Posted on

CAKE Sets Sights For $5 After More Than 7 Million Tokens Are Sent To A Fiery Death

The Pancakeswap token (CAKE) has been one of those cryptocurrencies that have been steadily growing in the background. The popularity of the decentralized exchange (DEX) contributed tremendously to its rise until it took a hit in the bear market like other digital assets. However, a new development has opened up new promises as millions of CAKE tokens have been removed from circulation.

7 Million Burned CAKE 

A scheduled burn had seen millions of CAKE tokens taken out of circulation. Pancakeswap announced the burn on Twitter with figures showing that a total of 7,123,715 CAKE had actually been sent to a burn address. The total dollar value came out to around $29 million.

The team also reported growth across various spheres. The first was a 17% increase in trading fees, accounting for 334,000 CAKE and a dollar value of $1.38 million. Lottery and pottery saw a 28% increase with 40,000 CAKE with a dollar value of $166,000. The largest increase was in the NFT Market, Profile, and Factory, with a 215% increase of 16,000 CAKE and a dollar value of $65,000.

CAKE finds support above $4 | Source: CAKEUSD on TradingView.com

Others, such as the Prediction and Auction, were listed with declines. The auction had seen a decline of 1%, translating to 15,000 CAKE with a dollar value of $62,000, while Prediction dropped 18% with 75,000 CAKE, a dollar equivalent of $308,000.

Ready For Another Bounce?

The burn announcement had sent CAKE’s price on an initial impressive rally that saw it break above $4.2. The digital asset had initially been trending below $4 for the better part of last week before the news of the burn.

However, the uptrend didn’t last long as momentum had died down. This first bounce was obviously fueled by the hype created with the burn announcement, so a correction was expected. With a trend like this, though, there is usually another bounce that comes after the first once the digital asset finds its footing.

CAKE has now found support right above the $4 level, which has landed it above the 50-day moving average. With the rise in the popularity of decentralized finance (DeFi) once more following the Ethereum Merge, decentralized exchanges such as Pancakeswap are expected to see more volume. With this volume will come a demand for digital assets such as CAKE, and this demand is expected to push the price of the digital asset towards $5.

CAKE’s price is up 1.16% in the last 24 hours and ranks 3rd on the list of top trending coins on Coinmarketcap at the time of this writing. With a market cap of $577.8 million, it is the 68th largest cryptocurrency by market cap.

Featured image from The Coin Republic, chart from TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Posted on

WATCH: Ethereum Gains Momentum Ahead Of The Merge | ETHUSD September 6, 2022

In this episode of NewsBTC’s daily technical analysis videos, we are going to look at Ethereum ahead of the Merge across a variety of timeframes using both the USD trading pair and versus Bitcoin.

Take a look at the video below:

VIDEO: Bitcoin Price Analysis (ETHUSD & ETHBTC): September 6, 2022

Not much has changed in Bitcoin and other cryptocurrencies since last week. However, Ethereum continues to gear up for the upcoming Merge and posted some decent gains over the weekend. Here is a closer look at Ethereum performance ahead of the Merge.

On daily timeframes, ETHUSD closed above the middle-Bollinger Band and should make another run at local highs. A potential bull flag breakout could hint at a larger rally. A bullish crossover of the LMACD also supports momentum carrying Ether prices higher.

Further adding credence to an up-move, ETHUSD is above the Tenkan-sen and is attempting to close above Kumo cloud resistance. Notably, Ether was rejected from the bottom of the cloud before losing support at around $2,500.

Will a bull flag lead Ethereum higher? | Source: ETHUSD on TradingView.com
The Signal From Ether’s Most Powerful Rallies

Ethereum is right up against the middle-Bollinger Band on weekly timeframes. Closing above the middle line, which is a simple moving average set at 20-periods, has led to some of the cryptocurrency’s strongest rallies. For example, in 2017, closing above it led to a 13,000% increase before a bear market started. The idea of a rally is possibly supported by a bullish crossover of the LMACD. 

To truly become bullish, Ethereum must reclaim the Ichimoku cloud. However, price has already closed above the Tenkan-sen on the weekly which is a start. Interestingly, Bitcoin is still stuck below this line by comparison, while Ether is well above it. 

Making it above the mid-BB could be significant | Source: ETHUSD on TradingView.com

Related Reading: WATCH: Bitcoin September To Remember: The Good, The Bad, & The Ugly | BTCUSD September 1, 2022

ETHUSD Future Forecast: A Storm Is Coming

Before we move into a more direct comparison of Bitcoin and Ethereum, the rarely used 3-week timeframe could be very telling. There are only five days left in the candle and ETHUSD has to move up from the current level or else it will close through the Ichimoku cloud.

