Forwarded from Canva
The price of Bitcoin (BTC) is approaching the last weekly candle for the month of August. Some traders believe Bitcoin’s performance over the next two weeks could decide whether its price drops below $10,000 again or sees an extended uptrend.
The week’s weekly candle close coincides with the expiration of CME’s Bitcoin futures contracts and Deribit’s options contracts. It could potentially set a precedent for September, especially if Bitcoin closes above or below key levels.
In the short term, technical analysts generally consider $11,800 as the key level for Bitcoin. A high time frame close below the level would raise the chances of a deeper pullback. A close above it, maintaining a green monthly candle, could cause Bitcoin to see another leg up.
Mohit Sorout, a founding partner at Bitazu Capital, said in a tweet that a rally to $11,800 would “put sellers to sleep.” Sorout referred to the daily chart of Bitcoin with Bollinger Bands, showing the area of interest for both sellers and buyers.
The week’s weekly candle close coincides with the expiration of CME’s Bitcoin futures contracts and Deribit’s options contracts. It could potentially set a precedent for September, especially if Bitcoin closes above or below key levels.
In the short term, technical analysts generally consider $11,800 as the key level for Bitcoin. A high time frame close below the level would raise the chances of a deeper pullback. A close above it, maintaining a green monthly candle, could cause Bitcoin to see another leg up.
Mohit Sorout, a founding partner at Bitazu Capital, said in a tweet that a rally to $11,800 would “put sellers to sleep.” Sorout referred to the daily chart of Bitcoin with Bollinger Bands, showing the area of interest for both sellers and buyers.
Mining pinned «Create a Binance account now and claim your gift (up to 100$ on BNB) https://www.binance.com/en/register?ref=LTWPRMSM»
Forwarded from Canva
Trading volume on decentralized exchanges, or DEXs, surpassed $11 billion in August, as DeFi madness continues making headlines.
Numbers from analysis firm, Dune Analytics, revealed that August trading volume represented an uptick of 152% month-over-month.
The main driver behind the skyrocketing DEX volume is Uniswap, which has become a dominant exchange over the last couple of months. Uniswap accounts for $2.8 billion in volume over the last seven days, and $877 million in the last 24-hours.
Uniswap even surpassed Coinbase in daily volume on Aug 30, as investors flock to DeFi and decentralized exchanges.
Numbers from analysis firm, Dune Analytics, revealed that August trading volume represented an uptick of 152% month-over-month.
The main driver behind the skyrocketing DEX volume is Uniswap, which has become a dominant exchange over the last couple of months. Uniswap accounts for $2.8 billion in volume over the last seven days, and $877 million in the last 24-hours.
Uniswap even surpassed Coinbase in daily volume on Aug 30, as investors flock to DeFi and decentralized exchanges.
Forwarded from Canva
South Korean authorities have reportedly seized Bithumb, one of the country’s biggest cryptocurrency exchanges by trading volume.
The Seoul Newspaper reported Wednesday that officers from the Seoul Metropolitan Police Agency's Intelligent Crime Investigation Unit had raided Bithumb's headquarters, located in the capital's central Gangnam District.
The police action was apparently linked to a $25 million token sale hosted on Bithumb and a proposed acquisition by a Singapore platform, BTHMB, that never materialized.
Per a report from TheNews, some investors said they lost millions participating in the sale.
Bithumb's chairman, Lee Jung-hoon has been accused of fraud and illicitly sending funds overseas.
CoinDesk has approached Bithumb for confirmation.
This is the second raid on a Korean cryptocurrency exchange in a week.
Last week, police seized Coinbit – the country's third-largest exchange – on allegations it had faked most of its trading volumes.
Bithumb is one of Korea's largest cryptocurrency exchanges – 24h trading volume stood at over $365 million, according to CoinGecko.
The exchange appeared to still be active at press time.
The Seoul Newspaper reported Wednesday that officers from the Seoul Metropolitan Police Agency's Intelligent Crime Investigation Unit had raided Bithumb's headquarters, located in the capital's central Gangnam District.
The police action was apparently linked to a $25 million token sale hosted on Bithumb and a proposed acquisition by a Singapore platform, BTHMB, that never materialized.
