Crypto
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3 reasons why Bitcoin can rally back to $60K despite erasing last week’s gains
Bitcoin (BTC) plunged to below $38,000 on Monday, giving up all the gains it had made last week, which saw BTC/USD rally over $45,000. BTC back below $40K as oil soars The losses appeared primarily in part due to selloffs across the risk-on markets, led by the 18% rise in international oil benchmark Brent crude to almost $139 per barrel early Monday, its highest level since 2008. Nonetheless, Bitcoin’s inability to offer a hedge against the ongoing market volatility also raised doubts over its “safe haven” status, with its correlation coefficient with Nasdaq Composite reaching 0.87 on Monday. BTC/USD weekly price chart featuring its correlation with Nasdaq and Gold. Source: TradingView Conversely, Bitcoin’s correlation with its top rival gold came to be minus 0...
Bitcoin’s recent correction below $40k conforms to a previously bullish triangle pattern, crypto analyst notes
A top crypto analyst has set forth that Bitcoin’s rejection at $45k indicates the asset is now in a triangle trading pattern Credible Crypto also explained that it is unlikely Bitcoin will plunge below $30k as it recently grew above $44,700 Popular crypto markets analyst Credible Crypto has predicted that Bitcoin’s recent rejection at $45k and correction downwards below $40k indicates that the asset is preparing for a surge towards $50k in the coming weeks. In a post shared to his 313k-large Twitter following, the pseudonymous crypto strategist said that following its recent rejection at $45,069, the asset is now fitting into a triangle structure, similar to the one it showed when the price was at $10k. He explained that should the daily demand hold at $38k, then Bitcoin could comple...
FTX exchange looking to start operations in the European market
The crypto exchange has disclosed it has established a European division The exchange’s founder Sam Bankman-Fried has previously talked about expansion and acquisition plans Sam Bankman-Fried’s FTX has today announced a major milestone in its venture to explore new markets. The cryptocurrency exchange revealed today it has set up a Switzerland unit befittingly named FTX Europe that will be focused on serving users from Europe and the Middle East. The new unit has an additional base in Cyprus where it is licensed by the local watchdog CySEC according to the exchange’s press release. An FTX.US equivalent operating in Europe FTX previously set up a unit, FTX.US, that solely operates in the United States – a market that is widely considered stricter. The Switzerland-based unit, which comes two...
Coinbase acts to ensure compliance with sanctions against Russia
Crypto exchange Coinbase says it has blocked over 25k Russian addresses linked to illicit dealings The exchange has submitted the idea of using crypto tech over traditional fiat to ensure sanctions compliance In an official blog post published today, the largest crypto exchange in the US, Coinbase, has voiced its support for the range of sanctions placed against Russia. The exchange insisted that sanctions play a critical role in national security and dissuading unlawful aggression. In the post, the exchange’s chief legal officer Paul Grewal acknowledged that while Coinbase’s compliance program might not be perfect, it is doing its bit in helping ensure compliance to imposed financial and economic penalties. He explained that via its multi-layered, global sanctions program, Coinbase is abl...
DeFi ‘Godfather’ Cronje quits as TVL and tokens tank for related projects
DeFi architect, Fantom Foundation technical advisor, and Yearn Finance founder Andre Cronje has left the decentralized finance (DeFi) space reeling after deactivating his Twitter account. Cronje’s long-time colleague at the Fantom Foundation Anton Nell stated in a Mar. 6 tweet that both he and Cronje were leaving the crypto space entirely. However, concerns have arisen about the fate of the roughly 25 decentralized apps (dApps) and services they have been operating up to now. Fantom Opera is a layer-2 Ethereum scaling solution. Andre and I have decided that we are closing the chapter of contibuting to the defi/crypto space.There are around ~25 apps and services that we are terminating on 03 April 2022. 1/3 — Anton Nell (@AntonNellCrypto) March 6, 2022 Among the affected apps and services a...
KyberSwap DEX launches on layer-two network Arbitrum
Decentralized exchange (DEX) aggregator KyberSwap has launched on the layer-two Ethereum scaling solution Arbitrum network. The move puts Kyberswap on its seventh network or scaling solution along with Ethereum (ETH), Polygon (MATIC), Fantom (FTM), BSC (BNB), Avalanche (AVAX), and Cronos (CRONOS). KyberSwap joins SwaprEth, Balancer Labs, Curve Finance, and SushiSwap as the DEXes available on Arbitrum as of the time of writing. KyberSwap DEX Aggregator Launches Integration with L2 Scaling Solution @OffchainLabs #Arbitrum NetworkTrade tokens on #KyberSwap at faster speeds and with lower costs, with the best rates! Trade and earn now: https://t.co/Yl4MTlr0di Learn more: https://t.co/ksSu1YjQkt pic.twitter.com/sUI00hnsk5 — Kyber Network (@KyberNetwork) March 7, 2022 The KyberSwap team points t...
