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Ethereum [ETH] see a double-digit price drop as market bleeds red

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As the week came to a close, the entire cryptocurrency market faced the wrath of the bear. Most tokens witnessed their price supports take a hit with many investors seeing it as an opportunity to “buy the dip”. Up until last week, altcoins were performing better than Bitcoin but it looks like the world’s largest altcoin was doing a better job fending the bear now.

On Friday, Ethereum took a hit with a daily drop of over 7 percent. This red bleed leaked into the weekly rate as the loss percentage shot up to 17 percent. At the time of writing, ETH was trading for $2855.92 while holding a market cap of $336.84 billion. The latest bear crash took a massive chunk out of the daily trading volume, clocking in at $19.2 billion.

Ethereum’s crash was also accompanied by a lot of people moving into DeFi investments. New investments were still coming in from supporters and crypto organizations.

Ethereum 1 hour:

eth 1 hr 1

The largest altcoin had its work cut out as the last red candle shattered immediate price supports. After the day’s price crunch, the new support was formed at $2872.

Relative Strength Index: The RSI fell below the oversold threshold just as the bear broke Ethereum’s price support. Massive sell offs are a part of major price crunches as displayed in the Ethereum ecosystem.

Chaikin Money Flow: Ethereum’s CMF followed the RSI’s footsteps by crashing abruptly. The fall below the zero line signified that the capital leaving the market had overtaken the influx.

Parabolic SAR: All the markers for the day stayed above the price candles as the last candle dropped an entire level.

Ethereum 1 day:

eth 1 d

In the long term, Ethereum’s recent crash paled in comparison to earlier drops. The support on the daily spectrum held near the $1700 mark, a marker created in July.

Chaikin Money Flow: Ethereum broke its bullish pattern by crashing below the zero line. Daily trading investments have decreased significantly since climbing to good heights in mid-August.

Parabolic SAR: The markers stayed above for the entirety of September with the latest crash contributing to the momentum shift. A price increase would enable the cryptocurrency to move into greener pastures.

Relative Strength Index: The sudden change in investor sentiment was on full show with the k-curve. The number of users selling their ETH tokens had surpassed the number of HODLers.

Crypto tipping is the latest addition to social media giant Twitter

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The crypto market witnessed the entry of an array of platforms. While several significant firms have been supporting the crypto-verse right from the beginning, they have started to elevate their presence in the market. Social media platform, Twitter has time and again expressed its interest in the digital asset industry. The founder of the social media giant, Jack Dorsey has been an avid supporter of Bitcoin [BTC].

Now, Twitter has added a new feature to further show its support for the market.

The value of the industry surged to an impeccable height. This further drove several prominent platforms, banks, and governments to incorporate crypto into their respective system. Twitter went on to add the crypto tipping option with which users can pay via the platform.

Crypto comes to Twitter

In a recent blog post, the social media giant revealed that it was adding crypto as an option to its tipping jar. The crypto tipping option would further allow users to pay through Twitter. In the elaborate post, the staff product manager of Twitter, Esther Crawford noted that the option was out and ready to use for iOS users. However, the platform is yet to launch this option for Andriod users.

Users would have the Tips option right next to the Follow button on the profile. Twitter users can use an array of payment options to tip in digital assets. Third-party applications including, Cash App, Patreon, Venmo, Chipper, Bandcamp, Razorpay, GoFundMe, PicPay, and Wealthsimple Cash have supported Twitter’s latest move. These options would be available to users according to the region they reside in.

Alongside this, Twitter tips can be sent through the Bitcoin Lightning Network. This would further allow payments through the Strike application.

Crawford further spoke about the social media giant’s latest addition and said,

“We want everyone on Twitter to have access to pathways to get paid. Digital currencies that encourage more people to participate in the economy and help people send each other money across borders and with as little friction as possible – help us get there.”

Users can tip accounts for an array of reasons. Users can even tip their favorite accounts or help small businesses.

UAE regulators signs deal with Dubai authorities to support crypto trading

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The UAE Securities and Commodities Authority approved a major deal with the Dubai World Trade Centre Authority [DWTCA] to encourage the trading of cryptocurrency assets in the free zone as the country continues to strengthen its digital economy.

Under the framework of the deal, the DWTCA will be able to issue the mandatory approvals and licenses to handle crypto assets-related financial activities. The initiative will also allow the Dubai authority to augment its existing business licenses, services, and incentives. On the other hand, SCA will manage important crypto-focussed activities, such as issuance, listing, trading as well as licensing processes.

