DeFi Token LEND Breaks Parabola Support; More Losses Ahead?

LEND, the native token of non-custodial lending platform Aave, fell almost 40 percent from its year-to-date top of $0.384. The plunge followed a steep 2,000 price rise that occurred amid a hype-oriented boom in the decentralized finance sector. Technical indicators, coupled with a rally in proof-of-work tokens, now suggest that the LEND downtrend may continue. Aave’s LEND token surged by more than 2,000 percent in 2020. But its rally is appearing to come to an end. After topping at near $0.384 earlier in July, the LEND/USD exchange rate corrected lower…

Bitcoin Could Soon Fall to the $7,000s as Price Loses Pivotal Support

Despite volatility in global stock markets, Bitcoin has remained relatively stagnant over recent days. Case in point: FTX’s BVOL token, which tracks volatility, is reaching all-time lows. Further corroborating this, the Bitcoin Bollinger Bands are at lows not seen since November 2018, just days before the 50% crash to the $3,000s. Yet technicals show that the asset may be primed to see a correction to the $7,000s. Related Reading: PSA: There’s A Crypto Scam on Youtube Misappropriating Cardano Content Bearish Ichimoku Cloud Analyses Predict Bitcoin Will Soon Plunge Bitcoin may be…

There’s Heavy On-Chain Support, Even If the Bitcoin Price Falls 10%

It seems that many crypto traders are preparing for an imminent pullback in the price of Bitcoin. The cryptocurrency once again sustained a rejection at $9,500, which quickly deflated the expectations of a bullish breakout. One crypto technician shared the image below on July 9th, showing that there was recently an influx of short positions opening. The funding rate of BitMEX’s Bitcoin market dropped from 0.01% towards 0.00%, suggesting bears were becoming aggressive. Also, the “cumulative longs and shorts delta” went well into the negative. BTC futures positioning data shared…

Bitcoin Hits “Do or Die” Support Following Rejection at $9,500

After expressing some signs of strength throughout the early part of the week, Bitcoin has now faced a grim rejection that sent its price reeling down to a crucial support level. Following an extended bout of trading between $9,000 and $9,300, the benchmark cryptocurrency was able to break out of this trading range this week, subsequently rallying to highs of $9,500. This has been a key resistance while for quite some time now, and BTC’s buyers were unable to surmount it. BTC is now reeling lower and just tapped a…

Bad Day for Stocks Sends Bitcoin Price Below Key $9.3K Support

Today Bitcoin (BTC) price abruptly dropped 2.93% to $9,160 before traders stepped in to push the price back to the $9,200 level. Crypto market weekly price chart. Source: Coin360 The mild correction occurred as the Dow pulled back 370 points and the S&P 500 and Nasdaq also saw small losses. Gold also pulled back 0.92% but still is only $17 away from its recent high at $1,818. BitMEX XBT-USD Liquidations. Source: Skew The drop below $9,200 resulted in $15 million in BitMEX liquidations and at the time of writing the…

Binance Expands Fiat Gateway to Support 15 New National Currencies

Major cryptocurrency exchange Binance has added support for deposits in 15 additional fiat currencies to its platform. According to a July 7 announcement, Binance added support for the United Arab Emirates dirham, Australian dollar, Canadian dollar, Swiss franc, Czech koruna, euro, British pound, Hong Kong dollar, Danish krone, Hungarian forint, Mexican peso, Norwegian krone, New Zealand dollar, Polish złoty and Swedish krona. Binance added the new currencies through a partnership with crypto asset and fiat money institutional custodian Etana Custody. Binance CFO Wei Zhou told Cointelegraph that users can transfer…

Bitcoin Price Consolidating But What Happens if $9K Support Is Lost?

Bitcoin (BTC) has failed to challenge the multi-year resistance of $10,500 since the beginning of June 2020. This extended period of chop will ultimately result in one of two inevitable outcomes.   Either a massive green candle to catch bears off guard or a period of profit-taking that will see the leading digital crypto-asset fall to sub $8K levels in the coming weeks.   But what signs can we look out for to determine which direction the largest cryptocurrency by market capitalization will go?    Daily crypto market performance. Source: Coin360.com The “Weakly”…

Blockchain Service Bison Trails Announces Support for Ethereum 2.0

Blockchain infrastructure-as-a-service company, Bison Trails, has announced support for Ethereum 2.0 — an upgrade that will move the network from its proof-of-work consensus mechanism to proof-of-stake. Bison Trails offers a suite of enterprise products that allow users to interact with the Beacon Chain, stake Ether (ETH), and automatically manage validators, validator clients, and beacon nodes. Importance of adopting Eth2 Joe Lallouz, CEO of Bison Trails told Cointelegraph about the importance of adopting Eth2 within the crypto industry and which benefits could bring like new scalability options for the protocol: “The…

As S&P 500 Flips 3,000 Into Support, Bitcoin’s Bull Case Grows

Despite a worsening pandemic, geopolitical turmoil, and more, Bitcoin and the S&P 500 have fended off secondary declines after March’s liquidity crash. At least for the time being, BTC holds above $9,000 and the leading stock index remains above 3,000 points. Both measures have held their respective levels for more than a month. With the S&P 500 holding strong, Bitcoin also stands to rally. Related Reading: An Infamous Bitcoin Whale Just Resurfaced — and He’s Got a Bone to Pick S&P 500 Secures 3,000, Boosting Bitcoin Bull Case In early…

Bitcoin Dives Below Key Uptrend Support: Here’s Why Bears Are Comfortable

Bitcoin started a major decline after it broke the $9,500 support against the US Dollar. BTC is now trading below $9,000 and it remains at a risk of more losses below $8,800. Bitcoin is gaining bearish momentum below the $9,500 and $9,200 support levels. The price traded as low as $8,813 and it is currently correcting higher. There is a crucial bearish trend line forming with resistance near $9,100 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair could correct higher, but it is likely…