Coinbase Custody Exploring 39 Crypto’s Including DeFi Tokens for Listing

Coinbase continues to take its altcoins and DeFi listing spree one step further every other day. Today, the San Francisco-based exchange announced a slew of other tokens its exploring to add support for.

After adding FTX (FTT) and Serum (SRM), Coinbase Custody that offers features such as staking, governance, and decentralized finance (DeFi) and serves institutional clients across the Asia-Pacific region, announced a total of 39 new digital assets that are up for listing.

Coinbase’s crypto custodian has released the latest list of all the digital assets that it is exploring for listing, including some known DeFi tokens and some unknown ones that are heard for the time here only.

Aave (AAVE), Amp (AMP), Ampleforth (AMPL), Ankr (ANKR), ArCoin (ArCoin), Audius (AUDS), Barnbridge (BOND), BitTorrent Token (BTT), Centrifuge (RAD), Conflux Network (CFX), Curve (CRV), DFI.Money (YFII), Elrond Gold (EGLD), JUST (JST), JUST Stablecoin (USDJ), Meta (MTA), MovieBloc (MBL), mStable (MUSD), Neo (NEO), Nervos (CKB), Nexus Mutual (NXM), NKN (NKN), NuCypher (NU), Ontology (ONT), Paxos Gold (PAXG), Paxos Standard (PAX), Reserve (RSV), Reserve Rights (RSR), Request Network (REQ), Skale (SKL), SUN Token (SUN), tBTC (TBTC), Terra (LUNA), The Graph (GRT), Tron (TRX), VeChain (VET), WING (WING), WINK (WIN), and Wrapped Bitcoin (WBTC).

Some of these tokens like WBTC have already been supported on Coinbase’s other platform Coinbase Pro.

According to Coinbase, support for any digital asset is subject to its “significant technical and compliance review,” which in some cases may also be subject to regulatory approval in some jurisdictions.

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Author: AnTy

Bitcoin Acting Like a ‘Stablecoin’ while Exuberance in Altcoins Looking ‘2016-2017’-ish

Bitcoin has surely made some moves, but 2020 so far is about altcoins, at least in terms of gains.

As Binance CEO, Changpeng “CZ” Zhao said, “bitcoin feels like a stable coin to me. It’s moving up so slowly. It only moved from $4100 in March to $11800 now. Every time it moved up, I get used to the new price in like 30 seconds, and starts to wish it will go higher…”

Meanwhile, altcoins have been flying. The growth seen by DeFi tokens has been even more dramatic, completely off the charts with the likes of YFI hitting new ATH at north of $15,000 with 46,800% returns in just a month while Aave (LEND) jumped 6,500% YTD.

“YFI is one of those few tokens driven almost entirely by smart money,” tweeted trader and economist Alex Kruger.

Bitcoin struggling to sustain above $12,000 and ranging is working in altcoins’ favor, especially the small-cap ones. The small caps index is up 50% this month and more than 260% YTD.

Mid-cap index meanwhile is up about 90% while large caps underperform with Ethereum facing an “uphill battle” to control its skyrocketing transaction fees. Meanwhile, “Bitcoin is being used as a source of collateral to seek alpha elsewhere,” wrote Denis Vinokourov of Bequant.

Digital assets are looking a little “2016-2017”-ish with $173 billion added to the crypto market this year. In the DeFi world, meanwhile, this growth has been much crazier with its market cap reaching $15 billion.

“Exuberance across alts is so high people have been paying 100-500% annualized to be long via derivatives,” noted Kruger.

Amidst this market euphoria, the gains hit a snag when bitcoin dropped this week, and in turn, altcoins fell even harder. But even that correction hasn’t been able to calm down the over-eager bulls as the market began trending up again today.

Moreover, some retracement is better for cryptos to move more steps ahead. As analyst Rekt Capital notes, a similar movement was seen in late November 2017, which gave us the face-melting rally of December 2017 and January 2018.

Moreover, the search interest for “buy crypto” that spiked this summer is growing rapidly, currently at the highest level since January 2018 as per Google Trends.

Search interest for “buy bitcoin” took a jump before the halving, but now even a larger spike is seen in the term “buy crypto” over the past month and for “buy altcoins,” interest has skyrocketed.

