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This Cryptocurrency Is Up 260% and It Seems to Have More Gas in the Tank

Ever since Coinbase Pro revealed that it will be listing OmiseGO on its retail platform, this ERC-20 token has done nothing but shoot up. Since then, its price skyrocketed by more than 260%. OMG went from trading at a low of $0.62 to a new yearly high of $2.27. Even though this cryptocurrency took a 30% nosedive in the past week, on-chain metrics reveal that the bullish momentum behind may not be over yet. is OmiseGo Bound for Another Upswing? Data from Santiment reveals that a bullish divergence appears to be developing between the number of daily active addresses on the OmiseGo network and the 21-day moving average. It is worth considering that the recent levels of volatility could have affected this technical indicator since it reflects the price action. Nonetheless, Santiment maintains that this significant bullish divergence cannot be ignored. “Four straight days over a +0.5 threshold means there is still a serious running average of major daily active addresses that price hasn’t caught up to yet,” said Brian Quinlivan, Marketing and Social Media Director at Santiment. OmiseGO’s Daily Active Addresses vs. 21-day Moving Average. (Source: Santiment) OmiseGo’s NVT adds credence to the bullish outlook. This index takes into consideration the network value and the daily volume of money transmitted through the blockchain. Even after a few weeks since Coinbase announced it was adding support for this altcoin, OMG is “having the healthiest rate of token circulation NVT in its existence,” affirmed Quinlivan. OmiseGO’s NVT Ratio. (Source: Santiment) Massive Supply Barrier Ahead Despite the massive rally OmiseGo has experienced over the past couple of weeks, IntoTheBlock’s “Global In/Out of the Money” model reveals that it still would need to climb over 1,400% to reclaim all-time highs. Out of all addresses holding this cryptocurrency, more than 94% are currently “Out of the Money,” while only 3% are “In the Money. ” These figures may indicate that the investor base behind OMG is not as confident about upwards price action in the future. Global In/Out of the Money. (Source: IntoTheBlock) Looking at the “In/Out of the Money Around Price” (IOMAP) model cohorts shows that for OmiseGo to continue surging, as the aforementioned on-chain metrics suggest, it would have to reclaim the $1.71 level as support. Here, more than 2,100 addresses bought nearly 5 million OMG. As such, the $1.69-$1.74 price level is a massive supply wall and will provide strong resistance if this altcoin were to advance further up. But breaking through it may see prices increase sharply since there are few barriers above it. In/Out of the Money Around Price. (Source: IntoTheBlock) On the flip side, the most significant area of support sits between $1.40 and $1.52. Between these price levels, the IOMAP reveals that over 4,000 addresses purchased 4.7 million OMG. In the event of a correction, this supply wall may be able to prevent a further decline. from CryptoCracken SMFeed https://ift.tt/3gqbwkB via IFTTT

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Investing in the Right Crypto Could Generate 7x Returns in 24 Months

