$5.64 billion liquidated in 24 hours as Bitcoin extends losses — Is a relief rally near?
$5.64 billion liquidated in 24 hours as Bitcoin extends losses — Is a relief rally near? $5.64 billion liquidated in 24 hours as Bitcoin extends losses — Is a relief rally near? The price of Bitcoin (BTC) plummeted by more than 17% in the last 24 hours as the futures market saw mass liquidations across the board. Liquidations occur when leveraged futures positions fall to a certain threshold. For example, a position using 10x leverage would get liquidated or turn worthless if the price of BTC drops by 5%. What triggered the mass Bitcoin liquidation fest?If the Bitcoin futures market is highly overleveraged and overcrowded, a minor price movement can trigger mass liquidations. According to analysts at Santiment, a data analytics firm, an address was responsible for the second-largest Bitcoin transaction of the year, as Cointelegraph reported. More than 2,700 BTC were transferred right before the drop, which were bigger than the 2,000 BTC inflow seen before the March 2020 crash when Bitcoin dropped below $4,000. The analysts said: “As we noted yesterday, there was an 11x exchange inflow spike that initiated #Bitcoin’s price correction from its $58.3k #ATH. Further data combing revealed that an address was responsible for the 2nd largest $BTC transaction of the year, an import of 2,700 tokens to the wallet before a quick sell-off. This same address also made a 2,000 $BTC import last March right as the Black Thursday correction took place. In total, it’s made 73 transactions in its one-year existence, for a total of 91,935 $BTC imported, with all tokens moving away within minutes after arrival.” Total cryptocurrency futures liquidations. Source: Bybt It is a possibility that a major sell-off in the spot market triggered the futures market to see intense selling pressure from many long positions getting liquidated. When Bitcoin initially began to correct on Feb. 22, the futures funding rate of the dominant cryptocurrency was hovering at around 0.15% even as it continued to drop. This trend showed two things: overleveraged buyers were aggressively buying each dip and the market remained overheated even as the pullback happened. As a result, new buyers during the short-term downtrend were continuously liquidated, igniting a brutal cycle of cascading liquidations. However, a pseudonymous trader known as “Byzantine General” described it as a “coordinated shakeout,” and said it is a healthy trend. Bitcoin price chart with orderbook suite. Source: Byzantine General If Bitcoin dropped on a so-called “black swan” news or some abnormality, it would be a cause for concern. But, the trader pinpointed the presence of relatively large buy orders to show that buyers are waiting to step in to buy the dip. He said: “I’m glad I’m seeing signs of this being a coordinated shakeout because that implies that BTC is still bullish and big players just want their bids filled. If it wasn’t premeditated then it would be a lot more scary.” In the near term, it is critical that Bitcoin defends the $45,000 support area to ensure that the short-term cycle does not enter the “bear zone.” Below it, the probability of a deeper and prolonged correction rapidly increases. Title: $5.64 billion liquidated in 24 hours as Bitcoin extends losses — Is a relief rally near?
2021’s Most Anticipated Growth & Wealth-Building Opportunity
Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together $5.64 billion liquidated in 24 hours as Bitcoin extends losses — Is a relief rally near? $5.64 billion liquidated in 24 hours as Bitcoin extends losses — Is a relief rally near? was originally published here https://newsgrowing.blogspot.com/2021/02/564-billion-liquidated-in-24-hours-as.html $5.64 billion liquidated in 24 hours as Bitcoin extends losses — Is a relief rally near? was originally published here https://melaniegriffith0.blogspot.com/2021/02/564-billion-liquidated-in-24-hours-as.html $5.64 billion liquidated in 24 hours as Bitcoin extends losses — Is a relief rally near? was originally published here https://melniegrffith.tumblr.com/post/643922844973236224 $5.64 billion liquidated in 24 hours as Bitcoin extends losses — Is a relief rally near? was originally published here https://thomascritchfield.blogspot.com/2021/02/564-billion-liquidated-in-24-hours-as.html
0 Comments
Whale who sold Bitcoin before 2020 crash cashed out $156M before this week’s 20% dip
Whale who sold Bitcoin before 2020 crash cashed out $156M before this week’s 20% dip Whale who sold Bitcoin before 2020 crash cashed out $156M before this week’s 20% dip Bitcoin (BTC) lost 20% in a day partly thanks to the actions of a single whale, new research suggests. Data from on-chain analytics firm Santiment on Feb. 23 showed that BTC/USD dipped to $47,400 after Bitcoin’s second-largest transaction of 2021 took place. Ghost of Bitcoin sell-offs past returnsThe transaction, 2,700 BTC worth $156.6 million at $58,000 per token, resulted in a sale which piled pressure on the market, this snowballing into the largest one-hour candle in Bitcoin’s history. “As we noted yesterday, there was an 11x exchange inflow spike that initiated #Bitcoin’s price correction from its $58.3k #ATH,” Santiment wrote in accompanying comments on Twitter. “Further data combing revealed that an address was responsible for the 2nd largest $BTC transaction of the year, an import of 2,700 tokens to the wallet before a quick sell-off.” The findings shed light on what exactly was happening as volatility took over for Bitcoin, which managed to recover to $54,000 before trading below $50,000 once more at the time of writing. Some believe that the market was overextended, with naysayers in particular claiming that a bubble-like process had long been underway. Others argued that it was simply “business as usual” for crypto trading, but as Cointelegraph reported, concerns had mounted about unusual inflows to exchanges. Santiment noted that the same address had also sold immediately before the cross-asset price crash in March 2020. At the time, Bitcoin lost almost 60% of its value and hit $3,600. “This same address also made a 2,000 $BTC import last March right as the Black Thursday correction took place,” it revealed. “In total, it’s made 73 transactions in its one-year existence, for a total of 91,935 $BTC imported, with all tokens moving away within minutes after arrival.” Whales in the spotlightSuspicions had long been eyeing whales, who had profited from small wallets selling during previous price dips throughout Bitcoin’s recent bull run. As Cointelegraph reported, the number of whale-sized wallets had been growing, while smallholders had been decreasing.
