Crypto News 03/07: Bitcoin is likely forming a false bottom with news from Ripple, Lithium Finance, Theta, PancakeHunny, Nightfall 3, MakerDAO
From saying Bitcoin could make a false bottom to Ripple’s ODL brand, which is officially registered with the UAE Department of Commerce. Here are some highlights from the crypto market.
Bitcoin price has been mostly sideways lately with several unsuccessful attempts to break out. The bears’ efforts to push the price below the $ 30,000 mark failed.
But that only drives the bears even more insane, and it’s up to the cops to make sure Bitcoin doesn’t fall below $ 30,000. The only problem is that the weekly Relative Strength Index has fallen on what is known as “wrong bottom”.
Bitcoin Price Chart | Source: TradingView
If that false bottom holds and the price bounces back up afterward, the rejection will trigger the bears to pull the price further down to retest this area.
Historically, Bitcoin’s price movement has been flat for several months, forming a false bottom. The bull run in early 2020 broke the downtrend, but false bottom formed again and the crypto market began to crash on Black Thursday.
The former CEO of China Merchants Bank has negative comments about Bitcoin
Finance Sina news On July 2nd, Ma Weihua, former owner, president and CEO of China Merchants Bank, made negative comments about Bitcoin at the China-European Union Cooperation on Green and Sustainable Finance Forum, first organized by China Europe International Business School .
As for recent concerns about the energy consumption of the cryptocurrency mining industry, Weihua said said Bitcoin is just an inflated asset class with no underlying value.
Bitcoin could go back to $ 24,000 if it fails to defend the $ 30,000 support
According to an analysis share Bitcoin (BTC) has been on a downward trend for the past three months, according to the Crypterium research team, adding that traders should still keep an eye on Bitcoin’s $ 30,000 support area in the near future.
BTC Price Chart | Source: TradingView
The $ 30,000 zone coincides with the 0.618 Fibonacci retracement level of the July 2020 breakout from $ 9,400 to $ 64,854. The Crypterium team continues to warn that BTC is likely to return to the $ 24,000 region if it fails to hold the $ 30,000 support area.
Members of the XRP community found out about Ripple’s ODL brand, which is now officially registered with the UAE Department of Commerce.
According to the announcement, the On-Demand Liquidity (ODL) product has been registered with the Commerce Department of the UAE regulator.
Check out this announcement regarding the official registration of the Ripple on Demand Liquidity Brand with the UAE Department of Commerce government trade registration department to provide P2P financial data exchange services.
– PandaRippleXRP???? (@RipplePandaXRP) July 2, 2021
Ripple has registered ODL to provide electronic financial services related to fiat payments, as well as the exchange of digital and fiat currencies over the network.
Lithium financial news
Lithium Finance has cooperate with the Injective Protocol to create a pre-IPO instrument for the derivatives market. With Lithium’s collective intelligence, the partnership will improve the pricing process for all assets available in the Injective ecosystem.
As part of the partnership, lithium will become part of Injective’s Oracle module, which provides valuation data for the instruments in the derivatives market prior to the IPO.
Injective users will create new derivatives markets for private companies with a price feed from Lithium.
Approximately 1.37 billion Theta Fuel (TFUEL) has been deployed since the Theta Network development team launched Mainnet 3.0 on June 30th.
The amount of TFUEL currently being staked represents approximately 24.5% of Theta Fuel’s circulating supply of 5.328 billion tokens.
– Theta network (@Theta_Network) July 1, 2021
PancakeHunny, the yield farming platform on Binance Smart Chain, said that Finished Smart contract audit process carried out by Certik.
PancakeHunny (HUNNY) is a DeFi project that combines yield farming with gamification functions such as poker, lottery and NFT.
The certification by Certik ensures that PancakeHunny has no security gaps and is not exposed to the risk of a hacker attack. PancakeHunny will work with many blockchain experts and auditors in the future to ensure the highest level of security.
Certik’s audit report confirms that PancakeHunny has no serious problems and that minor vulnerabilities have been identified and fixed.
News Nightfall 3
The accounting firm EY, one of the 4 most prestigious accounting firms in the world, said that they publication Open source for Nightfall 3, Layer 2 protocol with a focus on Ethereum scaling using the zero-knowledge-proofs protocol.
Essentially, these emissions are aimed at offloading the processing or execution of Ethereum-based transactions from the mainnet or Layer-1 to the secondary layer in order to improve transaction throughput. This synthetic version exists as a smart contract on Ethereum.
According to EY, the company developed the new tool to deal with “network congestion and increased transaction costs” with support for DeFi protocols and their user base.
ChainLinkGod, the chainlink community representative who criticized MarkerDAO, said competing oracles appear to be selling their pricing data in the chain only to an in-house team.
This pool can make millions as it is the only company that can liquidate positions on MakerDAO logs without delay.
.@MakerDAO‘s oracles seem to be selling exclusive rights to publish their price data on the chain to an insider group
This group can make millions by being the only companies able to liquidate positions on protocols using MakerDAO’s oracles without delay pic.twitter.com/gbEZvMVqCR
– ChainLinkGod.eth 2.0 (@ChainLinkGod) July 2, 2021