Crypto News 09/01: Bitcoin is likely to return to the $ 30,000 zone if it can’t hold that zone, with news from Ethereum, Dogecoin, CBDC, AIOZ Network, CyberTrade, Binance, a16z
From the idea that Bitcoin could return to the $ 30,000 region to WeChat Pay, which supported payments in digital yuan. Here are some highlights from the crypto market.
Market sentiment is in the “extreme fear” zone as Bitcoin falls towards $ 40,000. In fact, fear and greed vhi3 is its lowest level since last July. In addition, a lot of bitcoins have switched to the stock exchanges in the past week, indicating a slight shift in investor sentiment.
Net inflows represent investor intents to sell, while capital outflows represent strong HODLing sentiment. It also reduces the circulating supply.
Capital flows on stock exchanges | Source: Antiment
So, despite the recent surge in capital inflows into the stock exchanges, the indicator is not entirely indicative of a trend reversal, but it is likely that the market will face a sell-off in the future.
BTC’s price action now looks similar to the February-May price action, when the price hit 4 highs and the RSI hit a lower high. The same signal triggered BTC’s decline to $ 30,000 in May.
Currently, the USD 40,000 support looks like the last hope of the BTC bulls looking for a reversal.
BTC price chart | Source: TradingView
Currently, the reversal of the 365 day MVRV shows that the market is likely to reverse on the upside. However, if the price does not hold, bullish expectations will be weakened.
If Bitcoin closes below the $ 40,000 region for the week, the market is likely to return to the $ 30,000 support level in the short term. Conversely, if the market stays firmly in the USD 40,000 area, BTC is likely to reverse and move forward.
Ethereum closed the week with a double-digit loss. The main technical information on the weekly Ichimoku chart is the difference between the candlestick structure and the composite indicator.
ETH price chart | Source: TradingView
Ethereum made a series of higher lows while the Composite Index made lower lows. In fact, the Composite Index has just hit its lowest level since September 2019, leading to a possible bullish divergence.
A bullish divergence is a signal that the current correction is coming to an end and that an uptrend is likely to set in soon. As a result, a trading opportunity has now appeared on the ticker chart.
Long traders can set up a buy stop at $ 3,500, a stop loss at $ 3,100, and a profit target of $ 5,500. Long-term trading would theoretically have a 5: 1 profit / risk setup with an expected return target of over 60%.
Dogecoin Price Crashes on Ichimoku Daily Chart. However, this trend is likely to end soon as a strong reversal is likely. The reason for this reversal is the presence of a falling wedge pattern.
DOGE price table | Source: TradingView
DOGE trades on the lower trendline of the falling wedge pattern. On the $ 0.005 / 3-cell reversal Caro chart, Dogecoin developed a bullish shakeout pattern. The combination of the falling wedge and the bullish shakeout pattern shows that DOGE trades are low risk with relatively high returns.
In theory, a trader can place a buy order at $ 0.17 with a stop loss at $ 0.15 and a profit target of $ 0.28. This viable trading setup has a reward-to-risk ratio of 5.5: 1 with a profit target of nearly 69%.
Follow report Recently from CNBC, WeChat Pay, the all-in-one mobile payments and messaging app, will support Yuan digital payments.
The company’s move is expected to quickly increase the number of citizens using e-CNY as nearly 1.2 billion users use the platform.
Alipay, WeChat’s main competitor in China, is also introducing digital yuan payments. Last year, Ant Group, a subsidiary of Alibaba, began experimenting to investigate a possible introduction.
News AIOZ network
AIOZ Network (AIOZ) gave debut My cross-chain bridge in the mainnet.
According to the announcement, the AIOZ Network’s cross-chain bridge is an Asset Conversion Gateway (AIOZ) between the Ethereum Virtual Machine (EVM) and the AIOZ Mainnet.
Currently, users can convert AIOZ ERC-20 or AIOZ BEP-20 to AIOZ Mainnet and vice versa to participate in dapps and staking in the AIOZ Network ecosystem.
CyberTrade (CCASH) became Open whitelist for his IMO (Initial Metaverse Offering) on FireStarter (FLAME).
The whitelist for CCASH IMO on FireStarter is currently open until January 15th at 1:00 a.m. (UTC).
The IMO implementation date will be announced later. In order to participate, a user must block FLAME in order to set up a “level” prior to registration and keep FLAME blocked for the duration IMO. Hardcap FireStarter IMO costs $ 200,000. The price is IMO $ 0.07.
Pakistan’s federal agency has begin a criminal investigation following numerous complaints of a fraud that misled investors into sending funds from Binance wallets to unknown third-party wallets.
Pakistan’s Federal Bureau of Investigation (FIA) reportedly issued an official notice to Binance seeking evidence of a multi-million dollar crypto scam.
According to a local source, the FIA’s Cybercrime Organization has instructed Hamza Khan, the general manager of Binance Pakistan, to provide information to determine whether the exchange belongs to the “Online Investment Mobile Applications” cheat.
Andreessen Horowitz, the leading venture capital company and renowned investor in the crypto space, has mobilize $ 9 billion to stay active in the growing industry.
Andreessen Horowitz (a16z) is one of the leading venture capital firms that invests in all cryptocurrencies and projects related to this technology.
According to the latest announcement, the company has raised billions of dollars in “venture, growth and bio-fund investments.”
Of this, $ 1.5 billion will go to the bio fund, $ 5 billion to the growth fund and $ 2.5 billion to the venture fund.
Katie Haun raises $ 900 million for a new mutual fund.
According to the Financial Times, Katie Haun, former partner of Andreesen Horowitz (a16z), intends to mobilize $ 900 million for his new company.
Haut has doubled its original fundraising goal, focusing $ 300 million on crypto startups while raising another $ 600 million for a dedicated fund for larger companies and digital tokens.
Haun, Andreessen Horowitz’s first partner, announced his departure from the company last December and founded his own risk capital company KRH. Through her new company, she participated in OpenSea’s $ 300 million investment round on the NFT marketplace earlier this week.
Andreessen and KRH will join forces to support founders and projects in this area and to continue the political agenda that web3 has built up this year.
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