The COVID-19 Digital Health Passport will be trialed by healthcare professionals in Hong Kong. Later on, patients will be able to access the passport through a mobile app.
The Chinese University of Hong Kong, or CUHK, has partnered with Ethereum developer ConsenSys to launch a new blockchain-based Medoxie COVID-19 Digital Health Passport – a product that could help healthcare workers combat the pandemic.
The passport utilizes blockchain technology to record a patient’s COVID-19-related events, including test results, temperature checks and vaccinations, with the aim of providing a safe pathway to full economic reopening post-pandemic. Information that is held on the passport is said to be stored securely and privately.
Initially, the digital passport will be accessed by medical professionals and academics within Hong Kong’s healthcare industry, paving the way for a new mobile app that will be extended to patients at a later date. The passport infrastructure has been built using ConsenSys Quorum and Codefi Orchestrate.
Dr. Arafet Ben Makhlouf, senior technical architect at ConsenSys, explained how the passport could help Hong Kong and other regions transition back to normal life following the multi-year pandemic:
“This COVID-19 blockchain passport uses trusted blockchain technology to protect user data, making it verifiable and secure. We are proud to support The Chinese University of Hong Kong with its efforts to apply innovative technologies to help health sectors and communities proactively respond to COVID-19, and transition back to life as normal.”
Related: ConsenSys and Securosys launch new long-term Ether staking protocol.
ConsenSys has been the recipient of major investments in recent years, culminating in a $65 million raise in April led by banking giants JPMorgan Chase, Mastercard and UBS.
The Chinese University of Hong Kong has been exploring the use of blockchain technology for several years. During the height of the pandemic in early 2020, a University professor claimed that blockchain technology could help prevent the spread of COVID-19.
The pandemic has infected more than 176.3 million people globally, according to Johns Hopkins University. Nearly 2.4 billion vaccine doses have been distributed.
Alchemix and Yearn.Finance appear to be squaring off with Curve and PoolTogether, but for now there appear to be harmonious solutions.
With millions and even billions of dollars at stake, industrial-scale yield farming is leading to pockets of resistance as some projects refuse to be left with the chaff.
In the past week, team members from no-loss lottery project PoolTogether and exchange liquidity pool provider Curve Finance have proposed ways to reduce the load Yearn.Finance strategies place on their protocols and governance tokens.
In a Tweet on Sunday, PoolTogether co-founder Leighton Cusak noted that Yearn has become the primary beneficiary of many of the protocol’s DAI lotteries, as Yearn controls 57% of all DAI funds ($27 million of the $47 million in the pool at the time of writing) and therefore has a disproportionate chance to win.
“At this scale, it becomes problematic as they monopolize the chances to win and marginalize the core value prop of the protocol,” Cusak wrote on Twitter.
Wanted to provide a bit of context on Yearn PoolTogether since this tweet is getting some traction. https://t.co/bpCUroz8NS
— Leighton Cusack (@lay2000lbs) June 13, 2021
Likewise, in a governance proposal today “Charlie,” a representative of the Curve core team, put forth a vote to remove the CRV benefits given to the alUSD pool. alUSD is a stablecoin from Alchemix, a project which issues loans based on future yield from deposits into Yearn vaults; Yearn vaults, in turn, use stablecoins and other assets to farm Curve’s CRV token.
alUSD apparently is linked to dumping CRV from inflation schedule, so it currently causes more dumping of CRV than a normal pool would. There is a possibility to remove CRV inflation for this pool via a governance vote, hence the proposal:https://t.co/KGt2E9jmXi
— Curve Finance (@CurveFinance) June 15, 2021
Both instances of projects bucking under Yearn’s weight led to speculation on social media that there may be personal hostilities motivating what looks like a protocol-level sharecropper’s revolt (Alchemix opted to use Curve competitor Saddle for a new synthetic ETH pool); that Yearn may be overzealous with its farm-and-dump strategies; and that there could be “governance wars” creating friction in what should be an open ecosystem.
Likening the dynamic to a “war” appears to be overblown, however.
With the new governance wars kicking off between @CurveFinance, @AlchemixFi and @iearnfinance, I’m expecting to see some huge strides in governance mechanisms.
Curious who’ll be the first to implement tradfi concepts like dual class voting tokens and staggered DAO multisigs.
