Ethereum DeFi’s Balancer (BAL) Surges 25%: Why the Altcoin Is Up So Much

While Bitcoin and Ethereum have stagnated over recent days, multiple altcoins are pressing higher and higher. Zcash, for instance, has gained dozens of percent in the past week alone as its technical and fundamental case strengthens.

The coin of the day, though, seems to be Balancer (BAL). The Ethereum-based altcoin, which is a governance token for the Balancer protocol, has doubly surged in the past few hours.

As can be seen in the chart below, BAL ripped from the $10 baseline it was trading at a high of $15.50 in the span of two hours. The cryptocurrency has since retraced to $12.5 as of this article’s writing, with swing traders presumably taking profits after this legendary pump.

Chart of Balancer's price action over the past few days (FTX market data) from TradingView.com

Why Is The Ethereum-Based Balancer Up So Much?

Balancer rallied due to it being listed on Binance, which was announced on the morning of August 6th. Binance is arguably the first major exchange BAL has been listed on aside from FTX, hence why investors see this as such a significant event.

That’s not to say that the move higher was entirely unexpected.

One cryptocurrency trader shared the chart below just a day before the listing, noting how BAL had a bullish structure. What he didn’t expect, though, is for the Ethereum-based altcoin to rally so high and so fast.

Image

Chart of Balancer's recent price action with analysis by SmartContracter (Twitter handle). Chart from TradingView.com

A True Bull Market: Listing Pumps Are Back 

Although Balancer has given back some of the gains it underwent because of the Binance listing, it is clear that listing pumps are alive and well.

In 2017 and 2018, cryptocurrencies would pump sky-high whenever they were listed on a reputable exchange such as Coinbase, Binance, or Bittrex. Coinbase’s listings were the most well known because they were so elusive and had such a large impact.

We’re seeing this now with Balancer, as aforementioned, and with other tokens.

The day before the Ethereum-based BAL was listing on Binance, Band Protocol (BAND) also secured a major listing. BAND secured a spot on Coinbase, which makes it one of the newer assets to be added to the platform.

On this news alone, BAND gained around 50% in the span of five minutes, literally rocketing the cryptocurrency up the leaderboards.

Analysts say that the existence of these infamous listing pumps are a clear sign that the cryptocurrency market is in a bullish phase.

How the next crypto asset reacts to a Coinbase or Binance listing, though, remains to be seen.


Featured Image from Shutterstock
Price tags: balusd, baleth, ethusd, ethbtc
Charts from TradingView.com
Ethereum DeFi's Balancer (BAL) Surges 25%: Why the Altcoin Is Up So Much

Raoul Pal: ‘It May Not Be Worth Owning Any Asset Other Than Bitcoin’

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Bitmain Delays Delivery of Bitcoin Miners by Three Months, as Co-Founders Battle for Company Control

Bitmain Delays Delivery of Bitcoin Miners by Three Months, as Co-Founders Battle for Company Control

Bitmain has delayed shipments of its Antminer bitcoin mining machines by three months, as the tussle between co-founders, Jihan Wu and Micree Zhan Ketuan, for control of the company intensifies.

According to a post on Bitmain’s official Wechat account, the Beijing-based bitcoin miner maker said customers whose orders were due for delivery in June and July will have to wait until September and October.

The equipment is typically ordered three months prior to delivery. That means the postponed shipments may have been ordered around March, making this a costly six-month wait for the affected bitcoin miners.

Bitmain said in the Thursday announcement that the delay is a result of “external interference over the company’s management.” Jihan Wu’s faction is reportedly in control of the company’s Wechat account.

The company is offering two options to its customers as compensation for delays. First, customers can write to Bitmain requesting that deliveries are fast-tracked. If they do not receive the equipment after 60 days of submitting the request, customers can ask for a refund.

The second option involves cash coupons equivalent to theoretical mining revenue between now and the actual delivery date. Those coupons could be used to pay for future orders. The two options cannot be exercised together.

Wu and Micree Zhan are currently engaged in a bitter struggle for Bitmain’s control. The two co-founders ran the company together for many years, but Zhan was booted out of the firm by Wu last October in controversial circumstances.

In June, a court in China ruled in favor of Zhan, allowing him to return to power. Zhan, who owns a 37% stake in the company, has now assumed control of Bitmain’s Shenzhen-based operations.

