The Introduction and Marketing Activities of JERITEX Team at The Crypto Expo Asia 2022 (Singapore) on June 22, 2022.
Weifeng Technology Corporation invest $2 million in Sunflower Blossom Metaverse project to build the metaverse traveling’s ambition.
- Joining for the event to explore smart and secure investment opportunities by providing market-leading content and updates for the crypto and blockchain industry.
- Gaining insight into the key facts that shape the crypto industry as the market continues to expand, network with experts and investors, update on the latest trends in crypto, and become the top leader in the crypto market at this event.
- Providing market’s leading content & updates on Crypto and Blockchain industry that will help you explore the investment opportunities available as smartly and securely.
- Lennix Lai, Director, OKX
- Lucaz Lee, Founder & CEO, Affyn
- Darrel Wijaya, CTO & Co-founder, Creo Engine
- Igneus Terrenus, Head of Communications, Bybit
- Anndy Lian, Chairman, BigONE Exchange
- James Toh, Business Development Director, Coinstore
- Kelvin Yeung, Founder & CEO, HKD.COM
- Expo: Top Crypto brands exhibiting their products and services to thousands of investors and traders.
- Conference: Top Industry leaders delivering meaningful insights and latest crypto related information to crypto traders, investors and businesses.
- Awards: Witness Top Crypto companies being awarded in a prestigious Award ceremony.
JERITEX MOBILE TRADING APP LAUNCHES AND ANNOUNCES PLAN TO PARTICIPATE IN EUROPEAN BLOCKCHAIN CONVENTION 2022 IN BARCELONA
- Bitcoin started a downside correction from the $28,150 resistance zone.
- The price is trading above $26,600 and the 100 hourly Simple moving average.
- There is a declining channel forming with resistance near $27,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend its decline toward $26,800 before it attempts a fresh increase.
Bitcoin Price Starts Downside CorrectionBitcoin price started a decent increase above the $27,000 resistance zone. BTC even climbed toward the $28,000 resistance zone before the bears appeared. A high was formed near $28,150 and the price started a downside correction. There was a move below the $28,000 and $27,500 levels. The price even spiked below the $27,400 level. However, it found support near the 50% Fib retracement level of the key increase from the $25,928 swing low to the $28,150 high. Bitcoin is still trading above $26,600 and the 100 hourly Simple moving average. Besides, there is a declining channel forming with resistance near $27,250 on the hourly chart of the BTC/USD pair. Immediate resistance on the upside is near the $27,200 level and the channel trend line. The first major resistance is near the $27,400 level. A clear move above the $27,400 level might send the price toward $28,000. The next major resistance is near $28,150, above which there could be a sustained increase. Source: BTCUSD on TradingView.com In the stated case, the price could test the $29,200 level. Any more gains might set the pace for a larger increase toward $30,500.
What’s Key Support In BTC?If Bitcoin fails to clear the $27,400 resistance, it could continue to move down. Immediate support on the downside is near the $27,000 level. The next major support is near the $26,800 level or the 61.8% Fib retracement level of the key increase from the $25,928 swing low to the $28,150 high. A downside break below the $26,700 level might put a lot of pressure on the bulls. In the stated case, the price could drop toward $26,000. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level. Major Support Levels – $27,000, followed by $26,700. Major Resistance Levels – $27,400, $28,000, and $28,500.
‘Three Rouge Ex-Team Members Responsible For $16 Million Withdrawal’On Saturday, August 26, one of the anonymous developers behind the Pepe project shed more light on the mysterious $16 million withdrawal from the project’s multi-sig wallet via a post on the official X (formerly Twitter) account. According to the team member, three ex-team members initiated a series of unexpected withdrawal transactions and transferred the “stolen” Pepe tokens to various crypto exchanges. A part of the community address explained: The multi-sig (wallet) was set up to require 3/4 signers present for an approval. Yesterday these 3 ex-team members came back behind my back, logged onto the multi-sig, stole 16 Trillion/ 60% of the 26 trillion multi-sig tokens, and sent them to exchanges to sale. They then removed themselves from the multi sig in an attempt to absolve any association to $PEPE, deleting all of their social accounts and leaving me behind nothing but a message stating “the multi-sig (wallet) has been updated, you are now in full control.” The anonymous developer established that these former members have been difficult to work with since the inception of the Pepe project. “There has often been conflict, and the majority of the team involved in $PEPE creation started to distance themselves after the first week of project inception”, they said. While apologizing for the inconvenience and losses caused by the “bad actors,” the project member claims that the remaining 10 trillion Pepe tokens in the multi-sig are “safe” and out of the reach of “nefarious” ex-team members. Unsurprisingly, the online crypto community had mixed reactions to the project developer’s address. While some individuals seemed convinced by the team member’s account, others raised questions about the sincerity of the claims.
