Bitcoin Takes A Dive & Altcoins’ Drop Hard, But People Are Still ‘HODLing and Not Selling’

BTC price goes down to about $55,600 and Ether as low as $1,930 as 366,073 traders get liquidated for $2.02 billion. But the crypto market is already recovering the losses.

Historically, April is one of the best months for Bitcoin’s price, however, the beginning of the month is anything but so.

Today, the price of Bitcoin took a fall to $55,600 and is still not looking done with the correction. In tandem with BTC, the majority of the cryptocurrency market has gone down with it too, which has been enjoying an onslaught of bulls while the leading cryptocurrency consolidated.

Down 5% to 20%, Ether is back at $1,945, XRP near $0.880 with FIL, UNI, DOT, XLM, TRX, BTT, IOTA, BSV, AAVE, XTZ, ATOM, KSM, ENJ, STX, DENT, and UMA recording double-digit losses.

As a result, the total market cap, which surged past $2 trillion for the first time this week, is now near $1.90 trillion.

However, the market hasn’t topped as Ki-Young Ju, CEO of data provider CryptoQuant, points out people are holding and not selling their BTC.

“Are we in the market cycle high? No. When the market reaches its peak, everyone deposits BTC to exchanges to sell. The number of inflow addresses across all exchanges was at its highest in 2018 Jan, while it hit a three-year low a few days ago.”

And bitcoin shorts continue to be punished.

Overeager and overleveraged longs, however, aren’t unaffected. As a matter of fact, the degen traders are the reason Bitcoin sees pullbacks time and again.

In the past 24 hours, over $613 million Bitcoin positions have been liquidated, as per Bybt. In total, 366,073 traders have been liquidated for $2.02 billion.

Following this, funding rates on Bitcoin perpetual contracts have gone down some, with the highest on Huobi at 0.1051%.

Long Bitcoin, Short U.S. 5 Year Treasury

In other news, Bitcoin bull Mike Novogratz is shorting the five-year Treasury as a hedge against policymakers pulling back their monetary support, saying, “Everyone long bitcoin should be short the five year.”

“I’m short a lot of interest rates,” Novogratz, chief executive officer of Galaxy Digital, said in a Bloomberg Television interview.

“To me, being short the five-year part of the yield curve is a great hedge for any portfolio, crypto or non-crypto.”

U.S. 5 Year Treasury yield is currently at 0.866%, down from 0.97% last week. The yields on these bonds have been rising since last August when it was at 0.193% but still nowhere near the 9.52% in late 1988.

The billionaire investor, who is a former partner at Goldman Sachs, further said in the interview that the price of the assets is rising for the very same reason, central banks relentlessly printing money.

This week, the total cryptocurrency market capitalization hit a new all-time high above $2 trillion, and according to Novogratz, we can easily rise twice as much this year.

“We’re up to 0.5% of global wealth in crypto, and it will be 1% by the end of the year.”

While bullish on crypto and short on bonds, Novogratz is also betting on Facebook in anticipation of the social media giant introducing the Novi digital wallet this quarter. “All of a sudden, you’ll have 2.4 billion people connected to this crypto space,” he said.

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Author: AnTy

Gold Bug’s Bitcoin Hedge: Peter Schiff’s Son Goes All in on BTC, “HODLing to Infinity”

Gold Bug’s Bitcoin Hedge: Peter Schiff’s Son Goes All in on BTC, “HODLing to Infinity”

At this point, however, it’s hard to believe he really hates Bitcoin or isn’t involved in it just as much as he claims to be.

Gold bug Peter Schiff is known for his contempt for Bitcoin. He doesn’t miss a single chance of Bitcoin taking a breather or making a correction to bash the leading cryptocurrency, which has been the best performing asset of the decade and 2021.

While Bitcoin is up 95% YTD, having appreciated more than 15x in value from its March low to become a trillion-dollar asset, gold is down 8.93% in 2021 so far and 0.54% this month.

And while Peter has no love lost for Bitcoin, his son went all-in on Bitcoin during the recent correction.

“My son Spencer Schiff went all-in on Bitcoin on the last drop below $50k. 100% of his portfolio is now in Bitcoin. He sold the last of his silver stocks to raise the cash,” tweeted senior Schiff. “He’s HODLing to infinity or bust.”

But of course, he then has to throw in some shade to stick to the biased approach he has taken to hold close when it comes to cryptocurrencies.

“If my own son is this brainwashed imagine how vulnerable most kids are,” he added.

Peter’s antics goes as far as to him saying, “I need to disinherit him. Otherwise he will squander my hard-earned wealth on more Bitcoin,” and that if his son goes wrong in his choice to go with digital gold, “He needs to suffer the consequences of his mistakes. That’s the only way to learn a lesson.”

