'Too early' to say Bitcoin price has reclaimed key bear market support — Analysis

BTC price action is back above the 200-week moving average, but the Fed may still sour the mood.

Bitcoin (BTC) crept higher after the June 14 Wall Street open as analysts hoped that long-term support had been preserved.

Hopes for "relief" from FOMC meeting

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it traded above $22,500 at the time of writing, having hit local highs of $23,300 on the day.

The pair had seen a strong bounce after nearing $20,800, with traditional markets likewise recovering after panic set in over United States inflation.

Eyeing where Bitcoin could go next, on-chain analytics resource Material Indicators noted that the market had reclaimed the 200-day simple moving average (200 SMA), an important feature of Bitcoin bear markets that acted as support throughout previous price cycles.

Nonetheless, it was "too early to tell" if the 200 SMA would continue to provide an attractive zone, a tweet stated, with the Federal Reserve due to provide inflation cues on June 15.

Keeping the Fed in mind were most crypto social media commentators, as expectations showed that the majority now favored an outsized rate hike next — 75 basis points instead of 50.

"Currently the market gives a 96% probability that the Fed delivers a 75bps hike on Wednesday. The market had recently been pricing in a 50bps hike but last week's hot inflation data changed that sentiment. (This time last week a 75bps hike was given ~4% chance of occurring)," popular Twitter account @tedtalksmacro wrote in one of a series of tweets on the day.

He added that a 50-point rise would mean both stocks and crypto "should rally really hard," while volatility was slated to mimic a "sell the rumor, buy the news" event.

"Maybe they provide some relief," Decentrader co-founder Filbfilb agreed in his own post.

Time to buy, says metric in green for first time since $3,600

Meanwhile, excitement was brewing over an on-chain metric reaching the "buy" zone for the first time since March 2020.

The MVRV-Z score, an expression of how many standard deviations spot price is away from realized price, returned to negative territory as BTC/USD dived under $23,400.

MVRV-Z has historically caught the generation price bottoms of Bitcoin, and buying in its green zone has thus resulted in significant returns.

Cointelegraph reported on the significance of Bitcoin's realized price earlier in the week.

THINGS TO KNOW TODAY

Morning traders, hope you are well and safe

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US STOCKS

edged higher yesterday in US session while the cash markets closed for holiday after suffering heavy losses last week on worries of tightening monetary policy and economic recession. European and Asian indices closed mixed.

Fed member Bullard commented that inflation could stay higher for longer and that the Fed would have to follow through on the forward guidance.

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DXY

eased to 104.21 after a quiet session, with the greenback declining against all major currencies except for JPY, which further weakened to 135.06.

Look for the US dollar to break out of the current consolidative range following the US Bank holiday. Anticipate brief dollar weakness before a likely recovery leading up to the US session.

As US Banks come back from the holiday, the DXY is expected to break out of the current consolidation to form a directional bias. Although there is no major news for the US today, the economic uncertainty continues, therefore expect to see increased volatility in the DXY

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MAJOR FOREX

EURUSD climbed above 1.0500 overnight. ECB president reiterated the plans to raise interest rate by 25bp in July, while the market implied a 50 bp hike.

GBPUSD ended higher at 1.2241.

AUDUSD was up to 0.6953 with the RBA minutes today, with market pricing in another 50bp hike in July.

NZDUSD closed higher at 0.6331. New Zealand Q2 consumer confidence fell to record low.

USDCAD dropped below 1.3000.

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BITCOIN-OIL-GOLD

WTI crude was steady at $111.27 as investors are re-assessing the tight supply and weakling demands. Gold was slightly down to $1,838.12. Gold price sits in a tight range between 1850 and 1830 with no events pushing prices in either direction. As strength of the US dollar remains uncertain, anticipate for price to break out of the range to the upside as Gold maintains its safe haven appeal.

Bitcoin was little changed at $20,412 near the lowest level since December 2020. Daily gap closing up..