PEPE Jumps By Nearly 10% – Is A Recovery On?The value of PEPE reacted positively to this address, surging by about 9.6% to reach $0.000000956641. Although it has experienced some correction, the meme coin’s price is still well (roughly 9%) above its seven-day low of $0.000000824545 reached in the early hours of Friday, August 25. As inferred earlier, panic-induced selling was primarily responsible for the recent PEPE price crash. With confidence seemingly restored, investors will likely be banking on a price recovery. Fortunately, the daily Relative Strength Index (RSI), an indicator that tracks the balance between the buying and selling pressure of a token, is in the oversold zone for the first time ever. When in the oversold region, the RSI often signals that a trend reversal is on the horizon. According to CoinGecko data, PEPE currently trades at $0.000000898317, registering a 1.4% price jump in the last 24 hours. With a market cap of roughly $375.9, the meme coin is the 97th-largest cryptocurrency on the market.
PEPEUSDT at $0.00000088951 | Source: daily PEPEUSDT chart on TradingView
- Bitcoin is slowly moving higher above the $26,250 support zone.
- The price is trading above $26,250 and the 100 hourly Simple moving average.
- There is a connecting bullish trend line forming with support near $26,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if it clears the $27,000 resistance.
Bitcoin Price RecoversBitcoin price remained well-bid above the $25,800 level. BTC formed a base and started a recovery wave above the $26,050 level. The bulls were able to push the price above the $26,250 level. There was also a break above the $26,500 resistance. Finally, the price tested the $26,780 zone. A high is formed near $26,779 and the price is now consolidating gains. It is trading just below the 23.6% Fib retracement level of the recent wave from the $25,360 swing low to the $26,779 high. Bitcoin is trading above $26,250 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support near $26,250 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com On the upside, immediate resistance is near the $26,600 level. The first major resistance is now near the $26,780 level, above which the price might rise toward the $27,000 resistance. A close above the $27,000 resistance could start a decent increase toward the $27,500 resistance zone. Any more gains might set the pace for a larger increase toward $28,200.
Are Dips Supported In BTC?If Bitcoin fails to clear the $26,780 resistance, it could start a downside correction. Immediate support on the downside is near the $26,250 zone and the trend line. The next major support is near the $26,050 level or the 50% Fib retracement level of the recent wave from the $25,360 swing low to the $26,779 high. A downside break below the $26,050 level might push the price again into a bearish zone. In the stated case, the price could drop toward $25,550. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $26,250, followed by $26,050. Major Resistance Levels – $26,780, $27,000, and $27,500.
Ethereum Whale Sells $41 Million Before Market CrashIn the early hours of August 18, the crypto market saw investors reacting to SpaceX selling its $373 million Bitcoin holdings, pushing down Bitcoin by more than 8% in a matter of minutes. During this period, the crypto market cap dropped to $1.1 trillion, and Ethereum also saw its value plummet by almost 6%. On-chain data provided by Lookonchain reveals that a smart Ethereum whale dumped 22,341 ETH worth $41 million just prior on August 14. On-chain investigation shows that the whale moved their ETH holdings to the Binance exchange and then withdrew $41 million worth of Tether USDT. While this whale still made a loss of $1.7 million in the sale, if they hadn’t moved their funds, they would have lost at least $5 million in the crash. Coincidentally, this isn’t the first time this trader has made headline trades. This savvy Ethereum whale has shown signs of being able to predict market movements before and has had a 100% winning rate in recent months. The whale profited from the SEC and Spot Bitcoin ETFs saga. When ETH plummeted in reaction to news of the SEC rejecting spot Bitcoin applications from BlackRock and other investment companies, this whale saw this as an opportunity to buy the dip on June 30. They bought 8,188 ETH worth $15.23 million at $1,860 per ETH, and ETH would later rise to $1948.60 in the hours after. $ETH at low prices and selling at high prices to make a profit. He has a 100% win rate of trading $ETH in the past 2 months.https://t.co/dT9p6jeCtr pic.twitter.com/pTuJAwL81O — Lookonchain (@lookonchain) June 28, 2023
Do Whales Sometimes Have Insider Knowledge?While we can’t know for sure if whales have access to insider information, their actions are worth paying attention to. It could be that this whale knew something was going to trigger a price crash or was just making the right trading decision at the right time. Nevertheless, whale moves could signal future price action due to the sheer size of their holdings. So by closely following the on-chain activity of major holders, investors might gain useful insights. The market is still yet to bounce back from the recent dip. At the time of writing, ETH is down by 1.80% in the past 24 hours and down by 10.19% in a 7-day timeframe. Bitcoin and XRP are also down by 11.87% and 19.87%, respectively in a 7-day timeframe.
