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Bitcoin And Ethereum Price Continues to Remain Stagnant, A Possible Breakout Is Imminent

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Bitcoin and Ethereum

Bitcoin is currently gaining all of the spotlights in the crypto market. While in recent months, the king crypto’s price rallied above $12,000, it pulled back in early September as crypto assets corrected. The world’s number one crypto, Bitcoin, has been consolidating within the mid $10,000 range since its massive sell-off on September 3rd. 

On another note, Ethereum recovered along with other altcoins from the recent losses, rising with almost 10% to about $380.

Bitcoin Weekly Recap

Bitcoin’s charts indicators are flashing bullish this week. The primary crypto has risen by as much as $1000 over the last 7 days and has seen a consistent rise over the past 72 hours.

Bitcoin chart: 7-day timeframe (CoinMarketCap)

At the start of the week, Bitcoin left the major resistance and support levels untested. Bitcoin saw a bearish start to the week after experiencing a fall from an early Sunday morning high of $10,441 to a low of $10,259. Bitcoin retested the $10,500 levels, but was met with rejection as prices plummeted to $10,259. 

By September 14, Bitcoin surmounted to a record price gain of more than 3%, as bulls took on the $10,500 in a retest of strength. Bitcoin eventually broke above the $10,500 range high, sitting comfortably at $10,704 and surging towards the $11,000 mark. 

Tuesday, 15th September,  BTC made a new local high at $10,779, breaking out from the narrow range located between the levels of $9,825-$10,700. The coin experienced an oversold market condition. 

BTC saw a major uptrend on Wednesday 16th September. The coin reached the $11,000 high but was resisted. Bitcoin experienced this uptrend occurring simultaneously with the announcement from the U.S Fed as regards its plans to keep interest rates low, short-term. It would seem that Bitcoin reacted positively to the announcement as the asset steered upwards, breaking the resistance psychological line at $11,000, before reaching its new two weeks high at $11,085. However, the primary coin couldn’t sustain its run as it retraced southwards to settle below $11,000.

READ ALSO: Tech Stocks, U.S Elections: These Two Sentiments May Influence Your Bitcoin Investment

At the opening of the market on Thursday, after 3 consecutive bullish days, Bitcoin rose and peaked at a new daily high of $11,044, but eventually retraced to just over $10,900. However, the coin is on the brink of hitting $11,000 and it would probably be appropriate at this level to say Bitcoin will hit this figure in a significantly short period of time.

Bitcoin saw a bullish start to the day yesterday, recording a 0.29% early morning gain. Bitcoin started the day trading at $10,956 and once again tested the $11k levels. The coin peaked for a brief moment past the $11k but retraced a bit and ended the day changing hands at $10,938.

Bitcoin has recorded a 0.29% loss in the past 24 hours. At press time, Bitcoin is trading at $10,927. Bitcoin market cap is currently $202 billion, with $27 billion traded in the past 24 hours.

Bitcoin Chart: 24 hours time frame (CoinMarketCap)

Ethereum Weekly Recap

Although Ethereum began the week on a quite good note, the coin obtained some consistent loss within the week. ETH gained almost 10% on a 7-day timeframe. 

ETH Chart: 7-day timeframe (CoinMarketCap)

On the 13th of September, ETH started the day at $387. However, a slight bearish day saw the coin fall back into the deep red to rest at $361 by the end of the day.

By Monday, the coin found support recovering from the previous day’s downward move, to end the day at $372. Starting the day on Tuesday at $376,  the coin dipped once more and ended Tuesday changing hands at $366.

A slight bearish move set in and drove its price further down by Wednesday. Ethereum tumbled to an early morning intra-day low at $360, before making a move. The coin fell through the first major support level at $360 before hitting a late afternoon intra-day high at $370. Amid falling short of the first major resistance level at $370, ETH experienced a late pullback, falling through the 38.2% FIB to end the day at $365 level. 

However, the charts began to move in the opposite direction in the wake of the recent market reverse that was seen in BTC within the past 48 hours. As ETH gradually made gains, it moved up the charts by around 6% yesterday, to record its $392 price by the end of Thursday.

After trading yesterday at $387, ETH today saw a rather bearish start to the day with a record of about 1.7% loss. Ethereum is currently changing hands at $380, with a total market cap of $42 billion.

