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Bitcoin spikes above $22.2K as Fed votes for 75-basis-point rate hike

Bitcoin (BTC) charged above $22,000 on July 27 after the United States Federal Reserve enacted another major interest rate hike.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Fed: "Appropriate" to keep hiking after July

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reacting positively to confirmation that the Federal Open Markets Committee (FOMC) had unanimously voted to hike the Fed funds rate by 75 basis points.

"The Committee seeks to achieve maximum employment and inflation at the rate of 2% over the longer run," a press release stated.

"In support of these goals, the Committee decided to raise the target range for the federal funds rate to 2-1/4 to 2-1/2 percent and anticipates that ongoing increases in the target range will be appropriate."

Markets had already expected that 75 basis points would be the Fed's next move. Commentators, however, increasingly considered the implications of the central bank's balancing act between taming inflation and avoiding recession going forward.

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Bitcoin futures data shows 'improving' mood' despite -31% GBTC premium

Bitcoin (BTC) traders may be nervous going into the Federal Reserve rate hike decision, but research suggests that the bulls are broadly gaining ground.

In a fresh update on July 26, analytics firm Arcane Research flagged what it calls "improving" sentiment among institutional traders.

Caution mixed with "improving sentiment"

While attention has focused on the likelihood of a deeper macro low for BTC/USD to come, it appears that not every investor cohort is ready to run for the exit.

Even at current prices 70% below all-time highs, the mood among institutions is strengthening. For Arcane, the proof is in the rising premium being paid by CME Bitcoin futures clients.

This premium, while still low by historical standards, has been sloping upward through the second half of July.

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Coinbase stock (COIN) in danger of another 60% crash by September — Here's why

COIN could tumble to $21 in the next few months amid Coinbase's insider trading allegations and weak technicals.

Ethereum Classic gets 'endorsement' from Vitalik Buterin, but ETC price still risks 50% crash

ETC's ongoing price rebound looks eerily similar to a bull trap event from 2021.

Bitcoin heads into FOMC day on 24-hour highs amid concern over $24.3K top

Bitcoin (BTC) attempted to claw back losses on July 27 as a macro day of reckoning arrived for risk assets.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Analysis: $24,300 resistance “not a good sign”

Data from Cointelegraph Markets Pro and TradingView confirmed a 24-hour high for BTC/USD prior to the Wall Street open on July 27.

The pair had sunk below $21,000 in the first portion of the week, heightening nervousness among traders already wary of potential headwinds from the United States Federal Reserve.

July 27 is set to reveal the Federal Open Markets Committee‘s (FOMC) next base rate hike, expectations flitting between 75 and 100 basis points in size but favoring the former. Both, however, are likely unfavorable for cryptocurrencies, as they reflect worries over both inflation and a willingness to bring the economy closer to recession to tame it.

“I will remain in my short while we are below the range high at $22,200,” popular analyst Crypto Tony summarized in part of his latest Twitter post on the day:

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Bitcoin price falls under $21K, bringing more capitulation or just consolidation?

On July 26, Bitcoin (BTC) price dropped below $21,000, giving back the majority of the gains accrued in the previous week and returning to the $23,300 to $18,500 range that Glassnode analysts describe as “the Week 30 high and Week 30 low.” 

A handful of analysts and traders attribute the July 26 to July 27 Federal Open Market Committee (FOMC) meeting and the expected Federal Reserve rate hike as the primary reasons for the current sell-off.

Barring the announcement that the United States economy has entered a recession, a few traders believe that the expected 75 to 100 basis point (BPS) hike will be followed by a relief rally that could see BTC, Ether and other large-cap altcoins snack back to the top of their current range. Of course, this sentiment reflects more speculation than sound analysis, so take it with a grain of salt.

Bitcoin week 30 price range. Source: Glassnode

Given that BTC price is simply continuing to trade in the same range that it has been in for the past 42 days, the real question is whether the market will bring more consolidation or another round of capitulation.