Crypterium (CRPT), the namesake utility token of the award-winning fintech startup, is listed as one of the most valuable assets of the year 2020. The well-known crypto expert and editor of Palm Beach Research Group has listed CRPT alongside four other tokens in the 2020 Phenomenon Playbook. The 2020 Phenomenon Playbook is a special investment report that briefly analyses some of the groundbreaking crypto projects of the day to forecast its valuation and market performance. According to the report, CRPT has the potential to register a 700% gain over two years as the Crypterium project occupies a crucial place in the cryptocurrency ecosystem, making acquiring and spending cryptos as easy as cash. What Makes Crypterium Special? Considered the Emerging 50 Rising Star in Fintech by KPMG and H2 Ventures, Crypterium is founded by Steven Parker, former General Manager at VISA. The platform acts as a bridge between the fiat and crypto ecosystems by enabling its users to purchase crypto with fiat, send crypto to bank accounts, store in wallets and even spend crypto in places that accept fiat using the mobile app and physical cards. Crypterium makes all these possible by leveraging partnerships with leading financial institutions and smart contracts. Fueling all these transactions is the CRPT token, which is the utility token of the entire Crypterium ecosystem. Acknowledging the company’s unique position in the crypto ecosystem, and the considerable YoY progress achieved, Tiwari says, “We think the Crypterium app will go viral, and ultimately, tens of millions of consumers will flock to it to buy, borrow against and spend their crypto winnings.” The value of CRPT is directly correlated to the number of transactions that happen over the Crypterium network. The report puts growth in GDV during the first quarter of 2020 at 400% over last year’s value during the same period. In the next two years, the value is projected to increase 20-fold to $100 million and hit $1 billion in the third year. Even before the report was released, CRPT has been showing signs of growth. On May 8, 2020, the token gained 65% to trade at $0.62, signifying a 376% year-on-year change. With the 2020 Phenomenon Playbook reinforcing the positive sentiment associated with CRPT, the token’s valuation is expected to gain a significant boost in the coming days. If the predictions were to hold true, then CRPT’s value will be at least $1.92 within 24 months. Image: The 2020 Phenomenon Playbook – Teeka Tiwari The other four high value tokens of 2020 are Tierion (TNT), 0x(ZRX), Crypto.com (MCO) and Status Network Token (SNT). The 2020 Phenomenon Playbook also includes Solve.Care (SOLVE), which could potentially revolutionize the healthcare sector as a bonus token. How Does This Affect? In these troubling times of the COVID-19 pandemic, people are desperately looking for investment options that can generate high returns. Most of the traditional investments aren’t good enough as the entire global economy has entered a sustained bear market. However, cryptocurrencies have always been the outliers in the financial ecosystem and some of them can offer a much better return on investment compared to others. The 2020 Phenomenon Playbook provides potential investors with a list of crypto tokens with huge growth potential, and most of these tokens are still valued at a fraction of the price of the current leading cryptocurrencies. The report published especially by someone known for his accurate predictions of financial events, including Ethereum’s meteoric rise, will encourage a lot of people to buy into the next Bitcoin. While the report forecasts the growth over a period of two years, it could inevitably accelerate the process in the present-day situation, and all the favored tokens may register huge short term gains as well. It is up to the investors to decide whether they want to invest in CRPT and other tokens, hodl for two years or more, or make gains over the short-term.   from CryptoCracken SMFeed https://ift.tt/3cBUCx5 via IFTTT

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IDG-Backed Crypto Exchange KuCoin Launches OTC Desk for Enterprises

KuCoin has teamed up with DigitalBits to provide companies simpler access to larger quantities of digital assets. from CryptoCracken SMFeed https://ift.tt/2yl1JdW via IFTTT

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Bitcoin Tanks Under $7,000 After Rallying 100% From Bottom: What’s Next?

