Data from Cointelegraph Markets Pro and TradingView showed BTC/USD losing $43,000 following the news after hitting local highs above $43,800 on Bitstamp.
With the source of the issue unknown at the time of writing, traders were left in the dark as an already sensitive crypto market fell back towards es
“We are investigating issues with the platform and have to temporarily halt trading,” Bitfinex wrote as part of its latest service update.
We are investigating issues with the platform and have to temporarily halt trading. We will keep everyone updated on here and our status page https://t.co/u3pYCVVGQq as we know more. We apologise for the inconvenience.
Tuesday had seen fellow exchange Binance, the largest by volume in the world, suspend trading for two hours as part of scheduled maintenance, this having no significant impact on BTC price action.
With Thursday already set to be a charged day, however, Bitcoin looked set to close out September almost exactly at its predicted “worst case scenario” price of $43,000.
In so doing, the largest cryptocurrency would once again validate predictions made by stock-to-flow model creator PlanB, who also correctly estimated the August close of $47,000.
Fellow trader and analyst Rekt Capital meanwhile reiterated the need for BTC/USD to reclaim its 21-week exponential moving average level (EMA) by the end of Sunday to preserve overall bullish momentum.
Market mimics $10,000 BTC from September 2020
Meanwhile, the overall character of the Bitcoin market was still far from bearish for most.
Related: Bitcoin breaking new highs in Q4 will ‘temporarily turn alts to dust’ — Analyst
Despite lackluster price action, the odds remain for a dramatic return to form in the coming weeks and months, with comparisons to the same period in 2020.
The latest was from Cole Garner, who noted that the large block of buyer support just below $40,000 was reminiscent of the order book setups when BTC/USD was at $10,000 in September last year.
This week also saw long-time pundit Bobby Lee predict not only $100,000 in the mid term, but as much as $200,000 or more for Bitcoin in a new “FOMO rally.”
Starting Today, Wednesday September 29, transfer AVAX into your Coinbase Pro account ahead of trading. Support for AVAX will generally be available in Coinbase’s supported jurisdictions with certain exceptions as indicated in each asset page here. Trading will begin on or after 9AM Pacific Time (PT) Thursday September 30, if liquidity conditions are met.
Please note:Coinbase Pro only supports C-Chain Avalanche (AVAX) tokens. C-chain Avalanche addresses start with ‘0x’. Sending Avalanche on P-chain or X-chain or any other assets to a Coinbase Pro wallet will result in permanent loss.
One of the most common requests we receive from customers is to be able to trade more assets on our platform. Per the terms of our listing process, we anticipate supporting more assets that meet our standards over time. Most recently we have added trading support for Adventure Gold (AGLD), Braintrust (BTRST), Rari Governance Token (RGT) and XYO Network (XYO), DerivaDAO (DDX), DFI.money (YFII), Radicle (RAD), COTI (COTI), Axie Infinity (AXS), Request (REQ), TrueFi (TRU), Wrapped Luna (WLUNA), Harvest Finance (FARM) Fetch.ai (FET) Paxos Standard (PAX) and Polymath Network (POLY), Clover Finance (CLV), Mask Network (MASK), and Rally (RLY).
Starting Today, Wednesday September 29, we will begin accepting inbound transfers of AVAX to Coinbase Pro. Trading will begin on or after 9AM Pacific Time (PT) Thursday September 30, if liquidity conditions are met.
Once sufficient supply of AVAX is established on the platform, trading on our AVAX-USD, AVAX-USDT and AVAX-EUR order books will launch in three phases, post-only, limit-only and full trading. If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules.
We will publish tweets from our Coinbase Pro Twitter account as each order book moves through the phases.
Avalanche (AVAX)describes itself as an open, programmable smart contracts platform for decentralized applications. AVAX is used to pay transaction fees and can be staked to secure the network. Avalanche is compatible with Solidity, Ethereum’s programming language, and can be used to deploy custom private or public blockchains as “subnets.”
AVAX is not yet available on Coinbase.com or via our Consumer mobile apps. We will make a separate announcement if and when this support is added.
You can sign up for a Coinbase Pro account here to start trading. For more information on trading AVAX on Coinbase Pro, visit our support page.
### Please note: Coinbase Ventures may be an investor in the crypto projects mentioned here, and additionally, Coinbase may hold such tokens on its balance sheet for operational purposes. A list of Coinbase Ventures investments is available at https://ventures.coinbase.com/. Coinbase intends to maintain its investment in these entities for the foreseeable future and maintains internal policies that address the timing of permissible disposition of any related digital assets, if applicable. All assets, regardless of whether Coinbase Ventures holds an investor or Coinbase holds for operational purposes, are subject to the same strict review guidelines and review process. This website contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of Coinbase, Inc., and its affiliates (“Coinbase”), and Coinbase is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. Coinbase is not responsible for webcasting or any other form of transmission received from any Third-Party Site. Coinbase is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by Coinbase of the site or any association with its operators.
