Anyswap Bridge Connects Orbs to The Binance Smart Chain (BSC)

Israeli blockchain company, Orbs today said its ORBS token is available to trade on Binance Smart Chain (BSC). The move is yet another milestone in Orbs’ efforts to build bridges between complementary blockchains that will eventually bridge ORBS to multiple ecosystems.

With the release of this feature, ORBS holders will be able to leverage their tokens to participate in DeFi applications on the Binance network. At the same time, they tap into Binance’s ever-growing ecosystem that allows for cheap transactions and high scalability.

The BSC integration is also another step in growing token liquidity across multiple chains, while also preparing for the ability of other assets to live on the Orbs network.

ORBS, which has some $272 million in liquidity and around $1 million in 24-hour volume, was formerly only hosted on the Ethereum blockchain, which is currently suffering under increasingly high gas fees.

To kick-start this integration, Orbs is utilizing the cross-chain bridge infrastructure developed by multichain.xyz, which makes applications compatible with new and legacy systems. Effective today, ORBS tokens can be swapped from the Ethereum mainnet to the BSC mainnet and back.

Once the swap is complete, the ORBS token will be visible in the Binance Wallet connected to the service. From there, users can trade, swap, and interact with the associated token as they would with any supported asset in the Binance Chain.

The rapid rise of the Ethereum-based DeFi ecosystem has fueled the migration of many relevant applications to alternative blockchains. The trend has accelerated after the expensive gas fee on the Ethereum network has limited functionality and made many DeFi protocols barely usable.

Is BSC the Ethereum killer?

As the DeFi ecosystem continues its boom, Ethereum seems to be losing its market to Binance Smart Chain (BSC). Binance’s native blockchain has become the go-to alternative for many traders, onboarding millions of users at an eye-watering pace.

As a result of BSC’s rising popularity, BNB token price has skyrocketed to become the world’s third-biggest cryptocurrency, trailing only behind Bitcoin and Ether. Trading volume on Binance’s network has also outpaced that of Ethereum, a clear shift of the market to the new chain.

For Orbs, the main motivating factor for integrating Binance Chain is to give users new ways to use ORBS on various DeFi applications within the nascent ecosystem.

Orbs’ vision is to convert real-life businesses to blockchain at scale by turning the trust-enabling technology into mass-usage applications for many sectors.

The Israeli blockchain garnered attention earlier this year after partnering with Binance to fund a recently launched accelerator for decentralized finance innovation.

Named ‘DeFi.org,’ the incubator reviews submitted applications, even anonymous ones, and the one that fulfills requirements and receives approval gets the accelerator’s assistance.

Successful applicants receive many benefits and incentives including mentorship, funding from scratch and exposure to the DeFi community.

Upon receiving approval, they also get a “special consideration” if they apply to take part in Binance’s seed fund for Bridging DeFi and CeFi. In line with the sponsorship, Orbs also provides startups with a grant under the company’s Grant Program.

Meanwhile, Orbs has recently introduced a new liquidity-as-a-service application that makes access to DeFi easier for professional investors. Dubbed ‘Liquidity Nexus,’ the application provides a massive source of new liquidity for interested DeFi projects.

Buying Dogecoin With Stimulus Money Would Have Netted You Over $500k

The epic rise of Dogecoin continues to split the crypto community. But one thing that’s not being disputed is DOGE’s unreal performance. In fact, investing stimulus money into DOGE shows a significant outperformance over Bitcoin.

With a seemingly unstoppable surge, is now the time to admit we were wrong about Dogecoin?

Dogecoin daily chart

Source: DOGEUSD on TradingView.com

Dogecoin Outperforms Bitcoin By A Significant Margin

Much has been made over the dollar growth of stimulus money invested into Bitcoin as a point of difference between fiat and crypto. According to @BitcoinStimulus, the original $1,200 payment made on April 15, 2020, is worth $10,211. That’s a 750% increase.

