- Bitcoin price is trading below $11,000
- Ethereum craters as Gas fees spike
- Polkadot finding success
Trending News: Bitcoin, Ethereum, Polkadot, and the Effect of DeFi
After a few weeks of encouraging uptrends, the Bitcoin price fell from its peaks, triggering a Domino Effect, which was felt in the altcoin scene.
By Sep 2, almost all high market cap digital assets were neck dip in red, down about seven percent or so.
Bitcoin Free Falling, Trending Below $10,000
The Bitcoin price, for instance, slid to $11,300 after retesting $12,000. Nonetheless, there are a lot of exciting fundamental developments supportive of Bitcoin. One of them is the announcement by Pornhub.
Going forward, viewers will pay for Pornhub premium offerings using the world’s most valuable Cryptocurrency.
This is on top of the Vienna Stock Exchange listing a Bitcoin ETP. The bourse will be a legal channel for institutional-grade investors to have exposure to Crypto.
Besides, the Swiss Canton of Zug, will—in partnership with Bitcoin Suisse, accept BTC and ETH for tax settlement up-to $109,670 from companies and individuals from 2021.
Ethereum has a Gas Problem
Ethereum is as it is, a premium network. The dominating discussion is the rising gas fees and DeFi. Some are skeptical but truth is, DeFi was the tailwind that lifted ETH prices to spot rates.
With over $8.5 billion of ETH under management in different DeFi protocols, Ethereum is being maximized for its transparency and robustness.
However, as traders and farmers march to DeFi, it is increasingly hard for non-DeFi dApps to operate, given the high transaction fees. By Sep 2, the average transaction fee in Ethereum stood at $14, according to BitInfoCharts.
Polkadot is Stable, Absorbs Sell Pressure
While Ethereum stutters, Polkadot is on the rise. The interoperability focused Blockchain is the only coin in the top 10 in green.
With eyes on DeFi and a set of interesting developments like the integration of Acala, DOT is likely to edge higher. After re-domination, DOT is available in several exchanges including KuCoin.
Meanwhile, Polkastarter is being built. The protocol is a DEX built on cross-chain token pools and auctions positioning itself as the first platform to enable DeFi interoperability.
Bitcoin Price Analysis
The Bitcoin price is on a free fall. After re-testing $12,000, sellers are in control, forcing prices back below $11,000.
At the time of writing, the BTC price was changing hands at around $11,640, down six percent against the USD and 10 percent against ETH.
From the daily chart, the path of least resistance is southwards. Not only did bulls fail to close above $12,000, but the correction sparked a selloff. Accompanying today’s liquidation are high trading volumes melting past Aug lows as bears aim for $10,500, the immediate support level.
Since the candlestick arrangement suggests bears–BTC is below the middle BB, every high is technically a selling opportunity. A slide below $10,500 and BTC could easily drop to $9,000.
Technical chart courtesy of Trading View
Disclaimer: Views and opinions expressed are those of the author. This is not investment advice. Do your research.