German Police Shut Down Dark Market that Facilitated $170M in Crypto Transactions

German Police Shut Down Dark Market that Facilitated $170 Million in Cryptocurrency Transactions

In the latest crackdown on the Darknet marketplace, German police arrested a 34-year-old Australian national near the Danish border who allegedly operated DarkMarket, a site used by half a million people.

According to the prosecutors in the western German city of Koblenz, DarkMarket facilitated at least 320,000 transactions that include 4,650 for Bitcoin (BTC), 12,800 for Monero (XMR), and another cryptocurrency, totaling more than 140 million euros ($170 million).

More than 20 servers were also confiscated in Moldova and Ukraine by the authorities.

The platform was used to sell drugs along with counterfeit money, stolen and fraudulent credit card information, anonymous SIM cards, and malware offerings.

Authorities from around the world contributed to this investigation — from the Federal Bureau of Investigation, the U.S. Drug Enforcement Administration to the EU’s Europol and police from the U.K., Denmark, and Ukraine.

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Author: AnTy

CNBC’s Jim Cramer Halts Bitcoin Purchases; Lays Out Conditions for Market Re-Entry

CNBC’s Jim Cramer Halts Bitcoin Purchases; Lays Out Conditions for Market Re-Entry

Financial analyst Jim Cramer believes Bitcoin is still overpriced, despite dropping 20 percent in three days. He makes his observation known as Bitcoin leaves investors on the edge of their seats.

There has been much talk concerning Bitcoin and its performance of late, with critics and proponents of the asset debating on the leading cryptocurrency’s volatility.

Former hedge fund manager and prominent financial analyst Jim Cramer weighed in on the issue following Bitcoin’s drop.

Bitcoin to $20,000

Earlier this week, Cramer, who hosts CNBC’s Mad Money segment, appeared in an interview on TheStreet, where he revealed that Bitcoin is still an “erratic” stock. The TV personality has grown to be one of Bitcoin’s fiercest proponents in the media. While he explained that he still had a lot of faith in the leading cryptocurrency, he admitted that there were warning signs for it nonetheless.

Summarizing his thoughts, Cramer explained that he wouldn’t be buying any more Bitcoins until the asset drops back below the $20,000 mark. He said:

“My goal was to get my cash out so I don’t have to think about it. If it goes back under $20,000, I’m a buyer again. But I got my cost out, and I’m playing with the house’s money. This is no different than an entirely erratic stock.”

Cramer’s comment comes following a hefty drop in Bitcoin’s price over the weekend. The leading crypto asset had been riding a historic high, jumping from less than $20,000 to $42,000 in less than a month. However, it ran out of momentum over the weekend and crashed to nearly $30,000 yesterday.

Bitcoin’s performance over the past few days is yet another reminder that investors will need to be careful with how they approach it. Many have shared Cramer’s sentiment and are now looking to see how low it can go before buying the dip.

More Corrections Incoming?

As for how low Bitcoin can go, opinions vary. Cramer believed that a drop to $20,000 is possible, but some even paint a worse picture. Speaking with industry news sources, Alex Mashinsky, the chief executive of crypto wallet service Celsius, explained that this recent price glut is only a sign of a larger correction coming.

As Mashinsky said, bears will eventually accumulate enough pressure on Bitcoin to drag its price down even further. All in all, the wallet developer sees Bitcoin dropping to about $16,000 this year.

Some market fundamentals are also showing weak signs. U.K.-based crypto fund manager CoinShares explained in its recent Digital Asset Fund Flows report that the first trading week of 2021 saw just $29 million in institutional crypto investments – that’s a 97 percent drop from the $1.09 billion invested in the week before Christmas alone. While the company pointed to profit-taking from institutions, it could also be a warning sign that institutions are pumping the brakes on Bitcoin for now.

Yesterday, Scott Minerd, the Chief Investment Officer (CIO) of Wall Street investment giant Guggenheim Partners, tweeted that Bitcoin had been on an unsustainable rise and that it was time to “take some money off the table.”

The investment firm recently filed to allow its $5.3 billion Macro Opportunities fund to make Bitcoin plays, but that doesn’t kick in until later this month. If it gets cold feet before then, the ripple effect could be devastating.

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Author: Jimmy Aki

Too Much Bullishness in the Bitcoin Market Has The Bond King Not Liking It Here

Too Much Bullishness in the Bitcoin Market Has The Bond King Not Liking It Here

But if institutions get involved, the “terrific” supply-demand dynamic can do the magic, said Jeffrey Gundlach.