But the scale of difference between Dogecoin and Bitcoin gets highlighted when the same calculation is applied to DOGE.

A $1,200 DOGE investment in April 2020 would now be worth $439k, which equates to a 37,900% increase. This makes Dogecoin 50 times more profitable than Bitcoin.

If an investor had used all of their stimulus money to buy DOGE on receiving each of the three stimulus payments, they would be holding 787,250 tokens. At today’s price, that investment would be worth a staggering $536k.

Binance CEO Changpeng Zhao said he underestimated DOGE, amongst others. Blockfolio points out DOGE is worth more than BMW now. As much as crypto purists may sneer at the meme token, the numbers do the talking.

Even so, not everyone is convinced. Host of the Profit Maximalist podcast, Luke Martin, drew attention to the precarious position of DOGE investors. He mentioned the fleeting “Elon effect,” and the hold that whales have as reasons why trading DOGE is like playing musical chairs.

Nearly 1 in 10 Americans Bought Cryptocurrency With Stimulus Money

Missing the Dogecoin train is a point of regret for many people. While it’s easy to say things with hindsight, more people used stimulus money to buy crypto than you think.

According to The Harris Poll, of the first stimulus payment, 15% invested part or all of the money, with 7% specifically going into cryptocurrency. Regarding the second payment, respondents to the poll held steady, with 7% saying they invested some, or all, of the money in cryptocurrency.

In respect of the most recent payment, the poll concluded that Americans are not planning spending sprees as a whole. Instead, a significant proportion will save or invest the money, with 7%-8% of respondents saying they will buy cryptocurrency.

“It’s clear, though, that right now, getting back to spending is not the sole focus for Americans. Although most of those who expect to receive the next stimulus payment do see themselves in need, a large plurality plan to put at least some of the money into their savings (40%) or invest the funds (17%). Of those who plan to invest money from the new stimulus check, 53% plan to invest in cryptocurrencies.”

Based on yearly performance, investing in Dogecoin would have eased much of the current financial anxiety people face. However, as Martin points out, there may not be long before fundamentals catch up.

dCanvas Opens its Limited Allocation of 256 NFTs to The Public

dCanvas is the largest collaborative NFT art project finally opening its gates to the public. Read it on to know more

The largest collaborative NFT art project dCanvas is finally opening its gates to the public. The company will allocate 256 public release NFTs in its community pixel board. Moreover, each NFT provides its full access to the pixel colors at a certain location on the canvas board.

Furthermore, NFT holders can participate in community-related, NFT-based art creations via an independent DAO. However, providing the community access to the project and its future. The NFT industry has started to grow by bounds and leaps, the time has arrived to focus on community-based features. Notably, dCanvas is the largest NFT collaborative art project that steps into the next stage of its evolution.

Moreover, the dCanvas has seen huge adoption providing roughly $500K in NFTs to various investors, brands, and early adopters. The private investors include Joyce from Global Coin Research, Leia from Unic.ly, Kyle from NeptuneDAO, and Queen Mei the number one NFT collector on Quidd. In addition,  COO and Co-Founder of The Sandbox Sebastien Borget have also joined as a project advisor.

Even more, a limited allocation of 256 public release NFTs will be available to the users on May 06, 2021. All the NFT contains 16 pixels which could be filled with the vision of the owner’s artist. However, the dCanvas has opened the NFTs sale for the second time and allocated it to the public. Prior to this, 1024 NFTs were made available to all which were sold in less than 5 days.

The NFT sale could be accessed on the dCanvas app and transactions will take place via OpenSea. In order to reduce the gas fees for all users to have the optimal experience. Moreover, a one-time authorization fee is required for OpenSea. NFTs could be purchased through the app and could be utilized for their new acquisitions instantly after receiving them without further gas costs.

All NFT owners can develop a public profile to show off their ownership. Added to this, the owners can message one another to have meaningful collaboration and discussion. Projects like these need to fuel community-related engagement and activities.

