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Top 3 Coins to Watch – Week 39

The cryptocurrency markets continue moving at a rapid pace, and we are seeing leading crypto and blockchain projects coming out with significant updates every day. However, it can be hard to keep up with all of the innovation that’s happening in crypto – here’s where we can help you out. Let’s check out 3 projects that will be particularly interesting to follow this week.

1. Neo (NEO)

NEO is a blockchain platform that supports smart contracts and decentralized applications (dApps). NEO also allows users to create and deploy custom tokens through NEP-5 and other token standards. NEO leverages a dBFT (delegated byzantine fault tolerant) consensus mechanism. Users who hold NEO periodically receive GAS, which is necessary for paying transaction fees and running dApps on the NEO blockchain.

Buy/Sell NEO

Why NEO? The Mainnet Upgrade Takes Place

The NEO mainnet was upgraded to the newest version of neo-cli v2.12.0 on September 20. Due to the upgrade, the NEO blockchain experienced a hard fork at block 620,000.

The update introduced an increased free sys_fee GAS threshold, which increased from 10 GAS to 50 GAS. In addition, the maximum amount of transactions allowed per block was adjusted to 200, and a bidding mode was implemented for all transactions.

2. Avalanche (AVAX)

Avalanche is a proof-of-stake blockchain platform that’s strongly focused on scalability. The Avalanche platform supports smart contracts, making it suitable for launching highly scalable decentralized applications. Like other blockchain platforms that support smart contracts functionality, Avalanche is suitable for DeFi apps, non-fungible tokens, DAOs and more. Avalanche also allows users to create highly complex digital assets that feature custom rules, covenants, and riders (smart assets).

Buy/Sell AVAX

Why Avalanche? The Mainnet Launched This Week

The Avalanche mainnet launched on September 21, meaning that the platform can now start supporting DeFi activities through its EVM-compatible feature set. Applications built on Avalanche can benefit from the platform’s impressive throughput of around 4,500 transactions per second.

Avalanche is positioning itself as a convenient way to help Ethereum-based applications scale without having to make significant changes to their code. This is possible because the Avalanche Contract Chain (C-Chain) is an implementation of the Ethereum Virtual Machine (EVM).

3. Binance Coin (BNB)

Binance Coin is a cryptocurrency created by the Binance cryptocurrency exchange in 2017. Originally deployed as an ERC-20 token on Ethereum, BNB is now the native asset of the Binance Chain blockchain. In addition to its use on Binance Chain, BNB provides several benefits to users who hold the token on the Binance exchange. BNB holders enjoy reduced trading fees on Binance and have access to some of the exchange’s exclusive products.

Buy/Sell BNB

DeFi push and Binance Card

Binance continues to release new products and expand its offering. The exchange is making a move into the DeFi space with their Binance Smart Chain, and has set up a $100 million fund to attract developers onto its blockchain platform.

The exchange has also created multiple new programs that incentivize users to hold BNB.

First, Binance has launched its Binance Card crypto card, which allows users to spend their cryptocurrency wherever Visa cards are accepted. By holding BNB on Binance, Binance Card users can benefit from better cashback rates, and this could serve as yet another driver of demand for the BNB token. In addition, BNB holders can participate in Binance Launchpool by staking their BNB. In exchange for staking BNB, users receive tokens from new projects that are about to be listed on the Binance exchange. Projects that have participated in the Launchpool program so far include Bella Protocol and Wing.

September 23, 2020
Binance Card Offers Up to 8% Cashback – Here’s How to Get One
If you’ve been around the cryptocurrency space, you’ve most likely already heard of Binance – it’s certainly one of the most popular cryptocurrency exchanges around. Binance is known for listing a massive variety of cryptocurrencies and typically adds new trading products before the competition. Earlier in 2020, Binance acquire Swipe, a company that developed its own cryptocurrency card. Thanks to the acquisition, Binance is now able to offer the Binance Card, which is a Visa-powered card that can be used practically anywhere in the world.

