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Mon, 21 Jun 2021 20:11:51 +0000

Top 3 US Banks Now Offer Crypto Futures Trading, Will Other Banks Follow Soon?

Despite the incessant clamor for the lack of regulatory clarity in the U.S., the biggest banks are already offering cryptocurrency-related services. As reported by Bloomberg, JPMorgan Chase & Co, Goldman Sachs Group Inc, and Morgan Stanley are notably offering crypto futures trading to their clients. This is coming at a time when banks in the

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Despite the incessant clamor for the lack of regulatory clarity in the U.S., the biggest banks are already offering cryptocurrency-related services. As reported by Bloomberg, JPMorgan Chase & Co, Goldman Sachs Group Inc, and Morgan Stanley are notably offering crypto futures trading to their clients. This is coming at a time when banks in the second-largest economy, China, are clamping down on all crypto-related offerings.

US Banking Heavy-weights Riding Crypto Bandwagon

The rate of the embrace of digital assets in the past year has caused a shift in customer demands across the board. At the request of clients, a number of banks in the US and around the world are beginning to explore ways to offer crypto services, albeit, many of the proposed potential offerings are being marred by regulations. This is at least the claim made by Goldman Sachs’ Chief Executive Officer David Solomon in Congressional testimony earlier this month.

“We do clear Bitcoin futures,” he said. “We provide advice to clients, particularly institutions, and high net worth individuals that have an interest in gaining exposure, although often they go to other places to gain those exposures.”

At present, only Bank of America offers crypto futures settlement alongside the three major banks. Morgan Stanley, however, extended its overreach by providing crypto products to its wealthy clients according to the charts provided by Bloomberg as shown below.

Are Other Banks Billed to Follow Suit?

The turn of 2021 opened up access to a growing number of institutional demands for Bitcoin, and other digital assets. Just as the Goldman boss noted, clients are liable to seek the services they desire in places that offer it, a situation most banks are unwilling to experience. Some of the banks with the embrace of crypto futures today, including Goldman Sachs, once talked negatively about the crypto ecosystem.

Time has changed these banking giant’s perceptions, and while UBS is mulling providing crypto services for its rich clients, other banks including Credit Suisse, Deutsche Bank (considering crypto custody services), BNP Paribas, and HSBC are neither offering nor considering offering any crypto-related services. 

As the crypto ecosystem matures, and more regulations are introduced to govern the ecosystem, we are likely to see a shift in stance from these bank’s current position.

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Mon, 21 Jun 2021 19:55:16 +0000

BTC On-Chain Data Signals Start of Bear Market, When Will BTC Reach $64k Again?

Bitcoin exchange inflow by whales has grown rapidly in last few days especially on 21st June, 2021 signally a possible start of bear market. Famous financial cycle expert Charles Nenner has predicted that Bitcoin price all time high of $64,000 is not going to be taken out for a long time. Bitcoin Exchange Inflow Spikes

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Bitcoin exchange inflow by whales has grown rapidly in last few days especially on 21st June, 2021 signally a possible start of bear market. Famous financial cycle expert Charles Nenner has predicted that Bitcoin price all time high of $64,000 is not going to be taken out for a long time.

Bitcoin Exchange Inflow Spikes Amid Chinese Crackdown

Chinese crypto businesses already suffering with crypto mining regulations were left to tears by Chinese Central Bank PBoC as it banned almost all banking services for crypto establishments. While crypto miners in China have no option but to set up their operations elsewhere, same is the case for all other crypto businesses now. The Bitcoin price already suffering with market wide correction declined further as soon as this announcement made mainstream news headlines.

As is clear from the chart, Chinese banking ban news escalated the whale selling and Bitcoin inflow to exchanges.

Bitcoin whales were buying dips in last couple of declines but price action seems to have shifted in bears favor over large exchange inflows during this fresh dip.

Famous geopolitical and financial cycle expert Charles Nenner in his comments on Bitcoin Price said,

“I have no higher price target.  We might have a new up cycle, but I don’t think the top ($64,000) is going to be taken out for a long time.”

This is not all, with Bitcoin ETF out of question in 2021, Bitcoin price seems to be turning bearish faster than expected. Michael Burry known for his on point prediction during 2008 financial crisis, also favors bearish sentiments. The Big short fam Hedge fund manager has predicted the worst market crash ever is about to commence with losses never seen before.

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https://coingape.com/pboc-financial-crypto-clampdown/

Mon, 21 Jun 2021 14:27:36 +0000

People’s Bank of China (PBoC) Instructs Financial Institutions to Clampdown on Crypto

People’s Bank of China (PBoC) has instructed all financial institutions in the country to help effect the clampdown on cryptocurrency engagements. According to a Reuters report, the apex bank said it recently summoned all financial institutions to intensify the way they prevent cryptocurrency trading. Per the report, the PBoC urged these institutions to cut payment

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People’s Bank of China (PBoC) has instructed all financial institutions in the country to help effect the clampdown on cryptocurrency engagements. According to a Reuters report, the apex bank said it recently summoned all financial institutions to intensify the way they prevent cryptocurrency trading.

Per the report, the PBoC urged these institutions to cut payment channels for crypto trading and that they must not offer any form of financial services to digital currency outfits. The overbearing instructions are not the first of its kind as the central bank has always sought new ways to taper down crypto activities in the past decade. However, this current ban is coming amid a growing clampdown on Bitcoin and Proof-of-Work (PoW) related mining activities from one province to the other, with Sichuan being the latest.

Chinese Banks Already Complying

The banks in China are already complying with the directives from the PBoC with the country’s third-largest bank, the Agriculture Bank of China already taking the lead. According to an earlier Coingape report, the Agriculture Bank released a statement earlier today and asked all its customers to refrain from such prohibited activities.

While drawing on the Central Banks instruction, the bank will conduct an investigation into the past activities of its customers to note who has been involved in cryptocurrencies. The current stance of the banks is different from the imposed ban in 2014, and per the outlook, this clampdown is set to stay as other banks are billed to release similar notices to their customers in due time.

Bitcoin is Reacting to the Ban FUD

The price of Bitcoin has plunged, currently changing hands at $32,282, a drop of 5.82% in the past 24 hours at the time of writing. At the current pace, the cryptocurrency is trading at 50.23% from its all-time high price of $64,863.10, set back in April. While it is yet unclear whether this is the worse case reaction of the premier digital currency to the Chinese ban FUD, the dip has fueled about 75% long positions liquidation today. 

