Ethereum extended its decline below $1,450 against the US Dollar. ETH price is gaining bearish momentum and it could even test the $1,280 support.
ETH price remained in a bearish zone below the $1,650 and $1,700 resistance levels against the US Dollar.
The price is trading well below $1,500 and the 100 simple moving average (4-hours).
There is a major bearish trend line forming with resistance at $1,500 on the 4-hours chart of ETH/USD (data feed via Kraken).
The pair is likely to continue lower towards the $1,280 support as long as it is below $1,500.
Ethereum Turns Red
This past week, bitcoin and ethereum saw a steady decline below $50,000 and $1,700 respectively against the US Dollar. ETH even traded below the $1,500 support zone and settled well below the 100 simple moving average (4-hours).
It traded as low as $1,364 before correcting higher. There was a recovery above $1,600, but ether failed to settle above $1,700. It traded as high as $1,723 before starting a fresh decline. It is back below $1,500 and it is approaching the $1,350 support.
There is also a major bearish trend line forming with resistance at $1,500 on the 4-hours chart of ETH/USD. If there are more losses, the price could move down towards the $1,280 support. It is close to the 1.236 Fib extension level of the upward move from the $1,364 low to $1,723 high.
The next major support below the $1,280 level is near the $1,140 level. The 1.618 Fib extension level of the upward move from the $1,364 low to $1,723 high is also near the $1,140 level. The next major support zone is seen near the $1,100 level.
Upsides Limited in Ether (ETH)?
If Ethereum starts a fresh increase, it could correct above the $1,450 resistance. The first major resistance is near the $1,500 level and the bearish trend line.
A close above the trend line is needed for a strong increase towards the $1,650 resistance. To start a strong increase, the price must settle above $1,700. Any more gains could open the doors for a move towards the $1,800 level.
4 hours MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.
4 hours RSI – The RSI for ETH/USD is still below the 50 level.
Bitcoin price started a fresh decline after it failed to clear $52,000 against the US Dollar. BTC is sliding and it remains at a risk of a drop towards $41,000.
Bitcoin recovered above $50,000, but it struggled to clear the $52,000 resistance.
The price is trading well below $50,000 and the 100 simple moving average (4-hours).
There is a key declining channel forming with resistance near $49,220 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to continue lower towards the $41,000 and $40,000 support levels in the near term.
Bitcoin Price is Showing Bearish Signs
This past week, bitcoin price extended its decline below the $47,000 support zone against the US Dollar. The BTC/USD pair even tested the $44,000 support zone and settled well below the 100 simple moving average (4-hours).
The last rejection zone was near the $52,000 level before the price declined below $45,000. It traded as low $44,360 before correcting higher. It recovered above the 23.6% Fib retracement level of the downward move from the $52,229 high to $44,360 low.
However, the price struggled to clear the $48,000 resistance zone. It also failed to surpass the 50% Fib retracement level of the downward move from the $52,229 high to $44,360 low.
There is also a key declining channel forming with resistance near $49,220 on the 4-hours chart of the BTC/USD pair. Bitcoin is currently moving lower and it is likely to test the $44,000 support zone. If there is a downside break below the $44,000 support zone, there are chances of more downsides towards the $41,000 support zone. The next major support is near the $40,000 level.
Upsides Capped in BTC?
If bitcoin starts a fresh increase, the first key resistance is near the $48,000 level. The main resistance is now forming near the channel upper trend line and $50,000.
A clear break above the channel resistance could open the doors for decent increase above $50,000. The next key resistance is near the $52,000 level, above which the price might rise towards the $55,000 level.
4 hours MACD – The MACD for BTC/USD is showing negative signs in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level.
Gemini, a crypto-exchange and custodian owned by Internet entrepreneur twins Cameron and Tyler Winklevoss, has teamed up with crypto-donations company The Giving Block to launch a “Donate” feature to enable its users to seamlessly donate cryptocurrency such as Bitcoin to their favorite charity.
Gemini users can start donating by using the “Give Back With Crypto” prompt in the Gemini Mobile App and on Desktop. Users can donate bitcoin and other cryptocurrencies to a list of more than 135 non-profits worldwide via The Giving Block.
The Giving Block makes it easy for nonprofits to accept cryptocurrency donations and for users to donate in a more tax efficient way and converts all donations to US Dollars within seconds.
