WAVES prices add nine percent
- Bitcoin is a better store-of-value than the USD
- Ethereum bouncing back, investor sentiment improves ahead of London
U.S. Senator: Bitcoin over the USD
Cynthia Lummis, the Republican Senator of Wyoming, thinks pensioners will hemorrhage value if they use the USD.
In her view, Bitcoin is one of the strongest stores of value, not paper money.
"I worry about having all retirement monies denominated in U.S. dollars… one of the strongest stores of value for the long run is #bitcoin." -Senator @CynthiaMLummis to CNBC pic.twitter.com/hqRpJDmiyJ
— Bitcoin Magazine (@BitcoinMagazine) June 30, 2021
Bitcoin proponents cite the digital coin’s deflationary nature and its strong performance, outperforming competing for store-of-value assets like gold.
On the other hand, the FED’s decision to mint money to contain the COVID-19 outbreak has been heavily criticized.
In case you did miss it! The US Core PCE Index, tracking overall price changes for goods and services bought by US consumers, rose 3.4% YoY in May. The last time we saw this kind of Core PCE #inflation was almost 30 years ago, in 1992. pic.twitter.com/ePE0iSMjS6
— jeroen blokland (@jsblokland) June 26, 2021
Although the U.S. is returning to full employment, recent worrying inflation data risks causing a capital flight to superior digital store-of-value assets of which BTC stands out.
Ethereum Turning the Corner, Firm above $2k
Ethereum’s sentiment continues to improve.
After discouraging losses in May and June that saw ETH plunge from $4.2k, ETH/USD prices found support from $1.75k, bouncing above $2k.
Ethereum Fear and Greed Index is 43 – Neutral pic.twitter.com/nZ6vEqGxbp
— Ethereum Fear and Greed Index (@EthereumFear) June 30, 2021
ETH is one of the leading market movers at spot rates considering its role as a base layer for DeFi and other value-generating activities, including NFTs.
This upthrust is also ahead of the much-awaited EIP-1559 implementation via the London Upgrade in July. Notably, the hard fork will make Gas more predictable and ETH scarcer via BASE FEE burning.
Currently, the testing of EIP-1559 is ongoing via the Ropsten testnet:
Watching EIP1559 burn ETH on Ropsten. 800 ETH burned since it activated yesterday. Very soothing. pic.twitter.com/NrnE3iUvfR
— ∞ CO฿IE (@CryptoCobain) June 24, 2021
Outperforming other coins is WAVES.
In the week to date, WAVES has gained 21 percent, up nine percent from the last trading day and the Wave coin price is $14.30 & 0.000425 BTC, with the growth driven by more DeFi and NFT activity on the scalable platform.
The rise of Waves Duck—a game focused on collectible digital duck images:
1/ A THREAD ON THE NEW @wavesducks GAME:
Some of you may have noticed that $waves has started dipping a toe into the NFT world. Attached is a photo of my 100% rarity waves duck, who is currently 'nesting' (AKA staked) and generating 6.63 $egg per month. pic.twitter.com/JpM57giS9J
— Ben_Fortune Teller🔮 (@TheNFTease) June 17, 2021
And the increase of DeFi activity is worth noting:
— Swop.fi (@Swopfi) June 17, 2021
WAVES Coin Chart /USDT Technical Analysis
Aforementioned, WAVES is one of the top performers on the last trading day. Adding nine percent against the greenback, waves coin price is also up double digits to $14.
Overly, WAVES posted sharp losses in May through to June. However, from a technical point of view, the good news is the reversal from the 78.6 percent Fibonacci retracement level of the Q1 2021 trade range.
Ordinarily, support from this mark tends to see a retest of the swing high. In WAVES/USDT’s case, this level is at $40.
Accordingly, risk-on WAVES bulls may find buying opportunities in lower time frames. On the other hand, risk-averse traders can wait for a close above $20 and last week’s high before committing, targeting $40.
Leaning on caution, WAVES may fall to $5 if bears slice through $11.5.
Chart courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies.