IBAT/BNB Price Forecast: August 22 IBAT/BNB will still go further if the current support at $0.008387 holds. The crypto’s price may continue its upside moves to a $0.500 high level, provided the buyers increase their actions in the market.
Key Levels: Resistance Levels: $0.011444, $0.011454, $0.011464 Support Levels: $0.008314, $0.008214, $0.008114 IBAT (BNB) Long-term Trend: Bearish (4H) Analyzing the chart above, we can clearly see IBAT/BNB is in a bearish market zone. The price currently trades below the two EMAs.
Today’s 4-hour bullish engulfing candle at $0.007380 above the moving averages confirms the bulls’ dominance in the market.
However, there are bullish signals above the level of $0.007380 which indicates a possible further increase in the market value.
Meanwhile, the pair has a target price of level $0.500 as it’s about to resume its uptrend to the upper resistance as indicated by the daily stochastic pointing up in the oversold region. The mentioned target might be tested in its long-term perspective.
IBAT(BNB) Short-term Trend: Bearish (15-Minute)The coin is in a bearish movement zone in its short-term outlook. This is due to the inflow from the sellers.
Just in after a few minutes of opening the 15-minutes chart, the bulls returned and triggered up the momentum up to the the$0.008719 resistance value above the moving averages. This will actually enable the pair to rise further.
If the IBAT/BNB price sustains above the current resistance level, the resulting rally may surpass the $0.1000 level and hit the $0.0500 psychological level at the upside in the days ahead in the lower time frame.
Battle Infinity has huge potential for unusually massive returns. Buy IBAT
Tamadoge is a new crypto coin that’s the first meme coin featuring a metaverse and other popular features until its live launch in October of 2022. Investors can buy TAMA tokens during its presale period.
Tamadoge is about to give away $100,000 for their token holders. All you have to do is hold on to your tokens until the airdrop, and you’ll be automatically entered. One of the most promising cryptos of 2022 is the project that has already raised over $2 million in presales.
The cost of TAMA at the time of writing is $0.01, with a minimum purchase requirement of 1000 TAMA. However, with interest among the investors’ community for the TAMA coin, chances are it can hit $0.50 per coin.
The Tamadoge Crypto Giveaway
In order to enter the Tamadoge crypto giveaway, you need to buy at least $100 worth of tokens before September 10. You can purchase the tokens on tamadog.com.
After that, sign up for a business competition on Gleam.io, a leading name in business competitions. Provide your email address and social media accounts to start a nine-task challenge. You will be sponsored for each task you complete, and your social media profile will be used as a confirmation of entry.
You can complete some tasks on the Tamadoge Discord to enter the prize draw. To contribute, join the Tamadoge Discord community, follow the project on Twitter and Telegram, and share it with friends. After completing these tasks in only a few minutes, you’ll be entered into the $100,000+ TAMA token giveaway.
Tamadoge is a blockchain-based loyalty platform with TAMA tokens distributed at random. You can get these tokens by participating in their free giveaways scheduled to help promote token presales. They hold these giveaways often and ensure you stay up to date by joining their Telegram group for the latest news.
About TAMA Coin
The first so-called “meme coins” were created as a joke about people investing in cryptocurrencies and the emerging market at that time. Ten years later, some of those “memes” have become tangible digital assets known as cryptocurrencies.
While Dogecoin is located within the same ecosystem as Tamadoge, it is not as innovative. For example, while Dogecoin can be classified as a meme coin 2.0, Tamadoge features an NFT store, P2E capabilities, and token utilization.
Although Shiba Inu was originally assumed to be the next DOGE, it lacked utility and failed to overtake DOGE. Instead, Tamadoge has been designed as a platform to rival other popular metaverse projects.
The Doge ecosystem acted as a ploy to attract investors, and the plan seems to be working. Tamadoge hasn’t achieved market value yet, but it’s the most valuable meme coin at this present time. Many individuals said this is the fortune of meme coins, and they are right.
Meme Coins: Here’s What The Future Could Hold
Tamadoge is a meme blockchain project with the potential to be the best-designed among other meme coins. As it runs on Ethereum, its native token is an ERC-20 coin.
TAMA tokens are easier to use than Meme coins and flexible in how you can use them. TAMA tokens can be utilized for investments in the NFT stock and trades between users. However, only 2 billion TAMA tokens are available to purchase. Half of the TAMA tokens will be fumed to raise the token cost.
The project concentrates on grade and efficiency rather than abundance. Once it goes live, Tamaverse will set the standard for other coins with better features.
Tamadoge’s tokens are completely KYC’d and audited, meaning that the new cryptocurrency is built with excellent security features. In addition, there are presales on the way, so you have the perfect opportunity to invest in a promising project. Tamadoge is one of the best cryptos on the market and creates an equal playing field for all investors.
