Bitcoin’s bullish flag suggests that the price could surge above $70,000 as a classic technical indicator suggested that the world’s leading cryptocurrency can become even more valuable as we can see more in our latest bitcoin news today.

Dubbed as Bull Flag, the chart pattern forms once an asset consolidates to a brief period after a huge price surge. It looks like the downside channel was denoted by two parallel trendlines where the price will fluctuate. During this period of consolidation, the volume drops. The cryptocurrency checked out most of the requirements that suggest it is in a bull flag as it was preceding the trend to the upwards. Second, it is trading in the area defined by Bitcoin’s bullish flag with two parallel trendlines. And third, the net bearish retracement compared to the flag top is lower than 19% which is a pullback of more than 50% that can invalidate the flag theory.

The retracement expired after the price corrected by 38% from the sessional top and the traders are now looking to enter a long position on a breakout above the high of the flag’s upper trendline. The upside target sits at a length equal to the size of the uptrend before the Flag formation and the flagopole hit $15,469. Not confirmed but BTC risks form a bearish technical structure that will reject a breakout move above $58,500.

This level capped the crypto from breaking upwards during the late February session and on the next attempt, the price surpassed $58K to form a record high at $61,778. The crypto dropped to $58,500 all over again as resistance after its 19 percent correction. Now, BTC is testing the $58,500 to the upside which constitutes a potential head and shoulder indicator that is a bearish reversal pattern. The breakout brings risks that can crash Bitcoin by the height of the pattern’s neckline support and its top which comes to be $16,339.

An Instagram influencer scammed thousands of his followers out of millions of Bitcoin while the price of the coin rises more with more investors piling up and looking for profits as we see more today in our latest Bitcoin scam news.

The scammers are not always showing up behind fake accounts or cyber hackers. Some have their own profiles that thousands of followers on social media. With the developing story involving an Instagram influencer, we can see that the scammers are getting latched on BTC as well as this one scammed his followers out of thousands of dollars.

The Federal investigators charged Jegara Igbara whose alter ego is Jay Mazini on social media with defrauding his followers out of millions of dollars. Igbara lured victims by offering up to 5% over market rates claiming that the exchanges that he used started limiting how much BTC he could buy at once. With his Jay Mazini profile, Igbara hit over 1 million followers where he shared videos of himself giving cash to others.

Igbara used his social media popularity to scam the followers into selling him BTC according to the US attorney for the Eastern District of New York, Mark Lesko. Documents showed that at least $2.5 million worth in total was stolen with one victim sending the scammer 54 BTC in which he wired $500,000 of his part of the transaction. The account that appeared on Instagram dubbed Jay Mazini is a scam where screenshots of the angry followers popped up.

First off, the proposition that he can double their money was insane but second, when dealing with crypto or cash, users should only transact with a reputable third-party. Exchanging coins with one person that you don’t know increases the risk of losses. You should also avoid free crypto on social media especially if one account offers free crypto in exchange asking that you should send some first because this is the most common scam. Even if the account seems to be Elon Musk or his account you should be careful because the account could be fake or a real one that is compromised.

Even real verified accounts bring their own risks. Igbara himself is a real person that had a real account but crypto is still full of friendly pseudonyms that can have some bad motives. Other reliable tips include to never disclose to anyone that you hold crypto, use unique passwords for each exchange account and move the coins to a hardware wallet that is safer.

Peter Brandt warns the BTC community over Coinbase exchange concerns while he was known for calling the dramatic fall to the BTC bear market bottom a year ahead of its time so let’s read more in our latest Coinbase news today.

The iconic trader, Peter Brandt warns the Bitcoin community of an alleged collapse of the popular coinbase crypto exchange. His tweets implied that there are concerns related to the company which he explained was happening for a while now, and things that the exchange coin allegedly be hiding. When it comes to analysis, a few can argue that Brandt is among the best of the analysts out there. He has more than 50 years of trading and speculating in his career. Brandt was a public supporter of Bitcoin but also was labeled as a hater due to these “painful calls” that brought investors back to reality when they didn’t like something.