“The most interesting side by side tells you how Bitcoin investor profile progress – ‘whales’ diminished as price elevated in the last cycle; new group of whales just keep popping up this time, while shrimps are the weak hands who sold too early,” Primitive founding partner Dovey Wan tweeted last week alongside a chart comparing the 2017 and 2021 bull runs. “THE GREAT WEALTH TRANSFER,” she added. Some responses to the research meanwhile noted that the wallet in question had been responsible for a fraction of total trading volume and that its influence should therefore be limited. “We don’t believe that one address alone triggers the price retracement of the largest crypto asset in the world, so we certainly wouldn’t want you to believe it either,” Santiment replied. “Was this address activity a contributing factor though? Yes.”Title: Whale who sold Bitcoin before 2020 crash cashed out $156M before this week’s 20% dip
2021’s Most Anticipated Growth & Wealth-Building Opportunity
Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together Whale who sold Bitcoin before 2020 crash cashed out $156M before this week’s 20% dip Whale who sold Bitcoin before 2020 crash cashed out $156M before this week’s 20% dip was originally published here https://newsgrowing.blogspot.com/2021/02/whale-who-sold-bitcoin-before-2020.html Whale who sold Bitcoin before 2020 crash cashed out $156M before this week’s 20% dip was originally published here https://melaniegriffith0.blogspot.com/2021/02/whale-who-sold-bitcoin-before-2020.html Whale who sold Bitcoin before 2020 crash cashed out $156M before this week’s 20% dip was originally published here https://melniegrffith.tumblr.com/post/643903954039799808 Whale who sold Bitcoin before 2020 crash cashed out $156M before this week’s 20% dip was originally published here https://thomascritchfield.blogspot.com/2021/02/whale-who-sold-bitcoin-before-2020.html
Here’s how pro traders use options to profit from Bitcoin price corrections
Here’s how pro traders use options to profit from Bitcoin price corrections Here’s how pro traders use options to profit from Bitcoin price corrections Bitcoin seems to be struggling at the $58,000 level, which is leading some traders to fear a more significant correction could take place. While Bitcoin’s (BTC) 2021 performance has been incredibly strong, its current 696% gain and comments from United States Treasury Secretary Janet Yellen suggesting that cryptocurrencies are used to finance terrorism may be enough to have investors feeling a bit cautious. Reducing open position sizes is usually the method most investors use to reduce exposure, but another way to manage risk is to use BTC options contracts to provide protection. Buying a put (sell) option is the easiest way, but it is quite costly considering the current high volatility scenario. For example, a March 26 put option with a $56,000 strike trades at $5,300, and its holder would only profit if BTC trades below $50,700 in 32 days. That would be 12% below the current $57,500 price. This protection cost depends on the number of days until expiry and the implied volatility, or a traders’ expectation of substantial price swings. By using call (buy) options and puts (sell), a trader can create strategies to reduce this cost. There are infinite possibilities, but for now, let’s focus on a low-cost bearish one. Protective puts can generate a profit on the downsideThis bearish strategy consists of buying a protective put in order to profit from the downside while simultaneously selling call options at higher strikes. These additional trades will cover the put option’s cost but will result in losses if BTC surpasses a certain threshold. Profit / Loss estimate. Source: Deribit Position Builder The above trade consists of buying 1 BTC contract of the March 26 put option with a $56,000 strike, while selling 1 BTC contract of the March 26 call option with a $64,000 strike. As the estimate above shows, the end result between $56,000 and $64,000 is neutral. The trader would not incur any losses, but would also not profit from the strategy. On the other hand, if BTC drops to $46,000, or by more than 20% from $57,500, the contract holder would profit by $10,200. In order for the trader to incur a $5,000 loss, BTC would have to reach $69,000 on March 26, which is equivalent to a 20% gain from the current price. Therefore, even though this is a bearish strategy, traders would only incur losses above $64,000, or 11% above the current price level. This strategy provides a good risk-reward for those seeking downside protection. Moreover, there is zero upfront involved for those trades, except from the margin or collateral deposit requirements. author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision. Title: Here’s how pro traders use options to profit from Bitcoin price corrections
2021’s Most Anticipated Growth & Wealth-Building Opportunity
Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together Here’s how pro traders use options to profit from Bitcoin price corrections Here’s how pro traders use options to profit from Bitcoin price corrections was originally published here https://newsgrowing.blogspot.com/2021/02/heres-how-pro-traders-use-options-to.html Here’s how pro traders use options to profit from Bitcoin price corrections was originally published here https://melaniegriffith0.blogspot.com/2021/02/heres-how-pro-traders-use-options-to.html Here’s how pro traders use options to profit from Bitcoin price corrections was originally published here https://melniegrffith.tumblr.com/post/643877509266636800 Here’s how pro traders use options to profit from Bitcoin price corrections was originally published here https://thomascritchfield.blogspot.com/2021/02/heres-how-pro-traders-use-options-to.html
3 reasons why Fantom (FTM) price continues to rally to new all-time highs
