Ethereum Protects $1,200 with Blood, Will This Region Hold?

ETH price holds above $1,200 as bulls don’t want to let go of a price below key support  Price continues to trade below 50 and 200 Exponential Moving Average (EMA) on the daily timeframe.  ETH price bounced on the four-hourly chart after a bullish divergence appeared. The price of Ethereum (ETH) has shown less bullish sentiment after its much anticipated “Ethereum Merge.” Ethereum saw its price plummet against tether (USDT) following the Federal Open Market Committee news (FOMC). The Federal Reserve raised its target interest rate by 75 bps, negatively…

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Russian region struggles to keep up with Bitcoin mining energy demands

As cryptocurrency mining activity grows increasingly common in Russia, one local region is struggling to maintain power stability amid massive inflows of new crypto mining operations. Russia’s Irkutsk Oblast, a federal region and Russia’s major center of trade routes from China, experienced a fourfold increase in energy consumption in 2021 due to mining activities, local news agency TASS reported on Wednesday. Yevgeny Vechkanov, head of technology and development at the local energy firm Irkutsk Electric Networks, linked the rapid growth of crypto mining operations to the major crypto rally in 2021…

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China to socially blacklist Bitcoin miners in Inner Mongolia region

China has ramped up efforts to quash cryptocurrency mining in its Inner Mongolia region by introducing new penalties for those caught engaging in the illegal activity. Officials unveiled new draft rules which would see harsher punishments applied to those caught mining Bitcoin (BTC) and other cryptocurrencies, as per a report by the South China Morning Post. These would include placing offenders on a social credit blacklist, which would stop them from getting loans, or even using the transportation system. The new rules make particular mention of data centres, industrial parks,…

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Bitcoin Weak on Lower-Time Frames as Analysts Eye Move to $17,000 Region

Bitcoin has been flashing some signs of intense weakness throughout the past few days and weeks, which has caused the cryptocurrency’s price to decline below $18,000 on a few occasions. So far, the buying pressure here has been significant enough to catalyze multiple rebounds, but its reactions to each dip are getting weaker as time drags on. This seems to be a bear-favoring indication that downside might be imminent in the near-term, as the lack of conviction amongst bulls doesn’t bode well for where Bitcoin might trend in the days…

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Chainlink (LINK) Dives to Key Liquidity Region; Here’s the Case for Upside

The entire cryptocurrency market has seen some turbulence over the past 24-hours, with Bitcoin’s decline to lows $10,400 creating a headwind for the market. Despite its macro strength, Chainlink was not able to avoid the losses that came about as a result of this BTC movement. Analysts are now noting that Chainlink is trading at a crucial near-term level that could have significant implications for its outlook. One trader is particularly looking towards the price region between $12 and $13.50, noting that there is massive liquidity here that may slow…

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Hunan’s Government Has Chosen a Company to Build New Blockchain Infrastructure for the Region

Conflux Network, a permissionless blockchain project, announced that it has been endorsed by government officials from the Chinese province of Hunan on August 19. The company was previously endorsed by the Shanghai Municipal Government for similar reasons. Hunan province, located in south central China, is a rapidly-growing hub for science and technological innovation. The government has tapped Conflux to create what they are calling a “Key Laboratory of Blockchain Infrastructure and Applications of Hunan.” This will be a training and research lab at Hunan University focused on developing the province’s…

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Bitcoin May Crater to Key Liquidity Region Before Breaking $12,000

Bitcoin has been stuck below $12,000 for the past couple of weeks, with the intense selling pressure here slowing the momentum that it built since late-July. Each attempt to break above this price region has resulted in the crypto facing a strong rejection that leads its price down towards its support at $11,200. This level has held strong over the past week, with buyers ardently defending against a dip below it. That being said, one analyst is now noting that the key liquidity region he is closely watching sits within…

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A Visit to This Crucial Support Region Could Start Bitcoin’s Next “Moon Mission”

Bitcoin has faced some turbulence throughout the past couple of days. Following the benchmark cryptocurrency’s firm rejection at $12,000 this past weekend, it has largely been consolidating within the lower-$11,000 region. Yesterday, however, bulls attempted to spark a fresh leg higher. They sent BTC to highs of $11,500 before losing their momentum. From here, it retraced back to its $11,000 support level. This recent price action has resulted in the formation of a bearish “head and shoulders” pattern that can be seen while looking towards the cryptocurrency’s 4-hour chart. This…

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This Overhead Liquidity Region Could Propel Bitcoin Past $12,000

Bitcoin’s unrelenting consolidation phase may not last for too much longer. Analysts are now explaining that the cryptocurrency is beginning to flash some subtle signs of bullishness as it trades around $9,300, with these factors potentially helping to boost it higher in the days and weeks ahead. While looking towards BTC’s weekly market structure, analysts are observing some tempered signs of strength. The same can be said on lower time frames as well, as the crypto is currently in the process of breaking above a heavy resistance region that has…

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Top Crypto Chainlink to Go Into Price “Orbit” Should $4 Price Region Hold

Like Bitcoin and other crypto assets, Chainlink (LINK) has been on a remarkable rally since the lows. The leading cryptocurrency this week hit a high of $4.20 — up 170% from the lows of March 12th — per data from Tradingview. LINK has only held above $4.00 for a short period of time. But a prominent analyst suggested that should this region hold as support, Chainlink could go into “price discovery ORBIT.” Chainlink (LINK) Needs to Hold ~$4.00 According to a prominent crypto trader, he thinks that if Chainlink can “build…

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