129 Crypto Startups Raised $2.6 Billion in Q1: CB Insights Report

Venture capitalists are pouring money like crazy into cryptocurrency-related companies, according to CB Insights.

In the first half quarter of 2020, $2.6 billion was raised by 129 startups focused on the blockchain. In just three months, the crypto industry had raised more than they did in all of 2020 when they attracted $2.3 billion in 341 deals.

This jump in fundraising was fueled by several large rounds by the likes of game-maker Dapper Labs Inc., crypto wallet provider Blockchain.com, and crypto lender BlockFi Inc., according to the data analysis company.

This surge in funding is happening due to the ongoing bull rally that has Bitcoin price soaring to an all-time high of $62k and becoming a billion-dollar asset.

With the cryptocurrency market reaching a $2 trillion market capitalization, corporations, hedge funds, high net-worth individuals, institutions, asset managers, pension funds, and insurance companies are all coming in to invest in the crypto space.

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Author: AnTy

$1.2 Billion Liquidated on Binance, Taking the Lead like Always, on Bitcoin’s Drop to Nearly $50k

$1.2 Billion Liquidated on Binance, Taking the Lead like Always, on Bitcoin’s Drop to Nearly $50k

Binance, which leads in Bitcoin futures volume is accounting for nearly 50% of all the liquidations. The exchange has a default setting of 20x leverage and offers up to 125x, which has been used by 20% of traders in the past.

The price of Bitcoin tumbled to about $50,300 on most of the cryptocurrency exchanges during the latest sell-off.

As of writing, the leading digital currency is trading around $51,500, but it is yet to be known if the market has bottomed or, as we have seen this entire week, BTC would fall further to a new lower level.

Still, there is nothing to be worried about as of yet, as the last two pullbacks were 31% and 26%.

Meanwhile, in the past 24 hours, a whopping $2.44 billion and 328,306 traders have been liquidated, as per Bybt. These liquidations now surpass the level seen on March 14, which sent us to $53,150 the day after hitting the all-time high of nearly $62,000.

Today’s liquidation of both longs ($2.23 billion) and shorts ($190.36 million), however, hasn’t reached the level of Feb. 22nd and is far off from the day before that.

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Source: Bybt.com

Out of these $2.44 billion liquidated, about $28 million belongs to Bitcoin traders and $3.91 million to Ethereum ETH -0.04% Ethereum / USD ETHUSD $ 1,595.51
-$0.64-0.04%
Volume 29.07 b Change -$0.64 Open $1,595.51 Circulating 115.2 m Market Cap 183.8 b
5 h Coinbase Selected By Meitu For $90 Million Crypto Purchase and Custody 6 h $1.2 Billion Liquidated on Binance, Taking the Lead like Always, on Bitcoin’s Drop to Nearly $50k 6 h Theta Mainnet 3.0 Delayed Till June; Devs Needs More Time for Elite Edge Nodes & TFUEL Staking
. Another whopping $1.18 million and $1.03 million belong to Filecoin FIL 5.21% Filecoin / USD FILUSD $ 91.17
$4.755.21%
Volume 2.89 b Change $4.75 Open $91.17 Circulating 60.52 m Market Cap 5.52 b
5 h Decentralized Cloud Storage, Filecoin Integrates Chainlink for Bidirectional Smart Contract Support 6 h $1.2 Billion Liquidated on Binance, Taking the Lead like Always, on Bitcoin’s Drop to Nearly $50k 1 w Grayscale Launches Investment Trusts for LINK, Filecoin, Decentraland, BAT, & Livepeer
and Polkadot DOT 1.43% Polkadot / USD DOTUSD $ 29.94
$0.431.43%
Volume 3.42 b Change $0.43 Open $29.94 Circulating 923.31 m Market Cap 27.64 b
6 h $1.2 Billion Liquidated on Binance, Taking the Lead like Always, on Bitcoin’s Drop to Nearly $50k 3 d Solana (SOL) is ‘Uniquely Positioned’ to Snatch Market Share from Ethereum & ETH Killers, says VC 6 d “Dark Horse”: BNT Burn Is Around the Corner As A Swiss Bank Embraces Bancor
, respectively.

