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CoinList unveils the 7 crypto seed projects for Winter 2022 cohort

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CoinList unveils the 7 crypto seed projects for Winter 2022 cohort

CoinList has helped launch some of the most noteworthy names in crypto, including Filecoin, Solana, Algrorand, and many more. The company has been aiding crypto entrepreneurs at the start of their journey for almost two years now with great success….

CoinList unveils the 7 crypto seed projects for Winter 2022 cohort

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Bit Coin

When Will Bitcoin Bottom Out? Pi Cycle Bottom Says It Will Happen on July 9

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When Will Bitcoin Bottom Out? Pi Cycle Bottom Says It Will Happen on July 9

Many cryptocurrency enthusiasts have heard of the Pi Cycle Top indicator, which has “magically” predicted the peaks of several previous bull markets. However, few know that there is also its opposite, Pi Cycle Bottom, which also has some track record in trying to estimate the bottom of a bear market.

But before we take a closer look at Pi Cycle Bottom, let’s remind ourselves why its bullish nemesis has earned so much popularity.

The historic effectiveness of the Pi Cycle Top

We first wrote about the Pi Cycle Top on BeInCrypto over a year ago, when Bitcoin was close to reaching its previous all-time high (ATH). The indicator is based on the relationship between the double of the 350-day DMA and the 111-day DMA. The signal fired on April 12, 2021, and just two days later, Bitcoin reached a historic ATH of $64,900.

This high accuracy of the Pi Cycle Top was not an exception, as the indicator has been very effective in previous cycles as well. All 3 historical ATHs of previous bull markets coincided with the signal flashing up no more than 5 days before or after the peak.

Chart by Tradingview

The only ATH during which the Pi Cycle Top was far from crossed is the most recent one. On November 10, 2021, when BTC reached $69,000, the indicator failed to generate a signal. At the time, this was interpreted as a sign that the second wave of the bull market was not yet over. Today we know that the indicator failed in this case.

Pi Cycle Bottom and the end of a bear market

Pi Cycle Bottom is the opposite of Pi Cycle Top. The bearish version is the relationship between the 471 SMA and the 150 EMA. Moreover, the former is multiplied by a factor of 0.745. Not a very elegant construction, but historically quite effective.

As it turns out Pi Cycle Bottom indicator could be successfully used to estimate the area of the absolute bottom of two previous bear markets (blue lines).

The first time the 150 EMA fell below the 471 SMA was on January 16, 2015. This happened just two days after the absolute bottom of the BTC price at $152.

The second time the Pi Cycle Bottom generated the same signal was on December 16, 2018. This happened just one day after the absolute bottom of the previous bear market at $3122.

Chart by Tradingview

We are currently approaching the third signal in history and another bearish crossing of the two moving averages (blue circle).

When will Bitcoin bottom out?

If the relationship between the intersection of the two moving averages and the bottom of the BTC price repeats itself in this cycle, Bitcoin could soon reach the bottom of this bear market. Currently, the 150 EMA has begun the sharp decline characteristic of the recent capitulation phase. A crossover is likely in the coming days.

Cryptocurrency market analyst @TheRealPlanC tweeted his own prediction of the date of the intersection and reaching a hypothetical bottom for Bitcoin. Based on the movement trajectory of the two curves, he estimated that the intersection will occur on July 9, 2022.

Source: Twitter

If this were to happen, then in exactly 15 days the Pi Cycle Bottom would generate a signal that very accurately indicated the bottom of the BTC price in the previous two iterations.

One step further went another analyst @el_crypto_prof, who combined the potential signal from the Pi Cycle Bottom with a fractal analysis of previous cycles. In his opinion, if a potential Bitcoin bottom were to happen in the near future, it would fit well with analogies between previous cycles.

Source: Twitter

In the chart above, we can see that for the entire period from April 2021, the analyst includes the post-ATH correction phase highlighted in red. It also includes the latest ATH at $69,000 reached on November 10. Although technically a higher BTC price was reached then, many technical and on-chain indicators suggest that it was already a bear market.