The calls for bubbles are making a reappearance after the Bitcoin price crashed to nearly $30,000 on Monday from Friday’s ATH of $42,000.

While the greatest pullback since march 2020 is seen by industry experts as healthy for a move up, skeptics like Mark Cuban are comparing it with the Dot.com bubble.

Also, DoubleLine Capital CEO Jeffrey Gundlach now feels Bitcoin is getting overheated.

“I don’t like bitcoin here. I don’t like things that are up on a stilt-like that,” said Gundlach on CNBC. “Bitcoin, to me, is now sort of in bubble territory in terms of the way it’s been acting.”

Back in Jan. 2020, the bond king predicted $15k per BTC. Before that, in Dec. 2017, when BTC was at $16k, he advised shorting the digital asset.

“I think all of these things are kind of baked-in right now, and the trade location is poor,” said Gundlach as he explained his concern about investors becoming too optimistic. This “consensus narrative” is what has made him neutral on the dollar after being very negative on it since Jan. 2017.

“There’s times when … people seem to be so much on one side of the boat that I just really don’t believe the boat can sell that well, and I believe that’s where bitcoin is on the bullish side right now.”

However, he does see the potential for Bitcoin bulls to be proven right, which is if institutions get in. Prominent value investor Bill Miller also sees Bitcoin going higher if the ongoing demand outstripping supply continues on.

“The people that point out it has a terrific supply-demand dynamic, if indeed institutions get involved, they’re right,” Gundlach said. “That’s what can create these massive moves up in bitcoin.”

Meanwhile, Anthony Scaramucci of SkyBridge Capital, which recently launched its Bitcoin Fund, urged people to buy the dips because “the institutions are coming.”

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Author: AnTy

Guggenheim CIO Urges Market to Sell Bitcoin Ahead of Company’s Investment in GBTC

Guggenheim CIO Urges Market to Sell Bitcoin Ahead of Company’s Investment in GBTC

After calling for $400k the day BTC broke $20k, Scott Minerd is now calling to take off profits as the market records a pullback.

“Time to take some money off the table,” is what Scott Minerd, Global Chief Investment Officer at Guggenheim Partners, is advising Bitcoin traders and investors.

According to Minerd, “Bitcoin’s parabolic rise is unsustainable in the near term. Vulnerable to a setback. The target technical upside of $35,000 has been exceeded.”

Minerd’s comments came in the middle of the market correction that saw Bitcoin falling to nearly $32,000, a pullback of just under 25%, which took the entire crypto market down with it.

Interestingly, since December, while the address with small BTC holdings saw a drop, those holding big amounts of BTC grew even during the current dip, noted Elias Sim of BisonTrails.

image1

Just last month, the day Bitcoin price broke past its 2017 peak of $20k, Minerd predicted $400,000 per BTC driven by the digital asset’s scarcity combined with the Federal Reserve’s “rampant money printing.”

“Our fundamental work shows that Bitcoin should be worth about $400,000,” Minerd told Bloomberg, adding, ”Bitcoin actually has a lot of the attributes of gold and at the same time has an unusual value in terms of transactions.”

Minerd’s comments to take off profits came while Guggenheim’s SEC filing to invest $500 million in Bitcoin via Grayscale’s Bitcoin Trust Fund (GBTC) becomes effective on Jan. 31. The firm hasn’t received a green light from the SEC yet.

Guggenheim has actually been looking to buy BTC since it was trading around $10k, and Minerd called it “a little more challenging” when the digital asset was at $20k.

“Sounds like he wants everyone to dump so his firm may buy the dip,” said trader and economist Alex Kruger about Minerd’s commentary. Kruger further noted that “No money manager with the capacity to move the market announces is going to sell.”

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Author: AnTy

Tether FUD: USDT is Regulated and Market Manipulation Accusation is Just “Nonsense,” says CTO

Tether, which has grown to nearly $25 bln market cap, is following the law, collaborating with the regulators, and registered with FinCEN, said Paolo Ardoino.

While the market has been making new highs, some people are still keeping to the same old FUD.

The oldest FUD lately permeating the cryptocurrency market is Tether (USDT), the popular and dominant stablecoin. With the Treasury proposing rules and regulations related to the fiat-backed cryptos and the SEC suing XRP, the market expects more action from regulators.