In order to shape the future of its NFT collaborative art project, value, community, and social dCanvas prioritizes three crucial pillars. dCanvas moves in a different path and brings unique value to space. Furthermore, dCanvas will donate a small portion of all proceeds to charity organizations. This will further strengthen the appeal and potential of all NFT industries.

All in all, dCanvas project leverages the blockchain of Ethereum to connect online communities through the world’s largest, decentralized digital art canvas. Moreover, developed by two doctors, the central aim of dCanvas is to redefine the limits of collaborative art while acting as a powerful catalyst for social good.

 

Read the Whitepaper to know more: https://dcanvas.co/whitepaper
Twitter: https://twitter.com/dcanvasapp
Discord: https://discord.com/invite/dDS6hx5X8p

 

Lisk Unveils Agenda for Annual Blockchain Developer Event Lisk.js, Taking Place May 21st-22nd

Learn how to build a blockchain application on Lisk, gain insights into the latest Lisk SDK, and hear exclusively about Lisk’s interoperability solution at Lisk.js

Lisk.js 2021 is the culmination of all the research and development efforts of the Lisk project and ecosystem since its inception. This year, the annual blockchain developer event will be held virtually on May 21st and 22nd, live-streamed from the Kühlhaus stage in Berlin. Lisk.js aims to update the Lisk community with highly-anticipated announcements, research, and development progress while attracting new developers and supporting the mass adoption of blockchain technology. The main focus of Lisk.js 2021 will be on Lisk’s interoperability specifications. Lisk’s main goal was to deliver a scalable and decentralized blockchain interoperability solution for its ecosystem. During the event, all interoperability LIPs (Lisk Improvement Proposals) will be unveiled, as well as the plans for research and development moving further forward into 2021.

The Lisk.js 2021 two-day event has been designed to cater to all levels of technical knowledge and experience, including newcomers into the Lisk ecosystem, as well as blockchain enthusiasts, and development professionals. The first day will be dedicated to showcasing Lisk’s interoperability solution, the latest development announcements, and the upcoming online hackathon. In addition, Max Kordek, CEO and co-founder of Lisk, will give a keynote speech about our achievements and a new era of Lisk, coupled with Lisk’s vision for the future. The second day of the event will consist of in-depth Lisk interoperability solution presentations, developer demos, and community talks.

Confirmed speakers include Lisk’s CEO and Co-Founder, Max Kordek; Lisk’s Head of Research, Jan Hacksfield; and Lisk’s Lead Backend Developers, Shusetsu Toda and Manu Nelamane Siddalingegowda.

Key highlights of the Lisk.js 2021 agenda include:

  • May 21st (Day one)
    • A keynote speech from Max Kordek, CEO and Co-Founder of Lisk, highlighting the main updates and announcements, as well as showcasing the next steps for Lisk in 2021 and beyond.
    • An introduction to Lisk’s bespoke interoperability solution from Jan Hackfeld, Head of Research followed by explanations about cross-chain certification, cross-chain messages, and the lifecycle of a sidechain.
    • An overview of the next steps for Lisk’s research and development.
  • May 22nd (Day two)
    • A deep dive into Lisk’s interoperability solution.
    • A first look at how to develop an interoperable blockchain application within the Lisk ecosystem.
    • Everything developers need to know about the added interoperability features of the LSK token and new NFT modules.
    • A look at the range of community-built blockchain applications on Lisk and their experience developing with the Lisk SDK.

Max Kordek, CEO and Co-Founder of Lisk said: “Lisk.js marks the first time the Lisk community will learn the details of Lisk’s interoperability solution. Blockchain interoperability is the answer to the wider adoption of blockchain technology and decentralized finance, and we at Lisk believe that our interoperability solution will pave the way for new innovations and breakthroughs in the space. At Lisk.js, developers will learn how to build applications that connect with the entire Lisk ecosystem, ensuring a level playing field for all.”