Visit Tamadoge
Features of Tamadoge
The Tamaverse core is all about caring for digital pets. It’s an AI reimagining of the 90s handheld game Tamagochi, where you must feed and care for your pet to keep it happy and healthy.
There are many games, including your pet, that you can play for more Dogepoints. As the player with the most dogepoints at the end of the month, you will be rewarded with TAMA tokens and permanently waived transaction taxes when using this currency.
Tamaverse provides users with the opportunity to interact with a virtual world, where they can work with others to complete challenges and trade items. In the future, Tamaverse will be adding features and given the buzz surrounding it, it might take over as King of Memes. You can checkout the official website to know more about this token.
Tamadoge is a play-to-earn mechanism
The Tamaverse also has a P2E system, which rewards players with tokens for playing the games and winning. After you play games in the Tamaverse, you will receive tokens. This happens when you build up your Dogepoints and appear on the monthly global leaderboards.
The prize pool of the Tamaverse relies on a monthly trade volume. When 65% of the token is used, it goes to the prize pool, which is then split among winners, depending on performance. The Tamaverse features games and levels, with more features coming after release.
Usable pet NFTs of Tamadoge
The Tamadoge pets are the central point of this platform, and they also function as non-fungible tokens. You can buy and trade these pets with the TAMA token, and use them to improve your pet’s stats and get ahead in the game.
More pets will be added to the game as the project evolves and more tasks become available. The more mature your pet is, it can complete more complex tasks, which grants you more Dogepoints.
The token pre-sale was 25 July 2022 and lasted until October, when the project entered a general page if they weren’t sold out. There were no private sales or a vesting period, meaning you will automatically become an early investor if you buy tokens in the pre-sale.
To purchase TAMA tokens, visit Tamadoge’s official website. The minimum investment is $150, and each token will cost $0.01. So if you invest $150, you’ll get 15,000 tokens in return – this could be worth 100x the value later on.
You can use your card by adding it to the presale, but if you have Trust Wallet or MetaMask, you can also convert ETH or USDT tokens.
Roadmap for Tamadoge
Dogecoin is releasing its Tamadoge project soon, with a presale preceding it. Players can choose their favorite pet through the presale and start exploring levels.
In September, the TAMAApp will be downloadable for users to test. In 2023, all TAMApets will have 3D models. In the future (by year-end may be), AR will be fully supported on the platform. As a user, you will be able to walk around your neighborhood while interacting with your virtual pet.
Future Predictions
You can buy TAMA tokens right now, and the person who buys $100 worth and joins the official Tamadoge groups is eligible to receive an additional $100,000.
Since Tamadoge first entered beta pre-sale on 22 July 2022, it has become a popular project, and many recommend investing.
The project has raised over $750,000, and the cap of $2 million is expected to be reached before September 2. Investors are continuing to pour in.
A public ICO launch will follow the pre-sale in 2022 to raise $1 million. The cost of TAMA at the time of writing is $0.01, with a minimum purchase requirement of 1000 TAMA.
Pre-sales are a chance to buy in at the lowest price. In addition, a percentage increase in the amount of your donation after pre-sale will go towards research, development, and marketing for this new cryptocurrency.
TAMA tokens are available for sale during a presale for the next 30 days, with a maximum of $8 million. Investors have opportunities to purchase sizable positions of TAMA tokens, with 50% allocated towards pre-sales. Developers hope to raise $10 million and distribute 1 billion TAMA tokens (50% of the total supply) for pre-sale.
LBLOCK V2 has gone over 20 consecutive days with a price of $0.002 per LBLOCK; without fail it has always been supported at those levels. The next exchange listing will be on the trading platform Gate.io and the new listing is estimated to happen in mid-September.
The price of the Lucky Block is going up. It first saw a spike in July after it advanced above its 50-day moving average and then hit support on July 28th.
Speculations are that LBLOCK can hit its new all-time high price after getting listed on Gate.io.
LBLOCK Price Prediction: Bullish
Prices have risen to reach new highs. The upward momentum came from LBLock being listed on the MEXC exchange.
There has been an increasing number of new highs and lows printed as the new market structure continues to grow for last month’s release of LBLOCK V2.
The launch was met with a high volume of interest, peaking at over $0.0044 USD when listed on 1st August 2022.
The market bullish up to 3x in just three days.
LBLOCK has been trading sideways since July 30th – every day, the price never drops below $0.002. On December 18th, all dips were bought up and it hit the 50-day moving average of $0.0016.
What does the future hold for Lucky Block? Will it reach $0.01?
People are optimistic that Gate.io’s next exchange listing will happen soon, which is expected to be announced sometime in the future.
Gate.io currently hosts a volume of trades up to $1,2B in 24-hrs. Gate.io is also ranked 5th, hailing from CoinMarketCap and is set to become the most popular cryptocurrency exchange ever listed on it.