These donations will also help users to lower their income tax bill as donating crypto is not spending crypto. When the user donates cryptocurrency to a nonprofit, it erase their capital gains tax burdens, which does not happen when they donate US dollar with a credit card.
Gemini is now claimed to be the first cryptocurrency exchange to directly incorporate charitable giving to over 135 nonprofits. These organizations support a variety of causes like clean water, childhood hunger, homelessness and human rights.
These charities are located all around the world and provide aid and assistance to people who need it most. Thousands of Gemini users have already overwhelming supported this feature by donating on a regular basis.
In late January, the American Cancer Society (ACS) partnered The Giving Block to launch a new Cancer Crypto Fund, which is the first-ever cancer fund that is exclusively funded by cryptocurrency donations to be used to fight cancer.
The funds raised through the Crypto Cancer Fund will go directly to fund ACS’ cancer research program for new discoveries and better treatments to save the lives of family and friends.
For comments and feedback contact: email@example.com
Cardano’s ADA Is Now the Third-Largest Cryptocurrency by Market Cap
The cryptocurrency rose to $1.30, beating out its previous all-time high set in January 2018.
Image courtesy of Coindesk
Feb 26, 2021 at 3:06 p.m. EST • Updated Feb 27, 2021 at 4:16 p.m. EST
The native cryptocurrency of the Cardano blockchain, ADA, has broken to a fresh all-time high at $1.30 per coin. That’s good enough to become the third-largest cryptocurrency when measured by market capitalization at $39 billion.
A competitor to the Ethereum blockchain, Cardano was launched in 2017 and is mainly backed by business venture Input Output Hong Kong (IOHK). The blockchain is the creation of Ethereum co-founder Charles Hoskinson, who is now CEO of IHOK.
ADA has been swept up in bitcoin’s bull market, even though Cardano has no major decentralized finance (DeFi) or other applications running on it like other Ethereum competitors such as Binance Smart Chain. The cryptocurrency is up 645% in the past 90 days, according to Messari.
The cryptocurrency surpassed dollar-backed stablecoin tether (USDT) and Binance’s BNB to move into third place.
Bitcoin (BTC) and ether (ETH), the native cryptocurrency of the Ethereum blockchain, have suffered under a price correction following months of double-digit percentage gains. Bitcoin is down 6% on the day to $46,800 while ether is down 6% at $1,490 as of press time.
ADA recently traded at $1.25, up 10% in the last 24 hours.
Correction (Feb. 26, 22:45 UTC): Original market cap figure cited was Ethereum’s market cap at $169 billion. ADA’s market cap is remains the third largest, however.
Economist warns of dystopia if ‘Bitcoin Aristocrats’ become reality
Critics of the digital currency have visions of the future every bit as silly as maximalist’s.
Image courtesy of CoinTelegraph
FEB 27, 2021
Not everyone is excited about hyperbitcoinization.
According to a popular copy/paste meme, Bitcoin hodlers are set to become a neo-aristocracy as Bitcoin becomes the dominant world currency:
The meme is part of a larger vision for Bitcoin’s future, a semi-serious but mostly tongue-in-cheek narrative that can be lumped under the “Bitcoin Citadels” umbrella: a vision of the future in which Bitcoin becomes so valuable that hodlers become lords quite literally defending their coins in castles.
Originating from a Reddit post written by someone claiming to be a time traveler (they called for a $1 million price target in 2021, if you’re curious), the Citadel meme has taken on a life of its own, even inspiring a short film.
But despite the self-evident farce and fantasy behind the meme, one economist is now warning that it might not be far off from reality should Bitcoin succeed in its mission to achieve monetary supremacy.
On the think tank Center for Economic Policy and Research’s website, academic Jon Danielsson of the London School of Economics wrote an article yesterday in which he envisions a future where “Bitcoin aristocrats” will “fuel social division and populism” through extreme wealth inequality:
“To begin with, the current owners of bitcoin will become the wealthiest people in the world, rivalling the kings and emperors that ruled over empires in centuries past. They literally will own all the money. They can buy anything they want. There aren’t that many of them. Compared to the multitudes that own assets today via all the pension funds and mutual funds and the rest, it is a tiny group of people.”
The government would be forced to “protect or attack” this new class of overlords, ones who attained their “rank just by buying early. They will make no contribution to society.”
