Bitcoin traders still favor new $20K lows as Ether hits $2K – Cointelegraph

It is high time for a deeper retracement on the “relief” rally in Bitcoin, say commentators, but upside targets of $28,000 stay on the table.
Bitcoin (BTC) is still due to return to near $20,000, fresh analysis warns as BTC/USD attempts to retest multi-month highs. 
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD staging a second run-up to near $25,000 on Aug. 13, so far seeing rejection.
The pair had gained over $1,300 overnight, but as bulls again ran out of momentum near crucial resistance, few were optimistic over Bitcoin avoiding a deeper comedown.
“One last high to rekt early shorts,” popular trading account Il Capo of Crypto told Twitter followers.
Similarly cautious was fellow trader Jibon, who said that he would even prefer to wait and “buy higher” than spot price to rule out any trend reversals.
If you see my tweet and buy $BTC at 18-19K, Then you are in 30% profit (without leverage).

Honestly saying, Right now, I don't feel Safe. I will buy higher. $BTC $ETH $SPX $NASDAQ
More bullish was trading account Credible Crypto, who argued that any corrections would still be bullish unless $20,700 was broken.
“Relief went a big higher than expected but looks like a liq grab of local highs and still think a move down to green before continuation to 28k+ makes most sense,” he commented on an accompanying chart:
“Targeting high 20s of $27,000 – $28,000 as long as we remain above the range high,” Crypto Tony added, continuing a strategy from earlier in the week with $24,500 a key support level.
On altcoins, meanwhile, it was Ether (ETH) in the driving seat after an overnight surge took ETH/USD above $2,000 for the first time since May.
Related: Crypto markets bounced and sentiment improved, but retail has yet to FOMO
At $2,020 so far, the pair achieved its best performance since May 23, seeking to consolidate near the highs at the time of writing. 
While on-chain analyst Material Scientist alluded to the worst being yet to come for ETH bulls, Ether’s crypto market cap share nonetheless crossed 20%, while Bitcoin’s fell under 40%, according to data from CoinMarketCap.
As Cointelegraph reported, a dedicated indicator already called the start of alt season with a stronger signal than at any time since June 2021 this month.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.


Crypto update: Avalanche up 7%, BNB up 6% as cryptocurrencies stay in green – Business Today

Cryptocurrencies continue their green streak as major crypto tokens gain over the last 24 hours. The global crypto market cap is at $1.10 trillion as of 6:00 AM IST after witnessing an uptrend of 0.93 per cent, CoinMarketCap data showed.
Bitcoin, the largest cryptocurrency as per market cap, is trading at $23,260. The cryptocurrency has gained 1.56 per cent over the last 24 hours.
Ethereum also maintained uptrend. It is up by 2.07 per cent.
Stablecoins like USDT Tether and USDC maintained their peg at $1. Tether showed 0.02 per cent negative change whereas USDC showed 0.01 per cent uptrend over the lst 24 gours.
Binance’s BNB token has rallied 6.12 per cent becoming one of the top gainers among mainstream cryptocurrencies.
Ripple’s token XRP is up 1.08 per cent up from its value over the last 24 hours. 
Stablecoin BinanceUSD is trading at the spot of the seventh most valuable cryptocurrency. It showed 0.03 per cent downtrend and is trading at $1.
Cardno blockchain’s ADA token gained 3.74 per cent over the last 24 hours.
SOL token is up 3.79 per cent.
The DOT token of the Polkadot blockchain is trading at $8.76 after a rallying 4.07 per cent over the last 24 hours.
Memecoins Doge and Shiba Inu did not show much momentum. They gained 1.28 per cent and 2.01 per cent respectively.
Stablecoin DAI is trading at $0.9996 and showed 0.02 per cent positive change in its value.
Polygon’s MATIC’s gaining spree slowed down as the token rose a mere 1.39 per cent in the last 24 hours.
AVAX token of Avalanche blockchain showed an upside of whopping 7.23 per cent.
Uniswap maitained its position as the fifteenth most valuable cryptocurrency as per market capitalization. It rose 2.02 per cent over the last 24 hours.
Overall, majority top crypto tokens gained over the last 24 hours.
Also Read: Binance could shutdown WazirX, move your funds: Changpeng Zhao – BusinessToday
Also Read: WazirX was acquired by Binance: Nischal Shetty
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Crypto Price Today LIVE: Bitcoin stays at $23,000; BNB & Polkadot add up to 4% – Economic Times

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From tracking sustainability of products to monitoring pollution, environmental researchers are now finding blockchain’s use in solving the climate crisis.
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Here are the top three newly-listed coins by largest market cap – Finbold – Finance in Bold

