Is Bitcoin (BTC) Painting Legendary Pattern? XRP Returns to “Basics,” Dogecoin: This Is Not Great for DOGE U.Today
Source link ]]>
XRP Painting Head and Shoulders Chart Pattern U.Today
Source link ]]>
Cardano Gets First Oracle Integrator With Chart Painting a Bull Flag for $1 ADA Price ZyCrypto
Source link ]]>
Bitcoin Price Today 9 Jan: The price of Bitcoin has increased by 1.79% in the last 24 hours. Significant coins are trading in green today.
BTC was trading as low as 16,928 USD at 6:35 pm on 8th January. However, the price of the crypto got a boost and reached 17,248.75 USD, at the time of writing. Trading volume is soaring by 69.64% as compared to the last day. The market cap for Bitcoin stands at 332.308 billion USD. The dominance of Bitcoin has decreased by 0.57% compared to the previous day. 
Source: coinmarketcap
Following the collapse of FTX and the FED‘s rate hike, Bitcoin has been through a difficult period. The price has kept dropping. The market environment will be challenging this year since, according to the IMF, one-third of the global economy will be in recession.
The global crypto market cap stands at 850.35 billion USD, an increase of 3.25% in the last 24 hours. The total crypto market volume is at 30.98 billion USD during the previous 24 hours, an increase of 89.94%.
BTC Price In India
If we look in terms of the rupee, the currency of India, each BTC token is selling for 14,20,779.54 lacs.
BTC Price In Singapore
In terms of the currency of Singapore, Singapore dollars, each BTC token is currently costing 22,940.83 Singapore dollars.
BTC Price In UAE
In terms of Dirham, the UAE’s currency, each BTC token stands at 63,302.91 UAE Dirham.
Conclusion
Bitcoin Price Today 9 Jan: There have been predictions of Bitcoin getting a bullish momentum soon. However, the market still seems bearish for this crypto.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Cardano is close to attaining the title of a fully-fledged smart contracts platform following a critical upgrade in mid-July. The project’s founder Charles Hoskinson confirmed that they recently processed the sales of more than $10 million worth of non-fungible tokens atop their public ledger.
Moreover, an NFT and DeFi Marketplace called the Spores Network, which raised $2.3 million in a fundraiser, said it would deploy its services atop the Cardano chain for lower transaction costs, lower carbon footprints, and higher transaction throughput.
But the Ethereum rival’s growth as a project might not lead to higher adoption for its native cryptocurrency, ADA, at least according to an analysis shared by Peter Brandt, the chief executive of global trading firm Factor LLC.
A 60%-90% crash ahead?
The veteran analyst shared a bearish setup for ADA in a tweet published Friday. He cited a classic technical pattern, known as Head and Shoulders, to predict a downside scenario for the Cardano token that is already up more than 600% on a year-to-date timeframe.
In detail, Head and Shoulders forms when the price forms three consecutive peaks atop a single support level, with a condition that the middle peak is higher than other two, which are typically of the same height. The price eventually breaks below the support levels—also called neckline—and falls by as much as the maximum height between the middle peak’s top and the support level.
ADA visibly fits the description, as shown in the chart shared by Brandt.
The analyst envisioned the ADA/USD exchange rate to drop as far as $0.12, down 90% from the pair’s current bid near $1.26. A percentage-based calculation of the Head and Shoulders pattern marked its profit target near $0.35, down 60% from its neckline.
Brandt recalled his record of predicting market tops to add strength to his depressive Cardano prediction. For instance, one of his analyses from 2018, involving Litecoin, corrected spotted a descending triangle setup following the altcoin’s run-up from $4 to $420 during the 2017’s bull run.
“I remember being scoffed at unmercifully when I identified this top in LTC/USD back in mid 2018,” Brandt tweeted. “Hey Cardano trolls, take aim.”
But can 2018 repeat?
The crash that followed the 2017 bull run originated primarily because of the so-called initial coin offering bust. A study conducted by Statis Group noted that more than 80% of blockchain startups that raised funds in Bitcoin, Ether, and other top coins of that time, failed to turn up a working product.