Gloom and grumpiness aside, Danielsson ultimately concludes that such a future “cannot” come to pass because Bitcoin is unsuitable as a unit of account due to its price instability. Because of these “internal contradictions,” Danielsson writes, “the price of Bitcoin will head to zero.”
Economic analysis that comes to the same conclusions as time-traveling Redditors aside, not everyone is as grim about a hyperbitcoinized world. In fact, in many cases it has proven to be a boon for countries struggling under inflation.
Is Bitcoin at risk of another drop below $40K in a historically corrective March?
Bitcoin is showing signs of weakness as February draws to a close.
Image courtesy of CoinTelegraph
FEB 27, 2021
Bitcoin (BTC) has seen a corrective week as the price dropped from $58,000 to $44,000 in a matter of days. This dropdown caused a panic reaction across the markets as the euphoria was immediately halted.
For instance, the Crypto Fear and Greed Index plunged to monthly lows of 56 after being above 90, or “extreme greed” for an entire month.
Crypto Fear & Greed Index. Source: Alternative.me (Click image for larger view)
However, such a panic reaction is unwarranted because corrections appear frequently in a bull market as a “reset” before continuation. This is organic and healthy and offers a good opportunity for traders and investors to buy the dip.
Rejection at $52,000 indicates further weakness
BTC/USDT 4-hour chart. Source: TradingView (Click image for larger view)
The 4-hour chart shows an apparent downtrend since the previous high at $58,000. This high could be the top for the coming months, a period that may see a more prolonged correction.
However, the price action since this top at $58,000 indicates weakness as every support level flips into resistance, indicating further weakness.
The chart shows these flips, where the $55,000 level was the first one. After that, the price of Bitcoin dropped significantly to the support zone around $45,000. This support zone held and resulted in a strong bounce toward $52,000.
But, unfortunately for the bulls, this level wasn’t broken and instead saw a rejection, confirming further weakness across the market and more downside for BTC price.
This now paints a clear picture of the critical levels to watch. Ideally, the support zone between $42,500-$44,000 has to hold for further upward momentum. If it fails, further weakness can be expected toward the $37,500-$39,000 level.
But if the $42,500-44,000 support zone holds, higher prices can be expected once Bitcoin breaks above the resistance between $50,000 and $51,000.
The bullish structure is still intact
BTC/USD 1-day chart. Source: TradingView (Click image for larger view)
While the lower timeframes indicate weakness for BTC/USD, the higher timeframes suggest a healthy correction. The market construction is still very bullish, as the chart above shows.
The previous top was at $42,000, after which the new support was established at $30,000. This last top was easily broken as Bitcoin’s price accelerated to the $58,000 high. Hence, a correction to even $37,000 could be classified as healthy and organic in this type of bull market.
Simply put, as long as BTC holds above the $30,000 low of January 2021, the market can be classified as bullish.
History shows that March isn’t the most bullish month for the cryptocurrency market. In recent years, corrections have been seen in March. Specifically, corrections of 15%-60% happened in 2015, 2016, 2017, 2018, and 2020.
The latest crash was caused by the Covid-19 pandemic and could be classified as a “black swan.” Nevertheless, corrections tend to happen in March and this year could also see another pullback.
Therefore, corrections can last for several weeks and are frequently not completed in just one drop. Hence, a correction toward the $35,000-$40,000 is still on the table.
XBT/USD 1-week chart. Source: TradingView (Click image for larger view)
The primary indicator to watch for this is the 21-Week MA. Often, corrections tend to move toward this line as a key point for a potential reversal. Therefore, in the coming weeks, this 21-Week MA could provide support in the correction.
Currently, the 21-Week MA is around $28,000, though this should climb up in the coming weeks toward $33,000-35,000.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Grayscale’s Bitcoin premium has dropped to record lows below zero
Grayscale Investments’ GBTC might be the absolute market leader but it is currently trading below fair value as the TSX Purpose Bitcoin ETF is seeing record inflows.
Image courtesy of CoinTelegraph
FEB 27, 2021
Grayscale Bitcoin Trust ($GBTC) is currently the largest listed cryptocurrency asset with $30.17 billion in assets under management. The firm currently holds more than 655,730 BTC and the security is tradable in the United States through over-the-counter markets.
How is GBTC different from a Bitcoin ETF?
The fund was launched in 2013 and the Grayscale Bitcoin Trust became the preferred institutional vehicle in the U.S. for BTC due to the lack of a Bitcoin exchange-traded fund (ETF).