Lucky Block’s price could potentially increase 500% when it retests the historic high, which would be more than its current trading volume.
Their token has already been listed on Uniswap and after an increase in volume, we may see Lucky Block reach its historic high from February which would be a 500% increase from today’s price.
Buy Lucky Block
What are Lucky Block and its features?
Lucky Block is an open-source blockchain protocol that easily allows gamers to trade tokens on a decentralized exchange. They accomplish this by paying out rewards and performing cross-game asset exchanges.
Lucky Block is focused on using blockchain technology to produce a global lottery system.
They provide a lottery with better odds while providing a solid investment strategy for people who invest in the company.
Blockchain reduces the chances of losing or tampering with information. It also has near instant payouts and is a fully trackable technology.
With Lucky Block, you will get better odds in lotteries because the blocks will enable more draws per day. Players with low risks can also take part in higher margins for lotteries in addition to a lower cost per lottery.
Does Lucky Block V2 have a chance of becoming the next game with a success?
Lucky Block’s trading activity has stagnated ever since its listing on Gate.io, but this might be a positive sign, as the coin has now entered new markets and increased in liquidity.
Lucky Block has been trending upwards since July. The high trading volume of Gate.io could allow it to trade above $0.003, which is the price that the coin hit in May when it first began using jackpot prizes and the app release was rolled out.
Traders are expecting that a push to the upside may come, and are buying around the $0.002 level in hopes that it will “catch” as LBLOCK V2 makes its way back up into the recent range.
The price of LBLOCK V2 is pretty volatile, so there’s a chance that the stock might fall back to its original price before it starts going up again. The potential high it could rise is $0.01 whereas the potential low is $0.0002 per LBLOCK.
Conclusion
The function of the LBLOCK tokens is to power the Lucky Block blockchain and DApps. They have already corrected about 90% from their all-time high. Token V1 and V2 are both undervalued. Token V2 has already perked up in the past week, making a strong bounce from its recent lows.
When the project launched its V2 token, some investors may have sold their tokens. Creators of NFTs who were building on the platform would have sold most of their tokens at once.
The LBLOCK token saw increased value after it went to sell on the open market, because, typically, early investors are more patient and less likely to sell quickly.
The cryptocurrency decline has hit most digital assets service providers hard and many are looking for better strategies to weather the storm. In line with the current market conditions, the co-founder of BitMEX, Arthur Hayes, has suggested that this could be the right time to go long on crypto assets.
Bitcoin and Ethereum, the two most valuable crypto assets in the world, have slumped by double-digital percentages after reaching multi-month highs last weekend. This led to the loss of more than $150 billion from the market.
Hayes Says Now Is The Right Time To Stack Up
While the investors are remaining cautious in the market, Hayes suggested that this is the right time to stack up crypto funds.
In his tweet, Hayes, with over 300k Twitter followers, started by asking his followers whether they are going for a long-term or short-term strategy in digital assets.
He stated that those looking at a short-term strategy could be facing an “ugly” price action. It could mean that the investor did not read the market right. In this situation, they are faced with three different options – to “cover, sit tight, or add more.”
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He added that those who need to leave the market are those who had their investment thesis changed fundamentally. Hayes pointed at Ethereum’s upcoming Merge which can galvanize the market to a great extent. He added that he will only be worried about his position if the long-awaited upgrade gets canceled for some reason.
The Market Could Start A Long Bull Run Soon
Since it is highly unlikely for the Merge to be canceled, Hayes believes the time to hold steadfast and even add more tokens is now. In his words, “it might be time to go shopping.”
He added that if something occurs that impacts the chance of a successful merge, he expects the ETH/BTC cross to go much lower than 0079 after moving to a 005 local low in mid-June.
Hayes believes that the crypto market could turn bullish sooner than expected. He seems optimistic about the Merge, which will see the successful transmission of Ethereum from the power-intensive PoW protocol to the nature-friendly PoS protocol.
The European Central Bank (ECB) is considering using central bank digital currencies (CBDC) as means of curbing the market dominance of big tech firms. The body is unveiling a discussion paper that will guarantee a smooth continuation of the current monetary system. The “network externalities” surrounding the use of the fiat medium of exchange have kept the control of the payments markets in the hands of BitTech firms. But ECB is suggesting ways to use CBDC to breach the dominance and make it a level playing field for all players.
The Paper Recognizes Te Increasing Interests In CBDC
The discussion paper starts by recognizing the increasing interest in CBDCs, which have also received serious interest from central banks worldwide. So far, two countries, Nigeria (eNaira) and the Bahamas (Sand Dollar) have launched their CBDC.
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The report provides detailed information about their potential for adoption and level of growth It also provided several use cases within the rapidly digitizing economy. Additionally, the CBDC ad its increasing interests have resulted in several digital platforms becoming dominant business models while more companies have increased their requirements for software and data. It has also led to an anti-competitive environment that is shifting the digital market power towards the control of tech giants.