It’s worth pointing out that when you’re using a crypto card, the merchant doesn’t actually receive cryptocurrency. When you top up your card with cryptocurrency, your coins are then converted to fiat currency to pay merchants.

What are the advantages of Binance Card?

If you want to use your cryptocurrency to pay for everyday purchases, a crypto card like Binance Card could be a great product for you. The Binance Card is also useful for cryptocurrency investors who intend to be long-term holders of Binance’s BNB token. The more BNB you hold, the better cashback percentage you’ll get.

Another advantage of Binance Card is the fact that Binance doesn’t charge any transaction, maintenance or subscription fees when using the card.

What are the requirements for getting Binance Card?

There’s 3 main requirements you need to fulfill before you can order a Binance Card. First, you need to have an account on Binance. Then, you need to pass KYC level 2 verification – this step will also ensure that you live in a country that’s supported by the Binance Card product.

Create Binance Account

Note: You can get Binance Card either in digital or physical form. Physical cards aren’t shipping yet, so you’ll first receive a digital card than can be loaded into digital wallets like Apple Pay and Google Pay.

Once you’ve created your Binance Account and completed KYC, you can go to the Cards section of the Binance website where you can select the Order Card option. You’ll receive the virtual version of the Binance Card until you receive and activate the physical version of the card.

The Binance Card can be topped up by transferring funds from you Binance Spot Wallet to your Card Wallet. Currently, the card supports 4 crypto assets – Bitcoin, Binance Coin, Swipe and Binance USD.

Can I get Binance Card in my country?

At the moment, Binance Card can only be ordered by European users. However, Binance is looking to expand the card’s availability, and it should become available to a broader range of customers in the future. To learn if your country is supported, check the Binance Card FAQ.

Binance Card cashback bonus

Binance Card is looking to distinguish itself from competitors by offering an impressive cashback program. Whenever you make a payment with the card, you will receive a percentage of the payment back in the form of BNB tokens.

The more BNB you hold, the better your cashback percentage will be. For the 1% cashback, you don’t need to hold any BNB in your Binance account at all. However, the highest tiers get quite expensive – if you want the highest 8% cashback, you need to have been holding 6,000 BNB on Binance for the last 30 days.

Given current BNB prices, 6,000 BNB is well over $100,000, so most users will likely try to get a cashback percentage somewhere in the middle. Here’s how many BNB you need to hold to reach the different cashback tiers (data accurate as of September 21, 2020):

Card Level Average BNB Held Within 30 Days BNB Rewards on Your Purchases
1 0 1%
2 10 2%
3 50 3%
4 200 4%
5 500 5%
6 2,000 6%
7 6,000 8%

Looking for another crypto card?

If you can’t get Binance Card in your country, or you’re not too impressed by what it has to offer, you can choose between a host of other crypto cards. Here are some of the best Binance Card alternatives available on the market today:
- MCO Visa
- Plutus
- Monolith
- Wirex
- Coinbase Card
The main differences between various crypto cards will be their fees, supported coins, and cashback programs (some crypto cards don’t offer a cashback program at all). Some cards also offer additional perks to their users – for example, certain tiers of the MCO Visa Cards come with free Netflix and Spotify subscriptions.
September 22, 2020
How to Earn High Interest While HODL-ing Your Crypto?

There have been many exciting developments in the cryptocurrency world since it’s invented over a decade ago. The idea of cryptocurrency started because there is a need for an effective, decentralized, peer-to-peer network for digital currency without a central bank’s control. That idea has branched off to a few different movements within the cryptocurrency sphere. One of the headliners is crypto lending. It is an emerging niche that made its first appearance only a few years ago. By leveraging the blockchain technology, crypto lending offers a range of financial services that rival the traditional finance sector.

Many crypto lending platforms offer alternative solutions to individual investors who want to grow their crypto assets’ productivity. This is where a platform like Hodlnaut comes into the play. For quite some time, most people would hodl their crypto with the expectation that the value will be appreciating in the future. Hodlnaut offers an alternative solution to hodlers where they can generate interest while hodling, thus resulting in the growth of their crypto assets.

