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How Cardano Maked Hot Streak With 10% Gains In 1 Day?

By
Stanislav Shishkin
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0
How Cardano Maked Hot Streak With 10% Gains In 1 Day

Coming from below $1 with a 2,000% profit year-over-year, Cardano (ADA) continues to outperform Bitcoin, Ethereum, and other cryptocurrencies in the top 5 by market cap. As of press time, ADA trades at $2,30 with 9.8% profit in the daily chart.

Cardano ADA ADAUSDT
ADA on a rally in the 4-hour chart. Source: ADAUSDT Tradingview

Following the general market sentiment, Cardano seems poised for further upside with an important resistance at $2.5. As seen in the chart below by Material Indicators, ADA experienced a massive rally from the lows of its current range.

Cardano ADA ADAUSDT
Source: Material Indicators

However, the price sits at seemingly week support in low timeframes and is susceptible to more downside if the crypto market trends further down. Upwards, ADA moves flipped $2.5 from resistance to support in order to take on new price target close to the $3 area.

Additional data provided by Material Indicators suggest that Cardano’s rally has been mainly fueled by large investors (represented in purple in the chart below) with most of the trading orders signaling an increase in buying pressure.

Cardano ADA ADAUSDT
Source: Material Indicators

On the other hand, retail investors have been selling ADA’s climb into its current levels. Most of these investors could be taking profit at these levels, but their selling pressure has been apparently mitigated by buying orders between $100,000 to $1,000,000.

The Bullish Case For Cardano (ADA)

The Cardano ecosystem remains at the top of the fastest growing in the crypto space as indicated by the elevated number of contributions recorded at GitHub. In addition, its developer IOHK has recently announced progress on major improvements for the network.

On GitHub, IOHK created a compilation that list the ecosystem’s “essential” project. The list extends across several sectors with hundreds of projects collaborating for the benefit of Cardano.

After deploying its smart contract capabilities with Hard Fork Combinator (HFC) event Alonzo, the ecosystem has entered a new era with many investors betting on its growth.

In addition, IOHK recently launched a beta version of the network’s Plutus Application Backend to enable its integration to the Cardano wallet. Conceived as a platform that will allow users to easily deploy financial contracts, the company has invited developers to try it. IOHK said:

This marks a significant milestone in the DeFi journey on Cardano, simplifying on-chain #smartcontracts integration and smoothing the route to dApp  deployment.

Polygon is starting the rise to the throne of Ethereum layer 2s

By
Alicia Garcia
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0
Polygon is starting the rise to the throne of Ethereum layer 2s

In a time of many new crypto coins, platforms, and contracts, Polygon is starting to pave a way and rise to the throne of Ethereum layer 2s. Polygon, formerly known as the Matic Network, is a scaling solution that aims to provide multiple tools to improve the speed and reduce the cost and complexities of transactions on blockchain networks.

Friend Or Foe, Polygon’s Start & How It Works With ETH…

Polygon was created in India in 2017, and was originally called the Matic Network. It was the brainchild of experienced Ethereum developers—Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic.

The Matic Network went live in 2020, and has since attracted some of the top names in the world of decentralized finance, also known as DeFi, including Decentraland and MakerDAO. The Matic Network rebranded to Polygon in February 2021, and in April 2019 during it’s initial offering, the Polygon team raised the equivalent of $5.6 million in ETH with the sale of 1.9 billion MATIC tokens over a brisk 20-day period. While some coins in the same field are aiming at top dog coin Ethereum, Polygon is aiming with them to help bring a new speed and software to the world.

MATIC/POLYGON Is currently trading around $1.83 | MATIC-USD on TradingView.com

In recent times, many coins have been deemed “the Ethereum killer,” while Polygon is arguably helping with the blockchain champ. At the core of the network is the Polygon software development kit (SDK), used to build Ethereum-compatible decentralized applications as side-chains and connect them to its main blockchain. While Ethereum recently reached an all time high, finally breaking the $4K mark and showing skeptics that it’s here to stay, many are left asking: could this be a future effect for Polygon as DeFi grows? Polygon has added some excellent partners to its list, and given the chains supplementary nature to Ethereum, many have sought investing in both.