Crypto is a new type of asset. Besides potential day to day or hour to hour volatility, each crypto asset has unique features. Make sure you research and understand individual assets before you transact.
All images provided herein are by Coinbase.
Avalanche (AVAX) is launching on Coinbase Pro was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.
Melbourne, Australia, Sep 29, 2021 — NewTribe Capital, a Venture Capital Private Equity Group has made a strategic investment in MRHB DeFi, the world’s first halal decentralized finance (DeFi) ecosystem.
This marks the seventh institutional investment in the DeFi ecosystem startup, following strategic investments from DeFi Mutual Fund Sheesha Finance, Dubai-based angel innovation investors Acreditus Partners and EMGS Group, the French Systems Integration company operating in the Middle East since 2003, to name a few.
NewTribe Capital: A Bold Investment Approach
With an ideology to‘Invest in People’, NewTribe Capital takes a bold stance in their approach to investing — they back only the projects they feel add value to the blockchain ecosystem.
“Our philosophy is successful because we invest in relationships, not deals,” says Dhaval Parikh, Partner at NewTribe Capital. “Deals are simply transactions. We build exceptional relationships with companies that last, collaborating on projects with conviction.”
Investing in the first ethical, inclusive and faith-based MRHB DeFi ecosystem platform aligns with NewTribe’s company ethos and strategic goals. As an early investor and supporter, NewTribe recognizes both the vision and the long-term market potential of the faith-based DeFi pioneer.
Besides investment funds, which will support the continuing technology development and growth of MRHB DeFi, NewTribe Capital will also offer network and cross marketing support for the DeFi startup.
“We’re excited about collaborating with the highly successful NewTribe Capital team who share our long term visions for ethical DeFi. This relationship creates additional opportunities and industry connections that will drive more value for our community members. NewTribe has a proven track record of helping their partners succeed, and we are delighted to welcome them amongst other strategic stakeholders in our ambitious journey,” says Naquib Mohammed, MRHB DeFi Founder & CEO.
“This strategic alliance with NewTribe Capital is the latest institutional move by MRHB DeFi as we work to establish ourselves as the dominant player in the ethical decentralized finance space,” adds Mohammed.
DeFi made accessible to Ethical and Faith-based Communities
MRHB DeFi’s vision of an inclusive and halal crypto-verse is underpinned by Islamic ethical finance principles but is suitable for all those looking for a socially conscious blockchain that avoids interest, usury, exploitation and other business practices deemed unethical.
Being Shariah-compliant means MRHB DeFi can apply a vast body of knowledge and literature of Islamic Finance to ensure higher ethical and moral standards that are typically seen in the DeFi space. These principles ensure that all business decisions are conducted in a fair and just manner and hence create an inclusive and simple crypto ‘safe-space’ for the faith-based, unbanked and communities who are currently excluded.
Global Portfolio and Partnerships
Crypto-minded investors who believe in the evolution of current capital market systems towards more decentralized and accessible models, NewTribe Capital has a portfolio of more than 70 investments with an average ROI of 4.2x and more than USD20M AUM (assets under management). Portfolio investments include Launchpool, Casper Labs, Fractal, to name a few.
Offering advisory, resourcing, legal and technical support, NewTribe also has a network of VC partners, media partners and global influencers. VC partners include Alphabit, A195 Capital, Draper Dragon and more.
About MRHB DeFi
MRHB DeFi is a halal, decentralised finance platform built to embody the true spirit of an “Ethical and Inclusive DeFi” by following faith-based financial and business principles, where all excluded communities can benefit from the full empowerment potential of DeFi.
Based on the tenets of blockchain such as trust, transparency, and security, MRHB DeFi has encapsulated universally applicable principles of Shariah into those tenets of blockchain to render a suite of offerings. It is a complete DeFi ecosystem whose products, protocols and crypto-assets are governed primarily by the ethical, inclusive, sustainable and charitable investment principles associated with the Islamic faith or ‘Islamic Finance’ (‘IF’ as it is commonly known).
The diverse team is comprised of researchers, technocrats, influencers, Islamic fintech experts & business entrepreneurs, who came together to ensure that MRHB DeFi prevails in a manner that will impact society as a whole, essentially bridging the gap between the faith-conscious communities and the blockchain world.