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Amid the ongoing cryptocurrency market meltdown, new projects are still entering the sector, potentially guided by the possibility of a future rally. At the same time, investors appear to trust emerging assets pumping capital into the projects. 
In this line, real estate-centred Nblh (BNLH) trading at $0.02 has the highest market capitalization at $18.5 billion among new cryptocurrencies tracked by CoinMarketCap as of August 29. 
Metaverse gaming-based Ivar Coin (IVAR) valued at $1.43 ranks second with a market cap of $14.2 billion, While Bitcoin Pay (BTCPAY) is third at $805 million trading at $3838. Cumulatively, the three new projects listed on CoinMarketCap within the last three days control $33.5 billion in market cap. 
The significant capital inflow into the projects can be partly tied to their promised utility. Indeed, amid the influx of new crypto projects, there is a consensus that those with viable use cases will likely stand out in the market. 
For instance, Nblh seeks to promote transparency, stability, and offer investment opportunities in the growing real estate sector. Elsewhere, BTCPAY aims to accomplish some of the shortcomings in the existing crypto projects by acting as a store of value, capital, and consumable asset.
Furthermore, investors are likely betting on the assets’ surge in value, with a section of the broader market projecting that the current correction is temporary. Based on historical trends, investors who get involved in a crypto project early tend to profit in the long term. 
It is worth pointing out that the growth of crypto projects has also ushered in scams that tend to over-promise on returns. Consequently, investors who fall for such projects unknowingly pump in more money. 
Interestingly, eight of the top ten new cryptocurrencies with the highest market cap have been built on the Binance Chain (BNB). The blockchain has been marketed to help promote cryptocurrency adoption in the financial space. 
The network is considered friendly to developers by being fast and with fewer transaction costs since the platform has a decentralised exchange (DEX) that facilitates crypto swapping. Additionally, BNB has a mobile platform that enhances efficiency while allowing development teams to create new projects on the go. 
Notably, although Ethereum (ETH) has historically ranked among the leading blockchains for developing new crypto projects, the upcoming Merge upgrade can be viewed as a hindrance. 
The upgrade will transition the blockchain to a Proof-of-Stake (PoS) protocol. Therefore, due to the magnitude of the upgrade, developers might be uncertain regarding the post-Merge environment. 
The precautions regarding the Merge is highlighted by a previous Finbold report indicating that crypto exchange Coinbase will briefly pause all withdrawals and deposits involving Ethereum until the entire migration is complete.

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This Nation Has Shown More Interest In Crypto Than Any Other – NDTV Profit

Nigeria showed more interest in cryptocurrencies than any other country.
Africa’s most-populous nation showed more interest in cryptocurrencies than any other country since the digital assets began to decline in April, according to a study by price tracker CoinGecko.
Nigeria scored 371 in the study that looked at Google Trends data for six searches such as “buy crypto” or “invest in crypto” that were then combined to give each English-speaking nation a total search ranking. The West African country was followed by the United Arab Emirates and Singapore. 
“This study provides interesting insight into which countries remain most interested in cryptocurrency in spite of market pullbacks,” CoinGecko’s co-founder Bobby Ong said in an emailed statement. “The countries at the top of this list appear to be keenest to buy the dip, and highlight their long-term outlook for cryptocurrencies.” 
The Nigerian stock exchange said in June it planned to start a blockchain-enabled platform next year to deepen trade and lure young investors to the market. That came after its central bank in early 2021 ordered commercial lenders to stop transactions or operations in cryptocurrencies, citing a threat to the financial system.

Singapore had the most searches on Ethereum, while Georgia sought information on Solana, according to CoinGecko. 
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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Coinbase to Suspend All ETH Transactions During Ethereum Merge Upgrade – The Motley Fool

