While much of the mainstream media decided against running pranks this year due to the seriousness of the coronavirus crisis — the crypto community decided to have some fun anyway.
One of the earliest, and funniest, was CoinMarketCap listing ‘Toilet Paper Token’ as the number one cryptocurrency above Bitcoin — the circulating supply, naturally, was ‘out of stock’.
Satoshi predicted the COVID-19 outbreak
CryptoPotato broke the news that Satoshi Nakamoto predicted the coronavirus outbreak in the original Bitcoin whitepaper. It was a pretty convincing story too, thanks to a cleverly fabricated image of the ‘introduction’ to the whitepaper where Satoshi argues the economic system can come to a standstill “in times of severe economic recessions or by the outbreak of a novel virus”.
But they happily admitted the story was fabricated at the end.
Craig Wright is Satoshi #1
Trust Wallet tweeted simply that Aussie Craig Wright has been confirmed as Satoshi Nakamoto …. before admitting in the next line it was just a joke.
Craig Wright is Satoshi #2
Finance Magnates broke the news ‘Craig Wright Victorious in Kleiman Case After Signing with Satoshi’s Key’. They wrote: “Australian computer scientist and entrepreneur Dr. Craig Wright has been granted a victory in the Kleiman v. Wright case after he was able to provably send a transaction from one of the Bitcoin wallets known to belong to Bitcoin creator ‘Satoshi Nakamoto’”.
The only issue with that gag story is that if Wright somehow manages to prove he is Satoshi, he’ll probably lose the case as Kleiman’s family already accepts Wright is Satoshi which is why they want to claim half of Satoshi’s billions.
Satoshi holds an AMA
ChangeNow took the opportunity to announce an Ask Me Anything, featuring Satoshi Nakamoto.
Bitfinex energy drink
Bitfinex introduced a new energy drink with remarkable likeness to Monster energy drink, except with the famed green claw marks replaced with green candle wicks. Some Twitter users liked the idea and said they would happily buy the drink if Bitfinex did decide to follow through.
Bitcoin never sleeps so why should you? Introducing The Bitfinex energy drink, coming soon! 😎 pic.twitter.com/srec6JQXlh
BeInCrypto reported that Pornhub was launching its own cryptocurrency called PORN which uses the novel ‘Proof of Jerk’ consensus algorithm. Given this sounds exactly like something Pornhub would do, it’s probably more a prediction than a joke.
But some ‘prank’ stories might be true…
Showing just how weird crypto can be, it was hard to tell what was real and what was a gag on April Fools Day.
Satoshi created Monero?
The Monero Outreach Organization released an article on April 1st, stating that new research showed the famous Bitcoin creator had also founded Monero. The article discusses the similarities between both coins’ whitepapers in terms of word use and image style. Although the story has been reported as fact by numerous crypto publications, it certainly seems pretty fishy to announce anything Satoshi-related on April Fools Day.
Binance to buy CoinMarketCap?
Many initially thought the news Binance was acquiring Coinmarketcap for $400 million was an April Fools Day gag. Whether it’s true or not, CZ commented on Twitter how his feed had blown up as a result.
December is proving to be another blockbuster month for Bitcoin as the flow of institutional investors injecting funds into Bitcoin continues to increase.
Business intelligence firm MicroStrategy announced that it had raised $650 million worth of convertible bonds at a rate of 0.75% due in 2025. The company now plans to invest the net proceeds in Bitcoin after identifying its “working capital needs and other general corporate purposes.”
When institutional investors show such a large appetite to buy Bitcoin (BTC) near the all-time high, it is no surprise that the corrections have been shallow.
Tyler Winklevoss said in a recent interview with CNBC that institutional investors are worried about the “oncoming inflation and the scourge of inflation with all the money printing and the stimulus from the COVID pandemic lockdowns.” Hence, they have been putting money into Bitcoin.
Crypto market data daily view. Source:Coin360
Today, Bitcoin price surged back above the $19,000 level and it may challenge the psychological $20,000 resistance. If this level is broken out with conviction, it may create FOMO among retail traders as many have not participated in the current rally.
If money from retail investors also starts gushing in, then Bitcoin could pick up momentum and start the next leg of the up-move.
Along with Bitcoin, there are a few altcoins that may participate in the up-move next week. Let’s study the charts of the top-5 cryptocurrencies in order to spot the critical support and resistance levels to watch out for.
BTC/USD
Bitcoin closed below the 20-day exponential moving average ($18,435) on Dec. 10 and 11. However, the long tail on the Dec. 11 candlestick shows that the bulls purchased the dip instead of panicking and dumping their positions.
BTC/USDT daily chart. Source: TradingView
The price rose above the 20-day EMA on Dec. 12 and this could have trapped some aggressive bears who went short in the past few days expecting a sharp fall. This short covering and buying by the bulls pushed the price above the descending channel today.
The price has again reached the $19,500 to $20,000 overhead resistance zone. If the bulls can thrust the price above this zone, the next leg of the uptrend could begin.
