The leading digital assets investment company, Grayscale has resumed its massive Bitcoin (BTC) purchases just a few days after it reopened the Bitcoin Trust product for new investments. Oftentimes, the company buys more than BTC miners could mine in a single day. This somewhat indicates that there is still a growing interest in Bitcoin among institutional investors.
Massive purchases like this create scarcity for the leading cryptocurrency, which should be a good sign in the long term.
Grayscale Stacks +10K Bitcoin
Since December 21, the digital asset investment company stopped accepting new investment to its Bitcoin Trust, and five other large-cap funds like the Ethereum Trust, Ethereum Classic, Litecoin, etc. This is no longer an unusual move from the company, as it’s now understood to be a periodic tradition, where Grayscale reportedly closes the crypto products to “private placement” rounds.
Despite suspending new investments in the crypto products, especially the Bitcoin Trust fund, the company bought more Bitcoin a few days after the announcement.
Grayscale temporarily stopped accepting new clients, but it looks like their existing clients are still quite hungry for more…
A day after the Bitcoin Trust was resumed for new investments on January 13, the company bought over 2,000 Bitcoin, which is worth more than US$74 million, following the current price of the cryptocurrency at US$37,215. Presently, Grayscale’s Bitcoin holding is sitting at 618.56K, according to the information on ByBt. This means that the company added 8,000 Bitcoin in two days after the first purchase of the week. Thus, Grayscale stacked over 10,000 BTC within three days.
Following the current BTC holding, the Grayscale Bitcoin Trust fund has a valuation of US$23 billion.
Why it Matters
At first, these massive BTC purchases from Grayscale shows there is a steadily growing interest by institutions to hold Bitcoin. As the demand continues to grow on the platform, we are likely to see bigger buys by Grayscale, which creates scarcity for Bitcoin in the crypto market. Basically, the price of an asset is expected to increase when demand is greater than the asset’s supply rate.
Cocos BCX just pumped up to +36% in a single day and surges over +56% in a week with a strong breakout on Binance & other Exchanges. Let’s take a quick look at the BCX price analysis and possible reasons for the recent breakout.
What is Cocos BCX?
Cocos-BCX is a public blockchain platform aiming to create a complete run-time environment for games with multi-game system compatibility, providing game developers a user-friendly platform for blockchain game development.
Cocos Quick Stats
SYMBOL:
Cocos-BCX
Global rank:
471
Market cap:
$21,267,454 AUD
Current price:
$0.0005 AUD
All time high price:
$0.0031AUD
1 day:
+36.41%
7 day:
+56.79%
1 year:
+135.07%
Cocos-BCX Price Analysis
At the time of writing, Cocos-BCX is ranked 471st cryptocurrency globally and the current price is $0.0005 AUD. This is a +56.79% increase since 9th January 2021 (7 days ago) as shown in the chart below.
If we see the above 1-day candle chart, Cocos-BCX did a strong parabolic breakout from the falling wedge pattern while trading sideways from the last few days around $0.00029 AUD price levels & is now heading towards its major resistance which is $0.0012 AUD. After BTC made a new all-time high in its price and Altcoins are also rising in a bullish trend, Cocos-BCX looks well-positioned to hit the next high price levels.
“The Falling Wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. This price action forms a cone that slopes down as the reaction highs and reaction lows converge.”
The Cocos-BCX TradingView indicators (on the 1 day) mainly indicate Cocos-BCX as a buy, except the Oscillators which indicate Cocos-BCX as a neutral.
So Why did Cocos-BCX Breakout?
The recent rise in Bitcoin over +300% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. Another reason for this sudden pump in price could be the whales secretly buying Cocos-BCX for the next Altcoins rally & it could also be contributed to some of the recent news of the Cocos Reduction Plan.
Cocos-BCX has the highest liquidity on Binance Exchange so that would help for trading Cocos/USDT or Cocos/ETH pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.
Polkadot DOT is trading in uptrend here like many other altcoins. The Cryptocurrency DOT just went up +30% in a single day by breaking a Falling wedge pattern with strong buying volume and surges over +52% in a week.
What is Polkadot?
Polkadot is an open-source sharding multichain protocol that facilitates the cross-chain transfer of any data or asset types, not just tokens, thereby making a wide range of blockchains interoperable with each other.