The road to the ATH and new price territories looks is far, however, analysts including Stock-to-Flow model creator, PlanB projecting a worse case price of $135k for BTC by year’s end.

Bitcoin is below $34K, triggered by Elon Musk’s energy FUD and China’s mining crack down.

There is also a more fundamental reason that we see weakness in June, and possibly July. My worst case scenario for 2021 (price/on-chain based): Aug>47K, Sep>43K, Oct>63K, Nov>98K, Dec>135K pic.twitter.com/hDONOVgxH1

— PlanB (@100trillionUSD) June 20, 2021

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https://coingape.com/breaking-microstrategy-purchases-additional-13005-bitcoins-worth-489-million/

Mon, 21 Jun 2021 12:28:43 +0000

Breaking: MicroStrategy Purchases Additional 13,005 Bitcoins Worth $489 Million

The Nasdaq-listed software company, MicroStrategy Incorporated has purchased an additional 13,005 units of Bitcoin (BTC) to cushion its already robust BTC reserves. As shared on his official Twitter handle, the company’s CEO, Michael Saylor revealed that the latest purchase is valued at approximately $489 million in cash at an average bitcoin price of about $37,617. 

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The Nasdaq-listed software company, MicroStrategy Incorporated has purchased an additional 13,005 units of Bitcoin (BTC) to cushion its already robust BTC reserves. As shared on his official Twitter handle, the company’s CEO, Michael Saylor revealed that the latest purchase is valued at approximately $489 million in cash at an average bitcoin price of about $37,617. 

While its primary business model revolves around software and intelligence systems creation, MicroStrategy has established itself as a pace-setter in its pursuit of a Bitcoin-laden Treasury. Michael Saylor unveiled that as of June 21, 2021, the company has acquired a total of approximately 105,085 bitcoins at an average price of $26,080 per bitcoin.

MicroStrategy has purchased an additional 13,005 bitcoins for ~$489 million in cash at an average price of ~$37,617 per bitcoin. As of 6/21/21 we #hodl ~105,085 bitcoins acquired for ~$2.741 billion at an average price of ~$26,080 per bitcoin. $MSTRhttps://t.co/gLfnOxZEZc

— Michael Saylor (@michael_saylor) June 21, 2021

MicroStrategy Providing the Right Cushion for Market to Lean on

The entire cryptocurrency industry is reeling from the Chinese ban FUD and its price impact across the board. While the combined crypto market cap is down 3.38% to $1.35 trillion, a far cry from the $2.7 trillion recorded months ago, MicroStrategy is harnessing the inherent opportunities. While the drop in prices created an avenue for MicroStrategy to purchase more Bitcoin, the bullish actions provide succor to help brace the market from the impact of the ongoing ban in crypto by China’s Central Bank.

MicroStrategy has a rich history of allocating shareholder funds into its Bitcoin accumulation agenda. The company has engineered a number of avenues to raise funds to be invested in Bitcoin. Some of these include but not limited to the issuance of Senior Convertible Notes to the tune of $2 billion, as well as the selloff of its shares. The company has positioned itself as a model for other institutional investors to follow suit.

The Drawback from Institutional Investors

Every organization is striving to meet up with sustainable best practices, reducing their Carbon-footprint especially as it relates to energy utilization. Bitcoin, the most attractive digital asset to institutional investors has been proven to take a lot of energy, particularly in its adopted mining process. The cryptocurrency has attracted a lot of concerns as fueled by the duo of Tesla CEO and the Chinese government, with demand to migrate mining operations to sustainable options.

Institutional investors appear to be more conservative compared to MicroStrategy, and like Tesla recently noted, investments may become intensified when 50% of mining activities run on renewable energy.

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https://coingape.com/what-if-michael-burry-is-right/

Mon, 21 Jun 2021 12:10:05 +0000

What if Michael Burry is Right? BTC Price Confirms “Death Cross” Formation

Popular hedge fund manager Micahel Burry, who correctly predicted the 2008 financial crisis beforehand, has now predicted the “mother of all crashes”. Burry has been vocal about the latest developments in the crypto space along with his views on the global macroeconomic situation. Last Thursday, the founder of Scion Asset Management said: “All hype/speculation is

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Popular hedge fund manager Micahel Burry, who correctly predicted the 2008 financial crisis beforehand, has now predicted the “mother of all crashes”. Burry has been vocal about the latest developments in the crypto space along with his views on the global macroeconomic situation. Last Thursday, the founder of Scion Asset Management said:

“All hype/speculation is doing is drawing in retail before the mother of all crashes. #FOMO Parabolas don’t resolve sideways; When crypto falls from trillions, or meme stocks fall from tens of billions, Main Street losses will approach the size of countries. History ain’t changed”.

Burry’s comments have raised anxiety in the crypto space. Bitcoin has been constantly trading under pressure for the last week and collapsed another 8% on the weekend to slip below $33,000 levels. The bitcoin price crash comes with the liquidation of multiple long positions in the last few hours.

Crypto Analyst Confirms Death Cross Formation on Bitcoin Price

The recent Bitcoin price drop on the technical charts has also confirmed the formation of ‘death cross’, a bearish indicator that occurs when the short-term average of Bitcoin drops below its long-term average.

Death cross confirmed. pic.twitter.com/1mStiQ1VGe

— Mati Greenspan (tweets ≠ financial advice) (@MatiGreenspan) June 21, 2021

This can lead to further downside pressure on the Bitcoin price leading to a major crash. Fred Ehrsam, co-founder of the world’s largest crypto exchange, Coinbase, also issued a similar warning with the death cross.

• Bitcoin price and Wall Street’s Correlation

Although Bitcoin (BTC) has been many times referred to as a hedge asset to stock, it has rather shown strikingly similar price movements with Wall Street. Recently, popular crypto analyst Willy Woo noted that Bitcoin’s further price action will be based on how Wall Street reacts.

Last Friday, June 18, the Dow Jones closed under its support levels striking fear in the market. However, the Dow Jones futures have opened 200 points up at positive levels earlier today. thus, analysts are expecting a positive opening for the start of this week. It will be interesting to see whether any positive price action on Wall Street will help BTC recover from the bottom.

Burry – “The Problem With Crypto Is Over Leverage”

The famed investor noted that the major problem with the crypto market today is very high leverage. “If you don’t know how much leverage is in crypto, you don’t know anything about crypto, no matter how much else you think you know,” he added.

But Burry added that he is not a critic of Bitcoin. “I don’t hate BTC. The long-term future is tenuous for decentralized crypto in a world of legally violent, heartless centralized governments with lifeblood interests in monopolies on currencies.”

burry is not shorting BTC because “In the short run anything is possible”. Famed author of Rich Dad Poor Dad Robert Kiyosaki also noted that there’s a major bubble brewing in the stock market. He said that he will buy more Bitcoins as it reached $24,000.

Biggest bubble in world history getting bigger. Biggest crash in world history coming. Buying more gold and silver. Waiting for Bitcoin to drop to $24 k. Crashes best time to get rich. Take care.

— therealkiyosaki (@theRealKiyosaki) June 19, 2021

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https://coingape.com/bitcoin-price-dips-again-michael-burry/

Mon, 21 Jun 2021 11:17:33 +0000

Bitcoin Price Dips Again; Is Michael Burry Right Or Just Another Chinese FUD?

Bitcoin price is taking a dip again as it crashed to $32,000 over fears of Chinese Central Bank denying any kind of banking and payment services access to crypto establishments. Also, the predictions made by “the big short” fame Michael Burry about the greatest stock bubble burst ever seems to be playing out as S&P

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Bitcoin price is taking a dip again as it crashed to $32,000 over fears of Chinese Central Bank denying any kind of banking and payment services access to crypto establishments. Also, the predictions made by “the big short” fame Michael Burry about the greatest stock bubble burst ever seems to be playing out as S&P 500 index continued to decline for fourth consecutive day.

Chinese Central Bank Interviews Banks & Payment Services

As if China’s crackdown on miners was not enough to crash Bitcoin Price, on June 21st early morning another FUD citing cease of banking and payment services to crypto business surfaced. Chinese and few other journalist reported that Central Bank of China (PBoC) has asked banks and payment services in China to immediately stop essential services like opening accounts, clearing and settlement etc. for crypto related businesses.

CHINA CENTRAL BANK SAYS BANKS AND PAYMENT FIRMS MUST NOT PROVIDE SERVICES INCLUDING OPENING ACCOUNTS, REGISTRATION, TRANSACTION, CLEARING AND SETTLEMENT FOR CRYPTOCURRENCY RELATED SPECULATIONS

— *Walter Bloomberg (@DeItaone) June 21, 2021

A chinese newspaper published an update in regards to this matter. As per Chinese news website, cls.com , Chinese officials interviewed various banks and payments firms to discuss virtual currency manipulation. These banks include Industrial and Commercial Bank of China, Agricultural Bank of China, Construction Bank, Postal Savings Bank of China, Industrial Bank and Alipay (China ) Network Technology Co., Ltd. and other banks and payment institutions.

The People’s Bank of China has clearly instructed banks and payment services to halt,

“Products or services such as trading, clearing, and settlement. Institutions must comprehensively investigate and identify virtual currency exchanges and over-the-counter dealers’ capital accounts, and cut off the payment link for transaction funds in a timely manner;”

Stock Markets Continue to Fall. Is Michael Burry Right?

The US stock market prices suffered the biggest dip MoM on Friday and the stock prices continued to decline for four consecutive days. The weekly losses of S&P 500 has spiked to 1.9% which is highest since early February this year. New york times, cited the reason for downfall as,

“Investors have been adjusting their expectations for interest rates, leading to a turbulent stretch for the stock market.”

Meanwhile, Michael Burry predicted in February 2021, the greatest stock market bubble of all times and even disclosed that he is short on Tesla, one among the best performing stocks this year. For those who don’t know, Michael Burry is famous for predicting 2008 banking crisis and making millions on his shorts.

So, Will Bitcoin Follow Stock Market Crash?

Historically, Bitcoin is positively correlated with S&P 500 Stocks index meaning that a downfall in stock market will be followed by Bitcoin crash as well. Covid19 crash proved that Bitcoin is no safe haven when it comes to a widespread fall in stock prices.

Although many A rated analysts including Ark Capital’s Cathie Wood believe that bull run in stocks and bitcoin is not over and that prices will rebound later this year.

To sum it up, here’s  transcript of a tweet by Michael Burry, which was later deleted.  In February 2021 he predicted that stock prices will fall in coming months and that we are headed to largest stock bubble burst ever.

“$TSLA and $BTC correlation coefficient is 0.951967 over the last six months,” Burry said. “@elonmusk going for perfect unity? Nah, Elon dreams the impossible. He is determined to break unity. Correlation > 1. And he has history on his side. $TSLA and $BTC investors can make anything happen.”

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https://coingape.com/agriculture-bank-china-suspends-crypto-related-transactions-activities/

Mon, 21 Jun 2021 08:50:48 +0000

Agriculture Bank of China Suspends Crypto-Related Transactions and Activities

Agriculture Bank of China, the third-largest banking institution of the Asia economic giant, has suspended crypto transactions and related activities. The banking giant released a statement earlier today and asked all its customers to refrain from such activities. Agricultural Bank of China issued a notice that they will not participate in virtual currency transactions and

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Agriculture Bank of China, the third-largest banking institution of the Asia economic giant, has suspended crypto transactions and related activities. The banking giant released a statement earlier today and asked all its customers to refrain from such activities.

Agricultural Bank of China issued a notice that they will not participate in virtual currency transactions and related activities. Customer accounts participating in such activities will be closed and customer relationships will be terminated. #bitcoin #Cryptocurency pic.twitter.com/vXKNdilmky

— 8BTCnews (@btcinchina) June 21, 2021

The statement from the bank reads:

“Once relevant behaviors are discovered, account transactions will be immediately suspended, customer relationships will be terminated, and relevant departments will be reported”.

While in the past, banking institutions have released such statements, popular Chinese journalist Colin Wu points out the notable differences in the ban this time. This time, the statement released from the Agriculture Bank of China clearly shows the requirements of the central bank PBoC. Additionally, it requires investigation into the past behavior and it also asks the banks to report irregularities as and when it is found.

This is different from 2014 in at least three points: first, it clearly shows the requirements of central bank; second, it requires an investigation of past behavior; and third, it reports to the government when it is found. Anyone who understands Chinese can see the difference. https://t.co/8EO4CBLXeK pic.twitter.com/Z8ZnfIlZXo

— Wu Blockchain (@WuBlockchain) June 21, 2021

Other Chinese Banks Will Soon Follow With Similar Ban

As per Colin Wu, other banks will soon follow the cue and initiate similar measures in the coming days. The Agriculture Bank of China accidentally released the document that mentions that other banks will soon introduce a crypto transaction ban following the order from the PBoC. However, it was deleted immediately.

I found the article before the deletion of the Agricultural Bank of China and translated it using Google. The other is the previous statement of other banks in China. You can compare it by yourself. pic.twitter.com/il6LtTgxPy

— Wu Blockchain (@WuBlockchain) June 21, 2021

A former banking official of the Chinese banking system noted that the PBoC was to issue this statement tonight. However, the banking official also believes that the policies of the central bank won’t be too strict. But looking at the recent crackdown by Chinese authorities, it’s better not to be optimistic.

Chinese regulators are taking every possible measure to plug crypto-related activities in the country. apart from just traders, this crackdown has far-reaching consequences even to the Chinese mining community. A number of miners have been fleeing the country to set up a base for mining operations at other crypto-friendly locations. Last Saturday’s crackdown on the Sichuan region resulted in the severe crash of the BTC hashrate for the top Chinese mining pools.

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https://coingape.com/bitcoin-btc-slips-another-8-with-75-long-positions-getting-liquidated-in-last-one-hour/

Mon, 21 Jun 2021 08:05:45 +0000

Bitcoin (BTC) Slips Another 8% With 75% Long Positions Getting Liquidated In Last One Hour

Bitcoin (BTC) is down another 8% today with its price slipping under $33,000 as the world’s largest cryptocurrency continues to lose strength. The latest price crash comes as long positions worth nearly 1000 BTC have been liquidated over the past hours. Citing data from on-chain data provider CryptoQuant, Chinese crypto-journalist Colin Wu reported: “CryptoQuant data

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Bitcoin (BTC) is down another 8% today with its price slipping under $33,000 as the world’s largest cryptocurrency continues to lose strength. The latest price crash comes as long positions worth nearly 1000 BTC have been liquidated over the past hours. Citing data from on-chain data provider CryptoQuant, Chinese crypto-journalist Colin Wu reported:

“CryptoQuant data shows that in the past hour, the number of orders with long positions liquidated was 991.69 BTC. AICoin shows that the amount of liquidation in the past hour was 244 million US dollars, and the long liquidation accounted for 75%”.

It looks like the bearish momentum for Bitcoin is strong at this point and will continue for a while. Some analysts are closely watching the developments in the equity market. Analyst Willy Woo predicted that equity markets will decide the further price action in Bitcoin irrespective of the on-chain fundamentals.

Bitcoin Miners Holding Strong

Despite the massive crackdown by Chinese authorities in recent times, Bitcoin miners are not willing to part ways with their holdings anytime soon. CryptoQuant CEO Ki-Young Ju shares data for the “Miner Direct Selling Index” which shows that the flow of Bitcoins from miners to exchanges has been decreasing. The data shows that there’s been a significant drop in the direct selling index since March 2021.

Last Saturday, the Chinese authorities asked miners from the Sichuan region to shut down operations. As per industry estimates, nearly 90% of the Bitcoin mining operations have been shut down with the Sichuan crackdown.

Popular crypto analyst PlanB, the author of the stock-to-flow (S2F) model noted that Elon Musk’s energy FUD and the Chinese crackdown resulted in this BTC price crash. He expects Bitcoin to trade under pressure for the rest of June and July. However, PlanB notes that while considering the worst-case scenario, Bitcoin is still going $135K by the end of this year.

Bitcoin is below $34K, triggered by Elon Musk’s energy FUD and China’s mining crack down.

There is also a more fundamental reason that we see weakness in June, and possibly July. My worst case scenario for 2021 (price/on-chain based): Aug>47K, Sep>43K, Oct>63K, Nov>98K, Dec>135K pic.twitter.com/hDONOVgxH1

— PlanB (@100trillionUSD) June 20, 2021

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https://coingape.com/dogecoin-polkadot-price-analysis-june-19-2021/

Mon, 21 Jun 2021 05:09:57 +0000

Dogecoin, Polkadot Price Analysis: June 19, 2021

Dogecoin plunges toward $0.24 amid another crypto selloff. Polkadot slides under $20 as declines to $14.5 loom. The cryptocurrency market is like a sea of bloody waters after losses ensued during the weekend session. Stability has been ousted from the market, hinting at continued widespread retracements. Bitcoin is heading back to the support at $33,000

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• Dogecoin plunges toward $0.24 amid another crypto selloff.
• Polkadot slides under $20 as declines to $14.5 loom.

The cryptocurrency market is like a sea of bloody waters after losses ensued during the weekend session. Stability has been ousted from the market, hinting at continued widespread retracements. Bitcoin is heading back to the support at $33,000 while Dogecoin (DOGE) and Polkadot (DOT) are the worst hit in the top ten.

Dogecoin:-

Dogecoin lost the support at $0.3 last week, allowing bears to swing into action powerfully. The following tentative support at $0.28 failed to hold the price as Dogecoin explored the rabbit hole to $0.25.

A reflex recovery stalled at $0.28 while losses gained momentum. At the time of writing, Dogecoin trades at $0.26 and may retest the support at $0.25 or $0.24 before a formidable recovery comes into the picture.

The downtrend is supported by most of the short-term technical indicators, such as the Relative Strength Index (RSI). This technical tool follows the trend of an asset and calculates the strength of the bulls or bears. As the RSI dips under the midline, the bearish outlook is validated.

DOGE/USD four-hour chart

Polkadot:-

Polkadot is back to trading under the crucial support at $20. Last week the token hit highs of $26.5, but bulls couldn’t sustain the uptrend. The reversal that followed was accentuated by widespread losses across the crypto market in the weekend session.

Meanwhile, the least resistance path is downward based on the Moving Average Convergence Divergence (MACD) indicator. Realize that crossing into the negative region was a bearish signal. Moreover, bears grew stronger as the MACD line moved beneath the signal line.

At the time of writing, Polkadot has revisited the levels under $20 and trades at $19.20. If the technical outlook remains unchanged, investors can expect another dip toward the support in May at $14.5.

DOT/USD four-hour chart

Despite the path with minor hurdles being on the downside, reclaiming the ground above $20 would call more bulls into the market. The uptrend will also be emphasized by the MACD line (blue) crossing above the signal line and the entire indicator moving into the positive region.

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https://coingape.com/bitcoin-price-prediction-btc-profoundly-bleeds-while-recovery-decelerates-at-36000/

Mon, 21 Jun 2021 04:03:51 +0000

Bitcoin Price Prediction: BTC profoundly bleeds while recovery decelerates at $36,000

Bitcoin dived to $33,000 during the weekend session, pulling the entire market down with it. Recovery has delayed at $36,000, sending BTC bulls back to the drawing board. Bitcoin moved further away from $40,000 during the weekend session. The support anticipated at $36,000 did little to stop the losses as Bitcoin stretched the bearish leg

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• Bitcoin dived to $33,000 during the weekend session, pulling the entire market down with it.
• Recovery has delayed at $36,000, sending BTC bulls back to the drawing board.

