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May 04 2021

Bitcoin (BTC) Price Prediction: BTC/USD Faces Rejection Twice at the $58,000 High as Selling Pressure Persists

Bitcoin (BTC) Price Prediction – May 5, 2021
Bitcoin’s recent upward moves to the $60,000 price level have been repelled twice. BTC/USD price now struggles below the $58,000 resistance level. Today, BTC price has fallen to the low of $53,000 as bulls buy the dips. The king coin is still facing rejection after correction on the upside.

Resistance Levels: $65,000, $70,000, $75,000
Support Levels: $50,000, $45,000, $40,000

Following the last bearish impulse on April 23, the market declined to the low of $48,000. Buyers have difficulty in sustaining BTC prices above the $58,000 high. In the first week of May, buyers pushed Bitcoin to the previous highs on two occasions. On each occasion, the market would rise and retest the $58,000 resistance and fall. On May 1, the uptrend was interrupted as it fell to $56,000 support. Similarly, on May 3 the bullish momentum was terminated at the resistance as the market fell to the $54,000 support. Bitcoin is facing further selling pressure after the downward correction. The biggest altcoin is facing rejection at $55,500 high. If the bears succeed, the market will decline to the current support at $53,000. If this support is breached Bitcoin will revisit the $50,000 psychological price level.

CME Group Pioneer Micro Bitcoin Futures
The Chicago Mercantile Exchange, or CME, has officially launched its newest Bitcoin derivatives product. The new contract is worth one-tenth the size of a single Bitcoin. The Micro Bitcoin futures contract is worth 0.1 BTC, which provides traders with an additional tool to hedge their digital currency price risk. The CME launched its first-ever Bitcoin futures contract in December 2017 which made the cryptocurrency derivatives grow exponentially. According to reports, the cryptocurrency derivatives trades accounted for 55% of the overall markets in December 2020.

Bitcoin price has fallen and may likely continue the downward move. On the 4-hour chart, the BTC price is on a downward move. On May 1 uptrend. a retraced candle body tested the 78.6% Fibonacci retracement level. This retracement indicates that the market will rise and reverse at level 1.272 Fibonacci extension or the high of $59,759.60. Presently, the market has reversed from the high of $59,000 and a further downside is likely.

Bitcoin (BTC) Price Prediction: BTC/USD Faces Rejection Twice at the $58,000 High as Selling Pressure Persists

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May 03 2021

Accenture and Digital Dollar Foundation to trial United States CBDC this year

Fortune 500 company Accenture has teamed up with Digital Dollar Foundation to conduct Central Bank Digital Currency, or CBDC, trials in the United States.

Announced on Monday, May 3, the newly formed Digital Dollar Project will carry out five CBDC pilot programs over the next 12 months. The project’s objective is to generate data to inform U.S. policymakers on how to develop a domestic digital currency.

The Digital Dollar Project will launch three pilot programs in the next two months, generating data on the functional, sociological, and business benefits of a digital greenback.

Al Jazeera reports that former chair of the Commodity Futures Trading Commission and co-founder of the Digital Dollar Foundation, Christopher Giancarlo, emphasized the lack of U.S. data regarding CBDC:

“There are conferences and papers coming out every week around the world on CBDCs based on data from other countries. What there is not, is any real data and testing from the United States to inform that debate. We’re seeking to generate that real-world data.”

However, the Fed is taking a cautious approach as the guardian of the world’s reserve currency, the report added, with chairman Jerome Powell responding that it is far more important to get a digital dollar right than it is to be fast.

Giancarlo countered that Powell was correct to be cautious, but warned that the U.S. could fall further behind as China pushes ahead with its own CBDC testing and deployment.

While the U.S. Federal Reserve has been conducting research into the technology and applications for a CBDC, the United States lags behind the digital currency initiatives currently ongoing in numerous other jurisdictions.

China’s central bank and leading state banks have recently been preparing to test the digital yuan for a shopping festival on May 5.

Accenture has also worked on a number of CBDC projects in other countries, including Canada, Singapore, France, and Sweden — which has already completed the first phase of its pilot.

According to a study by the Bank for International Settlements, 80% of the world’s central banks are already researching central bank-issued digital currencies.

Accenture and Digital Dollar Foundation to trial United States CBDC this year

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May 03 2021

Bitcoin Price Prediction: BTC/USD Retreats; Could it be a Recovery to $60,000 Resistance?

Bitcoin (BTC) Price Prediction – April 3

BTC/USD slumps below the resistance level of $58,986. Further downside momentum appears to be imminent but $55,000 may likely come out as support.

BTC/USD Long-term Trend: Ranging (Daily Chart)

Key levels:

Resistance Levels: $64,000, $66,000, $68,000

Support Levels: $50,000, $48,000, $46,000

BTC/USD soars to $58,986 in the early hours of today’s trading. The surge saw the price of Bitcoin rise to levels not reached in the last few days. Therefore, BTC/USD is hovering at $56,824 after dropping from the daily high. More so, where Bitcoin will go next after this retreat is likely to depend on the ability of the bulls to hold the price above the key support at $56,500.

Would Bitcoin Go Up or Down?

The Bitcoin price remains intact above the 9-day and 21-day moving averages; however, a further retracement seems imminent and it is likely to break below $56,500. Meanwhile, looking at the chart, $50,000, $48,000, and $46,000 serve as the major support levels, making room for BTC to fall even further. The technical indicator RSI (14) is still moving around the 52-level, suggesting sideways movement.

However, as the daily chart reveals, if the bulls could push the price back above the daily high at $58,986, BTC/USD may see a potential resistance level at $62,000, any further movement could send it to other resistance levels at $64,000, $66,000, and $68,000 respectively.