Per a report from TheNews, some investors said they lost millions participating in the sale.
Bithumb's chairman, Lee Jung-hoon has been accused of fraud and illicitly sending funds overseas.
CoinDesk has approached Bithumb for confirmation.
This is the second raid on a Korean cryptocurrency exchange in a week.
Last week, police seized Coinbit – the country's third-largest exchange – on allegations it had faked most of its trading volumes.
Bithumb is one of Korea's largest cryptocurrency exchanges – 24h trading volume stood at over $365 million, according to CoinGecko.
The exchange appeared to still be active at press time.
Forwarded from Canva
In September’s crypto outlook newsletter, Bloomberg’s analyst Mike McGlone observed that the price of Bitcoin (BTC) could either be heading to the $500,000 mark, or it could fail. McGlone has continued to reiterate that in his view, Bitcoin is set to become digital gold. He emphasized once again how Bitcoin’s limited supply and increasing demand were key adoption indicators, and drew comparisons to the 2017 bull run.
Forwarded from Canva
A massive dump has just occurred with the entire crypto market losing $20 billion in market capitalization in just minutes. Bitcoin price is currently down at $10,167 but has been as low as $9,960 on Binance and other exchanges. The digital asset started plummeting this morning after the dollar started bouncing, however, the U.S. stock market also had a significant crash today with the Dow Jones losing almost 3% and 900 points.
Forwarded from Canva
Degenerator, or MEME, an obscure project that began life as an airdrop to Telegram users, has managed to garner a $3 million market cap and is seeking to carve a niche for itself as a non-fungible token (NFT) farming protocol.
MEME emerged from a joke posted by ConsenSys’ DeFi product lead Jordan Lyall, who created a joke advertisement ‘The Degenerator’ — a fictitious tool for creating ponzinomics-inspired yield farming tokens.
The joke quickly struck a chord with the crypto community, receiving significant engagement on Twitter. However, within hours of Lyall publishing the post, someone had minted a token dubbed the Degenerator and listed it on CoinGecko under the ticker ‘MEME’. The asset’s total supply of 28,000 tokens was then quickly distributed to interested parties on Telegram.
MEME emerged from a joke posted by ConsenSys’ DeFi product lead Jordan Lyall, who created a joke advertisement ‘The Degenerator’ — a fictitious tool for creating ponzinomics-inspired yield farming tokens.
The joke quickly struck a chord with the crypto community, receiving significant engagement on Twitter. However, within hours of Lyall publishing the post, someone had minted a token dubbed the Degenerator and listed it on CoinGecko under the ticker ‘MEME’. The asset’s total supply of 28,000 tokens was then quickly distributed to interested parties on Telegram.
Forwarded from Canva
Crypto exchange giant Binance is delving deeper into the world of DeFi-style products with its latest offering, an automated market maker called Binance Liquid Swap.
Aimed directly at Uniswap and its clones, Binance will launch an AMM liquidity pool that allows users to provide liquidity by depositing tokens. Just like the world’s most popular decentralized exchange, Binance Liquid Swap will also enable users to earn interest in addition to a cut of the trading fees for the pool.
It’s the first AMM pool product on a centralized exchange and will be integrated into the Binance.com exchange, allowing users to pool tokens in their wallets to earn rewards.
The AMM will use a pricing module instead of an order book to provide more stable prices and lower transaction according to the announcement. The company is prioritizing liquidity for its own tokens so the first pools offered on launch will be USDT/BUSD, BUSD/DAI and USDT/DAI.
Earnings will be accrued with a corresponding 7-day annual percentage yield (APY) with returns converted into the assets in the respective pools. Transaction fees and prices will be determined by the number of assets in the liquidity pools.
Aimed directly at Uniswap and its clones, Binance will launch an AMM liquidity pool that allows users to provide liquidity by depositing tokens. Just like the world’s most popular decentralized exchange, Binance Liquid Swap will also enable users to earn interest in addition to a cut of the trading fees for the pool.
It’s the first AMM pool product on a centralized exchange and will be integrated into the Binance.com exchange, allowing users to pool tokens in their wallets to earn rewards.