But in the near future, the big event that could affect bitcoin and, by extension, altcoins is coming on August 27-28. Already, the minutes from the Federal Reserve’s July meeting show officials are in favor of additional stimulus.

It will be a big risk-off if the Fed Chairman Jerome Powell’s message at Jackson Hole is ultra dovish and if he talks about changes to the inflation target under the coming monetary policy framework review. Additionally, it won’t be good for the risky markets and, as such, would “crush” bitcoin, stocks, and metals all alike if no fiscal package is further agreed upon by then, said Kruger.

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Author: AnTy

Markets Turn Red: Was it Just an Altcoin Week? And Is It Over?

Up until yesterday, altcoins have been enjoying a marvelous week with high returns.

Dogecoin emerged as the winner, pumped by zoomers on Tik Tok. But the market has turned, and DOGE has fallen 19.55%, even the popular social media platform suffered an outage yesterday. These losses came after Bitcoin dropped to about $9,050 in line with the S&P 500 on Thursday.

Today’s big losers in the crypto space include VeChain (13%), Stellar (8.88%), IOTA (8.57%), Ren (7.81%), Cardano (7.45%), Aave (7.26%), Synthetic (6.50%), XRP (5.09%), Kyber Network (4.92%), Chainlink (4.89%), Zcash (4.74%), and Tron (3.74%).

Overall, the total market has lost about $7 billion.

So, is it really an alt-season?

Analysts have been calling out how bitcoin has been trading sideways, and its dominance fell off while altcoin rallied, which are some good signs that it is an alt season. It has also been argued that Dogecoin’s pump either marks the start of the alt season or confirms it.

However, trader DonAlt is of a different opinion. In his last episode of ByBit sponsored TechnicalRoundup YouTube Channel, he argued that this isn’t’ the first time the market is calling out an Alt-Season on Dogecoin’s pump.

He pointed out how, on numerous previous occasions since 2018, when DOGE popped even harder, the market made calls for an alt season every time only for it to turn out to be nothing but a short-lived spike.

The trader isn’t “entirely sure” if it could be an alt season because it doesn’t make much sense to have one right now and is “poorly timed.”

But these are altcoins, so everything is possible, and if this is really the alt season, DonAlt feels it,

“has more chances to be one than all the other ones before just because you are at high timeframe support areas for the bigger important coins.”

Several coins are still trending up amidst the red market such as Akropolis (93%), Elrond (29%), BitTorrent (13.47%), Ampleforth (11.63%), Holo (8.09%), Stratis (7.91%), Cosmos (6.43%), and others. However, the greens are not as significant as they have been earlier this week.

According to Richard Rosenblum, co-founder and co-head of trading at GSR, the cryptocurrency market is having a “mini altcoin boom,” and those that are too focused on bitcoin right now are missing out. In his view,

“there’s a lot of action in the space that doesn’t get as much focus as it should.”

But like many others in the crypto space, he believes not every project is “going to succeed in the end,” only a handful of projects will be the leaders in the space, good enough for investment.

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Author: AnTy

Ethereum Longs Pushing Strong with Many Factors Backing Them But Shorts are also Strong

While altcoins are surging, the second-largest cryptocurrency has been relatively silent, not as much as bitcoin but pretty subdued still.

But things might change for Ether as well as the traders bet on an uptrend.

ETHUSD longs on Bitfinex have reached yet another all-time high. These longs have been surging for more than two years, since March 2018. Earlier this year, they went parabolic. In the past five months, they spiked more than 200%.

The notional value of ETH longs was $308 million in mid-March, which has now risen to $444 million.

In 2020, ETHUSD shorts also jumped but at a higher percentage than the longs at 393% in the past six months. But unlike longs, they are still far away from its all-time high in December 2018, as per TradingView.

For now, Ether is in the green barely while trading at $241. In the past seven days, it has spiked 7% and 89% YTD. Experts are expecting Ether to outperform Bitcoin in the near future.

Also, Ether’s implied volatility is moving up, and total open interest on futures is now near its peak.

Analyst Pentoshi also notes, “We are seeing the largest bullish divergence ever in regards to daily active addresses and price in Eths history. With DeFi, + 2.0, I can’t help but think the next year is going to be wild.”