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News today

CAD

Retail Sales Ex Autos MoM (Apr)

Retail Sales YoY (Apr)

Retail Sales MoM (Apr)

USD

Existing Home Sales (May)

Existing Home Sales MoM (May)

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Trade safe, stay safe

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How to Invest in NFT Tokens – Beginner’s Guide-2022

Non-fungible commemoratives, or NFTs, have proved to be an instigative addition to the cryptocurrency world. NFTs allow simple tokenization of physical and digital means, opening up a vibrant new ecosystem where request actors can trade art, music, in-game particulars, and more.

In this companion, we’ll bandy how to invest in NFTs in detail, reviewing the stylish NFTs and the top trading platforms before showing you how to buy an NFT moment – in four easy ways.

Are you looking to make plutocrats with NFTs and begin NFT investing right down? If so, the quick way below will walk you through how to buy a Lucky Block NFT from the comfort of your own home.

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Step 1 Set Up a MetaMask Wallet The first thing you need to do to buy a Lucky Block NFT is set up a MetaMask portmanteau. You can do this by visiting the MetaMask website and following the instructions to set it up.

Step 2 Purchase Wrapped BNB( BnB) Next, you’ll need to buy some wrapped BNB( BnB) from a reputed crypto exchange. formerly bought, transfer your BnB into your MetaMask portmanteau.

Step 3 Connect Wallet to NFT LaunchPad Head over to NFT LaunchPad, click ‘ Connect Wallet ’, and follow the on-screen instructions to link your MetaMask portmanteau to the trading platform.

Step 4 Buy Lucky Block NFT Browse the Lucky Block NFT collection, click on the bone

you’d like to buy and click ‘ Buy Now ’ to confirm the sale.

NFT Investing Explained

still, it’s wise to first gain a broad understanding of what NFTs are and how NFT investing works, If investing in the stylish NFTs to buy seems charming to you. As noted in the preamble, NFT stands for ‘non-fungible commemorative ’ and refers to a digital commemorative used to guarantee the power of a specific asset. The asset in question could be anything, although the utmost NFT trading volume corresponds to digital art, music, and blockchain gaming particulars.

NFTs are hosted on the blockchain, which is the decentralized network behind numerous cryptocurrencies. Bitcoin was the first to popularise blockchain technology, although since also, numerous other instigative networks have sprung up that look to ameliorate on the foundations that Bitcoin set. Ethereum is one of these networks and has come to the leader within the NFT space, although Solana, Cardano, and the Binance Smart Chain are also heavily involved.

still, you can do so through an NFT business, If you ’re interested in investing in NFTs. The stylish NFT business provides an easy-to-use online gate where investors can browse NFTs that have been created by other druggies and also buy them if they wish. utmost of the time, NFTs will be listed for a fixed price or through a transaction – with the ultimate allowing investors to make flings until someone wins the NFT.

Eventually, since NFTs are grounded in the cryptocurrency ecosystem, you'll need to gain a crypto portmanteau to store your NFTpost-purchase and also store the crypto necessary to grease deals. The stylish crypto holdalls

can connect with NFT commerce, help druggies fund purchases, and hold their means safely.

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Are NFTs a Good Investment?

So, is investing in NFT art or NFT games a good idea? With so numerous-fungible commemoratives now on the request, from the stylish NFT steed racing systems to the stylish NFT land systems, making the right decision can be grueling. Some providers have indeed started offering stylish NFT comps as a new incitement.

Also, you’ll find that some have come to the most precious NFTs after dealing with unknown quantities. As similar, you might be interested to learn that numerous crypto dealers are looking at an innovative blockchain-grounded lottery design known as Lucky Block. You can buy Lucky Block NFTs to stand a chance of winning a whole plethora of prizes and prices.

Another great altcoin that offers access to the NFT buzz is the Enjin coin. With a limited force of 1 billion coins, now could be a good time to invest with blinked prices. For further details read our where to buy Enjin coin right now.

There are numerous factors to consider then, but let’s dive in and explore five of the main rudiments to keep in mind when probing how to invest in NFTs

Implicit Value Increases

One of the main prayers of investing in NFT art is the implicit value increases that may do over time. A high illustration of this is CryptoPunk 1422, bought for$ 74 back in 2017. still, BusinessInsider lately noted that the NFT was vended in October 2021 for an inconceivable$ 2 million. This illustration highlights the eventuality that numerous NFTs have for dramatic price appreciation.