After days of consolidation after rallying 100% from the March bottom, Bitcoin tanked under $7,000 just minutes ago, reaching a local low of $6,920 as of the time of this article’s writing. With this downward move, the cryptocurrency is down 6% from Thursday’s peak and down nearly 8% from the highs at $7,470. Bitcoin’s drop comes after stocks have seen an extremely healthy week, with both the S&P 500 and the Dow Jones rallying hard as the coronavirus curve starts to flatten and despite record-level unemployment claims in the U.S. Related Reading: Crypto Tidbits: Bitcoin At $7,000, FATF Regulation, Coinbase Backs Ethereum DeFi The crypto market’s ongoing correction was somewhat to be expected. As reported by NewsBTC previously, the Tom Demark (TD) Sequential on Wednesday printing a sell “9” candle on the charts of Bitcoin, Ethereum, Ethereum Classic, Cardano, Binance Coin, Litecoin, Ontology, OmiseGo, Tron, Stellar, and Tezos. The so-called 9 candles, per the time-based indicator, are often seen at reversal points in markets. Case in point: 9 candles were seen at the $6,400 Bitcoin bottom in December 2019 and at the local $10,500 top in February of this very year. Furthermore, this outlet also observed that the Stochastic indicator, a trend/momentum-based indicator, recently printed a sign that Bitcoin was overbought. A top analyst observed that it has been accurate up to 86% for BTC. What’s Next for Bitcoin? Traders expect Bitcoin to breakdown further if it fails to maintain current levels. Tyler D. Coates, a technical analysis author and a popular Bitcoin trader, remarked that the recent price action has seen BTC “threaten to breakdown a bull trendline” that has held since March’s bottom. The breakdown, Coates wrote, could see the cryptocurrency return to the “mid $5ks.” Coates’ bearish sentiment was echoed by others, like a trader who suggested that Bitcoin’s recent price action is looking so much like the start of the 2018 bear market that it is “uncanny.” Despite the potentially harrowing short-term outlook, many remain optimistic about Bitcoin’s long-term prospects. In the latest edition of  “Crypto Trader Digest,” Arthur Hayes of BitMEX remarked that while Bitcoin has the potential to retest $3,000 yet again if global markets roll over, his year-end price target “remains $20,000,” which is a 180% rally from the current price. As to why he thinks this is the case, he cited that the monetary and fiscal solutions that governments and central banks are enlisting to stave off precision: “Everyone knows the shift is upon us, that is why central bankers and politicians will throw all of their tools at this problem. And I will reiterate, that is inflationary because more fiat money will chase a flat to declining supply of real goods and labour. There are only two things to own during the transition to whatever the new system is and that is gold and bitcoin.” As of the time of this article’s writing, BTC is trading for $6,952 and seems poised to print the lowest one-hour candle since April 6th. Featured Image from Shutterstock from CryptoCracken SMFeed https://ift.tt/2Vf8B4w via IFTTT

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Crypto Recovery Lawyer David Silver Joins Coinfirm’s US Board

The noted attorney will help defrauded investors recover their wrongfully taken cryptocurrencies as a member of Coinfirm's board in the U.S. from CryptoCracken SMFeed https://ift.tt/38BZkvG via IFTTT

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Market Wrap: Bitcoin Hits $16.2K; Uniswap Crosses $3B Locked

Bitcoin’s price is making gains for the second day in a row as investors park more crypto in decentralized exchange Uniswap. from CryptoCracken SMFeed https://ift.tt/3eTYvzl via IFTTT

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DeFi Project Akropolis Drained of $2M in DAI

Decentralized finance platform Akropolis’ yCurve pools have been drained resulting in the loss of $2 million. from CryptoCracken SMFeed https://ift.tt/3nj3TPx via IFTTT

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Trump’s Post-Election Purge Reaches US Cybersecurity Agency

CISA Director Krebs expects to be fired, Reuters reports. Hours earlier, his deputy resigned under pressure. from CryptoCracken SMFeed https://ift.tt/3lsqVmy via IFTTT

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Yearn.finance (YFI) Tests Key Support as Funding Rates Flip Negative

Yearn.finance’s YFI token has been facing some intense selling pressure today as the focus shifts back to Bitcoin.

YFI and other blue-chip DeFi tokens have posted some massive gains throughout the past few days, with the Yearn ecosystem’s token rallying from lows of $7,500 to highs of $18,000 over the course of an hour.

Other tokens followed in its footsteps and saw similar gains, with this revitalizing the aggregated DeFi sector.

Bitcoin’s sideways trading within the $15,000 region that took place concurrently with this upsurge was vital for these tokens to maintain their momentum as investors began shifting their attention away from BTC and towards higher-risk assets.

Today, however, BTC is once again pushing higher, with investors cycling their DeFi profits back into the benchmark cryptocurrency and placing some pressure on these altcoins.

One trader is pointing to the serious support just below Yearn.finance’s current price and negative funding rates as two factors that could suggest that this ongoing selloff will be fleeting.

Yearn.finance’s YFI Token Retraces from Recent Highs 

At the time of writing, Yearn.finance’s YFI token is trading down just under 10% at its current price of $15,600.

