18.08.[News of the day] • On-chain data indicate the second phase of the bull market and other articles4 min read
Welcome to today’s overview of crypto news:
Since Saturday’s retracement, in which BTC dropped below $ 46,000, the price of the cryptocurrency seemed relatively healthy. In fact, BTC jumped out and touched $ 48,000 for the second time in a few days on Sunday. However, as in the previous attempt, the bears intercepted this movement and did not allow further growth.
On the contrary, the value of BTC began to decline rapidly and again fell below $ 46,000. However, after an initial recovery attempt that failed at $ 47,000, the situation worsened. In the following hours, the asset began to decline again and fell to $ 44,400. After this five-day low, it rebounded and is currently around $ 45,000.
Altcoins have been riding at a high level recently, with quite a few of them making impressive profits. For example, ETH climbed above $ 3,300 a few days ago. However, the ETH is deep in the red on a 24-hour scale and is now approaching a drop below $ 3,000.
BTC analysis – the price bounced off the first support, will that be enough?
On-chain data indicate the second phase of the bull market
Currently, the global market capitalization of cryptocurrencies is below $ 2 trillion, mainly due to BTC (BTC) going through a smaller sell-off after reaching a high of $ 48,251 on August 14, affecting the direction and pull of the wider market.
The price of BTC is currently around $ 45,214, which according to CoinMarketCap.com means a decrease of 1.90% in the last 24 hours and 2.28% in the last week and a market dominance of 44.3%.
Despite a smaller decline, the Plan B on-chain analysis expert found that stock-to-flow (S2F) bitcoins and on-chain signals still indicate the other leg of this bull market.
Both #BTC S2F (white line) and on-chain signal (color, not red yet) still indicating a 2nd leg of this bull market. pic.twitter.com/ZthR7sd0BA
– PlanB (@ 100trillionUSD) August 17, 2021
Banks, crypto exchanges, companies
Poly Network offers the hacker top work
According to its tweet, Poly Network wants to hire a hacker who stole more than $ 600 million in tokens from the platform last week – as its chief security consultant.
In response to the job offer, the hacker on blockchain ETH published a joke shared on Twitter by Tom Robinson, the founder of Elliptic, a blockchain analysis and investigation company. It is not yet clear whether the hacker intends to accept Poly Network’s job offer.
Poly Network will not take any legal action and thanked the hacker for “an excellent contribution to improving Poly Network security”, adding that the company’s ambitions are in line with the hacker’s vision of decentralized finance (DeFi) and cryptospace. Poly Network will pay the hacker the promised $ 500,000 error fee, even though the hacker initially refused the monetary reward.
Crypto exchange are thrown into the sponsorship of sports
Bybit, a Singapore-based crypto exchange, today announced a multi-year partnership with the popular NAVI sports team (“Natus Vincere”), which will feature the Bybit logo on NAVI jerseys as well as charitable initiatives, school projects and anti-hate and bullying campaigns. .
The partnership with NAVI represents Bybit’s entry into cooperation in the field of sports, Bybit said in a statement. The sponsorship will also include financial education resources for players who want to diversify and invest in digital currencies.
In an effort to engage a young and digitally proficient community of athletes, other crypto exchanges, including Hong Kong’s FTX and Singapore’s Coinhako, have launched similar esportion sponsorship initiatives.
The number of E-CNY tests is increasing and the number of banks that allow recharging is increasing
Testing of digital yuan continues in China, and more and more banks are allowing their clients to recharge e-CNY wallets. Another 13 banks have started enabling their customers to recharge their wallets directly in the e-CNY application, bringing the total number of banks supporting this function to 19, the local media reported the 21st Century Business Herald this week.
Meanwhile, in a district in Shenzhen, the Postal Savings Bank of China is launching a campaign from this month to December to reward cyclists with red e-CNY envelopes, local media reported.
A Chinese court case suggests that BTC is a virtual asset protected by law
Shanghai Minhang District Court stated that BTC should be considered a virtual asset protected by Chinese law, making it exchangeable and exclusive.
In an article published in the official Wechain account, the court described a case in which the purchase contract between the plaintiff and the defendant was reviewed. The plaintiff bought mining equipment online from the defendant, but after the People’s Bank of China suppressed BTC and went after cryptocurrency mining in general, the plaintiff asked for a refund.
The court dismissed the lawsuit, stating that BTC was a virtual commodity, so the purchase agreement was valid.
The Indian market regulator is asking depositaries to use a blockchain
The Securities and Exchange Board of India, which oversees the markets, has asked depositaries to use the blockchain to record and monitor the emergence of securities and non-convertible securities contracts, according to the Livemint report.
In November, SEBI formed a group to propose ways to strengthen the process of creating and monitoring securities, monitoring the coverage of assets and covenants including non-convertible securities. Based on the group’s recommendations, SEBI asked the depositaries to create a blockchain-based platform for monitoring securities and covenants.
The platform will be operational from April 1 next year. Testing of the system will begin in early 2022. The new system will be able to record interest payments and repayments of non-convertible securities and credit rating information, and will allow regular monitoring of securities, covenants and asset coverage.