Astro Crypto: Summer Bitcoin Slump Could Bring Bountiful Fall Harvest

The stars are older than all of us, and older than history itself. Yet bring up astrology with the Bitcoin crowd, and for the most part the response is skepticism or even mockery. Both the study and the cryptocurrency itself share several similarities, such as a mathematical foundation, cyclical behaviors, and unusual financial applications.

If you are the type to believe, or are just curious, a notable full moon is passing, leading into the autumnal equinox tomorrow. How might this seasonal shift impact the cryptocurrency market trend, and how does math apply to what many believe to be pure myth?

September Harvest Moon Could Bring Bounty For Hard Summer Work

Planets all revolve around the sun. Their position at the time each person is born and there forth is believed to instill certain influences at distinct moments. Depending on the rotation and layout of the planets, it can have all kinds of seasonal impacts. The Farmer’s Almanac uses such cycles to predict how much snow each winter holds, for example.

Certain conjunctions are said to bring about famine, drought, or worse. For example, historians believe that a a triple conjunction of Saturn, Jupiter and Mars caused the Black Death plague.

Related Reading | Interview: Crypto Damus On Successfully Combining Bitcoin TA With Financial Astrology

The late WD Gann used planetary influences along with math to predict tops and bottoms with “legendary” precision. He taught no one his tricks, but left all kinds of bizarre mathematical tools behind that few know how to take advantage of.

So how does this all impact Bitcoin?

The Harvest full moon hasn’t appeared on the chart yet its so fresh | Source: BTCUSD on TradingView.com

The new moon and full moon chart alone shows significant correlation with Bitcoin price action. Just last night as BTC plunged near $40,000, the full Harvest moon and last full moon of the summer was passing. The moon was named for the fact that farmers used the moon’s light to work late into the night on annual harvests ahead of colder months.

It has been a long, arduous summer for crypto holders, but this moon could be a sign that its time to reap the fruit of one’s labors as the autumn equinox hits.

Could The Fall And Golden Ratio Be The Key To The Next Bitcoin Peak?

The equinox signals change is coming. Change in the season; change in the way humans behave based on those seasons. Seasonality in finance is real, hence the phrase “sell in May, and go away.” The opposite idea is called the Halloween Effect, where investors buy up assets big time to sell around the holidays when enthusiasm is highest.

Seasonality and equinoxes don’t always work with the first ever cryptocurrency, but when combined with the power of the Harvest full moon and other favorable mathematical positioning, there is a recipe for something special.

After holding above the golden ratio, the final leg up comes in the autumn | Source: BTCUSD on TradingView.com

Each final leg up in each Bitcoin bull run has begun at the autumnal equinox, driving to new all-time highs until the winter equinox arrives. Since fall arrives each year, but the same effect doesn’t occur, the necessary ingredient for liftoff is a pullback to the golden ratio.

Related Reading | Mercury in Retrograde: Why Bitcoin Traders Fear The Astrological Event

Bitcoin price has always retraced back to the golden ratio, before blasting off to the end of the cycle. Below it has never been filled no matter the cycle. If the same scenario plays out, anyone that has survived the summer’s bearish heat, will have a very happy holiday season.

To be fully clear, everything written here is pure conjecture based on correlation and past cycles and performance. These aren’t a guarantee of future results. But when the math adds up and Fibonacci is everywhere in nature, why wouldn’t the sum of the full moon, autumnal equinox, and Bitcoin be something very interesting.

In closing, we’ll leave you with the JP Morgan quote:

Millionaires don’t use Astrology, billionaires do.

Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com

SEC vs. Ripple Case To Finally Establish How Much Authority The SEC Has Over Regulating The $2 Trillion Crypto Market
Crypto Exchanges Delist XRP Following SEC Lawsuit

Key takeaways

  • The outcome of the SEC’s lawsuit against Ripple could define the future powers of the commission according to securities experts.
  • The SEC’s regulatory methods have been called out by notable cryptocurrency figures
  • Neither the SEC or Ripple and the rest of the crypto-industry are willing to concede. 

To many observers and experts, the Securities and Exchange Commission (SEC)’s lawsuit against Ripple is billed to be a definitive cause for the entire cryptocurrency industry as its outcome can dictate the kind of powers the commission will hold over the industry.