Meanwhile, a majority of them turned out to be outright scams that sold the raised crypto capital, thus creating a downward pressure on the entire market. Litecoin, Bitcoin, and Ether crashed by more than 80% in 2018 as the ICO FUD pushed investments out.
In contrast, the 2020 bull run came in the wake of macroeconomic blunders. The Federal Reserve’s efforts to contain the economic aftermath of the Covid-19 crisis saw it launching an unprecedented quantitative easing program. As a result, near-zero interest rates and $120 billion worth of asset purchases sent investors looking for better alternatives in riskier markets every month.
As a result, Bitcoin boomed from below $4,000 in March 2020 to above $65,000 in April 2021. Meanwhile, altcoins, which tend to tail Bitcoin trends, surged likewise. Cardano’s ADA was one among them; it is now trading more than 7,000% higher from its mid-March bottom.
The 30-day correlation between Bitcoin and ADA stands near 0.85 above zero, per data provided by Crypto Watch.
Related: Waiting for Alonzo: Cardano smart contracts creep toward full launch
Simon Kim, CEO of crypto venture fund Hashed, told Cointelegraph in March that the 2020-2021 crypto market is entirely different from the one from 2017-2018, noting that the market now is running on a completely different fundamental. He said:
“Firstly, various DeFi projects are creating value based on a clear business model. Secondly, we’re seeing record active investment by institutional investors, and finally, various on-ramps and off-ramps, including not only PayPal and Visa but also large banks, are now emerging.”
Rekt Capital, a pseudonymous market analyst, noted that ADA needs to close above its weekly close of $1.30 to confirm its long-term bull trend. Cointelegraph’s Rakesh Upadhyay also pointed out that a break above $1.33 would increase the Cardano token’s potential to extend its upside target towards $1.90.
“Conversely, if the price turns down from the current level or the overhead resistance and slides below $1.20, it will indicate that bears continue to sell at every higher level. That may result in a retest of the critical support at $1,” Upadhyay warned, nonetheless.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Chinese artists use NFT to authenticate painting in new frontier for blockchain South China Morning Post
Source link ]]>
Lai Shengyu and Yang Xiaogang, who are behind the Hunan artistic duo TaMen, have taken Chinese contemporary art to a new frontier by tapping blockchain technology to show how non-fungible tokens (NFTs) can be used to bust fakes and safeguard artists’ copyrights.
TaMen, which means “they” in Mandarin, are known for their surrealistic paintings that often depict the contradictory nature of societal progression and corruption. The duo tokenised one of their physical paintings and sold an NFT together with the artwork to a Hong Kong-based buyer for HK$180,000 (US$23,168) worth of bitcoin through art brokerage Macey & Sons this month.
Lai and Yang, both in their forties, are helping to bring NFTs back to the basics by using them to establish the provenance and authenticity of their art work. Such a token is non-fungible as each represents a unique asset and is therefore not interchangeable with another. This is in contrast with bitcoin, whereby all the 18.8 million in circulation today can be swapped between two parties at market price, and a buyer is generally indifferent to which bitcoin is being offered.
Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team.
The TaMen NFT also cuts through the hype created by the skyrocketing prices fetched by artists such as Mike Winkelmann, who is better known as Beeple. Auction houses have raced to host NFT sales after Beeple sold his digital artwork in the form of an NFT for a record US$69 million in a Christie’s online auction in March. Where Beeple’s NFT features art only in a digital format, the TaMen token is pegged to a physical piece of art and establishes its authenticity.
“An NFT is a digital representation of the ownership of the physical assets,” said Scott Thiel, partner and head of technology for Asia at law firm DLA Piper. “As the provenance and authenticity of the piece is established on blockchain, it helps reduce fraud and fake art.”
Macey & Sons has been working with DLA Piper for over a year to tokenise art pieces, which has been made possible by the global law firm’s tokenisation platform. This platform employs about 20 people in Hong Kong, Thiel said.
A blockchain ledger keeps an unalterable, permanent record of transactions. Traditionally, artists sign a certificate of authenticity with the gallery or brokerage helping with a sale, but confusion can kick in when the piece is sold subsequently. Paper certificates often get lost, be tampered with and are not forgery proof.
