Category: Crypto News

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Crypto News Dogecoin Market Analysis Trading

Dogecoin Just Surged 90% in a day, But Why?

Dogecoin is trading in an active uptrend and strong trading volume today, like many other altcoins. The cryptocurrency DOGE just went up +90% in a single day and surges over +125% in a week and +6450% in a year. Let’s take a quick look at the Dogecoin price analysis and possible reasons for the recent breakout.

What is Dogecoin?

Dogecoin (DOGE) is based on the popular “Doge” Internet meme and features a Shiba Inu on its logo. The open-source digital currency was created by Billy Markus from Portland, Oregon, and Jackson Palmer from Sydney, Australia, and was forked from Litecoin in December 2013.

Dogecoin’s creators envisaged it as a fun, light-hearted cryptocurrency that would have greater appeal beyond the core Bitcoin audience since it was based on a dog meme. Tesla CEO Elon Musk posted several tweets on social media that Dogecoin is his favourite coin.

DOGE Price Analysis

At the time of writing, DOGE is ranked 10th cryptocurrency globally and the current price is $0.1716 AUD. This is a +125% increase since 7 April 2021 (a week ago) as shown in the chart below.

Source: TradingView

After looking at the above 1-day candle chart, we can clearly see that Dogecoin was trading sideways on a DOGE/USDT pair. The first resistance was on the $0.0954 AUD price levels which DOGE broke with a strong bullish trend buying volume and is now heading towards current resistance at $0.1705 AUD after making a new all-time high price today. As other altcoins are waking up bullish today, DOGE might continue the uptrend with its hype going around.

Source: TradingView

The two green lines that appear in the graph represent the previous resistance and support levels of  DOGE/USDT relate to previous bull run from early February.

What do the Technical Indicators say?

The Dogecoin TradingView indicators (on a 1 day window) mainly indicate DOGE as a buy, except the Oscillators which indicate DOGE as a neutral.

So Why did DOGE Breakout?

General market sentiment seems to suggest cryptos are in the middle of the bull run season, which could have contributed to the recent breakout. Another reason for this sudden pump in price could be whales secretly buying Dogecoin for the next altcoins rally.

Also, a Miami nightclub recently announced they accept Dogecoin enabling payments in crypto. E11EVEN MIAMI, the award-winning 24/7 ultra club located in the heart of Downtown Miami, is one of the first major nightclubs in the USA to accept cryptocurrencies as a form of payment and Dogecoin is also into the list.

Recent DOGE News & Events:

Where to Buy or Trade Dogecoin?

Dogecoin has the highest liquidity on Binance Exchange so that could help for trading DOGE/USDT or DOGE/BTC pairs. However, if you’re just looking at buying some then Swyftx Exchange is a popular choice in Australia.

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Bitcoin Crypto News Institutions

MicroStrategy to Pay its Board of Directors in Bitcoin

Michael Saylor
Michael Saylor https://twitter.com/michael_saylor/status/1376173512226959363

The NASDAQ-listed business intelligence company, MicroStrategy, has revealed in a recent filing with the United States Securities and Exchange Commission (SEC) that some of its Board of Directors will receive their compensations in Bitcoin (BTC).

MicroStrategy to Pay in BTC for Board Services

In the Form 8-K document filed with the SEC, the company disclosed that its non-employee directors would receive Bitcoin as a form of compensation for Board service. Henceforth, all the payable Board fees for the non-employee directors will be converted from US dollar to the cryptocurrency and transferred to their designed wallet address, according to the modified compensation arrangements.

The development comes amid the Board’s commitment to Bitcoin. This is not surprising because MicroStrategy has shown a keen interest and support for Bitcoin over the past months.

The business intelligence company suddenly turned Bitcoin into its main reserve assets following the outbreak of coronavirus. At the time, the company’s CEO Michael Saylor noted that the cryptocurrency was a better inflation hedge and a store of value. This seems been the main reason behind the massive BTC amount purchased by the company so far.

MicroStrategy: the Largest Corporate Bitcoin Investor?

About a month ago, MicroStrategy reportedly bought 262 Bitcoins at nearly $58,000 USD. In total, MicroStrategy held about 91,579 BTC in its balance sheet as of 5 April 2021. Following the market value of BTC, these coins are worth over $5.7 billion USD, making the company on of the largest Bitcoin corporate investors.

Like MicroStrategy, many other publicly-traded companies have invested in cryptocurrencies, including Tesla, Square and others. Many industry players believe there is still more room for Bitcoin to grow, as several public companies are yet to include BTC in their balance sheet.

