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Dogecoin Price Hits $0.176 after a 22% Dip – Where to Buy DOGE

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Altcoins are having a hard time recovering, with the majority of them deep in the red zone. One of the worst-hit tokens is dogecoin, which has lost 22% in the past 24 hours.

In the past month, DOGE has lost nearly half of its value. However, those who invested at the beginning of the year are still in profit since the token’s current price is almost 7,000% higher than what the coin was trading at the beginning of the year.

At the time of writing, DOGE had sunk below critical $0.20 support levels and traded at $0.176 on major exchanges.

Dogecoin Price Analysis

It seems that DOGE’s glorious days may be coming to an end. The meme coin gained popularity after Elon Musk affiliated himself with it and promoted it on his Twitter account. However, Musk is yet to come to the rescue of DOGE this time round. His silence comes weeks after a threatening video by the Anonymous hacker group was released, criticizing him for misusing his power over the crypto market.

DOGE Price Analysis 22 June 2021
Source: TradingView

The chart above shows how dogecoin has been performing this month. The highest downtrend for the token started this week, as can be seen above, which could be attributed to the lack of support from the broader crypto market. After BTC sunk to almost $31,000 at the beginning of the week, altcoins followed suit and dogecoin was not spared.

Dogecoin needs to push past $0.20 to prevent a further retreat. Currently, the meme coin is on the verge of losing its coveted position among the top ten cryptocurrencies. Losing its space could be devastating for the token.

Dogecoin holders are urging Elon Musk to step in and save the meme coin from any further turmoil. However, his silence on the matter could indicate that the billionaire is keeping his sentiments about the crypto market to himself ever since he was accused of manipulating the market and misusing his power in the sector. However, not all is lost, and we may see the CEO tweeting about his favourite coin soon.

The current price movement could be because of a market correction, given the coin’s massive gains. However, it is worth noting that DOGE’s price gains merely resulted from investor demand. If the token gains practical adoption for use in the real world, such as in global financial systems, its value will definitely shoot.

Dogecoin has a strong community of fans compared to other cryptocurrencies, which is one of DOGE’s strengths that will help it with its long-term value. Due to its growing fan base, dogecoin has been accepted as a payment method for Wag, a dog-walking app. An increase in use-cases for DOGE will boost demand and hence value.

How to Buy DOGE

To purchase dogecoin, you need to create an account on a crypto exchange. One of the exchanges that support DOGE is eToro. The exchange is highly secure and reliable. Besides, its trading fees are highly competitive, and it offers a wide array of outstanding features for new investors. In addition, the exchange is among the few that offer copy trading, and if you have never traded crypto before, the exchange will provide you with a demo account where you can learn.

Looking to buy or trade Dogecoin (DOGE) now? Invest at eToro!

75% of retail investor accounts lose money when trading CFDs with this provider

Dogecoin Price Hits $0.176 after a 22% Dip – Where to Buy DOGE

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Portugal Grants First Crypto Exchanges Operating Licenses

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For the first time ever, Banco de Portugal has approved operating licenses to regional cryptocurrency trades.

Recently, the central bank gave out the statement that Portuguese-based trades “Mind the coin” and “Criptologia” are now enlisted as virtual assets service providers.

The central bank has issued only these two names in the list on their official website. Banco De Portugal took around nine months to finalize the decision. In September 2020, Criptojola was reported to perform its initial registration to give out its services as a virtual assets provider.

 Mind the Coin and Criptoloja have been given permission to perform crypto exchange services between fiat currencies and different virtual assets within the Portuguese region. Furthermore, they are also allowed to cover various transfer services, safeguarding, and administration works for such assets.

Banco De Portugal has been awarded as one of the most crypto-friendly nations in entire Europe, and the whole continent seems to be proud of it.

In May 2021, Jean Galea, a well-known investor, and blogger said that Portugal is becoming a haven for all the individuals involved in the crypto world in one of his write-ups. Cryptocurrency income continues to be immune from capital gains taxes and VAT in Portugal unless the income is associated with professional trading activity.

Which other European countries are involved in Crypto exchanges?

Nonetheless, Portugal isn’t the only European country to accept crypto trading and services with a warm welcome.

In the final week of May 2021, The Malta Financial Services Authority (MFSA) granted “XCoins,” a country-based leading exchange provider,  the license to class 3 VFA (Virtual Financial Asset). 

The founder and CEO of XCoins, Rob Frye, stated that Xcoins is dominating the space of digital assets worldwide by standing as one of the earliest cryptocurrency platforms to reach this benchmark implies that they are completely capable of paving the path for an additionally secured and organized industry. 

This is another such authorization the Malta Financial Services Authority has consented to a crypto trade this year. The firstest crypto platform to obtain a VFA authorization of a similar degree was “Crypto.com.” By earning the milestone of receiving the license a couple of weeks before XCoins, the company called this achievement a historic moment for the cryptocurrency world.