However, the feud is evidently starting to impact negatively on Bitmain’s operations. In July, some 10,000 Antminers, worth about $10 million, were reportedly “stolen” from a mining facility owned by the company in Inner Mongolia. Some reports say the equipment was “illegally transferred”.

In the wake of the latest operational hiccups, Thomas Heller, global business director at bitcoin mining pool F2pool, urged miners to switch to machines operated by Bitmain’s competitors such as Microbt and Canaan.

What do you think about Bitmain’s delayed shipments? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Analyst: Bitcoin Just Posted the “Most Important Breakout” in BTC History

Bitcoin

Analyst: Bitcoin Just Posted the “Most Important Breakout” in BTC History


  • Bitcoin has been seeing some incredibly bullish price action throughout the past several days and weeks
  • The cryptocurrency is now consolidating at just below $12,000 as its buyers attempt to catalyze another leg higher
  • Despite facing resistance at this level, the crypto has yet to see any type of harsh breakdown here
  • One recent technical development is creating a new source of bullishness amongst traders
  • The cryptocurrency just broke out of a multi-year bull pennant, with this being the “most important breakout” in BTC history – according to one trader

Bitcoin and the aggregated cryptocurrency market are currently consolidating after BTC, ETH, and other altcoins ran into insurmountable resistance this past Saturday.

Despite the selling pressure here being heavy, it is essential to note that the cryptocurrency remains technically strong, as it has yet to see any harsh rejection.

As for what this means for where it may trend next, one trader is expecting it to see some near-term downside before it can push any higher.

There is one recent technical development, however, that shows BTC dips are for buying in the near-term.

The benchmark digital asset was just able to break out of a multi-year bull pennant, which analysts claim is a crucial factor to consider in the near-term.

Bitcoin Struggles to Break Key Resistance as Analysts Eye a Pullback

At the time of writing, Bitcoin is trading up marginally at its current price of $11,850. This is around the level at which it has been trading throughout the past several days.

Last weekend, BTC ran as high as $12,000 before it hit insurmountable resistance that sparked the ongoing consolidation phase.

One analyst is now noting that he expects BTC to retest its support at $11,350 before it can rally past the resistance it is currently facing.

“Breakout from range confirmed when: successful retest of resistance as support (bouncing from it). Bounce closes higher than previous high.”

Bitcoin

Image Courtesy of Teddy. Chart via TradingView.

BTC Just Saw a Crucial Technical Breakout

Another analyst recently pointed to Bitcoin’s recent ability to break above a descending trendline and bull pennant that has been formed since the 2017 peak, calling it the “most important breakout in BTC history.”

Image Courtesy of CryptoBirb. Chart via TradingView.

As seen on the above chart, the cryptocurrency saw a similar breakout in June of 2016, which is what sparked the massive uptrend that ultimately resulted in Bitcoin seeing a parabolic move to $20,000 in late-2017.

If history rhymes, this could mean that Bitcoin is entering the early phases of its next major bull trend.

Featured image from Unsplash.
Charts from TradingView.

Analyst: XRP May Crater to $0.21 Before Strong Uptrend Can Extend

XRP has found itself caught within a consolidation phase throughout the past few days as it trades just above $0.30.

The cryptocurrency has been unable to surmount the heavy resistance it faces between $0.31 and $0.32, and it appears to be once again forming a strong correlation to Bitcoin and the aggregated cryptocurrency market.

That being said, it may be unable to post any strong rally until the rest of the market further extends its ongoing uptrend.

One analyst is now noting that he expects XRP to see some notable near-term downside before it can surge any higher.

He believes this decline could lead it as low as $0.212 – marking a nearly full retrace of its recent gains.

However, he still believes that its uptrend may remain intact despite this drop and that it may even be necessary in order for it to continue climbing higher in the near-term.

XRP Forms Bullish Technical Pattern as Consolidation Phase Extends

At the time of writing, XRP is trading up over 2% at its current price of $0.31. This is around the price at which it has been trading throughout the past few days.

Earlier this week, bulls sent the crypto surging to highs of $0.34, but this movement was not backed by enough buying pressure to hold it above the resistance it faced at $0.32.

The cryptocurrency has been consolidating below this level ever since, and it may continue trading sideways until the entire crypto market garners greater direction.

Both Bitcoin and Ethereum are currently consolidating beneath their crucial resistance levels. As such, where XRP moves next will likely depend on how they eventually respond to their near-term resistance.