The AMM will use a pricing module instead of an order book to provide more stable prices and lower transaction according to the announcement. The company is prioritizing liquidity for its own tokens so the first pools offered on launch will be USDT/BUSD, BUSD/DAI and USDT/DAI.
Earnings will be accrued with a corresponding 7-day annual percentage yield (APY) with returns converted into the assets in the respective pools. Transaction fees and prices will be determined by the number of assets in the liquidity pools.
Forwarded from Canva
Migration of $180 million worth of SUSHI from UniSwap to SushiSwap has been approved
Forwarded from Canva
In the past 24 hours, Bitcoin (BTC) dropped to as low as $9,875.50 before bouncing back above $10,300. At present, BTC is trading at $10,430.3 (-2.04% in the past 24 hours).
Major cryptocurrencies:
EOS: $3.03 (+5.70%)
XRP: $0.2517 (-3.36%)
ETH: $385.38 (-3.45%)
ADA: $0.0996 (-4.15%)
BCH: $229.49 (-4.26%)
LTC: $49.98 (-5.76%)
BNB: $20.8151 (-5.95%)
LINK: $12.4 (-6.59%)
ETC: $5.21 (-9.10%)
Major cryptocurrencies:
EOS: $3.03 (+5.70%)
XRP: $0.2517 (-3.36%)
ETH: $385.38 (-3.45%)
ADA: $0.0996 (-4.15%)
BCH: $229.49 (-4.26%)
LTC: $49.98 (-5.76%)
BNB: $20.8151 (-5.95%)
LINK: $12.4 (-6.59%)
ETC: $5.21 (-9.10%)
Forwarded from Canva
Bitcoin price charts hint at double-bottom, relief rally to $10,800
Bitcoin has been clinging to the key $10,000 BTC price level all weekend as technical factors point to a short-term relief rally.
Bitcoin has been clinging to the key $10,000 BTC price level all weekend as technical factors point to a short-term relief rally.
Forwarded from Canva
$BTC
If they can sink the BTC/USD pair below $9,835.20, there is a minor support at $9,540, which is close to the large symmetrical triangle and is also the target objective of the head and shoulders breakdown.
If this support also cracks, a drop to $9,000 and then to $8,000 is possible. Such a move will shatter sentiment and could drive away buyers.
This bearish view will be invalidated if the bulls can push the price above $11,000 and sustain it.
If they can sink the BTC/USD pair below $9,835.20, there is a minor support at $9,540, which is close to the large symmetrical triangle and is also the target objective of the head and shoulders breakdown.
If this support also cracks, a drop to $9,000 and then to $8,000 is possible. Such a move will shatter sentiment and could drive away buyers.
This bearish view will be invalidated if the bulls can push the price above $11,000 and sustain it.
Forwarded from Canva
Just Eat, a major British online food order and delivery platform operating across 13 countries, has added cryptocurrency payment support for its France subsidiary.
The company has partnered with the cryptocurrency payment provider Bitpay to allow its users to pay in Bitcoin (BTC). Just Eat users will now be able to order food from across 15,000 restaurants in France by paying in either of these cryptocurrencies, Decrypt first reported on Sept. 7.
The company has partnered with the cryptocurrency payment provider Bitpay to allow its users to pay in Bitcoin (BTC). Just Eat users will now be able to order food from across 15,000 restaurants in France by paying in either of these cryptocurrencies, Decrypt first reported on Sept. 7.
Forwarded from Canva
The decentralized finance (DeFi) bubble appears to have popped for the time being, with half a dozen top DeFi tokens shedding half of their fiat value over the past seven days.
According to crypto market data firm Messari’s list of DeFi assets, 32 of 34 markets are down over the past week — with only PowerPool (CVP) and SushiSwap (SUSHI) posting seven-day price gains.
The markets hardest hit include Curve — which is down 65% this week, followed by Meta with a 58% loss, Ren with 52%, AirSwap with 51%, and bZx Network and Wrapped Nexus Mutual with a 49% draw-down each.
According to crypto market data firm Messari’s list of DeFi assets, 32 of 34 markets are down over the past week — with only PowerPool (CVP) and SushiSwap (SUSHI) posting seven-day price gains.