The Increasing Dominance Of Digital Currency Issuers
Most users are attracted to these digital platforms simply because others are using them, a situation called network externalities. This can lead to a winner-takes-it-all outcome in the industry. The report revealed that such a situation is not encouraging for the digital industry.
The ECB is also afraid that the dominant platforms that issue digital currencies, especially the Diem, could become dominant issuers of private money through the same network externalities. The fear is that it can challenge the monetary sovereignty of a domestic economy. Once it starts acting as a unit of account, medium of exchange, and store of value, it puts the use of the fiat currency in jeopardy.
But a CBDC can be used to ensure the continuous practical use of public money in the economy. It can e used to resolve issues in financial intermediation and as a means of reducing the cost of payments.
US crypto exchange giant Coinbase has issued warnings on the alarming increase in romance exchange scams called ‘Sha zu pan” or “pig butchering.” In this type of scam, the perpetrator generally looks for their victims through social media and dating apps. They build trust with the victim over a long period before carrying out their main aim.
Crypto’s Irreversible Nature Makes The Fraud Worrisome
Coinbase said there has been an increase in the number of crypto trading platforms spread by scammers using dating apps to lure victims. The exchange said the situation is quite worrying and should be checked quickly.
Romance scams and investment scams have been one of the oldest forms of scams online. However, the increased use of cryptocurrencies by scammers to carry out their illegal fund transfers is what has become worrisome. The irreversible nature of cryptocurrency transactions has made it the best choice for criminals to engage in their activities. It has made the scams more devastating, according to Coinbase.
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Coinbase Is Working With Law Enforcement Agencies
Coinbase said the scam generally involves fraudsters claiming to have huge financial gains from crypto investments and convincing their victims to put the funds in the investment scheme. In other cases, the scammer may use another method by offering to teach the victim how to invest
The fraudster sends the victim to a fraudulent website designed to resemble a genuine trading platform. The scammer now convinces the victim to deposit funds into the face trading account managed and controlled by the scammer. In some cases, the fraudster ceases communication with the victim after receiving their funds. In other cases, they even send a small amount to the victim to gain more trust and request a higher deposit.
Coinbase said it has already started partnering with law enforcement actors to help to reduce the frequency of these scams. They are working together to offer protection to customers against different forms of targeted cyber attacks. Coinbase said it has added the fraudulent crypto addresses to the firm’s product blocklist.
Leading global crypto exchange Binance has announced that its US subsidiary has been granted a Money Transmitter License in Nevada. This makes it the seventh jurisdiction the crypto exchange has received a Money Transmitter License, as it continues to expand operations. It now has a license in Connecticut, West Virginia, Idaho, Rhode Island, Puerto Rico, Wyoming, and now Nevada.
Binance Commits To Maintaining Compliance Standards
Binance US said it wants to expand its operations across several regions in the US to gain more markets. The licenses will enable the crypto exchange to facilitate clients in different parts of the region.
Chief Executive Officer of Binance.US, Brian Shroder, commented on the development. “We continue to take the necessary steps to ensure we are operationally compliant across the United States,” he noted. Shoder added that the license is evidence of the company’s compliance efforts, and it will continue to work with all regulatory authorities to maintain compliance standards.
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Binance Sees Growth Despite Crypto Market Winter
The crypto market has not been favorable for companies in the industry. However, Binance is having a fairly good year, which has been reflected in its valuation. In April, the crypto exchange raised $200 million in seed funding, hitting a valuation of $4.5 billion in the process.
Participants in the funding round include Original Capital, Foundation Capital, RRE Ventures, Circle Ventures, and VanEck.
The company stated that it now operates in 46 states through the license of some of its partners. The crypto exchange plans to extend its services to all 50 states and territories in the U.S.
Binance faced serious scrutiny in 2021 from regulators around the world, but the company has managed to get on some of its good books. It has onboarded new compliance personnel in its bid to stay within the regulatory corridors. This has enabled the firm to expand its operations and offerings despite the current market downturn.
The company has also gained operational licenses in Italy and Kazakhstan while seeking to expand its services in Germany. The firm has also made efforts to expand its operations in the Middle East and North African (MENA) region.
Former Goldman Sachs executive Raoul Pal says an explosion of the crypto market cap by 200x in the next decade is within the realm of possibility.
In a new interview with crypto analyst Scott Melker, the macro guru says that we could witness an unprecedented accumulation of wealth in the next 10 years.
“What I do know is if I just extrapolate the network adoption effects, the number of users, and where the number of users is going and assume it gets to somewhere between four and five billion in the next 10 years or so – which would be central bank digital currencies enabling it, all ticketing, a whole bunch of stuff going that way – the market cap of the space goes from $1 trillion to $200 trillion…
People don’t realize the world has never seen an accumulation of wealth like that in history. This would be the shortest period of time of the largest accumulation of wealth ever seen.”