Read more about MRHB DeFi’s Shariah Concept Paper, Lite and White Paper here.
Decentralized finance (DeFi) has become an increasingly important addition to the Cardano network following the launch of smart contracts capability. Developers have been working since the Alonzo hard fork to bring their DeFi solutions to the ecosystem. But with decentralized finance already underway on blockchains such as Ethereum and Solana, Cardano has had to play catch-up with these other networks.
This is why the recent announcement from EMURGO carries significant connotations for the future of DeFi on the network. EMURGO, which is the commercial arm of the Cardano Foundation, has made moves to help further the growth of decentralized finance solutions on the ecosystem. A $100 million investment is set to be made into the DeFi ecosystem in a big to promote the development and growth of the platform.
Related Reading | Billionaire Mike Novogratz Says He’s “Not Nervous” About Crypto Sell-Off
The $100 million investment in the ecosystem is meant to go towards promoting the network’s capabilities to developers and uses. Although NFTs are now live on the blockchain, decentralized finance is taking a long time as developers need to build and test their protocols before rolling them out to users. Thus making sure that users’ funds in said protocols are safe.
Related Reading | Cardano Summit Sees Launch Of Exciting New Partnerships
DeFi on the network will bring things such as lending and borrowing, yield farming, and more to the ecosystem users, which are built on the smart contracts deployed on the Cardano network. The investment will hopefully help the blockchain carve out a niche for itself in the growing decentralized finance market. Also enabling it to compete with the big dogs such as Ethereum, Solana, and Algorand.
EMURGO Bolsters Cardano-Focused Projects
During the recently concluded Cardano Summit, EMURGO unveiled a number of investments made into Cardano-focused projects around the world. CEO Ken Kodama shared that the company had made strategic investments into projects being developed on the ecosystem. EMURGO participated in seed investments rounds on these projects. To bolster development on the blockchain.
ADA trends low at $2.04 | Source: ADAUSD on TradingView.com
These include Adanian, a tech incubator based in Africa that is focused on startups building on Cardano. Milkomeda, a dcSpark side chain project that bridges Cardano and other Layer 1 blockchain protocols benefitted from EMURGO’s investments. And last but not least, ADAVERSE, also focused on incurring African startups developing their offerings on the ecosystem.
Featured image from The Coin Republic, chart from TradingView.com
Cardano (ADA) reached a major milestone in its roadmap on Sep. 13 as its blockchain successfully launched Plutus-powered smart contracts as a part of the Alonzo hard fork.
The Alonzo hard fork has been highly anticipated in the Cardano community as well as the cryptocurrency sphere at large.
The smart contract functionality is meant to allow Cardano to become a platform on which developers can build decentralized applications (DApps) and even mint nonfungible tokens (NFTs). This milestone has been hailed as the point in the development of the network where the “mission truly begins.”
However, the news of the successful execution of this milestone didn’t prevent the network’s native token, Cardano (ADA), from falling into the wider slump that has gripped the crypto market since Bitcoin (BTC) flashed crashed below $43,000 on Sep. 7. In the aftermath of the Alonzo hard fork on Sep. 10, ADA dropped 10% to hit an intraday low of $2.3 while BTC and Ether (ETH) only fell 4% and 6.97%, respectively.
Marie Tatibouet, the chief marketing officer of crypto exchange Gate.io, told Cointelegraph:
“This changes everything for Cardano! For the longest time, Cardano was known as the smart contract platform without the smart contracts, but now the critics will have to change that narrative. With the advent of actual contracts, Cardano’s utility and usability goes through the roof.”
Cardano developer activity amongst the highest
According to a report by Outlier Ventures titled, “Blockchain Development Trends Q2 2020/21,” Cardano is one of the most actively developed blockchains out there, with the highest average monthly commits per month on Github code repositories at 701 commits per month (CPM).
The average CPM for all protocols considered in the report is 107 CPM. These “commits” essentially represent any additions or amendments made to the network’s source code on Github.
In terms of these commits, Ethereum comes in second with 447 CPM, IOTA stands third with 394 CPM with Filecoin and Flow rounding up the top five with 368 CPM and 306 CPM, respectively. This shows that Cardano is 555% more active than Ethereum and 317% than the average of all the blockchain networks connected.
In terms of the total number of developers building a particular blockchain network, Ethereum is still ranked at the top with 168 monthly active developers (MAD). Cardano follows closely in second place with 165 MAD, showing a higher year-over-year increase of 31.8%. The network already has the functionality that allows the creation of NFTs. According to data provided by Cardano to Cointelegraph, there have been 780,436 NFTs minted on the network.