The Polkadot protocol connects public and private chains, permissionless networks, oracles, and future technologies, allowing these independent blockchains to trustlessly share information and transactions through the Polkadot relay chain.
DOT Quick Stats
SYMBOL:
DOT
Global rank:
5
Market cap:
$14,510,797,086 AUD
Current price:
$16.08AUD
All time high price:
$18.48 AUD
1 day:
+30.38%
7 day:
+42.96%
1 year:
+137.81%
DOT Price Analysis
At the time of writing, DOT is ranked 5th cryptocurrency globally and the current price is $16.08 AUD. This is a +42.96% increase since 8th January 2021 (7 days ago) as shown in the chart below.
After looking at the above 4-hour candle chart, we can clearly see that DOT was trading inside the falling wedge pattern on the DOT/USDT pair. The first resistance was on the $13.05 AUD price levels which DOT broke with a strong bullish trend buying volume and is now heading towards the next all-time high price. Seeing that many altcoins are waking up bullish this week, DOT is likely to continue to increase in the uptrend.
“The Falling Wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. This price action forms a cone that slopes down as the reaction highs and reaction lows converge.”
The DOT TradingView indicators (on the 1 day) mainly indicate DOT as a buy, except the Oscillators which indicate DOT as a neutral.
So Why did DOT Breakout?
The recent rise in Bitcoin over +300% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. Another reason for this sudden pump in price could be the whales secretly buying DOT for the next Altcoins rally & it could also be contributed to some of the recent news of Integration Announcement.
Polkadot has the highest liquidity on Binance Exchange so that would help for trading DOT/BTC or DOT/USDT pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.
Binance Australia has seen their SMSF and corporate user base grow by over 400% compared to the previous quarter, end of 2020. This news was reported directly from Binance Australia to Crypto News.
With the previous significant rally in 2017, the public perception of crypto was very different to what we’re seeing more recently. There has been far bigger growth this time around, but not with quite the same level of noise in the mainstream that we experienced in 2017 suggesting much of the investment in the last few months has been institutional.
Presently, setting up a corporate account can be a lengthy process, however, that seems to be the case with all legitimate crypto exchanges operating worldwide and in Australia. They are subject to Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) rules as well as required to be compliant with all applicable laws, like any other registered financial institution and digital currency exchange in Australia.
2021 is Looking Promising for Binance Australia
This news also follows other recent uptakes with Binance AUD Trading Volume Over A$130 Million In a Single Day. Users can now do PayID/Osko Australian Dollar (AUD) deposits with zero fees directly from their Australian bank accounts.
Jeff Yew (Binance Australia’s CEO) also mentioned that they are seeing cryptos as an asset class and technology that is better understood, and far better appreciated in 2021, with the recent sustained bull run is supporting this. As the retail demand for crypto assets continues to grow, he believes they will continue to see this increase in institutional adoption of Bitcoin, likely to lead to a supply squeeze of the asset.
Frontier FRONT is trading in uptrend here like many other altcoins. The Cryptocurrency FRONT just went up +49% in a single day by breaking a Falling wedge pattern with strong buying volume and surges over +60% in a week.
What is Frontier?
Frontier is a Chain Agnostic DeFi Aggregation layer. Using Frontier, Users can Track and Manage DeFi positions, Stake Assets, Swap or Exchange Assets and explore more DeFi Applications in one single place. Frontier is also building Frontier chain, which is a Decentralised Key Management blockchain based on Cosmos SDK.
Frontier Quick Stats
SYMBOL:
FRONT
Global rank:
563
Market cap:
$13,882,001 AUD
Current price:
$0.5937 AUD
All time high price:
$1.11AUD
1 day:
+49.38%
7 day:
+60.96%
1 year:
+105.73%
FRONT Price Analysis
At the time of writing, FRONT is ranked 563rd cryptocurrency globally and the current price is $0.5937 AUD. This is a +60.96% increase since 7th January 2021 (7 days ago) as shown in the chart below.
After looking at the above 4-hour candle chart, we can clearly see that FRONT was trading inside the falling wedge pattern on the FRONT/BUSD pair. The first resistance was on the $0.3874 AUD price levels which FRONT broke with a strong bullish trend buying volume and is now heading towards the next monthly high prices. Seeing that many altcoins are waking up bullish this week, FRONT is likely to continue to increase in the uptrend.