While “Peter’s son is Peter’s hedge,” at this point, people really doubt he hates Bitcoin just as much as he claims to be.

“I see what you did there. ‘My son is the front for my huge BTC bag’ …nice one,” commented TraderSZ.

“There’s no way this is real. It’s like how Kris Jenner sold Kim K’s sex tape, and now they all are rich,” came from Mrs. Amerina Hodl.

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Even his website accepts cryptocurrency, Bitcoin (BTC), Bitcoin Cash (BCH), and Ethereum (ETH), through crypto payment processor BitPay.

Meanwhile, Spencer Shiff’s commitment has got him a new follower, Twitter CEO Jack Dorsey. “I guess that means he doesn’t have to worry about being de-platformed now,” commented Peter.

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Author: AnTy

Taco Bell Joins in on NFT Action as Non-Fungible Tokens Mani Goes Mainstream

Taco Bell Joins in on NFT Action as Non-Fungible Tokens Mani Goes Mainstream

The NFT space sees impressive growth with $91 million in crypto art sold last month, 8x of January.

Taco Bell, a popular fast-food chain, is the latest to join the non-fungible tokens (NFT) mania.

The restaurant chain created five different NFTs that were released late Sunday on the marketplace Rarible. The tokens were put on sale for 0.001 ETH worth just $1.79, with the highest bid on them going to 0.4 WETH ($700).

All profits were donated to the Taco Bell Foundation.

Taco Bell is the just latest one to join the digital art and collectibles ecosystem. Last week, the band King of Leons released its latest album with an NFT. The largest crypto collectible brand, NBA TopShot, has recorded $300 million in all-time sales. Currently, a Snoop Dogg Niftydudes NFT has bidding of $1.4 million.

Lindsay Lohan is particularly making use of NFTs, minting and selling her “Mean Girls” images for thousands of dollars. Musician Grimes, partner of Bitcoin fan and Tesla CEO Elon Musk, and Dallas Mavericks owner Mark Cuban are also getting in on the action around NFTs.

Popular collectibles CryptoPunks, one of the earlier crypto art blockchain projects created by larva Labs in 2017, have also gone parabolic, surpassing 66k in all-time ETH sales ($105 million).

“There wasn’t a way to own things or know that you owned them online before this,” said Matt Hall, the co-founder of CryptoPunks. “The miracle of digital is that copying was perfect and free. This is reversing part of that — which is kind of weird.”

Another project is Hashmasks, whose index funds allow investors to get exposure without owning an entire NFT themselves, which are currently 825 in NFTX.

There are currently four artists with more than $10 million in artwork value.

According to Dune Analytics, one of the popular NFT marketplace Opensea’s monthly transaction volume in February reached a record-high of $93.9 million, about 11.68x of the volume recorded in the previous month. Its users have also exceeded 50k.

Overall, $91 million in crypto art was sold last month, 8x of January, as per CryptoArt.

“NFT projects are soaring! Since the beginning of the year, the combined market cap of the top NFTs has increased 5x, holding a whopping $4.4bil of value today!” notes The TIE.

NFTs are expected to drive crypto adoption as it gains so much of the mainstream attention.

“NFTs are a big statement on the longevity of blockchain technology, cryptocurrencies, and the monetization of content creation,” said Douglas Boneparth, president of Bone Fide Wealth, a New York-based financial advisory firm.

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Author: AnTy

YFI Flippening Happening Again as Yearn 2.0 Goes Live

YFI Flippening Happening Again as Yearn 2.0 Goes Live

After breaking $40,000 today, YFI is currently worth more than Bitcoin and aiming for new highs.

YFI is back into action.

The blue-chip DeFi token surged above $40,000 today and is currently trading around $38,000. Earlier this month, the token was trading at $20,000.

With this latest price action, one YFI is now again worth 1.05 BTC as the leading digital asset trades range-bound around $36k.

While Bitcoin is currently in consolidation ever since the pullback from the $42,000 all-time high, altcoins are enjoying a run-up.

This has YFI also joining the wild run that DeFi tokens are enjoying and that has the 35th largest cryptocurrency by market cap of $1.13 billion, reaching all that closer to its peak of $44,000 from Sept. 12, 2020.

There are currently 21.17k addresses with a balance in YFI, and 82% of the YFI holders are now in the money.

These gains followed the announcement of YFI V2. “After 4 months and 8 design iterations, v2 Vaults are finally live!” with few details and little fanfare.