Interestingly, like always, Binance leads in liquidations accounting for nearly 50% of all the liquidations at $1.2 billion, out of which $1.1 billion were longs.

Bitfinex and Deribit traders remain to be level-headed, with their funds accounting for a mere 0.12% and 0.83% of the total exchange liquidation share, respectively.

These liquidations could be in part related to Binance managing $38.16 billion volume in Bitcoin futures in the past 24 hours compared to Bitfinex and Deribit’s $70 million and $2.56 billion, respectively, as per Skew.

Another reason could be the high leverage offered on Binance. While leverage is available up to 125x on crypto perpetual contracts, the default is also 20x.

As we shared before, Binance reported in December 2019 that within its first two months of its futures operations, on average, over 60% of traders use 20x or higher, and 21% of traders use the maximum 125x leverage.

Leverage is extremely popular in crypto and tends to exacerbate Bitcoin’s moves both on the upside and downside. Traders and industry experts have time and again advised people to refrain from using leverage in the crypto space, which already enjoys high volatility.

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Author: AnTy

Uniswap Reaches 1 Million Users; UNI has Highest Distributed Supply Among Major DeFi Assets

Popular decentralized exchange Uniswap is enjoying increasing volume in 2021, just like the centralized exchanges.

Ever since November 2020, the weekly volume on the platform only went higher, starting from just under $2 billion through the month to climb above $3.50 billion towards the end of December. January saw these numbers rising past $5 billion only to have a record $8.2 billion in the Feb. 21-27 week.

Things are currently slowing down to $5 billion weekly volume, as the cryptocurrency market consolidates in the macro backdrop of the rising USD index, smaller users trying cheaper alternatives like Pancakeswap on Binance Smart Chain (BSC), and NFT mania capturing the attention.

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Interestingly, while DEX Uniswap is managing about $1 billion in daily trading volume, its valuation is only $32 billion. Compared to this, Coinbase does $2.5 billion with a valuation of $100 billion.

“Now, let’s think about a fair price for UNI,” commented DeFi.

Just past weekend, UNI joined the top 10 cryptocurrencies list as the price hit a new high. As of writing, at a price of $32, UNI has a market cap of $16.71 billion.

But while on Uniswap, the fees are 0.30%, Coinbase charges a hefty up to 4%, which can rise further after the markup. During high volatility, both the exchanges recorded higher volume and increased fees paid by users.

The big difference is in their users; Coinbase, which was launched in 2012, revealed in its filing with the SEC that it had 43 million verified retail users in Q4 2020. The company also reported 7,000 institutions and 115,000 ecosystem partners.

Meanwhile, in November 2018 launched Uniswap has just reached 1 million users, as per Dune Analytics.

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While Uniswap has a long way to go, the growing DeFi ecosystem can speed up things.

Just last week, as UNI’s market cap surged to a new all-time high on Sunday, UNI active addresses also increased 4.3% week-over-week, and transfers increased by 10%.

The governance token of the dominant DEX further had a massive 470.3% increase in adjusted transfer value after it spiked to over $4.9 billion, from a daily average of less than $1 billion, on March 5th.

The DeFi token also has a relatively high SER, The Supply Equality Ratio inspired by the 20:20 Ratio – a traditional wealth inequality metric that compares the average income of the richest 20% of society to the poorest 20%.

Among the major DeFi assets, UNI has the highest distributed supply with SER of more than 0.002, likely due to its initial airdrop to platform users, as per Coin Metrics. AAVE, whose SER increased significantly since the start of the year, and COMP also have relatively high SER, just under 0.001.

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Author: AnTy

Ether’s Bullish Momentum Continues with Institutional Demand

Just like Bitcoin surged to a record high, nearly $52,700 on Wednesday, Ether has broken past the $1,900 level, hitting nearly $1,930.