This opinion has most recently been reiterated by sources reported on by Fox Business’s Charles Gasparino. According to him, securities experts he has been in contact with say that the Ripple case may come to be used as the basis for regulating the rest of the cryptocurrency industry, as well as the basis by which the regulatory powers of the SEC over the industry will be defined.

“The general consensus of securities experts is that the Ripple lawsuit will be a litmus test for how digital currency will be defined in the future, whether it’ll be treated like a stock, a commodity or its own type of currency, and if the SEC can regulate it in the aggressive manner envisioned by Gensler,” Gasparino says in a recent report.

The severity of the outcome of the case is no doubt recognized by both parties. Currently, the SEC is regulating the cryptocurrencies industry in a way that has been described by many, including SEC Commissioner Hester Pierce and U.S. Senator Pat Toomey, as “regulation by enforcement”. Instead of providing clarity for the industry, the SEC has taken to going after crypto-businesses with enforcement actions.

The SEC’s “regulation by enforcement” approach has seen them currently eyeing how to rein in multiple areas of the crypto space, including stablecoins, lending platforms, and decentralized finance, or DeFi. Already, the SEC has filed orders against the crypto-lending platform, Celcius. It has also threatened to take legal action against Coinbase should they continue with a planned lending program, leading to the exchange recently announcing that it was suspending the program. Similarly, in the DeFi space, the SEC is currently going after Uniswap. This has led to a general outcry from the industry accusing the SEC of stifling and driving away innovation in the young industry.

Irrespective, the commission is not relenting, with SEC chair Gary Gensler not looking likely to concede to the industry’s pressure. In prepared remarks delivered at an early August event, the chairman said, “We just don’t have enough investor protection in crypto … we have taken and will continue to take our authorities as far as they go.” Following this, he has been soliciting the intervention of the U.S. Congress to make laws that will broaden the commission’s authority. 

Significantly, the cryptocurrency industry to has shown willingness to not give up without a fight. Notably, Ripple’s legal team recently revealed to Gasparino that it was not considering settlement as an option.

See What SEC Chair Gary Gensler Compared Stablecoins With
SEC chiefSEC chief

Gary Gensler, the Chairman of the United States Securities and Exchange Commission (SEC) has compared stablecoins to the Wild West noting the digital currencies are acting like Poker Chips at the Casino. Speaking in an interview with the Washington Post, Gensler highlighted the impact of digital currencies in pushing new frontiers for the ongoing financial revolution. However, the SEC boss says based on precedents, private forms of money are not known to last long.

“History tells us private forms of money don’t last long… These stablecoins are acting almost like poker chips at the casino right now. So, add to the Wild West analogy, I mean we have a lot of casinos here in the Wild West, and poker chips is these stablecoins at the casino gaming tables. And so I think there’s just a lot of warning signs and flashing lights that might have a spill on aisle three and I’d rather get ahead of it.” 

Despite likening stablecoins as possessing elements of gambling and how speculative investments in the assets are, Gensler believes the digital currency innovation is changing the paradigm for current business models.

“I think [cryptocurrency] has been a catalyst for change… I also think it is raising new and interesting innovations around how exchanges work and how even potentially some forms of decentralized lending… challenging the established business models.”

SEC Wants Aid From Congress to Regulate Stablecoins

A part of the broad questions the SEC boss dwelt on was in the aspect of regulating the supposedly speculative marketplace. Gensler said the commission is working alongside the US Congress to regulate stablecoin, not minding the fact that the agency has robust regulatory oversight over the privately issued assets.

“I think that we have robust authorities at the Securities and Exchange Commission and we’re going to use them and continue. I think it would be better if the platforms that are trading securities, the platforms that have lending products… that they come in and we sort through, figure out how best to get them within the perimeter. We’ll also be the cop on the beat, bringing those enforcement actions as well. Working with Congress would help because there’s a lot of coordination by and amongst our financial regulators.”

The SEC noted the importance of Congress intervention as there are conflicting overlaps between the agency and other enforcement outfits like the Commodity Futures Trading Commission (CFTC).

The post See What SEC Chair Gary Gensler Compared Stablecoins With appeared first on Coingape.

Despite Dips, Bitcoin Exchange Reserves Reach Lowest Values Since 2018

On-chain data shows Bitcoin exchange reserves continue to decline despite the recent dips, as values reach lowest since 2018.

Bitcoin Exchange Reserves Continue To Go Down

As pointed out by a CryptoQuant post, the BTC all exchanges reserve is moving down despite the recent downtrend in the price of the cryptocurrency.

The Bitcoin all exchanges reserve is an indicator that shows the total amount of coins held on all centralized exchange wallets. A dip in the value of the metric suggests investors are transferring their BTC to personal wallets, either for holding or for selling through OTC deals.

On the contrary, an increase in the indicator implies investors are sending their coins to exchanges for withdrawing to fiat and stablecoins, or for purchasing altcoins.

Here is a chart showing how the Bitcoin exchange reserve has changed over the years:

The exchange reserve continues to decline

As you can see from the above graph, the BTC all exchanges reserve has hit lows not seen since 2018. Usually, during periods of big price swings, the indicator’s value shows a spike as investors look to shift their positions in the market.

Related Reading | Bitcoin Holders Take Profits As Price Falls, Indicators Remain Bullish? 

However, despite the recent dips, the metric has only been trending downward. What’s the reason behind this? Well, one possible scenario could be that there are now more long-term holders in the market that are waiting for the price to appreciate further before they make any moves.

A downtrend in the exchange reserve is often a bullish indicator as it shows buyers are accumulating Bitcoin, while an uptrend could lead to crashes in the crypto.

Below is another chart that shows the BTC netflow indicator over the last couple of days.

Looks like the Bitcoin netflow showed a huge negative spike yesterday

The netflow indicator measures the net number of coins exiting or entering exchanges. As is apparent from the above graph, the metric had a big negative spike yesterday, which implies a large amount of BTC was pulled off exchanges.

Related Reading | Did Turkey’s President Say “We Are In A War Against Bitcoin”? An Investigation

BTC Price

Yesterday, Bitcoin’s price crashed down to $40k after peaking just below $49k a few days back. But the price has since jumped back a bit as it floats around $43k at the time of writing. The crypto is down 7% in the last 7 days, while over the past 30 days, the value is 11% less.

Here is a chart showing the trend in the price of the coin over the last five days:

BTC’s price crashes down to $40k, but quickly recovers back up a little | Source: BTCUSD on TradingView
Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant

Did Bitcoin Really Experience A Flash Crash Down To $5,400?

Bitcoin has been plagued by numerous dips that have left the price of the asset at one-month lows. Monday was brutal for the cryptocurrency as the close of the weekend drew in with its low momentum in the market. This, in turn, led to the market experiencing a downtrend. Most notable was the price of bitcoin actually dropping into the $42,000 price range.

While the market dealt with this, a record flash crash happened on the trading platform Pyth Network. The crash was so significant that it saw the price of bitcoin lose almost 90% of its current value. The price crash lasted for approximately two minutes. Driving the price of bitcoin down to as low as $5,400 on Monday. The crash happened between the BTC <> USD pair on the Pyth Network. The Solana-based solution also saw the confidence interval (four times the asset reported price) for bitcoin drop to $21,623.

Related Reading | Just 10 Days After El Salvador’s “Bitcoin Day”, President Bukele Confirms 1.1 Million Citizens Have Chivo Wallet

Between 12:21 and 12:23 UTC the Pyth BTCUSD aggregate price was below $40,000 – the lowest price reported was $5,402 with a confidence interval of $21,623 (4x the asset reported price) for a single slot – which was off-market relative to the BTC price available on other markets

— Pyth (@PythNetwork) September 20, 2021

Pyth Network acknowledged the crash on their Twitter account, where they assured their users that they were working to figure out what caused this. “Engineers are continuing to investigate the cause and a full report is in the works,” it said.

BTC price recovers after falling to low $40K | Source: BTCUSD on TradingView.com
Why Did Bitcoin Crash So Much?

It is still not clear what the reason behind the crash was. So far, there seem to be no other pairs affected by the crash. And no other cryptocurrencies have been reported to have suffered the same fate as bitcoin. The crash led to massive liquidations on the platform, which were, “unfortunately working as intended,” tweeted Bonfida.

Related Reading | While Broader Crypto Market Holds Its Collective Breath, Whales Are Loading Up On Bitcoin

The crash no doubt affected a number of Pyth Network users. The network has apologized to affected users, saying, “We’re very sorry for any hurt incurred for Pyth customers.” And the team has asked those affected by the flash crash to reach out to the team either through Twitter or Discord. The team continues to work on figuring out the cause of the crash and will produce a report of their investigations.