3 reasons why Fantom (FTM) price continues to rally to new all-time highs 3 reasons why Fantom (FTM) price continues to rally to new all-time highs Interoperability has emerged as the hot topic in February as platforms like Binance Smart Chain and Polkadot work on building Ethereum network bridges that allow users to escape high transaction costs and network congestion. Fantom (FTM) is the latest project to receive a boost by offering cross-chain functionality with Ethereum, and data from Cointelegraph Markets and TradingView shows a 1,570% increase in FTM price from $0.025 on Jan. 23 to a new high of $0.43 on Feb. 21. FTM/USDT 4-hour chart. Source: TradingView Three fundamental reasons for Fantom’s current rally are the release of a cross-chain bridge between Ethereum and Fantom, the roll-out of on-chain governance features and the ability to stake tokens on the network while still accessing their value for use in the decentralized finance ecosystem. Yearn.finance helps facilitate a cross-chain bridge to EthereumOn Feb. 21, Fantom, with the help of Andre Cronje of Yearn.finance, announced the development of a cross-chain bridge with Ethereum that allows users to transfer ERC-20 tokens to Fantom to “enjoy fast and cheap transactions.” According to the team, transactions on Fantom “are confirmed in 1-2 seconds” and “cost a fraction of a cent.” The team also promised that cross-chain functionality with other chains will be soon to follow. VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for FTM on Feb. 21, prior to the recent price rise. The VORTECS™ score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity. VORTECS™ score (green) vs. FTM price. Source: Cointelegraph Markets Pro As seen on the chart above, the VORTECS™ score for FTM reached a high of 74 early on Feb. 21, shortly before the price broke out to a new all-time high. On-chain governance boosts community involvementAnother one of the popular themes of the current bull market is the ability of tokenholders to participate in the development of the ecosystem via a governance mechanism. On Jan. 12, the Fantom Foundation unveiled the release of on-chain governance for the Fantom network, becoming one of the first chains to support such functioning for a fully decentralized blockchain. Through the governance mechanism, each FTM token equals one vote, and any tokenholder can submit a proposal on ways to improve the ecosystem, as well as vote on any pending proposal. Proposal submissions cost 100 FTM, which is burned during the operation, and voting costs a fraction of 1 FTM. The Fantom voting system differs from other governance platforms, as it offers a variety of proposal templates and the ability to express the degree of agreement with the proposal as opposed to casting a simple “yes” or “no” vote. Fantom plans to integrate staking and DeFi featuresA third motivating factor behind the recent price rise of FTM is the introduction of liquid staking, or the ability to stake tokens on the network and simultaneously access the value of the token for use in DeFi. On most proof-of-stake networks, tokenholders have to choose between staking their tokens to secure the network and earn rewards or give up those rewards to access the value of the token as collateral or for trading purposes. FTM holders are able to stake their tokens on the network and mint an equivalent amount of sFTM, which can then be used as collateral on the Fantom Finance DeFi platform. Providing tokenholders with an extra way to earn a yield has proved to be an attractive incentive, and after FTM was listed on SushiSwap and 1inch on Jan. 25, its price exploded from $0.05 to $0.26 over the next three days. Since then, FTM has been added to Coinbase Custody and the Ledger hardware wallet, as well as being chosen by the Ministry of Digital Transformation of Ukraine as the platform for the exchange of intellectual property. Each of these developments supports the strong breakout in FTM price, and the upcoming public release of its Ethereum cross-chain bridge has placed Fantom in a good position to receive a new level of DeFi engagement. Furthermore, the prospect of transaction fees that cost less than $0.01 may prove to be an enticing incentive for crypto traders and could lead to liquidity migration. com. Every investment and trading move involves risk, you should conduct your own research when making a decision. Title: 3 reasons why Fantom (FTM) price continues to rally to new all-time highs
2021’s Most Anticipated Growth & Wealth-Building Opportunity
Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together 3 reasons why Fantom (FTM) price continues to rally to new all-time highs 3 reasons why Fantom (FTM) price continues to rally to new all-time highs was originally published here https://newsgrowing.blogspot.com/2021/02/3-reasons-why-fantom-ftm-price.html 3 reasons why Fantom (FTM) price continues to rally to new all-time highs was originally published here https://melaniegriffith0.blogspot.com/2021/02/3-reasons-why-fantom-ftm-price.html 3 reasons why Fantom (FTM) price continues to rally to new all-time highs was originally published here https://melniegrffith.tumblr.com/post/643851112068349952 3 reasons why Fantom (FTM) price continues to rally to new all-time highs was originally published here https://thomascritchfield.blogspot.com/2021/02/3-reasons-why-fantom-ftm-price.html
Fuel for a broader Bitcoin rally? BTC dip fills futures gap, liquidating $1 billion
Fuel for a broader Bitcoin rally? BTC dip fills futures gap, liquidating $1 billion Fuel for a broader Bitcoin rally? BTC dip fills futures gap, liquidating $1 billion An important Chicago Mercantile Exchange (CME) Bitcoin (BTC) futures gap closed as BTC/USD suddenly dropped below $54,000 on Feb. 22. A CME gap forms when the price of Bitcoin moves either up or down after the CME closes during the weekend or holidays in the U.S. Unlike most cryptocurrency exchanges, since the CME Bitcoin futures exchange is not open at all times, a gap forms between CME and many Bitcoin trading platforms. BTC/USDT 4-hour price chart (Binance). Source: TradingView.com Why is the CME Bitcoin gap significant?The CME gap is sometimes considered an important gap to fill for the Bitcoin rally to continue in the near term. For instance, the latest gap formed when the price of Bitcoin exceeded $58,000 across major cryptocurrency exchanges, while CME’s Bitcoin futures market closed for two days. As such, a gap at $55,504 emerged, which closed as the price of Bitcoin fell steeply after the new weekly candle opened. #Bitcoin CME gap closed finally. https://t.co/JygwzJwClk pic.twitter.com/XYkPgKuBjp — Fomocap trades (@Workedia) February 22, 2021 Bitcoin has a tendency to sharply correct in a short period after a new weekly candle opens. This flushes out overleveraged longs and brings some balance into the market. Prior to the weekly candle open, the funding rate of the Bitcoin futures market ranged between 0.1% to 0.15%. This is 10 to 15-fold higher than the default 0.01% funding rate. Although the funding rate of Bitcoin has remained relatively high throughout the bull cycle, a 0.15% funding rate indicates that the market is extremely overcrowded. The combination of a high Bitcoin futures funding rate, the presence of a CME gap, and whales depositing to major U.S. exchanges likely fueled the drop. Large deposits spotted