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Walmart seeks crypto product lead, Dogecoin Foundation returns, Coinbase amasses $4B war chest: Holder’s Digest, Aug. 15-21

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Walmart seeks crypto product lead, Dogecoin Foundation returns, Coinbase amasses $4B war chest: Holder’s Digest, Aug. 15-21

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week

Walmart seeks crypto product lead to drive digital currency strategy

On Aug. 16, it was reported that U.S. retail giant Walmart was seeking out an experienced crypto expert who can develop and drive a digital currency strategy and product roadmap for the firm.

According to the job listing, Walmart is looking for someone with a track record of leading and scaling businesses. They also want at least 10 years of experience in product/program management and tech-based product commercialization.

Ideally, the candidate should also know a thing or two about crypto, blockchain tech and why JPEGs of poorly drawn pet rocks are selling for absurd prices on Ethereum.

Walmart’s future digital currency and crypto product lead will be based in the company’s home office in Bentonville, Arkansas. The state has produced talents such as Billy Bob Thornton and Johnny Cash, along with Bill and Hillary Clinton.

Team officially reestablishes Dogecoin Foundation after 6 years

There was good news for Doge fanatics this week as the Dogecoin Foundation resurfaced after several years of total media silence. 

According to an announcement on Tuesday, the foundation stated it was reestablishing itself in a bid to support the fiery-eyed Dogecoin (DOGE) community. The foundation also said it would be announcing new projects that are centered on encouraging adoption of DOGE and promoting its utility. 

The project’s website lists Ethereum co-founder Vitalik Buterin, Dogecoin co-founder Billy Markus and Dogecoin Core developer Max Keller as advisory board members. Furthermore, Tesla CEO and DOGE proponent Elon Musk’s interests may be catered to from the shadows via Neuralink CEO Jared Birchall.

It is yet to be revealed if Musk’s “toddler hodler” son has loaded up on DOGE in light of the announcement.

Coinbase amasses a $4B war chest so it can outlast ‘crypto winter’

Coinbase, the top U.S. crypto exchange, has amassed a cash-based war chest worth $4 billion on the back of two very productive quarters for the firm. 

The company reportedly expected to use the cash to cover costs incurred by a variety of factors, including conforming to new regulations handed down by the United States legislature.

Coinbase has also announced its official launch in Japan in partnership with banking giant Mitsubishi UFJ Financial Group, while also revealing plans to add $500 million worth of crypto to its balance sheet and invest 10% of all generated profits into digital assets moving forward.

Winners and Losers

At the end of the week, Bitcoin is at $48,778, Ether at $3,282 and XRP at $1.28. The total market cap is at $2.09 trillion, according to CoinMarketCap. 

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Avalanche (AVAX) at 105.79%, Arweave (AR) at 96.17% and Audius (AUDIO) at 93.78%. 

The top three altcoin losers of the week are DigiByte (DGB) at -5.06%, Celsius (CEL) at -4.44% and BitTorrent (BTT) at -3.81%.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

Most Memorable Quotations

“Poly Network has no intention of holding Mr. White Hat legally responsible, as we are confident that Mr. White Hat will promptly return full control of the assets to Poly Network and its users. As we have stated in previous announcements and encrypted messages that have been made public, we are grateful for Mr. White Hat’s outstanding contribution to Poly Network’s security enhancements.”

Poly Network team

“Lawmakers and regulators must work together to properly balance protecting innovation with any new regulations to ensure the digital asset marketplace flourishes in the United States.”

Glenn Thompson and Patrick McHenry, U.S. representatives

“The most important thing that can be done today is moving away from the idea that coin voting is the only legitimate form of governance decentralization.”

Vitalik Buterin, Ethereum co-founder

“Here at home in America, […] our payments infrastructure is arguably the worst of any developed country in the world, and increasingly falling behind, while China is moving with determination and haste to build an infrastructure that will make the digital yuan a challenger to the dollar as the world’s reserve currency.”

David Marcus, Diem co-creator

“Ethereum is outperforming Bitcoin, and it can be expected to continue this trend for the rest of 2021.”