He was also labeled as a hater after calling a drop to under $4K which is a year before the cryptocurrency hit the bottom during the bear market. But is he right about Coinbase now? He posted on Twitter blasting the exchange and its CEO Brian Armstrong with a few unsubstantiated claims for the time being. Brandt warned that during this time on the markets, he’s seen three major brokerages go under and each one showed the same signs that Coinbase is now showing. After listing a few coins that spell trouble, Brandt tagged the FINRA and SEC asking for a deeper dive into the company.

Brandt’s lash-out was tempered but left tweets behind with a wait-and-see tone. He admitted that he has no insider knowledge of a situation existing but he has a strong opinion that he had in the past with other brokers as well. Coinbase has a clear track record so far and while it has been a subject to controversy around fees or unscheduled downtime, there has never been any evidence of any wrongdoing.

Speaking of Coinbase, we saw today that Brett Redfearn joins Coinbase as a new VP of product for capital markets, marking another strategic move as the exchange prepares to hit the public markets.

Ethereum’s rally isn’t over yet as the coin extended its rise above $1820 resistance against the US dollar with the price correcting from the $1860 but finds bids near $1780 so let’s have a closer look in today’s Ethereum news.

Ethereum extended its upward move above the $1820 level and spiked above the $1850 so now the price is well above the $1780 support and the 100 hourly simple moving average. There’s also a key bullish trend line forming with the support near the $1755 on the hourly charts of the pair that will correct lower if the bulls don’t defend the $1750 level.

Ethereum remained in a bullish zone near $1750 similar to Bitcoin as the coin broke the $1800 and the $1820 resistance levels to enter the positive zone. The price spiked above the $1850 resistance and settled above the 100 hourly simple moving average with a new high forming near the $1863 and the price corrects lower. There was also another break below the $1850 pivot level. ETH dropped below the 50% fib retracement level from the recent increase at $1787 low to $1863 high and it is now testing the $1820 support zone but Ethereum’s rally isn’t over yet.

The 61.8% fib retracement level from the increase at $1787 low to $1863 high is which is also near the $1816. What’s even more to it is a key bullish trend line that is forming with the support near $1755 on the hourly charts of the pair while on the upside, the $1850 and the $1860 levels are the main barriers for the bulls. Breaking above it could lead ETH above $1863 and set the pace for $1900.

If ETH fails to climb above $1860, it could correct lower and the initial support on the downside will be near the $1820 level. The first major support is nearing the $1800 level with the main support forming near $150 with the trend line and the 100 hourly simple moving average. More losses could open the doors for another move to $1700 and $1650 support levels. The MACD for the pair is gaining momentum is in the bearish zone with the RSI for the pair now declining towards 50 levels.

As recently reported, Ethereum remained in a positive zone and pumped above the $1800 resistance with the price now well above the $1750 support and the hourly simple moving average. There’s a major bullish trend line that is forming near the support at $1720 on the hourly chart of the pair that could correct lower if the bulls don’t protect the $1750 level.

Orchid Labs starts using xDai and goes multichain in order to reduce the costs of its decentralized VPN service as we can see today in our altcoin news.

Orchid Labs start using xDai to lower down the gas fees and will offer a low-cost open-source VPN service as well. It’s not a secret that the Ethereum gas fees are high which is why Orchid Labs is now using the xDai blockchain to reduce the costs of its open-source VPN service. Orchid Protocol is a decentralized virtual private network enables users to purchase bandwidth from a global pool of service providers and makes them virtually undetectable for most. It’s now added support for xDai and other ETH Virtual machine compatible blockchains so that the bandwidth can be purchased with XDai instead of ETH thus high fees are avoided. The CEO Steven Waterhouse:

 “This has reduced the cost to use Orchid’s VPN to $1 by solving the problem of higher Ethereum gas fees.”

Waterhouse co-founded San Francisco-based company in 2017 with Jay Freeman, Gustav Simonson, and Brian Fox and launched its VPN service later in 2020. The VPN is now available on iOS, macOS, Android with more plans to launch on Windows OS later this year. Users can purchase VPN credits for $1, $5, or $20 for use in the Pay Per Use VPN service that uses the Orchid app:

“There’s no difference in service at the various price points. The average cost per GB is about 6 cents/GB so $1 gets you about 16.67GB worth of data.”