on GeminiPrior to the pullback, CryptoQuant found that large BTC deposits were transferred to Gemini, one of the leading U.S. cryptocurrency exchanges. Before the dip, there were significant $BTC inflows into all exchanges, mostly Gemini. Chart https://t.co/6gPk3Qbg6j pic.twitter.com/j1wDNtqNak — CryptoQuant.com (@cryptoquant_com) February 22, 2021 When whales deposit BTC into exchanges, it typically signals an intent to sell. Hence, it is likely that some whales took profit on their positions, causing the market to dip sharply in a short period. However, whales selling large amounts of Bitcoin can cause a bigger correction than usual because it leads to cascading liquidations in the futures market. Many overleveraged longs can get liquidated consecutively, amplifying the effect of the whale-induced sell-off. Data shows that over $1 billion worth of futures contracts were liquidated in the last 24 hours. After the drop, traders are anticipating a gradual recovery. Scott Melker, a cryptocurrency trader and technical analyst, said that recent history indicates dips do not last long. He wrote: “I have no idea what happens here, but recent history shows that dips have not lasted long. Would love to see another slow float back up after this bit of selling. Of course we could drop, but each move like this of late has been a buying opportunity.”Title: Fuel for a broader Bitcoin rally? BTC dip fills futures gap, liquidating $1 billion
2021’s Most Anticipated Growth & Wealth-Building Opportunity
Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together Fuel for a broader Bitcoin rally? BTC dip fills futures gap, liquidating $1 billion Fuel for a broader Bitcoin rally? BTC dip fills futures gap, liquidating $1 billion was originally published here https://newsgrowing.blogspot.com/2021/02/fuel-for-broader-bitcoin-rally-btc-dip.html Fuel for a broader Bitcoin rally? BTC dip fills futures gap, liquidating $1 billion was originally published here https://melaniegriffith0.blogspot.com/2021/02/fuel-for-broader-bitcoin-rally-btc-dip.html Fuel for a broader Bitcoin rally? BTC dip fills futures gap, liquidating $1 billion was originally published here https://melniegrffith.tumblr.com/post/643832239164194816 Fuel for a broader Bitcoin rally? BTC dip fills futures gap, liquidating $1 billion was originally published here https://thomascritchfield.blogspot.com/2021/02/fuel-for-broader-bitcoin-rally-btc-dip.html
DEX goals diverge as SushiSwap (SUSHI) and Uniswap (UNI) rally to new highs
DEX goals diverge as SushiSwap (SUSHI) and Uniswap (UNI) rally to new highs DEX goals diverge as SushiSwap (SUSHI) and Uniswap (UNI) rally to new highs Uniswap and SushiSwap have emerged as two of the top decentralized exchanges (DEXs) that are leading the current DeFi bull run higher. Despite a controversial start for SushiSwap, the last few months have seen it catching up to Uniswap in terms of activity on the platform, total value locked, and the price of its SUSHI governance token. A recent report from Delphi Digital took a closer look at the two projects and broke down the fundamental differences in the way that each has diverged in their development since SushiSwap’s vampire attack on Uniswap. SUSHI vs. UNI price. Source: TheTIE SushiSwap originally emerged as a fork of Uniswap v2 with the inclusion of the SUSHI governance token which was distributed to participants of the community. At the time, Uniswap had yet to launch the UNI token which would subsequently be airdropped to users who had interacted with the protocol either by trading or providing liquidity. While UNI had likely been planned for release at some point, many saw the surprise airdrop as being a bid to stop a potential vampire attack that would drain the liquidity from Uniswap to SushiSwap. After a bumpy start which saw SushiSwap co-creator Chef Nomi dump all of his SUSHI tokens on the market for $14 million worth of Ether (ETH), only to later return those funds to the treasury, SushiSwap co-founder ‘0xMaki’ took over as the lead on the project and helped it to correct course and become a viable contender among DeFi platforms. Total value locked on Sushiswap. Source: Defi Llama When it comes to comparing the original token distribution, 65% of the original UNI supply was distributed to the community through liquidity mining and a governance-controlled treasury versus 80% of all SUSHI tokens. In this regard, the SushiSwap platform has emerged as a more community-controlled project that is self-funded with 9% of all SUSHI emitted from the system awarded to the treasury. In contrast, Uniswap has received some VC backing with a total of $12 million being raised from various sources to help fund future development. SushiSwap is more decentralized than UniswapDifferences in the path of development began soon after the fork and led to two distinct platforms that offered a different experience. The excitement continues to build for the release of Uniswap v3, although only a handful of insiders know exactly what the new version will entail. While users and token holders trust the lead developers which have created an incredible interface thus far, many in the cryptocurrency space prefer a project with more transparency and community involvement. SushiSwap keeps more to the community ethos of cryptocurrency in this way, with a core team of developers that is more transparent about what is coming and where the project is headed in the future. SushiSwap also has established an effective governance system that allows community members to have a say in important decisions. The governance system for Uniswap is less conducive to community involvement, which could be the result of the rushed release of the UNI token and a desire to create a solid foundation before integrating community governance. Divergence in value proposition and community involvementOver the past few months, the Uniswap team has been focused on building out v3. As Delphi Digital pointed out, Uniswap’s first-mover advantage has provided the platform with a bevy of integrations as the platform was sought out by projects across the sector for the liquidity it provided. SushiSwap on the other hand has been busy establishing connections with other burgeoning DeFi platforms, most notably the yEarn ecosystem which includes yEarn, Cream, Pickle, Cover, and Alpha. This will help increase the use of SushiSwap’s liquidity offerings and help make the platform more resilient to upcoming challenges. SushiSwap vs. Uniswap pool liquidity. Source: Dune Analytics More recently, SushiSwap has begun to incentivize liquidity for longer tail assets as it looks