— Collins Belton (@collins_belton) June 15, 2021
In an interview with Cointelegraph, Cusack said that PoolTogether has already agreed to onboard Yearn as an interest provider for the lotteries, and in turn Yearn will cease acting as a whale flopping in their pools.
“We have recently completed an integration with yearn and it is being audited. This means our prizes pools can use Yearn for yield. This is better as it will yield a higher APR. It also means that Yearn won’t be able to deposit into PoolTogether as that would create a risky recursive loop,” he said.
He also noted that “Yearn keeps 10% of all the POOL tokens it accrues” and that POOL emissions were cut 50% late last month.
“I’ve found them to be very helpful and willing to make changes to reach a more optimum outcome.They ultimately understand that our success brings more success to them,” Cusak added of the Yearn team.
Likewise, Charlie of Curve noted that the governance proposal is an effort to mitigate a recursive CRV emission structure, similar to what PoolTogether is looking to achieve with their new arrangement.
“Alchemix and alUSD are awesome products which partly make their yield by selling CRV which is why the community raised the point [they] shouldn’t receive CRV on top (the double dipping). It is not a hostile proposal towards Alchemix, just a way to see if the rest of the Curve DAO feels the same way about it and if they indeed do feel like it’s abusing the system. It has nothing to do with the selling,” he said.
While the battle between farmer and crops for the time appears to have been staved off, Cusak did say that there remains a fundamental conflict that could eventually bubble into a governance fight.
“There is inherently a tension between protocols wanting deposits to drive growth and those depositors wanting to maximize yield be selling the protocol token.”
While the DeFi ecosystem prides itself on elegant economic designs and logical systems, when it comes to governance hot heads do sometimes lead to conflicts. Earlier in the year, insurance/coverage protocol Cover and Yearn.Finance announced a cessation of a merger that some parties likened to a divorce.
Multiple Yearn reps did not respond by the time of publication.
The dYdX platform allows users to trade perpetual contracts with exposure to various crypto markets. It claims to have built the fastest decentralized exchange through layer-two solutions.
Venture firms from across the blockchain industry have thrown their weight behind decentralized exchange developer dYdX, offering further evidence that investors are eyeing a further expansion of the decentralized finance (DeFi) ecosystem.
The Series C round generated $65 million in direct funding for dYdX, with venture fund Paradigm leading the raise. HaskKey, Electric Capital, Delphi Digital and others also participated in the raise.
The exchange also received direct support from eight liquidity providers, including Kronos Research, MGNR, Menai Financial Group, QCP Capital, CMS Holdings, CMT Digital, Sixtant and Finlink Capital.
Past investors include Polychain Capital, Three Arrows Capital and Wintermute, among others.
Wintermute CEO Evgeny Gaevoy described dYdX as a pioneer in layer-two DEX solutions, adding:
“It offers decentralization and non-custodial trading of perpetual futures without any of the drawbacks that similar solutions built on layer-1 Ethereum face.”
The growth of dYdX reflects the broad expansion of decentralized finance during the 2020–2021 bull market. Over the past five months, the company has generated over $2.2 billion in trade volumes from over 11,000 unique traders. Its total value locked reached $40 million across more than 13,000 unique addresses.
Related: Sights set on mainstream adoption: Is another DeFi summer on the way?
The DeFi market has experienced a broad cooldown in recent months due to the ongoing selling pressure faced by Bitcoin (BTC) and other cryptocurrencies. Industry data shows that the DeFi market peaked in mid-May before undergoing a broad correction. The total value locked in the ecosystem is now $127.2 billion, which is around 20% below last month’s peak.
Synthetix is a protocol that allows the trading and issuing of synthetic assets on the Ethereum network. The Synthetic protocol is powered by the SNX token, which has created a space for itself in the rapidly growing crypto market. At the moment, SNX is stabilizing in its value. At the time of writing, the SNX token is trading at $10.28, a 1% gain in value.
SNX Price Analysis
Source: TradingView
Looking at the chart above about SNX, it is clear that the token has not been doing well since May. The May crash led to a decreased token value, and SNX has since been unable to recover. However, the coin may soon push past the bears, and it may increase to higher values.
