Bitcoin (BTC) Bulls to Defend This Price Level: Three Arrows Capital CEO

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Mon, 06/15/2020 - 12:30
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Vladislav Sopov
For the first time in June, 2020 Bitcoin (BTC) left $9,000-$10,000 and touched $8,900 on some spot exchanges. But according to a seasoned investor, bulls aren't giving up
Bitcoin (BTC) Bulls to Defend This Price Level: Three Arrows Capital CEO
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Su Zhu, a prominent investor and analyst and co-founder of Singapore-based Three Arrows Capital investment firm, has commented on the recent Bitcoin (BTC) price drop. He believes that the Chicago Mercantile Exchange stats show a line of defense that is crucial for bulls.

No land for bulls below $9,170

As revealed by Mr. Zhu, he foresees significant levels of bull aggression in a thin channel between $9,170 and $9,270. He highlights that this conclusion comes from the analysis of Bitcoin (BTC) futures trading statistics on the Chicago Mercantile Exchange.

Bulls will defend Bitcoin (BTC) between $9,170 and $9,270
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The signal identified by Mr. Zhu may refer to an exhaustion gap. Bears may be losing their steam as they failed to prevent Bitcoin (BTC) from re-entering $9K waters familiar to it.

So, right now bulls are trying to take the initiative from their rivals. At press time, Bitcoin (BTC) is changing hands at $9,125 on the majority of spot exchanges.

Today Bitcoin (BTC) dropped to a three-week low amidst stock market uncertainty and the 900 point collapse of the Dow Index.

Bears may not stop at $9,000

For scale, the prediction of Mr. Zhu resonates with the recent forecast from top analyst Michael van de Poppe. As covered by U.Today Crypto News, Mr. van de Poppe suggested that Bitcoin (BTC) may drop to $9,050 before its next upsurge.

However, some analysts believe that the market situation is already bad enough for bulls to remain calm. E.g. Matt David Kaye, managing partner at Blockhead Capital digital asset hedge fund admits that bullish momentum is lost for the king coin.

Matt David Kaye is sure that bears gained full control over Bitcoin (BTC) price
Image via Twitter

He is predicting a new period of uncertainty for the flagship cryptocurrency. According to him, the Bitcoin (BTC) price has left its previous patterns and the $8,500 level is on the menu.

Mr. Kaye recommended observing decentralized financial applications. The collapse of the Bitcoin (BTC) price may draw attention to DeFi native assets.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250

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Fri, 01/15/2021 - 18:02
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Vladislav Sopov
Ethereum 2.0 enthusiasts deposited whopping sum in its contract launched six weeks ago
2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250
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While crypto markets are trying to get out of the most painful correction in this bullish cycle, the Ethereum 2.0 deposit contract accomplishes another crucial milestone.

ETH2 deposit contract surpasses $3,000,000,000 level

According to leading Ethereum network observer Etherscan, the Ethereum 2.0 deposit contract (0x00000000219ab540356cBB839Cbe05303d7705Fa) allocated more than 2.5 million Ethers. New 32-ETH stakes are transferred to it every minute.

ETH2 deposit contract breaks above $3B
Image by Etherscan

As the correction of the Ethereum (ETH) price ended, ETH is changing hands at $1,225: the $1,250 level was too difficult for bulls to conquer. Meanwhile, even at press time, it is worth almost $40,000 to join the club of Ethereum 2.0 stakers.

Therefore, the USD-denominated value of assets locked in the contract surpassed $3 billion for the first time ever and keeps surging.

It should be noted that Ethereum 2.0’s deposit contract went live on Dec. 1, 2020, heralding the start of ETH2 Pase Zero or Beacon Chain, the inaugural stage of Ethereum 2.0.

Ethereum 2.0 “entry tickets” become really expensive

At press time, more than 52,267 addresses transferred money to the deposit contract.

Ironically, Black Thursday in Crypto (March 13, 2020) was the most convenient time to join Ethereum 2.0 staking with Ether at $95. Today, Ethereum (ETH) enthusiasts should pay 13 times more to have a minimum amount of Ethers required for staking.

Ethereum 2.0 is a proof of stake (PoS) iteration of the Ethereum (ETH) protocol. It replaces mining by staking and splits the whole Ethereum (ETH) network into several interconnected sub-chains (shards).

According to Staking Rewards analytical dashboard, annualized rewards for ETH staking are estimated between 10.4 and 10.6 percent.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)