However, people calling out for Tether to be targeted next is not happening as Paolo Ardoino, CTO at Tether and its sister company Bitfinex, a crypto exchange, explained,

“Tether is registered and regulated under FinCEN as all the centralized competitors. Strict KYC/AML is applied to all Tether direct users, as the other main issuers are doing. Less regulated is just FUD.”

However, this hasn’t stopped people from speculating and voicing their concerns on Crypto Twitter (CT), which, according to the people involved with Tether, are baseless.

Tether came into existence to solve the issue of discrepancy in Bitcoin prices between different exchanges and making spreads more like traditional finance. USDT also cut down the time-consuming process of wire transfers.

Tether’s market cap has grown 6 fold in the last ten months to nearly $25 billion from $4.2 billion in April 2020.

During the 2017 bull market, Tether became big, and all the speculation around the stablecoin backing and legitimacy brought NYAG into the picture.

Tether is currently under investigation by the New York Attorney General (NYAG), but it is not for ‘pumping Bitcoin; rather, it is accused of co-mingling client funds and losing $850 million of them without disclosing any of this information to the public. This leads to Tether not being fully backed by cash reserves.

As for manipulating the market by printing Tether, it is all “nonsense” because Tether is issued when a counterparty makes a wire payment, said Ardoino on Peter McCormack’s podcast, What Bitcoin Did.

According to him, the growth of Tether is just driven by the actual demand of Tether’s market, so the entire manipulation thing is nonsense. He further added that during the last bull run, crypto saw a “boom of interest in retail that made the crypto going balloon,” and that’s just it.

Trader and economist Alex Kruger says that while the “NYAG argues tethers are a commodity,” the whale Tether drama doesn’t have any market impact.

Recently, the lending rates on Bitfinex went to 7% per day, which led many people to speculate that the company is run out of USDT.

However, it is USD that it ran out of because of “big users re-balancing their longs against USD,” clarified Ardoino. Also, the accounting delay, along with the massive size, can cause a delay in the lending books.

Overall, Tether is following the law, collaborating with the regulators, and registered with FinCEN, said Ardoino.

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Author: AnTy

SushiSwap Captures Bigger DEX Market Share; Lays Down 2021 Roadmap

While Uniswap lost 40% of its market share since August, Sushiswap gained 1,120% in just over 2 months. Meanwhile, the Sushi token price is fast approaching its ATH as the team shares what’s to come this year.

Decentralized exchange SushiSwap’s native token Sushi has been enjoying an uptrend of 790% since November.

The token, which is still 62% away from its all-time high of $12.5 made on Sept. 1st, started climbing upwards today ahead of the roadmap release as announced by the project lead 0xMaki on Friday.

Sushiswap actually accounts for 24.4% of all DEX volume, up from a mere 2% in late Oct., as per Dune Analytics. Meanwhile, Uniswap’s share has decreased from 70.65% in late Aug. to now 42.6%.

The second-largest DEX recorded a $3.2 billion volume in the last 7 days.

image1

In terms of count of unique addresses that traded, trailing the last 7 days, Sushiswap comes in 3rd with 8,414 number of traders followed by 1inch’s 13,236 and Uniswap’s 98,426.

Much like other metrics, the TVL (total value locked) of the project has also reached $1.7 billion, from merely $239 million in early November.

What’s Ahead?

The team is planning to move to a new domain this year as “we aren’t an AMM anymore moving forward but an OpenOrg part of the Yearn ecosystem,” revealed the roadmap. It will also support IPFS.

The governance transition could either be like the Aragon v2 model or like Synthetix to opt for Council of community members is expected to finish by Q4 of 2021.

DSD, FRAX, and BAO projects are already secured for integration in Q1 2021 besides cross-chain AMM enabled by Rune/Moonbeam and live testing version of Sushiswap on Kusama, MEV integration via ArcherDAO, shared the team.

The plan is to incentivize teams, wallets, dApps & protocols to build with Sushiswap via an emission enabled pool of 0.1x and provide technical support for projects natively integrating Sushiswap.

As per the roadmap, the team ticked off — no lockup so that it can integrate inside Aave-Maker, Keep3r auto-serving of reward, and Wrapped-SLP to be used in various money markets that are being worked on.

The team also introduced Mirin in addition to the Deriswap that comes with franchised pools, double yield, K3PR dynamic yield rebalancing, and integrated 1-Click Za among others.