Lisk.js 2021 Agenda

May 21st

Welcome to Lisk.js 2021 by Max Kordek, CEO & Co-Founder

Lisk’s CEO and Co-Founder will open Lisk.js 2021 by welcoming all participants and highlighting the key topics to be addressed during the two-day event.

Introducing Lisk Interoperability, by Jan Hackfeld, PhD, Head of Research

In this talk, we give a brief introduction to Lisk’s interoperability solution and explain the related objectives on the research roadmap. We highlight the interoperability topics that will be presented in more detail in the three subsequent research talks and those that will be presented in detail on the second day.

Lisk Interoperability: Cross-Chain Certification by Andreas Kendziorra, PhD, Research Scientist

In this talk, we explain the paradigm of cross-chain certification for the Lisk ecosystem. This technique is the key part of the interoperability solution as it facilitates cross-chain interactions between two chains.

Lisk Interoperability: Cross-Chain Messages by Maxime Gagnebin, PhD, Research Scientist

In this talk, we describe the basic mechanism used to transfer messages between chains. We cover some specific uses of cross-chain messaging, like cross-chain token transfer, as well as show how cross-chain messages provide a universal framework for interoperable blockchains.

Lisk Interoperability: The Lifecycle of a Sidechain by Iker Alustiza, PhD, Research Scientist

In this talk, we give an overview of the lifecycle of a sidechain in the Lisk ecosystem, from its registration on the Lisk mainchain to the termination of its interoperable channel. We discuss what these stages mean for the cross-chain functionalities of a sidechain, and their significance for the users of the sidechain.

Next Steps for Lisk Research by Jan Hackfeld, PhD, Head of Research

In his talk, Jan is going to talk about the next steps coming up for Lisk Research after Lisk.js 2021 and the complete reveal of Lisk’s interoperability.

Lisk Development Updates and Next Steps by Manu Nelamane Siddalingegowda, Lead Backend Developer

The Lead Developer Manu will cover in his talk an overview of the development process, as well as an update on the development of Lisk products. The presentation will include more details about the next steps in the Lisk development.

Introducing Lisk SDK 5.1.0 – Overview by Shusetsu Toda, Lead Backend Developer

The Lead Developer Shusetsu is going to briefly introduce the Lisk SDK 5.1.0, as well as summarize the features coming up with this release. This presentation will be an introduction to the in-depth developer talks on May 22nd.

Introducing the Lisk Grant Program and Online Hackathon by Monica Tartau, Marketing Lead

This presentation consists of an introduction to the new Lisk Grant Program including all the details regarding the goals of the program, its new format, and the requirements for participation. Monica will announce the online hackathon taking place after Lisk.js, as well as all the details concerning the application.

CEO Keynote Speech by Max Kordek, CEO and Co-Founder

Max Kordek is going to conclude the series of presentations by rehashing all the major updates and announcements of the first day of Lisk.js 2021. The keynote will cover the main achievements of Lisk and the next steps for Lisk in 2021 and beyond.

Q&A moderated by Max Kordek, CEO and Co-Founder

The research and development Q&A session moderated by Max Kordek will give the audience the opportunity to ask questions related to the main topics of the evening; the Lisk interoperability solution and the development updates.

May 22nd

Introducing Lisk Interoperability – Deep Dive by Jan Hackfeld, PhD, Head of Research

In this introductory talk, we give a short recap of the presentations about the interoperability solution on the previous day. Afterward, we introduce the agenda for the deep dive into Lisk interoperability.

Developing an Interoperable Blockchain Application in the Lisk Ecosystem by Alessandro Ricottone, Research Scientist

A streamlined presentation about developing an interoperable blockchain application.

Lisk Interoperability: Certificate Generation by Jan Hackfeld, PhD, Research Scientist

Certificates are the key objects for transferring information about one blockchain in the Lisk ecosystem to another thereby facilitating interoperability. In this talk, we examine in detail how we enhance the Lisk-BFT consensus protocol in order to generate certificates.