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by Tor Constantino | Published on Aug. 17, 2022
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The largest U.S.-based crypto exchange announced its intent to temporarily halt ETH-related activity during the blockchain upgrade set for Sept. 15.
The Ascent's best crypto apps for 2022 (Bonuses, $0 commissions, and more)
Coinbase announced on Wednesday, through its official blog site, that the largest U.S.-based cryptocurrency exchange plans to temporarily suspend Ethereum (ETH) trading, withdrawals, and deposits. The pause of ETH-related activity will be timed with the pending Ethereum Merge software update to the blockchain from its current proof-of-work (PoW) method of authorizing transactions to an energy-saving proof-of-stake (PoS) approach, which is currently planned to occur on Sept. 15.
“During the Merge, Coinbase will briefly pause new Ethereum (ETH) and ERC-20 token deposits and withdrawals as a precautionary measure. Although the Merge is expected to be seamless from a user perspective, this downtime allows us to ensure that the transition has been successfully reflected by our systems. We do not expect any other networks or currencies to be impacted and expect no impact to trading for ETH and ERC-20 tokens across our centralized trading products,” the announcement reads.
The Coinbase statement further notes that since the “go live” date for the Merge coding upgrade is not yet finalized, it will make public notice of the trading pause via its Twitter feed and the official Coinbase status page. Interestingly, the post did not reference any impact of the Ethereum Merge on the Coinbase NFT marketplace, despite the fact that most NFT transactions still occur via the Ethereum blockchain.
However, the Coinbase message did call out the threat from scammers who try to exploit any type of shift or change that occurs within the crypto sector, advising individuals to be on their guard.
“It’s important to always be on high alert for scams, but especially leading up to the Merge. We recommend you don’t send your ETH to anyone in an attempt to “upgrade to ETH2″ as there is no ETH2 token. Your assets will be safe and secure during this period and no action is required to upgrade on your part,” the announcement states.
For the past six years, Ethereum coders and the blockchain’s Foundation, have been working to switch from the energy-draining PoW consensus mechanism to an enviro-sustaining PoS approach. In fact, the Ethereum Foundation states that once the PoS method is rolled out, it will use 99.95% less energy than the old model. Other expected benefits of the fully launched programming software include enhanced scalability, faster transactions, and lower fees. It’s important to note that the Merge is just the first of four additional planned blockchain enhancements in the future, so the opportunity for Ethereum upgrades will not end with the completion of the Merge.

Our top crypto play isn’t a token – Here’s why

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We’ve found one company that’s positioned itself perfectly as a long-term picks-and-shovels solution for the broader crypto market — Bitcoin, Dogecoin, and all the others. In fact, you’ve probably used this company’s technology in the past few days, even if you’ve never had an account or even heard of the company before. That’s how prevalent it’s become.
Sign up today for Stock Advisor and get access to our exclusive report where you can get the full scoop on this company and its upside as a long-term investment. Learn more and get started today with a special new member discount.
Tor Constantino is a corporate communications executive and business writer with an MBA. Since 2017, he has written about cryptocurrencies, blockchain, and crypto’s potential to revolutionize finance. His writing has appeared in outlets including Entrepreneur, Forbes, Fortune, CEOWorld, and Yahoo!.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
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UPDATE 1-Federal Reserve issues guidance for banks considering crypto activities – Yahoo Finance

(Adds additional info about guidance, background on bank regulators in crypto and mention of letter from senators on crypto)
By Pete Schroeder and Hannah Lang
WASHINGTON, Aug 16 (Reuters) – The U.S. Federal Reserve on Tuesday issued additional guidance for banks considering activities involving cryptocurrencies, emphasizing that firms must notify the Fed beforehand and make sure whatever they do is legally permitted.
The Fed said in a statement that while cryptocurrencies could present "potential opportunities" to banks, firms needed to make sure they had systems in place beforehand to ensure the volatile assets did not threaten safety and soundness or consumer protections.
Banks should also notify the Fed before engaging in any crypto-related activities, and any banks that had already pursued crypto initiatives should also notify the Fed about their involvement in the digital asset space, the agency said.
The Fed also encouraged state member banks to alert their state regulator before getting involved in crypto activities.
The Fed said in the supervisory letter that banks supervised by the agency should take several steps before engaging in any crypto-related activities, including determining if existing laws dictated any particular filings and whether any activities under consideration were legally permissible.
Banks should also have adequate risk management systems and controls in place before getting involved in crypto to ensure that any endeavors were conducted in a safe and sound manner and were compliant with relevant consumer protection statutes, the Fed said.
The move comes just days after several Democratic senators led by Massachusetts Sen. Elizabeth Warren called on the U.S. Office of the Comptroller of the Currency (OCC) to rescind its previously issued guidance on crypto and replace it with "a comprehensive approach in coordination with other prudential regulators".
Last year, U.S. banking regulators including the Fed and the OCC jointly said that they intended to clarify in 2022 what sort of activities banks could engage in involving crypto, including whether firms were able to hold digital assets on their balance sheet and facilitate crypto trades on behalf of customers. (Reporting by Pete Schroeder and Hannah Lang in Washington; Editing by Chris Reese and Alex Richardson)
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Bitcoin Price Drop Underscores Crypto’s Overstated Value – Bloomberg

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This Country is the Most Crypto 'Obsessed' As Per Google Trends Data – Watcher Guru