Potential Ether Drivers

The seven-day moving average of the number of active Ether addresses has peaked to 405,014 — the highest level in two years, May 2018.

Active addresses are the unique addresses that are active as a sender or receiver on the network. While this week, this number is slightly down from last week, it is still up 115% from Jan. 30 low of 180,750.

This increased activity could be the result of Ethereum-based Decentralized Finance (DeFi) platforms and stablecoins, especially the daily USDT transaction on the network, which has increased by more than 400% this year.

Already, close to a record, 3.1 million ETH are locked in various DeFi projects. Moreover, $60 million worth of BTC moved to Ethereum last month, and Wrapped Bitcoin is responsible for about 75% of this growth.

Amidst this, the Dapp report shows Ethereum users doubled compared to the first quarter, and DeFi application Compound was the one responsible for this, which pushed the volume over $10 million in Q2 2020.

This heightened demand is expected by many to fuel Ethereum’s bull run.

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Author: AnTy

Kraken and Binance Form New Partnerships to Offer More Fiat Funding Options

Amidst the flying altcoins and stuck Bitcoin, cryptocurrency exchanges continue to add new options to allow users to buy and sell digital assets.

Kraken has added seven new USD funding options for US residents through its partnership with MVB Bank to offer the fastest and smoothest experience for its clients. Formed in 1997, MVB Bank is an FDIC insured bank.

“We are excited to offer this new USD funding method, and think it will prove to be one the best funding methods for our US clients. MVB Bank is an ideal banking partner for us in many ways, including their deep commitment to supporting innovative financial companies in the Fintech sector,” said Kraken Chief Operating Officer David Ripley.

The new domestic wire charges a deposit and withdrawal fee of $4 with a minimum deposit/withdrawal of $20.

The new option is available in every US state that Kraken operates in, except for Texas.

Reaching 170 Countries

Another exchange that is extending its options is leading spot exchange Binance, which has acquired crypto wallet app Swipe.io. This acquisition could help boost crypto adoption, said Binance.

Swipe users can now purchase cryptos from within the app and use debit cards that utilize the Visa payment network to automatically convert stored digital assets into fiat currency.

Available in 31 countries, Swipe support transactions in US dollar, pound sterling, and euros. The app has also listed Binance’s native coin BNB to its platform for an undisclosed amount.

The exchange also announced a partnership with settlement provider Etana Custody to further increase options for users to buy digital assets with fiat currencies.

With this partnership, Binance users can now fund their accounts with 15 national currencies in Europe, Asia, North America, and Oceania markets.

Besides, United Arab Emirates dirham (AED), Czech koruna (CZK), Danish krone (DKK), Hungarian forint (HUF), Mexican peso (MXN), Norwegian krone (NOK), Polish złoty (PLN), and Swedish krona (SEK), euro (EUR), Canadian dollar (CAD), Australian dollar (AUD), and Swiss franc (CHF) are also included.

This brings the total number of countries and regions that Binance serves with fiat to 170.

Users can fund their purchases of cryptos right from Binance’s website once they have set up a funded Etana account. Etana also follows KYC and AML standards and is compliant with the Bank Secrecy Act.

Etana also provides services to Kraken as a third-party custodian and settlement provider of both fiat and digital assets for brokers, traders, and exchanges.

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Author: AnTy

Decentralized Finance (DeFi) Tokens are on Fire, Market Cap Surpasses $3.2 Billion

Bitcoin is stuck in a range but not altcoins.

This is the perfect time for altcoins to rally. The likes of Verge (XVG) (17.76%), Vechain (VET) (10.79%), Zilliqa (ZIL) (9.49%), and Cardano (ADA) (9.06%) are enjoying good gains today.

But among altcoins, it’s time for DeFi tokens to shine.

They have been surging throughout 2020, especially since March sell-off.

“As people are starting to realize, DeFi tokens are outperforming this year,” noted analyst Ceteris Paribus. “The sweet spot has been tokens with $10-30m market caps at the beginning of the year. This universe of tokens has increased their collective market caps by ~$700m in 2020.”

The market capitalization of DeFi has surpassed $3 billion, currently at $3,228,685,123, as per DeFi Market Cap.