This selloff comes close on the heels of the cryptocurrency retesting its $18,000 highs that were set directly after the rally from $7,500. The resistance here proved to be quite significant and contributed to the ongoing downswing.

Bitcoin’s break above $16,000 also appears to be hampering the price action seen by Yearn.finance’s YFI and other tokens, as investors are redirecting their attention back to the benchmark cryptocurrency.

Until BTC stabilizes and enters another consolidation phase, there’s a strong possibility that smaller tokens will continue facing larger inflows of sell-side pressure.

Analyst Eyes YFI Rebound as Funding Flips Negative

While sharing his thoughts on where the cryptocurrency might trend in the near-term, one analyst explained that Yearn.finance’s YFI is seeing funding flip negative despite it entering into a support zone throughout the $15,000 region.

As such, it may soon see a sharp rebound.

“Oh… So YFI is testing support and funding is going negative across the board? Allow me,” he said while pointing to the below chart.

Image Courtesy of Cantering Clark. Source: YFIUSD on TradingView.

Bitcoin’s price action will likely hold significant influence over that of Yearn.finance and other DeFi tokens. If the cryptocurrency stabilizes, then this ongoing DeFi selloff could prove to be short-lived.

Featured image from Unsplash. Charts from TradingView.

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[brettzjacksonblog]

Meet the $10B Asset Manager With a 10,000 BTC Treasury, feat. NYDIG’s Robby Gutmann

One of the (quietly) largest players in the institutional bitcoin space discusses NIDIG, the changing investor landscape and more, in his first-ever podcast interview. from CryptoCracken SMFeed https://ift.tt/36s3Pq8 via IFTTT

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DeFi Project Akropolis Token Pool Drained of $2M in DAI

Decentralized finance platform Akropolis’s yCurve pools have been drained resulting in the loss of $2 million. from CryptoCracken SMFeed https://ift.tt/3nj3TPx via IFTTT

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Ardor and Ignis – Blazing a Trail for User-friendly Multifunctional Blockchain Platforms

With each new mainnet launch, along comes another platform that claims to do everything that its predecessors failed to deliver. This year, Polkadot and Cardano have both been through high-profile launches. However, the reality is that neither one has yet fulfilled its roadmap to achieve what they’ve promised.

Polkadot is still very much in development, still running without decentralized governance and only a partially functioning Relay Chain. Furthermore, launching a parachain on Polkadot is a daunting prospect requiring in-depth knowledge of blockchain development.

Over the summer, Cardano launched staking on its Shelley mainnet, to much fanfare. Nevertheless, the project is years away from full functionality.

Those platforms that have launched in full don’t offer much consolation for the blockchain enthusiast. The majority of transactions on Tezos and EOS have no financial value. Both Tron and Binance Chain perhaps have more activity, but both are under significant control from the firms that back them.

So, for any enterprise or entrepreneur looking to adopt a public blockchain, there are fewer choices than it may first appear. This scenario explains why Ethereum continues to endure. Nevertheless, it’s plagued by scalability woes, and the first phase of Ethereum 2.0 hasn’t even yet been launched. Once it does, the full implementation is another two or three years away.

However, there is some hope. Over the last three years since it launched on mainnet, Ardor has been steadily attracting projects to develop on its multifunctional, multi-chain platform. In that time, Ardor’s operators, Jelurida, have also had the opportunity to build out the features of Ignis, Ardor’s first child chain offering a range of different applications, out of the box.

Ardor and Ignis – Under the Hood

Thanks in part to Ethereum 2.0 and Polkadot, sharding has become one of the hot blockchain buzzwords of 2020. However, sharding simply refers to partitioning a single linear blockchain into multiple chains to allow parallel processing. Ardor was the first platform to implement such a multi-chain architecture and has operated as such since its genesis block in January 2018.

The Ardor parent chain is the backbone of the platform, serving to secure the transactions on the network. Ardor’s child chains handle all operational transactions, running in parallel to ensure high throughput.