Lisk Interoperability: Cross-Chain Update Transactions by Andreas Kendziorra, PhD, Research Scientist

In this talk, we take a close look at the cross-chain update (CCU) transactions that facilitate cross-chain communication in the Lisk ecosystem. We discuss the information that a CCU is transmitting in detail and show why they enable trustless cross-chain communication.

Lisk Interoperability: Token and NFT Standards by Maxime Gagnebin, PhD, Research Scientist

In this presentation, we cover everything one needs to know about the new interoperable token and NFT modules.

Lisk Interoperability: Recovering Tokens and NFTs from Terminated Sidechains by Maxime Gagnebin, PhD, & Iker Alustiza, PhD, Research Scientists

In this talk, we cover the concept of sidechain termination in the Lisk ecosystem and its implications for the users.

Research Q&A with the Research team, moderated by Max Kordek

In this Q&A session, the research team will answer any questions about the interoperability solution.

Introducing Lisk SDK – Overview by Mitsuaki Uchimoto, Backend Developer

Our backend developer, Mistuaki, will give a brief introduction to the Lisk SDK and will explain the custom module and the custom plugin.

Introducing Lisk SDK 5.1.0 – Deep Dive by Ishan Tiwari, Backend Developer

This talk consists of a deep dive into Lisk SDK 5.1.0, a more in-depth developer-focused presentation showcasing the latest SDK version coming with multiple developer experience improvements.

Live Demo: Developing a Blockchain Application with Lisk SDK 5.1.0 by Nazar Hussain, Backend Developer

In order to give developers the chance to try the latest version of LIsk SDK, Nazar will conduct a live demo showcasing how to develop a blockchain application with the Lisk SDK 5.1.0.

Performance Comparison between Lisk Core 3.0.0 and Lisk Core 2.0.0 by Rishi Mittal, Backend Developer

A scalability and performance comparison between the Lisk Core 3.0.0 and the Lisk Core 2.0.0 will be presented by Rishi, Backend Developer at Lisk.

Blockchain Applications by the Lisk Community by Lisk Community members

In order to showcase the blockchain applications already built on Lisk, several community members will present their applications and highlight their experience while developing with the Lisk SDK.

Lisk.js 2021, the annual developer-oriented event organized by Lisk, will bring blockchain enthusiasts, developers, community members, and journalists together from all around the world. We expect to have a multitude of viewers tuning into the live-streaming event on our official Lisk YouTube channel. Ensure you don’t miss this informative event by subscribing to our channel and register online to get regular updates.

 

Creator Of Flawless Top Indicator Says Bitcoin Isn’t Done, Despite Signal

One of the biggest arguments going on across crypto right now, is whether or not Bitcoin price action has topped out for this cycle. After a tremendous run, a peak could very well be here, and there are several indicators that back up this theory.

The creator of one of those indicators, and one that boasts a flawless track record, believes that although the signal has appeared, there’s room for another – later rally that will cause the signal to show once again sooner than expected.

Picking Out Peaks In Crypto Has Always Been As Easy As Pi

Around April 13, a rare top-sniping indicator signaled that the top was in for Bitcoin’s recent bull market. The same signal, called the Pi Cycle Top Indicator created by Philip Swift, perfectly picked out four of the last major Bitcoin peaks, including the one around the Coinbase Global launch recently.

Related Reading | Parabolic Bitcoin Price Structure In Danger: Cycle Climax Or Risky Reset?

After the signal appeared, as expected, the king of cryptocurrencies retracted and it has been all about altcoins in crypto ever since. Dogecoin is soaring, Ethereum is rising, but Bitcoin is still struggling with $60,000.

It also hasn’t seen any major downside despite the signal’s appearance, and might not, according to the tool’s creator. And even if the top cryptocurrency does take a dive deeper from here, Swift also says that there’s a chance for another leg up.

