Due to Increased Demand, Social Trading Platform Firm eToro Now Supports DOGE

Bitcoin may have brought cryptocurrencies to the limelight, but altcoins seem to be enjoying media attention in recent weeks.

The unprecedented surge in the value of small-cap cryptocurrencies has brought an influx of investors who have called for their listing on popular trading platforms.

The latest is meme-based cryptocurrency Dogecoin (DOGE) which enjoyed great fame following its bullish run in April.

In a few weeks that saw Dogecoin post over 300% increase in value, calls have continued to grow for the meme token to be listed on major crypto exchanges in the US.

The first response is coming from popular brokerage company eToro.

eToro US Lists DOGE

Israeli online brokerage firm eToro announced the listing of parody-based cryptocurrency Dogecoin on its U.S platform.

The listing will see Dogecoin join a host of other popular digital assets like Bitcoin (BTC), Ethereum (ETH), as well as, BCH, XRP, TRX, ETC, ADA, DASH, LTC, EOS, MIOTA, XLM, NEO, XTZ, ZEC, LINK, and UNI on the eToro US platform.

The brokerage firm with over 20 million active global users noted that this step was taken due to growing client demand for the meme coin to be listed.

eToro’s decision comes at a point in time when it witnessed remarkable rallies. It’s known as one of the most highly sought-after digital currencies.

It has also received backing from popular figures like Tesla’s Elon Musk and Shark Tank investor Mark Cuban.

Both men have contributed immensely to the continued success of Dogecoin.

At one point, Musk described DOGE as his favorite crypto.

This saw the price of the digital asset climb 20% with a further 10% when he confirmed his appearance on the popular tv show Saturday Night Live.

Cuban has been quite vocal too.

He has spent the better part of 2021 talking about cryptocurrencies and their potential to revolutionize the financial landscape.

In a recent tweet, he compared Bitcoin and gold as stores of value, noting that both are more or less financial religions in how they are used.

He also noted that BTC is easy to trade, create, and store with minimal delivery issues.

Also, Bitcoin allows for the transfer of value domestically and cross-border in contrast to gold which he said can be a hassle.

He also spoke on the decentralized platform Ethereum, which he said is far better, cheaper, and faster in authenticating financial transactions in a trustless manner through smart contracts than conventional financial institutions.

Cuban did not forget to speak about DOGE in his series of tweets. According to the billionaire investor, Doge may become a usable currency if more companies accept the digital coin in exchange for products and services.

Businesses Jumping on DOGE

Top on the list of companies adopting Dogecoin is NBA franchise Dallas Mavericks. The Mavs have since accepted Dogecoin as a form of payment for tickets and online merchandise. The solution was done in partnership with crypto payment provider BitPay.

Other businesses jumping on the Doge train have been consumer electronics company Newegg, Air Baltic, and Canada-based internet service provider EasyDNS.

Read Original/a>
Author: Jimmy Aki

What’s Next for Bitcoin as Risk Reducing Continues with A Lack of Strong On-chain Buying Signals?

With $27,000 in the key area and Bitcoin dominance seeing a drop, altcoins can get a serious run-up.

After the 28% drop last week, Friday’s mid-month options expiry resulted in choppy price actions.

This was followed by the owner of Dec 100k Bitcoin options calls to reduce national exposure, selling 1470 contracts 100k call for about 313 BTC ($11.6 million) and subsequently buying 980 contracts 64k call for about the equivalent amount. At the same time, there was plenty of buying volume on the Jan. 29 options with $52k and $72k strikes. Denis Vinokourov of Bequant wrote,

“Motivations are obviously unclear, but if this downsizing of risk continues, it may filter through to the broader market confidence.”

Bitcoin has now established a consolidation range with key levels to watch $39,200 and $34,000. A daily close below $34k would confirm a bearish structure, while a daily close above $39,200 will confirm a bullish structure.

Currently, BTC is being traded with low leverage with funding calmed down, open interest skyrocketing, and the long-short ratio looking neutral.

According to the trader and economist Alex Kruger, $27,500-$27,000 is the key area, and if the price heads back down to 30K, this level can be breached to see $27k, but it will bounce back very fast to $50k.

For now, the market is “waiting for profit-takers and weak hands to be shaken out,” notes on-chain analyst Willy Woo. The analyst believes a rest on the higher time frame would be “very healthy for a next stage rally,” but this could take 1-3 weeks.