Orchid uses its own cryptocurrency dubbed OXT to exchange value on the network. The OXT token is an ERC-20 token that allows users and providers to stake as well as providing the bandwidth for use with the Orchid VPN and node providers that receive OXT in exchange for providing the bandwidth for the network. All exchanges are now listing OXT including Gemini, OKEx, Bittrex, Coinbase, Binance, and Kraken, as Waterhouse noted:

“At just $1 to start, Orchid is now accessible to people all over the world and is one of the lowest-cost open-source VPNs on the planet.”

As recently reported, The Chainlink oracles made their way to xDai as an ETH sidechain that saw growing adoption among Dapp developers that are not able to sustain themselves due to the high fees on the Ethereum mainnet.

LINK hackathon just offered $125K in bounties, with a start date of March 15^th, recording more than 3500 participants as we learn about it today in our latest chainlink news.

According to an official blog post, the participants are building the next generation of smart contracts, and now with the LINK hackathon, the participants have the chance to claim the $125K bounty until today because the registry ends today. The post claimed:

“The three-week event is an opportunity for developers throughout the Chainlink ecosystem to connect, collaborate, build and showcase innovations in DeFi, NFTs, gaming and universally connected smart contracts using Chainlink’s blockchain-agnostic oracle network and leading web3 technologies.”

The prizes are divided into 3000 NFT and gaming and a $5000 awards for social impact. The latter was made possible with a partnership with UNESCO Global Education Coalition and the Chainlink grant will go to the project by accomplishing:

 “(…) the hackathon project that integrates Chainlink with the highest potential to deliver meaningful social impact in education.”

At the event, there are projects such as dynamic NFTs powered by Chainlinks VRF which incentivizes and families’ education in order to reduce school dropout rates and to support lifelong learning. This will become the next step for the technology according to the head of Growth at Chainlink Labs Mickey Graham so the NFTs will be able to interact with oracles as Graham said:

“Over time, I believe we’ll see NFTs evolve and transition into more dynamic assets, where external data and events that happen off-chain power upgrades or changes in NFTs.A great example of this, and once we’d love to see built during the Spring 2021 Hackathon, would be an NFT-powered learning badge for a skills-based course that is upgraded or powered up as off-chain modules are completed and recorded on-chain.”

LINK is now trading at $27,93 with 0.1% gains on a daily chart. Over the past few weeks, LINK recorded a 2.4% gain and 6.2% in the past month. Remaining bullish on the LINK performance, trader Michael van de Poppe predicted a possible bull-run towards $100. With the price close to bottoming out, he recommended the investors should keep an eye on $19 to $20,75. The trader also considered the range to be acting as support and could be a good idea for investors to start looking for an entry point into the crypto if it retraces to these levels.

Brett Redfearn joins Coinbase as a new VP of product for capital markets, marking another strategic move as the exchange prepares to hit the public markets so let’s have a closer look at today’s Coinbase news.

Coinbase announced that it hired Brett Readfearn who previously served as Director of the Security and Exchange Commission’s trading and markets division. Now, he will work as the new VP of Product for Capital markets. This is quite the savvy hire at a critical point for Coinbase which is going to list the shares in the next week or two. The company navigated an uncertain regulatory environment back in Washington DC and across the world.

Redfearn will “be responsible for defining and driving a vision and strategy to set the global standard for capital markets, including digital asset securities and our crypto trading platform” as Chief of Product Surojit Chatterjee explained in a blog post. The veteran of JPMorgan also led more than 250 staff members at the SEC in his division including creating new rules for crypto markets. Redfearn is going to play a key role in helping the company navigate its way around the industry. Recently, we saw president Joe Biden name Gery Gensler as the new chair of the SEC who previously worked as the MIT Economics professor.

Gensler’s appointment is awaiting Senate confirmation and it is unclear for now whether he will come up with favorable policies towards crypto-like giving the green light for a bitcoin ETF. In the blog post, Chatterjee described how Coinbase’s acquisition of prime brokerage Tagomi helped to attract bigger institutional clients which is a trend that the new VP head will be tasked with expanding. Redfearn’s hiring underscored a growing net of relationships between Coinbase and federal agencies as for example, the former head legal officer Brian Brooks, occupied the role of the head of the Office of the Comptroller of the Currency.