In its July 26 on-chain newsletter, Glassnode analysts posit that investors can find their “conviction through confluence” of multiple technical and on-chain metrics which suggest the peak of capitulation has long past.

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This little-known DeFi crypto token has rallied over 800% in a month

A new and relatively unknown DeFi token called BarnBridge (BOND) has rallied over 800% to reach $20 on July 26.

The BOND price surge comes more than a month after bottoming out at around $2.19. In comparison, top coins, Bitcoin (BTC) and Ether (ETH) have only rebounded by 18% and 54% in the same period, respectively.

BOND/USD daily price chart. Source: TradingView

Another pump and dump?

BarnBridge is a cross-chain risk management protocol that offers a suite of composable DeFi products for investors to hedge against interest rate fluctuations and price volatility.

Examples include SMART Yield — a product that enables investors to secure fixed rate yields from the debt pools of other projects such as Aave, Compound, Cream, or — and SMART Exposure, which offers investors tools to rebalance portfolios.

BarnBridge SMART products explained. Source: Official Website

BarnBridge's latest product, SMART Alpha, allows investors to hedge against price fluctuations and provides them leverage for bullish theses. Meanwhile, BOND serves as a governance token to the Ethereum-based DAO representing BarnBridge.

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IMF recession warning sees Bitcoin dip under $21K amid fresh $1M BTC price forecast

Bitcoin (BTC) fell below $21,000 for the first time in eight days on July 26 as Wall Street prepared for a decision on United States' anti-inflation policy.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Fed jitters test market resolve

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD ending a period of sideways action on the Wall Street open, hitting lows of $20,788 on Bitstamp.

Against its highs of $24,280 on July 20, the pair was now down over 14% as nerves across risk assets heightened in anticipation of the Federal Reserve's decision on interest rates due July 27.

The higher the base rate hike by the Fed, the more problematic the outlook for crypto investors as more tightening would mean more conservative conditions prevailing across the economy. 

"BTC has lost the Higher Low, which represented a lower timeframe technical uptrend," he told Twitter followers alongside an illustrative chart.

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Solana eyes 40% jump in August despite long-term bearish signals

Solana (SOL) dipped to a two-week low at around $35.50 on July 26, mirroring downside moves elsewhere in the crypto market. Nonetheless, technicals suggests that Solana's price flirts with the prospects of rising 40% in August.

SOL hits key inflection point

Ironically, the bullish setup for Solana emerges out of a classic bearish continuation pattern.

On the daily chart, SOL's price has been consolidating inside what appears to be a "bear flag," a technical pattern that develops during a downtrend and gets resolved after the instrument exits it with further price drops.

The so-called bear flag breakdown has not happened yet. Instead, SOL has been holding the lower trendline as support, raising possibilities of a sharp rebound toward the upper trendline, as illustrated in the chart below.

SOL/USD daily price chart featuring 'bear flag.' Source: TradingView

The rebound setup exposes SOL to a potential rally toward $49.50 in August, up 40% from today's price. The $49-$50 level had served as both support and resistance in May.

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Bitcoin price struggles to defend $21K as Coinbase faces new SEC wrath

Bitcoin (BTC) fell to $21,000 on July 26 after it emerged that major the United States cryptocurrency exchange Coinbase was under investigation.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

$21,000 now “super critical” for BTC bulls

Data from Cointelegraph Markets Pro and TradingView showed a swift reversion to lower levels for BTC/USD as reports emerged of fresh legal problems for Coinbase over securities trading.

The U.S. Securities and Exchange Commission, Bloomberg originally reported, was looking into whether the exchange had allowed users to trade unregistered securities.

Part of a wider battle between the U.S. crypto industry and regulators over compliance, the move appeared to frighten the market, coming amid parallel allegations that a former executive conducted insider trading.

With that, Bitcoin was back to defending $21,000 as support on the day, with commentator Mark Cullen stressing that the level must hold for bulls to stay in control.

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3 signs Bitcoin price is forming a potential 'macro bottom'

Bitcoin (BTC) could be in the process of bottoming after gaining 25%, based on several market signals. 