“The Falling Wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. This price action forms a cone that slopes down as the reaction highs and reaction lows converge.”
What do the Technical indicators say?
The FRONT TradingView indicators (on the 1 day) mainly indicate FRONT as a strong buy, except the Oscillators which indicate FRONT as a buy.
So Why did FRONT Breakout?
The recent rise in Bitcoin over +300% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. Another reason for this sudden pump in price could be the whales secretly buying FRONT for the next Altcoins rally & it could also be contributed to some of the recent news of Frontier Prize Pool.
Incentivizing Open Finance: @FrontierDotXYZ Invites You to Share a 155,000 $FRONT Prize Pool!
The Frontier FRONT has the highest liquidity on Binance Exchange so that would help for trading FRONT/ETH or FRONT/BUSD pairs. However, you can also buy FRONT from different exchanges listed on Coinmarketcap.
Since the past month, Bitcoin (BTC) has seen posting an exponential increase in price, and especially on December 27, the network’s hashrate began spiking. A growing hashrate means more mining machines are going online on the BTC network. Probably, miners became active amid the growing price of Bitcoin and have presently turned to take profits from their BTC holding, as the cryptocurrency seems to be due for a larger correction.
Bitcoin Hashrate at ATH
Looking at the Bitcoin blockchain explorer, Blockchain.com, the hashing power on the BTC network has been growing since the past weeks. Currently, the hashrate is sitting at a new record level of 150.776 million terahashes per second or TH/s. As recently as January 8, Crypto News Australia reported the previous all-time high at 148.727 million TH/s, which happened when the Bitcoin’s price was pushing for the US$40,000.
Judging by this, one might say that the current trend in the Bitcoin hashrate is somewhat influenced by the growth of the crypto. However, on-chain metrics suggest that some miners have turned to take profits, than hodling the cryptocurrency for the long term. This was probably caused by Bitcoin’s correction from January 10, as Miner Position Index (MPI) was seen spiking notably at the same time.
Miners are Selling
A recent chart shared by Ki-Young Ju, the founder of CryptoQuant, showed that the ratio of Bitcoin leaving miners’ wallets to exchanges in the 1-year moving average has been growing steadily. As of January 12, the MPI reached 5.26 points, which is more than double the standard (2 points), which shows miners are beginning to sell their coins. Massive inflows from miners to exchanges can disrupt Bitcoin’s volatility, and Ki-Young thinks, “we might have second dumping.”
However, more BTC buys from institutions can alter the effect of these deposits from miners, as was seen in December.
Since December last year, they had been selling $BTC, but the correction was tiny due to institutional buying power.
Paddington Hall will be transformed into a celebration of digital art and music with a three-day, multi-sensory walk-through experience featuring 20 of the world’s top digital artists.
Future Art is Australia’s first immersive Cryptoart Festival, and will combine HD projections, digital display frames and interactive VR to highlight the rare digital art space, which is redefining art ownership with the use of blockchain technology, Bitcoin and Ethereum.
What Is Cryptoart?
If an artist creates a piece of digital art, such as an animated gif or a movie, they can sell it using blockchain technology. A digital token is used that has all the information of the digital art store within its metadata. It brings with it scarcity and value into the digital art world. Future Art curator Sats Moon says:
“Two or three years ago, if you created something on your iPad or phone, people could take a photo of that or copy a jpeg and there’d be millions all over the world. There was no value attached to digital art. The crypto ethos is ruled by blockchain technology – the artists get paid a royalty directly into their currency wallet whenever their art is bought and sold. It’s baked into the technology.”
How Does It Work?
The artist uploads their artwork to a digital gallery, such as SuperRare or Rairible. A transaction is created in the Ethereum blockchain, moving a token associated with the artwork to the crypto wallet of the artist who created the piece. The transaction is digitally signed to prove authenticity.
The artwork is them uploaded onto the system. When it is sold, another transaction is issued and the token is moved to the wallet of the buyer.
Itinerary
Future Art runs from January 15 to 17 at Paddington Town Hall. Buy tickets here.
The show will also include keynote presentations from leading VR and AR artists ‘Giant Swan’ and ‘Marc O Matic’, who will be painting live sculptures while interaction with the audience.