Featured image from Yahoo Finance, chart from TradingView.com

A Deep Dive Into The Bitcoin Wallets Of U.S Congress Members, And Why Bitcoiners Are Strongly Against Them
A Deep Dive Into The Bitcoin Wallets Of U.S Congress Members, And Why Bitcoiners Are Strongly Against Them

Key takeaways

  • U.S. Congress’ split disposition towards cryptocurrencies raises concerns among market participants.
  • Bitcoin proponent, James Loop goes digging into the financial disclosures of Congress members.
  • His findings revealed only three Congress members have ever disclosed that they hold Bitcoin.

The United States is a key base for innovation and adoption in the cryptocurrency industry. According to data from Crunchbase, there are at least 1,135 organizations founded in the U.S. that provide various cryptocurrency-related services.

Despite the broad adoption of the asset class by the country’s citizens, the government is still divided on opinions about the growing cryptocurrency industry. This can be seen in the U.S. Congress where members of Congress are split between those who support and those who do not support Bitcoin, the most prominent cryptocurrency.

This polarised disposition of Congress has been a pain point for Bitcoiners. Bitcoin market participants have pointed out several issues that emanate from the fact that there are still members of Congress who have not shown themselves to fully understand Bitcoin.

The sentiment is that Congress members who do not fully understand the asset, having not used it, should not be responsible for making laws about it. Additionally, market participants also think it will be a conflict of interest if members of Congress who oppose Bitcoin are found to be holding Bitcoin or if those who support it do not own any. 

Jameson Lopp, the co-founder, and chief technology officer of Casa – a leading provider of Bitcoin self custody solutions, has gone digging into the United States Senate Financial Disclosures portal. The investigation was carried out to identify Congress members who have declared holdings of cryptocurrencies, and Bitcoin in particular, in their portfolios. 

His findings paint a dismal picture as the majority of the members of Congress who have been vocal in supporting Bitcoin have not held the asset at all according to their financial disclosures for the year ending 2020.

According to his findings, only 3 Congress members have disclosed that they own Bitcoin. The now-retired Representative Bob Goodlatte of Virginia was the first Congressman to disclose the ownership of Bitcoin, doing so in 2017 even before laws were passed to make disclosure mandatory. According to his disclosure, he owned between $1,000 and $15,000 of Bitcoin at the time.

Among currently seated Congress members, only Senators Cynthia Lummis and Pat Toomey have reported Bitcoin holdings in their portfolios in 2020. Senator  Lummis reported owning $100,000 – $250,000 of bitcoin in 2020 making up between 0.6% and 2.75% of her net worth. Similarly, Senator Pat Toomey reported purchasing $1,001 – $15,000 of GBTC in June 2021. The GBTC investment is between 0.01% and 0.7% of his net worth.

The sleuth however concedes that he did not have the time and resources to go through the financial disclosures of all 535 congressional members. Nonetheless, it is telling that of the ones he checked, even members of caucuses in Congress that are affiliated to cryptocurrency and members that have drafted bills that will provide clarity for the industry do not hold Bitcoin or other cryptocurrencies as their financial disclosures show.

Solana Says Bots Generated Transactions That Flooded the Network on Sept. 14
Solana Says Bots Generated Transactions That Flooded the Network on Sept. 14

  • Solana attributed the 17-hour blackout to bots.
  • They said bots spammed the network as Grape launched its IDO on DEX Raydium.

Solana attributed the 17-hour blackout to a denial-of-service attack targeting decentralized exchange (DEX) on Sep. 14.

According to the Solana Foundation, bots affected the Grape Protocol IDO on Raydium with around 400,000 transactions per second (TPS), causing the latest blackouts.

Solana explained the cause of the latest blackout in a blog post on Sept. 21. The team addressed its community. They noted that bots spammed the network as Grape launched its IDO on DEX Raydium last Tuesday at 12:00 UTC.

This resulted in Solana’s network’s validators crashing after running out of storage. Thus, the network went down for less than 24-hour. However, Solana engineers and more than 1,000 validat…

China Again? — Why The Crypto Market Lost Over $300 Billion In Hours And What To Expect
China Reemphasizes It's Not Yet Done With Clamping Down On Bitcoin

Key takeaways:

  • Crypto-market records over s$1 billion worth of Crypto liquidations in hours. 
  • Liquidated long positions significantly surpass shorts.
  • Fundamental factors pose serious threat to the market, but the road to recovery is near.