DeFi tokens meanwhile continue to lead the market gains. Even last week, amidst the broker market rout, they recorded gains. Many tokens in this sector are posting upwards of 100% to 500% returns YTD.

Defi-on-fire

While some DeFi tokens are generating income in the form of a staking yield, others in the fee.

“Real investors in this space are flocking to these value assets while running from the non-productive “if you build it, they will come” legacy cryptocurrencies and protocols. And we believe that’s a good sign for long-term health and growth of this asset class,” said Jeff Dorman CIO at Arca.

Growing Sector

The sector basically represents those companies and projects that cut out rent-seeking middlemen in the new “open finance” ecosystem.

Today, the total value locked in decentralized finance (DeFi) has yet again surpassed $1 billion.

Although, this figure is nowhere near the traditional banking and brokerage sector, “it is nonetheless an impressive feat for DeFi to gain significant traction while the U.S. economy becomes more and more untrustworthy to the average citizen,” Dorman said.

In the past few weeks, some of the projects released significant upgrades. While Bancor announced a new upgrade to its protocol, Kyber Network has released its mainnet. Aave, which is quickly catching up on Compound, is seeing a surge in demand for popular stablecoin Tether (USDT).

Nexus Mutual, an insurance provider for Ethereum-based DeFi protocols has been seeing its risk pool doubling over the past two months.

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Author: AnTy

Analyst says Another Altcoin Drop will be a Buy the Dip Opportunity

In April, the world’s leading cryptocurrency jumped over 40% but so did altcoins. Though this time they didn’t outperform BTC’s spike by a wide margin, there was still a substantial uptrend.

“Alts not only held up well, but have bounced back stronger in many cases,” noted analyst Ceteris Paribus.

Ethereum rebounded well with a spike of 61%. The network also recorded more than one million smart contracts since March 12th.

In March overall, the smart contacts deployed on the network were an all-time high, 75% higher than the previous record set in October 2019.

However, a large amount of these contacts were either empty or related to GasToken, reported Arcane Research. These could be used to deploy contacts when gas prices are low only to destroy and get refunds when gas prices are high.

Even filtering these contacts out, March was still a record-breaking month, only beaten by November/December 2018.

Altcoins starting to look good

“Alts starting to drift off while BTC shows strength. Alts not recovering on BTC pullbacks. Alts starting to drift off while BTC shows strength & not recovering on pullbacks,” said analyst DonAlt.

Altcoins are only a good buy for either short-term trades or during mass panic and according to him, panic hasn’t hit yet.

“If BTC fuckery (be it up or down) leads to an altcoin drop in the next weeks to months I think that altcoin dip is one to buy. I’m patient but some of this stuff is starting to actually look good on a large timeframe for the first time in ages,” added the analyst.

Among the top 25 cryptos, Stellar (81%), Tezos (79%), Chainlink (76%), Cardano (69%), Cosmos (45%), Tron (41%), and ETCETC (40%) led the rally this month.

Interestingly, this week, two hottest altcoins, Chainlink and Tezos came together. Chainlink’s decentralized pricing oracle will be providing the Tezos community projects with real-time data.

With this integration, Tezos projects can pull from active pricing feeds for different assets to build projects.

“I think it’s going to be used a lot for DeFi, maybe some decentralized insurance. But from what I can tell, there’s a lot of interest in having DeFi on Tezos. And having a good oracle mechanism is basically now a prerequisite for having a well functioning DeFi application,” said Chainlink CEO Sergey Nazarov.

All indexes ended April with gains of over 30% but small caps increase the most with a 335% gain. In the past month, the market cap excluding bitcoin rose by $22 billion.

Down the line, other big performers include Hyperion (423%), Digibyte (23%), Hive Token (99%), Zilliqa (65%), Kyber Network (58%), Enjin Coin (56%), Zcash (49%), and Matic (47%).

Kyber Network particularly is getting attention as the network’s planned upgrade will allow KNC token holders to earn staking income. As such, the number of addresses with KNC has increased by 15% since early January, as per IntoTheBlock.

