Business

Ethereum price can hit $14K if the March 2020 chart fractal holds

Ethereum’s native asset Ether (ETH) faces prospects of closing above $14,000 sometime in 2021 based on its current trend’s striking similarity with the one from last year. Ether price fractal First spotted by user TradingShot, the Ethereum fractal involves three technical indicators: a 50-day simple moving average (50-day SMA), a Fibonacci channel, and a relative strength index (RSI). Ether closed above its 50-day SMA in July 2021, the first time since the May 2021 bearish correction. As TradingShot noted, breaking above the said moving average wave historically predicts bull runs. For instance, a run-up above the 50-day SMA in April 2020 took the ETH/USD exchange rate from around $170 to over $500 in September 2020 — in only 137 days. Ethereum bullish fractal by TradingShot. S...

Altcoins pump while traders anticipate a lower support test from Bitcoin

Bitcoin (BTC) bulls are locked in a battle with bears in order to take control of the $40,000 level and dovish comments from U.S. Federal Reserve Chair Jerome Powell suggest that loose monetary policies will remain in place for the foreseeable future. Generally, the crypto ecosystem is “cautiously optimistic” about further price rises as the fallout from China’s miner purge begins to subside and displaced miners begin to establish mining operations in other countries, resulting in a rebound of the Bitcoin hash rate. Data from Cointelegraph Markets Pro and TradingView shows that while the momentum in Bitcoin has slowed down, several altcoins have gained more than 30% on the 24-hour chart, led by THORChain (RUNE), Quant (QNT) and Perpetual Protocol (PERP). Top 7 coins with the highest 2...

IMF intends to ‘ramp up’ digital currency monitoring

The International Monetary Fund, or IMF, plans to “step up” its monitoring of digital currencies, according to a report by Reuters. This intent, as published in an IMF paper Thursday, details how the fund plans to “manage this far-reaching and complex transition” toward a digitized economy. “Rapid technological innovation is ushering in a new era of public and private digital money,” the report reads, highlighting the benefits of digital assets. “Payments will become easier, faster, cheaper, and more accessible, and will cross borders swiftly. These improvements could foster efficiency and inclusion, with major benefits for all.” Related: IMF plans to meet with El Salvador’s president, potentially discussing move to adopt Bitcoin However, such implementations can only occur ...

Bitcoin bulls control Friday’s $1.7B monthly options expiry

On Friday, July 30, a total of 42,850 Bitcoin (BTC) option contracts ($1.7 billion) are set to expire. This might be the first time since the May 21 weekly expiry that bulls will be able to profit from the $40,000 call (buy) options.  The most recent surge in price may have been prompted by the rumor that Amazon would accept crypto payments, but after the e-commerce giant denied these rumors, BTC has held relatively steady. According to options markets, regardless of the reason behind the recent market strength, a few incentives are in place for bulls to sustain the $40,000 level. Aggregate July 30 Bitcoin option open interest by strike. Source: Bybt.com While the initial analysis favors the neutral-to-bullish call options by 21% according to the call-to-put ratio, a decent number of ...

iHeartMedia Strikes Multiyear Deal With NBA for 20 Podcasts

iHeartMedia has reached a multiyear podcast deal with the NBA that will result in more than 20 podcasts over the next four years, the audio giant said on Wednesday. The podcast deal comes three months after iHeartMedia announced it was creating a podcast network for the NFL as part of a multiyear, exclusive partnership. The NBA’s podcasts, which will be co-produced by iHeartRadio and the NBA, will include a mix of content from the NBA’s archives, player commentary, league news and insider analyses. The first show is expected to premiere this fall, iHeartMedia said. It’s not immediately clear which athletes will participate in the podcasts. You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a datin...

Biden’s economic gains come with newer worries about the future

Some economists have already begun to ease back on forecasts for the rest of this year and 2022 as the Delta coronavirus variant surges, inflation spikes, supply chain issues persist and employers complain about a dire lack of available workers. Even the massive spending plans that Biden is trying to push through Congress, including a potential bipartisan infrastructure deal, wouldn’t provide a short-term jolt for the economy heading into the 2022 election year. The White House is keenly aware that both the economy’s future and the president’s political fortunes depend on avoiding any significant backsliding on Covid that leads to fresh lockdowns. “We’ve known since this thing started going around the globe in late 2019 that the most important thing was getting Covid fully under cont...

