Connect with us

Cryptocurrency

These Four Crypto Assets Gearing Up for New All-Time Highs, Says Top Analyst

Published

on

Seasoned crypto trader and analyst Smart Contracter is calling for new all-time highs (ATH) in four crypto assets in the nascent decentralized finance (DeFi) space.

Amid a steep and broad crypto correction, Smart Contracter still appears bullish on lending and borrowing protocol Aave, automated market maker SushiSwap (SUSHI), and layer-2 Ethereum scaling network Polygon (MATIC).

Smart Contracter notes that the assets’ success is dependent on whether Bitcoin can start consolidating in a neutral zone after plunging down to nearly $30,000 this week.

Advertisement

Once traders stop selling the Bitcoin pumps and start reliably buying back into the flagship cryptocurrency, the three DeFi assets could soar.

“Once BTC starts to catch a bid, pretty much all DeFi majors will make an all-time high in my opinion, starting with AAVE and SUSHI not too far behind it, and of course MATIC, which still doesn’t give a single f***.”

All three assets have since fell victim to the marketwide correction with Aave down 34% in the last seven days. SUSHI has lost 34.7% of its value and MATIC dropped 23% over the same timeframe.

Advertisement

The other altcoin Smart Contracter is expecting to rip to new highs is decentralized video delivery protocol Theta Network (THETA), which unlike many assets, is up 6% in the past 24 hours.

“75% dump on THETA peak to trough, V recovery underway. What if this was an ABC correcting that 5 up and we rocket straight to all-time high from here?

Feels counterintuitive but definitely looking pretty good down here, am long… for now.”

Advertisement
Source: Smart Contracter

The THETA price is approximately half its all-time high of $15.72, at time of writing, resting around $6.85 after correcting down to the $5 area this week.

The trader relies on the Elliott Wave Theory which predicts future price action by following the psychology of market participants that manifests in waves.

Looking at Bitcoin, the analyst notes that Bitcoin is starting to show signs of strength as it attempts to print a higher low.

“BTC is trying really hard to put in a low here in my opinion. Four days in a row, daily candle body closes pushing up to around $37,000.

Advertisement

Whether a major low or shorter-term low is still debatable.”

Source: Smart Contracter

As for Ethereum, Smart Contracter says the second-largest crypto asset needs to solidly bounce off the $2,300 level to avoid falling further during this dip.

“ETH is at the 0.618 [Fibonacci retracement level] of that liquidation candle from 12 hours ago. If its going to bounce, it needs to be from here in my opinion.”

Source: Smart Contracter

Currently ETH is resting right around that level, ranging in the $2,300 to $2,400 area.

News Source

Advertisement

Cryptocurrency

This Is What Jack Dorsey’s Cryptic ‘705742’ Tweet Might Mean

Published

on

A simple but cryptic tweet from Jack Dorsey, Founder and CEO of Twitter and payments firm Square, has sparked a debate about the meaning of the post, and whether the well-known Bitcoin (BTC) advocate has any BTC-related plans that have yet to be announced.

As pointed out by many users replying to the thread, the tweet, saying just “705742,” likely refers to a block number on the Bitcoin blockchain. A block with that number was indeed mined on Tuesday at 20:14 UTC, but it is still unknown what else is special about the particular block.

Advertisement

Twitter users were quick to pull up the bitcoin block explorer to see if there was anything unusual about block 705742, which at that point had yet to be mined. However, little out of the ordinary could be found.

Others, meanwhile, joked that the number could be Dorsey’s “[end of year] price target for bitcoin,” or that it could be somehow related to “Moscow time,” – bitcoin slang for the value of 1 USD in satoshis.

Speculating further, one user on Reddit suggested that the block number could be the first block to be mined by a new mining system that Dorsey has proposed.

Advertisement

“Maybe the first block that Square mined as part of their [research & development] for a potential public mining platform,” the user wrote, before adding that it looks like the wallet that received the block reward already has both in and outbound transactions worth almost USD 2bn. “Seems like a plausible volume for Square/Cashapp,” the user added.

However, according to various Bitcoin blockchain explorers, the block in question included 2,787 transactions and was actually mined by the BTC.com pool. Moreover, the block was mined almost an hour after the tweet was published.

In either case, as reported, the latest tweet from the Twitter CEO followed another thread from last Friday, where Dorsey said that Square is considering building “a bitcoin mining system based on custom silicon and open source.” 

Advertisement

“Mining needs to be more distributed” and it “should be as easy as plugging a rig into a power source,” Dorsey wrote, asking his followers what the biggest barriers are for people who want to run miners.

News Source

Advertisement
Continue Reading

Cryptocurrency

Facebook Finally Launches Digital Currency Wallet Novi but Senators Want to Close This Project

Published

on

Amid the Facebook Novi launch, some federal legislators want the social media giant to discontinue the project.