The team recently proposed ‘Buyback and Build Yearn’ where YFI staking rewards will be used to buy back YFI in the open market and use them for contributor rewards and other Yeran initiatives.

The proposal has received the approval of the majority, with 99.61% voting in favor.

The community is now debating on minting new YFI tokens into existence after its fixed supply of 30k helped the project gain popularity.

As per this proposal, these new 1000 YFI tokens will be used to compensate contributors and sustainably grow the protocol. Nick Almond, founder of Finance.vote commented,

“The reality is, that @iearnfinance has never made a final decision on its inflation schedule and the 30k fixed supply meme, is a exactly that, a meme.”

“Nothing has changed within yearn, but I hope everyone that participated in the discussions takes some time, reflect on their position, and think carefully what it means to be part of something public. It’s no longer I, us, or them, but we. Do you want to be apart of that?” chimed in YFI creator Andre Cronje.

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Author: AnTy

Optimistic Ethereum Finally Soft Launches Mainnet; Synthetix (SNX) Staking Goes Live Too

Optimistic Ethereum Finally Soft Launches Mainnet; Synthetix (SNX) Staking Goes Live Too

To “alleviate the gas crisis,” the Layer 2 solution has taken its first big step so that small users don’t get priced out by extremely high fees.

Just at the beginning of this week, average fees on Ethereum skyrocketed to a new high. This was just one of many such huge spikes in the fees the network has been seeing since last year, especially after decentralized finance (DeFi) gained momentum in the second half of 2020.

Amidst “undeniably insane” demand for Ethereum, the layer 2 solution, Optimistic Ethereum, took “first material steps towards alleviating the gas crisis by deploying to mainnet.”

The soft launch is just a peek with a full flash, public testament coming in late February or early March so that anyone can deploy and interact with it.

As for the public mainnet, which will implement fixes from public testament and be audited will come “as soon as humanly possible,” says the team.

Synthetix staking now live on L2 mainnet!

The same day, DeFi blue chip Synthetix announced the launch of staking on the L2 mainnet of Optimistic Ethereum.

This is the first layer 2 scaling solution with full cross-layer porting capability for smart contracts without rewriting them as such, making it a huge step for Synthetix and the entire Ethereum ecosystem.

This first phase of migration is designed for smaller SNX holders who get priced out due to high gas costs, reads the official announcement.

To migrate to L2, those participating in SNX trading on L1 must pay back any staking debt in sUSD first to unstake their SNX. For now, Metamask is the only supported wallet on L2, with support for more wallets coming next week. As for migrating escrowed SNX to L2, it is optional and may cost up to 0.5 ETH.

Once migrated, SNX holders can stake their DeFi token to mint sUSD, an option to be launched next week.

Synthetic’s staking activity has been growing steadily throughout last year, with daily active stakers increasing 187% over this period.

Now that Synthetix staking is live on Optimistic Ethereum’s L2 mainnet, SNX is having a wild time, hitting new ATHs one after another. The token price went above $17 today, following a surge of 126% in 2021 so far. Meanwhile, only 2.6% of SNX’s total supply is available on exchanges.

In contrast to this growth, the total value locked (TVL) in the project has fallen to $1.8 billion from Jan. 14 of $2.48 bln.

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Author: AnTy

Coinbase Goes Down; Issues with Buys Giving A ‘False Bearish Signal’

Coinbase Goes Down; Issues with Buys Giving A ‘False Bearish Signal’

Volatile markets are making cryptocurrency exchanges shut down yet again.

It doesn’t take much for the exchanges to go down, as we have seen all these years. A slightly more than usual bout of movement in either direction and all the exchanges become unusable.

The same was happening since yesterday when the market started its deep pullback. On Friday, BTC/USD made a new all-time high at $42,000, only for the leading digital asset to go down to nearly $30,000 today. Altcoins also went down hard as well, with ETH touching nearly $900.

In the week hours of Monday, Binance CEO Changpeng Zhao tweeted out record volume and the exchange having some issues. He said,

“ATH system traffic again. Systems holding up so far, not perfect, slightly higher latency in some regions.”

But much bigger issues are being seen on San Francisco-based exchange Coinbase at 06:46 PST on Jan 11, 2021. The exchange said,

“We’re investigating an issue impacting transactions on Coinbase.com and the mobile apps. The record of a recently initiated transaction may be delayed in showing up in your Coinbase account. There may also be some issues with some buys completing on the platform.”

The exchange further asked its users to “not re-submit your transaction – it will result in duplicate activity.”

This resulted in the price of digital asset trading about $350 lower on Coinbase than other exchanges. On-chain analyst Willy Woo noted,

“Buying demand is not coming in on Coinbase because buys are not registering. Coinbase price is used in a basket of exchange prices to get an index price that futures markets trade on. Gives a false bearish signal to algos, which will trigger further sell off.”

