Crypto News Aug 23: 5 Reasons Bitcoin Exceeded $ 50,000 with News Ethereum, Binance, Bitcoin SV, USDC, DeFi Warrior, OpenSea
From the remark that Bitcoin bounced over $ 50,000 to Coinbase, which introduced that each USDC is backed by $ 1 within the checking account. Here are some highlights from the crypto market.
This morning, the highest cryptocurrency hit the $ 50,000 mark for the primary time since May 15. A Cryptoquant analyst recognized 5 the explanation why Bitcoin ricocheted immediately.
“5 Reasons Bitcoin Price Recovers from ATH $ 64.8k to $ 28k to 50,000 after the May crash” by @darek_sc
– CryptoQuant.com (@cryptoquant_com) 23 August 2021
One of them is the restoration of the Bitcoin hashrate following the current crypto mining ban in some Chinese provinces, many individuals are promoting Bitcoin for worry of shedding cash and the Fear – Greed Index is displaying worry.
The analyst additionally stated the brief squeeze on the Bitcoin futures market befell July 21 by July 26, and large-scale Bitcoin purchases on centralized crypto exchanges have been additionally inflicting costs to rise.
The remaining cause is that the miners put their promoting stress on the BTC market from Nov.
The analyst now expects the highest cryptocurrency to retest the price vary within the $ 48,000- $ 49,000 vary after which climb above the $ 51,000 degree to check a brand new excessive above the $ 57,000 area and to determine.
ETH climbed above the $ 3,200 and $ 3,250 resistance ranges. The price additionally broke out of a significant downtrend line with resistance close to $ 3,240 on the hourly chart. The pair is at the moment trading above the $ 3,250 zone and the 100-hour easy shifting common.
ETH is trading above the $ 3,300 zone testing the 1,236 Fib extension of the bearish wave from the $ 3,312 excessive to the $ 3,131 low. On the flip aspect, preliminary resistance is close to the USD 3,355 space.
A break above the $ 3,355 space may generate extra positive aspects. The first main resistance is now forming close to the $ 3,260 space. It is close to the 1,618 fib extension. Any subsequent winnings can deliver the prize within the $ 3,500 vary.
ETH price chart | Source: TradingView
If ETH fails to climb additional above the USD 3,355 and USD 3,360 resistance ranges, there may very well be a brand new bearish correction with fast assist close to the USD 3,300 mark.
The crucial assist is now forming close to the USD 3,250 space and the development line. If the price falls under this zone, the price may flip in direction of the 100 hour easy shifting common. The subsequent huge assist may very well be at $ 3,200, under which the bears might goal to retest the $ 3,120 space within the brief time period.
Binance has employed Richard Teng, the previous CEO of Abu Dhabi Financial Watchdog, to Operating Exchange places of work in Singapore.
Binance Singapore affords trading pairs for residents and residents of Singapore with Bitcoin, Ether and Binance Coin. The platform affords the perform of depositing and withdrawing SGD through Xfers Direct.
Bitcoin SV. information
According to data supplied by Mr Whale, Bitcoin SV was faraway from the bitinfocharts web site after the community’s transaction quantity skyrocketed, outperforming Ethereum and Bitcoin.
BREAKING: Bitcoin SV was faraway from the entrance web page of the bitinfocharts web site after its community was outperformed #Ether and #Bitcoin in transactions. $ BSV $ BTC pic.twitter.com/XmTsN7SZEB
– Mr. Whale (@CryptoWhale) August 22, 2021
Coinbase President and COO Emilie Choi stated that each USDC is “covered by $ 1 in a bank account.”
1 / Quick replace to USDC. As of September 2021, USDC reserves will likely be held in money and short-term US Treasuries. This is the method we would like for USDC reserves. https://t.co/29liaGg2LA
– Emilie Choi (@emiliemc) 23 August 2021
Coinbase made this assertion on its web site when Circle launched its May report on USDC reserves in late July.
Choi additionally added that “USDC is always fully covered by reserves equal to or greater than the amount of USDC in circulation, giving users the option to exchange 1 USD coin for 1 USD.”
DeFi Warrior News
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Investor assist will assist DeFi Warrior to develop the distinctive recreation world by the implementation and use of blockchain know-how, the place all merchandise are honest, enjoyable and clear.
The NFT market OpenSea has a month-to-month trading quantity of over $ 1 billion, in response to The Block.
OpenSea’s trading quantity rose 286% from July to August and has accounted for almost all of NFT’s month-to-month trading quantity since May of this 12 months. The firm reached $ 1.23 billion in trading quantity that month whereas the full market hit $ 1.27 billion.
Monthly trading quantity of the NFT market | Source: The Block
Xiaomi isn’t but able to enter the crypto market.
The Chinese tech large Xiaomi nonetheless not ready Make cryptocurrencies part of its rising monetary providers enterprise.
Manu Kumar Jain, the corporate’s world vp, informed the Economic Times that extra regulatory readability is required round cryptocurrencies.
Jain emphasised that Xiaomi needs to be “100% compliant” with the legal guidelines in varied jurisdictions.