Such an active developer community is a testament to how fast the network is developing and adapting to the changing needs of the ecosystem. Cardano has a high developer count with the highest development activities amongst similar blockchain protocols thus improving the security and transparency of the network. The Alonzo hard fork bringing in the smart contract functionality will only push these trends to greater heights.
Cardano DApps are still on the distant horizon
Even though the Alonzo upgrade, a part of the Goguen phase of Cardano’s roadmap, allows developers to deploy Plutus-powered smart contracts on the network, the network hasn’t quite reached that stage.
Despite the belief in the market that over 2,000 smart contracts have been deployed on the network, according to data from Vercel app, a third-party data provider that uses data from adapools.org, there are only 26 Plutus-powered smart contracts that have been deployed at the time of writing.
There is also a market-wide perception that these smart contracts are in timelock. But, a spokesperson from Cardano clarified to Cointelegraph that the network has had timelock scripts since the Allegra era of the project’s roadmap. These time-locked scripts are used for activities like aiding NFT minting by making NFTs run unique for-instance and multisig schemes. Smart contracts highly differ from these scripts and cannot be placed “in timelock.”
Hunain Nasser, senior analyst at OKEx Insights — the research team at cryptocurrency exchange OKEx — told Cointelegraph:
“Timelocks are used to protect users from changes made to contracts after they are created. Not all 2,300 or so scripts seen on the Cardano network are actual apps, most of them are minting policies for tokens and NFTs on the Cardano network, and they are time locked to prevent changes.”
However, timelocks can be used once DApps are created and widely used. They can also be used to provide users alerts once any changes to a smart contract are triggered. This feature prevents the implementation of these changes instantly, giving users time to review them and act on them if necessary before they get implemented.
It remains to be seen how fast real utility could come to the Cardano network in terms of DApps and other decentralized finance features. But it also could be a case of managing expectations. Johnny Lyu, CEO of crypto exchange KuCoin, told Cointelegraph that even though the Alonzo upgrade is a landmark event for Cardano, one shouldn’t expect lightning-fast achievements in a short period of time.
“Users need to be patient, and developers need to move on and do a lot of work to prevent mistakes that can lead to hacks and loss of funds on smart contracts.”
An instance of smart contracts being fast-tracked into a network can be witnessed in the case of the Binance Smart Chain, the most recent one being the $12.7 million BTC hack from the pNetwork.
Related: DeFi hacks on Binance Smart Chain rise as TVL and volumes increase
“At the same time, I believe that after launch, it will take more than two years for DApps to be deployed and operate at full scale on Cardano, as it was with the Ethereum network, “ Lyu said, adding “I think everyone is ready to start now and offer some new products and applications to users, but it is necessary to make sure that they are safe.”
Since Cardano is a blockchain project that has always focused on the fundamentals, one might assume that they will allow funds to flow through smart contracts only once they are deemed safe and secure. The Founder of Five Binaries, Marek Mahut, who ran the first smart contract on Cardano said that “Safety and scalability are major features for any developer. Cardano’s accounting technology, eUTXO, provides a novel approach, which makes writing secure smart contracts easier.”
The Cardano Foundation is held the Cardano Summit 2021 on Sept. 25–26. IOHK, the blockchain research and development company that backs Cardano’s infrastructure, discussed the planned upgrades and improvements to the smart contract functionality at this summit. It remains to be seen when the deployment of actual DApps can be done on the network, but it’s not an instantaneous process.
There is a growing need for quality decentralized exchanges.
As the global crypto demand ramps up amidst increasing popularity, the need for exchanges has concurrently risen. This has led to the entry of many new crypto exchange platforms into the mix. In the search for an exchange, both projects and users have to be careful and discerning in their choices. With crypto being largely unregulated, users are usually at the mercy of whatever exchange they are on.
Besides regulatory issues, transaction fees and speed are also areas that users need to look into, with gas fees on some chains skyrocketing and transactional delays when the network is under heavy load.
Along with conventional exchanges in the space, the need for decentralized exchanges is also growing. With regulatory pressure mounting on CEXes, decentralized finance is becoming more popular than ever. Its ability to stay out of the purview of the government means that many now flock to it. The current DeFi market capitalization stands at about $114B.
Lesser known than its more popular counterparts, MDEX.COM is an automated market maker (AMM) that originated on the Huobi ECO-chain (HECO). Amid its ups and downs, the DEX has continued to grow throughout this year. However, can it stand out from the throng?
MDEX’s current existence on both the HECO-chain and Binance Smart Chain (BSC) means that it boasts some of the fastest transfer speeds in the industry. This, combined with its low carbon footprint in comparison to Ethereum-based DEXes, makes it a strong competitor. The exchange’s mining feature means that over time the cost of transactions is similar to cheaper chains and with enough input, it can be net-zero.