It has become embarrassing for an exchange that handles so much volume that in these eleven days in January, Coinbase has encountered some sort of problems seven times, which means only 37% resistance-free service so far.

Other exchanges that crashed during this much activity also involved Kraken and derivatives platform Deribit, funding rates on which went 0.5% for Bitcoin perpetual contracts and a whopping 0.92% for ETH perpetual contracts.

The market is slowly making its way up, but it’s to be seen if another pullback is in order or we finally find support.

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Author: AnTy

Wrapped Monero (wXMR) Goes Live On Ethereum Extending DeFi Capabilities To Holders

Wrapped Monero (wXMR) Goes Live On Ethereum Extending DeFi Capabilities To Holders

Cryptocurrency custodian BTSE introduces ‘Wrapped Monero’ on to the Ethereum blockchain. This aims to boost the overall DeFi capabilities to XMR holders.

Privacy tokens such as Monero (XMR) are widely used to mask transactions and preserve user privacy– factors have led to the delisting of XMR on multiple exchanges; Bittrex, the latest exchange to delist privacy-enabled cryptocurrencies. However, this could change with the latest development from the crypto custodian, BTSE – wrapped Monero (wXMR) – a synthetic token built on Ethereum and backed on a 1:1 basis to XMR.

To obtain wXMR, users will need to deposit XMR to BTSE and use the conversion feature to wrap and unwrap them at will at a 1:1 ratio. BTSE will be the sole custodian and in charge of securing the XMR tokens deposited to mint the wXMR. This being the first-of-its-kind asset, BTSE stated the “Proof of Reserves” on privacy tokens is a bit harder than on open blockchains such as Bitcoin and Ethereum.

So, Why Wrapped Monero?

The launch of wXMR tokens offers users a gateway to spend and use their XMR tokens on Ethereum, expanding the overall DeFi ecosystem. This is expected to “bring additional liquidity to the DeFi ecosystem,” the statement from BTSE reads. Wrapped XMR will allow users of XMR to use their tokens on DeFi products to borrow directly, lend, yield farm, and any other function without the need to sell their tokens to ETH or stablecoins.

Moreover, this is aiming to change the bad publicity that privacy-enabled cryptocurrencies are getting. Over the past year, multiple exchanges have delisted privacy coins such as XMR, DASH, and Zcash from their platforms, citing regulatory uncertainty as to the main reason. Following the FATF ‘Travel Rule’ notice, OKEX Korea paused trading of XMR. Shortly after, Colorado-based Shapeshift delisted privacy coins adding to the unceremonious delisting of these coins from BitOasis and Bittrex.

The delisting of XMR from regulated crypto exchanges arises from money laundering fears and extreme privacy that the crypto employs. With over $2.5 billion market cap, Monero is the largest private crypto employing the “Cryptonote” algorithm to obfuscate both the sender’s and receiver’s address.

Such privacy has seen the coin rise as one of the most popular coins on dark web marketplaces and wanted ransomware payment. In October, ahead of the U.S. Presidential election, hackers demanded XMR payment after attacking Donald Trump’s official campaign website.

The quest to unmask Monero’s privacy led the IRS to raise a $625,000 bounty for companies to build a tracking solution for Monero and the Lightning Network. A cybersecurity firm, CipherTrace, in November, registered its second patent to track Monero.

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Author: Lujan Odera

Celo Goes Vertical with Crypto Exchange Binance Listing Against BTC & USDT

Celo Goes Vertical with Crypto Exchange Binance Listing Against BTC & USDT

The leading spot cryptocurrency exchange Binance has listed a new token Celo (CELO).

The trading for two pairs CELO/BTC and CELO/USDT will be opened on Jan. 5, at 8:30 AM (UTC).

In response to the news, the digital asset went vertical.

With more than 185% gains following the listing, Celo went on to see $4.18. As of writing, CELO was trading at $2.78 CELO 82.43% Celo / USD CELOUSD $ 2.73
$2.25 82.43%
Volume 190.92 m Change $2.25 Open $2.73 Circulating 124.45 m Market Cap 339.95 m
8 h Celo Goes Vertical with Crypto Exchange Binance Listing Against BTC & USDT
.

The cryptocurrency has a market cap of $317 million and traded $68.97 million in ‘real’ volume in the last 24 hours.

The open source platform supports the development of decentralized applications and smart contracts and further aims to address the barrier to digital assets adoption by using email addresses and phone numbers as public keys.