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Author: AnTy

Ethereum Miners Busy Hoarding ETH at Record Levels But Exchange In-flows also on Rise

Bitcoin is surging and so are altcoins. The second-largest network is also enjoying a spike of 7.34% as Ether moves above $200. When it comes to YTD gains, Ether which recorded 60% gains is outperforming BTC which is up only 13.18%. Much of these gains, over 58% have been made in April.

This price increase has the number of Ethereum addresses in profit increased to 40%, the highest percentage number since early March.

Interestingly, roughly 17% of Ether supply 16.6 million ETH is held by 10 addresses while the top 10,000 addresses hold 91.7 million ETH. The top 1k addresses represent 70.7M ETH and 37.8M ETH are held by the top 100 addresses.

On removing the smart contracts, the distribution of ether supply shows the top 10,000 addresses hold 56.7% (over 57 million) of ETH in comparison to 57.44% of Bitcoin supply holding 10.54M BTC.

Only 16 of XRP addresses hold over 55% of XRP supply while 300 of Litecoin addresses hold 54.3% of its supply and 55.8% of BCH supply is held by 1100 addresses.

Meanwhile, the top 100 has 26.4 million ETH and the top 1,000 42.5 million ETH, analyzed venture capitalist Adam Cochran.

Interestingly, March was a record-breaking month for Ethereum as almost 2 million smart contracts were deployed on the Ethereum network.

Busy Accumulating Ether

Cochran who recently wrote about how ETH 2.0 could be “the largest economic shift in society,” has found another reason to be bullish on Ether based on top 10,000 Ethereum addresses.

The venture capitalist comes up with 44.6M ETH with roughly 9% of ETH inaccessible, there is 100 million ETH in circulation that is in a position to enter into staking after removing 80% of cold exchange funds and burned, lost, and locked ETH. And  ETH 2.0 will likely initially return 12%-17%+.

Whales are reportedly also busy accumulating, existing whales increased their position by 4% in the past 6 months, and during this period, new whales bought over $650 million.

“We were also able to identify wallets associated with major players such as JPMorgan Chase, Reddit, IBM, Microsoft, Amazon, and Walmart,” and all of them are accumulating ETH, he said.

Miners are also busy hoarding, they accumulated 1.15 million in the past 6 months. Cochran said,

“We’ve never seen such a rapid increase in miner hoarding on ETH. Ever.”

“It seems likely that as we edge closer to Phase0 roll out, ETH miners are getting ready to convert mining operations into staking operations.”

While miners are looking bullish on Ether’s future, DeFi has plenty for a room to grow as well with the majority of $800 million locked in DeFi coming from individual micro-accounts.

However, exchanges’ Ether deposits grew by 5x in the past 6 months. It is the leading early indicator of mass sell-off but this time, the price rose, unlike the last three times when Ether price fell over 40% in the one-month span of the deposits increasing by 4-5x, so that’s a point of concern for now.

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Author: AnTy

Bridges to Bitcoin Built on Ethereum Growing Amidst the Exodus of BTC from Top Exchanges

On March 12th, the price of bitcoin went down to $3,850 and altcoins dropped even harder that wiped out about $90 billion from the cryptocurrency market. Since then, the market has added $44 billion as Bitcoin jumps over 60% and takes altcoins up with it. However, investors are still withdrawing their funds from exchanges notwithstanding the price action. Crypto data provider Glassnode, noted,

“Despite the volatility, Bitcoin holders appear to be withdrawing their funds from exchanges. Outflow has been increasing daily since March 18. According to our labels, BTC exchange balances are the lowest they’ve been in ~8 months.”

Source: @Glassnode

In the past month, only a few of the exchanges like Bittrex, Bitstamp, Bitfinex, and Poloniex saw an increase of as much as 2% in Bitcoin balance. Derivatives platform, Deribit saw the biggest flow out of BTC at 16% followed by 11% in BitMEX, another derivatives platform. Binance recorded the least percent of bitcoin moved out of the exchange this past month, as per ICO Analytics.

When it comes to the past one year, Deribit leads with an increase of a whopping 170% of Bitcoin stored on the centralized exchanges. Deribit is followed by a 106% increment on Huobi and 0.4% on OKEx.

The biggest drop was seen by Poloniex of 40% followed by Kraken’s 24%, and Bittrex’s 15%. Bitstamp, Bitfinex, Binance, and BitMEX’s drop in Bitcoin storage has been between 1 to 5%.