Investment trust funds are regulated by the U.S. Office of the Comptroller of the Currency (OCC) and they are designed exclusively for accredited investors. Nevertheless, those can be sold to retail traders after a six-month lock-up period.
This specificity causes GBTC shares to trade above the equivalent BTC held by the trust whenever there’s retail demand on secondary markets. Meanwhile, institutional clients can buy at par directly from Grayscale Investments regardless of the price on OTC markets.
Grayscale GBTC Bitcoin Trust premium (blue) vs. Marker price (green). Source: Bybt.com (Click image for larger view)
As displayed above, such a premium sometimes surpassed 40%, indicating heavy buying pressure from investors. The situation changed over the past four weeks as Bitcoin price peaked at $58,000 and initiated a substantial correction, causing the GBTC premium to range between 5% and 10%.
A diminished appetite in the secondary markets creates a potential imbalance as there is currently no redemption program for the GBTC. Had there been a way to convert it back to BTC, a market maker would gladly buy the trust shares at a discount.
Grayscale GBTC Bitcoin Trust premium to BTC. Source: YCharts.com (Click image for larger view)
Although the recent price crash could explain the 7% discount seen on Feb. 26, Bitcoin faced multiple 30% corrections in the past with no apparent impact on GBTC premium. Even during the horrific bear market in late 2018, GBTC traded above the net asset value (NAV).
A new challenger appears
Although no better alternative was previously offered, Canada’s TSX launched a Bitcoin ETF on Feb. 18, providing investors direct exposure to BTC. This structure allows the market maker to create and redeem shares, thus minimizing eventual premium or discount to the net asset value.
This time around, the selling pressure that took place found less buying activity from non-accredited investors. On the other hand, the Canadian Purpose Investments ETF surpassed 10,000 BTC under management in one week, which signals the instrument’s success despite a sharp downturn in BTC price.
Unless Grayscale Investments opens a redemption program, nothing is preventing GBTC from continuing to trade below its net asset value.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Cardano Blockchain To Take The Lead In Scalability With Hydra –
The Migration Begins…
Cardano Blockchain – The Fastest System On Earth
As a follow-up to my last two articles explaining, Cardano is a 3rd generation blockchain that started as a project in 2015 and launched in 2017, focusing on three elements. Cardano has made great strides since then. The team’s aspirations are now coming to fruition in 2021, solving some critical problems, one being scalability, which has become very apparent with the 1st generation, Bitcoin, and 2nd generation blockchain, Ethereum, in the last five years.
Cardano’s key features are the academic and scientific philosophy behind it. The team consisting of engineers, mathematicians, scientists, and business professionals has published over 90 whitepapers for the technology. With a well-defined roadmap, the Cardano network is known for its ingrained security, scalability, and interoperability.
Previous generation blockchains suffer from bottlenecks that essentially limit the amount of throughput they can handle. Proof of this can be seen in the fluctuating BTC and ETH transaction times over the years, making them an inefficient choice for global-scale mass use.
When the Cardano blockchain was first tested in 2017, it could process around 257 transactions per second (TPS). To put that into perspective, today, Bitcoin can only process 7 TPS and Ethereum a little higher at 25 TPS.
Cardano is built and a comparison to VISA as a competitor and a theoretical goalpost. Currently, VISA’s transactions per second are approximately 2,000 TPS which is unreachable in the blockchain world. Particularly with Proof of Work protocols that can only reach into the tens. Proof of Stake (POS) networks can deliver a few hundred. However, with the introduction of Cardano’s Ouroboros Hydra solution, it is now looking at more than 1 million TPS.
With this new groundbreaking technology in PoS scalability, the Hydra, the Cardano blockchain can become a real alternative to current fiat currency and payment systems for their Native ADA token and other altcoins and ecosystems with all the necessary building blocks to be a potent fintech disruptor.
The body of Hydra is like the mainchain. Hydra can have more heads. Every head can process 1,000 TPS.
What is Cardano's Hydra?
Founder of Cardano, Charles Hoskinson, explained in the video below recorded in March 2020 that Hydra is a Layer 2 scaling solution implemented over Cardano's Proof of Stake protocol while fitting "very well with the Pool staking model.” It implements state channels that enable the fast processing of payments and smart contracts beyond the blockchain (off-chain).