MDEX first came under the spotlight for pooling the highest 24-hour transaction volume in the history of DEXes. It also recorded the highest daily trading volume for both chains reaching USD 5.05 billion establishing itself as one of the strong DEX contenders in the market. The number of current addresses holding MDX tokens stands at 277,660 in total on the BSC & HECO Chain.
Its multi-chain existence also means that there is flexibility in migration among pools. Gas fees for switching are lower than they would be otherwise and execution speed is only 3 seconds.
MDEX began as an Ethereum and HECO-chain platform that uses an Ethereum Virtual Machine (EVM) address to connect with both chains. While reinforcing cross chain interoperability, MDEX introduced an on-chain non-custodial bridge between HECO-chain and Binance Smart Chain. This allows for unprecedented flexibility, meaning that there is now accessibility between the chains. Whatever tokens are needed on either network can be accessed through MDEX without the need for an intermediary. Most DEXes are native to one chain at the moment, MDEX is one of the exceptions and aims to support even more chains simultaneously.
Last year’s crypto surge has led to a large influx of new users into the industry. Unlike seasoned traders, candlestick charts and analysis tools are like a whole new language to read for newcomers and are something they need to pick up with time. MDEX’s easy-to-use, user-friendly interface will be welcome among the droves of newcomers to crypto for its accessibility.
The exchange also features a native launchpad. Initial MDEX Offering (termed IMO on MDEX) is among one of the best choices for dev teams looking to make a splash utilising an IDO launchpad. With multi-chain compatibility, projects will gain access to a far larger audience than they would otherwise.
The platform’s IMO for Coinwind attracted a total of 8,874 participating wallet addresses and raised total funds of $385,891,505, over-collecting a staggering 25,726%. Its recent IMO for Demeter attracted 6,500 addresses, with a total of $350 million raised, and 23 million MDX tokens locked.
Yet another feather in the exchange’s cap is its allowance of liquidity locking on its network. Users can lock liquidity for selected periods of time. In addition to the rewards they gain, this also makes the network stronger by increasing liquidity for all users. With the AMM capability on the chain, along with multiple locking options, the potential for returns is higher than is generally available elsewhere.
MDEX users can earn by participating in three types of programs namely LP, Single, and Innovation. The available token pairs in liquidity pools include USDT, ETH, MDX & HT. Users can earn about 318.84% APY by staking their MDX tokens. The daily reward scheme across all programs exceeds $2 million as of Q4, 2021.
Its native token, MDX, is also widely held by users. For this metric, it is second only to Pancakeswap and comes out ahead of even the popular Uniswap. The MDEX also burns MDX periodically, creating scarcity and driving the price of the token up.
Simply spend, earn, send, receive and trade 100+ cryptocurrencies and more on Coinbase
Direct deposit coming soon: customers will be able to deposit any percentage of their paycheck into their Coinbase account in crypto or USD
Coinbase Card adds ability to spend USD; offers new rewards with DAI,AMP and RLY; and general availability starts this Fall
Since the launch of Coinbase Earn in 2018 more than 6.5 million unique users on Coinbase have earned crypto
By Max Branzburg, VP of Product, Coinbase
Coinbase began with a radical idea that anyone should be able to easily, simply, and securely access bitcoin. We’ve come a long way since then.
Today, consumers have more options than ever when looking for a place to buy and sell bitcoin. This is something to celebrate. It means crypto is gaining more adoption around the world.
At Coinbase, our goal is to enable everyone to get more out of their money with the power of crypto. That’s why we’re determined to deliver the most trusted full suite of crypto-first financial services to our 68 million users.
Get paid in crypto
With more of their spending, earning, trading and borrowing happening on Coinbase, customers will need simpler ways to fund their Coinbase accounts. In the coming weeks, we’ll launch the ability for customers in the US to get paid into Coinbase. Customers can get paid in crypto or US dollars and can choose any percentage of their paycheck to deposit. With direct deposit, customers can more easily access our crypto-first financial services and be ready for any trade or purchase.
Reimagine crypto spending and earning
As customers look to the cryptoeconomy to meet their everyday financial needs, they need a way to easily make purchases with crypto and earn yield on their portfolio.
Coinbase Card is a Visa® debit card that gives customers up to 4% back in crypto rewards¹ on every eligible purchase, so our customers can seamlessly buy everyday items with crypto². Here’s what’s new:
Starting this week, cardholders can spend US Dollars (as well as crypto), while earning crypto rewards
Coinbase Card holders can already choose to earn 1% back in ETH, DOGE, or BTC or 4% back in GRT or XLM. Starting this week, they can also choose to earn 1% back in DAI or 4% back in AMP or RLY.
