Crypto News May 31: The fall in Bitcoin prices is a good buying opportunity for investors with news on Ethereum, Dogecoin, CBDC, Stablecoins, Polkadot, Vechain, RenVN, Flare
From the perception that the Bitcoin price drop creates a good buying opportunity for investors, the DOT is poised to grow higher. Here are some highlights from the crypto market.
Bitcoin price is experiencing its worst month since 2011, but one prominent investor called it “great news”.
“Bitcoin has collapsed. Great news, ”Rich Dad, Poor Dad writer Robert Kiyosaki tweeted on Sunday, saying the event was a good buying opportunity for investors.
Bitcoin crashes. Great news. If the price hits $ 27,000, I will be able to start buying again. Lot will depend on the global macro environment. Remember, the problem isn’t gold, silver, or bitcoin. Problem is the incompetent in government, Fed & Wall Street. Remember, gold cost $ 300 in 2000.
– therealkiyosaki (@theRealKiyosaki) May 30, 2021
He said he will buy BTC when the price hits $ 27,000, the level of which will depend on the global macro environment. He also criticized incompetent people in government, including the Fed and Wall Street. Also, remind everyone that gold cost $ 300 in 2000.
Long term holders collect BTC
According to Glassnode, there are currently three trends in the Bitcoin market.
Accordingly, short term holders distribute tokens while long term holders try to hold / accumulate more tokens. At the same time, miners also collect tokens.
#Bitcoin The market currently has three supply trends in play:
– Short term holders pour out.
– Long term holders are HODLing / accumulating.
– Accumulate miners.
The $ BTC The market is a battlefield between the bulls and the bears.
– Glass node (@glassnode) May 31, 2021
The Central Bank of Ireland CEO expresses concern about Bitcoin
The Central Bank of Ireland’s chief financial officer is the youngest official to raise concerns about Bitcoin (BTC) and the crypto industry after a massive market sell-off.
The growing popularity of cryptocurrencies like Bitcoin is a “big concern,” Derville Rowland warning.
“Crypto assets are a pretty speculative, unregulated investment,” and investors “really should know they could lose their entire investment,” Rowland said after the cryptocurrency market fell nearly $ 1 trillion in just a few days.
The European Securities and Markets Authority has also raised similar concerns about cryptocurrencies, stating that these asset classes are unregulated and, due to their inherent nature, pose significant risks to investors.
ETH is currently trading below the $ 2,450 level and the 100-hour simple moving average. Additionally, a major downtrend line is forming on the hourly chart with resistance near $ 2,410. ETH is currently testing the 61.8% Fib retracement level of the upward move from the $ 2,200 low to the $ 2,481 high.
On the flip side, the immediate resistance is at $ 2,360. The first major resistance is near the trendline and the USD 2,440 area. If it closes above the trendline, ETH could initiate a major rally towards USD 2,500 with the next major resistance near the USD 2,550 region.
ETH price chart | Source: TradingView
Failure to break above the USD 2,400 and USD 2,450 resistance levels allows ETH to extend its decline. Initial support is near the $ 2,250 area.
The first major support is now near the $ 2,200 mark. If it breaks below this support, ETH could see a steeper decline that would drive the price towards the $ 1,850 support area, followed by the $ 1,700 area.
The CEO of the Digital Currency Group, Barry Silbert, continues to criticize Dogecoin.
During a recent Twitter debate with Meme Coins co-founder Billy Markus, Silbert said that DOGE couldn’t be worth up to $ 37 billion.
I’m really excited to see what Doge can become over time. it certainly won’t go away and has one of the most passionate communities around. but it’s not worth $ 37 billion. We are sorry
– Barry Silbert (@BarrySilbert) May 30, 2021
He also claims that the value of DOGE comes only from “mutual trust” with no benefit whatsoever.
During the International Financial Forum (IFF) meeting in 2021, Yao Qian, head of science and technology oversight at China Securities Regulatory Commission (CSRC), said that a digital currency A Central Bank Digital Number (CBDC) would operate directly on the Ethereum network or the blockchain payment system Diem, which is supported by Facebook.
Overall, Yao was raising There are seven aspects to consider when researching and developing CBDCs, including: technical roadmap, value, architecture, accrued interest, sales, smart contract implementation, and regulatory issues.