Simulations have shown that each "Hydra head" can currently process about 1,000 transactions per second (TPS). With 1,000 stacking pools, each of which processes 1,000 TPS, Cardano could achieve a throughput of up to one million transactions per second.
Hoskinson further emphasized that each "Hydra head" will reach the so-called "Fast Finality,” which means that the irreversibility of a transaction can be done almost in real-time, as commonly used in a Byzantine Fault Tolerance (BFT) protocol. Thanks to the "Fast Finality" and the high transaction speed, even micro-transactions will become possible.
Hoskinson also said.
“A serious disadvantage present in current layer-two state channel protocols is that existing layer-one smart contract infrastructure and contract code cannot be reused off-chain without change. In this paper, we introduce Hydra, an isomorphic multi-party state channel. Hydra simplifies off-chain protocol and contract development by directly adopting the layer-one smart contract system. We present the onchain contracts to open and close Hydra heads (our isomorphic state channels) and a novel off-chain protocol for the fast evolution of heads.”
Put more simply, data from the blockchain is loaded into Hydra, and participants can make transactions or run smart contracts in the Hydra. Once their job is finished, they close the Hydra, and the final state is updated in the blockchain. As multiple hydra ‘heads’ can be created, it allows fast and cheap parallel processing.
Hydra will enable high scalability, which is imperative for greater adoption of cryptocurrencies, not just for faster transactions; Hydra can also execute smart contracts so developers can easily build Dapps and utilize micropayments, voting, among other things. Hydra will ensure low latency and minimal storage of data per node.
Cardano’s PoS consensus mechanism, called Ouroboros, also reduces energy cost compared to PoW. It also provides provable security guarantees with transactions and seamless execution of smart contracts with Hydra’s Extended-UTxO model.
With the current setup of Ethereum (PoW) and Cardano (PoS), Cardano appears much more robust than Ethereum in terms of TPS. Ethereum also lags due to its problems with expensive gas fees when it comes to transaction costs.
The recent bull runs resulted in ETH and other Ethereum blockchain tokens experiencing extremely high gas (transaction) fees due to network congestion, therefore discouraging retail investors from being involved.
Comparison Chart between Cardano Native Tokens and Ethereum ERC-20
The Goguen Era, just one of the many phases of the Cardano roadmap, is set to launch in March 2021 allows more comprehensive interoperability with existing smart contracts, regardless of the different coding language used to develop them initially. Goguen enables smart contracts to be written in different languages, whereas Ethereum smart contracts use Solidity only.
Cardano also applied the Goguen native token upgrade, known as the Mary upgrade, to Cardano’s testnet, which transforms the blockchain into a multi-asset network similar to Ethereum. Still, design differences set it apart, which opens up various and differing business use-cases with high-scale enterprises.
With the well-thought-out and tested infrastructure, Cardano is poised to capture a diverse and completely different market share than Ethereum; areas such as national-level identity solutions, back-end financial infrastructure, and robust enterprise use cases like decentralized social media.
A significant difference is that there are no execution fees charged to the user in conjunction with a token smart contract on Ethereum. (Gas fees)
Smart contracts on Ethereum are also vulnerable to human error, fraud, and other risks associated with Ethereum design protocols that require conversion between the two layers. The two layers’ scripting language is significantly different, and Solidity cannot work with the second layer, so conversion is necessary.
Native Tokens on Cardano are forged on-chain with both layers using the same scripting system, so no conversion is needed. The opportunity to siphon funds through a smart contract is eliminated.
Hinrich Pfeifer of the Cardano Foundation said,
“User-defined native tokens on Cardano use the same underlying token logic as the Cardano blockchain itself. Cardano’s scripting language does not have fixed-size integers, and the ledger itself tracks token movements and handles the token logic.”
In other words, according to Charles Hoskinson, organizations with cryptocurrency assets are treated as first-class citizens; they are treated the same way as Cardano treats ADA, their own crypto, whereas, in Ethereum, you’re a second-class citizen. ETHER is treated differently from smart contacts.
This first-class citizen approach means your assets will have the same governance access, layer two portfolio access, and the same infrastructure that ADA itself has. Also, more effortless listing experiences, more comfortable wallet experience, better user experience, faster transactions, lower transaction costs, and the list goes on.