As for BentoBox, Yearn.Finance creator Andre Cronje introduced with the Sushi-Yearn merger is ready for its soft launch in mid-January. The project has already been audited by Quantstamp & PeckShield but would see another round from Trail of Bits.

When it comes to Minimal Initial Sushi Offering (MISO), a token launchpad, the team is about done with the smart contracts. The v1 of the launchpad will have multiple features; freeze of SLP with vesting for teams, liquidity mining, ICBO, farms, auctions, and crowdsales.

For the layer 2 solution, Sushi will move in sync with the greater Yearn ecosystem. Meanwhile, the Onsen program will be announcing support for mid-tier and lower cap tokens to become accredited to participate in its liquidity mining program.

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Author: AnTy

ETH Rips to Jan 2018 High As The Market Rotates Bitcoin Profits into Ethereum

ETH Rips to Jan 2018 High As The Market Rotates Bitcoin Profits into Ethereum

After Bitcoin went ballistic over the course of the last three months, now it is time for Ethereum.

The second-largest digital took just one day to go from $750 to $1,170, a level last seen in January 2018. ETH is now just 38.75% away from its ATH at about $1,600 on Coinbase.

ETH ETH 6.26% Ethereum / USD ETHUSD $ 1,002.16
$62.74 6.26%
Volume 57.98 b Change $62.74 Open $1,002.16 Circulating 114.12 m Market Cap 114.36 b
5 h Ethereum Blockchain Becomes Absolutely Unusable Yet Again as Average Fees Hits ATH at $20 6 h Too Afraid to Buy the Dips; Too Much FOMO to Resist Buying The All Time Highs 8 h ETH Rips to Jan 2018 High As The Market Rotates Bitcoin Profits into Ethereum
and other altcoins have been lagging behind Bitcoin’s bull market BTC -7.43% Bitcoin / USD BTCUSD $ 30,943.32
-$2,299.09 -7.43%
Volume 80.55 b Change -$2,299.09 Open $30,943.32 Circulating 18.59 m Market Cap 575.26 b
4 h Why Does Bitcoin (BTC) Continue to Tear Up Without Ever Stopping? 5 h Ethereum Blockchain Becomes Absolutely Unusable Yet Again as Average Fees Hits ATH at $20 6 h Anthony Scaramucci’s SkyBridge Capital Launches Institutional-Grade Fund to Directly Invest in Bitcoin; Offers GBTC Swap Too
which finally caught up to the crypto leader.

“What we’re seeing is the standard moving of the crypto markets from Bitcoin to the Altcoin market led by Ether,” said Vijay Ayyar, head of business development with crypto exchange Luno in Singapore. “This rotation happens usually when Bitcoin has a large rally and investors rotate profits” into other digital coins, he said.

According to Ryan Watkins of Messari, if bitcoin is like gold, ETH is like money, “the most liquid asset in Ethereum’s on-chain economy that is demanded for a wide range of economic uses.”

These gains came while Bitcoin started consolidating, going to about $28,550 after making a new ATH at $35k. In the past 24-hours, Ether recorded more ‘real’ volume at $15 billion than Bitcoin’s $12.53 billion, as per Messari.

“A remarkable bullish BTC crash, making ETHBTC pop. All alts ripped,” noted trader and economist Alex Kruger.

“Looks like a trend change. Think it is. Good to internalize that with dominance at 70% a small outflow from bitcoin to ethereum and alts makes sysmic waves.”

Just last week, as we reported, Bitcoin dominance hit 73.6% last seen in July 2017. Bitcoin hasn’t reached these high levels of dominance since ICO bubbles. Following the rally in ETH and other major altcoins, today Bitcoin’s dominance dropped to 68%.

For now, the market has given back some of these crazy gains. After dropping to about $885, ETH is now back above $900 while the funding rates on derivatives go crazy.

“Grayscale’s ETHE subscriptions will reopen this week. Should see heavy inflows,” further noted Kruger.

Grayscale Ethereum Trust currently holds 2.94 million ETH. The world’s largest crypto asset manager hasn’t bought any ETH since the holidays started on Dec. 25.

ETHE is currently trading at a premium of over 103%.

“2021 might just be the year of ETH thanks to DeFi & PoS staking – the ETH staked on the ETH2 deposit contract has soared to $2B in value,” noted Jay Hao, CEO of crypto exchange OKEx.

While DeFi TVL rose to new highs of $17.87 billion thanks to a jump in the prices of cryptocurrencies, the ETH locked in the space has come down to under 7 million ETH.