Hodlnaut is a Singapore-based startup offering financial services to individual investors where they earn interest from their cryptocurrencies by lending to institutions in the form of crypto loans. Users can deposit their crypto assets into an interest account and earn favorable interest rates. The platforms currently support three major cryptocurrencies: Bitcoin (BTC), Tether (USDT), and USD Coin (USDC). The offered annual compounding interest rates are 6.2% for BTC and 8.3% for USDT and USDC. Hodlnaut is also planning to support more digital assets on its platform in the near future.

Designed for individual investors to help them get the most out of their crypto assets, there is no minimum deposits or lockdown periods to hodl with Hodlnaut. All users automatically earn the best interest rate, depending on the market demand and previous month earnings. The platform has a straightforward signup process through its user-friendly interface that takes minutes to complete.

It’s good to note that Hodlnaut requires all of its users to complete a mandatory Know-Your-Customer (KYC) verification process. This is a response to the recently introduced Payment Services Act (Jan 28, 2020) enacted by the Monetary Authority of Singapore. Hodlnaut meets all the Digital Payment Token License requirements and has declared the intention to apply for the license. The company has submitted all the required paperwork and is currently in the reviewing process.

Juntao Zhu (third from the left) and Simon Lee (second from the right)

Hodlnaut is a brainchild of two self-proclaimed bitcoin maximalists and entrepreneurs Juntao Zhu and Simon Lee. Founded in April 2019, Hodlnaut is part of Antler’s portfolio company, a global VC firm backing the early-stage startups. Besides, the project is also backed by some of Asia’s leading institutions, such as Sparrow, Singapore Management University, and BitGo.

As for credentials, Hodlnaut is Certified Fintech by the Singapore Fintech Association (a recognized credential by the MAS) and a recognized Blockchain company by the Infocomm Media Development Authority (IMDA) of Singapore. With a mission to help hodlers earn attractive interest on their crypto assets easily. Hodlnaut is gaining momentum since its inception last year, with over 750 BTC currently under custody from more than 550 individual investors. Gradually earning popularity among crypto enthusiasts and hodlers, Hodlnaut is set to become a trustworthy platform in the crypto community that offers attractive interest rates, no-nonsense security features, and dedicated support.

September 18, 2020
Bitcoin Edging Higher While Ethereum Is Pressured by Resistance

Konstantin Anissimov, Executive Director at CEX.IO

On 15^th of September, Bitcoin continued its steady growth after breaking through its sideways trend against USD on Monday. The BTC/USD quote added $135 or 1.26% on Tuesday. Meanwhile, Ethereum lost considerably on Tuesday – $12.27 or 3.25%. The smart-contract pioneer has come under the pressure from the daily resistance level at $378.

Bitcoin reached the 20-day SMA on Tuesday, September 15^th, finishing the day at $10,826.50. The Tuesday session proved that Bitcoin is on the rebound course after the early-September losses. On the hourly chart the bullish flag formation formed on Tuesday, which is expected to convert into the next bullish price action later this week. At 9:00 UTC Bitcoin began its move off the local support at $10,667 and reached $10,940 by 12:00. Then a correction followed, taking the pioneer cryptocurrency to $10,799 at the end of Tuesday’s session.

Bitcoin may still come under pressure from the 50-day SMA at around $11,200 this week, but there is no serious technical resistance until $11,625. Therefore, Bitcoin is likely to reach this price level by the 20^th of September.

Ethereum, on the contrary, is under much more substantial pressure from the daily resistance level at $378. At the start of Tuesday’s trading session at 2:00 UTC Ethereum attempted to break above it, but the hourly candlestick finished as a shooting star, giving only more stimulus to a downside move, which saw ETH close Tuesday’s session at $365.

Currently, there is very frail support for Ethereum, and it looks very vulnerable to further losses. There is a bit of a backing at $360, but it will not stand if the sellers come in full force. On top of that a descending triangle is forming on the 4-hour chart. Therefore, Ethereum holders should be wary of further near-term losses.