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Access to Exclusive perk Content

Investing in NFTs doesn’t just give investors a cool piece of art or music – it frequently includes compass to attain exclusive perk content. There are numerous exemplifications of this, although a high illustration is when NFT collection generators will invite possessors to events or give fresh NFTs via Airdrop.

Enable Participation in Elite Communities

High-end NFTs frequently allow possessors to be part of exclusive ‘ communities ’, which adds an air of prestige to the means. A notorious illustration of this is wearied Ham Yacht Club, which operates a disharmony garçon filled with other wearied Ham possessors, including celebrities and high-profile names. possessors also gain access to ‘ The restroom ’, a community-driven graffiti board.

Can Support generators

You may wish to buy the stylish NFT to invest in so that you can support a creator that you’re an addict. NFTs have proven to be a fantastic way for generators to publish work and for suckers to show their support by buying the work.

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Easy to Display Power

Eventually, since NFTs are ‘non-fungible ’ by design, numerous NFT possessors will display their means as their profile filmland on social media. This highlights to others the prestigious NFT that they enjoy – and the NFT can not be copied because power is solidified through blockchain technology.

What Is A Smart Contract? Complete Guide

smart contracts

Have you are ever asked yourself, “What is a smart contract?” If yes, then you have come to the right place as we show a complete guide on smart contracts.

In any industry, automation is a must as businesses now seek to maximize profits while keeping expenses as low as possible. Another reason companies want automation is to eliminate human error and make the process as seamless as possible.

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Clearly, there are many technologies that allow companies to do just that. Blockchain technology is one of the technologies that offers automation as one of the main features. Bridge Smart Contract Development Services are used to achieve automation. They are at the center of automation.

To learn more about it, let’s learn the definition of smart contact.

What is a Smart Contract?
A smart contract is a digital code that is used to exchange assets, including stocks, money or property, without the need for intermediaries.

In technical terms, it is an automated or self-executing contract that contains the agreement between two parties embedded in code. The smart contract is distributed, decentralized and transparent as it runs on blockchain technology.

The lack of intermediaries makes it an amazing concept as it can work automatically. The best comparison to this in the real world would be documents provided by lawyers.

The ability of smart contracts to incorporate the rules, both positive and negative, is very useful in almost all environments.

WHAT IS A SMART CONTRACT

The Path to the Smart Contract Concept
The idea of ​smart contract is not new. In fact, the smart contract idea was first proposed by Nick Szabo two decades ago.

According to him, smart contracts are “a set of promises that are specified in digital form”.

With his work, the concept of smart contracts is established where he intended to take the concept to improve highly evolved contract law practices for Internet users. E-commerce can use the design and implement it.

The concept evolved over the years, but its true implementation was first seen when blockchain was born. When Bitcoin was released, it did come with support for smart contracts, but it only allowed simple smart contracts to be created and executed. Ethereum was what cemented the use of smart contracts in real-world use cases.

Vitalik Buterin is the founder of Ethereum. This brings us to a very interesting question of who invented smart contracts.

Who Invented Smart Contracts?
Nick Szabo invented the concept of smart contracts. His work surrounded him and cryptography. He is an American computer scientist.

In 1998, he worked a Bit Gold, a cryptocurrency. Bit Gold defined smart contracts as a computerized transaction protocol that can be defined by a contract for execution purposes.

Many mistake Vitalk Buterin as the founder of the concept of smart contracts, but that is not true.

But it did introduce an optimal way to use smart contracts in blockchain technology.

What is a Smart Contract? Blockchain Smart Contract
Now that we know the origin of the smart contract, it is time to discuss blockchain-based smart contracts.

Satoshi Nakamoto in 2008 launched the first cryptocurrency, bitcoin. In essence, he used the innovative blockchain technology.

The Bitcoin protocol can only be used to create simple smart contracts. But, there were many teams around the world that worked on the technology and introduced smart contracts to Bitcoin. One of those teams comes from Particl.io , an e-commerce platform that uses blockchain at its core. They enabled a smart contract in Bitcoin that handles funds stored in trustless escrow.