As all legal documents, including the certificate of authenticity, and the ownership of the piece along with its copyright are embedded into the digital token, all these rights are transferred to the next buyer with the NFT, Thiel said.
The TaMen NFT has also been embedded with a video recording the artists painting their artwork. The painting depicts the famous Shiba dog mascot of dogecoin walking in a spacesuit, with a space shuttle chasing after a flying bitcoin “comet” in the background.
Technology that helps establish art pieces’ provenance could also raise their value as alternative investments. The city’s pool of wealth has long attracted art galleries, brokerages and art fairs.
Hong Kong accounts for a 1 per cent share of millionaires, 3 per cent of billionaires and 2 per cent of the ultra high net worth population – with wealth worth more than US$50 million – globally, according to a survey on high net worth collectors conducted by UBS and Arts Economics across 10 markets at the end of 2020. China accounts for 11 per cent, 18 per cent and 12 per cent, respectively.
Hong Kong-listed wine firm Madison eyes cryptocurrency trading, to buy US$30 million stake in Japanese platform
Macey & Sons also offers brokerage services for rare whisky and antique silver and plans to accept bitcoin for all other collectibles as well, according to its managing director, Alexandra Yung.
“We have seen a lot of interest from people holding bitcoin in Hong Kong coming to our art exhibitions and talks, after we opened up our art pieces to bitcoin payments,” she said. “We want to receive payments for everything showcased in the brokerage in bitcoin going forward.”
NFTs help artists get a percentage of the revenue every time an art piece is resold, said Jeremy Ng, head of Asia-Pacific at US cryptocurrency exchange Gemini, which has operations in Singapore. Gemini has been operating an NFT marketplace called NFT Gateway that mint digital art into NFTs.
For Chinese wine connoisseurs wondering what’s in their bottle, it’s blockchain to the rescue
“It’s like a royalty fee now being paid to an owner of an art piece, but now we have moved all these agreements onto blockchain’s smart contract, which will automatically execute the payment transfer between the transaction parties,” he said.
This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP’s Facebook and Twitter pages. Copyright © 2021 South China Morning Post Publishers Ltd. All rights reserved.
Copyright (c) 2021. South China Morning Post Publishers Ltd. All rights reserved.
A painting by a Chinese artist duo that depicts meme cryptocurrency Dogecoin (CRYPTO: DOGE) has sold for $23,168 with a non fungible token or NFT, the South China Morning Post reported.
What Happened: Lai Shengyu and Yang Xiaogang, the artists behind the Hunan artistic duo TaMen, tokenized one of their physical paintings and sold it together with an NFT to a Hong Kong-based buyer, as per the report.
The painting was reportedly sold for HK$180,000 ($23,168) worth of Bitcoin (CRYPTO: BTC) through art brokerage Macey & Sons this month.
It depicts the famous Shiba Inu dog mascot of Dogecoin walking in a spacesuit, with a space shuttle flying behind a bitcoin “comet” in the background.
See Also: NFT Growth Remains Strong As Shown By Axie Infinity, OpenSea, CryptoPunks, Says Analyst
Why It Matters: NFTs, blockchain-based tokenization of collectible items or art pieces, allow users to own digital assets like retail estate, art, digital sneakers, and video moments. It is a digital asset that is unique and indivisible.
Some NFT artworks that have recorded sky-high valuations recently include Beeple’s ‘The First 5000 Days’ NFT based digital artwork, which was sold for $69 million in an auction in March.
While Beeple’s NFT features art only in a digital format, the TaMen token is pegged to the physical piece of the Dogecoin art and establishes its authenticity, SCMP noted.
Doge, the classic meme behind Dogecoin, was sold for about $4 million in an auction in June, making it the most expensive meme to be sold as NFT so far.
Price Action: Dogecoin is up almost 13.1% during the last 24 hours, trading at $0.2248 at press time.
Read Next: Bitcoin, Dogecoin, NFTs Big Deal At Tokyo 2020: How Crypto-Savvy Olympians Can Feel Right At Home
Photo: For representative purposes only via Pixabay; doesn’t represent the actual art sold by TaMen.