BTC's price has rallied roughly 25% after dropping to around $17,500 on June 18. The upside retrace came after a 75% correction when measured from its November 2021 high of $69,000.

BTC/USD daily price chart. Source: TradingView

The recovery seems modest, however, and carries bearish continuation risks due to prevailing macroeconomic headwinds (rate hike, inflation, etc.) and the collapse of many high-profile crypto firms such as Three Arrows Capital, Terra and others.

But some widely-tracked indicators paint a different scenario, suggesting that Bitcoin's downside prospects from current price levels are minimal. 

That big "oversold" bounce

The first sign of Bitcoin's macro bottom comes from its weekly relative strength index (RSI).

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Fed policy and crumbling market sentiment could send the total crypto market cap back under $1T

The total crypto market capitalization broke above $1 trillion on July 18 after an agonizing thirty-five-day stint below the key psychological level. Over the next seven days, Bitcoin (BTC) traded flat near $22,400 and Ether (ETH) faced a 0.5% correction to $1,560.

Total crypto market cap, USD billion. Source: TradingView

The total crypto capitalization closed July 24 at $1.03 trillion, a modest 0.5% negative seven-day movement. The apparent stability is biased toward the flat performance of BTC and Ether and the $150 billion value of stablecoins. The broader data hides the fact that seven out of the top-80 coins dropped 9% or more in the period.

Even though the chart shows support at the $1 trillion level, it will take some time until investors regain confidence to invest in cryptocurrencies and actions from the United States Federal Reserve could have the largest impact on price action.

Furthermore, the sit and wait mentality could be a reflection of important macroeconomic events scheduled for the week ahead. Broadly speaking, worse than expected data tends to increase investors' expectations of expansionary measures, which are beneficial for riskier assets like cryptocurrency.

The Federal Reserve policy meeting is scheduled for July 26 and 27, and investors expect the United States central bank to raise interest rates by 75 basis points. Moreover, the second quarter of U.S. gross domestic product (GDP) – the broadest measure of economic activity — will be released on July 27.

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Bitcoin drops below $21.8K realized price as FOMC spooks markets

Bitcoin (BTC) stuck to its realized price just below $22,000 on July 25 as Wall Street opened with a flat performance.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoin gives up more key levels

Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it consolidated after falling from $23,000 overnight.

The pair echoed equities in cool trading prior to the July 27 United States Federal Reserve decision on interest rates. Analysts were expecting several days of volatility, and despite buyer interest in Bitcoin being strong below spot price, everything could still change.

“Big week ahead for the markets,” Umar Ashraf, founder of trading tool TradeZella, forecast.

“Tons of big names reporting earnings alongside with the FOMC starting Tuesday followed by the announcement on Wednesday. Big week doesn’t always mean market must see action, it could be a time period for the market to digest info for next move.”

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When worlds collide: Joining Web3 and crypto from Web2

A friend of mine who is a seasoned Web2 tech executive joined a Web3 company in June. A switched-on operator, he asked to speak with all 16 staff before deciding to join the firm.

This shows that Web3 joiners need to really hone in on the mission when jumping ship from the old tech world.

Is the blockchain tech business model really plausible? You almost need to be a seasoned venture capitalist or world-class engineer when considering a new project’s potential to build a new L1 blockchain as promised — and, thus, deliver your token rewards.

The risk-reward metrics mean there are opportunities for great success. But with great success come great tax problems…


Lucy Lin
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Ethereum's bearish U-turn? ETH price momentum fades after $1.6K rejection

Ether risks falling further below $1,350 in August as the ETH price rally is losing steam.

Will the Fed prevent BTC price from reaching $28K? — 5 things to know in Bitcoin this week

Bitcoin (BTC) enters a new week with a question mark over the fate of the market ahead of another key United States monetary policy decision.

After sealing a successful weekly close — its highest since mid-June — BTC/USD is much more cautious as the Federal Reserve prepares to hike benchmark interest rates to fight inflation.