For Bitcoin, “what stands out most is the trend that MicroStrategy started, and Tesla popularized: moving institutional balance sheets into Bitcoin to hedge against inflation,” said Nicholas Pelecanos, head of trading at NEM.

The Bitcoin futures market sees a lot of activity, with volume keeping above $50 billion this month and at times hitting $100 million.

CME Group is particularly getting traction, hitting a record $5 billion mark for the first time on Tuesday.

Interestingly, hedge funds continue to be record short on Bitcoin on CME, but at the same time, they are record long on Grayscale, capturing the premium on GBTC. They are also earning over 50% annualized funding from the basis trade on their USD.

As of writing, the price of Bitcoin on Coinbase was $51,525 and $52,090 on CME.

Earlier this month, CME also launched Ether futures, which started slowly, much like Bitcoin futures when they were listed in Dec. 2017.

But “it will likely not take as long for Ethereum futures to begin gaining traction as it initially took for Bitcoin futures, as investor interest in cryptocurrencies has had a few years to mature,” noted JPMorgan strategists.

Already daily trading volume of Ethereum futures on CME has doubled, and open interest surpassed $60 million.

The growing institutional demand for Ether can also be seen on Grayscale, the largest digital asset manager, which bought over 20k ETH in the last 24 hours, bringing its total holdings to 3.15 million ETH.

As we reported, the fundamentals of the second largest cryptocurrency are very strong. The fees are crazy high and never seen before levels of addresses continue to interact with Ethereum.

The network is also seeing an average of 1.2 million daily transactions and an average of 550k daily active addresses. Large transactions, more than $100k, that act as a proxy to institutional activity, have also recorded an increase of 45x in the past year.

Even on social media, conversations around ETH have nearly doubled since the beginning of the year, with over 20.6k tweets (on average) sent out about ETH every day, up from 10.9k on January 1st, as per data provider The TIE.

In that regard, the price of Ether is slow-moving, though it outperforms Bitcoin with 160% YTD gains compared to leading cryptocurrency’s 75%.

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Author: AnTy

$72M New Crypto VC Fund Gets Backing from Billionaires like Paul Tudor Jones & LL Cool J

$72M New Crypto VC Fund Gets Backing from Billionaires like Paul Tudor Jones & LL Cool J

A new $72 million venture capital crypto fund has been announced by private equity veteran Glenn Hutchins, his son Jame Hutchins and partner Travin Scher, who previously ran investments at Digital Currency Group.

The fund has drawn the interest of several big names, including hedge fund billionaire Paul Tudor Jones; James Todd Smith, better known as LL Cool J; and Indra Nooyi, the former CEO of PepsiCo.

Other high-profile investors in the fund include billionaire co-founder of Apollo Group, Josh Harris; SoFi CEO and Twitter COO, Anthony Noto; former CEO of TD Ameritrade, Joe Moglia; owner of the Florida Panthers hockey team, Vincent Viola; and venture capitalist Geoff Yang.

Crypto, according to Glenn Hutchins, “is the proverbial next big thing.”

Hutchins first began investing in crypto back in Jan. 2016 when the price of Bitcoin was around $400. Today, Bitcoin is worth $37,000. Hutchins said,

“Crypto promises not just to revolutionize finance but also to invent a new computing paradigm that will be as transformational as the PC, the internet, mobility, and the cloud.”

The fund has been in the making for the past year and was launched out of North Island Ventures, a New York-based VC firm founded in 2017.

Scher took to Twitter to share information about this venture, which has already made investments in seven projects, including Dapper Labs, that created gaming dApp Crypto Kitties, Flow Blockchain, and NBA Top Shot, startup Nori which is working on a carbon removal marketplace, and Axelar focused on scaling cross-chain communication.

“We believe that crypto offers solutions to some of the world’s most pressing problems,” said Scher. Through this fund, they are supporting those that are bringing these solutions to life.

“Year one has been a blast, and we’re just getting started,” tweeted Scher.