All customers* in the US will be eligible to sign up for a Coinbase Card starting this Fall
In addition to earning by spending, the ability to earn crypto without buying or transacting it has been critical in bringing more people into the cryptoeconomy. I’m excited to share that since the launch of Coinbase Earn in 2018, more than 6.5 million unique users have earned crypto for completing educational tasks such as watching videos and answering questions. Coinbase Earn is live today in 42 countries and we have plans to add more in the coming months.
Designing for the cryptoeconomy
Powered by crypto and blockchain technology, the cryptoeconomy has the opportunity to be a more fair, accessible, efficient, and transparent financial system for the internet age. Our goal is to be the gateway to this new financial system, by building a platform that is safe, trusted, and easy-to-use.
That means designing products with a simple UX that makes our platform usable and intuitive for even the newest entrants to the cryptoeconomy. Our app was originally designed for trading a few dozen crypto assets, but as we continue to build out a full-suite of financial services for the cryptoeconomy, our UX needed an overhaul to accommodate.
We made a number of improvements to our Mobile and Web apps, including:
A new ‘Assets’ tab to view your crypto holdings and discover new features
A revamped ‘Trade’ tab to help you research assets and transact for both novice & advanced traders alike
A new ‘Pay’ tab to access Coinbase Card and P2P payments for everyday spending
A new ‘For You’ tab to discover news, insights & education and engage with the broader cryptoeconomy
Our goal is to deliver the best financial services that consumers are used to, but in an even better way with crypto and blockchain technology. Financial services built on crypto have the potential to enable more fair and equal access to wealth for anyone, anywhere, without prejudice. It’s still early days, but by building the foundation of the primary financial account, we’re one step closer to enabling more economic freedom for the world.
*Coinbase Card will be available to all eligible customers in the US, excluding Hawaii.
¹Crypto rewards is an optional Coinbase offer.
²Coinbase will automatically convert all cryptocurrency to US Dollars for use in purchases and ATM withdrawals.
The Coinbase Card is issued by MetaBank®, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. The Coinbase Card is powered by Marqeta.
Do more with your crypto: beyond the buy and sell buttons was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.
By Prakash Hariramani, Sr Director, Product, Coinbase
Over the next few weeks, we’re rolling out the ability for customers in the US to deposit their paycheck into Coinbase to more easily make regular crypto trades, spend on Coinbase Card, earn crypto rewards¹, and more. Get paid in crypto² or in US dollars and deposit as much³ or as little of your paycheck as you want. The future of payroll is coming.
Get easy and zero-fee access to crypto
There are many reasons why customers make frequent transfers into Coinbase: to make short or long-term investments, to earn interest on yield-generating assets, and to fund everyday purchases with Coinbase Card. However, customers tell us that making frequent transfers is time-consuming and inconvenient.
Now, you’ll save time on the extra steps it takes to move money so you can immediately earn interest on your income or earn crypto rewards with your Coinbase Card. Plus, you’ll pay zero transaction fees on direct deposit funds⁴ so you have instant and free access to the cryptoeconomy.
Maintain full control
Stay in control of your money by depositing as little or as much of your paycheck as you want. Get paid in any of the 100+ crypto available on Coinbase or in US Dollars. Choose to get paid in crypto so you can make recurring buys or earn interest on your income (by getting paid in USDC, DAI, or other interest-yielding assets), or choose to get paid in US Dollars to be ready for any trade or to spend with your Coinbase Card.
Set up just once
You can set up direct deposit in just a few steps without leaving the Coinbase app. Tap direct deposit in the settings, follow the instructions, and find your current payroll company or employer, and we’ll automatically update your paycheck allocation. If you’d prefer to set up direct deposit manually, we’ll provide instructions on what to share with your HR department or employer payroll website. You can modify your direct deposit preferences at any time within your Settings.
Enter the future of payroll
As you begin to do more with your crypto from staking to spending to sending, we’re also making it easier for businesses to pay their employees in crypto. We’ve partnered with a number of companies, including Fortress Investment Group, M31 Capital, Nansen, and SuperRare Labs, to allow employees throughout the creator economy and financial services to enter the future of payroll.
Stay tuned for announcements in the coming months as we make it easier for more businesses to pay employees in crypto.
¹Crypto rewards is an optional Coinbase offer.
²If you choose to be paid in crypto, Coinbase will automatically convert your paycheck from US dollars to crypto with no transaction fees.
³Limits apply, see terms.