UAE embracing blockchain to foster digital-led economy

Dr. Maryam Al Suwaidi, Acting CEO of SCA stated that the agreement comes in response to directives from Abdulla bin Touq Al Marri, who happens to be the Minister of Economy and SCA Board Chairman, in a bid to improve collaboration and exchange knowledge and expertise with different government departments, authorities, and institutions to work together and accomplish common objectives. The exec also added,

“The SCA will be responsible for the regulatory supervision of offering, issuing, trading and listing crypto assets and the licensing of financial activities related to them within the limits of the DWTCA free zone. The SCA will also supervise, control and investigate the licensed entities that operate within the free zone.”

This isn’t the first time that the two prominent UAE authorities have joined forces. Earlier in May, the DWTCA and the SCA had entered a similar agreement to spur the crypto industry development in the Dubai Airport Free Zone Authority.

While admitting that the UAE has been at the forefront of blockchain research and implementation, Helal Saeed Al Marri, Director-General of Dubai World Trade Centre Authority and Dubai Department of Tourism and Commerce Marketing [DTCM] revealed that the latest move is in line with the Emirates Blockchain Strategy. In addition to that, the Bitcoin Fund was listed on the Nasdaq Dubai exchange in June this year, marking the first of its kind to trade in the region.

Al Marri also touched upon the subject of increasing hype over non-fungible tokens [NFTs] and added that innovations such as this will play a crucial role in the future of commerce and that the DWTCA is exploring ways to provide a sustainable home for this ecosystem.

TurboXBT: A review of extremely profitable crypto short-term contracts platform

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Achieving consistency as a trader in the digital currency ecosystem has a lot to do with your skills, however, the trading model on the platform you choose also matters a great deal. There are exchanges whose underlying product offering generally makes it difficult to achieve consistent winnings but with the emergence of the TurboXBT synthetic asset trading platform, this narrative is beginning to change.

The TurboXBT exchange is new in the crypto ecosystem. The trading platform comes off as a disruptive outfit when compared to the offerings being offered by existing competitors today. The exchange allows traders to easily take advantage of short-term changes in the prices of a wide array of digital assets for a chance to make instant profits. 

Despite its newness, TurboXBT has a number of features that have positioned it to be on track to take over as a major trading hub for both new and professional traders in the near future. This article gives an overview of TurboXBT, its features, trading model, and benefits for its early adopters.

All About the TurboXBT Platform

The TurboXBT exchange is a simple to use trading platform where users can enter into contracts to bet on price gains or losses. The design of the TurboXBT platform all works to support this innovative trading model that is one of a kind in the digital asset exchange world. The platform is designed to allow traders to enter UP or DOWN contracts depending on their prediction of the movement in the prices of the assets they wish to trade.

The distinguishing features on the TurboXBT platform are outlined below:

Trading Modalities on TurboXBT

  • Privacy
    Account registrations on the TurboXBT platform require no KYC. This allowance restores confidence for the new page visitors as it helps in keeping their personal account information private at all times.
  • Speed
    As a short-term trading engine, TurboXBT brandishes high speed for all of its platform functionalities. The process from the first visit to the first profit takes just about 3 minutes. Orders can be placed instantly within a few clicks after logging in.
  • A flexible trade entry point
    TurboXBT lets everyone trade at their own pace. Users are under no obligation to fund their accounts immediately after registering. Infact, they can start trading at whatever time they feel they are ready.
  • Simplicity
    Clearly defined profit and risk expectations are provided prior to positions being taken, with only two order types across different durations.
  • Style
    The platform design comes with a bold, user-friendly interface that is visually appealing to all users.
    Additionally, the primary offering of the TurboXBT platform requires a high degree of stability. This was factored in with the underlying design of the exchange and as such, the site boasts of a 99.9% uptime, ensuring that no profits are left on the table. The safety of funds is also guaranteed through the platform’s bank-grade security to safeguard all user’s funds. In all, TurboXBT offers a convenient funding mode that involves the four of the most traded digital currencies including Bitcoin (BTC), Ethereum (ETH), USDT, and USDC respectively.

TurboXBT supports as many as 38 trading pairs obtained from a broad range of 17 digital assets cutting across cryptocurrencies, commodities, indices, and foreign exchange. Each of the supported asset pairs comes with their own unique payout rates, some of which comes as a range. The payout rate is also a function of the underlying market conditions within the time frame chosen.