While Pal is extremely bullish on the long-term prospects of crypto, he acknowledges that he could be wrong by a wide margin.
“Even if I’m wrong, let’s say I’m a total moron and I’m wrong by 90%, we’ll $20 trillion [from] $1 trillion, I’ll still take that bet because it’s still the best bet in the world, and that’s by me being wrong by 90%.”
At time of writing, the crypto market cap is hovering at slightly below $1 trillion.
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The South Korean Ministry of Strategy and Finance on Monday cleared that virtual asset airdrops, staking rewards and hard forked tokens would be subject to a gift tax under the Inheritance and Gift Tax Act despite the postponement of crypto gains tax to 2025.
Cryptocurrencies are officially referred to as part of virtual assets under South Korean law.
In response to a tax law inquiry about transfers of virtual asset airdrops by crypto exchanges, the South Korean tax authority said that any free virtual asset transfer by crypto exchanges in the form of airdrops, staking rewards and hard-forked tokens would attract a gift tax.
The gift tax will be “levied on the third party to whom the virtual asset is transferred free of charge,” reported a local news publication.
The tax authority cleared that even though virtual asset gains tax would now be applicable from 2025, free virtual asset transfers would still attract a 10-50% tax under the Inheritance and Gift Tax Act. The said tax requires the recipient of the free “gift” to file a gift tax return within three months of receiving it.
Related:Australia’s new government finally signals its crypto regulation stance
However, the ministry also cleared that actual taxation on such virtual asset transfers should be considered on a case-to-case basis, given the lack of regulations around the virtual asset market. A statement from the ministry read:
“Whether a specific virtual asset transaction is subject to gift tax or not is a matter to be determined in consideration of the transaction situation, such as whether it is a consideration or whether actual property and profits are transferred.”
The lack of regulatory guidelines has been responsible for the
Cardano founder Charles Hoskinson has continued to refute claims that the Cardano’s testnet is “catastrophically broken,” implying the need to finally move forward with the long-delayed Vasil hard fork.
In a Twitter thread on Sunday, Hoskinson shared his frustration concerning some of the videos claiming Cardano’s testnet has a “catastrophic” issue, which stems from a Friday thread from Cardano ecosystem developer Adam Dean.
The developer claimed that the testnet is “catastrophically broken” due to an undiscovered bug in Cardano’s Node v 1.35.2 that creates incompatible forks — which had managed to slip under the radar of the previous testing.
Following the bug, Cardano released its new client software, Cardano Node v1.35.3, on two separate testnets.
However, Dean noted that because the majority of operators upgraded to v1.35.2 to simulate the Vasil hard fork, v1.35.3 is also “incompatible and incapable of syncing” with the original testnet, and the two testnets are “without a block history.”
Hoskinson has, however, argued that the coding issue found on that node version had been removed in the 1.35.3 update, sharing his frustration that further testing would lead to further delays of the hard fork:
“We of course could as a community delay the launch of Vasil for a few months to retest code that’s already been tested a dozen times and is already running. Is that worth it to all the DApp developers who have been waiting for this update for almost a year now?”
During an Ask-Me-Anything on Friday, Hoskinson also said that there’s been an “unfair narrative” floating around Cardano and its testnet issues, which he called “incredibly corrosive and damaging.”
“You can’t conflate a failed testnet with the mainnet because testnets are constructed and destroyed all the time in this industry. That’s their point. […] They are in no way, in any way harm Cardano itself.”
On Sunday, Hoskinson noted that “the realities of something this large and complex is that one can be easily trapped by the things that aren’t working well and forget the things that are.”
He added that one of the results of the Vasil hard fork will be a new governance process and more inclusive structures that will lead to “more useful code” and “faster developments.”
“Moments that give us a chance to change and grow. Let’s get Vasil done together and then let’s move on to higher ground and fix some of the original sins of the project so Cardano can also grow to its next level.”
Related:Sell the news? Cardano price risks 20% drop despite Vasil hard fork euphoria
The Vasil hard fork has already been delayed several times this year, with the most recent being at the end of July due to issues identified on the testnet. However, Hoskinson said during the AMA that he is optimistic that the Vasil hard fork will ship “imminently.”
“The features are there, they’ve worked, they’ve been tested thoroughly, and there’s a high degree of confidence in them. There’s no reason for it not to get over the finish line imminently.”
Cardano’s ADA is priced at $0.45 on Monday, having dropped 18.5% over the last week.
Bitcoin (BTC) starts a new week fresh from a new multi-week low amid a return of highly nervous sentiment.
After dipping below $21,000 over the weekend, the largest cryptocurrency is consolidating around 10% lower than a week ago, and the fear across crypto markets is clearly visible.