E0oXrL3XoAEjDBc

The signal only appeared for a short period | Source: BTCUSD on TradingView.com

Indicator Creator Philip Swift Claims Bitcoin Has More To Go Before Conclusion

Swift says that once again, the tool has nailed the top. It has now been three weeks since it has appeared and thus far, no new highs have been recorded.

Whether or not this is the bull market top remains to be seen.

Related Reading | Grand Finale: Bitcoin Price Closes Record High Weekly, Could Conclude Cycle

Swift says it is “interesting,” however,  that the “111dma (orange line) spent very little time above the 350dma x2 (green) line before dropping back below it.” He also claims that this could set up another “potential cross” in the coming weeks and months.

bitcoin pi cycle top

Here's a look at what could happen if Swift is right | Source: BTCUSD on TradingView.com

Such an occurrence is not impossible for the tool, and would more closely resemble the 2013 bull market that took Bitcoin from under $10 to more than $1,000.

It is also worth noting, that despite the tool’s appearance on daily and weekly timeframes, there’s no such signal on the monthly like there is past bull market peaks.

Most of this points to another eventual leg up in Bitcoin, regardless of any correction that could be coming.

Featured image from Pixabay, Charts from TradingView.com
Alphabit Fund Buys $5 Million of Pluton (PLU) to Build A Bridge between DeFi & CeFi

Crypto Card Market Trends

Cryptocurrencies are still in their early stages of adoption and very few retailers accept them making them difficult to spend in-store or online. Despite the current “hodl” mentality, every crypto company out there appears to be gunning for programmes that enable crypto spending.

In fact, the trend has expanded beyond crypto-focused companies…

The multi-billion-dollar conglomerate, PayPal, has recently started testing a crypto checkout feature that would allow U.S. consumers to use their crypto assets at 29 million merchants that PayPal is integrated with. Upon announcing in March, the value of Bitcoin proceeded to skyrocket to new all-time-highs.

Likewise, Visa’s CEO, AI Kelly, recently revealed that the ability to cash-out from crypto into fiat for immediate shopping is one of the core opportunities they are working on.

Alongside this, major crypto exchanges such as Binance and Gemini who have attained millions of users have recently launched their own crypto cards in conjunction with MasterCard, greatly increasing opportunities to spend crypto.

The examples are endless.

The Problem

However, despite the intense rush to build the dream product for spending crypto, almost every company is building the functionality without considering the underlying value of crypto.

One of Bitcoin’s core value propositions is ownership of your money. This is the ability to own crypto independently, without having to trust a bank or any other 3rd party who has the ability to block transactions or restrict access to your money. Bitcoin derives much of its value from removing 3rd party custodians.

Yet every single one of the above examples relies on entrusting a 3rd party such as PayPal’s digital wallet, or Binance’s exchange wallet, with your assets. This is akin to trusting a bank with your regular money, which is exactly what Bitcoin intended to avoid.

The Most Viable Solution

In light of this, there are one or two companies in the space working on overcoming this by building non-custodial solutions. This means the user is always in full ownership and control of their crypto.

The current front-runner is Plutus, who have been developing top-end technology that connects crypto to existing payment methods, but in a way that upholds the core ethos of crypto.

Instead of connecting a company’s crypto wallet to a bank card, Plutus allows you to connect any crypto wallet you like to a Visa Debit Card whilst retaining possession of the private keys. Plutus also uses a decentralised exchange (DEX) to facilitate the conversions from crypto to fiat prior to spending, rather than a centralised exchange, meaning there is no 3rd party intermediary. It’s a solidified and dependable bridge between DeFi and CeFi.

For those who value the cypherpunk ideals of crypto, this is quite possibly the closest implementation to Satoshi’s vision at this moment in time.

Having been active in the space since 2015, and with over 35,000 existing users, this is not a new development; but with a freshly announced $5 million backing from a prominent crypto fund, Alphabit, the company is prime for further development and rapidly expanding acquisition to challenge some of the biggest competitors in the Crypto cards space who have millions of users collectively.

