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Zcash Exhausted Its Momentum After 7-Day Price Surge: Analysis

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Zcash exhausted its momentum after surging for 7-days straight. The price seems ready to nosedive but let’s take a closer look first at the Zcash price news today.

Zcash increased over 25% in the past week after two-crypto forensics platforms added support for the altcoin. The sudden upswing was accompanied by an increase in the number of social interactions around the cryptocurrency. Thanks to this, ZEC gained attention but it turned out to be trouble for the asset’s short-term price action. After making 25% gains over the past week, Zcash exhausted the momentum and the bullish social media chatter around the project slows down.

zec social engagement
Zcash’s Social Engagement by LunarCRUSH

Zcash has been on a roll over the past week and increased by 25%. The sudden price swing seems to have been triggered after Elliptic and Chainalysis announced support for the privacy-oriented token in their compliance products. After the announcement, ZEC went from trading at $54 to a new high of $64. The data from LunarCRUSH shows the social engagement for Zcash has been picking up since the news emerged. The spikes in the fundamental metrics seem to be manifesting into higher prices.

ZEC/USD
ZECUSD on TradingView

The first important spike in ZEC’s social engagement metrics happened on July 6th with more than 1.65 million engagements on the same day. However, the social activity around the altcoin increased three days later and registered more than 4 million engagements. About 62% of the social interactions were bullish about Zcash in the past seven days. The increase in ZEC-mentions across different social media platforms can be a concerning factor for the short-term price action. Usually, when a market participant pays attention to a cryptocurrency because of a  pump, it will lead to correction for sure.

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inout chart
Global InOut of the Money by IntoTheBlock

The TD sequential indicator added credence to the bearish outlook and the index presented a selling signal in the form of a green nine candlestick on the 4-hour chart. The bearish formation estimated a one to four candlestick correction at the start of the new downward countdown. An increase in the selling pressure behind Zcash could send the price down to the $49-57 support level. IntoTheBlock’s GIOM model shows that more than 56000 addressed purchased more than 3.7 million ZEC. The robust supply could have the ability to prevent Zcash from further losses. It’s worth mentioning that a green two candlestick trading above the preceding green one candle which could invalidate the selling signal.

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Source: https://www.dcforecasts.com/zcash-news/zcash-exhausted-its-momentum-after-7-day-price-surge-analysis/

Blockchain

Bitcoin Price Has Only Ever Spent 93 Days Above $11,500

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With Bitcoin’s price hovering around $11,500, recent data indicated that the asset had spent only about three months of its existence above that particular level.

BTC: Only Three Months Above $11.5K

The official launch of the first-ever cryptocurrency came in early January 2009. Born during the last massive financial crisis, Bitcoin was this “magical money” that actually lacked any significant attention in its initial years. Consequently, its price traded close to zero for a while.

Since then, however, Bitcoin started gaining traction that ultimately resulted in severe volatility throughout the years. The massive fluctuations took the asset towards an all-time high in December 2017 of nearly $20,000, and just a year later, BTC saw its price beneath $4,000.

Fast-forwarding two years and Bitcoin is currently positioned around $11,500. Although this level is nearly twice as less as the all-time high, recent data from the analytics company Skew informed that BTC hadn’t spent a lot of time above $11,500.

Historical Performance Bitcoin Price. Source: Skew
Historical Performance Bitcoin Price. Source: Skew

More precisely, BTC’s price has hovered above $11,500 for only 93 days (or three months) since January 2009.

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Fundamentals in Place

Apart from the data above, Bitcoin’s hash rate has experienced a significant boost even after the completion of the third halving in May. As CryptoPotato reported recently, the metric measuring the computing power miners use to validate transactions on the BTC blockchain reached a new all-time high of 170 exahashes per second. This represented a 40% increase in the five months following the halving.

Although the hash rate is not correlated with the price, another report suggested an upcoming price increase. By indicating that Bitcoin whales, meaning entities with at least 1,000 coins, have slowed down accumulation, Glassnode asserted that this could ultimately be a bullish sign for the asset price.

Historically, once whales have stopped buying massive quantities, this has led to an opportunity for retail investors. According to the analytics company, Bitcoin may be in the “beginning of a run-up to a market top.”

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Source: https://cryptopotato.com/bitcoin-price-has-only-ever-spent-93-days-above-11500/

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US Fed Chair Jerome Powell Says It’s Better to Be Right Than First on CBDC

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  • US Fed Chair Powell believes that the United States should focus on getting right the development of a central bank digital currency (CBDC), rather than attempt to be first.
  • While speaking on a panel hosted by the International Monetary Fund (IMF), Powell reassured that the US is “committed to carefully and thoughtfully evaluating the potential costs and benefits of a CBDC for the US economy and payments system.”
  • Although Powell admitted that the digital currency has the potential to improve the current payments system, he claimed that the Fed hadn’t made a final decision on launching its own.
  • Reports from earlier this year suggested that the Federal Reserve had started experimenting with a hypothetical digital currency.
  • Nevertheless, today’s speech showcased that the US central bank is still unconvinced by that idea. In contrast, the other global superpower China has been making serious improvements on the matter. 
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  • CryptoPotato reported earlier today that China had taken the CBDC tests to its citizens by airdropping $1.5 million worth of the digital yuan and urging them to buy goods. However, the initial results weren’t promising as users said it didn’t offer anything groundbreaking. 

Featured Image Courtesy Of CNBC

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Source: https://cryptopotato.com/us-fed-chair-jerome-powell-says-its-better-to-be-right-than-first-on-cbdc/

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Blockchain

Bitcoin Price Eyes $12,000 Following US Fed Chair Powell Talks

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  • Bitcoin’s price finally made a worthwhile move after surging to $11,840 on Bitstamp following days of stagnation.
btcusdh_chart
BTC/USD. Source: TradingView
  • The price has since retraced a bit to trade at its current level of around $11,780. Nevertheless, this is a move in the right direction as concerns started crippling up that we might be in for a fill of the CME gap down at $11,100.
  • Bitcoin is trading approximately only $700 away from the $12,500 area – the 2020 highest level that was reached on August 17. The next major resistance for BTC now lies at $12,000 – $12,100.
  • The move came soon after the Chairman of the US Federal Reserve, Jerome Powell, spoke on a panel hosted by the International Monetary Fund (IMF).
  • During the event, he said that the US is “committed to carefully and thoughtfully evaluating the potential costs and benefits of a CBDC (Centra Bank Digital Currency) for the US economy and payments system.”
  • He also said that it’s better to be right than be first on CBDCs.
  • Interestingly enough, BTC’s move appears to be uncorrelated to the US stock market. At the time of this writing, the S&P 500 is down about 0.4%, while the Dow Jones Industrial Average (DJI) is down about 0.3%.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/bitcoin-price-eyes-12000-following-us-fed-chair-powell-talks/

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