What to Expect Later This Week

Bitcoin is on a clearly identifiable upside course, and betting against it in the mid-term period will be a sure way to losses. To be cautious, it will be reasonable to expect BTC to reach $11,200 later this week, but in case bullish sentiment increases, the price may have reached the weekly resistance level at $11,625 by the 20^th of September.

Ethereum looks much less certain. Although being under substantial pressure, ETH will likely stay below $378, Bitcoin edging higher at a fast pace could lend Ethereum some support and get it off its downward course. But still, it is more likely ETH will finish this week at around $370 – $380 dollars.

September 16, 2020
BTCUP and BTCDOWN: New Leveraged Assets from Waves.Exchange Offer an Exposure of up to 3x
Leveraged assets allow traders to benefit from crypto volatility without the high risks associated with margin trading. Waves.Exchange is the latest among major exchanges to implement leveraged tokens – and the first to do it using smart contracts.

Leveraged assets: a low-risk alternative to margin trading

The traditional way to gain leveraged exposure to crypto assets is to borrow funds from an exchange. In case of a successful deal, the trader can multiply their gains. But if the market goes against them, the lender may force a liquidation of the open positions.

Leveraged assets offer a way to achieve the same objective with less risk. Their price follows the volatility of the underlying asset. For instance, a 3x leveraged token can yield 3% in profits if the underlying asset appreciates by 1%.

New decentralized offerings by Waves.Exchange: BTCUP and BTCDOWN

Waves.Exchange offers two kinds of leveraged tokens :
- BTCUP – a ‘bull’ asset that appreciates when the price of BTC increases;
- BTCDOWN – a ‘bear’ token whose price goes up when that of BTC decreases.
The target leverage level for both assets fluctuates between 1.5x and 3x in order to minimize potential losses and increase gains. The leverage level is rebalanced whenever the price of BTC changes.

Both leveraged assets are traded for USDN (Neutrino USD) – a decentralized stablecoin pegged to the dollar. USDN is in itself an attractive investment asset, since it yields 12-15% a year through staking.

One of the key strengths of BTCUP and BTCDOWN is that they can’t be liquidated: the exchange cannot issue a margin call, no matter how much the price changes. The leverage tokens work just like any other crypto asset: they can be held indefinitely or sold as needed.

Key differences from leveraged tokens on other exchanges: transparency and use of smart contracts

There is a major difference between the leveraged tokens on Waves.Exchange and similar assets on other platforms. BTCUP and BTCDOWN run on a smart contract and are backed by a verifiable collateral in USDN. Any user can review the state of the contract and collateral in Waves Explorer. Other exchanges, such as Binance and Poloniex, can’t offer such a level of transparency.

Another important advantage is that the target leverage formula is publicly available and the current leverage level is clearly displayed. By contrast, Binance uses a strictly confidential algorithm and never displays the real leverage figure.

Very importantly, holders can redeem BTCUP and BTCDOWN for USDN at any moment through the smart contract by paying a 1% blockchain fee. This means that a trader can readily convert their leveraged tokens into stablecoins, independent of the liquidity in the open market.

A better way to gain leveraged BTC exposure

BTCUP and BTCDOWN are an easy way to maximize one’s gains in the Bitcoin market without the risk of getting a margin call. Thanks to the instant redeem feature, traders can seamlessly shift between trading leveraged assets when the market is trending and staking USDN during periods of consolidation.

The fully transparent and decentralized character of BTCUP and BTCDOWN distinguishes them from the tokens offered by other exchanges and represents a serious step forward in the development of leveraged assets. Detailed information is available on Waves.Exchange.
September 15, 2020
Top 3 Coins to Watch – Week 38

The cryptocurrency markets continue moving at a rapid pace, and we are seeing leading crypto and blockchain projects coming out with significant updates every day. However, it can be hard to keep up with all of the innovation that’s happening in crypto – here’s where we can help you out. Let’s check out 3 projects that will be particularly interesting to follow this week.

1. Binance Coin (BNB)

Binance Coin is a cryptocurrency created by Binance, the largest cryptocurrency exchange in the world. BNB started off its journey as an ERC-20 token on the Ethereum blockchain, but moved to its own blockchain platform called Binance Chain in 2019. BNB is the native asset of the Binance Chain blockchain and also gives its holders a host of benefits when using the Binance exchange. Binance runs a periodical BNB burn program, destroying a portion of the total BNB supply each quarter to make the token more scarce.

Buy/Sell BNB

Binance Hops on the DeFi Bandwagon

DeFi (decentralized finance) is the hottest trend in crypto right now, and Binance is not shy about capitalizing on it. The exchange launched a centralized version of yield farming with its “Launchpool” products, which allows users to stake their BNB and earn new tokens such as BEL in return. The Launchpool gives users another reason to hold BNB tokens, and could be a significant driver of demand.

For BNB, this creates a constant demand for holding/staking the token making it an attractive asset to own. Meanwhile fees that accrue from the exchange continue to burn existing supply. I expect BNB to claw back the underperformance YTD as a result.

— SpartanBlack (@SpartanBlack_1) September 12, 2020

Binance is also courting DeFi projects to migrate from the Ethereum blockchain, which is currently struggling with high transaction fees, to Binance Smart Chain. Even though Binance Smart Chain is significantly more centralized than Ethereum, this doesn’t seem to be enough of a deterrent for some projects and we could see more DeFi projects make the jump to Binance Smart Chain moving forward.

2. NEM (XEM)

NEM is a blockchain platform that was launched in 2015, with a focus on Plug-and-Play architecture. While users can leverage the decentralized NEM public blockchain, they can also deploy private, permissioned NEM blockchains. The NEM platform is highly customizable and its API can be used with a variety of programming languages. The consensus algorithm used by NEM is called Proof-of-Importance (POI).

Buy/Sell XEM

XEM Holders Can Opt-in to Receive Symbol’s XYM Tokens

The NEM project has created a new business-oriented blockchain platform called Symbol, which will have a native token called XYM. The holders of the NEM platform’s XEM token can opt in to receive Symbol’s XYM token once the platform is ready for launch in December. The Opt-in program is accessible through the NEM desktop wallet as well as the mobile NEM wallet for Android. You can learn more about the Opt-in program here.

3. TrustSwap (SWAP)

The TrustSwap DeFi platform features a number of ways in which users can engage in trusted transactions on the blockchain. The TrustSwap platform features transaction mechanisms such as escrows and time-releases, as well as a platform for launching token sales. TrustSwap can be used to launch a variety of blockchain-based tokens.

Buy/Sell SWAP

The TrustSwap Mainnet Launches This Week

The TrustSwap mainnet went live on September 14. The mainnet launch allows the platform to start processing payments, escrow transactions and automated payouts. Before starting their move to the second phase of the project’s roadmap, the TrustSwap team also plans to deliver the token sale platform and the Trusted Coin Offering (TCO) feature. In the second phase of the TrustSwap roadmap, users will be able to “wrap” cryptocurrencies and trade them as ERC-20 tokens.

September 15, 2020
All Things Loud and Clear: Crypto Boom Across the World

As economies of the world face a decline amid various global crises, the crypto market continuously rises. The digital coins are chosen as an option by many states and regions across the world. It has become a great alternative to other currencies today.

It is not only because of the pandemic that the coins are booming in terms of prices and quantity. There are many factors to why they are becoming popular in a lot of regions.

As crypto is used in more places across the world, the community steps closer to using Bitcoin and other coins in daily transactions. Read this article on all things crypto to know more!

New Bills and Rules for Crypto

Governments have begun to consider and pass bills to regulate digital assets and currencies in the process. The laws placed by countries can allow the crypto market to soar or even limit it.