to establish itself as a place to get access to projects with long term viability. In contrast, Uniswap has been a way for new projects to get a head start on liquidity and community exposure. One of the most significant differences between the two platforms relates to cash flow generation. In March of 2021, the UNI community will have the ability to divert 0.05% of all fees on the platform to the Uniswap treasury which is governed by the UNI token. The fees will accrue in the treasury and UNI token holders will be able to vote on what to do with those funds in the future. SushiSwap has had the 0.05% fee in place since it was created in September 2020 and the governance council agreed that the money generated is used to purchase SUSHI directly and award it to stakers, providing a source of direct income. In terms of fees generated, Uniswap clearly comes out on top for the time being. With a larger number of available trading pairs and huge liquidity pools for top coins, the Uniswap platform sees higher volumes and this translates into more cash flow for liquidity pools and UNI token holders. Uniswap vs SushiSwap volume. Source: TheTIE But with fees going to a treasury rather than directly to token holders, UNI has been more appealing to investors with a longer-term outlook who prefer the approach of “accumulating capital in the treasury during the early years.” So SushiSwap offers a more community-oriented and governed system that provides direct income to token holders from fees generated on the platform while Uniswap is working on a long term plan to create a one-stop DEX that meets every traders’ needs. First mover advantage and dominant liquidity pools have allowed Uniswap to compete with the likes of Coinbase in terms of trading volume and long-time cryptocurrency advocates appreciate this accomplishment. Weekly DEX volume. Source: Dune Analytics SushiSwap has risen from the ashes to create a community-driven project that those just getting into crypto can appreciate for its ability to generate immediate income. SUSHI has also seen a recent spike in trading volume on Uniswap, showing that the fight for the title of top DEX is just getting started in these early rounds of the crypto bull cycle. SUSHI volume on Uniswap. Source: Glassnode The DeFi sector is just beginning to gain attention from the traditional financial sector and as the liquidity, total value locked and price of each platform’s governance token reaches new highs for both Uniswap and SushiSwap it will be interesting to watch as the two platforms continue to diverge in development. com. Every investment and trading move involves risk, you should conduct your own research when making a decision. Title: DEX goals diverge as SushiSwap (SUSHI) and Uniswap (UNI) rally to new highs
2021’s Most Anticipated Growth & Wealth-Building Opportunity
Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together DEX goals diverge as SushiSwap (SUSHI) and Uniswap (UNI) rally to new highs DEX goals diverge as SushiSwap (SUSHI) and Uniswap (UNI) rally to new highs was originally published here https://newsgrowing.blogspot.com/2021/02/dex-goals-diverge-as-sushiswap-sushi.html DEX goals diverge as SushiSwap (SUSHI) and Uniswap (UNI) rally to new highs was originally published here https://melaniegriffith0.blogspot.com/2021/02/dex-goals-diverge-as-sushiswap-sushi.html DEX goals diverge as SushiSwap (SUSHI) and Uniswap (UNI) rally to new highs was originally published here https://melniegrffith.tumblr.com/post/643809585891852288 DEX goals diverge as SushiSwap (SUSHI) and Uniswap (UNI) rally to new highs was originally published here https://thomascritchfield.blogspot.com/2021/02/dex-goals-diverge-as-sushiswap-sushi.html
Top 5 cryptocurrencies to watch this week: BTC, AAVE, ATOM, NEO, VET
Top 5 cryptocurrencies to watch this week: BTC, AAVE, ATOM, NEO, VET Top 5 cryptocurrencies to watch this week: BTC, AAVE, ATOM, NEO, VET The Purpose Bitcoin (BTC) exchange-traded fund debuted on the Toronto Stock Exchange on Feb. 18 and has quickly ramped up trading volumes of about $400 million worth of shares in two days. This is quite impressive, considering that the equity market in Canada is only a fraction of the size of the U.S. markets. This shows strong demand for Bitcoin and investor’s preference to take the ETF route to establish fresh positions. Last week, Bitcoin reached another important milestone when it hit the critical $1 trillion market capitalization on Feb. 19, making it the sixth asset on the list of top market cap companies in the world. The involvement of institutional investors and a market cap of over $1 trillion could allay the concerns of manipulation and liquidity raised by the U.S. Securities and Exchange Commission in the previous years as it rejected Bitcoin ETF applications. Crypto market data daily view. Source:Coin360 In a recent interview with CNBC, Ark Invest CEO Cathie Wood said that “the probability of an ETF has gone up.” Wood said the new SEC chairman Gary Gensler, who taught a digital currency class at the Massachusetts Institute of Technology, could be more open to crypto, increasing the likelihood of an approved Bitcoin ETF. Although Bitcoin’s fundamental factors continue to improve, the near term could experience some turbulence due to the steepening of the U.S. Treasury curve. Let’s analyze the charts of the top-5 cryptocurrencies that indicate the possibility of the resumption of the uptrend in the short term. BTC/USDBitcoin broke above the resistance line of the ascending channel on Feb. 19 and the bulls have managed to sustain the breakout. This suggests that traders continue to buy at higher levels. BTC/USDT daily chart. Source: TradingView The BTC/USD pair had formed a Doji candlestick pattern on Feb. 20, indicating indecision among the bulls and the bears about the next directional move. That uncertainty has resolved to the upside today and the bulls will now try to propel the price to $60,974.43. The 20-day exponential moving average ($47,450) is sloping up and the relative strength index (RSI) is in the overbought zone, which indicates that bulls have the upper hand. Contrary to this assumption, if the price re-enters the channel, the bears will try to pull the price down to the 20-day EMA. A break below the channel will indicate a possible change in trend and the pair may then correct to the 50-day simple moving average. BTC/USDT 4-hour chart. Source: TradingView The 4-hour chart shows the pair remains in a strong uptrend and the bulls have aggressively purchased the dips to the 20-EMA. The bears will try to stall the current uptrend at the