In the past, closing through the cloud led to a large down-move and the final bottom. It is worth noting that closing through the cloud swept support during the last bear market. This time around, support was already swept. Bearish momentum is also weakening on the timeframe according to the LMACD, so a reversal is possible.

The 3-week timeframe warns of danger or reversal | Source: ETHUSD on TradingView.com
The Merge To Lead Strong Outperformance Against Bitcoin

ETHBTC is above the mid-BB which in the past has led to some of the largest rallies, much like the USD trading pair example. Ethereum is also up against the upper Bollinger Band on weekly timeframes versus BTC so a similar push outside of the bands is possible. 

Importantly, Ethereum retested the Ichimoku cloud on weekly timeframes and is pushing up against neckline resistance on a five-year long inverse head and shoulders bottom. From the head to the neckline was a 400% move, so the breakout from resistance could lead to enormous overperformance in Ethereum versus Bitcoin.

An inverse head and shoulders could send ETH higher | Source: ETHBTC on TradingView.com
Why A Massive Move Could Be Coming Against BTC

Finally, switching back to the 3-week timeframe used for the USD pair, Ethereum has taken out the cloud after retesting the Kijun-sen and confirming it as support. This also could hint at curved parabolic support forming. This is the first major consolidation after ETHBTC broke out from downtrend resistance, and the LMACD appears ready to cross upward and send Ethereum much higher versus Bitcoin.

Will the Merge be the catalyst crypto bulls are hoping for? Make sure to leave a comment in the video above. Remember to also subscribe to the NewsBTC YouTube channel and follow us on Twitter.

High timeframes suggest there are clear skies ahead for Ether | Source: ETHBTC on TradingView.com

Learn crypto technical analysis yourself with the NewsBTC Trading Course. Click here to access the free educational program.

Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com

Posted on

Why Bitcoin Casinos Are Proving To Be A Better Alternative

Bitcoin casinos are becoming increasingly popular due to their plethora of advantages. With the more mainstream adoption of cryptocurrency, these casinos have been able to plug a significant gap in the gambling industry.

For many, the fact that they have to input their personal banking information into online casinos to be able to place wagers is a huge deterrent. This is where crypto casinos have been able to provide even better. Being able to provide privacy for users while also maintaining transparency on the part of the casinos has made them a better option for players.

Why Players Prefer Crypto Casinos

The many advantages of crypto casinos over traditional casinos are making them an even better option for players. As mentioned above, crypto casinos that accept coins like bitcoin provide users a high level of privacy and transparency to enjoy their favorite titles without having to worry about data compromise.

Additionally, these casinos often do not require any type of extensive KYC as compared to traditional casinos. The data collected during KYC registration are often sensitive, like ID images, DOB, and SSN, as well as bank information for withdrawals.

Since crypto casinos take crypto payments, there is usually no need for extensive verifications. However, regulatory bodies have leaned in hard on these due to criminals using crypto casinos to mix stolen crypto. But it is also important to keep in mind that the vast majority of crypto casino players are just trying to get some privacy while enjoying their favorite games.

Another advantage of crypto casinos over traditional ones is the easy sign-up process. Since there usually is no extensive KYC verification required, players are usually able to create an account with as little as just an email address. Players do not have to provide personal information to deposit or withdraw funds, and as such, they can remain fully anonymous.

Top 4 Bitcoin Casinos

The popularity of bitcoin casinos has grown in the last few years, but there are some platforms that have separated themselves from the rest through impeccable services. Bitgamble is a platform that provides crypto and bitcoin casino reviews. Here are four of the top crypto casinos for players according to the platform.

Stake:

Stake is a crypto casino that ranks high on the list. This popular casino offers VIP perks, cash backs, and bonuses to players to enhance their experiences. It was founded in 2017 and quickly rose to fame because users did not have to do extensive KYC when registering.

It boasts one of the largest suites of crypto payment offerings in the space, with more than 130 cryptocurrencies available. Things like lifetime rake backs on all wagers also apply to customers and can last forever in some cases.

It’s secure as it offers 2FA for users to prevent back actors from accessing their accounts. Furthermore, Stake offers customer support in different languages to be able to serve its customers across the globe.

BC Game:

BC Game is a crypto casino that has risen in favor among players due to its massive promotions and suite of around 50 cryptocurrencies to select from. Players are able to create a completely anonymous account. However, in some cases, BC Game can require a user to complete their KYC process to be able to make withdrawals.

The casino holds a license from the Malta Gaming Authority, making it an online casino that is easy to contact. It boasts over 10,000 slot games as well as crash, dice, and blackjack, amongst others. Withdrawals from BC Game are also fair, and the casino is verified by the Crypto Gambling Foundation.