Here are some examples:

Russia

The country recently passed a law on digital financial assets or DFAs. In it, DFAs were defined as ‘an aggregate of electronic data comprising money claims, negotiable securities, and rights to participate in the equity of a non-public company with shares’.
In a positive aspect, blockchain assets can be sold, inherited and exchanged legally. But, the law also notes that they can’t be used as payment for goods and services or a form of currency. As assets, they can also be taxed by the state.
Based on how the amendments to it are handled, it will dictate how the cryptos will be treated by authorities. There are still no provisions on the liability of those who will use crypto as payment.

South Korea

As one of the leaders in digital adoption, South Korea may be one of the first countries to regulate and legalise cryptos and their exchanges. Aside from crypto, the country had many digital payments and ventures since the early 2000s.

The country’s officials have called for a change in their laws on financial services in the country. This will allow authorised agencies to oversee and create rules to support blockchain development.

Prior to this, many citizens have also joined the crypto craze. A huge chunk of their population owns Bitcoin, Ethereum and other altcoins. To support the growing venture, the state can let the market flourish with their help and keep it safe from money laundering.

India

March had become very generous to the Indian crypto market this year. It is because the two-year Bitcoin exchange ban on the country has been lifted. The news sent their local market to new heights, in terms of new coins bought.

The country’s laws are still not friendly to crypto-users, unlike the proposed laws in Russia and South Korea. But this development shows that the image of Bitcoin and other crypto is improving.

Free Market For Crypto

It is not only through rules that crypto can grow. As Bitcoin was initially created to be free from regulations, a free market can also be seen in some regions.

Latin America

With neutral action from leaders, crypto is booming in Latin America and other places. Another factor that helped the coins develop there is their preference for foreign fiats instead of local ones.

Some developers have created apps to use blockchain tech and crypto in the finances of citizens of countries like Argentina, Mexico and Colombia. Locals have even opted to use the e-wallet instead of using banks.

Albeit a free market can come with a lot of scams and fraud issues, the competitive market allows developers and customers to have better services.

Wherever it is, the impact of these digital coins to economies can be heard loud and clear in news across the world.

September 14, 2020
[WATCH] Emerging Tech Summit AIBC Europe Announces New Conference Dates

SiGMA Group has announced the postponement of its tech and gaming focussed Europe summit, which was planned to be held in Malta on 18-19 November 2020. The 4th edition of AIBC Summit will now open its doors early next year in February, running from the 17-18th, making it the first event to headline the 2021 tech and gaming calendar.

Several shows on it became evident that opportunities, particularly in investment and development were emerging as a result of cross pollination between the gaming and emerging tech sectors. As such, the company has decided to merge these two main brands under one roof, bringing AIBC into the SiGMA family with the launch of one super show in February 2021.

AIBC Europe will also embrace key brands and individuals from the converging sectors of AI, blockchain, IoT, Quantum Tech, and other emerging technologies to discuss and shape the future.

“I look forward to the new dates and I look forward to welcoming you all with arms wide open.” SiGMA founder, Eman Pulis.

The decision, which was taken following recent, unforeseen developments of the global health crisis, COVID-19, is in line with advice from Malta’s health authorities and aims to ensure the safety and well being of AIBC attendees.

SiGMA Group Founder, Eman Pulis said,

“AIBC 2020 was due to take place this Nov, the show was sold out and we were extremely excited for this edition to take place. However COVID-19 had other plans and therefore we have decided to postpone the show for another 3 months. I must send my gratitude to all the exhibitors who agreed to move their participation at the event with us. I look forward to the new dates and I look forward to welcoming you all with arms wide open.”

WATCH: SiGMA Group founder, Eman Pulis on postponing SiGMA Europe 2020

SiGMA Group’s priority is the health and welfare of its guests, speakers, exhibitors, and employees. As such, they have taken the decision to move the event to 2021 – in line with upcoming inaugural events launching across Asia and the Americas.

SiGMA’s much anticipated digital excursion into the emerging LatAm markets will still go ahead this September, running from 22-24 September, in addition to summits later in October exploring the growing Med Tech and Med Cann industries.

