Here’s Why 100 SMA Could Trigger Fresh Surge

Bitcoin is currently consolidating in a range above the $10,700 support against the US Dollar. BTC is likely to start a fresh surge as long as it is above the 100 hourly SMA. Bitcoin is trading in a contracting range above the key $10,700 support zone. The price seems to be facing a couple of key hurdles near the $11,200 and $11,250 levels. There is a major contracting triangle forming with resistance near $11,240 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must stay…

Russian Interest in Paxful’s P2P Platform Surges 350%

Data from Bitcoin (BTC) marketplace Paxful shows a huge surge of interest in cryptocurrency peer-to-peer trading in Russia, with 350% growth on a year-over-year (YoY) basis. According to the study, from the period of May 2019 to May 2020, Paxful is now seeing an average monthly trading volume of $4M in Russia. The company says that this number “exceeds expectations,” together with the YoY usage increase figures. The last three-months saw a 42% increase, with May recording the best monthly performance amid the COVID-19 pandemic. The virus is one of…

William Shatner’s NFT Collectibles Sell Out at Warp Speed

Digital collectibles featuring personal memorabilia from the actor best known as Captain Kirk of the USS Enterprise have sold out in just minutes. Non-fungible token (NFT) trading cards featuring images from William Shatner’s personal life and career, from the 1930s to today, sold out in nine minutes according to WAX. The online marketplace for virtual items offered 10,000 “packs” for sale, featuring roughly 125,000 digital collectibles in total. Collectors can now buy, sell, and trade the cards amongst themselves. Some of the scenes included Shatner’s headshots and characters from his…

Is the Growing Correlation Between Bitcoin and Gold a Bullish Sign?

As Bitcoin (BTC) rallied to its 2020 high of $11,392 this week, its correlation with gold increased and at the moment, BTC’s monthly correlation with gold on daily returns sits at 0.66, according to data from CryptoCompare.  The correlation started to increase as gold broke through $1,900, nearing a new high before pulling back alongside Bitcoin.  The increase in correlation represents a trend shift as the relationship between the two had previously been falling according to data from Kraken exchange’s research team. BTC monthly correlation on daily returns. Source: CryptoCompare…

This Fractal Suggests XRP is on the Cusp of Seeing a Parabolic Rally

XRP was able to incur some decent momentum earlier this week that sent it into the mid-$0.25 region. Despite climbing from its recent sub-$0.20 lows, the cryptocurrency’s uptrend is still underwhelming compared to those seen by Bitcoin, Ethereum, and many of its other peers. The lack of enthusiasm surrounding the embattled token is quite significant at the moment, and it is now struggling to surmount the heavy resistance it faces at $0.25. Bulls did try to shatter this level yesterday, but their attempt failed and resulted in a somewhat firm…

The Future of Crypto Mining is All About Computing Power, Says RRMine Global CEO

RRMine Global CEO, Steve Tsou, said at a Cointelegraph China Great Bay Area International Blockchain Week pre-event interview on July 29 that the future of crypto mining will transit from labor-intensive companies to technology-intensive and capital-intensive companies. It will be all about computing power. Computer power and the digital economy With the rapid development of new generation information technologies such as 5G, big data and cloud computing, the demand for computing power will likely increase. Tsou believes that a computing power revolution is imperative. He continued:  “Therefore, as a new…

This Coin’s Supply Goes Down as the Price Rises

Ampleforth (AMPL) is a cryptocurrency built with an elastic supply that expands and contracts depending on demand. According to its co-founder Evan Kuo, the team was trying to learn from the failures of the gold standard and Bitcoin (BTC) to create a more flexible monetary system. Investors hoard Bitcoin & gold Although many in the crypto space perceive the finite inelastic supply of Bitcoin and gold as a major advantage over fiat, Kuo disagrees: “The only problem with gold arises when you start to use it as a base money…

How the Ethereum-Based Ampleforth’s 50% Crash Shows DeFi Investing Risks

The DeFi craze may have finally gone too far, leading investors into disaster as some top industry analysts had forewarned. Ampleforth, an altcoin that recently flash pumped by over 700,000%, just collapsed by over 70% wiping out investor’s gains and then some. The fast rise followed by an abrupt crash underscores the potential downside risk of decentralized finance, now that the upside as officially ended. Decentralized Finance Enters Drawdown Phase Following Bitcoin and Ethereum Rally At the start of 2020, skyrocketing interest in decentralized finance caused Ethereum to close seven…

Ethereum Could Soon Get “Launched” Past $400 as Technical Strength Grows

Ethereum’s price action has been closely correlated to that of Bitcoin throughout the past few days. This has caused ETH to enter a consolidation phase as it trades just below $320. Although its slight decline seen overnight has led it to flash some signs of weakness, its macro outlook still remains incredibly bright. Analysts are noting that the cryptocurrency is about to close above a historically significant level, which may open the gates for a move up towards $400 in the near-term. While zooming out and looking at the cryptocurrency’s…

Binance Confirms Crypto Debit Cards Shipping to Europe

Binance has confirmed the shipping of its crypto debit cards to Europe following a tweet from Binance CEO Changpeng Zhao, or CZ, several days ago. “We began shipping a limited quantity of Binance Cards on July 24,” a Binance representative told Cointelegraph in a July 27 email. “The cards are being shipped to users in European Economic Area,” the representative added.   CZ posted on social media about the card shipments CZ tweeted the news out in an unofficial capacity on July 25. “This started shipping in limited quantities as…