Nigel Green, CEO of DeVere Group

“This is all about DeFi. […] This is the Treasury Department trying to work out how to get jurisdiction over DeFi […] and also expand its warrantless surveillance over a peer-to-peer financial system.”

Jake Chervinsky, general counsel at Compound

“Frankly, as one of the first pilots, we have on the table the question of paying salaries to employees of the Ministry of Digital Transformation in electronic hryvnia.”

Mykhailo Fedorov, vice prime minister of Ukraine

“It’s important to remember that when we look at the business, the long-term arc of adoption of digital assets in crypto matters far more than the businesses we are building.”

Mike Novogratz, founder and CEO of Galaxy Digital

Prediction of the Week 

Ethereum ‘liquidity crisis’ could see new ETH all-time high before Bitcoin — Analyst

Bitcoin, the crypto industry’s largest asset by market cap, and Ethereum (ETH), the second-largest asset, have both posted notable price recoveries over the past several weeks. Although BTC has yet to be surpassed as the crypto industry’s top dog, ETH might tap its own all-time price high near $4,400 sooner than BTC reaches its record level of nearly $65,000, according to thoughts from CryptoQuant CEO Ki Young Ju. 

“$ETH might reach its all-time high earlier than $BTC in the long term,” Ju tweeted on Wednesday. “Current $ETH price is closer to ATH compared to $BTC. Higher demand, lower supply. $ETH sell-side liquidity crisis still intensifies, while $BTC exchange reserve stopped its downward trend in May.” 

On Friday, BTC fluctuated above the $48,000 mark, and ETH traded above $3,200 — which, however, are both still notably shy of their record highs.

FUD of the Week 

JPMorgan Chase reportedly shuts down bank accounts of Bitcoin mining firm

On Aug. 19, U.S. banking behemoth JPMorgan Chase reportedly blocked all account activities of Bitcoin mining firm Compass Mining. 

Whit Gibbs, the CEO of Compass Mining, took to Twitter to share the news:

“Shoutout to @Chase for shutting down @compass_mining accounts for doing our part to replace the old guard with self-sovereign, future-focused supporters of hard money. Get behind #Bitcoin or get out of our way.”

It is unclear if the temper tantrum will be enough to sway JPMorgan Chase to change its mind, and it is also unclear how shutting down banking services to one Bitcoin mining firm represents an attack on BTC in any way. 

If anything, the banking giant has been upping its exposure to Bitcoin and the crypto sector in 2021.

Liquid exchange hacked to the tune of $80 million

Liquid, a Japanese crypto exchange, was the victim of a $80 million-plus hack this week which made the platform not so… liquid. 

Cointelegraph reported on the news quickly after the exchange announced the attack, which compromised digital assets including BTC, Tron (TRX), Ripple (XRP) and Ether.  

The exchange explained that only its hot wallets were affected and added that its assets were being moved into cold storage for security purposes. 

The platform has since provided an update and revealed the hack totaled $91.35 million. The firm has urged users to not deposit any crypto assets in Liquid wallets until further notice.

T-Mobile looking into potential hack of data on 100 million customers

Speaking of hacks, U.S. telecom giant T-Mobile was looking into an alleged massive data breach at the start of this week that may have compromised the information of more than 100 million users. 

According to Vice’s Motherboard, T-Mobile is looking into a potential data breach claimed by an author who posted details on an underground forum. A Sunday report said the hacker claims to have obtained data on more than 100 million customers from T-Mobile servers.

Unlike the Poly Network hacker, who syphoned $600 million worth of digital assets because “cross-chain hacking is hot,” the T-Mobile hacker seems to be displaying entrepreneurial instincts, as they were asking for 6 BTC —  worth around $280,000 at current prices —  in exchange for some of the data.

Best Cointelegraph Features

Shanghai Special: Crypto crackdown fallout and what happens next

Owning Bitcoin isn’t banned, but many fear for the future of regulations in China. Here’s a look at where we stand and where we might be headed.

Poly Network hack exposes DeFi flaws, but community comes to the rescue

The DeFi hacker’s initial intentions remain unclear, but they refused to accept a $500,000 bounty after returning all funds.

