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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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Perlin (PERL) price gains 100% as the focus on green energy solutions intensifies

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Generating momentum and attracting investor attention can be a challenge during the best of times in the cryptocurrency market and it is an even bigger challenge when the markets are choppy like the entire crypto ecosystem has been the past couple of months. 

Despite the recent downturn, Perlin (PERL), which has managed to rally 140% from a low of $0.052 on June 8 to a high of $0.134 on June 18 as its average 24-hour trading volume surged from $3 million to $122 million.

PERL/USDT 4-hour chart. Source: TradingView

Three reasons for the increase in price and demand for PERL include the release of the PERL.eco registration ledger, the launch of PerlinX on the Binance Smart Chain and attractive staking options allowing token holders to earn a yield on various cryptocurrencies.

Tokenizing real-world biological assets

PERL’s rally on June 6 and June 14 came in response to the release of PERL.eco, the “Planetary Ecosystem Registration Ledger” which enables the tokenization of real-world bioecological assets.

According to the project’s blog page, PERL.eco is an “attempt to democratize the biosphere economy through liquidity pools and tokenization of biodiversity and carbon credits to decentralized finance.”

As an added incentive to hold PERL, airdrops of tokenized carbon credits will be distributed to wallets holding PERL which can be used by token holders to “offset their carbon footprint or trade on the liquidity pool when the token is released.”

PERL will also be used as the governance token of the DAO, enabling holders to vote on the distribution and fee model as well as participate in other important decisions that affect the ecosystem.

Binance Smart Chain integration leads to lower fees

A second driver of increased momentum for PERL was the mid-April launch of the protocols DeFi interface platform PerlinX on the Binance Smart Chain (BSC), a move that was done in an effort to help lower transaction fees.

Operating on BSC also allowed PerlinX’s liquidity pools to be listed on PancakeSwap and helped to increase the number of farming opportunities available to the PerlinX community.

As a further bonus for PERL liquidity providers, yields earned on PancakeSwap are paid out in the protocol’s native CAKE token which can then be redeposited in the Perlin pool to earn PERL as a form of compound interest.

For PERL holders who wish to remain on the Ethereum (ETH) network, the PerlinX platform offers several options to earn a yield including simple staking as well as liquidity pools between PERL and Wrapped Ether (WETH), Binance USD (BUSD), Balancer (BAL), Dai (DAI) and USD Coin (USDC).

According to data from Cointelegraph Markets Pro, market conditions for PERL have been favorable for some time.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. PERL price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for PERL has been in the green for the majority of the past 7 days and registered a score of 67 on June 14, roughly ten hours before the price increased 100% over the next two days.

With the green energy movement and concerns related to the increasing amount of carbon dioxide in the atmosphere at the forefront of global discussions, blockchain projects that offer working solutions like Perlin and its PERL.eco platform could possibly receive increased attention.

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.

Perlin (PERL) price gains 100% as the focus on green energy solutions intensifies

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What is NFT in Crypto? and why it matters in crypto world?

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Understand NFT in Crypto

It is seen that the Non-fungible tokens (NFTs) have exploded from the ether this year. Ranging from any form of art and any kind of music, types of tacos, and varieties in toilet paper, these particular digital assets have been selling like the exotic Dutch tulips from the 17 to-century—some even for around millions of dollars.

However, are these NFTs worth your money or this hype? Experts say that NFT crypto is a bubble poised to pop, much like the previous dot-com craze or the Beanie Babies. However, others believe that the NFTs have come here to stay and change the investing game forever.

Table of Contents

  • What is essentially meant by an NFT?
  • How Is an NFT Different from Cryptocurrency?
  • How do the NFTs Work?
  • Why are NFTs so popular?
  • What are the NFTs usually used For?
  • What are the risks to be kept in mind while investing in NFTs?
  • What is the possible future for the NFTs? 
  • How do I get to invest in NFTs?
  • Conclusion

What is essentially meant by an NFT?

To get to know the famous question of what is NFT crypto, one must understand how NFT is essentially a particular digital asset that tends to represent numerous real-world objects like any art, certain music, countless in-game items, and multiple videos. They are usually bought and are as well sold online and often about cryptocurrency. These have generally been encoded with the same particular type of underlying software as many other cryptos.

