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Crypto News: Bitcoin Price August 30, 2021 – Beware of the September Curse

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When the pause is neededThe resumption of the bullish rally in Bitcoin (BTC) was halted by major resistances in the $ 50,000 – $ 51,000 zone. A little more than 24 hours from the July 2021 close, traders and analysts are providing some answers as to the likelihood of a new all-time high by the end of 2021, with a forecast agenda based on historical data.

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Bullish bitcoin: resistance and accumulation

Bitcoin starts today, August 30, 2021, above $ 49,000 . It then begins a long drop to form a low at $ 47,489 on Bitfinex. The rebound took Bitcoin back above $ 48,000. Bitcoin is trading at $ 48,431 at the time of writing , and is currently recording a daily loss of 0.73%.

As Bitcoin continues to move back and forth between the $ 47,000- $ 50,000, some analysts are making a cautious discourse on the current trend . Trader Michaël van de Poppe thus indicated in his tweet yesterday, August 29, 2021, that it would be bullish on Bitcoin only when the latter exceeds $ 51,000 .

Trader Michaël van de Poppe will only be bullish on Bitcoin when its price exceeds $ 51,000.
Publication by Michaël van de Poppe – Source: Twitter

While this caution is warranted in the very short term given the fluctuations in the price of Bitcoin in recent days, Ecoinometrics data gives an optimistic outlook on the trend over a longer period . Ecoinometrics has indeed revealed a positive change during the month of August 2021, in the balances of the wallets of whales holding 1,000 BTC to 10,000 BTC. Large wallets thus accumulate Bitcoins betting on higher levels compared to current Bitcoin prices.

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Small wallets holding less than 1 BTC do the same . According to Ecoinometrics, they have been accumulating Bitcoins since June 2021. They even absorbed selling pressure from whales for a while .

BTC whales and small wallets have been accumulating Bitcoins lately. Soon a hike above $ 50,000?
Publication of Ecoinometrics – Source: Twitter

The data shared by Glassnode today corroborates this accumulation of Bitcoins. The number of addresses holding 0.1 BTC or more hit a 3-month high of 3,231,069 BTC today.

Glassnode data confirms this accumulation of Bitcoin, and therefore a strengthening of Bitcoin's fundamentals.
Glassnode publication – Source: Twitter

September, do we have to go down or except for the bull run?

Unless there is a crash in the next 24 hours, Bitcoin should comfortably end August 2021 in the green . This month has seen Bitcoin win back $ 50,000, but also drops below $ 47,000 which cast doubt on the continuation of the bullish rally. Will September finally mark the resumption of the bull run with Bitcoin approaching its current all-time high?

Michaël van de Poppe is rather pessimistic on this question because, “  Bitcoin does not like the month of September at all . Historical data indeed shows that Bitcoin is rather bearish in September and when it is not, monthly gains do not exceed 6% . Are there major reasons that would justify an exception in 2021?

Will Bitcoin's bull run resume in September 2021? Unlikely, given Bitcoin's historic performance in September.
Publication by Michaël van de Poppe – Source: Twitter

If September is not very favorable for the bulls, the fourth quarter would give them wings , especially the year following the halving. January was set to be bearish in 2021 given Bitcoin’s past performance, but that was hardly the case this year .

The daily analysis of the Bitcoin price, which among other things makes it possible to identify the major supports and resistances in the short term, should not hide the most important factor for a 6-digit Bitcoin: the increase in its rate of adoption both among small portfolios and among billionaires who fear a devaluation of fiat currencies .

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Crypto News: A shitcoin on Bitcoin? The Liquid Network sidechain adrift

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And a more secure network – Liquid Network is a sidechain of Bitcoin (BTC) developed by Blockstream company. It has just encountered major stability problems, having caused a total paralysis of the network for a little less than a day.

A general paralysis of 10 p.m.

Launched in 2015, Liquid Network is touted as a solution to the scalability issues faced by Bitcoin. This allows you to make almost instant transactions for much lower fees than Bitcoin. 

On Monday, October 4, the network teams deployed a hard fork aimed at introducing the “Dynamic Federation” functionality . Unfortunately, a bug was present in this update which caused the network to crash .

“This resulted in the activation of the network security mode, so that the blocks stopped being produced until the problem was manually fixed. “

Wiz Developer Statement

Wiz Developer Post - Liquid Network Paralysis Bug Announcement
Post by developer Wiz – Source: Twitter

In reality, the nodes responsible for verifying and signing the blocks were no longer able to carry out their mission. As a result, the network could no longer produce new blocks for 22 long hours . Fortunately, transactions accumulated in the mempool, which made it possible to process them once the situation was restored. 

The developers of the network quickly released a patch, which was deployed by 2 thirds of the validator nodes in the network. It finally took until October 5 , around 9 p.m. , for block production to resume on Liquid Network. 

Twitter post by mempool - Liquid Network back online
Mempool publication – Source: Twitter

Offline networks, a new fad? 

This is not the first time in recent months that we have addressed the subject of a blockchain network found offline. 