resistance line of the ascending channel. If they succeed, the pair may again drop to the 20-EMA. A bounce off this support will suggest that the trend remains strong and the bulls are not waiting for a deeper correction to buy. The momentum could pick up if the bulls can propel and sustain the price above the channel. On the contrary, if the bears can sink the price below the 20-EMA, it will suggest profit-booking by traders. The trend could weaken if the pair plunges below the channel. AVE/USD AAVE has been consolidating between $392.50 and $545 for the past few days. A consolidation after a strong uptrend is a positive sign as it suggests that traders are not rushing to the exit because they anticipate higher levels in the future. AAVE/USDT daily chart. Source: TradingView The 20-day EMA ($427) is flat and the RSI is just above 56, which suggests that the range-bound action may continue for a few more days. If the buyers can push the price above $480, the AAVE/USD pair may rise to $545. A breakout and close above the $545 to $581.667 resistance zone could start the next leg of the uptrend that may reach $697.50 and then $814.397. On the other hand, if the bears can sink and sustain the price below $392.50, it will suggest that supply exceeds demand. That could start a deeper correction to the 50-day SMA ($297). AAVE/USDT 4-hour chart. Source: TradingView The 4-hour chart shows that the price has been oscillating between $500 and $392.50. If the bears sink the price below the $392.50 support, the pair could drop to $300 and then to the 61.8% Fibonacci retracement level at $267.094. Contrary to this assumption, if the bulls can push the price above the 50-SMA, a move to $500 is possible. A break above this resistance will enhance the prospects of a move to $545 and then $581.667. TOM/USD Cosmos (ATOM) is currently correcting in a strong uptrend. While the pullback is five days old, the bears have not yet been able to pull the price down to the 38.2% Fibonacci retracement level at $19.007. This shows a lack of sellers at lower levels. ATOM/USDT daily chart. Source: TradingView A shallow correction is usually a sign of strength and it increases the possibility of a retest of the $26.55 overhead resistance. The rising moving averages and the RSI in the positive territory suggest that bulls have the upper hand. If the bulls can thrust the price above $26.55, the next leg of the uptrend could begin. The ATOM/USD pair could then rally to $32.173. If the bulls can conquer this level, the up-move may extend to $40. On the contrary, if the pair continues to fall, a drop to the 20-day EMA ($18.19) is possible. A strong bounce off this support could keep the uptrend intact but a break below it will suggest a deeper correction to the 61.8% retracement level at $14.347. ATOM/USDT 4-hour chart. Source: TradingView The 4-hour chart is currently correcting inside a descending channel. The moving averages are on the verge of a bearish crossover and the RSI is in the negative territory, indicating a minor advantage to the bears. However, if the price rises from the support line of the descending channel, it will indicate accumulation at lower levels. On a break above the moving averages, a move to the resistance line of the channel is possible. A breakout and close above the channel could result in a retest of $26.55. On the other hand, a break below the channel may weaken sentiment. The pair could then decline to the 50% retracement level at $16.677. NEO/USDNEO broke and closed above the $47.444 resistance on Feb. 19. The bears attempted to fake this breakout and trap the aggressive bulls on Feb. 20 when they pulled the price back below $47.444. NEO/USDT daily chart. Source: TradingView However, the bulls had other plans. They aggressively purchased the dip and have pushed the price above the psychological resistance at $50 today. This may start the next leg of the uptrend that could reach $60.373 and then $64.95. The upsloping moving averages and the RSI in the overbought territory indicate that bulls are in control. But if the bulls fail to sustain the price above $50, it will suggest that traders are booking profits at higher levels. A break below the 20-day EMA ($37.80) will signal a possible change in trend. NEO/USDT 4-hour chart. Source: TradingView The 4-hour chart shows the formation of an ascending triangle, which has a pattern target at $58.588. Generally, the price turns down and retests the breakout level but sometimes, when the trend is strong, the price only consolidates before resuming the up-move. The bulls are currently defending the $50 support. If the price rises from the current level and breaks above $54.191, the uptrend could resume. This positive view will invalidate if the pair turns down from the current level and breaks below the triangle. Such a move may result in a fall to $36.30. VET/USDAfter the sharp rally from $0.026714 to $0.060774, VeChain (VET) has largely held the 38.2% support at $0.047763 on a closing basis, which shows accumulation at lower levels. The rising moving averages and the RSI in the overbought zone suggest the path of least resistance is to the upside. VET/USDT daily chart. Source: TradingView If the bulls can drive the price above the overhead resistance at $0.060774, the VET/USD pair could start the next leg of the up-move. The target level to watch on the upside is $0.085172 and then $0.10. Contrary to this assumption, if the bulls fail to propel the price above the overhead resistance, the VET/USD pair may consolidate between $0.060774 and $0.0424 for a few more days. The trend will tilt in favor of the bears if they can sink and sustain the price below $0.0424. VET/USDT 4-hour chart. Source: TradingView The 4-hour chart shows that both moving averages are flat and the RSI is just above the midpoint, indicating a balance between supply and demand. However, the pair has formed an ascending triangle pattern that will complete on a breakout and close above $0.060774. This bullish setup has a pattern target of $0.079148. On the other hand, if the price slips below the trendline of the ascending triangle, it will invalidate the pattern and open the doors for a fall to $0.042. Title: Top 5 cryptocurrencies to watch this week: BTC, AAVE, ATOM, NEO, VET
2021’s Most Anticipated Growth & Wealth-Building Opportunity
Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together Top 5 cryptocurrencies to watch this week: BTC, AAVE, ATOM, NEO, VET Top 5 cryptocurrencies to watch this week: BTC, AAVE, ATOM, NEO, VET was originally published here https://newsgrowing.blogspot.com/2021/02/top-5-cryptocurrencies-to-watch-this.html Top 5 cryptocurrencies to watch this week: BTC, AAVE, ATOM, NEO, VET was originally published here https://melaniegriffith0.blogspot.com/2021/02/top-5-cryptocurrencies-to-watch-this.html Top 5 cryptocurrencies to watch this week: BTC, AAVE, ATOM, NEO, VET was originally published here https://melniegrffith.tumblr.com/post/643786950008078336 Top 5 cryptocurrencies to watch this week: BTC, AAVE, ATOM, NEO, VET was originally published here https://thomascritchfield.blogspot.com/2021/02/top-5-cryptocurrencies-to-watch-this.html
Monster bull flag for Yearn.finance puts $200,000 YFI price in play
Monster bull flag for Yearn.finance puts $200,000 YFI price in play Monster bull flag for Yearn.finance puts $200,000 YFI price in play Bitcoin (BTC) bears looked on in disbelief as BTC price rallied to over $57,800 on Feb. 21, sparking a major altcoin rally. It seems bull flags are being printed one after the other on coins like Polkadot and Cardano, which are playing out predictably. However, one coin that is not getting the limelight it deserves right now is Yearn.finance (YFI), and at present, it looks like a period of aggressive selling could be coming to an end with a potential 50% move to the upside being imminent. But first, let’s take a look at why it has been struggling recently. Troubled waters for YearnYFI/USD 1-hour candle chart. Source: TradingView Much to the dismay of investors and traders on Jan. 20, Yearn.finance retweeted a gif of Pepe the Frog dressed as a wizard, which linked to the proposal entitled “YIP-57: Funding Yearn’s Future.” The article outlined the plans to mint 6,666 new YFI tokens for the Yearn treasury, thus increasing the YFI supply by more than 20% and in turn, a 24.45% red candle was printed on the daily chart. After the aggressive selling eased off, the price slowly gained traction again. However, about two weeks later on Feb. 4, an $11m yDAI exploit occurred, spurring on the following tweet: “We have noticed the v1 yDAI vault has suffered an exploit. The exploit has been mitigated. Full report to follow.”This led to a further sell-off for YFI, printing another 15% red candle in a single day. Yet despite all this bad news, the price unexpectedly rallied 50% to a new all-time high at $52,700, three days before Bitcoin cracked the $50K barrier. But was this unexpected? Or was it just a bull flag playing out albeit over a slightly extended period of time due to knee-jerk reaction sell-offs? Monster bull flag on the dailyYFI/USD 1-day candle chart. Source: TradingView Over on the daily chart, we can see that a 52% candle was printed on Jan. 7, and after the price consolidated over a period of 10 days, the price broke out of a classic bull flag structure before the bad news started circulating, causing holders to lose faith in founder Andre Cronje. However, once the news had passed it was clear from the gradual 52% price increase that bullish investor sentiment had returned, which just so happened to be the same size as the flagpole on the somewhat failed bull flag. The good news for YFI holders now is that the charts are now showing the exact same pattern playing out with a 50% candle, which would bring the price target up to $65,770 $200,000 in play for YFI priceYFI/BTC 1-day candle chart. Source: TradingView In 2020, YFI was trading higher than Bitcoin, and even once you factor in the newly minted tokens, the upside is simply staggering. Without factoring in the extra tokens, the upside to return to its previous sats value would be in excess of 450% from the current price. However, even by deducting 20% off this level, which would represent a move to the 0.786 Fibonacci (fib) level, this still puts a potential upside target around 350%. In other words, this puts YFI at an eye-watering $200,000 per coin. DeFi is so hot right nowUNI/USD 2-hour candle chart. Source: TradingView Whilst the prospect of paying $200,000 per coin may seem insane, you only have to look at how well other projects in the DeFi space are performing. Uniswap, SushiSwap and PancakeSwap all managed to accomplish 10x since Christmas. But all of these have fully rebounded beyond their previous sats value, so now is the time to look for something that hasn’t made this move yet, and right now, in my opinion, the largest most obvious one to go next is Yearn. You only have to look at the UNI/BTC chart to see that right now. Everything about YFI screams “buy,” where even a move just to the 0.236 Fibonacci level would represent a 70% increase in price. UNI/BTC 1-day chart. Source: TradingView Bullish and bearish scenariosIf there’s one thing Yearn.finance has taught us, it is always to expect the unexpected when testing in production. YFI/USD 1-hour candle chart. Source: TradingView Right now, there’s a heavy point of control around $39,000 that price keeps revisiting and serving as support. Should this level continue to hold, a move to the upper resistance of the current channel around $55,485 is where I would be first targeting, before the wider breakout to $65,000. Should $39,000 fail to hold, I would be looking around $32,500 as support, something I’m not worried about unless another Andre project gets rugged. The views and opinions expressed here are solely those of @officiallykeithand do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision. Title: Monster bull flag for Yearn.finance puts $200,000 YFI price in play
2021’s Most Anticipated Growth & Wealth-Building Opportunity
Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together Monster bull flag for Yearn.finance puts $200,000 YFI price in play Monster bull flag for Yearn.finance puts $200,000 YFI price in play was originally published here https://newsgrowing.blogspot.com/2021/02/monster-bull-flag-for-yearnfinance-puts.html Monster bull flag for Yearn.finance puts $200,000 YFI price in play was originally published here https://melaniegriffith0.blogspot.com/2021/02/monster-bull-flag-for-yearnfinance-puts.html Monster bull flag for Yearn.finance puts $200,000 YFI price in play was originally published here https://melniegrffith.tumblr.com/post/643764286391468032 Monster bull flag for Yearn.finance puts $200,000 YFI price in play was originally published here https://thomascritchfield.blogspot.com/2021/02/monster-bull-flag-for-yearnfinance-puts.html
Polkadot (DOT) gains 42% ahead of its long-awaited parachain auctions