As some call for new lows and others warns of a difficult few months ahead, there is plenty for bulls to contend with on both long and short timeframes
The United States Federal Reserve’s annual Jackson Hole symposium is due this week, while September is already due to form something of a showdown when it comes to inflation and associated macro price triggers.
That could mean fresh volatility across risk assets both during and prior, something weary investors will no doubt not welcome after last week’s escapades on BTC/USD.
Related: 3 reasons why the Bitcoin price bottom is not in
At the same time, miners are giving strong signals that the worst is over, with the hash rate starting to rebound from a rare “capitulation” phase.
With that in mind, Cointelegraph takes a closer look at five market-moving topics pertinent to Bitcoin traders in the coming days and beyond.
All eyes on Jackson Hole
The United States Federal Reserve is once again in the driving seat this week when it comes to potential macro price triggers for risk assets.
Fresh from last week’s Federal Open Markets Committee (FOMC) meeting, Fed officials, together with banking figures from around the world, will meet for the annual Jackson Hole symposium on Aug. 25-27.
This year’s gathering comes at a critical time for markets in the U.S. and further afield. Inflation under the Fed’s jurisdiction appears to have begun cooling, while elsewhere, the opposite story remains true.
The latest U.S. inflation data is still weeks away, but that might not stop Fed Chair Jerome Powell from giving strong hints as to how the Fed will react, as well as positioning expectations regarding future economic policy.
With that in mind, volatility could easily pick up both before and during the event, making Jackson Hole a key item to watch on traders’ radar.
“They are so focused on doing this partly just because they screwed up last year with the whole ‘transitory’ thing, and they realize that the one thing they can do now is tighten policy, and that will slow inflation,” Kevin Cummins, chief U.S. economist at NatWest Markets in Stamford, Connecticut, told Bloomberg.
With that, it remains to be seen whether the market will shift to favor another 75-basis-point funds rate hike in September or gravitate toward a lower 50-point raise.
In a preview of its Jackson Hole comments circulating online, Bank of America said that it would “continue to look for 50bp rate hikes in September and November, plus an additional 25bp rate hike in December.”
Rate hikes in themselves present headwinds for risk assets and, in turn, provide a challenge for Bitcoin and its bid to escape strong correlation to asset classes such as U.S. equities.
Fed funds rate chart (screenshot). Source: Federal Reserve
BTC in for “ugly” six months
Bitcoin managed to stave off major volatility over the weekend, but still saw a new low for August as low-volume weekend trading conditions accentuated market moves.
After the sudden drawdown on Aug. 19, BTC/USD spent subsequent days eking out a low in an overall consolidation pattern, this continuing at the time of writing.
The low came in the form of a trip to $20,770 on Bitstamp, with Bitcoin then adding $1,000 before returning to trade approximately in the middle of the two values.
The weekly close at $21,500 was troublesome, marking the lowest since the week of July 18 after last week’s candle cost bulls almost $3,000 or 11.6%.
Feels like $BTC preparing to head back below $20k soon.
Don’t get caught off guard.
— Ben Armstrong (@Bitboy_Crypto) August 21, 2022
With fear of a new low palpable among commentators, others argued that conditions were not unequivocally pointing to further misery.
For Cointelegraph contributor Michaël van de Poppe, BTC/USD may cap any dip at the CME futures close from Aug. 19, this lying at around $21,200. More difficult for the majority of the market, he implied, would be gains, given the overall bias for downside to enter.
“Probably around CME open, we’ll be seeing markets drop to $21.2K as that’s the close of Friday, and then everything is fine,” he told Twitter followers over the weekend:
“Still not inclined we’ll be seeing new lows. The overall period of accumulation and heavy correction on Friday causes panic. Pain is on the upside.”
Zooming out, however, Brian Beamish, founder of education suite The Rational Trader, left social media with no illusions over how the rest of 2022 should shape up for Bitcoin.
“Next 12-19 wks are gonna be ugly,” part of a tweet read.
“Once done, the floor for this cycle ought to be in – then we shall start it all over again.”
Beamish drew on experience of two prior crypto bear markets, with a comparative price action chart suggesting that the real macro low was far from in for BTC/USD.
Equally confident in a recovery over a longer period, however, was analyst Matthew Hyland, who argued that traders should not lose faith.
“The Bitcoin structure over the coming weeks/months shouldn’t scare you. Either a higher low, double bottom, or cycle low will be formed,” he summarized.
Hash ribbons show miners out of capitulation phase
One group of Bitcoin network participants for which an end to hard times seems demonstrably near is miners.
Despite the latest price drop, on-chain data now shows that Bitcoin miners en masse have exited a “capitulation” period lasting over two months.
According to the hash ribbons metric, which uses two moving averages of hash rate to determine miner participation trends, a rebound is now taking shape.
The move has been long anticipated. Earlier in August, mining firm Blockware forecast the hash ribbons capitulation phase to end either this month or next.