Numerous NFTs, which are at least in these particular early times, have been multiple digital creations that are already existent in some other form in any other platform, like the several iconic video clips from that of the NBA games or any different securitized versions of any state of digital art that has already been floating around and about on Instagram.

How Is an NFT Different from Cryptocurrency?

NFT basically stands for non-fungible token. It has been generally built by using the same particular type of programming, just like cryptocurrency, which would either be Bitcoin or Ethereum; however that is where this similarity would end.

It is to be understood that any form of physical money or any cryptocurrencies are basically “fungible,” meaning that they might get traded or exchanged for one another. They have also been equal in their value, just like one dollar would always be of the same value as another dollar. Similarly, one Bitcoin would always be similar to any other singular Bitcoin. The fungibility of Crypto makes it a relatively reliable means of being able to conduct transactions on any given blockchain.

However, NFT cryptos are indeed different. Each NFT has a unique digital signature, making it impossible for these NFTs to get exchanged for another or become equal to any one of the others and hence are deemed non-fungible. 

How do the NFTs Work?

NFTs tend to exist on a particular blockchain, usually a specific distributed public ledger that records the multiple transactions that occur. You would probably be the most familiar with any blockchain as a basic underlying process that makes these cryptocurrencies a usual possibility.

To be very specific, these NFTs are usually held on the various Ethereum blockchain, even though the other blockchains might give them the necessary support.

The NFT, which is created, or rather “minted” from any of the digital objects which tend to represent both the tangible and the intangible items, often include :

  • Art
  • GIFs
  • Videos and sports highlights
  • Collectibles
  • Virtual avatars and video game skins
  • Designer sneakers
  • Music

It is to be understood that these NFTs tend to get any sort of exclusive ownership rights. Yes, you read that right. The NFT cryptos can have only one particular owner at any given time. The unique data of the NFTs usually makes it extremely easy to get verified with their very own and helps to transfer numerous other tokens in between their owners. The particular owner or the initial creator might also store any precise information within them. For instance, an artist might sign their artwork, and they can do so by including their particular signature in the metadata of the NFT.

Why are NFTs so popular?

This particular coronavirus pandemic has indeed played a massive role in the present NFT boom. The absolute value of these NFT transactions quadrupled and went up to $250 million in the previous year, according to research from NonFungible and the BNP Paribas-affiliated research centre or firm L’Atelier.

That has been in no tiny part since the stay-at-home restrictions had paved a path that eventually resulted in the people spending much more of their precious time surfing on the internet and saving cash, which resulted from the lack of commuting. It has been similar to the particular rise of the retail traders who would be betting on the GameStop and the other, which led to historically unloved stocks, which were eventually promoted on the Reddit board of the WallStreetBets.

What are the NFTs usually used For?

Several blockchain technologies and the best NFT crypto artists and content creators have provided a unique opportunity to monetize their numerous wares. For example, the artists would no longer be dependent or rely on multiple galleries or any particular auction houses to sell their art. Instead, this artist might sell this piece of their art directly to any interested consumers as a specific NFT, which would also allow them to keep with them much more of their profits. In addition to this, the artists might also program in the royalties to receive a certain percentage of the numerous sales whenever their submitted art would get sold to any particular new owner. This has been an attractive feature since the artists generally do not tend to receive any future proceeds right after their art has been first sold.

What are the risks to be kept in mind while investing in NFTs?

NFTs have constantly been catching the necessary attention of several high-profile technology investors, numerous major global corporations, and the famous artistic community. The various NFT proponents tend to say that these could, in turn, turn out to be the future of the multiple collectables and would, in turn, allow the users to be able to prove that they own the necessary digital assets. However, this flurry of interest tends to echo the particular Gamestop Saga and also the rise of the Wall Street Bets available on Reddit. 

Like any other investment, NFTs also tend to come along with their concerns and risks. When given their seeming infancy, the particular fact that these NFTs have yet again been ready to gain a certain mass acceptance would mean that they have been a somewhat speculative investment. This would, in turn, suggest that they have been prone to both the high rises and the steep drops in any such values.

The supply and the necessary demand usually drive NFTs, and as a result of this sudden surge in demand, there have been buyers who are very well prepared and are ready to pay what would seem to be a ridiculous price. However, it is to be noted that there would be no such guarantee to ensure that these prices would always continue to rise.