Meanwhile, the ETH locked in the deposit contract for ETH 2.0 for staking has gone above 2.2 million ETH worth over $2 billion.

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Author: AnTy

Dollar Hungover, BTC & ETH Give BTD Opportunity; Total Crypto Market Cap Poised to Hit $1T

Dollar Hungover, Bitcoin & Ethereum Give BTD Opportunity; Total Crypto Market Cap Poised to Hit $1 Trillion

While dollar is expected to see more weakness, after the retail buying over the holidays, institutional investors returning to their desks this week are expected to boost BTC prices further.

Over the weekend, Bitcoin hit a new all-time high at $34,865.

The breath BTC BTC -6.72% Bitcoin / USD BTCUSD $ 31,227.25
-$2,098.47 -6.72%
Volume 80.48 b Change -$2,098.47 Open $31,227.25 Circulating 18.59 m Market Cap 580.54 b
4 h Why Does Bitcoin (BTC) Continue to Tear Up Without Ever Stopping? 4 h Ethereum Blockchain Becomes Absolutely Unusable Yet Again as Average Fees Hits ATH at $20 5 h Anthony Scaramucci’s SkyBridge Capital Launches Institutional-Grade Fund to Directly Invest in Bitcoin; Offers GBTC Swap Too
took here after hitting a new record had ETH flying, as well as major altcoins that have been waiting for their turn.

Bitcoin is now consolidating, going just under $28,000 today, as traders and investors take off profits here and rotate them into ETH ETH 5.65% Ethereum / USD ETHUSD $ 1,012.58
$57.21 5.65%
Volume 57.8 b Change $57.21 Open $1,012.58 Circulating 114.12 m Market Cap 115.55 b
4 h Ethereum Blockchain Becomes Absolutely Unusable Yet Again as Average Fees Hits ATH at $20 6 h Too Afraid to Buy the Dips; Too Much FOMO to Resist Buying The All Time Highs 7 h ETH Rips to Jan 2018 High As The Market Rotates Bitcoin Profits into Ethereum
and altcoins.

The momentum over the weekend pushed the market cap of the entire cryptocurrency to over $900 billion. Another small push to the upside and we will hit the $1 trillion mark. Today’s correction meanwhile has it at around $840 billion.

After hitting these highs, the market saw red today, providing the ‘buy the dip’ opportunity the market has been looking for after such highs.

This resulted in $1 billion liquidated in just an hour with $190,000,000 in long positions on Binance within 10 minutes.

Not to mention, the funding has been going berserk, as per Viewbase.

image1

As the digital asset expands beyond speculators and makes its way into investment portfolios, crypto enthusiasts are looking for the next round number.

According to Antoni Trenchev, managing partner and co-founder of Nexo in London, BTC “will be on the road to $50,000 probably in the first quarter of 2021.”

After the retail buying over the holidays, Trenchev sees institutional investors returning to their desks this week and boost prices further.

The world’s largest cryptocurrency rallied strongly in December, eclipsing the 2017 high of $20k as people especially institutions continue to see BTC as a hedge against US dollar weakness and inflation risk.

“The drivers of the crypto rally, if anything, are strengthening amid still low interest rates, political uncertainty” and the prospect of more government stimulus, Julian Emanuel, chief equity and derivatives strategist at BTIG LLC told Bloomberg. But volatility can work both to the upside “as well as to the downside,” he added.

The expiry of $36k Bitcoin call options in over 2 weeks could bring some volatility as well.

After the 870% uptrend since March low, Bitcoin can take some rest. It is anyone’s guess if the Monday correction, which was about 18%, is all we will get or something more.

Unlike the crypto market’s strong 2021 opening, the dollar started the new year by slipping further broadly.

The greenback fell to another low of 89.4, a low not seen since April 2018 — a few inches more and the USD index will go to Dec. 2014 levels.

“The global economy is closer to a more sustainable growth recovery amid unprecedented fiscal and monetary support,” Maybank currency analysts said in a note adding, “On net…the dollar can see its weakness stay further entrenched.”

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Author: AnTy

Bittrex Delisting Privacy Coins Monero (XMR), Zcash (ZEC), and DASH Without Any Explanation

Kraken CEO dispels any regulatory pressure, says market removal could be something business-specific. Meanwhile, these coins drop 17% to 23% while DASH argues its “privacy functionality is no greater than Bitcoin’s.”