Once the the rebranding was done, Polygon retained its MATIC cryptocurrency ticker – the digital coin underpinning the network. MATIC is used as the unit of payment and settlement between participants who interact within the network. Polygon’s main chain is a Proof-of-Stake (PoS) sidechain, in which network participants can stake MATIC tokens to validate transactions and vote on network upgrades. This coin is showing it has strong potential, particularly for projects around DeFi that are looking for friendlier attributes relative to Ethereum (gas fees being the most notable attribute).

BTCD Breaks Out From Short-Term descending wedge

By
Alicia Garcia
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0
BTCD Breaks Out From Short-Term descending wedge
  • BTCD has bounced at the 42.60% support area.
  • Technical indicators are undecided.
  • BTCD has broken out from a short-term descending wedge.

The Bitcoin Dominance Rate (BTCD) has been increasing over the past five days and is approaching a crucial resistance area, a breakout above which could determine the direction of the future trend.

BTCD has been moving downwards since it reached a high of 47.72% on Oct 20. The downward movement culminated with a low of 42.37% on Nov 6. 

However, it bounced afterwards and has been increasing since. The bounce was crucial since it served to validate the 42.6% area as support. This is the 0.618 Fib retracement support level and a horizontal support area.

Technical indicators are at a make-or-break level. 

The RSI, which is a momentum indicator, is right at the 50 line. Movements above and below this line can be used as determinants for the direction of the trend. 

Similarly, the MACD has begun to move upwards, and is close to the 0 line. The MACD is created by a short- and a long-term moving average (MA), and a movement above the 0 line means that the short-term MA is faster than the long-term one. 

Finally, the Supertrend, which uses volatility to determine the direction of the trend is bearish. The indicator line is at 45.7%. This is also the 0.618 Fib retracement resistance level, making it a pivotal resistance area.

Therefore, whether BTCD manages to break out above this resistance will be crucial in determining the direction of the future trend.

Chart By TradingView

Future BTCD movement

Cryptocurrency trader @KoschLions outlined a BTCD chart, stating that it is likely to break out from its descending wedge soon.

Source: Twitter

Since the tweet, BTCD has already broken out from the wedge and is in the process of moving upwards towards the previously outlined 45.70% resistance area. 

The MACD and RSI are both moving upwards, supporting the continuation of the upward movement. 

Therefore, BTCD is likely to get to the resistance area, but it is still undetermined whether it will break out.

Chart By TradingView

Ripple is planning for financial firms to crypto trading

By
Alicia Garcia
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0
Ripple is planning for financial firms to crypto trading

San Francisco-based blockchain company Ripple recently announced that it will launch a product that will allow financial services companies to offer their clients access to crypto trading.

Ripple Liquidity Hub

In an official blog post, the company noted that the new product, dubbed the “Ripple Liquidity Hub,” will grant enterprise clients access to digital assets from a wide range of providers, including market makers, exchanges, and over-the-counter (OTC) trading desks.

The service will leverage smart order routing to provide enterprise clients with digital assets at the best possible rates in the market.

The announcement also revealed that the Liquidity Hub will initially provide support for six of the most prominent cryptocurrencies in the industry, with more digital assets scheduled to be added over time.

The first six coins include Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum Classic (ETC), and, of course, Ripple (XRP).

The blockchain company pointed out that the availability of these digital assets, however, will be determined by geographical locations.

Commenting on the new development, Asheesh Birla, the general manager at RippleNet said,

“We know full well the need for easy and efficient liquidity management. Crypto and financial institutions are embedded in our DNA. So, it makes perfect sense that as they prepare for a crypto-first world, our customers would want access to the same trusted one-stop shop for buying, selling, and holding crypto assets that have powered our own extensive work with financial institutions.”

Launching Next Year

As per the announcement, Ripple will add extra features to the Liquidity Hub, including staking and several yield generating functionalities.