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Australia Binance Crypto News

Binance Australia See’s Record Growth in Q1 2021

With Bitcoins best ever start to a year and the popularity of cryptocurrencies booming in Australia, it has led to massive growth for crypto exchanges in Australia.

With the first quarter of 2021 wrapped up, Binance Australia has reported record growth & milestones in terms of AUD trading volumes and the number of institutions signing up. They have also been ramping up their local presence in Australia with events, weekly meetups and online masterclasses.

Some of the highlights of 2021 already include:

Record AUD Trading Volumes

On the 11th of January, Binance Australia recorded over AUD $130 million in trading volume across all Australian Dollar (AUD) pairs in a single day. Then on the 23rd February the record was broken once again as the daily trading volume reached AUD $175 million.

This looks like a huge achievement for at least two reasons:

  • It sends a clear signal about the size of cryptocurrency markets within the overall financial horizon in Australia.
  • It made Binance Australia the top digital asset exchange in Australia by daily AUD trading volume, only 6 months after its launch in July 2020.

We are humbled to witness the rapid growth of the Aussie crypto sector. Users, volume, adoption are increasing like never before. The Binance Australia team and I are proud to serve you all as Australia’s top digital asset exchange.

Jeff Yew, CEO of Binance Australia

Australia Local Events and Media Presence

With so many projects and developments launched every day, it could be easy to focus only on the technological aspects of the innovation and get lost in the crypto space. Some companies seem to very aware of this risk, thus putting serious effort in establishing a face-to-face relationship with local communities. Binance Australia is definitely amongst those business who strives to connect with its customers, showing its own team not behind a computer monitor.

International Women's Day 2021 Binance Australia event in Brisbane
International Women’s Day 2021 Binance Australia event in Brisbane

Aside from supporting the Australian Bushfire Donation, Binance Australia has also organised local events, including a meetup celebrating International Women’s Day in Brisbane.

Jeff Yew, the CEO of Binance Australia, has also been quite active in the media, for example being interviewed from Sky News Australia on the Business Weekend Show. He has also been featured as one of the brightest Aussies under 30.

With only 25% of the year complete so far, there is still lots of time for more growth, stay tuned for more updates.

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Bitcoin Crypto News Institutions

Bitcoin Before and After Headlines by Major Companies

Bitcoin Before and After Headlines by Major Companies

The leading cryptocurrency, Bitcoin (BTC), faced several criticisms and condemning statements, especially from major financial companies, during its early stage. Fast forward to the present: the story has changed.

Many companies now support Bitcoin, to the extent that some have announced their intentions to debut Bitcoin and cryptocurrency investment services for their clients. This follows the massive rise in price, demand, and popularity in digital currencies over recent years.

A collection of old headlines about Bitcoin [multiple sources]

More Financial Companies Now Believe in BTC

Morgan Stanley, JPMorgan, Goldman Sachs, Visa, PayPal and others, all had an opposing view about the leading cryptocurrency.

Back in December 2017, James Faucette, an analyst from Morgan Stanley (a leading US investment bank), said in a document that “the value of Bitcoin could actually be…zero” because it’s not a real currency, besides other reasons. However, the bank is currently counted as one of the companies pushing crypto adoption. Recently, Morgan Stanley introduced Bitcoin funds to its wealthy clients.

Jamie Dimon, the CEO at JPMorgan Chase, argued in September 2017 that the leading cryptocurrency “is a fraud” and “eventually it will be closed”. Recently, JPMorgan looked closer at cryptos, considering different USD prices Bitcoin might reach.

Goldman Sachs had outlined five reasons why Bitcoin was neither an asset nor suitable for investment in May 2020. Almost a year later, the company informed it has plans for crypto offering, following the boom in Bitcoin and cryptocurrencies.

The former CEO of PayPal also argued in 2018 that BTC will fall because “there’s just no value there”. He added that the cryptocurrency was useless as a payment mechanism and ridiculous as a store of value. Last year however, the company launched crypto services that allow its customers to buy and sell cryptocurrencies. 

Visa CEO Alfred Kelly said in 2018 that they wouldn’t process BTC transactions because it isn’t a payment system. Visa now accepts USDC as a settlement currency. Recently, they also announced plans to enable Bitcoin purchases.

Bitcoin Isn’t Dead

It’s interesting to see the opposing perspective of these companies changed about Bitcoin. It indicates that Bitcoin and other cryptocurrencies are going mainstream and gradually becoming a widely accepted payment and asset class. The value of Bitcoin has more than doubled since those comments were made. At the time of writing, Bitcoin was trading at $63,097 USD on CoinMarketCap.

