The net value of Bitcoin flowing in and out of the darknet during the first three months of 2020 increased substantially, according to a new report by Blockchain analytics firm, Crystal Blockchain.
For those out of the loop, the darknet is the obscure and anonymous area of the internet best known in popular media for illegal drug markets, as well as other illicit goods and services. It’s not just Bitcoin, though. Altcoin transactions appear to have witnessed significant growth during the same period.
And as you would guess, that’s fresh fodder for critics who link Bitcoin to illegal marketplaces and passionately dismiss the merits of a decentralized economy, often on flimsy grounds.
Speaking of the alpha-crypto, Bitcoin created a bullish hammer above a crucial moving average on Wednesday. More on that and other big stories from the day in BeInCrypto’s Cryptocurrency News Roundup for July 15, 2020.
Darknet Bitcoin Use Grows by 65% (USD) in Q1 2020
A recent study by blockchain analytics firm, Crystal Blockchain, compared the Bitcoin darknet flows in Q1 2020 to that of previous quarters. While the amount of Bitcoin notably declined, the higher price of the alpha-crypto led to a 65% increase in transactions, when measured in USD.
Both this and growing altcoin use have contributed to the reduction in the amount of Bitcoin transferred.
In BTC terms, Q1 2020 saw a 22% and 26% drop in received and sent Bitcoin compared with Q1 2017. Compared to Q1 2019, outflows dropped from 64,000 to 47,000 BTC while inflows dropped from 64,000 to 50,000 BTC.
Bitcoin Analysis for July 15
The hourly Bitcoin chart shows that the price has been trading inside a parallel rising channel since June 28. Since parallel lines often contain corrective movements, a breakdown from this pattern would be the most likely scenario.
At the time of writing, the price was trading right at the support line of the channel. While it declined considerably below that yesterday, it has since reclaimed the support line.
- The Bitcoin price is holding on to the support of the 50-day MA.
- BTC is trading at the support line of a parallel ascending channel.
- The next closest support area is found at $8,950.
IOTA’s Bearish Pattern Indicates That a Top Is Near
On June 5 and July 9, the IOTA price created double top patterns, with the second high only slightly higher than the first. This is a bearish formation that suggests a reversal is on the cards.
Furthermore, there is significant bearish divergence on the daily RSI as well as numerous long upper wicks, both signs of selling pressure. The closest support, as of this writing, is at $0.21.
Grin HardFork Incoming in the Next Couple of Days
The privacy-oriented coin Grin (GRIN) started its existence on a high note with full backing from privacy enthusiasts who approached its value proposition with big expectations.
Unfortunately, however, the project failed to live up to these high standards and its price has dropped rather dramatically from the all-time high of over $12.
As of this writing, GRIN is changing hands for just $0.47. The project seems to be standing on its last leg and the only hope for loyalists is the third programmed hard fork, scheduled to take place at block #786240 (roughly within the next couple of days.)
ZEC Breaks Out From Long-Term Trading Pattern
The daily ZEC chart shows that the price has been following an ascending support line. This support, however, has not yet been validated enough times, making it impossible to determine its exact slope. In addition, it is currently trading inside the minor ₿0.0067 resistance area.
Furthermore, the price is trading at the resistance line of an ascending parallel channel. Besides creating a confluence of resistance levels, parallel channels usually contain corrective movements, so a breakdown from the channel could very much be on the cards.
Dubious bZx Token Sale Sparks DeFi Fairness Debate
Each day a new DeFi platform gets cast into the limelight for some reason. Yesterday, it was InstaDApp, as collateral on its platform hit an all-time high. Today, eyes are on bZx, a DeFi platform that held a token sale with a highly-questionable model that many are accusing of market manipulation.