“I’m modelling a floor price around ~$29k (daily closing price) for a worst case lower bound in this consolidation,” said Woo, but he doesn’t see a blow-off top because “there’s far too much money coming in from strong HODLers.”

Institutional Flow Needed

According to JPMorgan strategists, the recent drop from $40,000 could bring on further losses. Unless Bitcoin “break out” above $40k soon, the team of analysts led by Nikolaos Panigirtzoglou wrote, the leading cryptocurrency could see an exodus of trend-following investors.

Trend-following traders “could propagate the past week’s correction” and “momentum signals will naturally decay from here up till the end of March” if BTC fails to break above $40,000, they said.

Bitcoin is in a similar position as in late November when it was testing $20k when flows of institutional investment into Grayscale helped BTC extend its rally, wrote the analysts. It is the demand for Bitcoin futures and Grayscale Bitcoin Trust that will determine BTC’s outlook, they added.

“The flow into the Grayscale Bitcoin Trust would likely need to sustain its $100 million per day pace over the coming days and weeks for such a breakout to occur,” the strategists wrote in a note on Friday.

Time for Altcoins to Rally

While the leading cryptocurrency is taking a rest, with strong on-chain buying signals that drove this bull market not coming up so far, it has given altcoins the chance to rally as well, which is how the liquidity cycle works in the crypto market — “Huge rally on Bitcoin followed by a breakout on ETHBTC, then majors, the mid-caps and finally the small-caps,” noted HXRO Labs.

This can be seen in Bitcoin dominance, which has dropped from 73.7% on Jan. 3rd, last seen in July 2017, to 66.6% today. HXRO Labs added,

“BTC dominance broke through the wick high throwback level at 67.46% and is headed for a retest of the downtrend line below. It will have to navigate the 20 SMA shortly after. If both break, altcoins will be on steroids until further notice.”

Read Original/a>
Author: AnTy

DeFi Shifts to A Risk-off Environment, But A 2017-like Crypto Rally is Still Far Off

During the recent Bitcoin rally, altcoins suffered losses, and DeFi tokens had an even worse time.

Today, as BTC went to the $13,000 level, driven by European lockdowns, the crypto market reported deeper red. This consolidation in BTC could give altcoins a chance to recover, but it’s undecided and remains to be seen.

In the past month, except for a handful of DeFi tokens like Aave and Maker, the majority of them extended their losses from last month.

The total value locked (TVL) in the decentralized finance (DeFI) sector has been unperturbed by the crash in price as it hit an all-time high at $12.46 billion on Oct. 25. But since then, it has dropped nearly 10% to about $11.2 billion, as per DeFi Pulse.

But such declines aren’t new for the TVL, and it tends to recover just as fast.

“Just want to say that we are still extremely early in DeFi. As an analogy to Bitcoin, we probably just experienced the spring 2013 hype cycle. We haven’t even seen the winter 2013 cycle yet. Let alone the 2017 cycle,” said entrepreneur and quant trader Qiao Wang.

According to him, in the DeFi hype cycle, we are currently at a point where half of the legit projects have capitulated while the other half are in the process of capitulating.

Ethereum, on which the whole ecosystem is built, price-wise, is trading around $385. The sector meanwhile has a record 9 million ETH locked in it.

DeFi tokens on Ethereum are still minuscule, though, as they currently account for 1.39% of the $365 billion total crypto market cap. In terms of a number of holders, they capture an even smaller share of the market.

DeFi governance tokens in Ethereum have declined by a third in just last month while stablecoins and tokenized versions of Bitcoin on Ethereum have managed to continue in terms of market cap.

The shift has been because of a shift to a risk-off environment into less volatile yield-generating assets. As such, yield farming is transitioning from attracting users with unsustainably high rewards “to a more methodical approach rewarding those that actually create value to DeFi protocols.”

“It appears that the catalyst for DeFi’s initial boost may also be behind its crash,” noted IntoTheBlock.

Besides the high inflation rates, the bigger the rise in the price of DeFi tokens, the larger the retrace.

“While DeFi may currently be negligible in comparison to the $1.5 trillion financial services industry, there is a high room for growth as these systems become scalable and adopted.”

Read Original/a>
Author: AnTy

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.

Read Original/a>
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.

Read Original/a>
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.

Read Original/a>
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.

Read Original/a>
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.

Read Original/a>
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.

Read Original/a>
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.

Read Original/a>
Author: AnTy