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SNX still needs overwhelming support from the broader cryptocurrency market because it is one of the factors that will boost its value. Following the recovery of bitcoin, altcoins seem to be recovering, and it remains to be seen whether SNX will pick up the trend. DeFi projects have been shaping the crypto market, and with Synthetix venturing into the sector, it may create a strong future for the token.
The candlestick chart above shows that in the past 24 hours, the token has created an inverted hammer, which indicates that the coin will create a bearish trend in the coming days. For the token to resume a bull trend, it needs to push past higher resistance levels. If it manages to reach $15, it will create a buy from retail investors who want to leverage profits. However, the coin will need overwhelming support for it to reach $15.
Synthetix gained popularity in April this year when the platform allowed its users to trade leading stocks belonging to tech companies. The news was received gladly by traders who wanted to gain exposure to crypto trading when they were at a lower risk of enjoying returns.
Where to Buy SNX tokens
To buy SNX tokens, create an account on any of these exchanges:
eToro
eToro makes it possible for you to buy tokens that you can easily sell. The exchange is highly reputable because of its unique set of features. Furthermore, it also allows copy trading so that new traders can copy the trading strategies of seasoned traders in the crypto market.
OKEx
The other cryptocurrency exchange that supports SNX is OKEx. The exchange offers competitive trading fees that make it easy for new traders to maximize profits. The exchange is also supported in many countries.
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Bitcoin’s range breakout boosted sentiment but traders are waiting for a daily close above $41,000 before taking more decisive action.
Bitcoin started the week with a strong breakout to $40,900, but today bulls are trying to hold Bitcoin price above the $40,000 level.
As the price broke from the $31,000 to $39,000 range on June 14, traders speculated that setting a daily higher high and a close above $41,000 would set BTC up for a move to $47,000, but a lack of sustained buy volume and the much-discussed possibility of a death cross between the 50- and 200-day moving average are factors that could be keeping traders cautious.
BTC/USDT daily chart. Source: TradingView
According to Simon Peters, an analyst at eToro:
“Bitcoin is at its highest level since May, a notable recovery but the crypto asset has yet to convincingly break through – and most importantly, close above – the $41,000 mark.
While sentiment has improved and futures premiums have recovered after nearly entering backwardation last week, analysts are unable to confirm that the bull trend has resumed.
Peters said:
“We’ve seen the price face resistance earlier in the year at this level when it was trading around what was then an all-time high, and I would really need to see a stronger increase to feel optimistic about the price recovering and possibly pushing onto $50,000 and beyond.”
Regarding the lack of follow-through from Bitcoin’s June 14 pump, Cointelegraph analyst Marcel Pechman shared the above chart and said that while the 25% delta skew is no longer signaling that extreme fear exists in the market.
Pechman said:
“Arbitrage desks and market markers are currently uncomfortable with Bitcoin’s price as the neutral-to-bearish put options premium is higher. However, the current 7% positive skew is far from the 20% exaggerated fear seen in late May.”
Even though day traders are on the fence about the status of the trend, a number of on-chain metrics, including the Hodler Net Position Change, show that investors still view the recent dip to $30,000 and Bitcoin’s current price at $40,250 as excellent purchasing opportunities.
HODLer Net Position Change has flipped green for the first time since October. pic.twitter.com/0hhjXrSdmF
— William Clemente III (@WClementeIII) June 15, 2021
Is this the 21st century crypto-themed update to “bread and circuses”?
The U.K. arm of pilsner beer brand Stella Artois is partnering with a digital horse racing game to release a series of nonfungible tokens.
In a Tuesday announcement from Stella Artois’ U.K. brewery, the beer brand said users of the digital racing game ZED RUN would now be able to bid on Stella-themed skins for their favorite horses. Beginning today and running until June 19, crypto users can bid on 50 digital packages featuring nonfungible tokens, or NFTs, of the racehorses and original Stella art, as well as the branded skins.
The auctions for the skins, horses, and beer artwork are available on OpenSea’s digital marketplace. At the time of publication, the highest bid on one of the pieces is 1.05 Wrapped Ether (WETH) — roughly $2,687.
Digital racehorse with branded skin. Source: Stella Artois
Built on the Ethereum blockchain, ZED RUN has offered an alternative to in-person horseracing events at a time when many venues are still closed to spectators due to the pandemic. Players can earn returns by digitally breeding and racing the animals.