Ignis is Ardor’s main child chain. Anyone wanting to implement out-of-the-box blockchain features, like an asset exchange or a marketplace, can do so using Ignis without needing their own child chain. But if a company wants to create customized features or implement more complex applications that interact with one another, they can set up a child chain.

Furthermore, some features of Ignis facilitate customization of other child chains, such as creating individual user account permissions or configuring conditions attached to the use of particular assets. As Ardor’s operator and developer, Jelurida is an experienced blockchain development company that can offer support and consult on the use of any of its services, from the most basic to the most complex.

Established Use Cases of Ignis

Several projects are now making use of Ardor and Ignis, proving that the platform can support multiple use cases. In particular, many innovative projects have found that the ready-made features of Ignis can be applied in various applications using gamification in different contexts.

Cycle4Value

Cycle4Value is a blockchain-based gamification system that aims to use rewards to encourage people to cycle more. The project was trialed in Austria as an initiative for reducing road traffic and boosting public health. However, the project team believes it could be scaled up for global use as required.

Participants can earn tokens simply by getting out on their bikes. They can then redeem their tokens in a dedicated marketplace, perhaps by purchasing discounts on goods or services or by donating them to charities.

Gallery Defender

Gallery Defender is a project designed to explore the use of blockchain in a game-based learning tool. Gallery Defender is an existing game in which a player takes on the role of a museum owner, defending their gallery against a thief. The overall point of the game is to help students learn about different types of art.

The project team integrated features of the Ignis chain into Gallery Defender, using non-fungible tokens for various functions in the game. These include storing information, representing a completion credit in a course, and in-game rewards. The team used a phasing mechanism to ensure that students using the game couldn’t simply trade their course tokens peer-to-peer.

Ardor Rocks

Ardor Rocks demonstrates how easy it is for anyone to build a decentralized application on Ardor, even as a hobby project. Ardor Rocks is a social network that aims to align incentives by rewarding participants in $ROCKS tokens in return for providing content and engagement. $ROCKS tokens can also be used by advertisers to purchase advertising space on the site, and anyone can buy and sell their tokens on the Ardor Asset Exchange.

The entire project was launched as a one-man operation by Swiss telecommunication OS engineer Corrado Andriani. While he isn’t the first to come up with the idea of a decentralized, incentivized social media network, he is the first to illustrate how easily this can be done using the Ardor multi-chain platform.

In technological terms, blockchain is still relatively nascent. Therefore, it seems realistic to expect far more use cases to emerge over the coming years and decades. However, having achieved an early head start, Ardor and Ignis are already proving that a multifunctional blockchain platform can bring demonstrable value for a variety of purposes.

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Technical Expert Outlines Bitcoin Path To Gold’s Nearly $10 Trillion Cap

Bitcoin was designed to share several key similarities with gold, but the end result was an all-digital asset that does what the precious metal does best even better and then some.

Eventually, the first-ever cryptocurrency could share a similar-sized market cap as the precious metal has currently, and one of the crypto community’s best chartists has outlined the path on how Bitcoin could get there and when.

The Clear Path For Crypto To Match The Precious Metal King’s Market Cap

Bitcoin is a difficult asset to assign a fair market value. Its value is primarily speculative in its current state, making is susceptible to violent price swings as price discovery takes place.

Related Reading | Bitcoin Spike Above $16K Rejected At First Weekly Bear Market Resistance From 2018

The network effect of Bitcoin as a technology slowly being adopted keeps its price growing exponentially over a logarithmic growth curve.

This makes charting Bitcoin in log scale the preferred choice for crypto analysts performing technical analysis.

Charting crypto in linear scale doesn't make sense given the price projections experts predict | Source: BTCUSD on TradingView.com

Glancing at a Bitcoin price chart on a linear scale looks like a classic bubble up until recently. But the switch to log scale instead shows a clearly tightening curved channel.

The volatility between the top and bottom bands reduces over time as the technology is increasingly adopted.