While many hoped that the pair could exit its recent trading range and continue higher, the weight of the Fed is clearly visible as the week gets underway, adding pressure to an already fragile risk asset scene.

That fragility is also showing in Bitcoin’s network fundamentals as miner strain becomes real and the true cost of mining through the bear market shows.

At the same time, there are encouraging signs from some on-chain metrics, with long-term investors still refusing to give in.

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Top 5 cryptocurrencies to watch this week: BTC, ETH, BCH, AXS, EOS

The bulls are attempting to achieve a strong weekly close for Bitcoin (BTC), while the bears are attempting to regain their advantage. Analysts are closely watching the 200-week moving average which is at $22,705 and BTC's current setup suggests that a decisive move is imminent. 

Many analysts expect a weekly close above the 200-week MA to attract further buying but a break below it could signal that bears are back in the game. Although the short-term picture looks uncertain, analyst Caleb Franzen said that Bitcoin has been in an accumulation zone since May.

Crypto market data daily view. Source: Coin360

Meanwhile, on-chain analytics firm CryptoQuant highlighted increasing outflows of Ether (ETH) from major exchanges, totaling $1.87 million coins on July 22. Usually, outflows from crypto exchanges suggest that traders are bullish for the long-term hence they may be moving their coins to safety.

Could Bitcoin resume its recovery, attracting buying in select altcoins? Let’s study the charts of the top-5 cryptocurrencies that look strong on the charts.


The bears tried to sink Bitcoin back into the symmetrical triangle on July 23 but the bulls had other plans. The rebound off the breakout level from the triangle indicates that buyers are defending the level aggressively.

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Axie Infinity is painting a giant bearish pattern — will AXS price crash another 95%?

Axie Infinity (AXS) has been forming a giant bearish reversal pattern since July last year, which could send its prices down by another 95% in 2022.

AXS risks one big breakdown

Dubbed the "inverted cup and handle," the pattern is identified by its large crescent shape followed by a modest upward retracement. It typically resolves after the price breaks out of the rising channel, followed by another break below the cup-and-handle's neckline support.

Meanwhile, as a rule of technical analysis, an inverted cup and handle breakout leads the price to the level at length equal to the maximum distance between the structure's top and support.

AXS's price rally during the second half of 2021, followed by its complete wipeout in 2022, makes a crescent shape trend, which looks like an inverted cup. Furthermore, the recent 50% price rebound from the June 18's local bottom of $11.82 forms an inverted handle, as shown below.

AXS/USD three-day price chart featuring inverted cup and handle pattern. Source: TradingView

Thus, AXS's technicals appear skewed to the downside, given it breaks below the inverted handle range with a breakdown target of $1, down about 95% from today's price.

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6 Questions for Pat Duffy of The Giving Block

We ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and throw in a few random zingers to keep them on their toes!


This week, our 6 Questions go to Pat Duffy, co-founder of The Giving Block — a crypto donation solution that provides an ecosystem for nonprofits and charities to fundraise Bitcoin and other cryptocurrencies.


Pat is co-founder of The Giving Block, and has raised over $100,000,000 in crypto for nonprofits in the last year. From 2020 to 2022, Pat and his co-founder Alex Wilson grew The Giving Block from a four-person team into one of the fastest growing companies in the nonprofit sector, with thousands of nonprofit clients and the world’s largest crypto donor community.

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Bitcoin must close above $21.9K to avoid fresh BTC price crash — trader

Bitcoin (BTC) found strength at $22,000 into July 24 with bulls still aiming for a solid green weekly close.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Classic levels for end-of-week price focus

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD halting a weekend drop at $21,900 to return towards the $23,000 on the day.

The pair held a trading range closely focused on key long-term trendlines, which analysts had previously described as essential to reclaim.

These included the 50-day and 200-week moving averages (MAs), the latter particularly important as support during bear markets but which had acted as resistance since May.

“Bullish that we perfectly held the 13d ema + horizontal 21.9k,” popular Twitter trading account CryptoMellany argued in part of her latest update on the day.

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