The markets hardest hit include Curve — which is down 65% this week, followed by Meta with a 58% loss, Ren with 52%, AirSwap with 51%, and bZx Network and Wrapped Nexus Mutual with a 49% draw-down each.
Forwarded from Canva
Jackpot! User turns $200 into $250K thanks to a buggy DeFi protocol
An anonymous user has revealed how he made $250k in profits from a minor investment in a cloned version of Yearn.finance called Soft Yearn (SYFI).
The token SYFI was launched as a soft-pegged adaptive cryptocurrency that expands or contracts its supply automatically. The concept was popularized by Ampleforth which uses a rebasing mechanism to adjust the supply to reflect changes in demand.
However, the Uniswap price of the cloned token was not adjusted to account for the rebase and the trader managed to sell the tokens at the previous price, wiping out virtually all of the liquidity in the pool. A flaw in the SYFI-rebasing mechanism allowed the anonymous user to obtain a large amount of tokens during its first rebase on September 3.
A DeFi trader using the Twitter handle Amplify has admitted that he was the one who netted 740 ETH from an initial investment of just 0.5 ETH. This works out at roughly a $250,000 return for a $200 layout.
An anonymous user has revealed how he made $250k in profits from a minor investment in a cloned version of Yearn.finance called Soft Yearn (SYFI).
The token SYFI was launched as a soft-pegged adaptive cryptocurrency that expands or contracts its supply automatically. The concept was popularized by Ampleforth which uses a rebasing mechanism to adjust the supply to reflect changes in demand.
However, the Uniswap price of the cloned token was not adjusted to account for the rebase and the trader managed to sell the tokens at the previous price, wiping out virtually all of the liquidity in the pool. A flaw in the SYFI-rebasing mechanism allowed the anonymous user to obtain a large amount of tokens during its first rebase on September 3.
A DeFi trader using the Twitter handle Amplify has admitted that he was the one who netted 740 ETH from an initial investment of just 0.5 ETH. This works out at roughly a $250,000 return for a $200 layout.
Forwarded from Cointelegraph
No, a quantum computer won't instantly reward you with 69,000 Bitcoins ... yet
The latest quantum computer may not help unlock lost Bitcoin — at least, not yet.
https://ct.com/8xgt
The latest quantum computer may not help unlock lost Bitcoin — at least, not yet.
https://ct.com/8xgt
Forwarded from Cointelegraph Markets & Research
LedgerX exchange launches physically settled Bitcoin mini futures
Regulated Bitcoin futures exchange LedgerX has launched physically-settled BTC futures contracts.
https://ct.com/8xgj
Regulated Bitcoin futures exchange LedgerX has launched physically-settled BTC futures contracts.
https://ct.com/8xgj
Forwarded from Canva
Crypto exchange Binance is now explicitly positioning its Venus stablecoin project as a government-friendly alternative to Facebook’s Libra, just a month after downplaying any suggestions of rivalry between the two.
Last month, when Binance launched the initiative to develop localized stablecoins and digital assets pegged to fiat currencies across the globe, Binance CEO Changpeng Zhao (“CZ”) said that if anything, “this should help Libra, if you think about it.”
Last month, when Binance launched the initiative to develop localized stablecoins and digital assets pegged to fiat currencies across the globe, Binance CEO Changpeng Zhao (“CZ”) said that if anything, “this should help Libra, if you think about it.”
Forwarded from Canva
$TRON
Apparently there is this TronLink Pro app creating a hype right now. A free refer program where you get 300 credits which can be used to buy crypto in the future.
To participate, download TronLink Pro from play/appstore;
•go to 'Me' section;
•go to "friend invitation" -> claim rewards;
•Enter code -> JmHy
You will receive 300 credits
Worth giving it a try, we really dont know how things will blow up in the future.
Apparently there is this TronLink Pro app creating a hype right now. A free refer program where you get 300 credits which can be used to buy crypto in the future.
To participate, download TronLink Pro from play/appstore;
•go to 'Me' section;
•go to "friend invitation" -> claim rewards;
•Enter code -> JmHy
You will receive 300 credits
Worth giving it a try, we really dont know how things will blow up in the future.