Interest in the crypto markets reached mainstream after Tesla CEO Elon Musk announced he invested in Dogecoin in early 2021. Musk’s constant tweets and interviews on Dogecoin attracted millions of new and first-time investors into the crypto fold. From the United States to Africa and Asia, investors from several countries popped up intending to make quick money. However, the markets experienced a bull run in 2021 but shed all profits it generated this year. Most new investors are at a loss, while only a few enjoy gains. Nonetheless, among all the nations, one particular country seems to be crypto-obsessed, as per data from Google Trends.
Also Read: Feds Issue Warning to Banks Taking Advantage of Crypto Opportunities
Africa’s most populated country Nigeria is the most crypto-obsessed nation in the world. Google searches for “buy crypto” or “invest in crypto” ranked at the top in Nigeria. Google Trends data shows that Nigeria scored 371 points, which is the highest compared to other countries across the globe.
Nigeria is plush with both crypto-obsessed investors and also crypto-related talents. The country produces talents for NFT, crypto, and Web3 solutions as a large population provides services to offshore clients. In addition, a Bitcoin village is also being built in Nigeria’s financial hub Lagos.
Also Read: Crypto: When Can Investors Expect the Next Bull Run in 2022
The second most Googled country for cryptocurrencies is the United Arab Emirates, and the third spot goes to Singapore. CoinGecko conducted the study, and the United States is not even in the top 10 list.
Lebanon, Trinidad & Tobago, and Pakistan are much ahead of the crypto craze than the U.S. The data suggest that developing counties are more interested in cryptos than developed nations.
“The countries at the top of this list appear to be keenest to buy the dip, and highlight their long-term outlook for cryptocurrencies,” said Coingecko’s co-founder Bobby Ong. He continued, “This study provides interesting insight into which countries remain most interested in cryptocurrency in spite of market pullbacks.”
Also Read: Shiba Inu: Here’s What to Expect From the Upcoming SHIB Mobile App
Disclaimer: Our articles are NOT financial advice, we are not financial advisors. All investments are your own decisions. Please conduct your own research and seek advice from a licensed financial advisor.


Canadian crypto exchanges begin to enforce annual 'net buy limits' on the majority of cryptocurrencies – Kitco NEWS

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(Kitco News) – Several cryptocurrency exchanges in Canada have begun introducing measures designed to cap the annual buy limit for certain crypto assets at $30,000 CAD, a move that is being done in order to “protect crypto investors.”
The exchanges in question, Newton and Bitbuy, are both based out of Toronto and have made a move to limit the purchase of certain tokens in order to comply with orders from the Ontario Securities Commission (OSC) and the securities regulatory authorities in other provinces and territories of Canada.
We’re excited to finally announce our registration with the Ontario Securities Commission (OSC) and the securities regulatory authorities in all Canadian provinces, Yukon, and Northwest Territories.
According to a post from Newton, Ontario-based crypto traders will now be subject to a “net buy limit” on a majority of crypto tokens, excluding Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).
Newton clarified that Canadian residents that live in BC, Alberta, Manitoba or Quebec would not be subject to these limits.
Unfortunately, as noted in a post from Bitbuy, residents of the following providences will be subject to the new buy limits: New Brunswick, Newfoundland, Nova Scotia, Nunavut, Northwest Territories, Ontario, Prince Edward Island, Saskatchewan, and Yukon.
Bitbuy revealed these changes to its users back in May, providing a more detailed explanation of how the limits would be enforced.
“The limits are defined as ‘net purchase limits,’ meaning it tallies up all of your crypto purchases minus your sells (at average cost) over a rolling 12-month period (last 365 days),” Bitbuy said.
According to a table provided by Bitbuy, the $30,000 CAD purchase limits will apply to individuals who qualify as “retail investors,” while “eligible investors” will have a purchase limit of $100,000 CAD. Those who qualify as “accredited investors” will not be subject to any purchase limits.

The crypto community pushes back
The wider cryptocurrency community has responded with criticism to the imposition of buying limits, including those who charged the OSC with effectively picking winners and losers by limiting access to certain tokens.
The development even drew a response from Ethereum co-creator Vitalik Buterin, who is “Glad to see Ethereum people pushing against regulations that privilege ETH over other legitimate cryptocurrencies.”
Glad to see Ethereum people pushing against regulations that privilege ETH over other legitimate cryptocurrencies.

(I have not dug into the details of what specifically is going on and to what extent it’s a gov thing vs a compliance decision of one business, but either way…)
Other social medial users were quick to offer Canadian residents solutions to the new limits. One popular suggestion is for affected individuals to bypass the rules by purchasing large amounts of unrestricted tokens and transferring them to a decentralized exchange to swap for the token of their choosing.
For Kitco News

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