Cryptocurrency exchange Bittrex has announced the removal of privacy coins from its platform after removing XRP markets for its US customers. Monero (XMR), Zcash (ZEC), and DASH are the affected cryptocurrencies.

Starting Jan. 15, 2021, 23:00 UTC, BTC-XMR, ETH-XMR, USDT-XMR, BTC-ZEC, ETH-ZEC, USDT-ZEC, USD-ZEC, BTC-DASH, ETH-DASH, USDT-DASH, and USD-DASH would no more be available on the platform.

After this, Bittrex users would have up to 30 days, a period that may be shortened in “certain instances,” to withdraw any of these delisted tokens. The exchange states, after the withdrawal deadline, “there may be circumstances under which a user may not be able to withdraw a token due to events outside of Bittrex’s control.”

Up until now, only XRP XRP 5.48% XRP / USD XRPUSD $ 0.23
$0.01 5.48%
Volume 5.09 b Change $0.01 Open $0.23 Circulating 45.4 b Market Cap 10.34 b
8 h Bittrex Delisting Privacy Coins Monero (XMR), Zcash (ZEC), and DASH Without Any Explanation 2 d eToro and CEX Suspend Trading for US Customers; Grayscale Buys 3.23 Million XRP 3 d Binance US, Genesis, & Abra Suspends XRP Support; Bittrex & Uphold Clarifies No Plan to Delist
trading and deposits were suspended and only for the US customers due to SEC’s lawsuit against Ripple and its two executives for allegedly selling unregistered securities, but now more cryptos are being targeted. Trader CryptoSqueeze noted,

“Privacy coins are the next on the target list. Bittrex might just be the beginning. This is gonna be a rough and uncertain year for alts.”

Bitcoin BTC 7.79% Bitcoin / USD BTCUSD $ 33,331.76
$2,596.54 7.79%
Volume 77.75 b Change $2,596.54 Open $33,331.76 Circulating 18.59 m Market Cap 619.63 b
7 h GBTC Added $1.6B in December But Grayscale Hasn’t Purchased Any BTC in Over a Week 8 h Bitcoin Smashes $34,810 as Market Sees Some ‘Serious and Prolonged Investor Activity’ 2 d Altcoins’ Market Cap Still 59% Off its Peak as Bitcoin Dominance Exceeds 70%
and Ethereum ETH 25.18% Ethereum / USD ETHUSD $ 949.37
$239.05 25.18%
Volume 40.77 b Change $239.05 Open $949.37 Circulating 114.1 m Market Cap 108.33 b
2 d Altcoins’ Market Cap Still 59% Off its Peak as Bitcoin Dominance Exceeds 70% 4 d Bitcoin Going to $1 Million in the Next Decade Says Kraken CEO; Highlights ETH & DeFi 4 d Ethereum Is A ‘Huge Success Story’ But is ‘Undervalued’ in Terms of Institutional Buying
are free from any such uncertainties because they have been explicitly stated by regulators to not be a security because they are decentralized.

Meanwhile, Bittrex’s lack of explanation on their motive behind this decision has led the crypto twitter (CT) to speculate.

“Privacy is a constitutional right, not a crime,” said Jake Chervinsky, General Counsel at Compound Finance who shares his disappointment on exchanges removing crypto assets with privacy-preserving features. “There’s no law or regulation requiring this, just DOJ’s opinion that privacy is “indicative of possible criminal conduct,’” he added.

According to Josh Swihart, SVP of Growth at Electric Coin Company, the creators of Zcash, there could be more than what meets the eye here. He pointed out how US-based crypto exchanges Gemini and Coinbase recently added additional support for ZEC.

Meanwhile, other crypto exchanges clarified that there isn’t any regulatory pressure to delist these privacy-focused cryptos.

“Haven’t heard of anything on the regulatory side. Presumably, it’s something specific to their business,” said Jesse Powell, co-founder, and CEO of crypto exchange Kraken. He also shared that these cryptos meanwhile are not supported by Kraken in Australia because of being “banned by local fiat funding rails” and that they are working on the alternatives.

For now, the damage has been done to these cryptos price-wise as they performed poorly following the delisting news.

XMR dropped over 11% in the last seven days and is currently trading around $138, DASH lost 17% of its value in the last seven days and is now trading at $89 and after a 13% drop, ZEC is now keeping around $58.