Bitcoin moved further away from $40,000 during the weekend session. The support anticipated at $36,000 did little to stop the losses as Bitcoin stretched the bearish leg to $33,000. A recovery came into the picture, with Bitcoin rising to $36,000.

However, the seller congestion at this level was too intense for the bulls, paving the way for the ongoing retreat. Bitcoin trades at $35,000 at the time of writing amid calls for recovery.

Is Bitcoin going to sustain recovery to $40,000?

The drop to $33,000 saw Bitcoin brush shoulders with the oversold region as observed by the Relative Strength Index (RSI) on the four-hour chart. A reflex recovery tool place, but it was challenging to sustain the uptrend. The RSI could not rise above the midline and currently depicts downward movement for the short term. In other words, the uptrend is proving difficult to sustain.

On the other hand, the Moving Average Convergence Divergence (MACD) may flip bullish in the coming session. This trend momentum tool is in the negative region, but the MACD may rise above the signal line, thus flashing a buy signal. The uptrend will be accentuated by the MACD crossing back into the positive region, perhaps bolstering Bitcoin toward $40,000.

BTC/USD four-hour chart

Support at $33,000 must hold to avoid further breakdown to $31,000 and $30,000, respectively. On the upside, the hurdle at $36,000 must come down to allow bulls to focus on gains above $40,000.

Bitcoin price intraday levels

Spot rate: $34,835

Trend: Bearish

Volatility: Growing

Resistance: $33,000

Support: $33,000 and $31,000

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https://coingape.com/ecb-executive-says-digital-euro-will-protect-eu-from-the-threat-of-other-crypto/

Mon, 21 Jun 2021 03:12:15 +0000

ECB Executive Says Digital Euro Will Protect EU from the Threat of Other Crypto

Speaking to the Financial Times on Sunday, June 20, Fabio Panetta, an executive board member at the European Central Bank, admitted that having a Digital Euro is a must for the European Union to combat the “threats” from other cryptocurrencies. Panetta’s comments come just at a time when the global acceptance of cryptocurrencies is on

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Speaking to the Financial Times on Sunday, June 20, Fabio Panetta, an executive board member at the European Central Bank, admitted that having a Digital Euro is a must for the European Union to combat the “threats” from other cryptocurrencies.

Panetta’s comments come just at a time when the global acceptance of cryptocurrencies is on the rise. Apart from public cryptocurrencies, several private players have started dabbling into the digital currency market and precisely it is getting the central banks nervous.

Panetta said that apart from guiding consumer privacy, a Digital Euro will help in protecting the region’s monetary sovereignty from other competing cryptocurrencies. The ECB executive noted:

“If the central bank gets involved in digital payments, privacy is going to be better protected . . . because we are not like private companies,” he said. “We have no commercial interest in storing, managing or monetising the data of users.

Of course there is the potential threat that could come from others issuing a digital means of payment . . . If people do want to pay digitally and we do not offer them a digital means of payment, somebody [else] would do that.”

Facebook’s Diem Is “Unstable”

In taking a shot at some private cryptocurrencies, Panetta referred to Facebook’s Diem as “unstable” and said that people’s major concern with private cryptocurrencies is that they would erode their privacy. Panetta said that the Digital Euro protects its customers from such privacy intrusion.

He noted that the ECB has found ways to separate people’s payment details from their identities. “The payment will go through, but nobody in the payment chain would have access to all the information,” he said.

The executive also shared some progress the European Central Bank has achieved with respect to testing offline payments of Digital Euro with Bluetooth-linked devices. He noted that ECB has tested “offline payments for small amounts, in which no data is recorded outside the wallets of payer and payee”. A small amount like 70-100 EUR can be transferred offline.

ECB President Christine Lagarde has been stressing the need for having a Digital Euro to combat the growing clout of digital currencies. She said that the complete rollout of Digital Euro will happen in the next 5 years.

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https://coingape.com/market-update-crypto-market-tanks-under-1-4-trillion-btc-down-7-eth-down-by-9/

Sun, 20 Jun 2021 13:25:52 +0000

Market Update: Crypto Market Tanks Under $1.4 Trillion, BTC Down 7%, ETH Down By 9%

It’s not a pleasant Sunday for crypto investors as there’s a fresh bloodbath all over the Satoshi Streets. The overall cryptocurrency market is down 8.39% slipping under $1.4 trillion as of writing this story. The world’s largest cryptocurrency is down 7% and is currently trading at $34,632 with a market cap of $629 billion. Bitcoin

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It’s not a pleasant Sunday for crypto investors as there’s a fresh bloodbath all over the Satoshi Streets. The overall cryptocurrency market is down 8.39% slipping under $1.4 trillion as of writing this story.

The world’s largest cryptocurrency is down 7% and is currently trading at $34,632 with a market cap of $629 billion. Bitcoin fails to hold crucial support levels and amid the recent crackdown by China on local miners, the Bitcoin network hashrate has also tanked further 30%.

After hitting $40,000 last Tuesday, Bitcoin has been continuously trading under pressure and the next level seems to be $30,000 as of now. As Bitcoin has been showing correlation with the equity market in recent times, it is at risk of further price fall if Wall Street comes under pressure.

Citing the strength of the U.S. Dollar Index (DXY) analyst Willy Woo pointed out that money has been flowing back to the USD as investors look for security. This can possibly lead to weakness in the equity markets going ahead. Thus, BTC remains at a risk of further correction from this point onwards.

A Quick Look at the Altcoin Market

• Ethereum (ETH) is down 9% today moving closer to $2000 levels but holding well above. After hitting its all-time high of $4400 in mid-May, ETH has been trading sideways for a while now. The ETH price is more than 50% down now.
• Dogecoin (DOGE) and XRP are the biggest losers in the top ten list crashing 13% as of writing this story.
• Polkadot (DOT) gained momentum last week moving past $25 has corrected 20% since then. Today, the DOT price is down by 10% slipping under $20.

Overall market scenario clearly remains bearish at this stage and bulls are having a tough time. Profit booking has ensued at every price rise over the last week. It is quite a wait and watches moment as data from market whales and retailers give mixed signals.