Coinbase is not the only company that is preparing former government officials and politicians.
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Blockchain.com acquired Jim Messina and former Clinton campaign staffer Lane Kasselman. Binance hired ex-US Senator Max Baucus as an advisor. One River Asset Manager added former SEC Chair Jay Clayton as an advisor as well.

$11BLN in fake Uniswap volume caused DEX and DeFi projects to clash as someone came up with a way to make the numbers increase as we see more in our latest cryptocurrency news.

The Uniswap trading volumes are higher than normal and the developers created a way to inflate the trading volumes on custom tokens so a day after helping the platform set a new and short-lived record for daily transaction volume, Delta did it again as one of the biggest decentralized exchanges in the world. Delta is a Defi protocol that removes volatility from options trading by stabilizing the liquidity as one CORE Team developer that built Delta, released a smart contract which allowed about $11BLN in fake trading volume for one token to be registered over the past 24 hours on Uniswap. This will be a new record but it is unlikely that it will stand as per Uniswap Info which invalidated the Delta volume a day ago.

Everyone can now create $20b volume on a custom token! Attack will continue until DELTA trading history is reinstated, and we get a apology from uniswap for abusing centralized power. pic.twitter.com/Yka5JgCLW6

— 0xRevert (@0xRevert) March 30, 2021

The developer’s move threatened to render the statistic meaningless in an industry where transparency is a currency over a manufactured debate over decentralization. DeFi is the meaning of decentralized finance protocols which allows people to trade assets, borrow funds and earn interest without bets, brokers, or bookies. Uniswap is a key cog in the ETH DeFi space as one f the biggest decentralized exchanges in the world with more than $4 billion in value locked into the protocol. This way, people can swap assets with other people without having to place their tokens in the custody of a third party like Binance or Coinbase.

Until two days ago, when Delta launched on the ETH blockchain, Uniswap had never done more than $2.22 billion in one day but in October 2020 when Harvest Finance was hacked we saw it increase dramatically. Uniswap Info tracks the statistics for the DEX and moved DELTA’s volume to untracked which means it will no longer count towards the global volume and DEX statistics with the adjusted tally from a day ago being $1.26 billion. The reason for the adjustment and the higher volume has to do with Delta’s liquidity rebasing system which helps the token minting get more expensive over time and interact with the liquidity pool of Uniswap, making it appear as lots of trading is happening.

As per Hayden Adams, the result is “not wash trading but not “real volume either.” The move to filter out the trading by Delta caused a self-identified developer at CORE to hack the systems and allow anybody to mess around with the statistics.

ETH extends rally above $1800 resistance against the US dollar with the price now correcting lower from $1840 but could find more bids near $1750 as we can see more in today’s Ethereum news.

Ethereum remained in a positive zone and pumped above the $1800 resistance with the price now well above the $1750 support and the hourly simple moving average. There’s a major bullish trend line that is forming near the support at 20 on the hourly chart of the pair that could correct lower if the bulls don’t protect the 50 level.
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ETH started a steady increase above $1750 resistance similar to BTC. It then broke the $1780 and the $1800 resistance to moving into the positive zone.

The price cleared the $1820 level and settled above the 100 hourly simple moving average after trading as high as $1840 before starting a downside correction. There was a break below the $1820 and the $1800 levels so now ETH is trading below the 23.6% fib retracement level from the upwards move of $1663 low to $1840 high. On the downside, there are plenty of support levels that start with $1750 with another major bullish trend line that is forming with the support near $1720 on the hourly chart of the ETH/USD.

Looking at the upside, the bulls are going to face more hurdles near $1850 but if there’s a successful close above this level, the price could surge higher in the upcoming sessions. In this case, the price will visit the $1920 and the $1950 levels as well. If ETH fails to climb higher, it will correct lower and the initial support will be near $1750. The 50% fib retracement level from the upwards move of $1663 low to $1840 high is also near the $1750 level.

The next major support is also close to the $1720 level as the trend line and the 100 hourly simple moving average but more losses could open the door towards $1650. The hourly MACD for the pair is losing momentum in the bullish zone as ETH extends rally above $1800 and the RSI is dropping towards 50 level.

As reported recently, The price was above the $1650 resistance and the 100 hourly simple moving average with the key bullish trend line forming close to the support near $1675 on the hourly charts of the pair that will start a strong rally if it manages to clear the break above $1730.