Birla noted that the infrastructure for the Ripple Liquidity Hub is already mostly in place. The service is currently in its preview stage and is expected to go live in early 2022.

The first partner for the alpha version of the product is Coinme, America’s first licensed Bitcoin ATM provider.

Ripple Vs SEC Legal Battle Continues

Meanwhile, Ripple is still in an ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). The regulator alleged that the company and its executives had raised over $1.3 billion in an unauthorized securities offering.

Although a fake report emerged last month claiming that the SEC vs Ripple case is over, Ripple is yet to settle with the financial watchdog.

LUNA Price Swing due to Burning 89 million LUNA tokens by Terra voting

By
Stanislav Shishkin
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0
LUNA Price Swing due to Burning 89 million LUNA tokens by Terra voting
  • Terra voted to burn a sizable percentage of tokens.
  • The price nearly reached a record high on Wednesday, before dropping.

Just ask Terra, the community charged with maintaining the LUNA utility token protocol and terraUSD stablecoin developed by Terraform Labs.

On Tuesday, the community voted to burn just shy of 89 million LUNA tokens (roughly $4.5 billion). After the proposal put forward by Terra co-founder Do Kwon passed, the token’s price shot up from $50 to past $54, scraping close to its all-time high of $54.77. Then it got caught up in a mini market meltdown, as nearly the entire crypto market turned red. In a few hours, the price had dropped 14%. LUNA, which has a market cap of $23.5 billion, has since leveled off to around $48.

LUNA is a utility token for decentralized applications built on the Terra blockchain. One of its primary uses is to maintain a 1:1 peg with Terra’s algorithmic stablecoins. More LUNA is minted when UST demand dips; it’s burned when stablecoin demand increases.

After the successful vote, 520,000 LUNA (worth over $25 million) was taken out of circulation, with the remaining 88+ million to be burned over the course of the next two weeks—theoretically raising the value of LUNA ever higher.

Yesterday’s vote meshes with the larger plan laid out by the Columbus-5 network upgrade in late September, which changed how and when Terra burns tokens. After the upgrade, instead of transferring LUNA to a community pool, LUNA used to mint the Terra stablecoin would be permanently burned. The move was designed to increase the value of LUNA.

Ethereum has had luck burning its own coins. The London hard fork in August implemented EIP-1559, a measure that redirects transaction fees away from the miners that validate transactions and into an inaccessible wallet, where the ETH is effectively destroyed. Since introducing the deflationary measure, the price of Ethereum has increased by over 60%, hitting fresh record highs along the way.

Terra users are no doubt hoping for similar returns.

Cryptocurrency scams

By
Alicia Garcia
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0
Africa’s biggest crypto scams

On Sept. 15, Tim Dodd clicked on what he thought was a livestream on YouTube of SpaceX’s historic Inspiration4 launch from the Kennedy Space Center. What he saw next took him by surprise.

Dodd, a well-known space fan who created the YouTube channel Everyday Astronaut, landed a rare tour of SpaceX’s rocket facilities in Texas with CEO Elon Musk this summer. And it was just that footage Dodd saw. Someone had copied Dodd’s video to create fake livestreams of the launch, which was also part of a fundraiser for St. Jude Children’s Hospital. Scammers, Dodd says, were trying to trick people into donating Bitcoin on another site.

He said he’s reported at least two dozen cryptocurrency scam videos to YouTube, but they continue to pop up. “It just makes me feel so hopeless,” Dodd said.

Creating a fake live event video is just one way crooks are attempting to dupe crypto enthusiasts into giving away their assets. From fake giveaways to bogus investment sites, scammers use YouTube, Twitter and other social media sites to hook potential victims. Last week, Twitter flagged accounts that appeared to be tied to a Squid Game crypto coin and that bilked buyers out of more than $2 million by exploiting enthusiasm for the hit Netflix show. Scammers are even turning to dating apps to push these schemes.