ETH price jumps to $1,681 | Source: ETHUSD on Tradingview.com
Bitcoin Path Aligned With 1930 Stock Market CrashAccording to Mike McGlone, Bloomberg’s Senior Macro Strategist, Bitcoin’s current trajectory bears an uncanny resemblance to the US stock market crash of 1930. In his analysis, McGlone highlights the clear rollover pattern and downward trend evident in Bitcoin’s 100-week moving average (MA) graphic. The implications of this pattern, combined with the fundamental principle of “not going against” the Federal Reserve (Fed) and the potential for reversion of one of history’s best-performing assets, warrant serious consideration. Adding to the potential headwinds for Bitcoin, US Treasury two-year notes yield nearly 5%, marking a historic high in the crypto realm. Bitcoin, born in the aftermath of the 2008 financial crisis and during a period of highly low-interest rates, may now be facing an extended period of retracement. According to Mcglone, in an era of near-zero and negative interest rates, the allure of a digital equivalent to gold can be captivating. However, the landscape is shifting as the world’s safest securities offer approximately 10% total return over two years. This shift may pressure the prices of riskier assets, including Bitcoin. The significance of the US Treasury two-year note’s approximate 5% yield has historical parallels. It harkens back to before the financial crisis and the birth of Bitcoin. This correlation suggests potential headwinds for most risk assets. McGlone’s analysis, focusing on the 100-week moving averages, reinforces the prevailing downward biases observed in Bitcoin, particularly when compared to the steepest Treasury yield competition witnessed in almost two decades.
Analyst Warns Of Potential Sub-$20,000 LevelsBitcoin’s recent price trajectory has left many investors uncertain about its future, with some analysts drawing parallels to historical price crashes. Material Indicators co-founder Keith Alan has shared insights on the current market conditions. Since the beginning of the bear market, Alan has been closely monitoring Bitcoin’s price movements and sharing a chart that suggests the potential for retesting sub-$20,000 levels. While acknowledging the possibility of short-term scalping opportunities, Alan advises caution and limited exposure to preserve capital for what he believes could be a generational buying opportunity. Notably, Alan emphasizes that he does not believe the bottom has been reached for Bitcoin. The chart highlights various downrange levels, showcasing Alan’s belief in the potential for further downside movement. As depicted in Alan’s chart, the Bitcoin market faces a critical juncture where the strength of support at $25,000 is crucial for the bullish case in the near term. Failure to hold this level could lead to a revisit of the December 2017 bull market peak at $19,800. Adding to concerns for Bitcoin, there is the possibility of continuing the downside momentum, potentially reaching a four-year low around the June 2019 bull market top of $13,800. This scenario would catch many bulls off guard, especially considering the prevailing belief throughout 2023 that the crypto winter was ending. The momentum has shifted for the most prominent cryptocurrency in the market, and the bulls must defend their remaining support levels to avert an extended decline throughout the remainder of the year. BTC has briefly reclaimed the $26,000 threshold; however, it remains down by over 7% in the past 24 hours. Featured image from iStock, chart from TradingView.com
Millions In SHIB And ETH Transferred To Coinbase By VoyagerVoyager has been selling off assets since the beginning of the year. Specifically, the latest on-chain transactions show that Voyager moved a total of $5.5 million in crypto to Coinbase. The transactions consisted of 1,500 ETH sent in two transactions. Before being moved to Coinbase, 1,000 ETH and 500 ETH, with a combined value of $2.77 million, were sent to separate wallets. Another 250 billion SHIB valued at $2.7 million was then sent to Coinbase. On-chain data also shows that Voyager has been moving all its token holdings to its primary address. This likely means the company is consolidating its crypto assets before moving them to crypto exchanges.
Bankrupt crypto firm Voyager transferred 1,500 ETH ($2.77 million) and 250 billion SHIB ($2.7 million) to Coinbase. Additionally, Voyager is moving all remaining tokens to the main address. There are currently about $81.63 million worth of cryptocurrency in Voyager addresses.…— Wu Blockchain (@WuBlockchain) August 12, 2023
Looking To Pay Pack CustomersVoyager’s goal is to eventually reimburse all customer accounts, at least partially. The firm went bankrupt last year after the failure of crypto hedge fund Three Arrows Capital which failed to repay its $665 million Voyager loan. The company, however, received court approval in May 2023 to begin winding down its operations and start repaying customers a portion of their crypto assets that’s been locked for over a year. According to court filings, Voyager had only about $630 million to pay back $1.8 billion in customer claims. As a result, Voyager users could only claim 35.72% of their tokens. They could either withdraw their claims immediately or choose to wait for 30 days to be paid in USD after Voyager sells the tokens.