To trade on TurboXBT, the user will need to open an account in a few simple steps using a personalized email address and password. Once the account is opened, funds will need to be deposited using one of the above-listed funding cryptocurrencies. While the TurboXBT exchange charges no commission for using the platform, users will need to take note of the network charges when depositing funds.

With funds loaded up, here is the simple step to place the first trade on TurboXBT:

The user selects the asset pair to trade, for example, the BTC/USD pair. A suitable time frame ( which could be any from 30 seconds, 1 minute, 5 minutes, 10 minutes, or 15 minutes) that is visible on the chart interface is then chosen, and the trade is executed by clicking either the green UP button for the upward trend or the red DOWN button to bet on price falls.

Trade winnings are dependent on whether the traded pair gained or lost in value within the set time limit. 

While it appears that executing trades can be as easy as described, significant risks can be involved. As a result, users must trade with caution and employ a good risk management technique to help minimize losses. To understand how the platform works before funds are committed to trading, users may take advantage of the demo account accessible to them when their registration is successful. With the demo, live trades can be placed, with the user getting exposed to how winnings and losses are calculated per trade.

As highlighted earlier, the amount of profit earned per trade can be increased significantly depending on the trading pairs chosen and the accompanying payout rates. Assuming a user entered a DOWN contract on Brent with a 70-85% payout rate using $1000, and the price of the synthetic asset traded low in relation to the time frame chosen. The profit would range from $70 to $85 depending on a trusted algorithm computation using underlying marker conditions at the time.

Based on the estimation at the upper end of the range, the total amount that will be deposited in the user’s account will be $185 based on this simple computation. 

                       Total Earnings/Trade = Capital + [Capital x Payout Rate]  

Earnings are paid out instantly and there is no limit on withdrawals.

Taking the First Step

Beginning a profitable trading journey on TurboXBT should be accompanied by the assurance of the safety of data and funds. The platform offers simplicity and the needed support for all users irrespective of their level of experience in trading. TurboXBT’s global push has made it integrate 16 languages, a novel addition that seeks to make its innovative offerings within the reach of everyone around the globe.

Tron [TRX] lacks conviction near $0.1 despite the healthy bounce

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After the severe meltdown triggered by China’s Evergrande, buyers have returned to the Tron [TRX] market. The broader cryptocurrency ecosystem is bouncing upward as well. TRX is yet to reverse its weekly losses of over 15%. Even as there are no clear upward goals, the volatility in the market is picking up suggesting temporary relief.

Tron had suffered two fatal blows which pushed it to the 25th spot. However, over the past 24-hours, TRX yielded an ascent of 7.13% which drove its price to $0.098. At the time of writing, the crypto-asset registered a market cap of $7.04 billion and a 24-hour trading volume of $1.41 billion.

Tron [TRX] Daily Price Chart:

TRX

Tron [TRX] bounced from a psychological support area and dodged the upward sloping moving averages. The 50 DMA’s [Pink] attempt to reclaim its foothold above the TRX candles was thwarted by the uptick. The gauge 200 DMA [Yellow] and the 100 DMA [Blue] continued to hover below supporting the price action. The low volume, however, added uncertainty to the progression. Hence, it is unclear if the crypto-asset has made up its mind to climb a new swing high yet.

TRX2 2

The technicals demonstrated optimism. The closing red lines of Awesome Oscillator [AO] indicated a weakening bearish momentum in coin market. The Chaikin Money Flow [CMF] also bounced from the zero line in tandem with the price action of the underlying asset depicting an uptick in terms of capital inflow to the market. Even though the Relative Strength Index [RSI] jumped back to the 50-median line, it formed a bearish divergence that could hinder solid resurgence prospects.

If Tron continues to move forward, it could face significant resistance at $0.12. A successful breach could catapult the crypto to target yearly highs of $0.152 and beyond. On the other hand, the support levels were found to be at $0.088, $0.077, and $0.050

Bitcoin.org hacked; Pop-up displays BTC giveaway scam

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Bitcoin.org, the prominent informational site dedicated to educating and facilitating the understanding of the Bitcoin [BTC] ecosystem, has been compromised again. The site shows a pop-up shows a message inviting the visitors to send money to a BTC wallet claiming that the funds will be doubled and sent back.

The message further read that the “Bitcoin Foundation” is giving back to the community and that the offer is limited to the first 10K users. It also includes a QR code and an address below.

E 8K3ToVEAAfqaG

Additionally, only the homepage of Bitcoin.org appears to have been functional, while the other pages, including FAQs, show a 4040 error.

