Wednesday 28 September 2022
Home / Market Update

Market Update

A short-term BTC rally or trend reversal? Find out now on ‘Market Talks’ with Crypto Jebb

The latest episode of Market Talks welcomes Nicholas Merten, the founder of DataDash, one of the largest cryptocurrency YouTube channels. Merten is an international speaker, thought leader and crypto analyst. He has utilized his 10-plus years of experience in traditional markets to understand the potential of cryptocurrencies and help his 515,000 YouTube subscribers make better investment decisions. One of the topics up for discussion with Merten isthe recent Bitcoin (BTC) price rally. Are the markets finally out of the sideways trend it’s been stuck in for months, or is this just another bull trap forming, with BTC to head back down below $20,000? With all seasoned traders and experts eyeing the BTC 200-week moving average, Merten is asked the significance of this indicator and why many consider it to be so important. They also get into where he sees BTC heading in the near future, toward $30,000 or back down to $17,000? Another topic up for discussion is whether retail investors are ..

Read More »

Ethereum Classic soars 100% in nine days outperforming ETH as ‘the Merge’ approaches

Ethereum Classic (ETC) has been outperforming its arch-rival Ethereum's native token Ether (ETH) during the current crypto market rebound with the ETC/ETH pairs at 10-month highs. Why is ETC beating ETH?ETC's price has risen to $27 on July 22, amounting to a 100% gain in nine days after bottoming out at $13.35. Comparatively, ETH's price has seen a 64% rally in U.S. dollar terms. ETC/USD versus ETH/USD daily price chart. Source: TradingViewEthereum's rebound has been among the sharpest among the top cryptocurrencies, primarily due to the euphoria surrounding its potential network upgrade in September. Dubbed "the Merge," the long-awaited technical update will switch Ethereum from proof-of-work (PoW) to proof-of-stake (PoS). Moreover, it will replace miners with stakers. As a result, the PoS switch could force existing Ethereum miners to switch to PoW chains. Unsurprisingly, Ethereum Classic is the closest to Ethereum in terms of network design and compatibility bec..

Read More »

Bitcoin wobbles on Wall Street open as Ethereum hits $1.6K in 6-week high

Bitcoin (BTC) took a step back as Wall Street trading began on July 22 after recovering most of its previous losses. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBTC bulls fail to sustain assault on multi-week highData from Cointelegraph Markets Pro and TradingView confirmed BTC/USD encountering fresh resistance near $24,000. The pair had spent the past 24 hours slowly clawing back lost ground after news that Tesla had sold most of its BTC holdings. With the pre-announcement high of $24,280 still in force, bulls saw something of a setback as Wall Street opened on the day, with BTC/USD losing around $400. Analyzing the current order book structure on major exchange Binance, on-chain monitoring resource Material Indicators warned that the overall bear market structure remained in control. "Extreme lows and drops usually results in a revert to the mean move, or relief rally. Basically sellers are exhausted and buyers step trying to buy the bottom, causing a relief rally," p..

Read More »

The opportunities and risks of Metaverse for small businesses

The Metaverse has been become one of the biggest buzzwords in the blockchain and crypto, as it promises to provide a more immersive, interactive and collaborative experience than what the internet has accomplished to date. This promise of a new world has huge enterprises like Meta (formally known as Facebook) investing huge sums in the budding space. When most hear the name Metaverse, their mind wanders to a few things: an avenue for global conglomerates to showcase their technology-forward bent, an esoteric product for a selected few to display nonfungible tokens (NFTs) or a new front in gaming development. However, a deep dive into Metaverse reveals a whole new world, a world full of new opportunities and risks for both consumers and businesses. Although the current Metaverse ecosystem might be populated with giant corporations, eventually, for wider adoption, small businesses will have to make a transition. Looking at historical patterns in the adoption of new technology like the ..

Read More »

Block by block: Blockchain technology is transforming the real estate market

Property is the world’s single largest store of wealth, and if the cryptocurrency and blockchain world is seeking an express route to mass adoption, it could do worse than partnering with the real estate industry. According to a September 2021 report by Savills World Research, the estimated value of all the world’s real estate stands at $326.5 trillion. By comparison, crypto-sector market capitalization was about $1 trillion in mid-July. The property market, moreover — at least its commercial real estate segment — is also characterized by costly entry barriers and asymmetrical information that favor insiders. Its fees are high, paperwork onerous, and deeds are sometimes defective, falsified or missing. Some properties can take years to move — another way of saying its market is illiquid. All in all, it isn’t surprising that many believe this market is ripe for disruption, particularly through blockchain-enabled tokenization. This notion of tokenizing real estate isn’t entirely new...