VGX prices tanks as bankruptcy proceedings continue | Source: VGXUSDT on Tradingview.comAt the time, data from Arkham Intelligence showed that Voyager had $268 million in ETH, $236 million in USDC, and $77 million in SHIB. But now that the time for customer claims is over, Voyager seems to be consolidating its remaining assets into one address before selling them. According to Arkham Intel, there is currently about $81.63 million worth of cryptocurrency left in Voyager addresses.
What This Means For SHIB And ETH PricesThe recent transfers of millions of dollars in SHIB and ETH tokens from Voyager Digital to Coinbase could signal selling pressure is on the way for the two cryptocurrencies. If Coinbase unloads these tokens onto the open market, it may drive prices down further as supply outpaces demand. SHIB is currently on a roll and is up by 15.55% in a 7-day timeframe. ETH, on the other hand, is currently ranging around $1,850 after the ETH ecosystem reached a milestone recently with the number of non-zero addresses reaching a new all-time high.
Ethereum Prices Volatile, Few Coins BurnedAt the moment, ETH prices hover around the $1,800 range, teetering precariously and likely to drop, looking at candlestick arrangements in the daily chart. Although Ethereum has been bullish in the past two months, bulls have been tamed, and a drop below the $1,800 level may signal a shift from bullish to bearish in the medium term. With ETH under pressure, the number of active ERC-20 addresses remains constant and relatively lower than the 2021 peaks. This means there is less demand for ETH, which is used to pay transaction fees. As a result, gas fees are lower because there is less competition for block space. Typically, this would encourage more people to participate and even deploy complex contracts in decentralized finance (DeFi). With EIP-1559 in the equation, low activity means fewer coins are taken out of circulation. Despite low network activity, the protocol continues to issue 2 ETH after each validated block, watering down deflationary effects enforced by EIP-1559.
DeFi Activities FallingFalling activity could be attributed to the waning interest in decentralized finance (DeFi) activities over recent months. As of August 2, the total value locked (TVL) remains below $50 billion, with a significant portion of assets tied in Ethereum. DeFi projects like LidoDAO, Curve, and Uniswap facilitate the trading of ERC-20 tokens. Furthermore, on-chain data highlights USDT as the most actively transacted token. Given its position as the third-largest coin by market cap, with substantial circulation in Ethereum and Tron networks, such a trend is expected. Looking back at ERC-20 transactions from June and July, it is evident that transfers stayed constant despite temporary price increases. Ethereum prices rose from $1,630 to $2,000 between mid-June and mid-July 2023, but ETH is now lower. On-chain ERC-20 activity has remained stable despite price volatility. It’s unclear whether there will be a change in activity as prices continue to drop. However, lower prices may force token holders to wait and see, leading to less activity.
Whales Scoop Big Amounts Of SHIBWhale activity refers to the involvement of large investors who hold large amounts of SHIB. Their actions, such as buying and trading the coin, contribute to the price hike and positive market sentiment surrounding the meme coin. Additionally, Santiment data revealed that over the past two to three months, huge Shina Inu wallets belonging to the “shark” and “dolphin” categories have purchased SHIB valued at more than $9 million. As of Friday, these significant investors held $32.49 trillion worth of SHIB securities. The group owns SHIB, worth about $266 million in total.
SHIB total market cap at $5 billion on the weekend chart at TradingView.comThis increase in whale activity occurs before the launch of the layer-2 solution Shibarium, which is a significant event for the Shiba Inu ecosystem. Shibarium’s launch has been anticipated by cryptocurrency fans, who observed a noticeable increase in buying activity in recent days. Investors and traders alike have expressed great excitement about the upcoming launch of Shibarium.
Shiba Inu Current Trading Performance, Market PositionAt the time of writing, SHIB was trading at $0.00000848, up 3.8% in the last 24 hours and climbing 8.0% in the previous week, data from crypto market tracker Coingecko shows. As of this writing, Shiba Inu is ranked by CoinGecko as the 15th-largest cryptocurrency by market cap, having a value of nearly $5 billion.
Source: CoinGeckoShibarium, which offers a second-layer solution to improve the network’s scalability and general efficiency, is a significant advancement for the SHIB ecosystem. The rising demand for the SHIB coin has increased the importance of a robust infrastructure that can process a large number of transactions quickly and efficiently. Shibarium is currently only available on the testnet. Still, its introduction has sparked great interest and is a significant factor in the increasing demand for this meme coin. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from The Daily Hold