Analyst Moskovski says $ 1.69 billion worth of stablecoins has been withdrawn from derivatives exchanges.
This event is very rare and gives different signals. According to the analyst, traders may think their investments are no longer productive and want to redeploy them elsewhere.
$ 1.69 billion in stablecoins withdrawn from derivatives exchanges.
Events of this magnitude are rare and open to various interpretations.
My opinion is that traders expect unproductive hacks and want to put their capital elsewhere. pic.twitter.com/LNcjT5fHK9
– Lex Moskovski (@mskvsk) May 30, 2021
Polkadot (DOT) appears poised to move higher after forming an inverted hammer candle last week.
The reverse hammer consists of a small body, an elongated upper wick, and almost no lower wick. The elongated top wick is the result of the bulls’ attempt to push the price up.
DOT price table | Source: TradingView
The DOT opened at $ 17.92 last week and soared as high as the $ 26 region, showing that after a sharp sell-off from $ 49 to nearly $ 13 in the past two weeks, people have flocked to the market.
However, the cryptocurrency ended the week up 14% at $ 20.47, forming an inverted hammer with a long top wick and small body. This pattern emerged after a notable sell-off and signaled a potential bullish reversal.
However, confirmation of the reversal will require the price to move above the $ 21.05 level. As a result, seasoned traders will likely wait on the sidelines for the time being for the price to rise above $ 21.05 before entering a long position.
Technical indicators suggest that the price may bounce off. The weekly stochastic indicator has entered the oversold zone below 20. Meanwhile, the daily MACD histogram is printing higher lows below the zero line, a sign that the downward momentum is slowing.
Immediate resistance is at $ 26.50 (April low), followed by $ 28.14, marked by a 5-week SMA downtrend line (simple moving average). Support is found at $ 17.10 (last week’s low). If the price breaks, it may revert to the May 23rd low of $ 13.81.
VeChain supports the Plastic Waste Limit program.
Recently, a person in charge of the Bureau of Natural Resources and Environment announced that the National Commission of China had approved the “14th Five-Year Action Plan to Control Plastic Pollution ”.
Accordingly, Vechain’s blockchain technology will help make data transparent, reduce costs and increase the efficiency of plastic waste monitoring.
VeChain x plastic restriction
“Recently, a responsible person from the Department of Environmental Resources announced that the National Commission is formulating the“ Fourteenth Five-Year Action Plan to Combat Plastic Pollution ”. #VeChain $ VET #VeFam #Sustainability pic.twitter.com/GV6RPFr55A
– rich in iron (@ rich in iron) May 31, 2021
RenVM’s latest upgrade begins with support for Fantom’s blockchain, integrating popular crypto assets like BTC, BCH, DGB, DOGE, FIL, Zcash, and LUNA into Fantom’s ultra-fast, low-cost DeFi ecosystem.
We are happy to announce that RenVM is now supporting Fantom!
With RenBridge you can now transfer BTC, ZEC, BCH and DOGE to Fantom.
– Fantom Foundation (@FantomFDN) May 28, 2021
Fantom users benefit from a significant reduction in transaction waiting times and a significant reduction in transaction fees. Once the integration begins, users from other networks can use RenBridge to deposit their assets directly with Fantom and enjoy Fantom’s cost-effective and faster transaction ecosystem.
The integration will support BTC, ZEC, BCH and DOGE immediately. More apps will be available soon as the integration grows and expands.
According to information from anonymous accounts in the XRP community, dozens of crypto exchanges, including several leading services, are ready to list FLR tokens after the airdrop.
– $ 1500 + (@KingDoggoXRP) May 30, 2021
Accordingly, Binance (BNB), Huobi, OKEx, Bitfinex, and Kraken are the largest exchanges on this list. In addition, the XRP-friendly services Uphold and Bitrue will also launch FLR trading.
The exchange volume exceeded $ 2 trillion in May
Cryptocurrency exchanges set a new record this month with trading volumes exceeding $ 2 trillion.
May was the fourth straight month that the stock exchanges exceeded $ 1 trillion in volume.
Binance continues to be the # 1 crypto-to-crypto exchange in the market, trading close to $ 1.5 trillion this month.
On the flip side, Coinbase remains the leading fiat crypto exchange with a trading volume of over $ 198 billion.
Trading volume on exchanges | Source: The Block
According to Bitcoin Magazine