Friday 15 January2021 Future Art Launch Party, inc live performances by Dave Goode + Murat Kilic + The Planetts + butters “AAA – Access All Art” 7pm – 11pm Tickets: $50 + BF (includes admission)
Saturday 16 January2021 Keynote VR/AR Presentations Giant Swan (Australia) Marc O Matic (Australia)|7-10pm Tickets $50 + BF (includes admission) Music by Reckless Republic+ Dave Goode + Murat Kilic + The Planetts + butters
Sunday 17 January 2021 GA General Admission – 12pm- 6pm – $25+BF
One of the leading Australian cryptocurrency exchange, TimeX, announced on Wednesday it has added support for users to trade the native digital currency of Shping, a Melbourne-based innovative shopper marketing and brand protection platform.
This is perhaps, a milestone for the company and its millions of users, as more exchange listing would make the cryptocurrency more accessible, and also create room for adoption.
Shping Coin now Listed on TimeX
According to the update from TimeX, the cryptocurrency is available for trading on the platform with two crypto-to-crypto trading pairs. These include SHPING/.ETHEREUM and SHPING/ AUDT. At the time of writing, the cryptocurrency was trading at the price of US$0.00003193 on Coinmarketcap. The Shping coin still has a low trading volume and market capitalization of $47,357 from a circulating supply of 1,483,041,697 coins.
This cryptocurrency was launched in the market in 2018 through the process of initial coin offering or ICO. According to the information provided by ICO Bench, the company behind the cryptocurrency bagged more than US$6.6 million from the offering.
When Coinmarketcap began tracking the Shping coin on October 11, 2018, it was trading at US$0.000313, which is lesser than the ICO price at US$0.0100. Meanwhile, the coin later reached an all-time high of US$0.0009726 on Coinmarketcap on May 12, 2019.
After reaching that peak, the crypto has been sliding, as seen in the chart below.
Shping Coin Use Case
Shping runs a reward program for its users, which is powered using the cryptocurrency. With over 20 million supported products, the company basically allows customers to learn more about any product they wish to buy. By doing so, as well as performing other activities, they are rewarded with the Shping cryptocurrency, which can be converted to cash on exchanges.
Aside from TimeX exchange, the digital currency is also supported by exchanges like Coinbinhood, IDEX, and Livecoin.
German authorities recently arrested an Australian man who ran an illegal marketplace, called “The E-bay for criminals”. Apparently, the man received payments via cryptocurrencies with transactions worth 4650 Bitcoins and 12,000 Monero — the current equivalent value of $212,832,280 Australian Dollars.
ALERT: DarkMarket seized by German authorities. It was the largest darknet drug marketplace for 3 months.
Empire and Dream Market admins are still at large. Dream was online for seven years.
The 34-year-old, identified only as Julien K, was trying to cross the Danish-German border when the Police arrived and arrested him. The Dark Market was so large and popular in the darknet that The Australian Federal Police —together with the Scotland Yard, the Europol, German authorities, and the FBI— had to join forces to reach Julian’s whereabouts.
Dark Market Landpage
The Dark Market Ran Silk Road-style
Julian ran Dark Market similarly to Silk Road, the most famous digital black market that hosted illegal products and activities founded by Ross William Ulrich. But Silk Road still has its underground users: two months ago, the U.S. Justice Department seized $1 billion in moved Silk Road crypto.
Like Silk Road, Dark Market used Bitcoin and other cryptos as a payment method.
The Dark Market also used the Tor network for its illegal activities with cryptocurrencies.
There was a similar case in Australia, where New South Wales authorities arrested a woman behind a “Bitcoin scheme”. Police arrested the 59-year old in a shopping centre in Burwood, accused of belonging to a syndicate that profited off by illegally exchanging BTC for money. The case was called “The first kind in Australia”.
Dark Market was operating since 2014, but according to the German police, the joint investigation sparked in 2019 when they found a data processing platform that hosted illegal markets. Organized criminals ran the data center in an abandoned 5,000 square meters NATO bunker.
Likewise, authorities in the German city Koblenz seized around 20 servers in Moldova and Ukraine, shutting them down on Monday.