Stablecoins will have to reflect and evolve to live up to their name
In the case of stablecoins, unfortunately, the name is so far a misnomer. The fact that stablecoins are pegged to a “real” asset does not equate to stability. Traditional underlying assets are not exempt from market fluctuations, and with the majority of stablecoins pegged to fiat, they can be just as unstable. What the name could be, however, is aspirational — something that stablecoins might yet live up to if they can tie themselves to a solid foundation. Where did all the stability go? At risk of confusing metaphors, stability is the currency of the day. Markets are volatile, debt levels are high and inflation is spiraling following the COVID-19 pandemic and ongoing supply chain problems. The cryptocurrency markets have benefitted as investors have searched for alternative stores of wea...
What is Solana, and how does it work?
What is Solana? Solana is a highly functional open source project that implements a new, permissionless and high-speed layer-1 blockchain. Created in 2017 by Anatoly Yakovenko, a former executive at Qualcomm, Solana aims to scale throughput beyond what is typically achieved by popular blockchains while keeping costs low. Solana implements an innovative hybrid consensus model that combines a unique proof-of-history (PoH) algorithm with the lightning-fast synchronization engine, which is a version of proof-of-stake (PoS). Because of this, the Solana network can theoretically process over 710,000 transactions per second (TPS) without any scaling solutions needed. Solana’s third-generation blockchain architecture is designed to facilitate smart contracts and decentralized application (DApp) cr...
Top 5 cryptocurrencies to watch this week: BTC, XRP, NEAR, XMR, WAVES
Bitcoin (BTC) plunged below $40,000 on March 4 and has been trading below the level throughout the weekend. Although the crypto price action has been volatile in the past few days, Glassnode data shows that institutional investors have been gradually accumulating Bitcoin through the Grayscale Bitcoin Trust (GBTC) shares since December 2021. Another positive sign has been that fund managers have not panicked and dumped their holdings in GBTC. This suggests that managers possibly are bullish in the long term, hence they are riding out the short term pain. Crypto market data daily view. Source: Coin360 Bloomberg Intelligence said in their crypto market outlook report on March 4 that Bitcoin may remain under pressure if the U.S. stock markets keep falling, but eventually, they expect crypto to...
Weekly Report: BitDAO makes bold bet with $633 million allocation
Here are some of the interesting headlines you might have missed in the cryptocurrency sector this week: Rarify gets a $10 million boost in a funding round led by Pantera Capital Rarify, an infrastructure firm that provides businesses and institutions with a platform to natively incorporate non-fungible tokens (NFTs), has completed a $10 million funding round. The raise, which now puts the firm’s valuation at $100 million, was led by asset management company Pantera Capital, with the involvement of other investors including Slow Ventures, Greycroft, Protocol Labs, Hyper, and Eniac Ventures. By providing infrastructure to support enterprise-scale NFT integration, Rarify helps companies jump into the NFT scene with ease. According to the firm’s co-founder Revas Tsivtsivadz, the firm aims to ...
Bitcoin heading to 36K, analysis says amid warning global stocks ‘look expensive’
Bitcoin (BTC) headed lower into the weekly close on March 6 with geopolitical tensions and associated macro weakness firmly in focus. BTC/USD 1-day candle chart (Bitstamp). Source: TradingView Could 2022 bring a “Greater Depression”? Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting its lowest levels in over a week Sunday after volatility returned overnight. The pair was in the process of testing $38,000 support at the time of writing, with three-day losses approaching 12%. Despite the “out of hours” trading environment, the trend was clearly down for the largest cryptocurrency, as the mood on global equities wobbled among analysts. “Global equities have lost $2.9tn in mkt cap this week as war could trigger major stagflationary sh...
Bitcoin heading to 36K, analysis says amid warning global stocks ‘look expensive’
Bitcoin (BTC) headed lower into the weekly close on March 6 with geopolitical tensions and associated macro weakness firmly in focus. BTC/USD 1-day candle chart (Bitstamp). Source: TradingView Could 2022 bring a “Greater Depression”? Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting its lowest levels in over a week Sunday after volatility returned overnight. The pair was in the process of testing $38,000 support at the time of writing, with three-day losses approaching 12%. Despite the “out of hours” trading environment, the trend was clearly down for the largest cryptocurrency, as the mood on global equities wobbled among analysts. “Global equities have lost $2.9tn in mkt cap this week as war could trigger major stagflationary sh...
