Schlagwort: crypto business

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Is it safe to buy Bitcoin amid trading above 20k for the first time since November?

Bitcoin hodlers felt a bit of relief recently. After making a new all-time high in 2021, Bitcoin entered the bearish market territory and declined throughout 2022. 

Everything last year was bearish Bitcoin, starting with the negative sentiment surrounding the crypto industry and ending with the general US dollar strength. 

But those looking at small details, especially technical ones, noticed some encouraging facts in the last months. First, the market formed a falling wedge pattern in the last several months – a bullish reversal pattern. 

Second, the Relative Strength Index, one of the most powerful technical oscillators, showed a bullish divergence since the last quarter of 2022. Third, the current rally eyes key resistance level, one that might turn out being a pivotal one. 

BTCUSD chart by TradingView

Falling wedge confirms the reversal

On its way up, Bitcoin climbed above $20k for the first time since last November. In doing so, it triggered massive crypto short liquidations, that topped $100 million in last week’s trading. 

In other words, the upward move has caught shorts by surprise. 

Technical traders have spotted the potential falling wedge pattern seen above. However, until the market broke its upper edge, it was difficult to call for a reversal to be in place. 

Now that it did, Bitcoin remains bullish as long as the lows hold. 

RSI bullish divergence has been in place for several months

Another bullish sign came from the RSI. A bullish divergence in red on the chart above warned about a possible reversal. Coupled with the falling wedge pattern, it was just another bullish clue to watch in the last months.

$30k looms large for Bitcoin bulls

The big question now is – what comes next? The technical dynamics are quite simple for Bitcoin at this point. 

If it holds above the lowest point in the falling wedge pattern, it can test the resistance seen at $30k. Judging by how strong support was in the past, the level should be pivotal, meaning that a break above should trigger more upside. 

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Shiba Inu makes 20% jump after listing on Upbit

  • At press time, Shiba Inu was trading at $0.00001233.
  • Upbit now allows users to trade SHIB against won.
  • Upbit is the most popular crypto exchange in South Korea.

SHIB’s bullish trend has been gaining momentum by the day as more and more developments about Shiba Inu continue unfolding.

It started with the announcement about the Bugatti Group partnership which added more weight to the already bullish trend that set the price of SHIB towards $0.00001. Then came the recent announcement about the upcoming and much-anticipated Shibarium Beta launch that sent SHIB past $0.00001.

Listing on Upbit

As if all that is not enough, Upbit, the most popular cryptocurrency exchange in South Korea has announced listing the SHIB token and allowing its users to trade it against the won, South Korea’s national currency. The listing has pushed the price of SHIB above $0.000012.

In addition to Shiba Inu, Upbit also added GALA which will be available for trading against Bitcoin (BTC).

Besides South Korea, Upbit has grown to become the biggest crypto trading platform in Southeast Asia, besides temporarily suspending Stellar (XLM) deposits and withdrawals last week. Two weeks ago, the exchange also signed a partnership with Italian football club Napoli SSC to see the Upbit logo feature on the back of the club’s shirts.

SHIB now among top traded crypto

As Shiba Inu approaches crucial zones that may trigger a bull run towards $0.00002 SHIB has entered the list of top-selling tokens, top traced cryptocurrencies, and top purchased tokens according to data from Whalestats.

Whales also seem to be rushing to accumulate Shiba Inu tokens; something that may signal they have confidence in the token rising higher this year. In addition to Ether (ETH), ETH whales hold about 505.52 billion Shiba Inu tokens worth about $6 million. This has placed SHIB among the most preferred cryptocurrencies among the top 100 Ethereum whales.

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Floki partners with Binance Pay to boost Floki Shop adoption

  • Floki revealed the strategic partnership on Twitter and via a Medium post on Tuesday.
  • Binance Pay becomes Floki’s main crypto payments provider and will aid in a campaign to boost adoption of the merchandise store Floki Shop.
  • Customers can now buy items from the merch store using funds in the Binance Pay account.

Floki Inu has struck a strategic partnership with crypto payments provider Binance Pay, the cryptocurrency platform announced. 

Binance Pay is a payments feature in the Binance ecosystem. Floki, on the other hand, is popularly referred to as “the people’s cryptocurrency”, and its native token FLOKI was inspired by top meme coins such as Shiba Inu (SHIB).