BTC/USD Medium-Term Trend: Bullish (4H Chart)

Looking at the 4-hour chart, the bears are coming back into the market as the market price moves below the 9-day and 21-day moving averages. The bulls failed to hold the Bitcoin price above the moving averages. Meanwhile, if BTC/USD breaks above the channel, the $60,000 and above may come into play.

However, if the price breaks below the lower boundary of the channel and falls more, the support levels of $54,000 and below may be in focus. Meanwhile, as the RSI (14) nosedives below55-level, more bearish signals may play out before a rebound could come in.

Bitcoin Price Prediction: BTC/USD Retreats; Could it be a Recovery to $60,000 Resistance?

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May 02 2021

Bitcoin (BTC) Price Prediction: BTC/USD Struggles to Break Above $58,000 Resistance, Lacks Buyers at Higher Price Levels

Bitcoin (BTC) Price Prediction – May 3, 2021
BTC/USD is in a brief uptrend and has partially broken above the $58,000 resistance. The bullish momentum could not be sustained above the resistance level because of intense selling pressure. Bitcoin now fluctuates between $56,000 and $58,000 price levels.

Resistance Levels: $65,000, $70,000, $75,000
Support Levels: $50,000, $45,000, $40,000

Today, the BTC price has returned to retest the $58,000 resistance level. The $58,000 support level has been the crucial price level that has facilitated the resumption of upside momentum. On the upside, Bitcoin bulls are retesting the recent high for a possible breakout. If buyers succeed in breaking the current resistance the market will rally to the $60,000 high. Also, if the $60,000 psychological price level is breached, Bitcoin will resume the second round of upside momentum. However, if BTC price rallies the $60,000 high and fails to sustain above the psychological price level, the market will not hesitate to fall to the previous price level. Bitcoin is trading at $57,956 at the time of writing.

Turkey Jails Six Suspects Over Missing CEO of Thodex Crypto Exchange
The missing Thodex CEO is reported to have own millions of dollars worth of crypto. Turkish authorities are investigating the local cryptocurrency exchange, Thodex, which has ceased operation abruptly. The Turkish court has already jailed six suspects including siblings of the missing CEO and senior company employees. According to reports 83 individuals suspected to be involved in the case have been detained. There are growing concerns that Thodex was a scam after the platform halted money withdrawals. Nevertheless, the missing Thodex CEO is reported to have gone with as much as $2 billion worth of crypto. From the latest reports, interior minister Soylu said that the company’s portfolio has a total of $108 million.

On the 4-hour chart, the BTC price is struggling to break above the $58,000 resistance. The Fibonacci tool has indicated a possible rise to the $60,000 high and subsequent reversal. On May 1 uptrend. a retraced candle body tested the 78.6% Fibonacci retracement level. This retracement indicates that the market will rise and reverse at level 1.272 Fibonacci extension or the high of $59,884.70.

Bitcoin (BTC) Price Prediction: BTC/USD Struggles to Break Above $58,000 Resistance, Lacks Buyers at Higher Price Levels

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May 01 2021

Ocean Protocol Reveals that its Market Now Features Compute-to-Data, a Privacy Preserving Way to Exchange Data

The developers at Ocean Protocol (OCEAN), which allows software engineers to build marketplaces and other apps to privately and securely publish, exchange, and consume data, have revealed that Compute-to-Data has landed in the Ocean Market.

According to the Ocean Protocol team, Compute-to-Data “enables buying and selling of private data while preserving privacy.” As explained in the update, this “resolves the tradeoff between the benefits of using private data and the risks of exposing it.”

As mentioned in the announcement:

“With Compute-to-Data, data never leaves its owner’s premises. Data owners can monetize data while preserving privacy and control, yet data buyers can create value from it with analytics, AI modeling and more. All via the Ocean Market interface.”

Some of the Compute-to-Data benefits that AI practitioners can take advantage of:

They can “access valuable, private data that was previously unavailable, which can lead to more accurate AI models. And without liability – they don’t see the data.”
They can also “publish and monetize algorithms” and can “even stay private.”

Businesses and entrepreneurs are able to quickly launch their own Ocean-powered data marketplace for their particular vertical. Ocean Compute-to-Data assists them with “further preserving their sellers’ privacy and support more compute and AI flows.”

Compute-to-Data in Ocean Market is “a major milestone in our 2021 roadmap & a big step towards our vision of data as a new asset class,” the update noted.

As reported in February 2021, Ocean Protocol had announced the second round of OceanDAO (distributed autonomous organization or DAO) grant results.

The developers at Ocean Protocol, who are focused on building the new data economy, confirmed that the OceanDAO Round Two has officially concluded (on February 5, 2021).

For people who might not be familiar with OceanDAO, it’s a grants DAO that’s curated by the Ocean community, for “growth and long-term sustainability” (more details here).

Ocean Protocol noted in a blog post that proposal submissions for OceanDAO Round Three had been “officially open.” And last month, the OceanDAO — Round Three Grant results were announced.

As mentioned in the update, OceanDAO Rounds are “monthly, with project proposals due on the first of every month.” During Round Two, the top 9 highest-voted grant proposals from the “snapshot ballot” were chosen to receive 10,000 OCEAN (valued at just over $9,100 in February of this year) in order to “foster positive value creation for the overall OCEAN ecosystem.”

The Ocean ecosystem “becomes self-sustainable” as the Web 3.0 (an evolving set of standards for the Internet of the future) data economy builders leverage Ocean Protocol to develop products, services, and resources that the community may find useful or valuable.

As covered in January 2021, Ocean Protocol Founder Bruce Pon had explained how crypto became a reliable asset class and store of value in 2020.

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