Facebook Inc (NASDAQ: FB) has launched the pilot phase of its digital currency wallet Novi in the US and Guatemala using stablecoin Paxos. Facebook finally launches Novi and is going with Paxos’ USDP after its own native crypto Diem failed to secure regulatory approval. Furthermore, the social media giant heralded the pilot launch in a blog post on Tuesday.

Novi’s pilot launch is more than two years after it was first announced. The wallet will facilitate fast, secure, and free fund transfers between users via mobile smartphone apps. However, all users must register with government-issued identification.

Advertisement

For now, Paxos’ stablecoin will serve as Novi’s transactional currency, while powerhouse exchange Coinbase will provide custodial services. According to David Marcus, head of Facebook’s Novi wallet, this pilot phase will, “test core feature functions, and operational capabilities in customer care and compliance.” Furthermore, it will test the viability of stablecoins as a valid and sustainable form of payment.

Facebook Launches Novi to the Disapproval of US Congress

Amid the Facebook Novi launch, some federal legislators are calling for the social media giant to discontinue the project. Senate Democrats addressed a letter to Facebook CEO Mark Zuckerberg on Tuesday questioning the company’s credibility with crypto. In their own words, Facebook “cannot be trusted to manage cryptocurrency”. The senators base this conviction on the social media company’s past inadequacies in handling cyber risks and keeping consumers protected. Signed by Senators Brian Schatz, Sherrod Brown, Elizabeth Warren, and others, the letter read:

“Facebook is once again pursuing digital currency plans on an aggressive timeline and has already launched a pilot for a payments infrastructure network, even though these plans are incompatible with the actual financial regulatory landscape — not only for Diem specifically, but also for stablecoins in general.”

Part of the Congress letter to Facebook further states:

Advertisement

“We urge you to immediately discontinue your Novi pilot and to commit that you will not bring Diem to market.”

Facebook responded to the Senators’ query through a spokesperson for Novi, suggesting that the company would address the issues raised therein.

Facebook Has a Long-Running History with Federal Lawmakers over Its Operational Practices

In recent times, Zuckerberg and Facebook have locked horns more frequently with Congress. Back in 2019, Congress summoned the Facebook CEO to provide testimony on the Diem project (then called Libra). Zuckerberg’s summoning was the culmination of weeks of tussling, between Facebook and the federal lawmakers, who were skeptical of the project. In addition, the Zuckerberg hearing came just a year after Facebook’s Cambridge Analytica scandal. This may have been another reason federal legislators were agitated against the company.

Another recent red flag raised against Facebook was earlier this month from whistleblower Frances Haugen. Haugen appeared before the Senate Commerce Committee to testify on the threat Facebook posed to users. Some of these include the usage of Facebook itself and other affiliated services, such as photo and video-sharing behemoth Instagram.

Advertisement
Continue Reading

Cryptocurrency

Australian Parliamentary Committee Sets Guidelines to Give Crypto Industry a Big Push

Published

on


Australia’s parliamentary committee on crypto-assets aims to bring concrete regulatory and policy changes to give a major push to the crypto industry in the country. The committee believes Australia needs a robust policy and regulatory changes to help it compete against the global leaders. The said committee released a draft report on 20th October outlining the need for encouraging investors and ensuring protection against frauds.

Some of the key recommendations in the draft report include,

  • Establishing a market licensing regime for Digital Currency Exchanges, including capital adequacy, auditing, and responsible person tests under the Treasury portfolio
  • Establishing a custody or depository regime for digital assets with minimum standards under the Treasury portfolio
  • Conducting a token mapping exercise to determine the best way to characterize the various types of digital asset tokens in Australia

Andrew Bragg, a senator from the conservative Liberal Party and chair of the committee said that the recommendations in the draft would help Australia set a new regulatory framework for the highly popular crypto industry which will, in turn, help Australia compete against the likes of Singapore and UK. He said,

“The draft recommendations are a big push to detail a cryptocurrency framework for Australia, which would allow us to compete with the U.K. and Singapore,”

Advertisement

Crypto Market Has Become Too Big to Ignore

The Crypto market was primarily seen as a speculative ecosystem for the most past of its life, but that perception has changed quite fast over the past year. Governments have now realized that the crypto market has become too big to ignore as a fad. This is why the likes of El Salvador have made Bitcoin a legal tender, while Paraguay passed a law to legalize the use of Bitcoin and Ethereum in the financial market.

The United States’s policymakers who were adamant about keeping the crypto market at bay have finally approved the first-ever Bitcoin Futures ETF. This shows how the sentiment around the crypto market has changed as it became a $2.5 trillion industry again in October.

News Source

Advertisement
Continue Reading