“While for some the term ‘metaverse’ is still something of an unknown, this virtual world is exploding right now and looks set to change the way we all engage in digital experiences forever,” said Lindsey McInerney, the global head of tech and innovation at Budweiser Brewing Group, parent company of Stella Artois.
Related: Basketball star turned digital racehorse tycoon: Wilson Chandler on NFTs and the NBA
Many in-person horseracing events in England were closed to spectators during the lockdowns caused by the pandemic. Though the government announced earlier this year it was possible for venues to have crowds at pre-pandemic levels starting on June 21, the emergence of the COVID-19 Delta variant is making that look unlikely according to a recent statement from Prime Minister Boris Johnson.
Describing NFTs as the “most appropriate means of ownership that exists,” a 65-year-old computer scientist will release a tokenized version of the World Wide Web code next week.
British computer scientist Tim Berners-Lee, who developed the original source code for the World Wide Web, is making the data part of a nonfungible token (NFT) through luxury auction house Sotheby’s.
According to a Tuesday announcement from Sotheby’s, the auction house will be putting up the World Wide Web NFT for bids starting on June 23. Bidding for the NFT, named “This Changed Everything” and containing time-stamped documentation of the code, will start at $1,000.
Preview of “This Changed Everything.” Source: Sotheby’s
First created in 1989 before there were web browsers, Amazon, or even shareable memes, the roughly 10,000 lines of code — written using Python — includes implementations of the HTML, HTTP and URI languages and protocols. The computer scientist has also included a letter explaining how he created the code and his signature.
“NFTs, be they artworks or a digital artefact like this, are the latest playful creations in [the realm of technological transformation], and the most appropriate means of ownership that exists,” said Berners-Lee. “They are the ideal way to package the origins behind the web.”
Berners-Lee never patented the WWW source code, choosing instead to make it free for all. Perhaps as a result, current estimates put the computer scientist’s net worth at roughly $10 million, rather than what could have potentially been in the trillions or quadrillions. According to Sotheby’s, all the proceeds for the NFT sale will benefit initiatives that Berners-Lee and his wife support.
Related: Sotheby’s auction sets new world record for $11.8M CryptoPunk sale
Sotheby’s is seemingly becoming more well known for high-profile NFT auctions. In March, the auction house announced it would be offering tokenized art by a creator known as Pak. Last week, its London salesroom sold a CryptoPunk for $11.8 million, reportedly a world record for the type of artwork.
GoldConnect will be able to process crypto transactions made in Bitcoin, Ether and other digital assets through its new LatamConnect platform.
GoldConnect, a Latin American telecommunications wholesaler, announced Tuesday that it will allow customers to pay with cryptocurrencies through payment processor BitPay, marking another important milestone in the region’s embrace of Bitcoin (BTC).
Crypto payments can be made directly through LatamConnect, a platform that connects directly with BitPay. Crypto payments made through BitPay are settled in local fiat currency.
GoldConnect said its embrace of crypto payments reflects growing demand for such services across the 17 Latin American and Caribbean countries in which it operates.
“As a disruptive telecom provider in the LATAM region, we must continuously embrace the latest technologies and business methods to improve the interaction and experience of our clients,” said Jeremy Villalobos, chief operating officer of GoldConnect.
Shaun Worley, vice president of BitPay, added:
“GoldConnect realizes the potential for crypto to transform the wholesale telecommunication industry, making payments faster, more secure, and less expensive on a global scale.”
Latin America is becoming a hotbed for cryptocurrency activity. Recently, El Salvador became the first country in the world to recognize Bitcoin as legal tender, setting the stage for mass adoption in the region. Political representatives from several countries, including Brazil and Panama, have also expressed an interest in embracing Bitcoin.
Related: Adopting the Bitcoin standard? El Salvador writes itself into history books
As Cointelegraph reported, Bitso recently became Latin America’s first billion-dollar cryptocurrency exchange. It took Bitso six years to bring in 1 million users and another 10 months to register 2 million, highlighting the steep adoption curve during the 2020–2021 bull market.
It is only a matter of time before cryptocurrencies are as widespread as the US Dollar, the Euro, or other currencies that we see in our everyday lives. This means that now there are even bookmakers eager to welcome new people into this crypto frenzy. Here we will explain how to use Bitcoin bet portal 1xBit. Also, we will discuss the advantages that this portal has over other platforms of this kind.