ETH Chart: 24-hour timeframe (CoinMarketCap)

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Crypto Assets

Crypto prices drop as global market fear increases

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Top cryptocurrency prices have fallen amidst a drop in stocks and fears over China’s Evergrande debt crisis. In the last 24hour, Bitcoin dropped from $47,772 to $42,630 shedding about 8.58%. this is the lowest in price since another bull run began on Sept 5 after the April crash.

El- Salvador’s President, Nayib Bukele sees the fall as an opportunity to invest more. Recall that the country adopted Bitcoin as a legal tender on September 7. Despite the adoption, the price of Bitcoin has fallen by almost 14% since then.

Other coins have experienced dramatic crashes within the last 24hours. Solana, a coin that has experienced 355% growth within the last 3 months fell from $162 to $130 shedding about 11.39% within the last 24hours. Solana’s fall may be categorized by the 17-hour outage which the founder, Anatoly Yakovenko said was caused by bots “flooding the networks”

Ethereum fell by 9.37% while Dogecoin and Axie Infinity fell by 11.22% and 14.14% respectively within the last 24hrs hours. While crypto experiences dark Monday, El-Salvador keeps investing more money in Bitcoin.

A look at the global market

The global market is experiencing fear due to the Evergrande debt crisis. A report published by the University of Michigan shows that consumer’s sentiment is beginning to decline. This trend alone may impact the crypto market as well.

On the other hand, the global market downturn must have been spurred by the Evergrande debt crisis. The company grew to be one of China’s biggest companies by borrowing more than $300bn. Last year, Beijing made rules to control the debt owed by big real estate developers. This led Evergrande to offer its properties at major discounts to raise more money to keep the business afloat. Right now, the company is struggling to meet the interest on payment of debts.

Why would it matter if Evergrande fails?

The collapse of the multi-million dollars company would affect the global market; including the crypto market. Many people bought properties from Evergrande and they expect to make gains. If Evergrande falls, crypto investors will be forced to withdraw more money to keep their business running without the means to invest more. When one business fails, the other gets affected indirectly. This also applies to other firms that do businesses with Evergrande.

The potential impact on China’s financial system is another effect of Evergrande’s fall. In his statement to BBC, Mattie Berkink, the Economist Intelligence Unit (EIU), said that “the financial fallout would be far-reaching. Evergrande reportedly owes money to around 171 domestic banks 121 other financial firms” if the company fails, other lenders or businesses may be forced to lend less. Thereby leading to a credit crunch- a situation where companies struggle to borrow money.

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Crypto Assets

6 Cryptocurrencies to leverage for Building Personal Wealth Long Term

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“Investing in Crypto should be viewed as another path towards financial independence that can help people beat inflation over time.”

—Alex Mashinsky (CEO, Celsuis)

The Crypto market is blooming. Nearly 1 in every 3 individuals in Africa, particularly Nigeria, currently trade cryptocurrencies for one purpose or the other. For more than a decade now, blockchain technology has pervaded the financial markets and persistently received traction from various quarters. Its adoption rate in Africa is a force to be reckoned with. The reports are glaring enough. This has then cultivated the growing appeal of the people in trying to employ crypto as a viable tool to build wealth, albeit long term.

Recently, thousands of cryptocurrencies were known to exist in the market and the numbers keep expanding. It is, therefore, imperative that these digital coins are closely observed to identify the favourable ones for a long-term game. We, at Decentralize Africa, know this. You don’t need to make any emotional rush. This is why we’ve put together highlights of sustainable cryptos that can help you build a fortune over time if you play your cards right.

  • Ethereum (ETH)

Coming first on the pack is Ethereum. The reason for this is not far-fetched. Earlier this year, ethereum was said to have amassed a market capitalization running into billions of dollars. As if that is not enough, Ethereum pointed out its plans to remake its consensus algorithm. This will in no small measure help the crypto network perform several seamless operations and that too with reduced energy. 

The major change that was done to Ethereum’s network, i.e, a modification to Proof-of-stake, will enable players in the system to pitch ethers in a more protected and also rewarding account. This is quite comparable to the bitcoin system. So, yes, Etherum is something that should be in the plans. 