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Author: AnTy

Crypto Industry Capitalizing on Wall Street’s Losses Big Time, And Getting Rewarded

Crypto trading platforms see new user signups and increased traffic while exchanges like Bittrex and FTX list the stocks delisted on Robinhood. Blockfolio meanwhile announced both crypto and stocks trading with “no fees.”

As WallStreetBets and Wall Street suits’ battle intensifies, the crypto industry reaps the benefits while providing the perfect solution for retail traders.

Cryptocurrency trading platforms are enjoying a jump in traffic and user signups since Robinhood suspended trading on highly volatile assets, resulting from the platform having a cash crunch.

“All the new users rushing in… teething issues,” tweeted Changpeng Zhao, “CZ,” the CEO of Binance, addressing users experiencing issues with trading, deposits, and withdrawals.

Coinbase also saw its ranking on the App store jump about 45 spots suggesting increased retail activity. Voyager Digital meanwhile reported “100 new accounts a minute.” Others are reporting similar issues — heightened usage as the stocks traders jump on to the cryptocurrencies.

One of the biggest recipients of this interest was the meme coin Dogecoin (DOGE) that saw its value rising a whopping 1,128% to as high as $0.860. Currently trading around $0.047, the coin was recording more than double the volume at $28.4 bln than Bitcoin’s $13.78 bln earlier in the day. These gains helped DOGE become a $5.92 billion market cap cryptocurrency and climb the 11th place.

As we reported, WallStreetBets can pump this coin to $1. But before they could go all in, Robinhood suspended buys on every crypto asset. The zero commission trading platform halted trading on the cryptos — supported digital assets are Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), Dogecoin (DOGE), Ethereum (ETH), Ethereum Classic (ETC), and Litecoin (LTC) — along with GME, AMC, and others, which got it all started.

This has pushed traditional users towards the crypto market. Crypto exchanges have already been capitalizing on this, with FTX being the first one to do so. As always, the derivatives platform jumped on this opportunity by listing GME, AMC, and BB. The exchange took it further and introduced a special WSB index that included GME, AMC, SLV, BB, NOK, DOGE, and its native token, FTT.

It just didn’t stop there; FTX is ready to eat all this by announcing crypto and stocks trading with “no fees” on Blockfolio, which FTX acquired in a $150 million deal about six months back. The app has more than 6 million users, as per the official website.

Cryptocurrency exchange Bittrex also joined in as it announced, “We’ll list every single stock that RobinhoodApp delists as a tokenized stock. Blockchain is the real way we democratize the financial system together.”

But this is just the beginning, and the market expects to see a herd of new investors joining the decentralized wave.

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Author: AnTy

Jamie Dimon: Banks Should be “Scared Shitless” by Fintech Rivals like Paypal & Square

Jamie Dimon: Banks Should be “Scared Shitless” by Fintech Rivals like Paypal & Square

JPMorgan Chase’s chief executive officer expects brutal competition in the payments sector in the next 10 years.

JPMorgan Chase CEO Jamie Dimon says banks should be frightened of the new breed of fintech players led by Square, PayPal, and tech giants.

“Absolutely, we should be scared s—less about that,” was Dimon’s blunt assessment in a conference call with analysts on Friday in response to the question about fintech players having ‘trounced” traditional banks in recent years.

“We have plenty of resources, a lot of very smart people. We’ve just got to get quicker, better, faster. … As you look at what we’ve done, you’d say we’ve done a good job, but the other people have done a good job, too,” said the chief executive officer of the banking giant with $3.4 trillion in assets.

According to Dimon, PayPal, Square, Ant Financial, Stripe, and US tech giants, including Google, Apple, and Amazon, are competitors that the banks need to keep an eye on. These rivals are also clients of the banks in many cases, he added.

“I expect to see very, very tough, brutal competition in the next 10 years,” Dimon said. “I expect to win, so help me, God.”

In some cases, the new players have “unfair competition,” which he says they will “do something about eventually.”

