Connect with us

Crypto News

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

Published

on

 

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.

The daily Bitcoin price (BTC) is offered to you in collaboration with Trading du Coin and its algorithmic trading solution finally accessible to individuals .  And using the code JDC5,  enjoy 5% discount  on TDC services

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.

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

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 .

READ ALSO  Crypto News: Google Bans Fake Cryptocurrency Mining Apps
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Crypto News

Assembly (ASMB): IOTA’s first step towards smart contracts

Published

on

Assembly (ASMB), Iota’s decentralized tier 1 smart contract network, is emerging, at least on paper. The Assembly platform has planned well-known organizational mechanisms to ensure its scale, its security, but also the decentralization of its governance.

Assembly and Iota: smart contracts using sharding

Assembly is revealed in a post of December 2, 2021 published on his blog. Its mainnet will be launched in 2022. Its users will be able to customize the “chain of sharded smart contracts” that they will create using the platform:

“Assembly is a permissionless multi-chain network for building, connecting and deploying smart contracts. The protocol allows anyone to create their own chain of sharded smart contracts, with the ability to define their settings, virtual machine (VM) and validation requirements, and even customize fee and incentive structures. “

Assembly is Iota's decentralized smart contract platform.  Its launch is accompanied by that of its ASMB token.

Sharding solves network scalability problems by reducing transaction validation time. The latter is achieved by a group of nodes of a relatively small size, rather than by the whole network.

>> Buy your bitcoins on ZENGO, and enjoy $ 25 in bitcoin cashback, for $ 250 in crypto. Download the application and enter the code ZENGOJDC at registration <<

ASMB, the Assembly token: staking, slashing, and governance

Assembly also revealed its ASMB token . The latter will be used to ”  secure, govern and develop the network  “. The ASMB token is all the more necessary for the security of Assembly, because the platform uses a consensus mechanism similar to the proof of stake.

Assembly validators will need to stake their ASMB , and will receive a reward in the form of a newly issued token. They will also be remunerated by transaction fees. Validators breaking the rules will be sanctioned by slashing, which consists of a more or less significant reduction in rewards, depending on the extent of the fault and the quantity of staked tokens. ASMB tokens are also used to ensure decentralized governance of the network . Their holders can make improvement proposals which will be voted on by the community.

70% of the ASMB token offering will be distributed to the community, with a 20% allocation for IOTA holders. The remaining 30% is reserved for first users and the IOTA Foundation.

Smart contracts are one of the central elements of web3, and Iota contributes even more to the adoption of the latter through Assembly. Smart contracts are not only essential for subsectors of the cryptosphere such as DeFi. They can also create a positive break in “more traditional” areas such as contract law .

READ ALSO  Who will Binance agree to share its empire with?
Continue Reading

Crypto News

$30 billion in staking – Coinbase’s maddening war chest

Published

on

coinbase zoomnaija

Cryptos in the CloudsCoinbase Cloud owns and stakes a significant amount of its customers’ cryptocurrencies. The figures unveiled by the platform seem to support Coinbase’s ambition to become the equivalent of AWS for cryptocurrencies.

Coinbase cloud and cryptocurrency: billions of dollars in digital assets to be staked

On December 2, 2021, Coinbase Cloud revealed that it held $ 30 billion in cryptocurrencies on its platform in November 2021. The platform stakes most of these assets on behalf of its customers, on 25 blockchains using proof of stake, including Ethereum ( ETH) 2.0 , Tezos (XTZ), and Cosmos (ATOM). Coinbase Cloud customers are institutional investors, individuals, but also businesses.

Coinbase ensures the safekeeping of cryptocurrencies and takes a 25% commission on the staking fees. Coinbase Cloud, for its part, earns itself 8% on the remunerative interest of staking. Coinbase acquired Coinbase Cloud, formerly Bison Trails, in 2021 for an amount that would exceed $ 80 million.

Coinbase, the AWS of cryptocurrencies: serving developers and the exchange’s revenue

Coinbase’s product manager, Surojit Chatterjee, indicated in an exclusive interview with Forbes, the exchange’s ambition to become “the AWS of crypto” . Coinbase Cloud is part of these stock market plans:

“We’re building this whole suite of Coinbase Cloud products that you can think of as crypto computing services to help developers build their apps faster.”

Coinbase Cloud is also an additional way for Coinbase to diversify its income without being dependent on the fees they levy on transaction volumes which are correlated with fluctuations in the price of cryptocurrencies. This volume fell 29% in the third quarter of 2021, as the crypto markets were relatively calm. Coinbase’s revenue and profit were then down 39% and 75%, respectively, compared to the second quarter of 2021.

For the moment, the acquisition of Bison Trails seems to be paying off for Coinbase, which continues to acquire companies to develop its ecosystem. Will the purchase of Unbound Security also be beneficial for the exchange that wants to offer an innovative mode of private key management?

READ ALSO  Sale day for Bitcoin: 150 BTC more for El Salvador
Continue Reading

Crypto News

Sale day for Bitcoin: 150 BTC more for El Salvador

Published

on

Bitcoins at low pricesBitcoin (BTC) falls below $ 50,000, to the delight of El Salvador who decides to take advantage of the balances to increase its reserve of bitcoins by 150 BTC. The country is not giving in to the pressures of institutions that defend fiat currencies printed excessively.

150 BTC at sale price for El Salvador: a tradition of buying bitcoin dips

On December 4, 2021, the President of El Salvador, Nayib Bukele, announced in a tweet, the purchase of an additional 150 BTC by his government, as the price of bitcoin fell below the $ 50,000 mark. El Salvador was able to buy its bitcoins at an average unit price of $ 48,670 . The bears even managed to temporarily pull bitcoin up to $ 42,000. Bitcoin is trading at $ 48,695 at the time of writing.

The Salavador buys 150 BTC for less than $ 50,000 each.
Publication by Nayib Bukele – Source: Twitter

El Salvador now holds 1,270 BTC . The country had already bought the troughs during a bloody Black Friday that caused bitcoin to lose the $ 54,000. The Salvadoran president also informed of the purchase of 420 BTC on October 28, 2021, when the markets recorded a brief drop of just over 3% in the price of bitcoin in the space of 15 minutes.

El Salvador versus central banks: the scarcity of bitcoin versus the printing press

El Salvador continues to increase its national bitcoin stockpile, and is holding out against pressure from traditional financial institutions . The Governor of the Bank of England, Andrew Bailey, criticized El Salvador’s decision to make bitcoin legal tender , during a lecture at the end of November 2021 given to students of the University of Cambridge. Bukele did not give way and responded to this provocation, indicating that the Bank of England “was printing money out of thin air  “

The President of El Salvador has also issued a criticism of central banks in general, and the American Federal Reserve (FED) in particular, asking them to ”  stop printing more and more money  “.

Adoption of bitcoin in El Salvador is progressing, but the country could further improve it by taking a few steps. Changes in the functioning of the national Chivo wallet could thus benefit the adoption of bitcoin in the country.

READ ALSO  Airdrop: How To Withdraw Shik (Shiba King Airdrop) To Trust Wallet
Continue Reading

Trending