Moreover, Crypto.com had previously made a plea to the MFSA to serve as a licensed financial institution, but the plea didn’t get approved. Again this year, the company has presented its plea to the Maltese authority; however, the regulator’s verdict is still not finalized. 

European countries like MFSA and Portugal are surpassing the crypto exchange milestone!

Conclusion 

Further, Criptoloja is currently seeking to bring Portuguese folk together who are interested in investing in crypto assets. However, the service provider company is not confident enough to start accounts in out-of-country trades. Nevertheless, investors say that the tremendous adoption of cryptocurrencies in Portugal is forming a new era of traders.

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council. 

Portugal Grants First Crypto Exchanges Operating Licenses

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Crypto-finance company Amber Group valued at $1B following $100M raise

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Cryptocurrency investment platform Amber Group has added $100 million to its coffers following a successful Series B fundraiser, bringing its total pre-money valuation to $1 billion — a major milestone for the firm as it enters its fourth year of operations. 

The cash injection will be used to “expand global operations to meet client demand and develop market solutions for the world’s leading crypto investors and companies,” co-founder and CEO Michael Wu said.

Measures of trade volume and total assets under management showcase Amber Group’s significant growth over the past four years. The company now has over $1 billion in assets under management, with more than $500 billion worth of cumulative trade volumes.

“We’ve had record months over the past quarter across both client flow and on-exchange market-making volumes,” Wu said, adding:

“Since stepping up our on-screen presence, we now account for 2-3% of total trading volumes in major spot and derivative markets and are continuing to see growth. Our cumulative trading volumes have doubled from $250 billion since the beginning of the year to over $500 billion.”

In terms of notional trade volume, Amber Group ranks 21st among global exchanges, according to BitMEX data.

Amber’s assets topped $530 million in 2020, representing a 275% increase from the prior year. At the time, Wu told Cointelegraph that his company has “already proven we can provide institutional-grade integrated crypto financial services.”

In addition to its Series B backers, Amber Group has received direct funding from some of blockchain’s biggest venture funds, including Pantera Capital, Coinbase Ventures and Blockchain.com.

Related: Financial advisers lead the institutional push toward crypto adoption

Venture funds have poured billions of dollars into the crypto economy over the past six months, highlighting their conviction in the new asset class. Just this month, Solana Labs finalized a $314 million private token sale, PayPal and Salesforce contributed $14 million to TRM Labs and DeFi exchange dYdX raised $65 million through a Series C fundraiser.

Crypto-finance company Amber Group valued at $1B following $100M raise

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3 reasons why Ethereum may underperform Bitcoin in the short-term

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Ether (ETH) price outperformed Bitcoin (BTC) by 173% from March 28 to May 15. The incredible bull caused the token to reach a $4,380 all-time high. However, as cryptocurrency markets initiated a sharp drop on May 12, the trend started to reverse, and since then, Ether has underperformed by 25%.

Some might say it is a technical adjustment after a strong rally. While this partially explains the move, it excludes some critical factors, including the fast advance of smart-contract network competitors and Bitcoin being adopted as an official currency for the first time.

Ether / Bitcoin price at Binance. Source: TradingView

Notice how the ETH/BTC ratio rallied again on June 8, reaching 0.77 despite Ether’s price remaining 36% below its all-time high and ranging near $2,800. To understand what could have been driving the ratio, analysts need to analyze Ether and Bitcoin price drivers separately.

Mike Novogratz may have been misinterpreted in his interview

Ether’s bull run potentially got an extra leg due to intense praise from institutional investors. Traders could have picked up a sense of urgency, known as FOMO, and promptly shifted their Bitcoin exposure towards the leading altcoin.

On May 13, New Yorker magazine published an interview with Mike Novogratz, the founder, and CEO of Galaxy Digital. In the conversation, Novogratz said:

“All of a sudden, you have decentralized finance and NFTs both on Ethereum at the same time roughly, with wild accelerating growth.”

Novogratz was then questioned on how much higher Ether could reach, to which he answered:

“You know, it’s dangerous to give predictions on the highs. But could it get to $5,000? Of course it could.”

While an Ethereum holder might have interpreted it as a prediction, others could have understood it as a wild guess, likely depending on general crypto market conditions.

However, roughly a week later, a report from Goldman Sachs revealed the global investment bank believed that Ether had a “high chance of overtaking Bitcoin as a dominant store of value.” Interestingly, one of the main quotes in the report was directly from Novogratz’s interview with the New Yorker.

At its peak, Binance Chain controlled 40% of DEX volume

While Ethereum has kept its 80% dominance on net value locked in decentralized finance (DeFi) applications, Binance Smart Chain (BSC) has reached a 40% market share on DEX exchanges.