One top pseudonymous crypto analyst who is an advocate of charting Bitcoin in log scale and proponent of lengthening market cycle theories in the first-ever cryptocurrency has used this tightening channel to forecast when

Bitcoin might match the market cap of gold. He has in the past used it to successfully time Bitcoin’s bottom around $3,200, and the peak in 2019.

The precious metal’s market cap is $9 trillion according to the analysts, but conflicting reports from Fidelity Digital Assets claim it to be as high as $12 trillion recently, in a report highlighting how Bitcoin might perform next to stocks, metals, and more.

Regardless of the exact figures, Bitcoin would need to pull a “40x” to reach the market cap of gold, give or take a few billion. And when this will happen, will be some time between 2030, and 2040 according to the lowest and highest boundaries of the analyst’s log chart.

Charting Bitcoin in log scale demonstrates the network effect in action | Source: BTCUSD on TradingView.com

Bitcoin: Digital Gold Is Better Than The Original In Every Way, Here’s Why

The same log growth is visible on the XAUBTC price chart putting Bitcoin up directly against the original safe haven asset.

The gold versus BTC price chart also shows the cryptocurrency’s network effect in action, rapidly outperforming gold in the 12 short years the Bitcoin core code has been running.

How the cryptocurrency stacks up against the original safe haven asset | Source: BTCXAU on Investing.com

Digital gold beats regular gold in just about every way and recently has been proving its value during the pandemic.

The no contact necessary asset can be stored without taking up any space, free of the reach of thieves or the government, and it could in theory hold value better than both fiat and gold in the long term.

Its lack of a physical state would have saved the Dutch a fortune and a ton of time. Recently, the Dutch Central Bank moved 14,000 gold bars and boxes and boxes of gold coins.

It took 22 hours and armed forces to move it securely only 20km. Planning it and coordinating such action also would have taken a significant amount of time and effort.

Related Reading | Bitcoin Experts Claim Post-Halving Performance Is More Bullish Than Pre-2017

Had it been Bitcoin instead, it would have moved at a fraction of the cost, a fraction of the time, required only the security the blockchain network provides, and when it arrived, it would need to space to store it.

Planning it would require just a thought, and executing the transaction just a few clicks.

In a recent scenario where $1 billion in BTC was sent related to a Silk Road wallet, for example, the transaction fee was roughly $14 worth of Bitcoin or 0.00087980 BTC.

The transaction is also completely verifiable for authenticity without the need for a detailed inspection. Bitcoin does this for you, whereas you can be certain the gold was inspected closely for any evidence of tampering or counterfeits, even despite the armed convoy.

As more investors, hedge funds, institutions, and even eventually central banks realize these benefits and the cost and time savings that cryptocurrency can afford them, there will be no stopping capital from gold to further flow into Bitcoin, and help to achieve the nearly $10 trillion target the chart maps out.

A $10 trillion market cap, at the circulating supply of BTC, would take the asset’s price to around $500,000 per BTC.

The total amount lines up with several top experts outside of the analyst we’ve put a spotlight on here, such as Tim Draper and Max Keiser.

Featured image from Deposit Photos, Charts from TradingView.com via Dave the Wave Twitter

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Marathon Reports Record $835K Quarterly Mining Revenue, Increased Bitcoin Holdings

Marathon is holding more bitcoin on its balance sheet than ever before. from CryptoCracken SMFeed https://ift.tt/3nicMZJ via IFTTT

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ECB’s Lagarde Has ‘Hunch’ Digital Euro Will Launch in 2-4 Years

ECB President Christine Lagarde says the impetus for a central bank digital currency could come from the need to facilitate cross-border finance. from CryptoCracken SMFeed https://ift.tt/3kmmVTv via IFTTT

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Hut 8 Mining Revenue Drops 43% in Q3 Despite Hash Power Increase

Hut 8 mining revenue has fallen for 5 consecutive quarters. from CryptoCracken SMFeed https://ift.tt/2Ujfv8X via IFTTT