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Bitcoin Crypto News Institutions

Grayscale Total AUM increases to $49.2 Billion in just four days

Grayscale
Grayscale

Grayscale has increased its total AUM (Assets Under Management) to $49.2 billion USD, getting closer to the $50 billion USD mark as Bitcoin spiked above $62,000 USD today.

Its most popular investment product, the Grayscale Bitcoin Trust (GBTC) now holds $40,534 million USD, while the Grayscale Ethereum Trust (ETHE) holds over $7 million USD.

AUM Growing Every Day

Grayscale total AUM has been growing at a fast rate as Bitcoin and altcoins surged in the past weeks.

The addition of five new tokens also boosted Grayscale’s total AUM. As reported, the firm added five cryptocurrencies to its suite of investment trusts, including Chainlink (LINK) Filecoin, Livepeer, Basic Attention Token (BAT) and MANA (Decentraland).

On April 9, Grayscale’s total AUM grew by $1 billion USD worth of Bitcoin in almost 24 hours, according to the report. Some weeks before the total AUM grew over $3 billion USD in just four days.

On Saturday, Bitcoin broke above $80,000 AUD after several weeks of strong consolidation, a new all-time high for the father-of-all cryptos.

Grayscale’s Intention for a BTC ETF

Grayscale also plans to turn its GBTC into a proper Bitcoin Exchange-traded fund, after hinting at various ETF-related job positions on its career page.

Unlike other elite institutions like Goldman Sachs and VanEck, Grayscale will not file an S-1 form with the Securities and Exchange Commission. The company said that it will develop its BTC ETF as the regulatory weather on the United States becomes clearer.

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Bitcoin Bitcoin Mining Crypto News Cryptocurrencies

Hardware Hacker Modifies Old School Game Boy To Mine Bitcoin

Stacksmashing – a YouTube content creator who focuses on reverse engineering gadgets and old-school games just for kicks – recently made waves with his video in which he sets up a Game Boy to mine Bitcoin, with a little help from a Raspberry Pi Pico and a connection to a computer running a Bitcoin node.

Battery-Powered Bitcoin

In an era where gamers and crypto miners are engaging in asymmetrical warfare over high-end GPUs and exploring the tactical advantages of eBay botting versus grey market rigs from Newegg, one entertainer set out to see if he can use other gaming equipment for the task as well.

The experiment was a success, with Stacksmashing successfully setting up a Bitcoin mining rig running on four AA batteries, childhood memories and sheer ingenuity.

Of course, certain technical hurdles had to be overcome first – for starters, Game Boys cannot connect to the Internet. The memory available on a Game Boy is also too small to contain the entire blockchain – so the Game Boy was jimmy-rigged with a Raspberry Pi Pico for some processing power, which was then linked to a PC with internet access running a Bitcoin mining node.

However, before you go rummaging through that one box in your garage to duplicate the experiment, note that the mining rate of the entire setup only amounts to 0.8 hashes per second. For comparison, a dedicated mining rig has an average speed of about 125 billion times that, meaning that if things were left to run their course – assuming the mining difficulty of Bitcoin left unchanged – Stacksmashing’s Game Boy would earn 1 BTC within a few quadrillion years.

In order to test his setup, Stacksmashing had to set up a new Bitcoin blockchain that contained no prior records. However, it’s quite exciting to see that the thing actually works – and beeps along to some cutesy animations while at it.

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Binance Crypto News

Tokenized TESLA Stock Listed on Binance for Trading with Zero-Commission

Binance recently announced the launch of Binance Stock Tokens, which gives investors the opportunity to trade the equity market with zero fees, and a much lower cost.

Tesla is the first tokenized stock listed on the platform. All tokens are settled, denominated and collateralized in BUSD — and are backed by a depository portfolio of underlying securities.

Binance CEO, Changpeng Zhao, thanked Elon Musk for bringing cryptocurrencies to Tesla and, in exchange, they are “bringing Tesla to crypto.” In just 24 hours, TSLA trading volumes surpassed $10 million USD.

Trade Fractions of Tokenized Tesla Stocks

Users can now buy fractions of a Tesla stock on Binance, with a minimum trade size of one-hundredth of the token. This provides traders with exposure to the equity market at a much lower cost, considering one Tesla stock is currently price above $700 USD.

Binance will provide eligible investors with the same benefits that these companies give to their shareholders, like dividends, stock splitting, and others. The protocol is the latest to venture on the trend of tokenized stocks.

More Tokenised Stocks To Come?