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https://coingape.com/amid-chinese-crackdown-americas-foundry-usa-mining-pool-enters-top-ten-spot/

Sun, 20 Jun 2021 10:06:20 +0000

Amid Chinese Crackdown, America’s Foundry USA Mining Pool Enters Top Ten Spot

China’s latest ban and crackdown on local crypto mining operations has been a nightmare for several Chinese operators. On Saturday, June 19, the Chinese authorities targeted the Sichuan province asking local government bodies to investigate and shut down Bitcoin mining operations. This has resulted in a severe drop in the BTC hashrate of Chinese mining

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China’s latest ban and crackdown on local crypto mining operations has been a nightmare for several Chinese operators. On Saturday, June 19, the Chinese authorities targeted the Sichuan province asking local government bodies to investigate and shut down Bitcoin mining operations.

This has resulted in a severe drop in the BTC hashrate of Chinese mining pools while ultimately benefitting the American mining pools. America’s Foundry USA mining pool has made its way to the top ten spots and probably the only pool with an increased hashrate over the last 24 hours.

In the last 24 hours, Foundry USA is the only major #Bitcoin mining pool that’s increased in hashrate. pic.twitter.com/WLbE7hA4Ml

— Documenting Bitcoin (@DocumentingBTC) June 19, 2021

Becoming the seventh most powerful mining pool is a major milestone for Foundry and comes within a very short span of time since its launch. Amid the recent crackdown, a number of Chinese miners have been shifting their operations to America.

Places like Texas and Miami in the U.S. have already started wooing Chinese players by offering low-cost energy incentives. The Bitcoin-friendly Miami Mayor Francis Suarez by tapping into the city’s clean nuclear power resources.

The Drop In the BTC Hashrate of China’s Biggest Mining Pools

Amid the crackdown on the Sichuan province on Saturday, June 19, the BTC hashrate for one of China’s biggest mining pools crashed down significantly. With this, AntPool dropped to the third position after F2Pool and ViaBTC.

AntPool dropped to third, and the hashrate dropped to 13000PH/s #BTC #bitcoinmining pic.twitter.com/qO5tJAA7iS

— 8BTCnews (@btcinchina) June 20, 2021

On the other hand, the current real-time computing power of the entire Bitcoin network is 126.26 EH/s, dropping significantly over the last month. Chinese crypto-journalist Wu Blockchain reports that post the Sichuan crackdown on Saturday, the Bitcoin block times had shot to one hour yesterday.

After most big mining farms were shut down in Sichuan, the Bitcoin network once again had a block time of more than 1 hour last night. On June 12, there was a block production time of nearly 2 hours. pic.twitter.com/KOLCp6z5gb

— Wu Blockchain (@WuBlockchain) June 20, 2021

Over the last two days, the BTC hashrate of the top-five mining pools has corrected by nearly 25%. At the same time, 1Thash, the private mining pool of Sichuan-based Valarhash, has been the most affected with its BTC hashrate dropping 46% in the last 24 hours. The crypto mining industry is seeing major changes with America looking to take away the dominance of controlling the BTC hashrate from America.

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https://coingape.com/86870-2/

Sat, 19 Jun 2021 11:40:45 +0000

Bitcoin Price Showing Bearish Downtrend Despite On-chain Metrics Indicating Favorable Network Conditions

The price of Bitcoin (BTC) has continued to drop as the premier cryptocurrency stays afloat a price well below its 7-day high of $41,295.27. At present, BTC is down 5.21% to $35,952.61 according to CoinMarketCap, a bearish positioning that negates the current favorable conditions of the Bitcoin blockchain. Since the price of Bitcoin began retracing

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The price of Bitcoin (BTC) has continued to drop as the premier cryptocurrency stays afloat a price well below its 7-day high of $41,295.27. At present, BTC is down 5.21% to $35,952.61 according to CoinMarketCap, a bearish positioning that negates the current favorable conditions of the Bitcoin blockchain. Since the price of Bitcoin began retracing from its All-Time High price above $64,000, the market trend has witnessed a more passive engagement from retail investors across the board.

This low activity rate is made more evident as Glassnode data showed that the cumulative or total fees paid on transactions in the network have attained their lowest level of 1.390 BTC in the past one year per a 7-Day Moving Average estimate. Based on a similar trend, the lower fees indicate a lack of congestion by users in the blockchain. 

This trend has its inherent impacts which are both negative and positive. On the negative end, the overall price of Bitcoin is kept low as inconsistent transactions and lack of buy-ups that stir a bullish run is absent. The positivity is best targeted at users as sending funds is now relatively cheaper, and more attractive.

Investors Back US Traditional Markets: Impact on Bitcoin

Traditional market investors have pumped more than $756 billion in the daily reverse repurchase operation, a move that came after the Federal Reserve boosted interest rates for the traditional market offering. 

Following the meeting of the Financial Open Market Committee (FOMC) held last Wednesday, the interest rate for overnight repurchase agreement was adjusted to 0.05%, better than the 0% it has been, and the interest rate it pays banks on reserves held at the U.S. central bank was also boosted to 0.15%. These increments influenced the recorded inflows.

In tandem, the United States Dollar appreciated against other currencies on Friday, rising 92.70 against top fiat currencies. This may also account for the unrelenting sell-offs in the Bitcoin markets, as an appreciated Dollar is a cogent advantage for the market bears.

Economic policies from market watchdogs have an overbearing impact on Bitcoin and the cryptocurrency ecosystem as a whole. While many market proponents and bulls anticipate a resurgence in price amidst growing fundamentals, the current performance of Bitcoin does not discount the favorable nature of the network at present.

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https://coingape.com/ethereum-transaction-fees-continue-drop/

Sat, 19 Jun 2021 07:26:58 +0000

Ethereum Transaction Fees Continues to Drop, Now at a 5-month Low

The average transaction fee on the Ethereum blockchain has continued on its downward descent, amid growing demand for decentralized finance (DeFi) products. According to current Glassnode data, the Ethereum mean fee paid based on a 7-day Moving Average just reached a 5-month low of $3.95.  The gas fees associated with blockchain networks are a small

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The average transaction fee on the Ethereum blockchain has continued on its downward descent, amid growing demand for decentralized finance (DeFi) products. According to current Glassnode data, the Ethereum mean fee paid based on a 7-day Moving Average just reached a 5-month low of $3.95. 

The gas fees associated with blockchain networks are a small amount of charges users pay to get their transactions processed. On the Ethereum network, usually, these charges go to miners under the current Proof-of-Work (PoW) model and the congesting on the blockchain has resulted in skyrocketing network prices over time.