Indeed, on September 14, the Solana network was also paralyzed for several hours . As was the case with Liquid, Solana’s block producers were no longer able to produce new blocks . In Solana’s case, the bug was caused by posting too many transactions from a bot. As a result, the mempool found itself congested, which impacted the entire network. 

Fortunately, the problem was only short-lived and the developers were able to quickly find a solution. 

Either way, scalability remains one of the hot topics of cryptocurrencies. Despite its reach through its DeFi ecosystem, the Ethereum (ETH) network continues to face significant congestion issues, driving up transaction fees .

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Crypto News: They try the coup of the century with Cardano (ADA), the tax authorities appear

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Taxes under the radar in Japan thanks to Cardano (ADA)This was without counting the audits of the country’s tax authorities which uncovered nearly $ 12.6 million in unreported taxes by cryptocurrency investors. Almost half of this amount concerns ADA holders.

Cardano and taxes: $ 6 million unearthed by the Japanese tax authorities

According to an October 3, 2021 article from local Japanese media Nikkei, many cryptocurrency investors in Japan failed to pay 1.4 billion yen, or about $ 12.6 million in taxes . Much of the unreported taxes would relate to gains from trading Cardano.

Several investors located in the Kanto region, made up of the metropolitan area of ​​Tokyo and the cities of Saitama, Tochigi, Gunma, Niigata and Nagano, would have benefited greatly from the Cardano rally in 2021 .

The price of ADA has indeed exploded since the beginning of the year, exceeding the $ 3 mark in early September 2021 . ADA is sometimes referred to as  “Japanese Ethereum” . The project had carried out an ICO mainly in Asian markets, between 2015 and 2017. 90% of the participants were from Japan .

 

Cardano arrives late in Japan and (already) becomes a tax haven

Paradoxically, however, the ADA has only been available in Japan since August 2021 , thanks to the Bitpoint exchange which is the first local exchange to list it in the country. Japanese investors previously had to go through foreign exchanges such as Binance or Kraken to be able to trade the ADA.

According to the Japanese tax authorities, traders and investors are increasingly using cryptocurrencies to “save” on the taxes they have to pay . In Japan, cryptocurrencies are currently in a “legally gray” area.

Will these $ 6 million in unpaid taxes from ADA investors harm Cardano’s image with the country’s authorities? The project announced in August 2021 a partnership with Coinfirm, to allow the tracking of ADA transactions by a third party. This initiative to comply with regulatory frameworks was heavily criticized, but the use of Cardano to evade tax in Japan could ultimately provide a concrete justification for such a partnership.

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Cypto News: Why Dogecoin could land on Ethereum (ETH) soon

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Dogecoin (DOGE), NFT, and Ethereum (ETH)The idea is gaining ground , and it’s the turn of the Dogecoin co-founder to defend the importance of such a project for Elon Musk’s favorite cryptocurrency . A bridge between Dogecoin and Ethereum would indeed allow the crypto-doggie to take full advantage of the development of DeFi, and NFTs.A

DOGE-ETH Gateway: Buy NFTs with Dogecoin

On September 30, 2021, Dogecoin co-founder Billy Markus tweeted about the importance of an Ethereum-Dogecoin gateway , so that DOGE can be integrated into NFT marketplaces such as OpenSea . Dogecoin would thus make it possible to purchase NFTs , thus “considerably increasing its usefulness”.

Twitter Mr. Whale reacted to Markus’ post, pointing out that “ implementing DOGE in the NFT ecosystem would be of huge benefit to the community ”. 

The co-founder of Dogecoin, explains the importance of a DOGE - Ethereum (ETH) bridge to allow the purchase of NFT with the DOGE and thus increase its utility.
Post by Billy Markus – Source: Twitter

The DOGE-ETH bridge would allow users to transfer cryptocurrencies from the first blockchain to the second . DOGE transactions in DeFi and NFTs, via DOGE ERC-20 token contracts would also be possible. 

Vitalik Buterin, explained the importance and advantage of such a catwalk, in an interview with podcaster Lex Fridman on June 04, 2021: 

“If DOGE somehow wants to bridge Ethereum, and then people can trade DOGE thousands of times per second inside a looping ring, then that would be unbelievable.” 

DOGE-ETH bridge and burn wallet: dogecoin staking and transformation into deflationary currency

On June 18, 2021, DogeLabs, an organization made up of DOGE developers, reported that they were exploring the possibility of developing a Doge-ETH bridge. The latter would allow hodlers to use Dogecoin for staking on Ethereum

DogeLabs had also announced that it was planning to create a DOGE burn wallet . Developers could build there “applications that send a small portion of the Doge to a public burn wallet to help build a deflationary mode around DOGE’s inflationary growth “.

The Dogecoin already has a leg or two in NFTs, with the non-fungible token containing the Dogecoin’s Shiba Inu valued at over $ 100 million . However, the DOGE community wants to take much more advantage of NFTs, and prove (even more) the usefulness of Dogecoin by allowing the purchase of non-fungible tokens with the latter. The developers even want to make DOGE a deflationary currency, projects that may have something to make less far-fetched this idea that 1 in 4 Americans, according to which Dogecoin is becoming the new Bitcoin (BTC) .

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