First of all, this portal is divided into three large sections. They are:
a sports betting area, with thousands of events across dozens of different sports;
an online casino, which includes thousands of forms of entertainment of all kinds, including live games;
and a section dedicated to lotteries and other exciting activities!
Those interested in starting to use the 1xBit platform should know that having no Bitcoin is not a problem. This is because in order to facilitate the process of how to use 1xBet Bitcoin bet portal, the platform is associated with several online exchangers. They are portals that make the process of exchanging between crypto and fiat very easy. They not only can be used for getting some Bitcoin to start playing. Furthermore, they can also be employed for receiving fiat currency for the prizes that were deservedly on at this place.
Definitely The Best of Bitcoin Live Casinos – 1xBit
Right now there are many online casinos that work with different cryptocurrencies. However, considering that Bitcoin is by far the most valuable of these currencies, it is a good idea to start using the best of Bitcoin live casinos – 1xBit. At this place, people will be able to find different forms of entertainment that could be found in other portals of this kind. However, there is the additional aspect that there are lots of live games that can be played at this place.
Live casino games are those where players have the chance to interact with other fellow players. But that’s not all, because a well-implemented place of this kind will also feature live dealers. They are real people whose task is exactly the same that they would have in a land-based casino. One of the reasons why 1xBit – best of Bitcoin live casinos is because of how greatly has been their implementation of these games. Right now 1xBit members can enjoy these features in games like blackjack, baccarat, poker, and many others.
The Bitcoin price is trading below $40,000 against USD and the coin is likely to climb steadily with a few downward moves.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Key levels:
Resistance Levels: $47,000, $49,000, $51,000
Support Levels: $34,000, $32,000, $30,000
BTCUSD – Daily Chart
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BTC/USD has been turbulent in recent days, after tight trading for a few weeks with relatively low volatility. A couple of days ago, the Bitcoin price rose sharply by moving above the resistance levels of $40,000 and $41,000 against the US dollar. The coin even exceeded $41,000 levels to trade at $41,076 before correcting lower. At the moment, the price is declining and is moving towards the 9-day and 21-day moving averages at $39,913.
Bitcoin Price Prediction: Would BTC Price Revisit $41,000 Again?
The Bitcoin price is yet to cross above the upper boundary of the channel. A crucial uptrend could probably form above the channel with support close to $38,500 on the daily chart. However, if the decline occurs below the 9-day and 21-day moving averages, the Bitcoin price could extend its downward correction to the $36,000 level and any other loss could possibly push the price of Bitcoin to the support level of $35,000.
Moreover, at the time of writing, BTC/USD had dropped slightly to $39,563. A further drop may cause the market to reach the critical supports at $34,000, $32,000, and $30,000. In other words, if the market were to rebound, we could see the next buying pressure towards the resistance levels of $47,000, $49,000, and $51,000. Nevertheless, BTC still maintains a bullish trend according to the Relative Strength Index (14) as the signal line moves above 50-level.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
Looking at the 4-hour chart, the resistance at the $41,000 has been too heavy for the bulls to overcome. So the price is seriously struggling in a consolidation mode, which makes the Bitcoin price remain indecisive over the past few hours now. Therefore, if the price crosses above the channel, it could locate the resistance levels at 43,000 and above as the Relative Strength Index (14) remains above 60-level.
BTCUSD – 4 Hour Chart
However, the Bitcoin price is still roaming around $39,848 and we can see that the bullish supply is not much in the market but the bears are making effort to drag the price below $39,500 support. Meanwhile, the $37,500 and below may come into play if the Bitcoin price breaks below the 9-day and 21-day moving averages.
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The week started with cryptocurrencies turning green across the board, but which cryptocurrency will explode as the market sentiment turns more positive? We have the answers.
Bitcoin price led the lot by stepping above $40,000 on Monday, but the uptrend did not make it to $43,000. Ethereum’s price closed the gap to $2,700 before settling above $2,500.
Ether’s recoil was a significant move following last week’s support at $2,400. On the other hand, the international money transfer token Ripple continues with the consolidation between $0.8 and $0.9.