Another group also managed to get smart contracts to work efficiently on the bitcoin network. They released a FASTKITTN framework that solved the problem of complex smart contract management in bitcoin.

It also resolved the cost associated with running smart contracts on the bitcoin network. They discussed the entire process of doing this in their research article, Cross chain bridge development Practical Smart Contacts on Bitcoin .

To solve the problems, they used trusted computing environments (TEE). Furthermore, there they managed to run the smart contract off-chain, resulting in an efficient way to run smart contracts in complete safety.

Ethereum Smart Contract
Ethereum changed the way smart contracts worked in a blockchain environment. Ethereum are designed with smart contracts in a mind. And that is why smart contracts are efficient in the ethereum ecosystem.

Now, ethereum is the number one choice for creating smart contracts.

How Smart Contracts Work?

Vitalik Buterin at a DC Blockchain Summit described smart contracts as a way to transfer assets or currency in a program. He also added that the program executes the code based on the conditions defined in it. It does this automatically and checks the information based on the information it gets.

The smart contract is executed when the condition is met.

If the condition is not met, the smart contract will be executed based on the provided condition.

One more important thing you mentioned is that a decentralized registry makes copies of the smart document or contract to establish immutability and security.

What you described might be too technical for someone new to the concept. That is why we will see an example below.

Smart Contract Example
The real estate sector is embracing blockchain. If in the distant future you decide to buy real estate using a blockchain-powered platform, then you can see smart contracts in action.

There are many parameters that must be taken into account during a real estate transaction. For example, you must set loan amounts, payment terms, and other unique conditions.

To activate the smart contract, you need to sign the smart contract and get it up and running.

For example, you decide to pay 20% in advance of the value of the real estate property. After that, you decide to pay the rest of the value of the property in installments and other conditions that you may have.

The seller creates a smart contract based on the conditions discussed. The smart contract goes live once you both decide that everything is documented correctly.

Over time, you will pay the installments and this will be recorded by the smart contract.

Ownership transfers to you once all payment is transferred to the seller. Everything is done automatically without the intervention of intermediaries or parties.

Compared to a real estate deal done through a traditional method, you will be able to save time and effort by completing the entire deal.

Both the buyer and the seller save money as there are no middlemen.

Additionally, the smart contract will notify all associated parties once an event occurs in the smart contract, including banks, buyers, sellers, and the insurer.

A Technical Example of a Smart Contract
After reading all this, you must be excited about the possibilities associated with smart contracts. Furthermore, to better understand what smart contracts can do and achieve, Build a cross chain bridge let’s take a look at the smart contract powered by ethereum.

Azure has provided a nice collection of samples on their GitHub page . Since we discussed transfer of assets or transfer of ownership earlier, let’s take a look at your asset transfer example. You can find it here .

To ensure proper handling of high-quality assets, it is important to include two more players besides the buyer and seller: Appraiser and Inspector. The inspector is responsible for inspecting the assets before the buyer (Buyer) makes a purchase.

The appraiser is on the seller’s side. It makes assets considerable for buyers. It also makes it easier for the seller to sell.

In a Bear Market, Hold Onto Your Coins & Try to Earn More Cryptos

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Hit by the collapse of Luna and UST, as well as another round of interest rate hikes and balance sheet shrinking by the Fed, cryptocurrencies suffered a market-wide plunge in May 2022, and the market has not significantly rebounded so far. In addition, compared with their historical highs, the prices of Bitcoin and Ethereum have fallen by more than 50%. Meanwhile, other altcoins have suffered bigger falls. The entire crypto market is still going through a bearish period.

That being said, will Bitcoin and Ethereum go to zero? The answer is a hard no. As the blockchain technology advances and becomes more widely adopted, a growing number of users have joined the crypto space, and the market cap of Bitcoin has even once exceeded that of Meta (formerly Facebook). Meanwhile, some conventional institutional investors are venturing into the crypto market, and Bitcoin appears on the balance sheet of an increasing number of listed companies. More and more institutions are paying close attention to the function of Bitcoin and Ethereum as hedging tools, and some countries have even adopted Bitcoin as their legal tender.