Conversely, if the price again turns down sharply from the current levels and plummets below $17,500, it could signal that a short-term top is in place. Such a move could pull the price down to the next support at $16,191.02.
The 20-day EMA has started to turn up and the relative strength index (RSI) has rebounded off the 50 level, which suggests that bulls have the upper hand.
BTC/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows an ascending triangle formation, which will complete on a breakout and close above the overhead resistance zone. This setup has a target objective of $23,576.
However, the bears are currently attempting to stall the up-move at the $19,500 resistance. If the price turns down from the current levels, the bulls are likely to buy on any dip to the 20-EMA. A strong rebound off this support will improve the prospects of a breakout above $19,500.
This bullish view will be invalidated if the BTC/USD pair turns down from the current levels and breaks below the trend line of the triangle.
A breakdown of a bullish setup traps several aggressive bulls and that could result in panic selling. If that happens, a drop to $16,191.02 may be on the cards.
ETH/USD
Ether (ETH) has broken out of the descending channel, which suggests advantage to the bulls. The price can now move up to the $622.807 to $635.456 overhead resistance zone.
ETH/USDT daily chart. Source: TradingView
The RSI has bounced off the midpoint and broken out of the downtrend line, which suggests that bulls have the upper hand.
If the bulls can push the price above the resistance zone, the next leg of the uptrend could begin. Although there could be some pit stops in between, the next target is $800.
On the other hand, if the ETH/USD pair turns down from the overhead resistance but does not give much ground, it will be a positive sign and will increase the likelihood of a breakout of the resistance zone.
This bullish view will be invalidated if the price turns down from the current levels and re-enters the channel. Such a move will suggest that the current breakout was a bull trap.
ETH/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows an ascending triangle formation, which will complete on a breakout and close above $622.807. The moving averages on the verge of a bullish crossover and the RSI is in the positive territory indicate that bulls have the upper hand.
This positive view will be invalidated if the price turns down from the current levels or the overhead resistance and breaks below the triangle. Such a move could result in a drop to $488.134.
XMR/USD
Monero (XMR) completed an inverse head and shoulders pattern on Dec. 7 but the bears quickly dragged the price back below the neckline on Dec. 9. However, the bulls again purchased the dip to the 20-day EMA ($133) and propelled the price back above $135.50 on Dec. 11. This suggests aggressive buying at lower levels.
XMR/USDT daily chart. Source: TradingView
The upsloping moving averages and the RSI above 66 suggest advantage to the bulls. The target objective of the breakout from the bullish setup is $167.
However, the bears may have other plans. They are likely to defend the psychological level at $150. If the price turns down from this resistance but rebounds off the $135.50 support, it will suggest that bulls are accumulating at lower levels.
On the contrary, if the price drops below the $135.50 support and the 50-day SMA ($124), it will suggest that the bears are back in the driver’s seat.
XMR/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows the formation of an ascending triangle pattern that completed on a breakout and close above $142.50. However, the XMR/USD pair has not picked up momentum and the price is stuck inside the $142.50 to $150 range.
If the bulls can thrust the price above $150, the uptrend could resume with the next target at $162.50. The upsloping moving averages and the RSI in the positive zone suggest that the path of least resistance is to the upside.
XEM/USD
NEM (XEM) soared on Dec. 12 and the price reached the $0.27688 overhead resistance today. The bears are currently attempting to stall the up-move at this resistance.
XEM/USDT daily chart. Source: TradingView
However, if the bulls do not give up much ground from the current levels, it will suggest that traders are not booking profits in a hurry. That could keep the price range-bound near the overhead resistance.
The upsloping 20-day EMA ($0.209) and the RSI near the overhead resistance suggest that the path of least resistance is to the upside. If the bulls can propel the price above $0.27688, the XEM/USD pair could move up to $0.3564607.
XEM/USDT 4-hour chart. Source: TradingView
The bears are aggressively defending the overhead resistance. If the price rebounds off the 20-EMA, it will enhance the prospects of a breakout of $0.27688. The upsloping 20-EMA and the RSI in the positive zone suggest bulls have the upper hand.
Contrary to this assumption, if the price breaks below the moving averages, a drop to the trendline is possible. A break below this support will suggest that the bulls have lost their grip.
AAVE/USD
AAVE is trading inside an ascending channel. The price turned down from the $95 overhead resistance on Dec. 8, but the positive sign is that the bulls have purchased the dip to the 20-day EMA ($77).
AAVE/USDT daily chart. Source: TradingView
The RSI has once again bounced off the midpoint and the 20-day EMA has started to turn up. This suggests that the correction may be over and the bulls are back in control. The first target on the upside is a retest of the $95.
If the bulls can push the price above $95, the next leg of the up-move could begin. The $100 psychological level may act as a resistance but if the bulls can drive the price through it, the AAVE/USD pair could rise to the resistance line of the channel at $112.