EU entrusts $30M to new blockchain and digital assets fund

Analysts have long decried the European Union’s lack of homegrown tech giants, pointing to the gulf between the bloc and counterparts like the United States and China. However, the EU now appears to be making moves to up its investments in innovative technologies. The European Investment Fund (EIF), the EU agency responsible for SME financing, has recently backed a new digital assets and blockchain fund.  Fabric Ventures, a venture capital fund based in Luxembourg that invests in digital assets, tokenization projects and other blockchain applications, has secured $30 million from the EIF out of a total of $120 million for its 2021 fund.  Other high-profile investors include executives from Ethereum, PayPal, (Transfer)Wise, Square, Google, Galaxy Digital, PayU, Ledger and man...

Bitcoin inheritance tool to use cloud service by Russian Sberbank

A group of Russian experts is working on a new blockchain-based service to allow users to bequeath their cryptocurrency holdings and digital rights to the next generation. The National Technological Initiative (NTI), a global technical leadership program in Russia, announced a new digital inheritance tool based on blockchain technology, local news agency RIA Novosti reported Tuesday. The initiative brings together experts from three local universities, including Lomonosov Moscow State University, the National Research Nuclear University and the Moscow State Institute of International Relations. Dubbed “Time Capsule,” the service would allow users to store digital data and assets like social media passwords and Bitcoin wallet keys, according to the NTI. The service would also allow the tran...

Bitcoin hash rate rebounds as major miners are coming back online

China’s stringent crypto regulations meant closing shop for many Chinese businesses within the Bitcoin (BTC) mining ecosystem. The sudden disappearance of Bitcoin miners from the grid has resulted in falling hash rates. The hashing performance, the cumulative computing power of the Bitcoin network, dropped from an all-time high of 180 exahashes per second (EH/s) to 84 EH/s in just 21 days. While the hash rate drop was directly attributable to the drop in the number of Chinese miners, Blockchain.com Explorer data suggests there has been a steady increase in mining difficulty since June 3.  Since the drop, the hash rate has increased by 21.38%, owing to the return of the migrating Chinese miners that have started operating in other regions. The resulting adjustment in Bit...

Bitcoin open interest mimics Q4 2020 as new report ‘cautiously optimistic’ on BTC rally

Bitcoin (BTC) futures open interest is mimicking the start of the BTC price bull run, data shows. As BTC/USD hovered near $40,000 on Thursda, a fresh bullish report from Stack Funds called for “cautious optimism” about further price rises. Bitcoin has sought to flip $40,000 to support this week, returning to the level multiple times and refusing to leave recent gains as a blow-off top. According to its latest weekly market appraisal, however, Stack Funds believes that it is derivatives that are giving stronger hints about potential bullish price continuation. Bitcoin open interest is currently exhibiting the style of increase that characterized Q4 last year — the springboard for current $64,500 all-time highs. “Those who wanted to accumulate lower might have missed out on the large swings,...

U.S. economy surpasses prepandemic size with 6.5% Q2 growth

By contrast, consumer spending — the main fuel of the U.S. economy — was robust last quarter: It advanced at an 11.8% annual rate. Spending on goods grew at an 11.6% rate, though down from a 27.4% surge in the first quarter. And spending on services, from restaurant meals to airline tickets, expanded at a 12% rate, up from a 3.9% gain in the January-March period as vaccinations encouraged more Americans to shop, travel and eat out. For all of 2021, the economy is expected to expand perhaps as much as 7%. If so, that would be the strongest calendar-year growth since 1984. And it would mark a sharp reversal from last year’s 3.4% economic contraction — the worst in 74 years — as a result of the pandemic. Yet overhanging the rosy economic forecasts is the possibility of a resurgent coronavirus...

Simon Cowell’s ‘The X Factor’ Canceled In U.K. After 17 Years

The X Factor, Simon Cowell’s ratings juggernaut that first aired in the U.K. in 2004 and has given rise to some of the biggest pop acts of the 2000s, has been canceled by British network ITV. The broadcaster has confirmed that there are “no current plans” for another season of the show in the U.K. following rumors in the British media that Cowell himself was axing his most famous reality creation after 17 years. The X Factor — which helped lead to the formation of boy band One Direction and girl group Little Mix, and made Cowell a household name around the world — last aired in Britain in 2018. The show, in which contestants are mentored by judges that over the years have included Sharon Osbourne, Louis Walsh and Nicole Sherzinger as they aim to win the public vote, was produced by Fremant...