Trailing the transaction fee this year, the Glassnode provided charts above showed gas fees at the beginning of the year was around $3. The fees quickly rose to $10 in mid-January as we started approaching the start of the most bullish moments thus far this year. The average Ethereum gas fee rose to a peak of about $45 as Ether record its all-time high (ATH) price above $3,800.

From the peak, significant drops are being seen prior to this time as the gas fee hit a 3-month low back in April.

Proposed Future Upgrades to Help Introduce Cheaper Fees

Ethereum’s upcoming EIP 1559 upgrade is scheduled to go live in July, and it is set to make a remarkable alteration in the fee mechanism on the blockchain. From the current model, the base fee paid by users for a transaction is dependent on recommended gas prices based on the activities on the network at that time.

With the implementation of the EIP 1559 upgrade, the fees to be paid by users will be calculated by the protocol. This is billed to be lower as the block capacity will be kept at the average mark, preventing the impact of congestions.

Ethereum is arguably the most used blockchain network of all time, however, competitions are beginning to rise, and loyal users now find solace in other cheaper networks such as the Binance Smart Chain, Solana, and Tezos amongst others. To compete in today’s growing world of finance, Ethereum is working to get its fees challenges sorted, either through this EIP 1559 upgrade or via its upcoming Proof-of-Stake (PoS) model, dubbed Ethereum 2.0

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https://coingape.com/chinese-authorities-order-sichuan-based-crypto-miners-to-shut-down-operations/

Sat, 19 Jun 2021 06:44:57 +0000

Chinese Authorities Order Sichuan-based Crypto Miners to Shut Down Operations

On Friday, June 18, Chinese authorities intensified their crackdown on crypto mining activities in the Southwestern Sichuan province. The authorities issued the notice to local miners to shut down their operations on an immediate basis. As reported by Reuters, the joint notice came from The Sichuan Provincial Development and Reform Commission, and the Sichuan Energy

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On Friday, June 18, Chinese authorities intensified their crackdown on crypto mining activities in the Southwestern Sichuan province. The authorities issued the notice to local miners to shut down their operations on an immediate basis.

As reported by Reuters, the joint notice came from The Sichuan Provincial Development and Reform Commission, and the Sichuan Energy Bureau. The authorities have asked nearly 26 suspected Sichuan-based crypto mining projects to shut down their operations by Sunday, June 20.

Sichuan is the second-biggest Bitcoin mining province in the world. Miners usually move their operations in Sichuan during the rainy season to benefit from the region’s abundant and cheap hydroelectric power.

The notice from regulators also asks state electricity companies in Sichuan to conduct due inspections and report it to the authorities at the earliest possible time. The authorities have asked to immediately stop the electricity supply to crypto mining projects. Besides, they have also asked the local government of Sichuan to initiate strict measures to shut down the existing operations and ban the new ones.

China’s countrywide Crackdown Gains Momentum

Just within few weeks of passing the law banning crypto mining activities, China has intensified its crackdown on key crypto mining provinces. Apart from Sichuan, authorities have initiated similar measures in other mining regions like the Inner Mongolia Autonomous Region, the Xinjiang Uygur Autonomous Region, and the Qinghai province.

Reportedly, Chinese authorities have cited that crypto mining projects used electricity generated from highly polluting resources like coal. However, the Sichuan region largely uses hydroelectric power which indicates that the Chinese crackdown on crypto mining extends beyond the reasons of carbon footprint. Speaking to Reuters, Winston Ma, NYU Law School adjunct professor and author of the book “the Digital War” said:

“Renewable power does not help. The four largest mining regions – Inner Mongolia, Xinjiang, Yunnan and Sichuan – have implemented similar crackdown measures, even though mining in the latter two are mostly based on hydropower, whereas the first two are on coal”.

Considering that China accounts for more than 50% of the global crypto mining activities, the latest regulatory action has crashed the Bitcoin hashrate by more than 30% over the last months. This happens as several miners have turned offline unplugging their mining rigs.

Most of the Chinese miners are relocating their operations to overseas markets like North America. The U.S. State of Texas and Florida’s Miami city are currently wooing these miners by offering low-cost electricity incentives. Simultaneously, these states are also working out ways to move towards renewable mining solutions by tapping the region’s natural energy resources.

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https://coingape.com/willy-woo-bitcoin-btc-is-at-a-major-downside-risk-if-the-equity-market-corrects/

Sat, 19 Jun 2021 05:38:06 +0000

Bitcoin (BTC) Is At A Major Downside Risk If the Equity Market Corrects Predicts Analyst

The world’s largest cryptocurrency Bitcoin (BTC) continues to trade sideways after failing to hold above $40,000 levels. At press time, Bitcoin (BTC) is down 7.5% trading at $35,274 with a market cap of $658 billion. The Bitcoin indicators and on-chain metrics are dodgy at this point giving a tough time for analysts. Popular Bitcoin analyst

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The world’s largest cryptocurrency Bitcoin (BTC) continues to trade sideways after failing to hold above $40,000 levels. At press time, Bitcoin (BTC) is down 7.5% trading at $35,274 with a market cap of $658 billion.

The Bitcoin indicators and on-chain metrics are dodgy at this point giving a tough time for analysts. Popular Bitcoin analyst Willy Woo looks at the macroeconomic situation in order to analyze the situation at hand. Woo predicts that there will be selling pressure on Bitcoin rather than any bullish momentum over the next week.

He notes that there’s a lot of money currently flowing into the U.S. Dollar Index (USD) which means that money has been moving to safety. Thus, Woo points out that if the equity market corrects further, Bitcoin (BTC) will also enter a strong price correction. In his recent analysis, Woo wrote:

“My only concern for downside risk is if we get a major correction in equities which will pull BTC price downwards no matter what the on-chain fundamentals may suggest. Noticing USD strength on the DXY, which suggest some investors moving to safety in the USD”.

We Are Not In the Bear Market

The recent price action in BTC has made investors anxious with some noting that this is the beginning of the new bear market cycle. Woo denies any such situation citing the healthy growth of new users joining the Bitcoin network.

Woo also points out that money has started flowing from stablecoin back into Bitcoin (BTC). He also notes that Bitcoins have been moving from the weak hands to the strong hands. As we reported earlier, short-term-holders (STHs) – who entered the market in the last 1-6 months – have been booking losses but whales and long-term users have been accumulating at every stage.

In the below chart Woo also points out that exchange flow over the last month has started flowing in, however, it’s not. happening at an “exaggerated” pace.

Woo suggests that some time needs to be burn, just as CoinGape reported that analysts are looking for a “wait and watch” approach.