Unlike a stolen credit number — an inconvenient but rarely troublesome issue — stolen crypto is basically gone. Many cryptocurrencies are decentralized, managed only by code running on a blockchain ledger.

Here are some ways to avoid getting duped on social networks:

Pay attention to the details

This verified Facebook page impersonating SpaceX and Tesla CEO Elon Musk was promoting a cryptocurrency scam on Nov. 1.Screenshot by Queenie Wong/CNET

Recognizing a fake tweet, ad or video on social media can be tricky because scammers often steal images to give their ploys credibility. Sometimes they go as far as hacking verified accounts, creating the illusion of legitimacy by insinuating a well-known figure is involved. In 2020, hackers breached a handful of high-profile Twitter accounts to promote a cryptocurrency scam that promised to double the amount of Bitcoin sent to a specified address. Some of the accounts belonged to Musk, Amazon founder Jeff Bezos, celebrity Kim Kardashian and Joe Biden, who was running for US president at the time.

Look closely at the name of a website, the description of a YouTube video and the handle of a Twitter account. Little details, like a small misspelling, could be a red flag.

In March, the BBC reported a man in Germany was duped by a Bitcoin giveaway scam tweeted by a fake Musk account. The tweet asked people to send anything from 0.1 Bitcoin to 20 Bitcoin and Musk’s team would send back double the amount. The scammer created the illusion the account belonged to Musk by using it to reply to a real tweet from the Tesla boss. The scammer copied Musk’s profile picture and used a verified Twitter account. But if you look closely, the Twitter handle of the fake Musk account is @JoshyMcB not @elonmusk.

A Twitter spokesperson said using scam tactics on Twitter to obtain money or private financial information violates its rules. “We’re constantly adapting to bad actors’ evolving methods and have made improvements in combating cryptocurrency scams on the platform,” the spokesperson said. The company updated its verification policy, but Twitter has also mistakenly verified fake accounts before.

What Are CryptoPunks? The Ethereum NFT Sensation

By
Alicia Garcia
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0
What Are CryptoPunks? The Ethereum NFT Sensation

Some of the oldest ever NFTs are now some of the most desirable—and expensive—crypto collectibles. Here’s what they are—and how you can buy your own.

  • CryptoPunks is an Ethereum-based NFT project from 2017, making it one of the earliest examples of crypto collectibles.
  • Prices skyrocketed as the wider NFT market expanded in 2021, leading to numerous sales in excess of $1 million each.

The market for crypto collectibles released as non-fungible tokens (NFTs) exploded in 2021, with $2.5 billion in transaction volume in the first six months as NFTs entered the mainstream.

The boom has also seen NFT enthusiasts rediscovering some of the earliest non-fungible tokens, propelling the value of these crypto collectibles to hitherto-unknown highs.

One of these early NFT projects is CryptoPunks: a set of randomly generated pixel-based avatars. Some of the rarest, most desirable CryptoPunks have sold for millions of dollars. Seriously!

Here’s what you need to know about one of the most popular NFT collections around.

What are CryptoPunks?

Created by development studio Larva Labs, CryptoPunks are a series of 10,000 images tokenized as NFTs on the Ethereum blockchain. An NFT is effectively a deed of ownership to a digital item, and in this case, holding a CryptoPunks NFT means that you are the sole owner of a one-of-a-kind pixel avatar.

Each CryptoPunk is randomly generated from a list of dozens of attributes, which means there’s an array of designs: people, zombies, apes, and even aliens. The aliens and zombies are among the most popular avatars that have commanded some of the highest sale prices to date.

Where did CryptoPunks come from?

Believe it or not, CryptoPunks were released for free back in 2017. Ethereum’s ERC-721 non-fungible token standard wasn’t even a thing at that point, and the two-person team at Larva Labs released them as an experiment. Ethereum wallet owners snatched up the 9,000 CryptoPunks that were released to the public, while Larva Labs held onto the rest.