AIBC Europe (February), which will now occur alongside AIBC Asia (May 2021), AIBC Americas (September 2021), and SiGMA Europe in November 2021, will open its doors to the industry in Ta’ Qali, with the original venue, the MFCC, still confirmed. Thanks to regulatory bodies, such as the MGA and the MDIA, Malta is Europe’s premier location for tech and iGaming, maintaining its reputation as an iGaming hub and offering undisputed benefits to gaming companies looking to establish a base in this forward-thinking jurisdiction.

Combining an expo floor for world-class exhibitors, a start-up village for new businesses, and a hugely popular conferences and workshops agenda, the summit offers a platform to the tech industry as it shapes the future of the sector.

Should you have any queries about the event, kindly reach-out to Sophie Crouzet.

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September 11, 2020
Daily Recap: Bitcoin Holds Above $10,200, Ethereum Stops Falling

On Wednesday, 9th September, BTC/USD was moderately trading up, having finished that day at $10,231 slightly above the $10,196 daily level, which means that Bitcoin quite firmly resists further decline at this level. ETH/USD was moderately trending up as well, having finished the day at $351.21 or 4.13% above Tuesday’s session close. With Bitcoin presently consolidating at around $10,200, the pressure on Ethereum has been reduced.

Ethereum’ downtrend is reversed

At the intraday 1-hour chart we can see that there occurred an upward intersection of the 50-period SMA by the 20-period SMA at 18:00 UTC, with the cross rate continuing its upward move. This along with the upside breaking out of the triangle pattern formed near the 0.618 Fibonacci retracement level at $343.3 lets us assume that a continuation of this ascension can follow.

CEX.IO 1-hour ETH/USD Chart on TradingView

This intraday ascending pattern clearly indicates a way out of the steep decline that began with the major sell-off from Bitcoin miners at the start of September. Yet there are some hurdles to break though for Ethereum on its way up. We can see a daily level at $378, which is acting as resistance now, and the 0.786 Fibonacci retracement level further at $407.However, it is yet early to talk about firm upside tendencies for Ethereum as a clearer indication of the pair’s consolidation at above $350 is required to let the market have more trust in Ethereum’s chances of edging higher.

Also, on Wednesday through to the early hours of Thursday the DeFi tokens, many of which are built on the Ethereum blockchain, have jumped above 20% after a steep 50% decline in the previous seven days, with the whole DeFi market showing a positive 19% change. This rebound of DeFi also fuels Ethereum for further gains.

Bitcoin resists further decline

On Wednesday, the trade of Bitcoin was marked with relatively low volumes indicating that many high-profile traders are presently saving their liquidity ready to put it into the market when a decisive move from the flagship cryptocurrency follows.

The 1-hour intraday BTC/USD chart indicates that the traders are currently moving Bitcoin in the region of $10,000 and $10,400 without any sharp moves.

CEX.IO 1-hour BTC/USD Chart on TradingView

The upward intersection of the 50-period SMA on the hourly chart by the 20-period one, with the 20-period SMA visibly providing support for Bitcoin is a sizeable sign of a possible breakthrough above the upper edge of the rectangle. The consolidation above the $10,196 in its turn also keeps the bulls’ hopes up, showing that there is no much selling volume in the market right now.

Forecast for the rest of the week, 10 – 13 September

There is a clearer indication of a beginning uptrend for Ethereum than Bitcoin in the early hours of Thursday by UTC. The DeFi market dynamics will be affecting Ethereum trade in the near-to-medium term.

Bitcoin has been trading within the $400 corridor for the last five days, and it is likely to take another fluctuation in this range, slipping to the $10,000 handle with a subsequent rebound to $10,400. If that scenario works, a breakthrough above $10,400 is likely to follow because the sideways corridor that has been in place since 5th September indicates a high probability of the downtrend reversal.

OP-ed disclaimer: This is an Op-ed article. The opinions expressed in this article represent author’s opinion. CoinCheckup does not endorse nor support views, opinions or conclusions drawn in this post and we are not responsible or liable for any content, accuracy or quality within the article or for any damage or loss to be caused by and in connection to it.

September 11, 2020