Monthly Archives: November 2020

Was Analysten über Bitcoin sagen, wenn es den Overhead-Widerstand erreicht

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Bitcoin nähert sich schnell einem lange beobachteten Widerstandsniveau, das sich in der Zeit nach der jüngsten Ablehnung mit einem Allzeithoch von 19.500 US-Dollar gebildet hat.

Der Verkaufsdruck erwies sich hier als recht erheblich und führte zu einem starken Rückgang der Kryptowährung, der sie auf Tiefststände von 16.400 $ führte.

Diese Bewegung wurde durch verschiedene Faktoren aufrechterhalten, darunter die Angst vor einer möglichen Regulierungswelle aufgrund von Kommentaren des US-Finanzministers Steven Mnuchin.

Wo die Markttrends mittelfristig fast ausschließlich von Bitcoin System abhängen, da die jüngste Ablehnung von 19.000 $ die jüngsten Lebenszeichen bei Altmünzen zum Stillstand brachte und den aggregierten Markt erheblich schrumpfen ließ.

Es besteht die große Wahrscheinlichkeit, dass sich der anhaltende Aufschwung noch weiter ausdehnen wird, da die Haussiers darauf erpicht zu sein scheinen, eine „V-förmige“ Erholung zu verzeichnen, da sie die jüngsten Verluste ausgleichen.

In Bezug auf das, was Händler als Nächstes erwarten, erklärte einer, dass er etwas Geld vom Tisch nimmt, während der Krypto nach oben zu seinem Overhead-Widerstandsniveau in der unteren bis mittleren 18.000 $-Region navigiert.

Er weist darauf hin, dass ein Bruch über 18.400 $ ausreichen könnte, um jegliche Anzeichen von Schwäche, die seinen Preis plagen, zu entkräften.

Bitcoin durchbricht 18.000 $ bei anhaltendem Rückprall

Zum Zeitpunkt des Verfassens dieses Artikels wird Bitcoin zu seinem derzeitigen Preis von 18.090 US-Dollar um knapp 2 % gehandelt. Dies ist ein bemerkenswerter Anstieg gegenüber den jüngsten Tiefstständen von 16.400 $, die am Tiefpunkt des jüngsten marktweiten Zusammenbruchs festgelegt wurden.

Dieser Einbruch erfolgte kurz nach dem Besuch der Krypto-Währung in der Region um die Mitte der 19.000 $. In dieser Region bestand ein erheblicher Verkaufsdruck.

Wenn sie in der Region um die Mitte der 18.000 USD stark Fuß fassen kann, könnte sie in naher Zukunft noch deutlich mehr Auftrieb erhalten.

Die BTC kämpft möglicherweise darum, ihren Widerstand zu brechen, Claims Trader

Ein Händler gab an, dass Bitcoin den Widerstand, der in der gesamten Region unter 18.000 $ besteht, möglicherweise nicht durchbrechen wird.

Er fügte hinzu, dass ein fester Durchbruch über 18.400 $ es der Krypto-Währung ermöglichen könnte, ihren anhaltenden Aufschwung fortzusetzen.

„Schloss die Hälfte der Kaufposition bei 18.080 $~ Es ist nicht zu erwarten, dass der Widerstand bei den wöchentlichen/monatlichen Schlusskursen zu stark überbewertet wird. Viele Kaufgelegenheiten, wenn wir $18,4 durchbrechen~ Nicht viele Verkaufsmöglichkeiten, wenn wir es nicht tun“.

Da der wöchentliche Kerzenschluss von Bitcoin schnell näher rückt, sollte die Art und Weise, wie Bitcoin in den kommenden Stunden gehandelt wird, ernsthafte Einblicke in die Aussichten für den Rest des Jahres 2020 geben.

Ein Schlusskurs von über 18.000 $ wird seine Aussichten erheblich verbessern und den Bullen die Tore öffnen, damit sie die Kontrolle über seine Preisaktionen in der kommenden Woche übernehmen können.

 

Bitcoin will not crash with 65% probability

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Top analyst: Bitcoin will not crash with 65% probability

Bitcoin’s uninterrupted rally has increased the likelihood of a major pullback, according to independent analyst Vince Prince.

The TradingView.com author writes that there is a 35 percent probability that the Bitcoin price will fall soon. He cites a textbook technical indicator that predicts downward reversal patterns.

The pattern known as „head and shoulder“ appears during the upward trend by The News Spy of an asset. Traders confirm it when they see three highs forming on a support-like baseline.

The middle peak is higher than the other two, making it look like a head hanging over two shoulders on each side – hence „Head and Shoulder“.

The H&S patterns typically end in a breakout below the baseline, with a downward target well below the maximum height of the structure. Prince comments that Bitcoin forms a similar technical structure, with the left shoulder and head fully confirmed and the right shoulder partially fixed.

„Bitcoin is already being traded in overbought zones,“ he adds. „This does not mean that it can move higher and create new highs. However, the bearish perspective should not be underestimated in any case. Bitcoin is moving into zones where a quick reversal and change of direction can more easily establish itself“.