Cardano’s ERC-20 converter’s introduction facilitates the transfer of tokens from the Ethereum network to the Cardano network, which encourages ERC-20 projects to port over to Cardano. In October of 2020, on the Cardano Development Show, the broadcast included the ERC-20 converter demonstrating the conversion of stablecoins DAI, USDC, and USDT, along with AGI and BAT.
Artificial Intelligence firm SingularityNET with its AGI token, announced it is moving to Cardano. Previously, SingularityNET operated exclusively on the Ethereum blockchain. Reportedly, many have taken the news as a significant blow for Ethereum stakeholders.
The next tech social media, marketing, and broadcasting giant, Markethive, has also moved to the Cardano blockchain from Ethereum. The Markethive Coin, MHV, about to be launched on principled exchanges, is now a Native token on Cardano’s isomorphic multiparty state system instead of an ERC-20.
Given the enormous transaction activity and data involved, along with theILP assets in Markethive, it makes perfect sense to migrate to a completely decentralized system that will handle throughput, stability, and interoperability with ease.
“The MHV coin was originally produced (8,888,888,888) according to the ERC20 guidelines from Ethereum about 1.5 years ago. The coin in Markethive has been kept in Markethive operating separate from the ERC20 on our own paper blockchain until we released the wallet. Recent trends have revealed the ERC20’s security risks, privacy risks, and even worse, the cost to transact (gas) has skyrocketed.
As we determined that the ERC20 was not for us and before we opened up to the exchanges as an ERC20, we decided to find other options. This was several months ago, and at the same time, our friend Charles Hoskinson the founder of Cardano released his final version from BETA, and perfect timing for us.
After contacting him, CTO of Markethive, Douglas Yates, determined that to convert to Cardano was the perfect decision, and so this now opens the door for us to launch onto the exchanges as a Cardano-based Markethive coin.”
This is excellent news for Markethive; It means much smaller transaction fees, greater security, faster application speeds. It means our entire system will be stronger, quicker, and secure.
Cardano’s Terminology Of Native Tokens
The terms 'coin' and 'token' are often used in the crypto world. Sometimes, these terms are interchangeable, sometimes not. A 'token' can also be a type of umbrella term that encompasses all digital assets.
It is worth noting that Cardano's approach to tokenization is as unique as the ledger itself, so here's some terminology to help understand Cardano’s native tokens framework.
A token is defined as the representation of an asset stored on the Cardano blockchain.
An asset is anything that can be quantified.
A token bundle is a representation of multiple tokens.
Native refers to token logic running on the Cardano ledger rather than using smart contracts.
Native tokens on Cardano
Ethereum requires custom code for user-defined tokens to be supported on the chain. It adds a layer of complexity, cost (gas is needed to pay for the execution of the code), and inefficiency since token code for both standards is replicated and adapted, rather than part of the system itself.
This is an inherent weakness of the Ethereum chain because it leaves room for human error. Custom code, if done carelessly, can introduce bugs that could potentially lead to significant financial loss. In one particularly infamous incident, software bugs led to the loss of ether worth $300m. The Cardano approach aims to prevent such catastrophic errors.
Cardano supports user-defined tokens natively, without the need for custom code, through the native tokens framework. Native tokens is an accounting system defined as part of the cryptocurrency ledger and enables tokens to be transacted with (tracked, sent, and received.) This eliminates the need to use custom code or costly smart contracts. In short, native tokens remove the unnecessary layer of expensive complexity and inherent inefficiency found in the Ethereum chain.
The Heart Behind The Technology
The Creator and CEO of Cardano, Charles Hoskinson, is passionate about his work and mission to change the world’s financial system. To build a true financial operating system for the planet; for the unbanked, giving open, fair, and free economic identity to those lacking, along with dozens of companies and millions of community members.
In a recent video update, Charles stated,
“We are on a path to Destiny. Everything we do is lining up to take us to that particular reality. Those are the billions of users that not only will enrich the network and make it something worthwhile but will change the entire fabric of how the world works and make it fairer, more just, and more transparent. Every bit of commercial progress we make as a company, as a protocol, as a community towards that end, makes me incredibly happy.”
Slow And Steady Wins The Race
It has been a gradual process for Cardano because they do real science, write real protocols, perpetually testing every aspect of this unique project. This protocol is necessary to avoid the traps many Silicon Valley startups, and the like have experienced. Move fast, break things and burden the world with their costly mistakes. Many have fundamental and architectural issues that have caused their demise or non-event.
