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Bitcoin is slowing down and weakening on-chain metrics are forcing traders to turn cautious in the short term. The price of Bitcoin ( BTC ) is showing overall weakness as it struggles to establish $34,000 as a support level. Overall, BTC appears to be stagnating without signs of a short-term relief rally, leading traders to be cautious. One concerning trend is that the volume of Bitcoin has been stagnating along with its price, apart from the “Elon pump” on Jan. 29 . This trend indicates that there is an overall drop in buyer demand since the $42,000 top despite BTC hovering in the low $30,000 region. BTC/USDT 4-hour price chart (Binance). Source: TradingView.com Bitcoin gets choppy after revisiting $38,000 On Jan. 29, the price of Bitcoin rose to as high as $38,461 on Binance after Tesla CEO and the world's richest man, Elon Musk, ostensibly showed support for Bitcoin. However, before this rally, on-chain analysts were already warning that the momentum of Bitcoin was slow...

For managers, entrepreneurs and builders working with blockchain, performing a cost-benefit analysis of DLT implementations is crucial. Blockchain technologies and their associated market gained tremendous momentum this past year. The colossal developments and the aggressive funding of ideas across this nascent industry have sparked some serious debate as to the veritable value of blockchain. Before implementing blockchain technology, managers, builders and developers need to ask themselves one question: “why blockchain?” What necessitates a decentralized system? In order to understand how best to use blockchain technology, we must first define the trust assumptions in the system under consideration. Often, blockchain use cases overlook this question of a third party without ever considering whether that use case could be better met with a distributed or centralized alternative. Criteria for a decentralized system: A uniformly accepted single source of truth. The system must re...

Public trust in banks and bankers never fully recovered after the Great Recession, and DeFi has ground to cover in this particular area. Decentralized finance is a form of finance that does not require traditional intermediaries such as banks, brokerages or exchanges. All of the work that would normally be handled by these institutions is instead performed by technological solutions including smart contracts and blockchain. The legacy banking system and DeFi are markedly different. While traditional finance is slow to develop and adapt, in just a few years, companies operating in the DeFi sector have built a parallel financial system from the ground up. There are payment systems, lending protocols, exchanges and more. There is also a growing stablecoins market of fiat-pegged assets including Tether ( USDT ) and USD Coin ( USDC ). Improved returns One of the headline differences for DeFi is the potential returns on capital/savings that retail users can expect. The average bank inte...

Ethereum remains in a range above the $1,300 support against the US Dollar. ETH price is likely to gain momentum above $1,400 and $1,450 resistance levels in the near term. ETH price traded as high as $1,438 and before it corrected lower against the US Dollar. The price is consolidating above the $1,320 support level and the 100 simple moving average (4-hours). There is a key bullish trend line forming with support near $1,295 on the 4-hours chart of ETH/USD (data feed via Kraken). The pair is likely to accelerate higher after it breaches the $1,400 and $1,430 resistance levels. Ethereum’s Ether Signaling Fresh Rally This past week, bitcoin and ethereum saw a steady increase above $1,300 and $35,000 respectively against the US Dollar. BTC trimmed all its gains, whereas ETH remained well bid above the $1,300 support zone. The recent high was formed near $1,438 before the price corrected lower. There was a break below the $1,380 support level. Ether price even traded below the ...

Bitcoin price rallied towards the $38,000 resistance, but it failed to hold gains against the US Dollar. BTC started a fresh decline and it is now struggling to stay above $33,500. Bitcoin is showing a few bearish signs below the $35,000 and $35,500 resistance levels. The price is now trading near the $34,000 pivot level and the 100 simple moving average (4-hours). There is a key bullish trend line forming with support near $33,900 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair either decline heavily towards $31,000 or it might clear $35,000 for a fresh increase. Bitcoin Price Remains At Risk This past week, bitcoin price saw a sharp upward move above the $35,000 resistance against the US Dollar. The BTC/USD pair surged over 15% and it even climbed above the $36,500 level. The price spiked above the $38,000 resistance and settled above the 100 simple moving average (4-hours). A high was formed near $38,603 before the price started a fresh decline. ...

The governance tokens for Uniswap and Compound reached new 2021 highs as altcoins and DeFi tokens pushed higher today. On Jan. 30 Uniswap (UNI) and Compound (COMP) both rallied to new all-time highs as the entire DeFi sector continued to heat up . UNI soared to a new all-time high at $19.93 and COMP price did the same as it briefly traded at $340.  COMP/USDT 4-hour chart. Source: TradingView In the past 30 days the entire decentralized finance sector has been in a strong uptrend and data from DeFi Pulse shows the total value locked has soared from $16.43 billion on Jan. 2 to a new all-time high at $27.67 billion on Jan. 30. Total value locked in DeFi. Source: Defi Pulse The surge in COMP price follows the recent release of a new governance module and upgrade to the comp.vote interface which now allows community members to save on gas fees by voting by signature instead of on-chain transactions. DeFi becomes more attractive after the Robinhood debacle This week’s contr...

The founder behind the game studio that developed Fornite sees promise in NFTs, but says for now there's more speculation than substance. Tim Sweeney, the co-founder of the studio behind titles such as Hitman , Gears of War , and the wildly popular Fortnite said in a Tweet today that non-fungible token (NFT) tech and the ‘metaverse’ it one day may enable are “going places,” but due to factors such as transactions costs and the “wild, speculative mess” that makes up much of crypto today, the dream of “a persistent, live digital universe” might be far off.  Sweeney made his comments in response to a blog titled “Into The Void: Where Crypto Meets The Metaverse.” Written by blockchain consulting, research and investment firm Delphi Digital partner Piers Kicks, “Into The Void” is a sprawling essay that dives into the history of digital connectivity and in-game economies, ultimately arguing that blockchain-based metaverses will not be a simple improvement over previous virtual exper...