If the H&S pattern is valid, there is a risk that Bitcoin will be about $1,600 below its baseline (the level between the peak and the support). The yellow area in the graph above shows the ideal target area for the H&S breakout.

What risks Bitcoin is exposed to

Prince’s bearish outlook for Bitcoin received involuntary support from the crypto-currency futures market. According to Glassnode, the average „funding rate“ across all Bitcoin exchanges has risen to levels indicating that traders may have been over-leveraged through open-ended contracts.

Measured every eight hours, the funding rate indicates the cost of holding a bullish contract, i.e. a long position. A positive value indicates that bulls pay bears.

This increases the value of the perpetual contract above the spot price of Bitcoin. Therefore, a very high refinancing rate signals that the leverage is unduly distorted in favour of bulls. This is an overbought situation.

An event of a withdrawal in the spot market can lead to massive long liquidations, which may result in more price falls and higher volatility.

The optimistic outlook

However, Prince also believes in a limited corrective downward trend. He writes that Bitcoin could find support at the H&S neckline to rise higher again – and this could invalidate the whole trend reversal theory altogether.

The conclusion of Vince:

„As Bitcoin still has solid supports [near] the 65-EMA and the blue horizontal support, the bullish breakout has a higher probability of 65%“.

Bitcoin sees its upward outlook at over $19,000.

Hacker Draws $20 Million from Pickle Finance Protocol

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Another day, another attack against the DeFi. The Pickle Finance protocol lost nearly 20 million dollars in stablecoin Dai after a hacker exploited a loophole.

A hacker drains $20 million from the Pickle Finance protocol
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The Pickle Finance protocol challenged
On 21 November at 18:37 (UTC), hackers exploited a loophole in the Pickle Finance protocol and managed to drain 19,759,355 Dai, or nearly $20 million.

Like many other protocols, Pickle Finance is a performance aggregation service similar to Yearn.Finance and its YFI token. The protocol is fully automated and rewards those providing liquidity to stablecoin pools through PICKLE tokens.

On 20 November, the Pickle Finance team deployed a new strategy to optimise the returns from the Dai stablecoin. The product, called „PickleJar pDAI“ used the Compound protocol to earn interest on Dai deposits. It contained cDAI tokens issued by Compound when Pickle Finance deposited Dai in the protocol.

It was therefore by exploiting a loophole in the „PickleJar pDAI“ that as yet unidentified individuals managed to drain all the funds. For the moment, the team has not yet disclosed how the hackers managed to do this. Pickle Finance is now working with a team of white hat hackers to close the loophole.

„This attack was very complicated and involved many elements of the Pickle protocol. At this point in time, it does not appear that any more funds are at risk,“ said the Medium project team.

As a result of this major attack, the price of the PICKLE token has dropped drastically. According to CoinGecko, PICKLE went from $23.27 to $8.70 at its lowest point in about 6 hours, a drop of -62.61%. At the time of writing, the PICKLE token had risen above $12:

Price of the PICKLE token

Attacks against DeFi are multiplying
In 2020, the year of the development of decentralised finance, attacks against its protocols have multiplied. This trend has arisen as a result of the very rapid deployment of protocols, without them being audited by companies specialising in security.

The result is indisputable: the majority of funds stolen in the cryptomoney industry come from DeFi protocols. Although the exchange platforms are still the target of massive attacks, they are much less vulnerable than certain DeFi protocols.

A report by the blockchain analysis firm CipherTrace highlights that attacks against the DeFi represent 50% of all attacks in the cryptomatics sector in the second half of 2020.

Moreover, the attack against Pickle Finance comes less than one month after the attack against Harvest Finance. This other DeFi protocol lost 24 million dollars in a similar attack.

Unfortunately, it is only a matter of time before another protocol suffers the same fate. If you invest in the DeFi, be on your guard and take all necessary measures to ensure that the protocol in which you deposit funds is sufficiently secure.

Ethereum 2.0 – Over 50% of ETH required at launch has been deposited

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After a difficult start, preparations for the launch of Ethereum 2.0 are seeing a significant increase in interest. More than half of the ETH required for network deployment has been deposited into the deposit agreement. Will Ethereum 2.0 go live before 2021?

Ethereum 2.0 deployment is getting closer

Driven by a rapid and continuous rise in the price of Ether (ETH) in recent days, the launch of Ethereum 2.0 is approaching. More than half of the Ethers needed for the deployment of the network are now in the deposit contract.

At the time of this writing, 294,336 ETH has been deposited into the contract, or nearly $ 170 million . The launch of ETH 2.0 will take place when an additional 229,952 ETH has been deposited, making a total of 524,288 ETH .

The graphic below speaks for itself. The amount of ETH deposited in the contract has increased dramatically since November 19, from almost 100,000 ETH to almost 300,000 ETH.

This rapid increase in the number of ETH engaged is done in parallel with the increase in the price of ETH, which went from $ 470 to $ 585 in 3 days:

Ethereum 2.0 Stacked total value

In addition, Ethereum 2.0 will only see the light of day if 16,384 validators join the network in its early stages. This second prerequisite is also in a good mood to be reached. As of this writing, 8,834 validators are already ready , with a minimum of 32 ETH deposited each.