The website’s pseudonymous owner, “Cøbra,” confirmed the news and said that the site might be down for a few days. His tweet read,

“Bitcoin.org has been compromised. Currently looking into how the hackers put up the scam modal on the site. May be down for a few days.”

This isn’t an isolated event. Giveaway scams are rampant on the micro-blogging site Twitter as well as Youtube, and several victims have fallen lost significant funds after sending their tokens in hopes of getting more in return. In fact, both Ripple’s CEO Brad Garlinghouse and Apple Co-founder Steve Wozniak have sued YouTube over the fraudulent content. However, not much has changed.

Bitcoin.org fiasco

Bitcoin.org is an open-source project and is home to Bitcoin Core, the most popular software version of BTC’s code. It supports the development of the world’s largest cryptocurrency and also serves as a directory to make tools more accessible that are needed to start transacting in BTC.

The website, which is the oldest education resource site registered in 2008, also aims to promote new users to adopt cryptocurrency and start transacting from any corner of the globe without worrying about traditional rules. However, of late, the site has been at the receiving end of several controversies.

Earlier in June, the self-proclaimed Satoshi Nakamoto and BSV advocate Craig Wright won a legal battle claiming copyright infringement on the part of the website for featuring the BTC whitepaper after the pseudonymous owner chose not to mount a defense.

Just days after the UK courts ordered Bitcoin.org to stop hosting the whitepaper over copyright infringement, the site faced a massive ransomware attack, where the hackers wanted a ransom of 0.5 BTC. Last year, the site was hit by another Distributed Denial of Service [DDoS] attack when the entire crypto market was just getting started on the bull run. It remained inaccessible for a couple of hours.

Solana [SOL] Gets Sucker Punched By Bear as Supports Shatter

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The new week was not kind to the cryptocurrency market as price points and daily trading volume continued to plummet. Bitcoin’s inability to hold above the $50k mark trickled down to the other alts as well. Solana [SOL], currently 7th on the charts, fell hard in the hourly spectrum as its compatriots fared better.

At press time, Solana was trading for $132.01 while its market cap struggled to go above $40 billion. The 7.5 percent hourly dip played a major role in lowering the daily trading volume to $4.8 billion. Over the past 7 days, Solana fell by a whopping 18.2 percent. On Wednesday, Solana’s market cap was approximately $4.5 billion lower than the sixth-placed XRP.

Solana 1 hour:

sol 1 hr 3

Solana’s bearish price action since the 18th caused it to dip to current levels. The immediate support was formed last night at $121, a $10 drop-in 24 hours.

Parabolic SAR: The markers stayed below the price candles after a see-saw movement throughout the week. According to the indicator, the buying momentum in the Solana market had reduced considerably.

Relative Strength Index: The RSI moved on the zero line which meant that the number of people selling their SOL tokens was equal to the HODLers. In the last 10 days, the RSI has only hit the oversold zone threshold once.

MACD: The zero line and the MACD line moved towards each other after converting earlier. Another convergence could be expected soon if the histogram continues to blink green.

Solana 1 day:

sol 1d

Long term support was maintained at $69, a mark Solana bad hit in August. Since then the price has only steadily increased with the latest crash wiping out almost all of September’s gains.

Relative Strength Index: Solana’s daily RSI actually spiked upwards as more users bought into the ecosystem. One could hypothesize that users were “buying the dip” so that they can profit when the token rallies.

Parabolic SAR: The markers here were similar to the hourly spectrum. Solana’s price action would have to reverse to inject some bullish momentum into the ecosystem.

MACD: After converging on September 24th, both the signal line and MACD line diverged from each other. The bear sided with the indicators with the MACD histogram changing its tune to red.

Tom Brady ready to accept partial salary in Bitcoin, Ethereum, or Solana

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Tom Brady, the quarterback for the Tampa Bay Buccaneers, wanted to jump on the crypto bandwagon by expressing interest in accepting partial payment in an array of digital assets.

The crypto-verse has welcomed an array of people into its market. From celebrities to the average Joe, every individual across the globe wanted to explore the crypto industry. Several personalities from the sports sector have time and again expressed their interest in crypto. Various basketball teams and other sports personalities have already started accepting crypto as salary. Tom Brady, is the latest to join this list.

Appearing in a recent episode of the podcast, SiriusXM, Brady revealed his interest in crypto. He noted that he would “love to request” to garner his salary in crypto, particularly in Bitcoin [BTC], Ethereum [ETH], or even Solana [SOL].