Polkadot (DOT) gains 42% ahead of its long-awaited parachain auctions Polkadot (DOT) gains 42% ahead of its long-awaited parachain auctions In the early hours of Feb. 20 Polkadot (DOT) trading volume began to see a significant increase which helped propel the multichain protocol to a new all-time high of $42.28. Data from Cointelegraph Markets and TradingView shows that DOT hit a swing low at $29.36 on Feb.19 before experiencing a 44% breakout which took the price to a new 2021 high. DOT/USDT 4-hour chart. Source: TradingView Excitement continues to build in the Polkadot ecosystem ahead of the upcoming parachain auctions which will allow the Polkadot network to connect with other established networks like Bitcoin and Ethereum. The mechanism by which data is transferred between different blockchains is called “cross-chain message passing-lite,” and is currently being finalized during the Rococo phase of the project’s roadmap. Once the code has been fully audited it will then be time for Polkadot governance to vote on enabling parachain functionality via a runtime upgrade, followed by a vote to begin slot auctions to add beneficial parachains. Social media chatter increased before the spikeVORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for DOT on Feb. 16, prior to the recent price rise. The VORTECS™ score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity. Cointelegraph Markets Pro – VORTECS™ Score (green) vs. DOT price As can be seen on the chart above, the VORTECS™ score for DOT reached a peak of 81 on Feb. 16, more than 48 hours before the ensuing price spike. The data also shows a 102% increase in DOT-related tweet volume that coincides with the rise in price. The introduction of parachains will help move Polkadot closer to its goal of becoming the go-to platform for interoperability and cross-chain transfers of data, as well as helping with the longer-term objective of creating a fully decentralized and private web that is controlled by its users. Title: Polkadot (DOT) gains 42% ahead of its long-awaited parachain auctions
2021’s Most Anticipated Growth & Wealth-Building Opportunity
Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together Polkadot (DOT) gains 42% ahead of its long-awaited parachain auctions Polkadot (DOT) gains 42% ahead of its long-awaited parachain auctions was originally published here https://newsgrowing.blogspot.com/2021/02/polkadot-dot-gains-42-ahead-of-its-long.html Polkadot (DOT) gains 42% ahead of its long-awaited parachain auctions was originally published here https://melaniegriffith0.blogspot.com/2021/02/polkadot-dot-gains-42-ahead-of-its-long.html Polkadot (DOT) gains 42% ahead of its long-awaited parachain auctions was originally published here https://melniegrffith.tumblr.com/post/643700116847558656 Polkadot (DOT) gains 42% ahead of its long-awaited parachain auctions was originally published here https://thomascritchfield.blogspot.com/2021/02/polkadot-dot-gains-42-ahead-of-its-long.html
Ravencoin (RVN) gains 865% as interest in tokenized securities grows
Ravencoin (RVN) gains 865% as interest in tokenized securities grows Ravencoin (RVN) gains 865% as interest in tokenized securities grows Ravencoin (RVN) price has rocketed higher in February as a fresh wave of buying volume lifted the token’s price by more than 800% in the past 20 days. Data from Cointelegraph Markets and TradingView shows that RVN rose from $0.016 on Jan.29 to a new all-time high of $0.189 on Feb. 19 on top of a record $1.28 billion in 24-hour trading volume. RVN/USDT 4-hour chart. Source: TradingView A scroll through the project’s Twitter feed shows an increase in activity from the account beginning on Jan. 27, when the project tweeted, “Stock markets are transforming. Ravencoin is here for those who want to build services or issue assets.” Traditional financial markets were under pressure at the time thanks to r/Wallstreetbets and its squeeze of GameStop shorts which subsequently led to brokerage firms briefly suspending access to multiple stocks. A follow-up tweet on Jan. 29 read: “Ravencoin was specifically designed and developed with securities as a major use case. Specifically, the problems being seen in public markets due to bad ledgers may be solved by distributed ledger technology.” RVN briefly spiked to $0.036 following the tweet before entering a correction phase that pushed the price as low as $0.023. Increasing Twitter volume preceded the recent spikeVORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for RVN on Feb. 17, prior to the recent price rise. The VORTECS™ score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity. Cointelegraph Markets Pro – VORTECS™ Score (green) vs. RVN Price As seen in the chart above, the VORTECS™ score hit a low of 56 on Feb.14 and then proceed to rise to a high of 84 on Feb. 17, shortly before the price of RVN began to rise from $0.074 to its current price of $0.157. Trading volumes for RVN continue to push to new highs alongside its rising price, which has lifted the total market cap above $1.2 billion and made Ravencoin the most recent addition to the growing list of cryptocurrency unicorns. Title: Ravencoin (RVN) gains 865% as interest in tokenized securities grows
2021’s Most Anticipated Growth & Wealth-Building Opportunity
Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together Ravencoin (RVN) gains 865% as interest in tokenized securities grows Ravencoin (RVN) gains 865% as interest in tokenized securities grows was originally published here https://newsgrowing.blogspot.com/2021/02/ravencoin-rvn-gains-865-as-interest-in.html Ravencoin (RVN) gains 865% as interest in tokenized securities grows was originally published here https://melaniegriffith0.blogspot.com/2021/02/ravencoin-rvn-gains-865-as-interest-in.html Ravencoin (RVN) gains 865% as interest in tokenized securities grows was originally published here https://melniegrffith.tumblr.com/post/643677449096429568 Ravencoin (RVN) gains 865% as interest in tokenized securities grows was originally published here https://thomascritchfield.blogspot.com/2021/02/ravencoin-rvn-gains-865-as-interest-in.html |
Thomas CritchfieldMy Name is Thomas Critchfield and I am also the main source from the ‘newsgrowing.com’ of all the exclusive and most delicate visualization of the activities in the business and services sector. My first step towards this journey was taken in the very early years of my life. I started with an independent financial consultant. However, I only had almost 4 years of skills and experience in this market. I have always been a free personality and like to fly one place to another, to explore more and more. Moreover, this passion and craze of traveling gave me a chance to report a section for best news associations. Last but not least, I am presently working full-time as an editor. ArchivesNo Archives Categories |