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COT Reports Highlight BTC Futures Gap, EOS Gains 17%, CHZ Targets Soccer Fans, Sep. 9

Bitcoin holds support for the week as EOS gains 17% and soccer club Atletico Madrid joins the sports teams embracing fan tokens.

BTC

In my last article I wrote that Bitcoin,  

…saw support at a weekly resistance level around $9,500 and this gives hope for further gains.

We did see some gains with BTC rallying through the $10,000 level once more. The price went close to $11,000 before settling around $10,250. 

The price of BTC is consolidating and trading in a range as we await some kind of catalyst for a breakout. We still have two weeks until the Bakkt exchange goes live and this may be the event that provides additional volumes. 

Data from the weekly “Commitment of Traders” report released by the U.S. Commodity Futures Trading Commission (CFTC) shows the difference between the volumes in Bitcoin versus other commodities on the futures exchange. The current volume on the Chicago Mercantile Exchange (CME) Bitcoin futures contract is very light in comparison to gold and crude oil.

Many hope that the upcoming Bakkt contract will bring the volumes more in line. The Bakkt futures contract will provide physical delivery and institutional-grade security which is more in line with the other assets. The figures are slightly skewed by the fact that small speculators are more centered on other exchanges and that there is less commercial demand. If we do see large speculators and fund managers adding to their portfolios, however, it will be positive for prices and the additional liquidity will also solve the volatility that BTC has been criticized for in the past. 

bitcoin price
BTC Price Index

I mentioned in a previous article that the correction in BTC was a measured move and a simple pullback from the over-extended rally. The Fibonacci support at 38.2% of the rally is still holding and we are awaiting confirmation of the next direction. We may not see much happening over the next two weeks but it will be interesting to see how the Bakkt futures launch affects volume and whether we will see the futures contracts gap close between BTC and its peers.

EOS 

EOS is one of the top performers on the week with a gain of 17%, which sees EOS hold the number 7 spot in the list of coins with a market cap of $3.6 billion and the price trading near $3.90. 

eos coin
EOS Price Index

We can see on the weekly chart that there is a convergence of key resistance around the $4.00 mark with the 50 moving average residing there also. A strong move above there would signify further gains ahead. If the price can push higher, then the $7-8.00 level is next resistance. 

Block.one recently provided a strategic vision for the growth of the project with the goal of making EOSIO “the most performant blockchain software in the market.”

The core areas of the vision are defined as:

  • Scalability: More apps, more users
  • Developers: Better tooling, faster app development
  • Users: Greater security, less friction
  • Enterprise: Greater flexibility, better compliance

A project that is utilizing the EOS blockchain is GeneOS, which is focused on wellness insights and genetic data.

geneos

One of the highlights of the project is the goal to allow users to rent their health or genetic data for research. This is one of the benefits of blockchain and is an example of how it can benefit science and the public. Blockchain marketplaces where users can monetize their data is something that could disrupt areas such as social media, where platforms are free to use but are harvesting personal data and consumer habits.

CHZ

Spanish soccer team Atletico Madrid have become the latest club to link up with the Socios.com blockchain and the Chiliz token (CHZ).

atletico madrid token

Fan tokens are digital assets that allow fans to interact with the club through the app and earn rewards for participation. These rewards could later be used for merchandise and games and are also tradeable with the CHZ token, which is currently listed on Binance. 

Atletico is the latest in a list of big-name teams that have joined with Socios, including Juventus and Roma of Italy, Paris St Germain and also England’s West Ham United. A member of Atletico Madrid’s board commented on the partnership:

It is a pleasure to join this technological platform that other great European clubs already use and that will allow us to engage and interact with our fans from all over the world in a very innovative way. We are a Club that is constantly committed to technological innovation and in this sense, we see it as very positive to join the Socios.com community.

Atletico is listed at number 13 in a list of football clubs by value with an estimated net worth of $848 million. The other CHZ teams are also there Juventus at 9th being the richest with a valuation of $1.47 billion and annual revenue of $442 billion. 

We can expect to see other teams join the platform in the future, which would add demand for Chiliz as the token is needed for fan tokens. The current price of CHZ is $0.009 and the coin is ranked at 115 on the market cap list. The fan base of these teams could be a game-changer for CHZ which has a current market cap of $30 million.

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EOS

EOS network inflation drops significantly after historic vote

The EOS community recently proposed and approved a change in the protocol that significantly reduces the network’s inflation rate.