Some selected altcoins are no longer gasping for air in the wake of the previous week’s selloff. For instance, Polkadot price spiked over 15% to exchange hands around $26 before correcting to $24, while MATIC price spiked to $1.7 after adding over 15% to its value, according to the data by CoinGecko. Other tokens performing incredibly well include Amp (up 34%), Klaytn (up 12%), and Safemoon (up 15%).
As the week progresses, various crypto assets are expected to extend the bullish action. The list is extensive, but this article draws attention to Ethereum (ETH), Ripple (XRP), Aave (AAVE), and Binance Coin (BNB).
Ethereum Price Readies For Colossal 40% Upswing to $4,000
Ethereum price has lifted above several key levels since the beginning of the week, including the 50-day Simple Moving Average (SMA) on the four-hour chart, the 100 SMA, and $2,600. However, seller congestion at $2,650 curtailed the uptrend.
Meanwhile, the largest altcoin trades slightly below $2,600 ahead of a potentially massive breakout from the ascending triangle. This technical pattern is regarded as bullish in technical analysis. It can function as a continuation and a bullish reversal pattern.
Two trend lines characterize the ascending triangle, linking the relatively equal peaks and the higher lows. As the lines meet, consolidation is experienced. Finally, the Ethereum price cracks the horizontal (x-axis) resistance.
ETH/USD 4-four Chart
ETH/USD price chart by Tradingview
Realize that triangles usually have exact breakout targets measured from the patterns’ highest to lowest points. Therefore, ETH could be heading toward a 40% upswing to price levels of around $4,000.
Ethereum’s uptrend has been validated by relatively weak on-chain resistance, as the IntoTheBlock’s IOMAP model highlights. This transaction model shines a light on the region running from $2,590 to $2,667. Here, nearly 277,500 addresses previously purchased 3.54 million ETH. With minor boosts, Ethereum’s price could jump above this zone for gains heading toward $3,000.
Ethereum IOMAP Model
Ethereum IOMAP model by IntoTheBlock
On the downside, Ether sits on top of a massive support area running from $2,430 to $2,508. Here, around 458,000 addresses previously bundled up 10.5 million ETH. Note that cracking through this zone will not be easy for bears; hence the least resistance path is upward.
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Ripple Price On The Periphery A Technical Explosion To $1.34
Ripple price is stuck in consolidation at the time of writing. Support at $0.8 is robust, preventing losses from extending to $0.65 (May’s support). On the upside, $0.9 hinders price action north.
Meanwhile, Ripple price dodders at $0.88 and is within the confines of a symmetrical triangle pattern. As the two trend lines forming the triangle converge, a consolidation period comes into the picture.
However, a breakout soon approaches either above or below the symmetrical triangle. A break above the upper trend line marks an uptrend while striking beneath the lower trendline is a bearish signal.
XRP/USD 4-hour Chart
XRP/USD price chart by Tradingview
If Ripple price closes the day above the 100 SMA, a breakout to $1.34 will likely come into play. Besides, massive buy orders would be triggered if Ripple reclaims the ground above $1.
The Moving Average Convergence Divergence (MACD) indicator adds credence to the bullish outlook after moving into the positive region. Besides, the MACD line crossing above the signal paves for more buyers to join the market.
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How Aave Price Could Quickly rise to $440
Aave price uptrend from June’s lowest support at $265 failed to overcome the seller congestion at the 100 SMA on the four-hour chart this week, leading to a correction toward $300. Hence, the decentralized finance (Defi) token teeters at $315 at the time of writing.
The rejection at the 100 SMA notwithstanding, the SuperTrend indicator flashed a buy signal on Monday. This is a chart overlay tool resembling a moving average only that it considers the asset’s volatility.
A buy signal implies that trades will be contemplating taking long positions, supporting the bullish price action in the near term. Besides, the MACD has a bullish Impulse, adding credibility to the impending upswing.
AAVE/USD Four-hour Chart
AAVE/USD price chart by Tradingview
The IOMAP on-chain model reveals that Aave price has a smooth path to the seller congestion in the region between $433 and $471. Here, 6,400 addresses previously bought 2.48 million AAVE. If this hurdle comes down, we can expect Aave price to soar beyond $500.
Aave IOMAP Model
Aave IOMAP model by IntoTheBlock
On the flip side, the Defi token sits on top of immense support areas, as highlighted by the IOMAP. The initial anchor zone lies between $221 and $270, whereby 1,900 addresses previously scooped up 3 million AAVE. It would be a daunting task for sellers to make their way through this region in the short term.