The latest shift was noted by Charles Edwards, CEO of asset manager Capriole, who compared this year’s capitulation with others in Bitcoin’s history.
“The Bitcoin miner capitulation has officially ended today, making it the 3rd longest capitulation in history at 71 days,” he wrote in a Twitter thread:
“This capitulation zone was longer than 2021, and just two days shorter than 2018’s where price touched $3.1K.”
A look at hash rate estimates from monitoring resource MiningPoolStats shows that an uptick above 200 exahashes per second (EH/s) likely began in recent days.
“Historically, Bitcoin’s miner capitulations have captured major price lows and been great buy-signals,” Edwards continued, echoing the classic Bitcoin market mantra, “price follows hash rate:”
“Miner capitulations that occur late cycle (at least 2 years after halving) and after cycle tops have been the most profitable long-term signals (eg. 2012, 2015, 2018).”
Price struggles on short timeframes have proven to be something of a non-issue for buyers this time around.
Behind the scenes, investors, instead of fleeing BTC exposure, have been piling into the market at a noticeable pace in recent days.
According to data from on-chain analytics platform CryptoQuant, from Aug. 18, available Bitcoin on 21 major exchanges dropped from 2,342,662 BTC to 2,309,727 BTC on Aug. 22.
In four days, exchange users thus removed over 30,000 BTC from their accounts.
Compared to before the price drop, meanwhile, sentiment is not what it was on crypto.
Related: Crypto Fear & Greed Index (screenshot). Source: Alternative.me
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
The average transaction fees on the Bitcoin (BTC) blockchain fell below $1.00 for the first time in over two years, further strengthening its use case as a viable mainstream financial system.
High transaction fees over blockchain networks work against the users, especially when making low-value transactions. For example, transaction fees over the Ethereum blockchain skyrocketed several times during the nonfungible token (NFT) hype, inducing stress on general users.
While the Bitcoin ecosystem has also endured its fair share of high transaction fees in the past, timely upgrades — including the Lightning Network and Taproot — guarantee faster and cheaper transactions over time. As of Monday, the average Bitcoin transaction fees fell down to $0.825, a number last seen on June 13, 2020.
Average Bitcoin transaction fees over the past 3 years. Source: Blockchain.com
In addition to timely upgrades, the drop in transaction fees can be attributed to multiple factors, including falling market prices and lower mining difficulty. However, the difficulty of mining a new BTC block sees a steady recovery as miners gain access to cheaper hardware while recovering from the prolonged chip shortage.
As seen above, August also marked the end of the three-month-long downfall of network difficulty — recovering back to 28.351 trillion from its freefall. Thanks to consistent community efforts, the Bitcoin network continues to display telltale signs of a healthy financial system.
Related:Pushing Bitcoin to become more scalable with zero-knowledge proofs
Although users expect every network upgrade to reduce gas fees and transaction speeds, not all upgrades are built to serve the same purpose. For example, the most anticipated Ethereum upgrade, The Merge, will not reduce gas fees.
As explained by the Ethereum Foundation:
“The Merge deprecates the use of proof-of-work, transitioning to proof-of-stake for consensus, but does not significantly change any parameters that directly influence network capacity or throughput.”
The Merge upgrade involves joining the existing execution layer of the Ethereum mainnet with the Beacon Chain, effectively eliminating the need for energy-intensive mining.
Bitcoin Faces another Rejection as It Revisits $20.7K Support – August 21, 2022
Bitcoin’s (BTC) price upward correction is stalled as it revisits $20.7K support. The downtrend will resume if the bears break below the $20,790 support. In the meantime, BTC/USD is trading at $21,413 at the time of writing.
Today, buyers push Bitcoin to the high of $21,800 and pull back. The upward correction is facing rejection at the $22,000 resistance zone. On the upside, if buyers push BTC price above the $22,000 high or the 50-day line SMA, it will signal the resumption of the uptrend. On the other hand, if Bitcoin retraces and breaks below the $20,790 support, the downtrend will resume. The largest cryptocurrency will further decline to the lows of $18,912 and $17,605 price levels.
Korea’s Financial Intelligence Unit Hinder Unregistered Exchange Websites
Korea’s Financial Intelligence Unit (FIU) is the fiscal watchdog of South Korea. The FIU is attempting to obstruct 16 unregistered cryptocurrency exchanges operating in South Korea. The cryptocurrency exchanges are yet to register with relevant authorities in the country. These unregistered exchanges including the likes of KuCoin, Poloniex, and Phemex, were listed alongside 13 other exchanges that are set to be restricted by the FIU. These exchanges are reported to engage in business activities targeting domestic consumers by offering Korean-language websites, running promotional events targeting Korean consumers, and providing credit card payment options for cryptocurrency purchases. The FIU has blocked the operations of the unregistered exchanges by reporting the violation of registration duties and informing their counterparts in the respective countries wherein the businesses operate.