Perhaps this was also the reason why the Pi Cycle Top did not generate a proper signal. If this is true and the correction in the BTC market has been going on for more than a year, then indeed we can soon expect an end to the long-term decline. The Pi Cycle Bottom indicator is just an additional layer of confluence that may make this scenario more likely.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Ethereum

Sky Mavis to Reimburse Axie Infinity Hack Victims and Restart the Ronin Bridge as Early as June 28th

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Sky Mavis to Reimburse Axie Infinity Hack Victims and Restart the Ronin Bridge as Early as June 28th

Summary:

  • Sky Mavis, the parent company of Axie Infinity, expects to reimburse hack victims on June 28th.
  • The Ronin Network bridge is also expected to reopen on the same day.

The parent company and developer of the Axie Infinity Video Game, Sky Mavis, has said in a statement that it expects to reimburse all affected gamers for its March 2020 hack by June 28th. In addition, the Ronin Network bridge is also scheduled to reopen on the same date.

The team at the Ronin Network has also updated via the tweet below on the reopening of the bridge, explaining that its engineers had been hard at work preparing for it to restart.

Our engineering team has been hard at work preparing for the Bridge to re-open. Things are progressing nicely and we have some more information to share with you today: pic.twitter.com/fgFV62G3vd

— Ronin (@Ronin_Network) June 23, 2022

Reopening the Ronin Bridge Will Require a Hard-fork.

They also added that for the bridge to reopen, the Ronin network required a hardfork, as explained below.

We plan on re-opening the Ronin Bridge on June 28th, with all user funds returned.

Re-opening will require on a Ronin hard-fork which requires all validators to update their software.

Validators have been informed regarding next steps to upgrade their validating node.

Axie Infinity (AXS) Could Have Found a Short-term Bottom on the 1 Day Chart.

Concerning price action, the daily AXS/USDT chart below hints at a potential short-term bottom for the digital asset at the recent low of $11.85 set last week as Bitcoin fell to a local low of $17,600.

Sky Mavis to Reimburse Axie Infinity Hack Victims and Restart the Ronin Bridge as Early as June 28th 19

Also, from the chart, it can be observed that AXS is attempting to recapture the 50-day (white) moving average as support. The daily trade volume is also green and confirmed by the MACD’s histograms.

Additionally, the daily RSI and MFI hint at renewed buying interest that could see AXS retest $20 or even push high enough towards $25 in the following days.

However, as with all altcoins, the fate of Axie Infinity (AXS) is very much tied to that of Bitcoin. Consequently, a loss of the $20k support by Bitcoin could lead to further losses for AXS, including dipping below the $10 support level.

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Ethereum

Celsius Considers Bankruptcy, Hires More Advisors

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Celsius Considers Bankruptcy, Hires More Advisors

Summary:

  • The crypto lending company of Celsius is reportedly considering filing for bankruptcy.
  • Celsius has therefore hired more advisors to prepare for the potential filing.

The crypto lending company of Celsius is reportedly considering filing for bankruptcy.

According to a report by the Wall Street Journal, Celsius Network LLC has hired restructuring consultants from the advisory firm of Alvarez and Marsal to recommend a way forward on a possible bankruptcy filing.

The Wall Street Journal, citing people familiar with the matter, also pointed out that neither representatives from Celsius nor Alvarez and Marsal had responded to requests for comments.

Last week, Celsius also hired the law firm of Akin Gump Strauss Hauer & Feld LLP to advise on possible solutions for its ongoing financial woes.

Celsius had Stated it Was Working on Stabilizing Operations.

In a June 20th blog post, the Celsius team updated the crypto community on the status of the company, pointing out that their main objective was to stabilize the platform’s liquidity and operations.

The team at Celsius also informed the crypto community that stabilizing the platform would take time and they were pausing all Twitter spaces and AMAs (ask-me-anything) sessions ‘to focus on navigating these unprecedented challenges and seeking to fulfill our responsibilities to our community.’

Celsius Had Stated that it Was Committed to Meeting its Obligations.

To note is that withdrawals, swaps, and transfers on Celsius were halted on June 13th with the team citing current market conditions as the main reason for doing so. They explained:

Acting in the interest of our community is our top priority. In service of that commitment and to adhere to our risk management framework, we have activated a clause in our Terms of Use that will allow for this process to take place. Celsius has valuable assets and we are working diligently to meet our obligations.

[Feature image courtesy of Celsius.Network]

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