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Binance Coin Price Needs This Key Support To Rally To $440
Binance Coin, the native coin of the crypto trading platform Binance exchange, is hunting for support at the 100 SMA on the four-hour chart. If this buyer congestion is lost, the last resort would be the 50 SMA in the same timeframe.
Note that the MACD has a massive bullish outlook based on the move above the zero line. Additionally, the MACD line (blue) recently crossed above the signal line, compelling more buyers to reenter the market. Sustaining the overall technical picture would bolster Binance Coin price above the critical resistance at the 200 SMA.
BNB/USD 4-hour Chart
BNB/USD price chart by Tradingview
A four-hour close above the 200 SMA is needed to validate the upswing above $400. Finally, trading above this level is bound to trigger more buy orders as investors speculate an upswing past $440 and $500, respectively.
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Daily active addresses on Ethereum have dropped by 11.1% in the last week
In comparison, Bitcoin’s active addresses have only dropped by 0.7% in the same time period
Mining revenue for Ethereum has also dropped by 10%
Ethereum’s mean transaction volume has also hit a one month low
Goldman Sacks plans to launch Ethereum futures and options
Daily address activity on the Ethereum network has seen an 11.1% drop in the last week. This is according to Coinmetrics’ most recent State of the Network report which also pointed out, that activity on the Bitcoin network has more or less stayed the same with only a 0.7% drop in active address activity in the same time period.
With respect to mining revenue, both Ethereum and Bitcoin miners have seen a 10% drop in the last week as fees continued to decline due to the aforementioned reduction in active addresses on the respective networks.
Ethereum’s Mean Transaction Volume Hits a One Month Low
The drop in activity on the Ethereum network was also observed and shared by the team at Glassnode who pointed out, that ETH’s mean transaction volume had hit a one-month low. According to their analysis, the mean transaction volume on Ethereum now stands at $10,638.44 as visualized in the following chart.
Goldman Sacks Plans to launch Ethereum Futures and Options
In other news, the American Investment Bank of Goldman Sachs, announced yesterday, that it was in the process of offering Ethereum futures and options to its clients.
The head of digital asses at Goldman Sachs, Mathew McDermott, further explained that demand for Ethereum investment products was the main reason behind the decision. Mr. McDermott further elaborated on this through the following statement in an interview with Bloomberg.
We’ve actually seen a lot of interest from clients who are eager to trade as they find these levels as a slightly more palatable entry point. We see it as a cleansing exercise to reduce some of the leverage and the excess in the system, especially from a retail perspective.
Microstrategy Inc. is selling up to $1 billion of its common stock, MSTR, with the aim to use some of the net proceeds to buy bitcoin. The Nasdaq-listed company also recently completed a $500 million secured notes offering and will use the proceeds to acquire bitcoins.
Selling MSTR Stock to Buy Bitcoin
Microstrategy Inc. has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) to launch an “‘at the market’ securities offering for flexibility to sell up to $1 billion of its class A common stock over time,” the company announced Monday. The company’s class A common stock is listed on the Nasdaq Global Select Market under the symbol MSTR.
MicroStrategy Launches “At the Market” Securities Offering for Flexibility to Sell Up to $1 billion of its Class A Common Stock Over Time $MSTRhttps://t.co/qouK8pFmBF
— Michael Saylor (@michael_saylor) June 14, 2021
In the prospectus filed with the SEC for this offering, Microstrategy explained how it plans to use the sale proceeds, stating:
We intend to use the net proceeds from the sale of any class A common stock offered under this prospectus for general corporate purposes, including the acquisition of bitcoin, unless otherwise indicated in the applicable prospectus supplement.
Microstrategy Inc. currently hodls approximately 92,079 bitcoins, which are being held by a newly formed subsidiary, Macrostrategy LLC.
The company also announced Monday that it has completed a $500 million offering of 6.125% senior secured notes and the proceeds will be used to buy more bitcoins. At the current price, the gross proceeds from this offering could fetch as many as 12,500 BTC. This would raise Microstrategy’s total bitcoin holdings to more than 100,000 BTC.