BTC/USD – Weekly Chart
Meanwhile, Bitcoin is declining as it revisits $20.7K support. The coin is falling as it approaches the current support. Meanwhile, on a weekly chart, a retraced candle body tested the 61.8% Fibonacci retracement level on March 28. The retracement suggests that the BTC price will fall to level 1.618 Fibonacci retracement level or $11,822.39.
Related: • How to buy Tamagoge • Visit Tamadoge Website
Solana has come under the activities of strong downward forces after correcting downwards from higher resistance. For some time now SOL/USD has been trading in an upward-slopping price channel. However, things took a new turn around the 14th of this month, when price action hit a higher resistance of near
SOL’s Forecast Statistics Data:
SOL’s current price: is $46.08
SOL’s market cap: $12.71 billion
SOL’s systemic supply: 348.12 billion
SOL’s overall supply: 511.62 million
SOL’s Coinmarketcap ranking: #9
$47.00. Afterward, a sharp downward correction has to be experienced in this market. We shall try to examine this market, to find out if there are signs of recovery. Also, we shall try to figure out the best approach that can be given to this type of market situation.
Solana Downtrends Sharply, but Tamadoge Promises a Bullish Market
SOL/USD price activity has broken a long-term increasing support in a strong rebound off a resistance. However, the appearance of the latest bullish candle may be hinting at the fact that strong support has been found. Hence, we might have a correction from her to the upside. Additionally, the EMA curves appear to be in pursuit of the price candles as it appears moving steeply toward it.
Furthermore, the Stochastic Relative Strength Indicator has arrived at the oversold region. Also, we can observe that these lines have been able to cross each other in the oversold. However, The direction of this line afterward is yet unknown. But, with rising buying pressure the lines will move upwards. Consequently, Traders in this market can expect the value of this pair to rise to around $40 at the least.
Solana Value Forecast: Is SOL/BTC Price Correcting Already?
SOL/BTC daily trading chart activities stay somewhat the same as what we have on the SOL/USD chart. Here, the last candlestick appears to be correcting off the lower band of the Bollinger band. However, we can only anticipate here as things appear to be at the developing stage. The lower shadow of the last candlestick has touched on but hasn’t sufficiently pushed the lower band of the Bollinger.
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Also, the SRSI indicator curves has crossed each other at the oversold area. Going by this it’s safer for one to see if more bullishness will set into the market. Therefore traders thinking of placing a trade in a market such as this can place a buy stop near 0.00176050.
Tamadoge is also securing strategic listings on centralized and decentralized exchanges as part of its roadmap. The first listing has already been secured on LBank. LBank is a centralized exchange, and the Tamadoge team is optimistic that TAMA could be paired with ETH to support the project’s rapid growth as it faces improved liquidity.
Lucky Block has acquired a new support above $0.002130. We can practically say that Lucky Block is getting luckier. On a more serious note, this is a lucrative improvement this market is opening up nice trading opportunities for both old and new traders in the crypto market. Furthermore, the week is just starting and more trading opportunities are on the way. However, only those who will buy into this market will be able to benefit from those coming opportunities.
Current Lucky Block Price: $0.002131
Market Capitalization For Lucky Block: $7.6 million
Lucky Block Circulating Supply: ——
Lucky Block Total Supply: 3.6 billion
Lucky Block’s Rank on Coinmarketcap: #3323
Major Price Level:
Resistance Level: $0.002131, $0.002200, $0.002235
Support Level: $0.002120, $0.002100, $0.002095
LBLOCK Value Analysis: LBLOCK/USD Is Set to Break Crush Resistance
We are witnessing some fascinating price movements on the LBLOCK/USD 4-hours price chart. Lucky Block bulls aren’t going easy on the bears as their activity in this market portrays. Furthermore, signs of more bullish activities are still around in this market. The Bolinger indicator on this chart is now expanding at the top boundary, as price action claims support above $0.002100. Furthermore, the Stochastic RSI quicker line now bends towards the slower one. Consequently, this move is pointing to buyers’ increasing strength. An eventual upward correction of the Stochastic RSI lines will result in higher values being reached. Therefore, buyers should take advantage of this developing trend to maximize profits.
LBLOCK Value Analysis: LBLOCK/USD Bulls Stays Active
Price Performance on the LBLOCK/USD 1-hour price chart indicates that price will progress higher. On this chart, the last three candidates here delivered LBLOCK’s price above $0.002131. However, the attempt of selling pressure to drive the price lower was unable to break downwards the price level of $0.002130. This portrays how strong the bulls are in this market. Moreover, the SRSI lines are currently on their way into the overbought area. At this point, we can expect that price will break the $0.002300 resistance to the upside soon. Traders should make haste to buy into this market
Lucky Block (LBLOCK V2): Gate.io listing has been set to be done on 25th August.
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