Plutus is relying on three USP’s to separate themselves:

  • Non Custodial – Ownership of Assets
  • Rewards
  • Neo-Banking features

On top of the non-custodial aspect, every time a user spends with a Plutus Card, they earn 3% rewards in the company’s native crypto token, Pluton (PLU). This can be instantly converted into regular money for continued spending, or staked for several interesting benefits.

The Plutus app offers a UK Sort Code and Account Number, or a European IBAN, to manage traditional money and users can connect their personal crypto wallet to this to oversee both asset types from a single device. The company has developed a limited range of neo-banking features but with plans to attain a full banking license by 2022, this could be a key growth area that is yet untapped.

Will it be Enough?

The industry has become quickly saturated with an abundance of crypto cards, however, there is very little distinction between them. Companies like Coinbase, Binance, Revolut and Monzo have successfully acquired significant market share but there are many gaps in their product offerings that Plutus appears to be filling.

As the 2021 bull run continues to rage on, now is a prime opportunity for the company to dominate their niche.

How DOGE Could Bring Doom To Crypto Rally

After an impressive overnight rally, Dogecoin (DOGE) crossed the $0.50 and smashed every resistance towards new all-time highs. The so-called meme cryptocurrency has surpassed the market cap of giant corporations in traditional finance, some have begun to question the existence of “the people’s coin”.

Trader MeanHash, a Dogecoin holder, believes the cryptocurrency has the potential to ruin the crypto industry. This idea has divided the crypto space into two sides, those that defend what Dogecoin represents and the others, that most view it as a speculative asset and have called for its ban. MeanHash said:

DOGE might actually ruin crypto. Wouldn’t that be a fitting end to all of this? The meme coin destroys trust in the entire ecosystem. The higher it goes the more concerned I am about it all falling apart.

In the other corner is Tyler Winklevoss, founder of Gemini exchange. He claims Dogecoin’s money supply is more transparent, “hard” and predictable than the U.S. dollar.

However, Chief Financial Officer for the Oslo Freedom Forum and the Human Rights Foundation, Alex Gladstein, has highlighted some of Dogecoin’s flaws. Gladstein pointed towards the cryptocurrency centralized supply, over 80% of Dogecoin is controlled by the top 100 addresses. Gladstein said:

Remember: Dogecoin has had several insane pumps like this before, only to later fall in value by 90%+. In sum: Please do not listen to anyone who says Dogecoin is better than, no different than, or even remotely similar to Bitcoin.

Others, like trader Pentoshi, are much more optimistic:

It’s 2023. The $doge money will flow into the rest of the market you tell yourself again. Dogecoin is now trading at $589. It’s the worlds only payment method after the collapse of the dollar.

DOGE-Day, Elon Musk To Present The Dogefather

The Shiba Inu coin could go parabolic in the short term. D-Day has been set for May 8th, 20201. Elon Musk, Tesla’s Technoking and CEO, one of Dogecoin’s stronger supporters will make an appearance in Saturday Night Live, the popular American comedy show. Musk will apparently “test” how “live” the program is.

The entrepreneur’s statements on the cryptocurrency have been major price drivers, during the past year. In fact, some have argued that Musk brought this cryptocurrency back from the dead zone at $0.05.

At the time of writing, Dogecoin trades at $0.61 with a 9.2% rally in the daily chart and a 143.1% in the weekly chart. The Shiba Inu coin has a price target of $1 for D-Day.

Dogecoin DOGE DOGEUSDT
Dogecoin with important gains in the daily chart. Source: DOGEUSDT
Undeterred By Central Bank Scare Tactics Crypto Trading Is Booming In India

According to a local media source, crypto trading in India is on the rise. This comes as the Indian government is mulling over a ban on private digital currencies, which they say is necessary to protect investors. But, based on the rising popularity of local crypto exchanges, it appears that people remain unfazed.

India Proposes Crypto Ban

Talk of a crypto ban in India has been ongoing since 2018. Back then, the Reserve Bank of India (RBI) sought to turn the taps off by stopping financial institutions from dealing with cryptocurrencies.