Floki partners Binance Pay

Per a Medium post the Floki team published on Tuesday,  Binance Pay is now Floki’s official digital assets payments service provider. The Binance app payments feature will provide crypto payments for Floki Shop, a newly launched Floki merchandise store from where people can buy unique items, including fashion pieces.

With this partnership, Floki will also work with Binance Pay to boost further adoption of the merch store. According to details in the announcement, the two companies will look to achieve this via a strategic and coordinated marketing campaign.

Specifically, Binance Pay will feature the Floki store campaign on the payment provider’s homepage for a month. It will also include push notifications to millions of Binance Pay’s users across the globe, Floki added in the announcement.

Binance Pay allows for borderless and secure user-to-user crypto payments, with customers able to access the service from within the Binance app.

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Polygon completes hard fork to boost network performance

  • Polygon announced the scheduled hard fork had succeeded on Tuesday, 17 January, 2023.
  • The software upgrades will help address the issue of gas-fee spikes and potentially disruptive chain reorganizations.
  • Polygon is looking at other technical upgrades such as zkEVM and parallelization as the team eyes further improvements to the network.

Polygon, the Web3 infrastructure platform built on Ethereum, has successfully completed its scheduled mainnet upgrade, according to an announcement from the team behind the blockchain project.

Upgrade to help boost Polygon performance

The proof-of-stake (PoS) upgrade is a hard fork that the community approved in a recent vote, with the implementation aimed at reducing gas fees spikes on the Ethereum scaling solution. With the hard fork it means that although the network could still see spiking gas fees during peak demand sessions, this will now more likely mirror Ethereum’s current gas dynamics.

According to the Polygon team, the upgrade will smooth out any gas fee spikes and allow for seamless interaction with the chain.

The software update is also meant to address chain reorganizations, or “reorgs”, which can impact transaction finality and be disruptive to the chain.

Polygon highlighted the above proposals in a post published on 12 January.

Alongside the completed hard fork that is set to boost network performance and predictability, there are longer-term targets still aimed at making the blockchain protocol ideal for a growing community of users. These will include technical upgrades such as parallelization and Polygon zkEVM being worked on.

Major Web3 projects such as Uniswap and Aave are on the Polygon PoS chain, along with thousands of other decentralised applications (dApps). The chain has registered more than 207 million unique addresses and processed over 2.3 billion transactions.

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Kevin O’Leary says another ‘meltdown to zero’ will 100% happen

  • Kevin O’Leary thinks the crypto market should be ready for another FTX-like collapse, noting this will 100% happen.
  • According to the venture capitalist and “Shark Tank” star, crypto needs to move away from a “unregulated cowboy environment” that’s full of rogue players. 
  • The billionaire investor thinks the scenarios where an exchange goes burst will keep happening over and over until regulations begin to change some of the factors enabling the failures.

Kevin O’Leary, the Chairman of O’Leary Ventures and a seasoned investor, has shared his outlook on the crypto market, suggesting in a recent interview that the industry could yet see another major meltdown.

Particularly, the ‘Shark Tank’ star believes more unregulated cryptocurrency exchanges will fail, even as the regulatory landscape improves to put rogue players in check.

O’Leary says new exchange collapses 100% will happen

O’Leary came under heavy criticism in the aftermath of the collapse of FTX, with his role as a spokesperson attracting the ire of Crypto Twitter even as the FTX Token plummeted and he claimed he lost money on the exchange.

Now he says he can never buy any of these exchange tokens, and that platforms incentivising customers to buy tokens with offers of trading fee discounts are perpetuating a scheme that will see many people lose their money.

Asked whether he thinks there’s going to be another FTX, O’Leary noted there would. He told Kitco News anchor David Lin on Tuesday that it doesn’t worry him.

“I’m not worried, but if you’re asking me, will there be another meltdown to zero absolutely 100% it’ll happen, and it’ll keep happening over and over. All of these exchanges, all of the unregulated exchanges are having massive outflows now. The smart money has got the joke, they saw what happened with FTX and are not sitting around for an explanation.”

The venture capitalist went on to highlight that any exchanges not willing to be fully and properly audited – those that still don’t fancy transparency – will see an exodus of institutional capital. On such exchanges he said, the “unregulated cowboy environment” will end. And there are going to be many more collapses as the space matures under a robust regulatory framework.

“I think we just need to treat crypto like any other regulated asset,” he noted, adding that this is likely to happen sooner as more companies, including USD Coin stablecoin issuer Circle, pursue a proper regulatory environment.

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