Tom Brady expresses interest in crypto

Brady took to Twitter and announced his appearance in the podcast. The tweet read,

The world has recognized the impact of crypto across the globe. With the value and demand for these assets surging numerous individuals were keen on exploring the digital side of the monetary world. The interest and rate of adoption of crypto have never been this high.

Noting his interest in crypto, Tom Brady stated,

“I think it’s an amazing thing that’s happening in the world with the way the world is becoming more digital. And these digital currencies, along with a lot of, if you look how the way the world is going, with all these different digital mediums and how they’re impacting currencies.”

Brady isn’t new to the crypto-verse. The seven-time winner of the Super Bowl, Brady had previously shown interest in digital assets. His wife, Gisele Bündchen even has an equity stake in the crypto exchange, FTX.

His latest move could be influenced by this as he noted that “Sam and the revolutionary FTX team continue to open my eyes to the endless possibilities.”

Cardano’s Charles Hoskinson donates $20M to mathematics center named after him

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Cardano founder Charles Hoskinson is one of the most prominent and influential people in the crypto community, as well as one of the wealthiest. Hoskinson took to Twitter to announce a whopping $20 million donation to establish a private research university in his name.

Located in Pittsburgh, Pennsylvania, the university is being named ‘Hoskinson Center for Formal Mathematics’ at Carnegie Mellon University. Hoskinson, who also happens to be the CEO of Input Output Global [IOG], is also a famous mathematician and has been in educating the masses about the nuances of the cryptocurrency industry and how it has the potential to transform the financial system globally. The exec hopes that the latest center at one of the world’s top 30 universities, will “rewrite the language of math.”

His tweet announcing the same read,

“The cats out of the bag. Today I got to announce the Hoskinson Center for Formal Mathematics at Carnegie Mellon University I donated 20 million dollars to create a permanent center to rewrite the language of math.”

Cardano’s Alonzo upgrade and beyond

The latest news comes on the heels of a successful Alonzo update on the third-largest blockchain platform in the world. The update paves the way for much anticipated and highly debated smart contract functionality, offering developers the ability to build apps that can employ the advanced capabilities of its blockchain. Hoskinson had previously stated that “decentralized finance [DeFi] is up for grabs” after the Alonzo hard fork earlier this month.

The Cardano ecosystem also aims to become Ethereum Virtual Machine-backwards-compatible in a bid to draw decentralized finance developers by providing lower transaction fees and a more efficient platform.

Following the Alonzo hard fork on the Cardano network, IOHK recently revealed the development of a layer-2 scaling solution for the network known as Hydra. It also introduces the concept of isomorphic state channels. The main objective of the scalability solution is to address all of the concerns about maximizing throughput, minimizing latency, incurring low to no costs, and significantly reducing storage requirements.

Ethereum [ETH] accommodates the bear and slips below $3K

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Volatility had struck the crypto market. Ethereum [ETH], Solana [SOL], Polkadot [DOT] were seen majorly bruised by the bear. Almost every asset was drowning in the red sea. Bitcoin [BTC] continued to plummet and was at a low of $42K. Over the previous seven days, the king coin endured losses up to 11.36%. The coin’s market cap mirrored this notion as it dropped down below $800 billion.

The overall market cap of the crypto-verse was directly impacted by this downfall and the numbers were at $1.87 trillion, during press time.

Other assets witnessed a similar fate and Ethereum [ETH] was seen enduring the most daily loss. The altcoin was seen dipping by 4.75% over the last 24-hours. During the time of writing, ETH was trading for $2,926. ETH has been hovering around this zone for quite some time now. The altcoin’s efforts to move on towards $4K were depreciated. Over the previous seven days, ETH dropped by 14.43%.

Ethereum [ETH] has remained the second-largest crypto asset for the longest time. Similar to Bitcoin [BTC] the market cap of ETH was undefeated by any crypto asset. At press time, ETH’s market cap was at $343.7 billion while Bitcoin’s was at $793 billion.

Ethereum [ETH] one-hour price chart on Coinbase

ETHUSD 2021 09 22 16 58 21

The short-term price chart of ETH noted a positive sign. The altcoin’s one-hour chart suggested that ETH could garner short-term relief by the bull. The Parabolic SAR indicator formed dotted lines below the candlesticks and laid out a line of support. The Awesome Oscillator followed this path and rolled out green closing bars. These bars signified the presence of bulls in the ETH market. The hope around ETH surging over $3K was put forth by all these indicators.

No major buying or selling activity was noted in the ETH market the Relative Strength Index [RSI] indicator affirmed. The RSI marker was exactly at the 50 median mark.