Source: @theTokenAnalyst

Amidst this, stablecoins have emerged as the winner. While the total market capitalization lost 45% in the week after the record crash, stablecoins’ capitalization keeps on growing.

Binance’s BUSD added a considerable capitalization of more than 100%. According to Changpeng Zhao, founder and CEO of Binance what differentiates BUSD from other stablecoins is that,

“BUSD is approved by NYDFS, peace of mind, Bank deposits audited by top audit firms (as oppose to a blackbox), and high number of pairs, high liquidity, supported by binance and many other exchanges.”

The supply of stablecoins including USDT, USDT-ETH, USDT-ETH, TUSD, DAI, PAX, USDC, BUSD, and HUSD collectively is just shy of reaching $8 billion, as per Coin Metrics.

Source: Coinmetrics

These fiat-pegged stablecoins that Adamant Capital’s Tuur Demeester calls the “bridges of Bitcoin” are interestingly based on Ethereum and form about 38% of Ether’s market cap.

Commenting on this trend, Nic Carter of Coin Metrics said, “just interesting to watch as dollars become the native currency on chain.”

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Author: AnTy

Two Popular Altcoins Still Recording Over 140% Gains in 2020 So Far

  • The market is enjoying the greens.

As Bitcoin jumps to nearly $6,900, altcoins follow up. However, this time, the world’s leading cryptocurrency is the one that is ruling the market with over 6% gains in the past 24 hours.

Source: Coin360

After experiencing a massive sell-off that dominated all asset classes, whether equities or gold, Bitcoin with other risky and safe-haven assets are back to surging as central banks announce stimulus to combat the coronavirus impact on the economy.

However, according to Vijay Ayyar of crypto exchange Luno, Bitcoin price could spike to $6,500 before finding a range between $3000 and $6,000 until the next bull cycle breakout. He said,

“This is classic redistribution and would be very healthy for future Bitcoin price action and if we were to have bullish momentum going forward.”

The Winners

Among the large-cap cryptos, Monero is recording gains of 12.48% while trading at $46.71. Other coins that emerged as the winner in the past 24 hours are Nano with about 20% gains Steem which is up about 19%, and Enjin Coin which is up over 10%.

The price of Steem is increasing despite the community having a successful hard fork and launching HIVE in an attempt to expel Tron founder and CEO Justin Sun’s Steemit. Ever since the Hive announcement, the price of STEEM has been rising, which could be users attempting to capitalize on the promise of “free airdrop” payouts.

If we take a look at the top gains of the past 7 days, Dash recorded 54% gains followed by Enjin Coin (52.52%), Bitcoin SV (48.11%), STEEM (40.47%), and Nano (39%).

The sixth-largest cryptocurrency by market cap, Bitcoin SV currently has 17.96 million addresses with a balance of the digital asset. Over 91% of the addresses are holding 9.01 million BSV for more than a year while less than a year old hodlers are holding 6.77% addresses with 5.79 million BSV. Only 1.46% of the addresses are less than a month old BSV holders.

Which Crypto Rules 2020 so far with gains?

There are a number of small-cap cryptos such as XNS (391%) DATA (139%), QQQ (174%), NMR (132%) and others that are leading the market in year-to-date gains.

However, there are a few known cryptocurrencies that are also recorded significant gains so far in 2020.

Kyber Network is leading the pack with 160% gains. The Ethereum-based on-chain liquidity protocol enables users to trade instantly between a wide range of token pairs. Crypto analysis company Glassnode in its latest report points out how for about 2 years, the growth of KNC holders was relatively stagnant, a trend that broke in mid-February this year.

Several events like increased trading volume, Coinbase listing the token, and the Katalyst upgrade given a Q2 release date all worked in KC’s price favor which is trading at $0.468.

HBAR is another big gainer which is up 146% YTD. One of the recent developments came in the form of a Coronavirus (COVID-19) tracker based on Hedera Hashgraph.

Other gainers are BSV (82%), Lisk (77%), ICX (70%), Dash (60%), DigixDAO (53%), Bitcoin Gold (39%), Steem (38%), Tezos (30%), and Link (22%).

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Author: AnTy