This bullish view will be invalidated if the price turns down from the current levels and plummets below the support line of the channel. Such a move will suggest that the trend has turned in favor of the bears.
AAVE/USDT 4-hour chart. Source: TradingView
The price turned up from $70.564, just above the support line of the ascending channel but the bears are attempting to stall the relief rally at $86.14.
If the bulls can push the price above this resistance, the pair could rise to $95. A break above $95 could start the next leg of the uptrend.
On the other hand, if the price turns down from $86.14, the pair may form the right shoulder of a possible inverse head and shoulders pattern. This view will be negated if the price dips below the $70.50 support.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.
19-year-old Ukrainian politician reports crypto holdings of $24M in Monero
Published
3 Wochen ago
on
Dezember 9, 2020
By
A newly appointed official in Ukraine has officially declared his cryptocurrency holdings, including a significant amount of privacy-focused cryptocurrency Monero (XMR).
Rostyslav Solod, a 19-year-old deputy of the Kramatorsk regional department and the son of Ukrainian politicians Natalia Korolevska and Yuriy Solod, reported holdings of 185,000 XMR, worth about $24.5 million at publishing time.
According to a declaration published on Dec. 2, Solod became the owner of this Monero fortune back in March 2015, when he was 14 years old.
At the time, Monero was trading at around $0.50 per coin, meaning that the market price for this acquisition was around $90,000. According to the declaration, this acquisition cost Solod’s family 1.6 million hryvnias (about $65,000, according to the exchange rate in March 2015). The declaration indicates Solod’s Monero holdings as property.
In March 2020, the Ukrainian National Agency on Corruption Prevention released a set of guidelines for officials to report their crypto holdings. Public officials should disclose the name of the assets, the purchase date, the quantity and the overall value of the crypto on the last day of the reporting period.
However, according to Michael Chobanian, a major crypto advocate in Ukraine, these recent requirements are poorly enforced. He told Cointelegraph:
“Right now there is no penalty for not providing the correct information in the declaration and […] they can just write anything. And no official government organization has the tools or skills or ability to check how much crypto you have or whether you actually have it.”
Chobanian further suggested that some officials could claim to own crypto in order to hide illegal assets. “You can even probably declare 100 million BTC, because no one would understand and check,” he said.
Bulls eye the $19.5K resistance but low volume keeps Bitcoin price sideways
Published
3 Wochen ago
on
Dezember 8, 2020
By
Today was a relatively uneventful day for Bitcoin (BTC) as the price continues to consolidate into a tighter range.
As mentioned by Cointelegraph contributor Rakesh Upadhyay, Bitcoin price spent the weekend consolidating within a bull pennant and the breakout to $19,418 was quickly stamped out by overhead resistance.
After retouching the pennant trendline, the price gave way, falling below the 20-MA on the 4-hour time frame and briefly losing the $19,000 mark.
Crypto market daily price chart. Source: Coin360
Generally, most traders seem to agree that after a raging 93% rally from $10,300 to $19,888, a period of consolidation is necessary. Cointelegraph analyst Micheal van de Poppe said:
“On the higher timeframe, Bitcoin is still acting as it was last week. We are still acting in the all-time high resistance zone. I still have my eyes on $16K, which we bounced from, and $14K as these areas still could be retested as support. Holding $19K is important and if we have a daily close below $18.9K I think we’ll fall through.”
On the daily and 4-hour timeframe traders will note that the price is still notching lower highs and higher lows, a sign that the price range is beginning to narrow.
BTC/USDT 4-hour chart. Source: TradingView
Currently the price is still holding within the pennant trendline as support but a breakthrough the structure will require a high volume move as there is persistent overhead resistance at $19,500.
As mentioned in previous analysis, a drop below the $18,800 level will see BTC search for support at $17,900, and below that the $16,000 to $15,750 range.
For the short term, risk-averse traders are likely to keep a close eye on the 4-hour chart to see if the price can again find support above the 20-MA in order to burst through the pennant. It is imporant to note that this move will require signifanct volume to avoid rejection in the $19,400-$19,500 resistance zone.
Bitcoin daily price chart. Source: Coin360
Typically, during Bitcoin’s consolidation phases altcoins pump higher but that has not been the case this time.
While a selection of DeFi tokens and other obscure altcoins have moved higher, the majority of the top-20 coins are in the red today.
This is possibly due to the fact that investors are reluctant to shift funds into altcoins while the Bitcoin price is in such an indecisive position.
Experienced crypto investors know that a strong bullish breakout from BTC could result in altcoin-to-BTC pairs being crushed, whereas a bearish breakdown in BTC price tends to result in BTC and USD altcoin pairs receiving an equally catastrophic pummeling.
A few standouts of the day are, AAVE with a 8.54% gain, Monero (XMR) which moved 5.19% higher and Waves (WAVES) which has rallied 6.23%.
According to CoinMarketCap, the overall cryptocurrency market cap now stands at $566.5 billion and Bitcoin’s dominance index currently at 62.6%.