The power of true decentralization

Brendan Blumer, the co-founder and CEO of Block.one, announced that on Feb. 25 that the EOS community quietly voted to approve the reduction of the network’s inflation from 5 percent to 1 percent. The approval of this proposal caught Blumer by surprise. However, he welcomed the news by stating that it serves as proof of the high levels of decentralization of this blockchain.

Blumer said:

“I woke up today to find that a proposal to reduce EOS network inflation from 5% to 1% had been proposed and passed by the community overnight. This speaks to the power of decentralized governance, and networks designed to operate in the best interest of their holders.”

Over the years, EOS holders have pursued the reduction of the annual inflation, but failed to gain enough supporters.

This inflation system was coded into the EOS protocol since it was launched into mainnet. The problem with it was that 4 percent of it was being accumulated in the eosio.saving account. Meanwhile, only 1 percent was distributed among Block Producers (BP) in exchange for network maintenance.

Even though the accumulated funds were supposed to be used to fund different projects that help improve the network, it had never been used due to disagreements between BPs.

Nevertheless, the approved proposal eliminated the balance in the eosio.saving account, which had an excess of 34 million EOS tokens. All tokens were burned and removed from total supply. Additionally, it reduced the annual inflation to 1 percent. All the inflation will now be shared among the BPs of the EOS network.

This event marks an important milestone for the entire EOS community since BPs were able effectively vote to reduce their own pay among other things. Blumer believes that the alignment between EOS network operators and token holders “threatens the entities that profit from controlling token holders who have no vote.”

Following the announcement, the price of EOS appears to be holding steady above the $4 support level despite the nosedive that most cryptocurrencies in the market took today. Now, it remains to be seen whether investors will prevent it from a steeper decline.

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Dan Larimer of EOS.IO (EOS): VOICE to Be Fairer Than Steem (STEEM)

Daniel Larimer, CTO of the Block.one team behind EOS.IO (EOS) blockchain, decided to make things clear about the token economics of its anticipated VOICE content platform

The charismatic leaders of the Block.one and EOS.IO (EOS) blockchains are well-known as passionate polemists. Daniel Larimer has decided to prove it once again and to respond to all negativity that has been spread about the EOS-powered content distribution product, Voice.

No chance for self-voted content

First of all, Mr. Larimer dismissed concerns about the content promotion mechanism in Voice. He said that working on SteemIt (STEEM) taught him about the problems of token-weighted voting within a ‘one user-one vote’ promotion mode.

That's how Voice platfrom interface looks like

Image via EosGO

Thus, according to Mr. Larimer, the Voice system will be resistant to the ‘self-promoting’ manipulations as well as ‘organized’ voting for content that is not well ‘liked’. Moreover, the maximum quantity of ‘likes’ for certain posts will be limited to avoid such attempts.

As a result, users that collect many tokens won’t be able to get richer unless he or she has published highly valuable content. All of the strategies of ‘self-voting’ that cause widespread inflation of rewards on SteemIt will be detected and rejected by the system.

Categorization and filtering

Within the initial phases of operations, or ‘beta period’, the Voice platform will have only a couple of categories the content will be uploaded onto. In addition, Mr. Larimer has a program to revolutionize content categorization based on community-driven contribution.

The developer admitted that the current Voice filtering algorithm is derived from the Reddit Hot scheme. After further development, this will be replaced by a native one to ensure permanent rotation of content even with a small number of content producers

As previously reported by U.Today, the Voice platform received some negativity from the community once its KYC/AML-restrictions were disclosed. To meet the requirements of the U.S. SEC, the strictest financial watchdog in the world, Block.one may ask its potential users to provide a government-issued ID and proof of address.

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EOS Price Analysis: EOS/USD finds support on the SMA 20 curve as bears retain control

  • The Elliott Oscillator has had two green sessions following nine red sessions.
  • After failing at the $4.40 resistance line, the bulls are struggling to keep the price above $4.

EOS/USD daily chart

EOS/USD daily chart

EOS/USD has had a second bearish day in a row as the price dropped from $4.13 to $4.07 in the early hours of Tuesday. Presently, the price has found support at the SMA 20 curve. Earlier this Monday, EOS/USD failed at the $4.40 resistance line and dropped to $4.13. The MACD shows decreasing bullish momentum, while the RSI indicator is trending around the neutral territory The Elliott Oscillator has had two green sessions following nine red sessions, showing that overall market sentiment could be bullish.

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