Like the number of ETH deposited, the number of validators almost tripled in just 3 days, from 3,000 to almost 9,000:

A launch before 2021 thanks to whales?

The whales of ETH are partly responsible for this rapid progression. According to a report by Bison Trails , a very wealthy whale deposited 17,088 ETH on November 14, which had been dormant in her wallet from 2017 until they were deposited into the contract.

In addition, even leading investment funds participate. This is particularly the case of a Dubai-based company, IBC Group , which deposited more than 20,000 ETH in the contract to support the launch of Ethereum 2.0.

In addition, Vitalik Buterin himself made a strong contribution, depositing 3,200 ETH as soon as the deposit contract was available to all. A gesture by the founder of the network that will most certainly have motivated Ethereum followers to follow him.

Originally scheduled for December 1 , the launch of phase 0 of Ethereum 2.0 is probably postponed for the current of the same month. If the deposits in the contract are growing at the same rate, a launch in mid-December seems plausible. Indeed, as soon as the 524,288 ETH is deposited in the contract, the launch of Ethereum 2.0 will occur 7 days later .

Bitcoin Holiday!

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This is a weekly news digest with the results of the past week. If speed is important to you, you can read the news in our Telegram channel, and if you want to keep your hand on the pulse, subscribe to the email newsletter and receive the digests right to your letterbox.

On 31 October 2008, a document titled Bitcoin: A Peer-to-Peer Electronic Cash System, aka White Paper by Bitcoin and authored by Satoshi Nakamoto, was published in a chiffropunk mailing list.

This day, along with 3 January 2009, when the genesis block was generated, is considered one of the key dates in Bitcoin history.

After 12 years, the 9-page technical document has become a world famous project with a $250 billion capitalisation, no fundraising, no budget marketing, no office and no paid staff.

The best thing to do on this day is to read/read Satoshi’s document. If for some reason you have not already done so, there is a good opportunity now. Gain knowledge and appreciate how ingenious everything is.

We have a great vision – Krypto Psychopath. It’s a video about Bitcoin as the best technology for the 10th anniversary, we made it for the Surprise Wylsacom competition, but he wasn’t surprised somehow.

Price of Bitcoin 31 October in different years

2010 — $0.2
2011 — $3.27
2012 — $11.06
2013 — $204
2014 — $338
2015 — $314
2016 — $700
2017 — $6,468
2018 — $6,317
2019 — $9,199
2020 — $14,140

Happy 12th WhitePaper day!

Birthday Incrypted!

We turned 3 years old. For us it is forever and at the same time „like yesterday“. During this time we have made mistakes and worked on mistakes, tried to develop and make the content better, videos more interesting, news faster.

There is still a lot to be done, but the main thing that we have received over these 3 years is people. Friends, channel admins, traders, project representatives, bloggers, and of course our subscribers.

It was people who prevented us from giving up this idea in the most difficult times. Thank you! So while you are with us, we are not afraid of any ordeals!

On 30 October we held a festive stream, where we told our story about the creation of the project, answered your questions, watched the final battle of portfolios, announced all the winners of the competitions, and also many interesting stories from our friends!

For those who were not present, do not miss the strip recording on our Youtube channel.

Jeremy Aller, CEO of Circle, the developer and issuer of the USDC, has published a screenshot of a $100 BTC purchase using the PayPal service.

The service is likely to be under testing for a limited number of users The official launch of the service is planned for the near future, but the exact date is not yet known.

Keeping Bitcoin for 2 months is more profitable than selling the software for 3.5 years?

Over the last 3.5 years Microstrategy has earned $78 million from its commercial activities (mainly analytical software development).

And at the same time Microstrategy has made about $100 million in the last 2 months since buying Bitcoin – $425 million invested in Bitcoin turned into $525 million, the average purchase of BTC was $11,000.

Comparison of BTC 2016 and 2020 charts

The last two months of the post-halving 2020 Bitcoin schedule correlated very strongly with the 2016 schedule.

At this stage, the BTC was worth $895 in 2016, and a year later it increased 20 times!

Fundamental Bitcoin metrics could cause the largest growth in history

A new report from the analytical company Ethereum Code says that bitcoin has been growing since the March collapse in terms of parameters that were not present during previous growth periods. And this time, fundamental onchain metrics show that bitcoin is ready for the biggest breakthrough in history.

Among the growth factors, analysts note:

  • Changes in the correlation between Bitcoin and gold and the dollar. With gold on highs, and with the dollar – on lows;
  • Recent investments in BTC by public companies, such as MicroStrategy and Square;
  • Continued outflow of BTCs from central exchanges. This is usually due to the desire of users to keep the BTC on their own, focusing on the long-term perspective;
  • Increasing the number of long-term holdings, which confirms its perception as a means of preserving capital on an equal footing with gold;
  • Decrease in emissions after the May halving with steady price growth.