According to the general trend, a growing number of individual users, companies, and governments will adopt Bitcoin. Moreover, during the past decade, Bitcoin has witnessed all sorts of attacks and smears. It has even been banned by some state regulators. Despite all that, Bitcoin has survived with great tenacity, which is sufficient proof of its ability to withstand tests and challenges. Additionally, more investors are starting to notice the value of Bitcoin.

As crypto categories such as DeFi, NFT, and the metaverse boom over recent years, the crypto market has been driven to a whole new level. In today’s market, people can profit not only from direct investments but also from a growing number of crypto-based financial services. As the relevant products mature, more investors are flocking to crypto finance.

Therefore, we can draw two basic conclusions: 1) The crypto market will not diminish. On the contrary, an increasing number of global users will adopt cryptos, and the user base of cryptocurrency will keep expanding; 2) The overall price trend of Bitcoin will remain flat. In other words, the price fluctuations will not be as significant as its previous records, which is to say that the BTC price would not go down by much.

As such, you do not need to panic if you are holding mainstream cryptos because they are likely to become more valuable according to past market cycles. In our view, the best strategy in a bear market is to hold onto your cryptos and do nothing. Meanwhile, we also advise you to seek to expand the cash flow to ensure the source of income and buy more crypto at low prices.

Although some say the best bear strategy is to hoard cryptos, a better approach is to earn more cryptos with one’s existing holding, which resembles earning interests on bank deposits. Right now, many crypto exchanges have launched products focusing on crypto finance, and we can choose a suitable product according to our own needs.

What are the indicators to consider when we choose a crypto finance product? Security is the No.1 priority. In the crypto market, the significance of security cannot be overstated, and leaving deposits in an unsafe environment for small profits frequently results in huge losses. For example, some exchanges run by scammers use high returns as the bait to trick users into making crypto deposits. Users are tempted by the financial product’s promise of high returns, yet the scammers are targeting their deposits. In the crypto space, a lot of users have suffered enormous losses when trying to earn small profits.

That is why we must choose a safe exchange. As we all know, many crypto exchanges have suffered security breaches, and even some of the top exchanges have lost huge amounts of Bitcoin, incurring losses in user assets. CoinEx, on the other hand, is one of the few exchanges that have never been hacked. Haipo Yang, the founder of CoinEx, once said that safety is always the most essential promise of CoinEx as well as its core advantage. As CoinEx always puts users first, the products it developed have kept users’ assets safe and secure, earning the exchange extensive user recognition.

When foraying into crypto finance, we can go with CoinEx, a zero-accident exchange. With Financial Account, a product introduced by CoinEx that provides interests for deposit holders, users can receive daily returns simply by depositing their idle assets into the Account, with compound interests settled on a daily basis. In addition, such compound interests come from 70% of the revenue generated by crypto loans in margin trading, which is a stable and reliable source.

Although the financial services provided by some exchanges offer high returns, there are often many strings attached. For example, many of these services require a minimum deposit period of 30 days, 60 days, or even longer. In contrast, CoinEx’s Financial Account does not require any minimum deposit period, and users can deposit/withdraw cryptos at any moment.

What are the advantages of on-demand deposits/withdrawals? Cryptos are subject to significant price volatility, and a cryptocurrency can sometimes plunge by over 20% within a week. If we choose a crypto finance product with a minimum deposit period (e.g. 7 days), then once the price plummets, we will find it hard to withdraw our deposits or sell the cryptos to minimize losses. Considering the huge risks involved, the small profits generated by such financial products are apparently not worth it. With CoinEx’s Financial Account, users can deposit/withdraw cryptos anytime they’d like to, which means that they could swiftly withdraw their deposit in the event of significant market volatility while earning profits. Apart from that, Financial Account features no minimum deposit amount, and users can choose to deposit whatever they want.

A crypto bear is nothing to be afraid of because it allows us to hoard cheap bargain chips. As such, when a bear comes, we should continue to expand our cash flow. While stocking up on more cryptos with rational strategies, investors also need to deposit their holdings to secure exchanges for financial management and wait for the next crypto bull.