  • Stellar (XLM)

Of course, Stellar has to find a place here, innit? For one, the cryptocurrency holds promising potential for those interested in the long shot. It is more or less a fertile space in the string of blockchain networks. Most of us are privy to how tedious, cross-border transactions tend to appear. This is where Stellar comes in. The versatile platform is capable of completing payments in a matter of seconds at a meagre fee; which is payable using the Stellar coins. Stellar’s efficiency is no doubt commendable. Although like most coins, it has had its share of a downward trend in prices, there is no doubt that Stellar is yet to reach its peak. As such, analysts have observed that there’s room for expansive growth as the year’s roll by. 

  • Bitcoin (BTC)

This sequence is deliberate though. We all know the mighty bitcoin will be here, don’t we? Bitcoin has amassed a wild price range, an ever-growing market capitalization and its prospects for investment opportunities speak loud enough. Although there is an influx of cryptocurrencies today, Bitcoin embodies a large percentage of the market value. 

Investing in bitcoin is never a bad business. It has its lows of course, but it jumps pretty back in most cases. Its wide acceptability is a testament to this fact. Several companies are integrating bitcoin in their payment structure, and business-men, banks are not left in the loop as well.

  • Solana (SOL)

Interestingly, Solana is one of the few digital coins to maintain a steady rise in value. It came up the pack in 2017 and has since improved its value system over time. It offers enticing packages, by being used to complete rapid transactions and every other thing that makes it a good catch. Solana might seem a bit obscure at the moment, but it is certainly one of the best to look out for.

  • Chainlink (LINK)

More accessibility means more acceptance, right? Chain-link is that cryptocurrency that’s relatively available to most people. It’s inexpensive and a good store of value as well. This is one of the reasons that attracts many investors to it. If you are looking to invest in a cryptocurrency in this context, this is one of the coins that can help build your financial portfolio in the long run. 

  • Cardano (ADA)

It is observed that the Cardano network holds a somewhat appealing impression for myriads of reasons. It consumes far less energy which then translates to a faster transaction rate. Also, it proves to be secure and it is one blockchain network that is quite keen on developing its systems.

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Bitcoin in Africa

ICE3X, One Of South Africa’s Oldest Crypto Exchange Cease Operations

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ICE3X

ICE3X, one of the first and oldest crypto exchanges in South Africa and across Africa which was founded in the year 2013 with roughly 80,000 clients ceased operations permanently due to low liquidity.

Earlier this year, ICE3X announced that they noticed some discrepancies in the balances pertaining to Bitcoin and Litecoin held on the platform on March 16. After several consultations and deliberations with their partner Merkeleon.com and subsidiary Coinspaid.com, no satisfactory conclusion was reached.

But on the advice of their auditing and legal team, ICE3X suspended deposits and trading of cryptocurrencies on their platform. In addition, Bitcoin (BTC) and Litecoin (LTC) withdrawals were also suspended pending the outcome of a full investigation and reconciliation.

ICE3X said that clients holding cryptocurrencies on their platform excluding Bitcoin (BTC) and Litecoin (LTC) will be able to withdraw their funds. They further said that this was done in protection of their clients.

On March 23, withdrawals from ICE3X platform by clients were totally disabled, and it was announced that withdrawals would now be done manually – clients would have to submit their withdrawals request via a Google Form.

The homepage URL of ICE3X which is ice3.com. Users will now be redirected to https://ice3x.co.za/status-update/ with no withdrawals support for Bitcoin (BTC) and Litecoin (LTC) yet, but clients were advised to place their withdrawals request for both.

On April 6, according to the website of 1CE3X, the South African Crypto Exchange will not be returning back to operations and advised to start their liquidation proceedings. Also, there are no longer withdrawal requests pending for any currencies except Bitcoin (BTC) and Litecoin (LTC).

At the point of writing this article, the latest update from ICE3X, shows that all withdrawal requests submitted up to April 6 have been rectified and all the remaining assets either cryptocurrencies or fiat are held in trust by Manong Badenhorst & Badenhorst Attorneys. Also, liquidation proceedings have been initiated and clients are advised to download the requisition form, which should be sent as a mail to avj@natliq.co.za.

Recently, Binance announced that ZAR trading pairs was delisted from their platform, according to the official Twitter handle of Binance Africa on March 31. It was recommended that users either trade out of their ZAR positions or withdraw all their ZAR balances before April 2, 10:00 AM (UTC). The affected trading pairs are USDT/ZAR, BTC/ZAR, ETH/ZAR, BUSD/ZAR, BNB/ZAR.

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