Some believe XMR, DASH, ZEC’s loss can be Litecoin’s gain which is working on bringing privacy to the network. Ever since Bitcoin bulls went crazy in Oct., LTC also moved in tandem, up 183% in the last three months to climb the levels not seen since June 2019.

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Author: AnTy

Altcoins’ Market Cap Still 59% Off its Peak as Bitcoin Dominance Exceeds 70%

Altcoins’ Market Cap Still 59% Off its Peak as Bitcoin Dominance Exceeds 70%

Total cryptocurrency market cap meanwhile has reached a new record high of $775.56 billion.

Bitcoin continues to make new all-time highs, it made one on the last day of 2020 and then again on the first day of 2021.

While Bitcoin is poised to hit $30,000, it is not just BTC BTC 1.16% Bitcoin / USD BTCUSD $ 29,281.67
$339.67 1.16%
Volume 40.84 b Change $339.67 Open $29,281.67 Circulating 18.59 m Market Cap 544.28 b
6 h Retail Catching Up on Bitcoin as the Digital Asset Gets Ready for $30,000 7 h Bitcoin Hits a New All-Time Record High Against the Traditional Safe Haven Gold 1 d Bitcoin is ‘Going to Fall’ if a Correction is Seen in Stocks, Says Fundstrat’s Tom Lee
that made new highs. Just as the market capitalization of the world’s largest cryptocurrency went to about $550 million, the total market cap of the cryptocurrency also made a new ATH.

The record high made by the entire crypto market has been today at $775.56 billion.

“That’s bullish! 2021 will be the year that the altcoin market capitalization will break its all-time high,” noted trader Michaël van de Poppe.

However, if we start to correct, the trader sees the pullback in the market cap to find the first potential support at $550 billion with $456 billion as the second point of interest.

This uptrend, however, is primarily driven by Bitcoin as its dominance stands firmly around 70%, currently at 72%. The crypto king didn’t have this much of market share since Sept. 2019. This uptrend first started in Sept. 2020 and gained speed just last month.

Back in Jan. 2018, when altcoins pumped while Bitcoin started retracting its gains, BTC dominance went to an all-time low of 35%.

Traders are soon expecting altcoins to start rallying as well, that is, once Bitcoin calms down and consolidates before ripping higher.

Several altcoins have already started pumping although the market cap of all altcoins combined is just above $223 billion, still far off of the Jan 2018 high of $547 billion.

After a long time, ETH ETH -1.20% Ethereum / USD ETHUSD $ 731.40
-$8.78 -1.20%
Volume 13.51 b Change -$8.78 Open $731.40 Circulating 114.08 m Market Cap 83.44 b
2 d Bitcoin Going to $1 Million in the Next Decade Says Kraken CEO; Highlights ETH & DeFi 2 d Ethereum Is A ‘Huge Success Story’ But is ‘Undervalued’ in Terms of Institutional Buying 3 d Deribit Now Allows Traders to Bet on Bitcoin’s Rally to $160k & Ethereum to $5k
finally broke above $700 this month. Not only the second-largest digital currency recorded more gains than Bitcoin in 2020, but Ether is also still 52% away from its ATH.

Among the top altcoins, lately Litecoin (LTC) LTC 1.34% Litecoin / USD LTCUSD $ 126.09
$1.69 1.34%
Volume 7.35 b Change $1.69 Open $126.09 Circulating 66.22 m Market Cap 8.35 b
6 d Dave Portnoy’s Barstool Fund Accepts BTC, ETH & 10 Other Crypto’s in Donation to Support Small Businesses 5 mon Potential Cardano & Litecoin Collaboration Coming Soon?
and  Polkadot (DOT) DOT -5.23% Polkadot / USD DOTUSD $ 8.26
-$0.43 -5.23%
Volume 3.02 b Change -$0.43 Open $8.26 Circulating 895.99 m Market Cap 7.4 b
3 d Bitcoin to 10x, ETH to Outperform BTC, & DeFi Unicorns: Crypto Market’s 2021 Prediction 4 w Polkadot Network Launches a DeFi Alliance; Chainlink Becomes Founding Member
has been climbing up. Theta Token (230%), Zilliqa (172%), Celsius Network (123%), and Nexo (88%) are among the highest gainers in the past month.

When it comes to the DeFi space, in the last seven days, UNI, SUSHI, CRV, BAL, Rune, and Terra made some significant greens. Overall, the total value locked (TVL) in DeFi space reached almost $15 billion, from a mere $655 million at the beginning of this year.

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Author: AnTy