Dimon also called out digital currency-friendly payments start-up Plaid, whose $5.3 billion deal with Visa was scrapped amid a US antitrust suit, saying “people who improperly use data that’s been given to them, like Plaid.”

Both PayPal and Square support Bitcoin and cryptocurrencies, which Dimon has previously called “fraud.” Still, the bank has changed its tune on digital currencies and predicts a $146,000 price target for BTC in the long-term in its trajectory to achieve gold’s market cap.

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Author: AnTy

Binance US, Genesis, & Abra Suspends XRP Support; Bittrex & Uphold Clarifies No Plan to Delist

Much like all the XRP trading and deposit suspension that has happened so far, only the US users are affected. Exchanges clarify that Spark (FLR) Token Distribution in 2021 is unaffected.

Binance’s US-based crypto exchange Binance.US has announced the delisting of XRP on Jan. 13, 2021, at 10 am EST. Binance.US users won’t be able to deposit XRP but withdrawals will be unaffected.

Much like all the trading and deposit suspension that has happened so far, only the US users are affected.

The exchange further clarified that delisting will not affect users from claiming their Spark (FLR) Token Distribution in 2021.

Another one to join this list is Genesis which sent an email to its users, informing them of the XRP trading and lending suspension, as of Dec. 29. The users are not allowed to make new purchases while those who hold XRP have until Jan. 15 to sell it.

The company no longer supports loans in XRP either and both open-term loans and fixed-term loans will also be called. Meanwhile, the “team is actively monitoring the evolving regulatory situation with XRP.”

Abra has also joined the list of companies ending XRP support for US users, despite it being a peer-to-peer transaction network.

According to the firm’s message, Abra plans to suspend trading in XRP for US customers at 3 PM PST on Jan. 15th.

“Abra is registered in most states as an MSB and has had previous legal battles with the SEC that led to them delisting their stock ETF offering,” noted Adam Cochran, partner at Cinneamhain Ventures.

No plans to delist XRP

Amidst all the suspensions, cryptocurrency exchange Bittrex, which no longer allows its US customers to trade XRP clarified that they are not going to delist the digital asset and will maintain all XRP markets: BTC-XRP, USD-XRP, USDT-XRP, ETH-XRP, and EUR-XRP.

“Uphold will continue to list XRP until and unless the Complaint is adjudicated against Ripple – specifically citing that XRP is, today, a security, or trading volume dissipates to a point where we can no longer support,” came the tweet from JP Thieriot, CEO of crypto trading platform Uphold.

Australia-based BTC Markets also took to Twitter to share that they are monitoring events in the US regarding the SEC but have “no plans to delist XRP at this time.”

The price of XRP meanwhile lost a considerable amount of its value in the last two weeks. After falling under $0.17, the crypto asset is currently trading around $0.22.

“XRP’s market cap has fallen by 93% from $137B to under $10B. That makes the value of the XRP collapse bigger than Enron and Worldcom,” said Joshua Frank, CEO of The TIE. “While not a bankruptcy, XRP is effectively the third-largest collapse of all-time behind Lehman Brothers and Washington Mutual,” he added.

Coinbase Under Hot Water Too

A class-action lawsuit has been filed against US-based crypto exchange Coinbase alleging that it knew XRP was a security and still sold it “illegally”.

Just this week, Coinbase, which recently filed to go public, said it suspended support for XRP trading and deposits.

The case is filed by Thomas Sandoval in the U.S. District Court, Northern District of California (San Francisco) and he is seeking damages for the commission paid by him and other users to Coinbase for XRP tokens.

“Until late this month Coinbase sold the XRP token, the value of which was entirely linked to the success or failure of Ripple Co. and the managerial efforts of its executives,” Sandoval said in the complaint. “Indeed, Ripple Co.’s survival as a corporate entity depended on its sale of unlicensed XRP securities to the public to fund its business operations.”

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Author: AnTy

XLM Records Impressive Volume; Co-founder says Team Is Making Stellar ‘Useful for Real People’

Much like the rest of the cryptocurrency market, Stellar has also been enjoying the gains this past month.

