Bitcoin faces Death Cross once again
Bitcoin faces a risk of getting under bearish pressure again after forming a so-called “death cross”. Analysts note that yet another bearish intersection of long-term moving averages can appear in the near future.
CoinDesk analyst Omkar Godbole was one of the first to notice this technical signal. He said that the first “death cross” was formed on June 20 when a 50-day moving average fell below a 200-day one. This situation may repeat, Omkar warned. Now, a 100-day moving average is starting to cross a 200-day MA. The last time it happened was in May 2020. According to the technical analysis principle, this cross may be a sign of a sharp market decline.
Remarkably, such a cross of long-term averages often turns out to be a lagging indicator that causes wrong trading decisions. For example, after 100-day and 200-day moving averages crossed in May 2020, bitcoin’s behavior was hardly bearish. The same situations were witnessed in April 2018 as well as October and April 2014 when the most popular cryptocurrency demonstrated intermediate price lows. In November 2019, a decline was prolonged.
Meanwhile, analysts at Amber Group believe that a fall in bitcoin prices can revive the interest of hedge funds. Investors are likely to return to the market after bitcoin plunges below $25,000. At the same time, JPMorgan experts noted that the interest from institutions has almost faded away recently.
Investment collective buys “Doge” meme as NFT
One of the world’s famous memes known as DOGE, representing the image of an excited-looking Shiba Inu dog called Kabosu, allows raising money for everyone who obtains it. The meme has a huge fan base and became the face of Dogecoin. It is one of the major cryptocurrencies ranked by its market cap. Nowadays, the meme is sold in the market too.Notably, one can buy a part of the DOGE meme.
14:40 2021-09-17 UTC+00
UK faces double whammy
One can hardly envy the UK right now. The country is trying to mitigate the negative consequences of the pandemic-driven crisis as well as the Brexit one. The recent rise in inflation is mainly associated with the withdrawal from the bloc.
14:30 2021-09-17 UTC+00
Solana soars to new all-time highs
Solana, the cryptocurrency little known outside the crypto community, keeps setting new records. The token continues to extend its rally which started in late August when it surged by 26% with short pullbacks. In general, the price skyrocketed by 200% in August. The cryptocurrency which made its debut only 18 months ago has already hit a market cap of $35 billion.
13:40 2021-09-17 UTC+00
After global lending institutions announced freezing any financial aid to Afghanistan, the World Bank quickly followed suit. Unwilling to back the Taliban-led government, the World Bank stated that it would terminate funding any projects in the country following the Taliban takeover.
12:27 2021-09-17 UTC+00
Salvadorans push back against new bitcoin law
El Salvador has become the first country to adopt bitcoin as legal tender. However, not all of the population was encouraged by these innovations. Some citizens even took to the streets to challenge this controversial decision of President Nayib Buquele. In San Salvador, the capital of El Salvador, about 1,000 people attended the street protests.
09:14 2021-09-17 UTC+00
OECD economic output rises in second quarter
Countries are no longer justifying economic stagnation by the coronavirus, and their authorities are encouraging faster economic growth. Such an approach yields considerable results. The Organization for Economic Co-operation and Development (OECD) believes that the economic recovery in industrialized countries is running rather smoothly.
14:18 2021-09-16 UTC+00