The perfect storm: DeFi hacks will advance the crypto sector moving forward

There is a silver lining from the DeFi hacks as new tech develops to protect the sector: “DeFi will be much safer in 12 months from now.”

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BTC, ETH, XRP, ZEN, UNI, OMG, AXS — Technical Analysis Sept 28

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BTC, ETH, XRP, ZEN, UNI, OMG, AXS — Technical Analysis Sept 28

Bitcoin (BTC) was rejected by the $44,000 horizontal resistance area.

Ethereum (ETH) is following a descending resistance line and potentially trading inside a descending wedge.

XRP (XRP) is following a descending support line.

Horizen (ZEN) has broken down from an ascending support line.

Uniswap (UNI) has broken out from a descending wedge.

OMG Network (OMG) is following an ascending support line.

Axie Infinity (AXS) has broken out from a descending resistance line.

BTC

On Sept 27, BTC was rejected by the $44,000 resistance area and created a long upper wick (red icon). This is a bearish sign since the area had previously been acting as support, and the rejection now validates it as resistance.

Technical indicators in the daily time frame are bearish. Both the RSI and MACD are decreasing. The former is negative while the latter has just fallen below 50.

The next closest support area is found at $38,000.

ETH

ETH has been decreasing underneath a descending resistance line since Sept 3. Most recently, it was rejected by the line on Sept 16.

Due to the long lower wicks, the support line cannot be accurately determined. However, it’s possible that ETH is trading inside a descending wedge.

Despite the wedge normally being considered a bullish pattern, technical indicators are neutral. The RSI is right at the 50-line and the MACD is below 0, although it is increasing.

Therefore, the direction of the trend cannot be accurately determined at the current time.

XRP

XRP has been following a descending support line since Aug 17. So far, it has been validated multiple times, most recently on Sept 21. The final touch of the support line (green icon) also coincided with the 0.618 Fib retracement support level at $0.85.

Despite the fact that XRP is trading above a confluence of support levels, technical indicators are not bullish. The RSI is at the 50-line and the MACD is negative, even though it is moving upwards.

The closest support and resistance levels are found at $0.76 and $1.07 respectively.

ZEN

ZEN has been decreasing since Sept 15, after creating a double top pattern and a long upper wick. The pattern was also combined with a bearish divergence in the RSI.

Shortly after, it broke down from an ascending support line. The breakdown is supported by the MACD and RSI, which are both decreasing.

The closest support area is found at $53.

UNI

UNI has been decreasing since Sept 2. After the Sept 7 drop, it created a descending wedge, which led to a low of $17.73 on Sept 26.

However, UNI rebounded and broke out from the wedge. The breakout is supported by the increasing MACD and RSI.

The closest resistance area is found at $26.15, created by the 0.618 Fib retracement resistance levels.

If UNI is successful in moving above it, it may move toward new highs.

OMG

OMG has been following an ascending support line since July 20. However, since Sept 6, it has failed to break out above the $10.60 area, which is the 0.618 Fib retracement resistance level.

Despite the rejection, technical indicators are bullish. The RSI has generated a hidden bullish divergence and the MACD is positive.

Therefore, an eventual breakout would be likely. This could take OMG toward the $15.33 all-time high price.

AXS

AXS has been increasing since Sept 21 when it bounced at the $48.28 support area. The next day, it created a bullish engulfing candlestick and broke out from a descending resistance line.

Following this, it reclaimed the $63 horizontal area and validated it as support.

Both the MACD and RSI are increasing, supporting the continuation of the upward movement.

The next resistance area is found at the all-time highs of $94.50.

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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Bitcoin (BTC) Fails to Move Above $44,000 Resistance

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Bitcoin (BTC) Fails to Move Above $44,000 Resistance

Bitcoin (BTC) attempted to move upwards on Sept 27 but was rejected by the $44,000 resistance area.

While BTC is still trading inside the upper portion of a descending parallel channel, the price action is lacking bullish signals.