With nearly 113% gains in the last 30-days, XLM is currently trading at $0.175, which brings its year-to-date performance to over 289%.

In the last 60 days, Stellar’s trading volume has surged by a whopping 517% on the back of numerous fundamental developments, noted eToro.

Recently, Germany’s Bankhaus von der Heydt (BVDH) launched a Euro stablecoin on the Stellar network. The EURB stablecoin is a fully regulated one but won’t be openly traded on exchanges due to strict KYC requirements.

BVDH managing director Philipp Doppelhammer said EURB’s first use case will be for “cross-border money transfers” for blockchain payments company SatoshiPay’s customers.

This came after earlier this week, German private bank Hauck & Aufhäuser announced its first crypto fund, the HAIC Digital Asset Fund I that will include Bitcoin (BTC), Ethereum (ETH), and Stellar (XLM). This fund will be launching on Jan. 1, 2021.

The Dollar Savings Project

Stellar co-founder Jed McCaleb, who was also behind the Mt. Gox exchange, recently appeared on The Pomp Podcast where he talked about the idea behind the 13th largest cryptocurrency which is to

“make this interoperable layer where all these things can communicate with each other, not just in financial networks but different currencies.”

McCaleb further explained,

“It just allows you to use any currency at any financial institution and seamlessly and effortlessly send anybody else in the world.

That’s kind of the goal and the way we do that is by leveraging this innovation that Bitcoin came up with which is this distributed ledger that everyone can see but no one can change arbitrarily.”

Stellar launched about six years ago and currently one of the big things the team is working on is the dollar savings app “which is a consumer app that allows people in places with really high inflation like say Argentina to be able to save their money in dollars,” said McCaleb.

These are the efforts where the team is working on making Stellar useful for real people with another big B2B payments corridor between Nigeria and Europe that “we’re helping it foster,” he added.

McCaleb, who is also the former CTO of Ripple, recently sold 29.5 million XRP worth about $135 million in a single day.

Between 2014 and 2019, he sold 1.05 billion XRP, as per Whale Alert. In 2020, he sold another 375 million XRP at a total of $75 million up to August 3.

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Author: AnTy

XRP Climbs to 24-Month High with Monster Green Candle; Now Everyone Wants a Piece of It

Finally!

This is what a bull market looks like… when everything explodes without reason but because it is a wild bull season.

Today, in a violent move, XRP moved and posted a giant green candle. Such a big move was last seen in mid-September 2018 when the digital asset went from about $0.26 to $0.78 before continuing its descent into the darkness.

Such giant monster candles were previously seen only during December at the peak of the 2017 bull market.

At the time, the first green candle took it from about $0.22 to $0.90, another one was seen from $0.9 to $0.245, and the last one took it to an all-time high of $3.3.

It just might be the time for the fourth-largest digital currency to make some moves.

Amidst all this also came the reports of Ripple officially adding Bank of America. It has a long history of partnership that was never confirmed but has been finally included in its official website.

Going to nearly $0.440 over the weekend, XRP recorded gains of 40% in just one day. Continuing this uptrend, XRP went up further as high as $0.554 — a last seen level in November 2018.

At the time of writing, XRP has been trading at $0.533 with $2.59 billion in volume, the fourth largest volume after BTC ($3.52 billion), ETH ($4.06 billion), and USDT ($9.45 billion).

The digital asset first started trending up on Thursday when trading was at $0.283, and in just four days, XRP price has surged more than 95%. This strong breakout means everyone wants a bite of XRP, with analyst Mati Greenspan saying,

“When I sold 1000 XRP in 2017 for $1.08 a piece, I never thought that I’d be buying back in at 52 cents in 2020.”

Altcoins have started to pop out because Bitcoin has been taking a breather around $18,000, just inches away from its all-time high of $20,000.

Besides XRP, other notable movers on the first day of the week included DXT (424%), ZEN (67%), OXT (23%), and VeChain (14%). In this month alone, the total market has added $143 billion.

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Author: AnTy