PancakeSwap DEX daily volume vs. top 10. Source: DeBank

The successful growth of the DeFi industry and non fungible token (NFT) markets caused intense congestion on the Ethereum network, raising median fees to $37 in mid-May. That bottleneck triggered an activity exodus to competing networks, and PancakeSwap was best positioned to capture that flow.

Related: Here’s why one analyst says Bitcoin will outperform Ethereum in the short term

To make things worse, important DeFi projects expanded to Binance Smart Chain, including yield aggregator Harvest Finance and decentralized exchange aggregator 1inch. Investors quickly realized that the trend could continue as the competing smart-contract network provided an easy solution for dApps looking for cheaper alternatives.

No country is adopting the ‘Ethereum standard’

Bitcoin might have had a subpar performance over the past 30 days because it has failed to break the $42,000 resistance multiple times. However, a major milestone was achieved when El Salvador became the first country to make Bitcoin legal tender on June 12.

After the Central American country made the decision law, a handful of other Central and South American countries began discussing the advantages of taking a similar path.

Ethereum is undertaking a redesign that will change the issuing rate and how entities get paid to secure the network by moving away from the Proof of Work model. Meanwhile, Bitcoin is making sure that every upgrade is backward-compatible and maintaining its strict monetary policy.

That is the main reason why Ether will not outperform Bitcoin over the next 12 months, or at least until there’s a better understanding of how Ethereum network dominance of smart contracts will be.

Professional investors avoid uncertainties at all costs, and cryptocurrency markets already present plenty of that. There’s just no reason for institutional investors to ignore the risks while competing networks eat Ethereum’s lunch.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

3 reasons why Ethereum may underperform Bitcoin in the short-term

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5 Industries That Blockchain Will Disrupt in Future

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Nowadays, upheaving technologies in various industries have become fascinating. These techniques are bringing up new opportunities for enterprises and businesses in the worldwide spectrum. They improve our life by amending the way we work on a daily basis. As we know, Blockchain technology is already coming to be popular. But it has also starting to challenge procedures carried out in business sectors. Many industries are finding blockchain platforms better than existing measures for attaining essential elements of the task. Let us look into the five leading industries the blockchain platform is affecting.  

Table of content:

  • The Banking Industry
  • The Real Estate Industry
  • The Health Care Industry
  • The Legal Industry
  • The Cryptocurrency Exchange Industry
  • Closing Thoughts

The Banking Industry

Blockchain technology can take care of a few significant issues faced by the banking industries at present. Currently, banks store money for their clients, and they likewise handle the exchange of that money.

Blockchain intrinsically has a secure and reliable system that would give enduring records of the tons of exchanges that happen in the banking business every day. This record system could essentially bring down the risk by providing secure records. Moreover, money could be moved less expensively and quicker by the decentralization lent by blockchain.

The Real Estate Industry

Any individual who has at any point bought or sold a home precisely understands how much desk work is associated with a real estate business. Blockchain technology can totally change the headache that these paper works cause. By utilizing blockchain, the entirety of the reports and trade records can be kept safely with relatively more minor work and less expense. As per Piper Moretti, CEO of the Crypto Realty Group and an authorized realtor, the utilization of blockchain can possibly wipe out third-party interactions. 

This system can generate smart contracts that provide financing only when the terms and conditions are fulfilled. Moreover, numerous individuals who have spent time working with a real estate agent understand how baffling the commission rates can get, with some even charging around 6 %.

The cryptocurrency-powered setting is looking forward to changing this situation. 

Blockchain’s disseminated design gives power back to property holders and purchasers by tokenizing the procedure and removing brokers, mediators, or negotiators that block direct communications among agents and clients.

The Healthcare Industry

The healthcare industry has been facing a vast disturbance regarding sharing and putting away medical information and records. The potential for blunder, extortion and missed records has made skepticism among customers and healthcare suppliers.

Blockchain can rebuild trust by safely storing medical records that can be precisely and securely moved to and used by specialists and individuals who are in a position of authority. 

Blockchain will help in the approval and identification of individuals. Truth to be told, many startup businesses are now attempting to make precise, multi-source people identification a reality across all ventures utilizing blockchain technology.

The Legal Industry

Blockchain will disturb a few areas of the legal industry by possessing the option to store and authenticate reports and information. For instance, litigation dealing with settling issues regarding the wills of the deceased or some other documentation can be abolished.

Records (entailing wills) kept on the blockchain will be shortly and safely ascertained. Any progressions to the reports will be verified and stored. Blockchain technology can likewise remove legal issues related to estate, even including cryptocurrency possessions. This system will offer clients the chance to secure digital possessions so the investor’s inheritance can be passed down to his kids or appointee securely and safely. This technology eradicates prolonged court disputes pleading over the digital inheritance.

