Crypto Tidbits: Bitcoin Explodes Past $11k, Ethereum 2.0 Nears, Cardano’s Shelley Launches
[NEWS BLOG]: Crypto Tidbits: Bitcoin Explodes Past $11k, Ethereum 2.0 Nears, Cardano’s Shelley Launches
Bitcoin’s recent price action comes as a breath of fresh air for crypto traders, which had to deal with BTC flatlining in the $9,000s for around two and a half months. The leading crypto asset is attempting to pass the local highs of $11,500 as this article is being written.
Despite the strength of the breakout, Bitcoin’s macro volatility indicators remain at historically low levels. This may suggest, according to Bitazu Capital’s Mohit Sorout, that BTC has room to rally to the upside as ongoing volatility seems to be favoring bulls.
This latest rally in the crypto market has brought Bitcoin above the pivotal $10,500 resistance. $10,500 marked the top of three separate Bitcoin rallies over the past year, suggesting it is of utmost importance for bulls to hold.
This article will be released shortly after BTC closes the monthly candle for July. Analysts say that if Bitcoin can hold either $10,500 or $11,500 after that close, it is in an extremely good spot on a macro time scale. For context, Bitcoin closing above $11,500 would mean that BTC is at one of the highest levels (from a monthly candle perspective) since the $20,000 highs.
Bitcoin has actually been one of the best-performing cryptocurrencies of the past week as it being volatility has favored growth in major cryptocurrencies over smaller altcoins.
Ethereum, too, has done extremely well. It now trades at $345 — just shy of 2019’s high and up approximately 50% in the past two weeks alone.
Some say that capital is cycling from hot DeFi tokens like Chainlink and Aave’s LEND to Ethereum and Bitcoin, hence their relative rallies.
Prominent investors in the space expect more upside for the crypto market. Speaking with CNBC on Tuesday, Galaxy Digital’s Mike Novogratz said that BTC is on track to hit $20,000 this year. Referencing how the narrative and how capital is shifting towards scarce assets likely in response to the Federal Reserve:
“A lot of that retail interest shifted to the story stocks, to the tech stocks, because they were just more fun … Yesterday you saw a lot of money shift back over to gold and bitcoin. There’s an adoption game in bitcoin that you don’t have in gold. But I like them both.”
OTHER RELATED NEWS
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Cryptocurrency investment app Abra starts selling crypto for cash in all 7-Eleven stores across the Philippines with a new partnership with payment processor ECPay.
Crypto in 6,000 outlets in the Philippines.
Abra announced on Sept. 18 that the partnership will bring crypto to 6,000 retail outlets across the Philippines, including all 7-Eleven stores. The company says that the aim of the partnership is to make acquiring cryptocurrency easier: “Using new digital tools that open up financial access shouldn’t be hard. And they shouldn’t be complicated. Moving cash to crypto and other digital assets should be simple and fast. That’s why we are - read more.
SEC vs. Ripple: US Judge Orders Both Parties from the XRP Lawsuit to Hold a Discovery Conference
In a fresh twist to the Securities and Exchange Commission (SEC)’s fight against Ripple Labs, US judge Sarah Netburn has directed both parties to hold “a telephonic discovery conference on Tuesday, April 6, 2021.” The judge’s order directs the parties to discuss a motion to compel filed by Ripple’s lawyers.
"Motion to Compel"
On March 15, lawyers representing current Ripple Labs CEO Brad Garlinghouse and Christian Larsen had asked Judge Netburn to compel the SEC to produce documents relating to the regulator’s lawsuit against the fintech firm.
In their motion, Ripple’s lawyers argued that seeking this court order had been necessitated by the regulator’s - read more.
K-Pop Music Giant SM Entertainment Is Planning Its Own Cryptocurrency
SM Entertainment, one of Korea’s top-three pop talent agencies, is planning to build its own blockchain network with a native cryptocurrency as it battles a shareholder revolt and a falling stock price.
Joo Sang-sik, director of the company’s technology arm, CT-AI Labs, made the announcement at the Upbit Developer Conference in Incheon on Sept. 4, according to a report from local media outlet IT Chosun.
Joo said the company is aiming to develop a blockchain network that would allow fans to be more engaged with the entertainment ecosystem by investing in artists’ work through cryptocurrencies.
The director provided few specifics about - read more.