PayPal announces crypto checkout service for its users and right after the announcement, Bitcoin rallied during the early London Session as we read more in today’s Bitcoin news.

The payment giant PayPal announces the crypto checkout service after it started offering BTC custodian and trading services last year that will not allow US customers to use their crypto holdings to pay the merchants across the world. The service also extended to users that hold ETH, BCH, and Litecoin as the CEO of PayPal Dan Schulman said:

 “This is the first time you can seamlessly use cryptocurrencies in the same way as a credit card or a debit card inside your PayPal wallet.”

The offerings made the company of the biggest mainstream financial giants foray into the digital currency sector while many analysts noted that it will lead to a crypto price boom with the first signs emerging across the BTC and the altcoin market.  BTC surged more than 2.5 percent to $59,300 right after PayPal made the news while Ethereum climbed more than 1.25% to $1844. Bitcoin Cash surged by 2.36% and Litecoin by 1.97%.

Paypal announce a move to accept cryptocurrency as a means of payment globally. Millions of merchants. Billions of people. 🏦📲🌐 #Bitcoin #Crypto https://t.co/tiKmqu7Aht

— Alex Saunders 🇦🇺👨‍🔬 (@AlexSaundersAU) March 30, 2021

The BTC price was already going higher in a renewed appetite for safe-haven assets on Wall Street. The investors watched for another fallout from Archegos Capital Management’s unwinding of more than $30 billion of stocks in the past few sessions. The fund’s losses prompted banks that brokered their trades to liquidate positions with Nomura Holdings and Credit Suisse admitting they risked and faced losses.

Bitcoin increased on the news but no evidence could ever correlate these two events. In the meantime, the investor’s anticipation of a stock market turmoil raised more appetite for the dollar which is their biggest bet against economic uncertainty. With PayPal having its back, BTC hopes to extend its price rally beyond the resistance level of $60K. Shu Zhu, the CEO of Three Arrow Capital said:

 “Next key levels are $72,000-100,000 on Bitcoin.”

As we reported recently, One of the oldest institutions in the United States Bank of New York Mellon or shortly, BNY Mellon values BTC compared to gold and claimed that the cryptocurrency became a widely accepted asset, choosing to get ahead in innovation. Now, BNY Mellon published a valuation on BTC comparing the gold characteristics to the cryptocurrency while trying to determine its value.

Uniswap’s trading volume surged by 450% to $7 billion right after Delta DeFi project launched on the platform as we can see more in our latest cryptocurrency news today.

Uniswap’s trading volume surge by 450% over the past 24hours and the total volume according to Uniswap.info is $7.17 billion compared to the $1.6 billion a day ago. The token responsible for most of today’s volume was DELTA as it did $6.13 billion in trading or about 85% of the total volume despite having only $16.4 million in liquidity.

The new record is apparent that it will not stand as Uniswap creator Hayden Adams wrote that the statistics DELTA accumulated won’t count towards the global DEX volume because of a quirk on the DELTA protocol. After these changes, the retail trading volume is set at $1.05 billion which is normal for Uniswap. Delta could not ring a bell because it is new but the token resides on the Ethereum blockchain and launched a day ago. So to get it without staking, you would have to use Uniswap.

Delta calls itself “an on-chain options layer which utilizes a combination of liquidity standards to reduce premiums and offer competitive options prices.” As options trading becomes expensive and volatile with the lack of liquidity, Delta said that it wanted to fix it. The methods for doing it are far from intuitive as all catch-phrases for decentralized financial systems that allow people to trade, earn interest, lend and borrow are using crypto without banks or brokers.

Delta introduces a different schedule for liquidity as the financial team explained:

 “When Delta is transferred, a token vesting schedule is activated. 10% of the total token balance is sent to the user while 90% is initially locked and released linearly, over a 2 week period.”

The large volumes that Uniswap sees are the result of the liquidity rebasing system which is an algorithmic way of raising the price to mint new tokens over time. The way that the system is created makes it look like wash trading to boost the volume and the price of the token but it is not because the trading isn’t resulting in the transactions canceling each other out. Instead, Delta uses Uniswap’s liquidity pools to keep the liquidity solid and to make the price less volatile.