Crypto-trading exchange Bittrex already offers lots of tokenised stocks from the equity market paired with Tether (USDT), including Tesla (TSLA), Apple (AAPL), and Gamestop (GME), amongst others.

Tokenized Stocks on Bittrex Global

Binance Coin BNB Soars 85% Upon N

Binance Coin (BNB) recently surged over 85% at the beginning of this month, hitting a new all-time high yesterday.

BNB’s recent bull run comes with the successful growth of the Binance Smart Chain protocol, which now supports over 5 million daily transactions and is being preferred by many DeFi protocols.

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Crypto News Ethereum Market Analysis Trading

3 Coins that Might Breakout this Week: BTT, ETH, NPXS – Altcoins Trading Analysis

For today’s trading news, we’re looking at three Altcoins that might breakout this week by showing bullish trends in the charts.

1. BitTorrent (BTT)

BitTorrent is a popular peer-to-peer (P2P) file sharing and torrent platform which has become increasingly decentralized in recent years. According to its official literature, BitTorrent is currently the “largest decentralized P2P communications protocol” in the world.

The platform has seen multiple legal battles, with Cohen maintaining that it does not break copyright laws in allowing users to share files such as music and movies among themselves.

BTT Price Analysis

At the time of writing, BTT is ranked 27th cryptocurrency globally and the current price is $0.0104 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

BTT’s explosive March climbing over +1,100% retraced nearly half of the move within a week.

While the price possibly needs to cool off before any significant move higher, stubborn bulls could look for entries in possible support beginning near $0.0093 AUD.

A break below $0.0084 AUD might to continue to an area near $0.0068 AUD. Strong bearish momentum might push the price through April’s monthly open to possible support near $0.0049 AUD.

In both bullish and bearish scenarios, it seems reasonable (but not guaranteed) to anticipate a retest of resistance near $0.0125 AUD, which would sweep a cluster of relatively equal highs near $0.0128 AUD.

Continued strength above this area could continue to resistance near $0.0144 AUD and the high near $0.0155 AUD.

2. Ethereum (ETH)

Ethereum is a decentralized open-source blockchain system that features its own cryptocurrency, Ether. ETH works as a platform for numerous other cryptocurrencies, as well as for the execution of decentralized smart contracts.

Ethereum’s own purported goal is to become a global platform for decentralized applications, allowing users from all over the world to write and run software that is resistant to censorship, downtime, and fraud.

Ethereum Price Analysis

At the time of writing, ETH is ranked 2nd cryptocurrency globally and the current price is $2,843 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

Since the beginning of March, ETH has climbed +70%, a relatively small amount compared to many other altcoins. However, the price continues to creep to new all-time highs, suggesting that the consolidation period may be near its end.

Aggressive bulls could look for entries in new possible support between $2,796 AUD and $2,683 AUD. A dip below this area might also find support near $2,583 AUD. However, a daily close near $2,605 AUD brings bullish strength into question.

A sudden drop in the market could test possible support beginning near $2,410 AUD. This retracement would create extensions suggesting $3,987 AUD to 3,998 AUD as a potential target for bulls.

Currently, extensions indicate a reasonable take-profit zone near $3,388 AUD to $3,684 AUD with $3,652 AUD having the most confluence. If bulls can maintain strength, confluent extensions point to $4,225 AUD – $4,300 AUD as a possible next target.

3. PundiX (NPXS)

PundiX is a leading developer of blockchain-powered devices with the aim of transforming retail businesses with its blockchain-based point of sale solution. The solution allows retail merchants and consumers to conduct instantaneous in-store transactions on its blockchain.

NPXS Price Analysis

At the time of writing, NPXS is ranked 88th cryptocurrency globally and the current price is $0.006301 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView Note: NPXS recently changed to PUNDIX. This analysis is done on the old NPXS charts since the old chart contains more historical price action. Multiply the NPXS values given here by 100 for the approximate levels on the PUNDIX chart.

March 1st spawned a bullish move in NPXS, reaching over +430%. Chaotic price action near the top of this move resolved into a nearly 50% retracement.

Multiple breaks of swing lows between sweeps of swing highs suggest that the market structure has turned bearish for the immediate future. If the overall market’s conditions remain bullish, this could result in consolidation somewhere below the current price.

Possible support for the start of consolidation rests near $0.005967 AUD. A set of equal lows below this level might be swept into possible support, beginning near $0.005038 AUD.

Another spike upward is possible, but not guaranteed, as the price retraces. The area just under the April monthly open, beginning near $0.009644 AUD, seems a reasonable target. Above this resistance, the last swing high near $0.01254 AUD provides active uptrend.

Where to Buy or Trade Altcoins?

These 3 Altcoins have the highest liquidity on Binance Exchange so that could help for trading on USDT or BTC pairs. Instead, if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is a popular choice in Australia.

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Crypto News Mining Qtum

What to Expect From the Qtum Hard Fork 30 April

QTUM hard fork allows for faster block creation and the addition of a multi-threaded optimised staker (which reduces the usage of computer resources) is available for immediate use with the v0.20.2 update.

QTUM founder Patrick Dai announced on Twitter the release of Fast Lane v0.20.2. According to the tweet, it is estimated that the hard fork will take place on April 30.

Faster Block Creation

As detailed on QTUM blog and discussed in an interview, Jordan Earls (Co-Founder QTUM) stated that the hard fork “decreases our block time to 32 seconds, which means that on average every 32 seconds, a new block of transactions is appended to the blockchain. Instead of 128 seconds (about 2 minutes) as we had in the past.”

Qtum blog

As seen by the increase of the network weight, the new staker is more efficient. If block are created more regularly, miners receive Qtum more regularly, resulting in faster validation of transactions and block creation.

The upgraded staker will benefit all stakers with reduced CPU utilization and multiple threads and will be especially beneficial for stakers with large (> 5,000) UTXO sets.

Qtum

Comparing the performance of v0.20.1 with the new staker in v0.20.2 on a Raspberry Pi 3B (4 core 1.2 GHz CPU with 1 GB RAM and swap file) on the testnet staking 10,000 UTXOs. As seen in the image below v0.20.1 runs Qtum-Qt with a steady 100% CPU utilization whereas v0.20.2 runs at only a few % CPU utilization. Showing that the update reduces computer resource usage for assisting in the Proof-of Stake consensus.

Qtum blog

We believe proof of stake is the morally right thing to do instead of burning tons of electricity to throw it away on cryptographic hashes meeting some condition, and our algorithm is unique in that anyone can stake […].

Jordan Earls, Co-Founder QTUM

What about current native Qtum tokens?

QTUM is used both as a currency due to our UTXO compatibility and fuel to our smart contract ecosystem. Analogous to ETH in Ethereum, QTUM is used to fuel the smart contract that builds out our DeFi money legos, among other things.

Jordan Earls, Co-Founder QTUM

This is a hard fork to upgrade features on the blockchain, and no new coin will be created. The upgrade for the hard fork only applies to the Qtum Core wallets Qtum-Qt and qtumd, no other wallets.

Jackson Belove on Qtum blog

An Exciting Year for Qtum

Qtum is also looking towards the DeFi and DApp space in the future. The project is in a unique position where they can combine the security aspects of the Bitcoin Protocol and Ethereum smart contracts so that they can enable products like NFTs, exchanges, and DeFi functionality.

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Blockchain Crypto News NFTs

The Art of Piledriving: The Undertaker Puts NFTs Through the WWE Ropes

On the weekend, WWE released six Undertaker NFTs, preserving some of the wrestler’s most memorable moments for posterity.

NFTs are one-of-a-kind tokens fast becoming one of the leading ways for artists to connect with their fans.

The NFTs sold at auction for prices between US$100 and $100,000, in partnership with crypto wallet provider Bitski.

The Undertaker NFTs sold on auction

Several Tiers of NFTs

The NFTs were sold in four tiers, with two bronze NFTs, two silver NFTs, and a gold and platinum-tier NFT each.

For the platinum tier, bidding started at $10,000 but it sold for $100,000. The buyer will also receive two front-row tickets for Wrestlemania 38 and 39, taking place in 2022 and 2023 respectively.

Aside from VIP access and an all-expenses-paid stay at a hotel, the buyer will receive a personal thank-you recording from the Undertaker – real name Mark William Callaway – as well as “an original Paul Bearer urn out of the WWE Vault, used by Paul Bearer and the Undertaker, to be signed by the Undertaker, as well as a personalised WWE Championship title belt with the winner’s name engraved on the side plates”.

Nick Khan, WWE president and chief revenue officer, stated that the creation of the NFTs will help expand the wrestling phenomenon, honouring the longest winning streak of any WWE wrestler – which stands at 21-0.

WWE’s first-ever NFT collection presents an opportunity to own a digital piece of history featuring the Undertaker, one of the most iconic superstars in sports entertainment. This will also allow WWE to deepen our connection with the WWE universe during our biggest event, WrestleMania.

Nick Khan, WWE president and chief revenue officer

With the auction over, avid WWE fans will find their very own pieces of wrestling history stored safely within their Bitski wallets.