NFT volume gradually rose over the next three years, but it wasn’t until late 2020 and especially early 2021 that demand skyrocketed for these provably scarce digital collectibles. The secondary market value for CryptoPunks shot through the roof, leading to multi-million-dollar NFT sales, auctions at Christie’s and Sotheby’s, and a wealth of CryptoPunks used as Twitter profile pictures.

What’s so special about them?

One of the biggest drivers of demand for CryptoPunks is that they’re one of the oldest NFT projects around, and the first set of randomly generated profile pictures to really click with the crypto community. They’ve inspired a rising tide of profile picture NFT sets, from Bored Ape Yacht Club to Pudgy Penguins and plenty more, each of which only reinforces the influence and legacy of the source project. CryptoPunks have some high-profile owners, too, such as rapper Jay-Z and influencer and investor Gary Vaynerchuk.

On top of that, there are clear differentiators that make certain CryptoPunks more desirable and valuable to collectors. Alien avatars are the rarest of the randomized images, and as such, alien CryptoPunks are among the most expensive NFTs sold to date. Ape and zombie designs are also in demand. Most of the CryptoPunks just look like humans with varying features and accessories, however, and the plainer-looking ones are close to the market floor in terms of asking price on NFT marketplaces.

How to buy CryptoPunks

While it’s possible to view all of the CryptoPunks on OpenSea, the leading secondary marketplace for NFTs, you can only purchase them through Larva Labs’ website.

You will need to log in with an Ethereum crypto wallet, such as MetaMask, and then you can buy, bid on, and sell CryptoPunks through the official site. Helpfully, Larva Labs has a handy tracker that lets you see all of the listed Punks in order of price, from low to high.

The future

What’s next for CryptoPunks? Well, they will likely continue to change hands on secondary markets, potentially generating huge returns for investors who bought in before the surge.

There’s no way to tell whether the current level of demand will continue, but the entry-level price for Punks continues to rise. The price floor hit $100,000 in early August 2021 and topped $150,000 just days later. It’s well over $200,000 now, as of this writing.

Financial services giant Visa became the unlikely owner of a CryptoPunk in late August 2021, calling the NFT a “historic commerce artifact” and suggesting that “NFTs will play an important role in the future of retail, social media, entertainment, and commerce.” Almost immediately following the announcement, the market for CryptoPunks skyrocketed, with more than $101 million worth of the collection’s NFTs sold on that day alone—a single-day record, as of this writing.

It seems unlikely that Larva Labs will release more CryptoPunks, given that a big part of their appeal is that they are limited in supply and are amongst the oldest NFTs around. Instead, the company has started moving onto other projects, such as 2021’s Meebits—a set of 20,000 3D voxel avatars very much created in the same spirit as CryptoPunks.

That said, there still could be further development around CryptoPunks. For example, in August 2021, Larva Labs announced that it had put all of the artwork for the existing CryptoPunks on-chain on the Ethereum blockchain. It’s a collector-requested move to help ensure the longevity of the NFTs, so that they don’t someday disappear from the web. While it was expensive to put everything on-chain, the move may add to the “durability” of CryptoPunks investments.

We could even end up seeing CryptoPunks on the silver screen, too. Larva Labs has signed with United Talent Agency to represent the firm as it explores bringing its properties to film, television, video games, and more. Can a CryptoPunks cartoon be far off? We’ll have to wait and see.

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Coinbase Profits Drop 75% in Q3 Despite Dogecoin, SHIB Listings

By
Stanislav Shishkin
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0
Coinbase Profits Drop 75% in Q3 Despite Dogecoin, SHIB Listings

Coinbase followed a record Q2 with $406 million in net income for July through September.

Coinbase, the largest U.S.-based cryptocurrency exchange by trading volume, reported third quarter earnings of $406 million today.

While that number represents a 500% increase over Q3 2020, it’s nonetheless a sizable drop from its record April through June—its first reporting period as a publicly traded company—when it posted a net income of $1.6 billion.

Financial companies with crypto products have mostly been reporting reduced Q3 revenues compared to Q2, when markets were percolating—something Coinbase CFO Alesia Haas alluded to in today’s investor call when she said, “Trading volume across the entire crypto spot market declined quarter over quarter in Q3.”