The Cryptocurrency Exchange Industry

Digital money is the path to the future financial industry, and fortunately, due to the blockchain system, this digital currency can be securely disseminated and documented. However, the “mining” needed to confirm and validate each digital money exchange requires a considerable measure of processing power. 

Lately, this has given rise to a ton of issues on a few platforms when certain exchanges die off because of the sheer measure of calculation required. This issue was costing clients a considerable amount of time and money. New improvements in blockchain space are remaking the manner the cryptocurrency trade industry regulates. The development of alternative platforms has unraveled the extensively crucial problems in the cryptocurrency territory. These platforms utilize smart contracts that analyze in advance the number of calculations that each contract needs. That means that tracking records would be easier and faster. 

Closing Thoughts 

The blockchain-distributed roster technique empowers a stable and auditable means to transports data. It has the power to transform the way we live, our regular lives, and disrupt those industries that regulate data or transactions. The good thing is all of these disruptions are actually beneficial. Whether or not you prefer to bring up modern technology into your life, it is evident that strengthened safety to our financial database would grant everybody better peace of mind.

Learn more about blockchain technology from the certified blockchain expert. Get to know about many more courses on blockchain and receive certifications for respective courses at the BLOCKCHAIN COUNCIL.

5 Industries That Blockchain Will Disrupt in Future

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Bitcoin derivatives data shows pro traders ignored today’s $41K pump

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Sometimes all Bitcoin (BTC) needs to pump 10% is a positive remark from someone like Elon Musk.

The Tesla CEO has been pointed to as the culprit for the recent downturn after the company’s May 12 announcement explaining that it would no longer accept Bitcoin payments due to environmental concerns. Musk followed up by saying that he was looking into other cryptocurrencies that required 99% less energy consumption. 

However, on June 13, the situation reversed as Musk reassured the public that Tesla did not sell any additional Bitcoin. The post also said that the electric-car producer would resume taking BTC payments as soon as its Bitcoin mining relied on a minimum of 50% clean energy.

In bear markets, top traders act with caution

While retail investors and algorithmic trading bots jump into action as soon as bullish or bearish signals and news flash, top traders tend to act more with more caution. Those who have been around the crypto markets long enough know that positive news might end up being ignored or severely downplayed in bear markets.

On the other hand, even potentially negative news seems to have little to no impact during bull runs. For example, on Sept. 26, 2020, Kucoin was hacked for $150 million. The following week, on Oct. 1, the United States Commodity Futures Trading Commission charged BitMEX for operating an unregistered trading platform and violating Anti-Money Laundering regulations.

Two weeks later, police reportedly questioned the founder of OKEx, forcing the exchange to suspend crypto withdrawals. Had this series of negative news happened while Bitcoin was flat or in a bearish phase, the price would have undoubtedly have stalled during a bear market.

Bitcoin price at Coinbase in USD, Sept. 2020. Source: TradingView

As shown above, Bitcoin barely had any negative impact in late September and October 2020. In fact, by the end of November 2020, Bitcoin was up 74% in two months. This is the main reason why top traders tend to ignore positive news during bear markets and vice-versa.

The 3-month futures premium is neutral

A futures contract seller will usually demand a price premium to regular spot exchanges. This situation is not exclusive to crypto markets and happens in every derivatives market because in addition to the exchange liquidity risk, the seller is postponing settlement and this results in a higher price.

The 3-month futures premium (basis rate) usually trades at a 5% to 15% annualized premium in healthy markets. When futures are trading below the regular spot exchange price, it signals a short-term bearish sentiment.

Huobi 3-month Bitcoin futures basis. Source: Skew

As shown above, the future basis has been below 11% since May 20 and flirting with bearish territory on multiple occasions as it tested 5%. The current level indicates a neutral position from top traders.

The options skew is no longer signaling fear

The 25% delta skew compares similar call (buy) and put (sell) options side-by-side. It will turn positive when the protective put options premium is higher than similar risk call options.

The opposite holds when market makers are bullish and this causes the 25% delta skew indicator to enter the negative range.

Deribit Bitcoin options 25% delta skew. Source: laevitas.ch

The above chart confirms that top traders, including arbitrage desks and market markers, are currently uncomfortable with Bitcoin price as the neutral-to-bearish put options premium is higher. However, the current 7% positive skew is far from the 20% exaggerated fear seen in late May.

Derivatives markets show no evidence of top traders getting excited about the recent $40,000 hike. On the bright side, there is room for leverage buyers to mount positions. Stronger upswings usually occur when investors are least expecting, and the current scenario seems to be a perfect example.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Bitcoin derivatives data shows pro traders ignored today’s $41K pump

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