According to dark.fail, The platform was run on “Eckmar” a PHP script that kept shipping addresses encrypted:
DarkMarket ran on "Eckmar marketplace", a readily-available cryptomarket PHP script infamous for insecurities and half-baked features.
Eckmar claims to store all messages and shipping addresses encrypted. We'll see how that pans out in the coming wave of arrests.
Julian refused to speak to any investigator for now. Prosecutors are now analyzing the platform to discover all its users and proceed to a greater investigation.
For today’s trading news, we’re looking at three Altcoins that might breakout this week by showing bullish trends in the charts.
1. Cosmos (ATOM)
In a nutshell, Cosmos bills itself as a project that solves some of the “hardest problems” facing the blockchain industry. It aims to offer an antidote to “slow, expensive, unscalable and environmentally harmful” proof-of-work protocols, like those used by Bitcoin, by offering an ecosystem of connected blockchains.
ATOM Price Analysis
At the time of writing, ATOM is ranked 30th cryptocurrency globally and the current price is $7.80 AUD. Let’s take a look at the chart below for price analysis.
During January, ATOM has consolidated under the January monthly open inside an approximately 35% range. This consolidation could point to accumulation.
Bulls immediately bought up dips to support at a weekly level near $5.52 AUD and the monthly level near $5.37 AUD, showing substantial buyer interest.
A cluster of relatively equal daily lows around $5.18 AUD provides an attractive target for a stop run, creating a potentially excellent entry for bulls. More aggressive bulls could enter on dips to the closer support beginning at $5.48 AUD.
If Bitcoin tumbles, a more pronounced dip could reach as low as the equal lows near $4.20 AUD, running stops into support beginning at $4.20 AUD. This move would give a good risk/reward entry for bulls targeting the high below resistance starting at $7.23 AUD, the relatively equal highs near $7.92 AUD, and the August high near $9.87 AUD.
2. Nem (XEM)
NEM (New Economy Movement) is an ecosystem of platforms that use blockchain and cryptography to provide solutions for businesses and individuals. XEM is the native cryptocurrency of NEM’s NIS1 public blockchain.
XEM Price Analysis
At the time of writing, XEM is ranked 18th cryptocurrency globally and the current price is $0.2839 AUD. Let’s take a look at the chart below for price analysis.
After accumulating under the January monthly open, XEM rallied +87% in a single day before retracing to support near $0.2276 AUD.
Buyers continue to snatch up dips under the monthly open, suggesting that accumulation is still taking place.
Bulls could look for entries in this region while being conscious of a potential stop run below the cluster of lows at $0.1667 AUD. Two areas of support, beginning near $0.1492 AUD and $0.1434 AUD, provide probable buys if the price dips this low.
The equal highs near $0.3142 AUD provide a first reasonable bullish target. If the price takes this target and penetrates the surrounding resistance, the next probable resistance begins near $0.4348 AUD. Possible targets include the old highs just above this resistance near $0.4544 AUD, $0.47 AUD, and $0.5318 AUD price levels.
3. Verge (XVG)
Verge is a privacy-focused cryptocurrency and blockchain that seeks to offer a fast, efficient, decentralized payments network that improves upon the original Bitcoin (BTC) blockchain. It includes additional privacy features including integrating the anonymity network Tor into its wallet, called vergePay, and providing the option of sending transactions to stealth addresses.
XVG Price Analysis
At the time of writing, XVG is ranked 85th cryptocurrency globally and the current price is $0.0161 AUD. Let’s take a look at the chart below for price analysis.
XVG wasted no time during January, rocketing upward over +190% from the second day of the month into the resistance near $0.0151 AUD.
For the last several days, the price has consolidated sideways and appears to be flipping old resistance near $0.0143 AUD to support. If this level breaks – perhaps due to the tempting daily equal lows below – the next support begins near $0.0112 AUD.
Bulls entering at these levels could set their first target near the previous resistance near $0.0160 AUD. Beyond this level, probable targets include the old highs near $0.0204 AUD and the resistance above near $0.0229 AUD.
A break of this resistance, perhaps prompted by the halving coming later this month, could continue to the highs near $0.0249 AUD and $0.0287 AUD price levels.
Where to Buy or Trade Altcoins?
These 3 Altcoins have the highest liquidity on Binance Exchange so that would help for trading on USDT or BTC pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.