The project has released Celo Wallet, a social-payments system centered around mobile phones.

Besides its native governance token CELO that is used to pay for on-chain transactions, it has also launched the stablecoin Celo Dollars (cUSD).

Celo is now planning to support multiple stable assets starting with cEUR, an addition which it says “is the first step towards an ecosystem on CeloOrg that hosts a family of stabilized value assets.”

“We’re building a more inclusive financial system, where value can be transferred in faster, more secure and at a lower cost manner, and requires fewer intermediaries than traditional bank wires,” said the team recently on the occasion of the inaugural review of the World Economic Forum’s (WEF) crypto working group that listed Celo besides Bitcoin (BTC), Ethereum (ETH), XRP, Tezos (XTZ), Zcash (ZEC), Filecoin (FIL), and Arweave (AR).

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Author: AnTy

Superbowl Prediction Market Goes Live on Derivatives Exchange, FTX

Superbowl Prediction Market Goes Live on Derivatives Exchange, FTX

Cryptocurrency derivatives platform, FTX has listed the “National Football Conference Superbowl 2021” (NFC-SB-2021) contracts.

The annual championship game of the National Football league is played on the first Sunday in February which this time falls on Feb. 7.

FTX is now allowing people to bet on the future of this game.

Those residing in the US, Canada, the European Union, the UK, Singapore, the UAE, Cambodia, Turkey, mainland China, and Hong Kong SAR, among other prohibited jurisdictions, however, are not allowed to trade these contracts.

These futures contracts expire to $1 if a team in the National Football Conference (NFC) wins the 2021 Superbowl and $0 if a team in the American Football Conference (AFC) wins. If there is no winner by July 1, 2021, these contracts will expire at $0.50.

Both NFCWIN-SB-2021 and AFC-SB-2021 are ERC20 tokens that will be redeemable on FTX for either $1, $0, or $0.5 based on the results of the Superbowl. These spot tokens are tradeable on the platform.

Currently trading at a market price of 0.423, they have an open interest of 535 SUPERBOWL with a trading volume of $101 in the past 24 hours.

FTX continues to jump on the trends and bridge the gap between crypto and mainstream markets. So far it has listed Pre-IPO contracts of the likes of Coinbase and Airbnb, tokenized mainstream stocks like Tesla, Google, Netflix, and launched the prediction market of 2020 US Presidential.

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Author: AnTy

Binance ETH 2.0 Staking Rewards Goes Live; Early Users to Receive ‘Double Rewards’

  • Binance goes live with Ethereum 2.0 staking.
  • The exchange is offering double rewards for early staking users on the platform.

Binance, the world’s largest cryptocurrency exchange, announced that it is supporting the ETH 2.0 staking program starting today on Tuesday. In its press release, Binance also promised early ETH 2.0 staking users would receive extra rewards in its native BNB token.

According to the post, the crypto exchange will reward participants in ETH 2.0 staking with BETH tokens, which are redeemable for ETH at a ratio of 1:1 once ETH 2.0 Phase 1 launch.

“Binance has launched an ETH 2.0 Staking service starting from 2020/12/02 0:00 AM (UTC),” the post reads. “Users that participate in ETH 2.0 staking will receive BETH* at a ratio of 1 ETH = 1 BETH.”

The ETH 2.0 staking rewards will be paid out to users daily in BETH, with the reward period starting immediately after launch (already launched).

Eth 2.0 launched Phase 0, or the Beacon Chain, on Tuesday, starting a multistage process towards a full proof-of-stake (PoS) system from the proof-of-work (PoW) consensus mechanism.

The minimum threshold to stake ETH 2.0 on Binance is 0.0001 ETH with a staking APY of 5% to 20% offered based on the actual on-chain APY at any given time. Once ETH 2.0 Phase 1 goes live, expected in two years, BETH holders will be able to redeem their tokens to ETH at 1:1. The statement further reads,

“In the future, if BETH is made available for trading, users will be able to trade between ETH and BETH freely.”

Staking on Binance is set to reduce the hustle of participating on-chain to receive rewards, cover all validator operating expenses, and bears the risk of on-chain penalties on behalf of the user.

Double rewards for early ETH 2.0 staking

Notwithstanding, Binance is also running a double staking reward program that sees the early staking users receive both BETH token rewards and Binance’s native token, BNB. All KYC-verified ETH 2.0 staking users will receive an additional reward in BNB to the equivalent of their BETH rewards.

The rate will be calculated at the current BNB/ETH rate with the rewards distributed in two rounds – on Dec. 11. And Dec. 16.

Also Read: Coinbase Supports Staking & Trading of ETH 2.0

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Author: Lujan Odera