⁴No Coinbase transaction fees but a spread applies when we buy, sell, or trade cryptocurrencies. Other standard fees may apply, and will be shared during Coinbase Card sign-up.
The Coinbase Card is issued by MetaBank®, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. The Coinbase Card is powered by Marqeta.
Now get your paycheck deposited into Coinbase was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.
Ethereum started a steady increase above $3,000 against the US Dollar. ETH price must clear the $3,200 to continue higher in the near term.
Ethereum started a strong increase from the $2,750 support zone.
The price is now trading above $3,000 and near the 100 hourly simple moving average.
There was a break a major declining channel with resistance near $2,925 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must surpass $3,175 and $3,200 to continue higher in the near term.
Ethereum Price Is Gaining Momentum
Ethereum found a strong support near $2,750 and started a fresh increase, similar to bitcoin. ETH broke the $2,880 and $2,950 resistance levels to move into a positive zone.
There was also a break a major declining channel with resistance near $2,925 on the hourly chart of ETH/USD. The pair settled above the $3,000 zone and near the 100 hourly simple moving average. It gained traction and climbed above the $3,100 level.
Ether price is now facing resistance near the $3,175 zone. It traded as high as $3,165 and is currently correcting lower. An immediate support sits near the $3,065 level. It is near the 23.6% Fib retracement level of the upward move from the $2,740 swing low to $3,165 high.
Source: ETHUSD on TradingView.com
On the upside, an immediate resistance on the upside is near the $3,165 level. The first major resistance is near the $3,175 level. The main breakout zone could be near the $3,200 zone. A close above the $3,200 resistance could push the price further higher. In the stated case, the price could rise towards $3,320.
Dips Supported in ETH?
If ethereum fails to continue higher above the $3,165 and $3,200 resistance levels, it could start a downside correction. An initial support on the downside is near the $3,065 level.
The next major support seems to be forming near the $3,000 level and the 100 hourly simple moving average. Any more losses might call for a test of the 50% Fib retracement level of the upward move from the $2,740 swing low to $3,165 high at $2,950. If ether fails to stay above $2,950, it could resume its decline in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now well above the 50 level.
China has attempted to stifle the crypto sector’s growth on several occasions in the past 12 years but barring a minor blip, the blanket bans on crypto-commerce have not altered the long-term growth of cryptocurrencies. This shows that no one country, even if it is the second-largest economy in the world, can halt the emergence and growth of cryptocurrencies.
Deutsche Bank analyst Marion Laboure said in an update on the bank’s website that Bitcoin (BTC) is likely to “remain ultra-volatile in the foreseeable future” as most people buy it either for investment or for speculation rather than using it as a medium of exchange.
However, Laboure believes that Bitcoin could become “the 21st century’s digital gold” and the trend could continue for centuries with no major control by the government.
Crypto market data daily view. Source:Coin360
At Morningstar’s yearly investment conference, Dennis Lynch, the head of asset management at Counterpoint, likened Bitcoin to the South Park cartoon character Kenny. Lynch said: “I like to say that bitcoin’s kind of like Kenny from South Park — he dies every episode, and is back again.”
As the effect of the China FUD diminishes, let’s study the charts of the top-5 cryptocurrencies that may remain strong in the short term.
BTC/USDT
Bitcoin has once again bounced off the 100-day simple moving average ($41,002), suggesting that bulls are attempting to defend this level aggressively. The bulls will now try to push the price above the 20-day exponential moving average ($45,178).
BTC/USDT daily chart. Source: TradingView
The downsloping 20-day EMA and the relative strength index (RSI) in the negative zone suggest that bears have the upper hand. If the price turns down from the 20-day EMA, the possibility of a break below the 100-day SMA will increase.
Such a move will complete the bearish head and shoulders pattern, which has a target objective at $32,423.05.
The bulls will have to push and sustain the price above the overhead resistance at $48,843 to open the doors for a possible rally to $52,920. A break and close above this level could signal the resumption of the uptrend.
BTC/USDT 4-hour chart. Source: TradingView
The BTC/USDT pair is witnessing a tough tussle between the bulls and the bears near the neckline. The bulls have pushed the price above the 20-EMA and will next try to clear the overhead hurdle at $45,200.
If they can pull it off, the pair could climb to $49,000. Conversely, if the price turns down from the current level, the bears will try to pull the price below the critical support zone at $41,000 to $39,600. A violation of this zone may indicate the start of a downtrend.
AVAX/USDT
Avalanche (AVAX) is trading inside an ascending channel pattern. The long tail on today’s candlestick suggests that bulls are aggressively buying on dips to the 20-day EMA ($61).