One analyst noted in a recent tweet that the embattled token has been able to form a clear bull flag over the past several days and weeks. The resolution of this pattern could send it surging higher.

Image Courtesy of MoonOverlord. Chart via TradingView.

Analyst: Token May Dip to $0.21 Before Extending Momentum

While speaking about XRP’s near-term outlook, another popular cryptocurrency analyst explained that he expects it to see a sharp retrace before it can extend its uptrend.

He notes that this could lead it as low as $0.21 in the days ahead.

“XRP: Buy the dip zones: $0.212 and $0.245. Next resistance zone if this massive one breaks: $0.40. I doubt we’ll continue rallying, but I will be very satisfied to buy the dip.”

XRP

Image Courtesy of Crypto Michael. Chart via TradingView.

Where it trends next may be partially dependent on the aggregated market, but it is also possible that its heavy resistance at $0.32 will spark a sharp decline.

Featured image from Unsplash.
Charts from TradingView.

Honeywell Aerospace Upgrades Blockchain Solution for Easier Information Access

Honeywell Aerospace Upgrades Blockchain Solution for Easier Information Access

Honeywell Aerospace, a leading manufacturer of aircraft engines and parts, has upgraded its existing distributed ledger technology (DLT) solution to enable faster and more seamless data retrieval from its database, according to reports on August 6, 2020.

Making Aircraft Data Storage Easier with DLT

In a bid to promote superfast, and seamless storage and retrieval of complex data concerning airplane parts, engines, and more, Honeywell Aerospace has created a new version of its blockchain platform.

Per sources close to the development, the initial iteration of Honeywell’s blockchain solution was designed to supplement its GoDirect Trade online portal for all-things aircraft parts and engines.

However, that blockchain system had a number of shortcomings as it could only store aircraft data in the form of PDF documents and references to digital airplane records, making it very difficult for users to retrieve information in real-time.

A Game Changer in Aerospace

Commenting on the matter, Lisa Butter, general manager for Honeywell’s GoDirect Trade and applications owner for blockchain technologies said the new solution allows the firm to store all critical data about aircraft parts on-chain.

In her words,

“Honeywell manufactures and repairs thousands of aircraft parts every day, and now all of those events, including the generated airworthiness certificates, go on-chain. This is a game-changing technology in aerospace, as it will simplify and transform recordkeeping for aircraft owners and airlines around the world.”

Honeywell says its new DLT platform is a permissioned and decentralized blockchain, crowdsourced by all its authorized entities. Each user can access the network and view information in real-time.

What’s more, the new solution also makes it possible for Honeywell customers to gain access to vital data such as the airworthiness records that prove that the aviation watchdogs like the U.S. Federal Aviation Administration have given the aircraft its stamp of approval to fly.

Notably, Butters has buttressed the need for all participants in the aviation, automotive and other related industries to integrate blockchain technology into their operations in order to promote quality documentation, while also making it easier for customers to access important info.

She said,

“Whether you are in aerospace, automotive, electronics, or consumer products, I envision all manufacturing OEMs and repair shops pushing quality documentation and part provenance data to the blockchain, so customers have easy access.”

In related news, earlier in March 2020, BTCManager reported that leading aircraft makers, Boeing now uses Honeywell’s blockchain solution to track airplane parts.

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KAVA, ERD, and BAND See 10x Moves: Why are Binance IEOs Outperforming the Market?

The crypto market is booming again, with each passing day a new token is doing another ’10x’ and making early investors rich. The latest coins in the limelight, all happen to be Binance IEOs: Kava (KAVA), Elrond (ERD), and Band Protocol (BAND).

Why are Binance IEOs suddenly outperforming the rest of the market? Also, will this craze continue, and if so, which token will rally next?

Binance IEOs Stagnant Since Launch Are Suddenly Soaring, But Why?

During the 2017 crypto bubble, alongside Bitcoin’s meteoric rise, the ICO boom helped Ethereum explode and created an industry filled with altcoins.

Most of the altcoins created during this clear cash grab ended up nearly worthless after the bubble burst. The fundraising method went from being championed across crypto to being demonized by the finance world and by chief regulators.

Negative sentiment and a slew of lawsuits stopped that trend in its tracks. Since then the market has been searching for a suitable replacement for launching new projects through crowdfunding.