The crypto market has been hit with yet another massive liquidation. Within the last 24hrs, a whopping $1.03 billion worth of long and short positions have been liquidated, as reported by the aggregate derivative exchange platform ByBt.

When traders are long on a particular asset, they are simply gaining exposure to the cryptocurrency in question, in hopes that prices will surge significantly at a later time. It appears that a lot of investors were bullish on crypto for the most part, as long positions were significantly higher than shorts. Precisely $946.10 million worth of crypto was liquidated, while $6.56 million short positions were liquidated.

Liquidations usually take place in the crypto market when a trader’s leveraged position is forcefully sealed by an exchange when the trader’s initial margin is partially or totally lost. Futures and margin trading is usually where liquidation is common.

Many market pundits have warned against over-leverage, which they point to as the case of repeated liquidation. However, despite cryptocurrencies being high-risk due to the intense volatility, leveraging provides an opportunity for investors to generate significant profit. For this reason, liquidations are imminent.

On a larger spectrum, the question at hand is how the market will be affected going forward. Although no one can accurately predict, recent events hint that the dip could go even deeper, no thanks to fundamental factors like the ongoing Evergrande crisis.

“The Hong Kong stock market plummeted, triggering a decline in global markets and cryptocurrencies. The main reason is Evergrande, China’s largest real estate company with nearly 2 trillion debts.” wrote Chinese journalist Colin Wu.

Thus far, leading assets like Bitcoin, Ether, Solana, Cardano, and many others have dropped in price value and are, at this time, still going downwards. Bitcoin has plummeted to $42,928. While losing more than 7% in value today. Ether, XRP, SOL, DOGE, and Cardano are likewise seeing an extensive decline.

In response to the dip, analysts have responded to their previous sentiments on Bitcoin especially, saying that the expected floor price for this month remains at $42,000 and that a bounce will follow a while later. Altcoin analysts are also keeping their fingers crossed to see how the next 24hrs play out before predicting the market’s trajectory.

Gareth Bale to Unveil NFT Collection Via Crypto.com NFT on Sept. 28
Gareth Bale to Unveil NFT Collection Via Crypto.com NFT on Sept. 28

  • Gareth Bale is dropping his NFT collection via Crypto.com on Sept. 28.
  • The NFT collections are a set of pieces outlining Bale’s achievements and moments.

The 4x Champions League winner with Real Madrid and the Wales national team player, Gareth Bale, is dropping his NFT collection via Crypto.com on Sept. 28.

According to Crypto.com, the non-fungible tokens (NFTs) collections are a set of pieces outlining Bale’s achievements and moments. The first collection features rare images of Gareth during his career, with some featuring his signature. The second is a 3D image of Bale’s greatest ever goal in the Champions League Final for Real Madrid against Liverpool in 2018.

Through the NFTs, Bale sees an opportunity to give back to his fans and help artists like DINES, the British digital artist who designed the NFT collections. DINES worked with giant companies such as Nike, EA Sports, Adidas, Levi’s, and more.

In addition, Bale expressed his excitement, saying,

“I’m thrilled to partner with Crypto.c…

eGI Announces New Service ‘SAKURA WALLET’
eGI Announces New Service 'SAKURA WALLET'

About SAKURA WALLET

SAKURA WALLET is a crypto wallet for eGI, XRI, and more in the future. 

It has been developed to provide the lock-up service and information of released data for the eGI investors. The decentralized data encryption is implemented on this wallet. Moreover, additional DAO services such as Data Locker and Scoring will be implemented in the future.

Different from the SAKURA NFT Platform, which was released the other day, SAKURA WALLET has the lock-up function for the investors. There is a possibility to integrate these services in the future.

“eGI Contributes to the Innovative NFT Platform: SAKURA”

How To SIGN UP:

You can make your account by e-mail from this page. https://sakurawallet.io/login

Get eGI from Coineal 

https://www.coineal.com/trade/EGI-USDT

eGI’s Mission:

eGI aims to engage the next generation of eSports, on the blockchain. eGI creates meaningful engagement like never before between fans and players of esports. On the eGame platform, users create communities, provide insight, create fantasy tournaments, engage in safe betting, and sponsor the growth of up-and-coming players all over the world. Get more information on eGI from the official website below.

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