BTC gets rejected

On Sept 27, BTC made an attempt at moving above the $44,000 area but was promptly rejected (red icon). The area had acted as support in August and the beginning of September but turned to resistance after the breakdown on Sept 20. The rejection created an upper wick and a bearish candlestick. 

Besides trading below resistance, technical indicators for BTC have turned bearish as both the RSI and MACD are decreasing. The MACD has just crossed into negative territory while the RSI is below 50. 

If BTC were to continue moving downwards, the next closest support area would be found at $38,000.

Current channel

The six-hour chart shows a descending parallel channel, which usually contains corrective structures.

Currently, BTC is trading inside its upper portion. Furthermore, it’s trading just above the 0.5 Fib retracement support level.  

Despite being above a confluence of support levels, technical indicators are bearish/undecided. The MACD is negative and has lost its strength while the RSI has just fallen below 50.

The two-hour chart shows that BTC is following an ascending support line and has made three higher lows since Sept 21. While this can be seen as a bullish structure, the price action is not bullish. 

The previous resistance area at $43,000 that was expected to act as support did not. On the contrary, BTC fell right through it. Furthermore, both the MACD and RSI have turned bearish.

While there is very strong support at $41,500, created by the 0.786 Fib retracement support level and the ascending support line, the price action does not seem bullish.

Wave count

The most likely wave count still indicates that the decrease from Sept 7 to Sept 21 was part of an A-B-C corrective structure, in which waves A:C had an exact 1:1 ratio. This is also supported by the presence of the descending parallel channel.

However, the movement since the low does not seem impulsive, casting some doubt on the possibility of this being the correct count.

Alternative counts could see the movement as a flat A-B-C corrective structure (upper image), or in the more bearish case a 1/2-/1-2 wave structure (lower image). 

At the current time, the correct count cannot be determined.

For BeInCrypto’s previous 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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Europe becomes largest crypto economy with over $1T in transactions — Chainalysis

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Europe becomes largest crypto economy with over $1T in transactions — Chainalysis

DeFi has become a major catalyst for Europe’s crypto economy. Large institutions have also upped their share of transactions significantly.

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Europe becomes largest crypto economy with over T in transactions — Chainalysis

The region of central, northern and western Europe, or CNWE, has emerged as the world’s most active cryptocurrency block, receiving over $1 trillion worth of digital assets over the past year, according to new research from blockchain analytics firm Chainalysis. 

The report, which was released Tuesday, found that the CNWE region accounted for 25% of global crypto activity between July 2020 and June 2021. The region witnessed a sharp uptick in transaction volume across all crypto sub-categories, especially decentralized finance, or DeFi.

Chainalysis describes crypto transactions as anything involving trade, investments and business dealings.

Europe has also become a hotbed for institutional investing, with transactions values in this category growing to $46.3 billion in June 2021 compared with just $1.4 billion in July 2020. Perhaps surprisingly, the United Kingdom is the single largest crypto economy in the region at $170 billion worth of transactions. Nearly half, or 49%, of the value was sent via DeFi protocols.

“The U.K.’s growth is driven mostly by growing institutional investment, based on the large-sized transfers driving most of its transaction volume,” Chainalysis senior content marketing manager Henry Updegrave told Cointelegraph. 

A secular bull market for Bitcoin (BTC), the growth of competing smart contract platforms and the arrival of decentralized finance all contributed to crypto’s massive rally during the study period. It comes as no surprise that CNWE’s crypto market activity peaked in May 2021 during the height of the bull market, which was one month removed from Bitcoin hitting $64,000.

Chainalysis’ data corroborates a growing body of evidence showing that large institutional investors have become a driving force within crypto. Wealth managers, family offices and other institutional players have poured billions of dollars into Bitcoin and Ether (ETH) investment products offered by Grayscale, CoinShares, 21Shares and others.

Related: Crypto asset manager Cobo raises $40M to launch DeFi-as-a-service

Beyond the advanced economies of Europe, Chainalysis research has documented the growing uptake of crypto in emerging markets. The Chainalylsis 2021 Global Crypto Adoption Index named Vietnam, India and Pakistan as the leading countries for adoption based on on-chain value received, retail transactions and peer-to-peer exchange trade volume.

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