Crypto News Feb 25: Bitcoin Heads for Next Resistance at $42,748 with Gemini, Cardano, Shiba Inu, Block, Polkadot, and BitsCrunch News
From the perception that Bitcoin will continue to rally to Gemini joining the Crypto Council for Innovation (CCI). Here are some highlights from the crypto market.
Bitcoin price is down about 23% in almost a week to bottom at $34,337. The weekly support at $34.752 is the main reason BTC has failed to explore lower levels.
The recovery prompted BTC to create a daily price above the lower boundary of the $36,398-$38,895 demand zone.
Looking ahead, investors can expect BTC to continue rallying and clearing the recently flipped resistance barrier at $39,481 and the 50-day simple moving average (SMA) at $40,417.
The Momentum Reversal Indicator (MRI) has given a signal that the continuation of the uptrend will help form a green candle on the daily chart and predicts that BTC is likely to see one to four green candles in the near future.
Therefore, market participants can expect bitcoin price to break the weekly resistance barrier at $42,748. If buy orders continue to increase, there is a good chance BTC will extend its rally towards the year open at $46,198, which roughly coincides with the 100-day SMA.
BTC 1-Day Price Chart | Source: TradingView
To maintain its bullish outlook, Bitcoin needs to keep the price above the demand zone, which ranges from $36,398 to $38,895. A daily close below $36,398 will invalidate the demand zone and cause BTC to drop to weekly support at $34.752.
If BTC fails to sustain above this support, it will invalidate the bullish thesis and point to a potential drop to the $29,100 region.
Crypto Council for Innovation, or CCI, has notification Therefore, Gemini is included in the list of crypto-friendly companies to help legislators introduce market-related regulations.
In Thursday’s announcement, CCI said that as of this week, Gemini has joined Coinbase, Block, Fidelity Digital Assets, Paradigm, and others to “accelerate the team’s growth and lead the way globally.”
Ji Kim, head of policy and regulation at Gemini, said the exchange will work with lawmakers and regulators to support cryptocurrency adoption around the world.
Founded in April 2021 by Coinbase and Square – now Block – CCI aims to open the dialogue with governments and regulators about the benefits of cryptocurrencies.
The team hosted a virtual Bitcoin (BTC) adoption event called “The Word” in July 2021, which featured speakers including Tesla CEO Elon Musk and Jack Dorsey.
Warren, the former head of blockchain and distributed ledger technology at the World Economic Forum, took over as CEO at CCI in February.
The Orbis development team, the early-stage Cardano scaling solution, has announced apply for funding on the Ideascale platform. According to the documentation, the Orbis product has every opportunity to significantly improve Cardano’s performance and developer experience.
Just like other zk-based solutions, transactions on Orbis will take place off-chain and then propagated to Cardano’s mainnet via a resource-saving mechanism.
The protocol is set up to use zkSNARKs, a kind of zero-knowledge proof that requires no two-way interaction between internal and off-chain modules.
According to the statement, the team is asking for $1 million in funding to develop and launch Orbis on Cardano (ADA).
News Shiba Inu
According to WhaleStats, Shiba Inu once again tops the list of traits Bought most on the market. While the amount of buying remains negligible, strong buying power has hit the crypto market as the majority of assets recover.
The total value of USD Shiba Inu holds in the market is currently USD 1.3 billion, an increase of USD 100 million compared to yesterday. The total value of assets held by whales correlates with a 13.5% increase in the price of the SHIB token.
According to the report, the average number of SHIBs purchased by whales remains around 80 million tokens, but purchasing power has increased by 207%.
Crypto-friendly digital payment technology company, Block, Inc. (formerly Square) was announced Total earnings of $1.18 billion in the fourth quarter, up 47% year over year in 2020.
The Jack Dorsey-led company has multiple businesses, including Cash App, Square and newly acquired Afterpay, after completing a $29 billion deal late last month.
Block’s Q4 2021 report, released Feb. 24, showed a significant increase in gross profit at Cash App and Square, with each company generating $518 million and $657 million, respectively, up 37% and 54%, respectively % is equivalent to.
Overall, the company generated gross income of $4.42 billion for full year 2021, a 62% increase from 2020. However, Block’s net income after expenses for the fourth quarter fell to $77 million (Dec million US dollars for the entire year 2021). ) showing the company’s excessive operating costs.
Polkadot is down 73% from the ATH at $53.50 on November 9, 2021. This decline has now entered the three-day demand zone and ranges from $10.37 to $15.66.
Investors can expect a quick recovery if DOT breaks this barrier. DOT will reach the $18.01 barrier after recovering around 12% from today’s open price.
DOT Price Chart | Source: TradingView
This is a very important signal for a run to the psychological $20 level. If the bulls rally, they can extend the uptrend to $22.23. This move should yield a 40% gain from where it is right now, and is likely the highest peak DOT is likely to see in the near future.
Cryptocurrency and NFT ecosystem analysis firm BitsCrunch has raised $3.6 million in one round demand capital led by Animoca Brands, Coinbase Ventures, Crypto.com Capital and others.
BitsCrunch uses AI-based analytics tools to determine the fair price of NFTs, identify wash trading alerts, and determine if NFTs are copies or fakes of real assets.
Based in Germany and India, the company believes that in the growing space, investors need better access to data to protect them from counterfeiting and misleading by virtual trading volumes.
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