Winz.io:

Like many online casinos, Winz has an attractive welcome bonus for users. However, unlike most, Wins allows users to be able to roll over their up to 300 spins. It offers a wide suite of games with over 7,000 popular games available. It also offers a 1% to all new players in the first 14 days after signups. In some cases (VIPs), users can get up to 20% weekly cashback.

Withdrawals on Wins take less than an hour to be processed. The platform has 24/7 Live Chat support, is always ready to help, and has a $400,000 monthly withdrawal limit. It ranks high on sites such as AskGamblers.com and Casinomeister.com.

Bitsler:

Bitsler is one of the crypto casinos that thrives on providing unique games to players. There are currently more than 3,000 games on the platforms, with over 16 unique games from Bitsler. The casino was founded in 2015 and holds a license from the Curacao Gambling Authority.

There are over 15 crypto payment methods for players to choose from, whether they are making deposits or withdrawals. The platform also encourages 2FA for all users to keep their accounts safe. It features table games, live casino, joker, jackpot slots, etc, all from more than 40 software providers in the space.

One important thing about Bitsler is that it offers a demo mode to users who wish to try out the platform without spending any money. This can be used as a way to gain experience before diving in with real money.

Conclusion

Crypto casinos are proving to be formidable challengers to traditional casinos. These casinos are able to exist completely online without compromising the identity of their players. Using crypto payments also allows them to offer cheaper and faster transactions to their users.

The list above is but only a small number of crypto casinos that are making a splash in the gambling industry. The anonymity they provide has been the biggest pull for them, but the experience has gotten so much better over the years, with players describing their experiences as similar to being in a real-life casino.

 

Posted on

Ethereum Carries Bitcoin Price Up, Will “The Merge” Live to Expectations?

The Bitcoin price has been stuck below $20,000 as Ethereum and other altcoins take over the price action and push the sector upwards. Ethereum just deployed the “Bellatrix” upgrade, the final step before “The Merge”, and the price of Ethereum is blazing through local resistance.

At the time of writing, Bitcoin price trades at $19,900 with sideways movement across the last 24 hours and 7 days respectively. In the meantime, the Ethereum price trades at $1,670 with a 7% and 8% profit over the same time periods, respectively.

BTC’s price moving sideways on the 4-hour chart. Source: BTCUSDT Tradingview
Ethereum Could Breakout Of This Range While The Bitcoin Price Lags

“The Merge” will migrate the Ethereum network from a Proof-of-Work (PoW) consensus to a Proof-of-Stake (PoS) consensus. This event has caused a lot of hype across the crypto markets, as some investors believe Ethereum will see more improvements and will enter a new era of adoption.

As seen in the chart below, a pseudonym trader outlines Ethereum price current range and its attempt to break out of overhead resistance. If Ethereum validates this bullish move, the cryptocurrency might achieve another milestone and “flip” Bitcoin in terms of market capitalization.

Of course, “The Merge” poses many questions for investors as they wonder if this will operate as a “buy the rumor, sell the news” event. The pseudonym trader said:

ETH attempting to break out of a range. The last time it did so it doubled relative to BTC If it doubles again relative to BTC it’ll flip it. Will Bitcoiners let it happen? Or will they mercilessly pump BTC to stop the ratio from getting worse? Or will it all dump for a reset?

ETH/BTC trading pair pushing into resistance. Source: DonAlt via Twitter
Can Ethereum Flip Bitcoin?

Trading desk QCP Capital might provide some clues into some of these questions. In a recent report, the firm claims Ethereum price has been correcting after reaching oversold levels in the aftermath of the Three Arrows Capital (3AC) liquidations.

Therefore, a lot of the move upward might be the price bouncing back as selling pressure faded and less related to “The Merge”. There are two potential bullish factors associated with “The Merge”: the transition will reduce ETH supply issuance while increasing its burning rate.

While the former is “looking bullish”, QCP claims, the latter is trending to the downside. In other words, the supply is being burned at a slower rate heading into “The Merge”. QCP Capital added:

This doesn’t change our view on the long-term viability of ETH, and its consequent bullish impact on price. We think ETH will be THE asset of the decade. However, it does change the short-to-medium-term price dynamics, and how much of the event is already priced in.

Source: QCP Capital

As “The Merge” approaches, the trading firm will look into Ethereum price mimicking the Bitcoin price “halving” effect. This could provide ETH’s price performance with further support to reclaim its previously lost territory and continue to push the sector up with it, including the Bitcoin price.

Check out our YouTube channel for more analysis on the market, price forecasts, strategies, and much more.