The company’s prospectus filed with the SEC describes:
Microstrategy pursues two corporate strategies in the operation of its business. One strategy is to acquire and hold bitcoin and the other strategy is to grow our enterprise analytics software business.
“We view our bitcoin holdings as long-term holdings, and we do not plan to engage in regular trading of bitcoin and have not hedged or otherwise entered into derivative contracts with respect to our bitcoin holdings, though we may sell bitcoin in future periods as needed to generate cash for treasury management and other general corporate purposes,” the company detailed.
Microstrategy further noted, “We are also exploring opportunities to apply bitcoin-related technologies such as blockchain analytics into our software offerings.”
What do you think about Microstrategy selling MSTR shares to buy bitcoin? Let us know in the comments section below.
The Russian Foreign Minister Sergei Lavrov talked about the future importance of cryptocurrencies as an international settlements layer at the Primakov Readings Forum. Lavrov referred to these assets as having a “significant role” in the future. Russia has been striving to de-dollarize some of its activities, and this statement might offer a glimpse into future plans.
Russian Foreign Minister Says Crypto Could Play Significant Role in Settlements
Russian Foreign Minister Sergei Lavrov referred to the future importance of cryptocurrencies as a part of the international settlements layer. Lavrov made the reference while attending the Primakov Readings Forum last week, an important diplomat meeting. The Russian Foreign Minister was optimistic about the use of cryptocurrencies to settle debts among countries. Lavrov stated:
I think the time will inevitably come when cryptocurrencies will play a very significant role, occupy a very significant segment in international settlements.
Russia is changing the way it is approaching international settlement and payments. On this subject, Lavrov stressed they are looking into using national currencies when engaging in bilateral commerce. The Russian foreign minister noted:
We strive to rely more and more on other currencies. On national currencies when it comes to bilateral trade with our partners – with China, other SCO members, a number of other countries…”
Russia has been pushing to de-dollarize part of its investment infrastructure as a way of protecting from possible increased sanctions. Earlier this month, Finance Minister Anton Siluanov reported the national Wealth Fund would ditch the dollar for other currencies. The fund, currently worth more than $600 billion, would be supporting yuan and euro-based investments instead.
These actions are thought by many to be a strong political statement showing Russia can survive without needing the dollar to do commerce. According to some experts, the Russians are also profiling cryptocurrencies as an important part of this strategy.
The Digital Ruble
The issuance of a digital ruble might also play a pivotal part in this de-dollarization push, in the future. Lavrov declared that the development of a central bank digital currency was already underway in Russia. In fact, the bank of Russia has revealed they will build a prototype for the end of the year. The currency will be designed to work in the same way that the digital yuan operates, with the government in control of the protocol. However, commercial banks will also have the opportunity of offering intermediation services.
Cryptocurrencies are getting hotter in the remittances sector, too. El Salvador declared Bitcoin as legal tender last week — something that could ease the entrance of millions of its citizens into the crypto world. Bitcoin remittances in the country soared after the historical legislation passed, but they are still just a fraction of their dollar-based counterparts.
What do you think about the role that cryptocurrencies will play in international settlements? Tell us in the comments section below.
Tanzanian President Samia Suluhu Hassan has urged her country to be ready for emerging fintech by paving the way for cryptocurrencies. She also urged the country’s central bank to begin the necessary preparations for a step-change in global attitudes towards banking.
However, in her address of the Tanzanian finance chiefs, Hassan acknowledges that not everyone in the country is embracing crypto. The 61-year-old leader still wants them to plan ahead. She said:
I know that throughout the nation, including Tanzania, they have not accepted or started using these routes. However, my call to the Central Bank is that you should start working on that development. The Central Bank should be ready for the changes and not be caught unprepared.
Hassan is the latest national leader to speak favorably of cryptocurrencies after El Salvador’s Nayib Bukele. At the beginning of June 2021, Bukele told attendees of a Bitcoin 2021 conference in the U.S. that his country planned to make BTC legal tender. About a week later, El Salvador became one of the first countries to officially endorse BTC after the country’s lawmakers passed a bill making BTC legal tender.
Meanwhile, in her address, Hassan did not say Tanzania would be making BTC legal tender. She did say that she wants Tanzania’s central bank to be ready for the dawning “age of crypto and blockchain.”
What are your thoughts on Hassan’s remarks about cryptocurrencies? Tell us what you think in the comments section below.
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