AVAX/USDT daily chart. Source: TradingView
The rising moving averages and the RSI in the positive zone indicate advantage to buyers. The AVAX/USDT pair could now try to retest the all-time high at $79.80. This is an important level to watch out for because a break above it could signal the resumption of the uptrend.
The pair could then rally to the resistance line of the channel and the bullish momentum may pick up if this hurdle is crossed.
Conversely, if the price turns down from the current level or the overhead resistance and breaks below $60.04, it will suggest the start of a deeper correction to the 50-day SMA ($45).
AVAX/USDT 4-hour chart. Source: TradingView
The pair has bounced off the 100-SMA and the bulls are attempting to sustain the price above the 20-EMA. If they manage to do that, the pair could start its northward march to $79.80 where the bears may again mount a stiff resistance.
On the downside, the critical level to watch is the support line of the channel. A break and close below this support will be the first indication that the bulls may be losing their grip. If the price slips below $60.04, the decline could extend to $55.
ALGO/USDT
Algorand (ALGO) is trading below the 20-day EMA ($1.77) but the long tail on today’s candlestick suggests that bulls are attempting to defend the support at $1.51.
ALGO/USDT daily chart. Source: TradingView
If bulls drive and sustain the price above the downtrend line, it will suggest that the short-term correction could be over. The ALGO/USDT pair could then rise to $2.15 and then to $2.55.
Alternatively, if the price turns down from $1.84, the pair could again drop to $1.51. If the bulls defend this support, the pair may remain range-bound between $1.84 and $1.51 for a few days.
A break and close below $1.51 will signal a possible change in trend. The pair could then slide to the next support at $1.15.
ALGO/USDT 4-hour chart. Source: TradingView
The pair is trying to rebound off the strong support at $1.51 but the recovery may hit a barrier at the moving averages and then again at the downtrend line.
If the price turns down from the overhead resistance, it will indicate that sentiment remains negative and traders are selling on relief rallies. That will increase the likelihood of a break below $1.51.
This negative view will be negated if the price rises and sustains above the downtrend line. The bulls will then make one more attempt to resume the up-move.
Related: Derivatives data suggests Solana has reached a short-term top
XTZ/USDT
Tezos (XTZ) rebounded sharply from the breakout level at $4.47 on Sept.22, indicating aggressive buying on dips. The bulls pushed the price back above the 20-day EMA ($6.10) on Sept. 23 and have held the level since then.
XTZ/USDT daily chart. Source: TradingView
The moving averages are sloping up and the RSI is in the positive territory, suggesting that bulls have the upper hand. The buyers are likely to challenge the overhead resistance zone at $8.03 to $8.42.
A breakout and close above this zone will signal the start of the next leg of the uptrend. The pair could then rally to the psychological mark at $10.
Contrary to this assumption, if the price turns down from the current level or the overhead resistance and breaks below the 20-day EMA, the pair could drop to $4.47.
XTZ/USDT 4-hour chart. Source: TradingView
The pair is attempting to rebound off the 20-EMA, indicating that sentiment has turned positive and traders are buying on dips. The bulls will now try to push the price to the overhead resistance at $7.50.
If this level is scaled, the pair may rally to $8.03 where the bears are likely to mount a stiff resistance. If bulls do not give up much ground from this resistance, the possibility of a break above it will increase.
This bullish view will invalidate if the price turns down and breaks below the moving averages. Such a move could result in a drop to $5.50 and then $4.47.
EGLD/USDT
Elrond (EGLD) bounced off the 50-day SMA ($181) but could not clear the overhead hurdle at $245.80. This suggests that bulls are buying on dips while bears are selling on rallies.
EGLD/USDT daily chart. Source: TradingView
The 20-day EMA ($220) has flattened out and the RSI is just above the midpoint, indicating a balance between supply and demand.
The buyers are attempting to sustain the EGLD/USDT pair above the 20-day EMA. If they manage to do that, the bulls will again try to push the pair above $245.80. If they manage to do that, the pair could rally to $303.03.
On the contrary, if bears pull the price down from the current level, a retest of the 50-day SMA is possible. A break and close below this support could open the doors for a further decline to the 100-day SMA ($132).
EGLD/USDT 4-hour chart. Source: TradingView
The pair has bounced off the uptrend line, which suggests that traders are buying on dips. The bulls will now try to propel and sustain the price above the downtrend line. If they succeed, the pair may resume its up-move and rally to $277.88 and then to $303.03.
Contrary to this assumption, if the price turns down from the downtrend line, the bears will try to gain an advantage by pulling the price below the uptrend line. Such a move could clear the path for a deeper correction.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.