Because of all the hard work, philosophical and scientific approach, Cardano’s progress has expedited and now a force and on track, having built the best Proof of Stake protocol with a brilliant path to evolve that protocol to keep up with emerging technology.
Charles Hoskinson and the Cardano team are one of integrity, empathy, and compassion with a philosophy that is congruent with Markethive. We, at Markethive, welcome Cardano and are excited to be collaborating and joining forces to help make the world a better place. One of freedom and sovereignty in the social media and financial spheres creating an all-encompassing ecosystem for humanity.
Written byDeb Williams
Chief Editor and writer for Markethive.com, the social, market, broadcasting network. An avid supporter of blockchain technology and cryptocurrency. I thrive on progress and champion freedom of speech and sovereignty. I embrace "Change" with a passion, and my purpose in life is to enlighten people en masse, accept and move forward with enthusiasm.
Coinbase sent SEC filing to Satoshi in a symbolic gesture
However, the exchange also claimed the identification of the Bitcoin creator could cause the crypto market to deteriorate.
Image courtesy of CoinTelegraph
FEB 25, 2021
United States-based cryptocurrency exchange Coinbase named Bitcoin creator Satoshi Nakamoto in its recent filing with the Securities and Exchange Commission for a direct listing on the stock market.
According to the SEC filing, Coinbase sent copies of its S-1 registration statement — which, if approved, would bring the company closer to having its shares traded on U.S. stock exchanges — to legal team members at Coinbase Global and California law firm Fenwick & West. In addition, the exchange listed Satoshi Nakamoto and the Bitcoin (BTC) genesis block address as recipients of a copy of the SEC filing.
The legendary Bitcoin creator was mentioned four times in the filing, including as the author of the Bitcoin white paper. The S-1 report also describes the possible identification of Satoshi and the transfer of his BTC holdings as events that could cause the price of Bitcoin and Ether (ETH) to deteriorate.
An investigation of Bitcoin’s earliest blocks suggests Satoshi mined at least 1.1 million BTC — worth roughly $55 billion today. The suggestion that moving these coins could disrupt the crypto market is not without precedent. Small amounts of some of the earliest mined BTC from 2010 and 2011 have been moved from time to time following the 2017 bull run, leading to fluctuations in price. However, there isn’t enough evidence to suggest that these events had a lasting effect on the price of Bitcoin.
Coinbase first announced in December 2020 that it would be filing with the SEC to pursue an initial public offering. Thursday’s filing shows that the exchange posted a direct revenue of $1.1 billion in 2020, an increase from $482 million in 2019. Though Coinbase’s last valuation in 2018 showed it was worth $8 billion, recent reports estimate that the exchange may now go public at more than $100 billion.
Bitcoin price is trading above $50,000 once again, following a short-lived correction below the key level. Bullish news that Coinbase had filed to go public helped send the price higher this morning, but the real strength in the cryptocurrency comes from outflows leading the exchange.
Here’s why one top quant analyst says that the 13K BTC outflows are the “strongest bullish signal” they’ve “ever seen.”
A massive whale recently sold down the current peak of the ongoing Bitcoin rally, but according to Coinbase outflows institutions were ready in wait, buying the dip with whatever capital they could.
At the low of the recent correction, some 13,000 BTC left the popular US cryptocurrency platform. The platform is said to be where Tesla and Square acquired their coins, and other major players are doing so as well.
A total of 13,390 BTC left Coinbase yesterday after being bought at lows | Source: CryptoQuant
Why Continued Outflows Are The Strongest Bullish Signal Ever
Bitcoin’s value, like any asset, is based on supply and demand. If there is more supply than demand, price decreases. If demand outweighs supply, price appreciates.
Because the total BTC supply is so scarce, when demand reaches peak levels, price action goes parabolic to compensate for the complete lack of available supply.
Coinbase outflows of this size and more, have each time preceded a sizable bullish impulse and price increase. Outflows around early February, early January, and around Christmas all met or exceeded the total BTC leaving Coinbase yesterday.
However, the overall reserves of BTC one exchanges still continue to dry up over time. With so little supply to go around, and demand not yet ready to wane, the cryptocurrency could see a dramatic rebound from here.
Technicals do hint that price action is overheated, but the most recent correction could be enough of a pullback to allow Bitcoin’s wildly bullish fundamentals take back over and send prices soaring again.