Read More »

Crypto to reach 1 billion users in 2030: BCG Report

It’s a widespread sentiment for people outside of the crypto community to look at Bitcoin (BTC) prices and conclude that it’s too late to get into crypto. However, a report shows that the industry is still at the beginning phase of the adoption curve. In a joint report published by Boston Consulting Group, Bitget and Foresight Ventures, data shows that crypto adoption is still very low compared with traditional investment assets. According to BCG, only 0.3% of individual wealth is invested in crypto, which is incomparable with the 25% put into equities. The report concludes that the shallow investment penetration means there is still a lot of room for more substantial growth and adoption within the crypto industry. In addition, the report compares the internet’s adoption curve to reach 1 billion users with current cryptocurrency holders and Ethereum addresses with non-zero balances. The report mentions that "There is plenty of growth to come." Source: Boston Consulting Group, Bitget a..

Read More »

Ether price stalls at $1,630 after gaining 50% in under a week

Price action across the cryptocurrency market was largely subdued on July 21, as traders took a day to digest gains over the past week and book profits following the biggest relief rally since early June. Amid speculation about what drove the recent rally, the Ethereum Merge has consistently ranked at the top of the list. The market rally shifted into high gear after a tentative date of Sept. 19 was set for the mainnet Merge. Data from Cointelegraph Markets Pro and TradingView shows that after hitting a high of $1,620 on July 20, Ether's (ETH) price retraced to a low of $1,463 in the early trading hours on July 21 and has since climbed back above support at $1,500. ETH/USDT 1-day chart. Source: TradingViewNow that the initial price surge brought on by the Merge announcement has subsided, here’s what several analysts are expecting to unfold as Ether's mainnet transition to proof-of-stake approaches. A healthy pullbackEther's pullback on July 21 is a positive development..

Read More »

Bulls or bears? Both have a fair chance in Friday’s Bitcoin options expiry

Bitcoin (BTC) briefly broke above $24,000 on July 20, but the excitement lasted less than two hours after the resistance level proved more challenging than expected. A positive is that the $24,280 high represents a 28.5% increase from the July 13 swing low at $18,900. According to Yahoo Finance, on July 19, the Bank of America published its latest fund managers survey, and the headline was "I'm so bearish, I'm bullish." The report cited investors' pessimism, expectations of weak corporate earnings and equity allocations being at the lowest level since September 2008. The 4.6% advance on the tech-heavy Nasdaq Composite Index between July 18 and 20 also provided the necessary hope for bulls to profit from the upcoming July 22 weekly options expiry. Global macroeconomic tensions eased on July 20 after Russian President Vladimir Putin confirmed plans to reestablish the Nord Stream gas pipeline flow after the current maintenance period. However, in the course of the last few..

Read More »

Hardware wallet industry to outstrip crypto exchanges: Report

The crypto hardware wallet industry could be growing at a faster pace than cryptocurrency exchanges, data from several studies suggest. The current bear market has accelerated the development of the cold wallet industry, while many centralized crypto exchanges were scrambling to maintain operations. According to a report by business intelligence firm Vantage Market Research, the revenue of global crypto trading platforms amounted to $330 million in 2021. Released on July 21, the report suggests that the global crypto exchange market revenue would reach a value of $675 million by 2028 with a compound annual growth rate (CAGR) of 12.7%. That’s at least half the CAGR related to the growth of the hardware wallet industry, other reports suggest. The global hardware wallet market reportedly reached a value of $252 million in 2021 and is expected to reach a value of $1.1 billion by 2027, or exhibit a CAGR of 27.2%. The concept of hardware or cold wallets has been growing increasingly popular ..

Read More »

Korean crypto startup Uprise to compensate investors after disastrous LUNC short trade

South Korean crypto investment company Uprise plans to compensate investors for damages incurred during its futures bet on Luna Classic (LUNC) — a token that was built on the ruins of the failed Terra ecosystem. Uprise is making arrangements to compensate 40% of the loss incurred by customers tied to its disastrous short bet on the token, according to the Korean newspaper Soul Economic Daily. The short position was placed in May using client funds that were deposited in a $20.3 million (26.7 billion won) discretionary investment vehicle. As reported by Cointelegraph, Uprise lost 99% of its assets on the trade when it got liquidated. “After obtaining the consent of the existing shareholders, the compensation process will be implemented,” reads a translated version of the Soul Economic Daily report. Most of Uprise’s clients are high-net-worth individuals and corporations. The compensation plan involves issuing Uprise stock to investors based on the company’s valuation following its S..

Read More »