm Messari on July 29 indicates that the collective capitalization of the decentralized finance (DeFi) sector is equal to only 1.5% of the entire crypto capitalization. According to Messari, the collective capitalization of every DeFi project put together is roughly $4.12 billion — less than that of the fifth-ranked crypto asset by market cap, Bitcoin Cash (BCH). Watkins also noted that “literal meme coin” Dogecoin (DOGE) boasts a larger capitalization than every DeFi project with the exception of MakerDAO (MKR). Despite the recent DeFi…

HEX Plasters UK With Ads Boasting of 11,500% Returns

Richard Heart’s controversial HEX token has launched an advertising blitz in the U.K., plastering ads on London public transportation, in newspapers, and during English Premier League soccer games.  As reported by Twitter user Metallic Elmo, scrolling text appeared behind players at the series of soccer matches on July 26.  “HEX price went up 11,500% in 129 days,” the ads stated, directing viewers to visit the ERC-20 token’s website. Four months ago — March 19 — the altcoin was priced at $0.0000359 according to crypto analytics site CoinMarketCap, compared to $0.004394…

“Don’t Get Left Behind”: Bitcoin Forms Signal Seen Before 2017’s 2,000% Rally

It’s been an explosive past few days for the Bitcoin market. Even after a slight correction from the $11,500 highs, the asset remains up nearly 20% in the past seven days alone. Some analysts are still pricing in a correction, arguing that bulls are overextended here. They cite funding rates, which is the fee that long positions pay short positions in perpetual futures markets to normalize market conditions. Funding rates are currently at highs not seen since previous Bitcoin tops. Yet a trader is reminding his followers and Crypto Twitter…

$39M of Bitcoin Stolen in 2016 Bitfinex Hack Is on the Move

Some of the 119,756 Bitcoin that was stolen from crypto exchange Bitfinex in 2016 has started moving again.  According to a series of tweets posted by Whale Alert on July 27-28, wallet addresses known to be associated with one of the largest breaches ever of a crypto exchange moved 3503 Bitcoin (BTC) — worth roughly $38.7 million — over 12 transactions.  The largest individual movement was of 476.32 BTC, or approximately $5.2 million, while the smallest was 2.612703 BTC, or $28,849. Slowly moving billions in crypto To date, the hackers…

The Last Time This Indicator Flashed, Bitcoin Surged to $14k. It Just Flashed Again

Bitcoin’s price has been steady within the lower-$11,000 region, which seems to indicate that it is coiling up to make another push higher in the near-term. Overnight, the benchmark cryptocurrency did face some turbulence when bears pushed it as low as $10,500, but the support here proved to be significant. Analysts are now claiming that the defense of this level was an incredibly positive technical development, as it shows that bulls were able to conduct a textbook support-resistance flip – opening that gates for BTC to see further near-term upside.…

Bulls Control Bitcoin Price Even as Funding Rates Reach Record Highs

Bitcoin (BTC) price finally woke up and surged to a new 2020 high but as the markets surged past $10,000, some traders seem to have opened excessively leveraged long positions.  This effect became more noticeable as the funding rate for perpetual contracts reached the second-highest level this year at 12.4% per month. Funding alone shouldn’t be considered a red flag, especially in short-term periods. The problem lies mostly in contango, also known as futures basis, which has been unusually high in the past couple of days. This indicates that professional…

AMFEIX Threatens Users Who Share Coverage That Criticizes the Company

Last week Cointelegraph published a story about investors having difficulty getting their money back from a crypto fund called AMFEIX, which promised high-yield profits for investors who sent them Bitcoin (BTC). Our story described more than 500 pending withdrawals from users trying to get their money back, and AMFEIX’s unsatisfactory communication with those users. The company addressed its users via its official Telegram channel after the story was published, suggesting that the withdrawal delays were due to technical difficulties that had been an issue since May. It also stated that…