“In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling [virtual currencies].”

But the country’s Supreme Court overturned this ruling in March 2020 because it was deemed unconstitutional. Although many saw this as a victory for common sense, that victory was short-lived.

The start of 2021 saw the introduction of a sovereign digital currency bill. It laid out the framework for a central bank digital currency while also stipulating a ban on private cryptocurrency. The move was met with a massive backlash.

Finance Minister Nirmala Sitharaman later responded by saying they have no intention to close down all options. Adding that the government is open to the idea of windows of experimentation.

“From our side, we are very clear we’re not shutting all options off. We will allow a certain amount of, a window for people to use, so that experiments in blockchain, Bitcoin, or whatever you may want to call it.”

What this means exactly has yet to be determined. But, it’s reported that failure to comply could result in jail terms of up to 10 years.

India’s Leading Exchange Reporting Record Volume

Despite the uncertain regulatory situation, India’s biggest exchange, WazirX, is enjoying record business.

Last month, it recorded its highest-ever daily trading volume at $419 million. At the start of 2021, this figure stood at just $17 million. Add to that a doubling of users, from one million to two million, in the first quarter of 2021, and it seems as though Indian investors have not lost their appetite for crypto.

daily crypto trading volume on WazirX

Source: nomics.com

However, in a throwback to 2018’s RBI ban on financial institutions dealing with crypto, reports have emerged today that banks are blocking the payment gateways of cryptocurrency exchanges. WazirX CEO Nischal Shetty pointed out that current legislation does not prohibit banks from dealing with crypto businesses.

“It’s not fair that the crypto industry has a clear go-ahead from the Supreme Court of India, and yet banks deny banking to the industry.”

Bitcoin-bull Anthony Pompliano recently said that banning Bitcoin will backfire considering there is no single point of failure. He added that embracing crypto will be more beneficial from an economic prosperity point of view.

TA: Bitcoin Reclaims 100 SMA, Here’s Why BTC Could Surge above $58K

Bitcoin price started a decent increase above the $56,000 resistance against the US Dollar. BTC is showing positive signs and it could aim a break above $58,000.

  • Bitcoin formed a support above $54,000 and it recovered above the $56,000 zone.
  • The price is now trading above the $56,000 level and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $54,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair traded as high as $57,994 and it is now correcting gains.

Bitcoin Price is Showing Positive Signs

Bitcoin remained well bid above the $54,000 support zone. As a result, BTC started a fresh increase above the $55,500 and $56,000 resistance levels.

There was a clear break above a major bearish trend line with resistance near $54,850 on the hourly chart of the BTC/USD pair. The pair even climbed above the $57,000 level and it settled nicely above the 100 hourly simple moving average.

It tested the $58,000 resistance zone and a high is formed near $57,994. The price is now correcting lower and trading below $57,500. It is testing the 23.6% Fib retracement level of the recent wave from the $52,957 swing low to $57,994 high.

Bitcoin Price

Source: BTCUSD on TradingView.com

There is also a declining channel or a bullish flag forming with support near $56,600 on the same chart. The 100 hourly simple moving average is also near the channel support.

On the upside, the price is facing resistance near the channel trend line at $57,600. If there is an upside break above the trend line resistance, bitcoin price could clear the $58,000 resistance. The next key resistance is near the $60,000 level.

Fresh Drop in BTC?

If bitcoin fails to clear the $57,600 resistance or $58,000, it could start a fresh decline. An initial support on the downside is near the $56,600 level and the channel zone.

The first key support is near the $56,250 level, below which the price might test $55,500. It is near the 50% Fib retracement level of the recent wave from the $52,957 swing low to $57,994 high.

Technical indicators:

Hourly MACD – The MACD is showing positive signs and it could gain in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.

Major Support Levels – $56,600, followed by $55,500.

Major Resistance Levels – $57,600, $58,000 and $60,000.