What is the possible future for the NFTs? 

While these might appear to be somewhat speculative at this moment, many technologists believe that NFTs could represent an entirely brand new economy based upon specific digital ownership. 

The songwriters or any such creators could make good money just by selling their works directly to their determined fans and, in turn, collect a specific royalty with every time their deemed NFT gets re-sold. The developers might also be able to build an infrastructure and the platforms, which would help enable these new markets. 

How do I get to invest in NFTs?

Well, if you have been looking for multiple ways to invest in the necessary NFTs, you would be required to be familiar with the cryptocurrency and the essential need to own the same, which would, in turn, have to be kept in a particular digital wallet. You might use specific platforms like that of the CoinJar, the Coinspot, or maybe the Independent Reserve to purchase the required Ethereum, which could, in turn, be used as the necessary currency for the NFTs. 

Conclusion

It is to be understood that there has been a relatively wide range of multiple reasons which prove why people are often attracted towards investing in these NFTs. People might want to collect these NFTs for any particular emotional reasons (which might be the social status), or maybe because of the prospect of the re-selling of these NFT cryptos at a relatively higher price which would, in turn, be based on the necessary excitement and the momentum of that particular moment or the scenario. For better understanding, you might as well refer to  https://www.blockchain-council.org/.

What is NFT in Crypto? and why it matters in crypto world?

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Ethereum price bounce to $2.6K fails to excite neutral-to-bearish pro traders

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While speaking at the Virtual Fintech Forum in Hong Kong on May 27, Ethereum co-founder Vitalik Buterin commented on obstacles related to the Ethereum 2.0 rollout. Buterin said that there had been several internal team conflicts in the past five years and as a result, he confirmed that Ethereum 2.0 launch is unlikely to occur before late 2022.

In a May 22 report from Goldman Sachs, analysts said that Ether has a “high chance of overtaking Bitcoin as a dominant store of value.” Furthermore, the report noted the growth of the decentralized finance (DeFi) sector and the nonfungible token (NFT) ecosystems being built on Ethereum. Coincidentally, on the very next day, Ether’s price bottomed at $1,750.

On June 14, CoinShares released its weekly fund flows report and Ether investment products had the largest outflows, totaling $12.7 million.

However, the upcoming $1.5 billion options expiry on June 25 could be a turning point for Ether, according to Cointelegraph. This figure is 30% larger than the March 26 expiry, which took place as Ether’s price plunged 17% in five days and bottomed near $1,550.

Despite flirting with $2,600 after a 12% rally over the past week, top Ether traders seem unable to change their neutral-to-bearish positioning according to derivatives data.

The 3-month futures premium is neutral-to-bearish

Normally, Tte 3-month futures will usually trade at a premium to regular spot exchanges. In addition to the exchange liquidity risk, the seller is postponing settlement and usually charges more.

The 6% to 17% annualized return on stablecoin lending indicates bullishness whenever the 3-month premium trades above that range. On the other hand, when futures are trading below the stablecoin lending rate, it is a signal of short-term bearish sentiment.

Huobi ETH Sept. futures premium vs. spot market. Source: TradingView

As shown above, the 8% premium — 26% annualized — vanished on May 13, indicating extreme optimism. Since then, it has been ranging near 2.8%, which is equivalent to 10% annualized. Thus, top traders are neutral-to-bearish according to this indicator as it nears the lower level of the expected range.

The options skew shows moderate signs of fear

The 25% delta skew compares similar call (buy) and put (sell) options and will turn positive when the protective put options premium is trading higher. Whenever this metric surpasses 10%, it is considered a “fear” indicator.

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

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

From May 20 to June 8, the indicator stood near 10%, indicating a higher protective put premium, which is usually a ‘fear’ indicator. However, over the last week, it has slightly improved to 7%, within the “neutral” range, but still close to bearish sentiment.

There is no evidence of bullish growth in top traders’ confidence as Ether tests the $2,600 resistance. So until those indicators flip to neutral-to-bullish, traders should act with extreme care before concluding that a bull run is in place.

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.

Ethereum price bounce to $2.6K fails to excite neutral-to-bearish pro traders

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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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