Related Reading | The Great Ethereum Debate: DeFi Versus ICOs

IEOs, or initial exchange offerings were born, helping to launch new tokens with the added backing and support of a cryptocurrency exchange. Binance kicked off the trend, but several other platforms followed the industry leader.

Like ICOs, IEOs were also haunted by negativity, with a former SEC chief referring to the new class of assets as “unregulated crypto-casino fundraising mutations.”

That negative stigma, however, has since been shed alongside the market turning bullish again, and it has helped propel a handful of Binance IEOs to superstardom.

Rolling The Dice On KAVA, ERD, and BAND Led To 800% Returns

The crypto community is on the hunt for the next major trend to take advantage of. Now that DeFi has begun to fizzle out slightly and majors are stealing the limelight, its allowed another subset of altcoins to run: IEOs.

Several of the tokens launched on Binance as IEOs have gone on over 800% rallies since March. The top-performing trio of tokens includes Chainlink competitor Band Protocol (BAND), the DeFi lending platform Kava (KAVA), and Elrond – a project with internet-scale blockchain ambitions.

binance ieo coins kava erd band usd

BANDUSD - KAVAUSD - ERDUSD Chart Comparison | Source: TradingView

Each of the three assets has followed a similar path and price increase since Black Thursday. And it is prompting market participants to look toward other Binance IEOs for additional breakout performance.

Perlin (PERL), according to traders, has begun to join the party, and other possible invitees include Celer Network (CELR), Harmony One (ONE), and BRD. All of these Binance IEOs may show similar performance if the same sort of bandwagon effect happens in this category of coins as it has done so with DeFi and oracles.

Related Reading | Crypto Is Up Over 80% in 2020—and Google Users Are Taking Notice

As for why these assets are suddenly outperforming the market. These rather illiquid altcoins have more to climb from less capital, and with profits from Bitcoin and majors aplenty, there’s less risk involved in rolling the dice in the “crypto-casino.”

It’s “Only a Matter of Time” Before Chainlink (LINK) Breaks $10.00; Here’s Why

Chainlink has been flashing signs of immense strength throughout the past few days, with the cryptocurrency currently consolidating around its all-time highs.

Despite being unable to break into the double-digit price region, the strong market structure established as a result of its recent push higher is likely to allow for further upside in the near-term.

As such, analysts are now widely noting that it is only a matter of time before LINK breaks above $10.00 and further extends its parabolic momentum.

One factor that could significantly bolster its USD price action is that Chainlink is still trading well-below its BTC trading pair’s July highs.

While speaking about this, a popular trader explained that he believes a jump to these highs is imminent. This will also catalyze some major momentum on its USD pair that likely allows it to set significantly higher highs.

Chainlink Shows Signs of Strength as Analysts Eye Move Past $10.00

At the time of writing, Chainlink is trading up just over 1% at its current price of $9.66. This is around the price at which it has been consolidating throughout the past few days.

Earlier this week, the crypto raced to highs of just under $10.00 before it faced an influx of selling pressure that slowed its ascent.

From this point on, LINK has been oscillating between lows of $9.35 and highs of $9.90, with it currently trading directly in the middle of this consolidation channel.

Because Chainlink is starting to require sizable sums of capital to maintain its growth trajectory, it may continue trading sideways until Bitcoin, Ethereum, and the rest of the market is able to push higher as well.

One analyst explained in a recent tweet that he believes it is “just a matter of time” before the crypto smashes its $10.00 resistance and sets fresh all-time highs.

“Consolidating below 10usd – just a matter of time now,” he explained while pointing to the below chart.

Chainlink LINK

Image Courtesy of Teddy. Chart via TradingView.

Trader: LINK Likely to See Major Upside Against BTC

Another respected trader explained that he is expecting Chainlink to see massive upside against its Bitcoin treading pair in the near-term.

Because LINK is still trading well below its BTC highs that were set in July, a surge back to these highs could also provide it with significant upside on its USD trading pair as well.

“Why I’m still holding my LINK position,” he said while pointing to the chart seen below.

Image Courtesy of Loma. Chart via TradingView.

That being said, a break above $10.00 may allow Chainlink to incur a parabolic rally independent of the rest of the market that enables it to post massive gains against BTC.

Featured image from Unsplash.
Charts from TradingView.

Record $830M CME Bitcoin Futures Open Interest Highlights Bullish Trend

What can I do to prevent this in the future?

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