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https://coingape.com/bitcoin-btc-hashrate-drops-to-lowest-in-2021-north-america-crypto-miners/

Fri, 18 Jun 2021 16:53:49 +0000

BTC Hashrate Drops to Lowest in 2021, North America All Set to Become New Crypto Mining Hub

China’s crackdown on crypto does not seem to end. In a fresh report today Sichuan province of China issued an official statement ordering all the power generation companies to stop power supply to crypto miners effective from 25th June 2020. Meanwhile, North American states are planning to grab this opportunity by both hands and become

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China’s crackdown on crypto does not seem to end. In a fresh report today Sichuan province of China issued an official statement ordering all the power generation companies to stop power supply to crypto miners effective from 25th June 2020. Meanwhile, North American states are planning to grab this opportunity by both hands and become a new crypto mining hub of the world.

On June 18, Sichuan officially issued a document requesting power generation companies are required to immediately stop supplying power to any virtual currency mining, and report the relevant situation on the 25th. https://t.co/O39TSETy0k

— Wu Blockchain (@WuBlockchain) June 18, 2021

The announcement is already showing its effects on Bitcoin hashrate and Bitcoin price which remains vulnerable in $36k range. Bitcoin hashrate dropped to 127.66 m TH/s which is the lowest in 2021.

World Prepares to Welcome Migrating Chinese Crypto Miners

While on one side, China is leaving no stone unturned to uproot crypto miners, many US states and other parts of the world are welcoming miners. Many large crypto miners in China including Jiang Zhuoer, the operator of one of the leading Chinese mining pools Lebit Mining have already announced that they are moving to European and American Countries.

Continental United States regions like Texas are most suitable for crypto miners due to their unregulated energy markets. Also, in a recent interview to CNBC, Francis Suarez, Mayor of Miami is offering incentives for crypto miners. Other states like Wyoming are also making their moves to attract desperate crypto miners and assist them to set up their operations in their states.

Mayor Suarez is offering clean and inexpensive energy to crypto miners in the form of nuclear power. Miami is planning to set up infrastructure to provide facilities for crypto Miners.

While in short term impact of Chinese crackdown is definitely unsettling Bitcoin but as more and more states join to welcome crypto miners from China, future looks bright for Bitcoin. This migration of miners will transition Bitcoin network to a more eco-friendly and efficient asset.

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https://coingape.com/goldman-sachs-trading-bitcoin-futures/

Fri, 18 Jun 2021 15:21:47 +0000

Just-In: Goldman Sachs Becomes First Major US Bank to Trade Bitcoin Futures

As reporter by CNBC sources Goldman Sachs has started trading Bitcoin Futures in partnership with Mike Novogratz’s Galaxy Digital. The news is big as it opens doors to Bitcoin trading for major banking clients like hedge funds, pensions, family businesses etc. How Will it Boost Institutional Adoption? Banking support is very crucial for Bitcoin’s adoption

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As reporter by CNBC sources Goldman Sachs has started trading Bitcoin Futures in partnership with Mike Novogratz’s Galaxy Digital. The news is big as it opens doors to Bitcoin trading for major banking clients like hedge funds, pensions, family businesses etc.

How Will it Boost Institutional Adoption?

Banking support is very crucial for Bitcoin’s adoption as it provides various institutions a trusted mechanism to invest and trade. Not only this, investors will now be able to utilize derivative, arbitrage opportunities and bitcoin structured notes. According to Damien Vanderwilt, a formed Galaxy partner who joined Galaxy last year, said,

“The more activity that moves into the institutional community, the less volatility there will be.”

He believes that more and more institutional involvement will make Bitcoin less volatile and make is safer for retail investors. The step by Goldman is expected to be followed by all other major banks as clients demand bitcoin based investment options more than ever.

This marks the official beginning of Bitcoin on wall street as more & more institutions like hedge funds, Venture capitalist firms can take a position on Bitcoin. Goldman is relying on Galaxy digital as traditional banking industry is heavily regulated while Bitcoin is still in a grey area.

Recently, Coingape reported formation of a separate cryptocurrency team by Goldman Sachs in their employee memo. The particular choice of Digital Galaxy can be attributed to the fact that major high rank positions at Digital Galaxy are taken by ex-Goldman Sachs executives.

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https://coingape.com/opensea-to-permit-nft-creators-to-decentralize-their-metadata-using-ipfs/

Fri, 18 Jun 2021 12:10:34 +0000

OpenSea to Permit NFT Creators to Decentralize their Metadata Using IPFS

Decentralized Non-Fungible Token (NFT) marketplace, OpenSea has announced the boost to its provisions for its creators to store their NFT Metadata using the Interplanetary File System (IPFS) and Filecoin when creating on the platform.  The blockchain and crypto ecosystem is agog with the obvious potentials of NFTs. These tokens, which largely represent one of the

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Decentralized Non-Fungible Token (NFT) marketplace, OpenSea has announced the boost to its provisions for its creators to store their NFT Metadata using the Interplanetary File System (IPFS) and Filecoin when creating on the platform. 

The blockchain and crypto ecosystem is agog with the obvious potentials of NFTs. These tokens, which largely represent one of the most trusted ways of registering the ownership of digital items on the blockchain have welcomed large inflows of cash from collectors this year. From the sale of Beeple’s piece for about $69 million to the launch of a $100 million crypto fund by Fox Entertainment to back Non-Fungible Tokens, the NFT metaverse has remained one of the most successful crypto niches thus far this year.

However, a problem persists, which is in the storage of the media attachments and other properties associated with the NFTs. Usually, those collectibles stored on centralized servers like Google Cloud, and Amazon Web Services for instance are predisposed to impermanence, and mutability.

While storing this metadata on-chain is still largely expensive, OpenSea has integrated support for creators to store their metadata on IPFS through the Filecoin system.

The support for IPFS offers the following advantages to creators; easy accessibility of the NFT and its metadata at all times as there can be no server downtime, the guarantee that the NFT piece is frozen and not tampered with, proof of originality; and a relatively cheaper option of storing the NFTs in general.

The NFT Growth Sustenance Through Trust

A growing number of experts believe that the decentralized finance ecosystem is approaching its inflection point with the rise of NFTs. While many believe the growth of the tokens is a bubble that is billed to burst, a true increase in their potentials can help sustain the long-term change the assets promise.

Building a decentralized system to verify the legitimacy of NFTs and their associated metadata is vital in pushing the new innovations to the limelight. When there is trust, collectors can be at peace when making purchases. In line with this, OpenSea is committed to backing the storage of metadata across all blockchain networks.

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