Square, which permits Bitcoin buying and trading via its Cash App, announced a 23% drop in BTC revenue in Q3, contributing to a slight decrease in overall profit for the firm. Robinhood’s dropoff was steeper, with crypto revenue falling 78%. Total revenue for the stock and crypto trading app fell from $565 million to $365 million.

Zoom out, though, to year-over-year earnings and the picture is brighter. All three companies are riding crypto as a long-term strategy rather than a short-term fix.

Coinbase is rapidly expanding its listings, and—unlike in previous quarters—Bitcoin and Ethereum no longer controlled a majority of trading volume or transaction revenue. Bitcoin and Ethereum revenue were down from 26% each of the total in Q2 to 21% and 22% in Q3. Other crypto assets accounted for 57% of transaction revenue, as well as 59% of trading volume.

The crypto exchange has worked to add new assets—expanding rapidly from the core five it kept on tap as recently as three years ago. The most notable addition has been Dogecoin, which perked up the company’s coffers when it was added at the beginning of June, and Shiba Inu, the DOGE knockoff that began trading on the exchange at the tail end of last quarter.

“We don’t know precisely which assets customers are going to adopt, so our strategy is one that supports all legal assets,” said Haas.

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$174M into digital asset investment During Twelfth Straight Week of Inflows

By
Alicia Garcia
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0
$174M into digital asset investment During Twelfth Straight Week of Inflows
  • Inflows into digital asset investment products continued for the twelfth straight week, amounting to $174 million, according to the latest CoinShares report.
  • With a total amount of $95 million, Bitcoin-based investment products saw the largest inflows of all digital assets.
  • Meanwhile, the performances of investment products based on Ethereum and other altcoins also fared well.

Inflows into digital asset investment products continued for the twelfth straight week, amounting to $174 million, according to the latest CoinShares report.

This latest amount brings the year-to-date total of inflows to $8.9 billion, already over 30% more than the total amount of $6.7 billion for 2020. Total assets under management (AuM) have additionally reached a new all-time high of $80 billion.

With a total amount of $95 million, Bitcoin-based investment products saw the largest inflows of all digital assets. Over the past 8-week bull-run inflows have amounted to $2.8 billion, while year-to-date inflows have reached a record $6.4 billion.

“The BTC price surge is just a confirmation of an incredibly strong market setup that has been developing throughout October,” said executive director at crypto and digital assets hedge fund ARK36 Mikkel Morch. ”As bitcoin exchange balance is at a three-year low while long-term holder supply is at an all-time high, there are simply too few bitcoins available to keep up with the demand.”

Ethereum and altcoins

Meanwhile, the performances of investment products based on Ethereum and other altcoins also fared well. With a renewed positive sentiment that saw it achieve successive all-time highs, Ethereum saw inflows totaling $31 million last week. Although Ethereum’s market share has suffered recently due to Bitcoin’s dominance, AuM has still risen to a record $20 billion, spurred by the recent positive price performance.

Other popular altcoins that saw notable inflows from Polkadot, Solana and Cardano totaling $9.6 million, $8.5 million and $5 million respectively. Polkadot’s inflows last week represent the largest weekly on record. Additionally, Tron has seen inflows totaling $79 million over the last 7 weeks, which has made it the 8th largest crypto by AuM.

New all-time highs

As mentioned above, enthusiasm for Ethereum has picked up again recently, resulted in successive all-time highs, which had started on October 29. Continuing this trend twice last week, ETH has done it again as recently as yesterday, reaching $4,825. Along with Ethereum, Bitcoin also achieved a new record, surpassing $68,500, just weeks after hitting its new all-time high.

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Bitcoin Price: Surpassing $67K

By
Stanislav Shishkin
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0
Bitcoin Price: Surpassing $67K

Bitcoin broke its all-time high from April just last month. Now it breaks the high set in October, surpassing the $67K mark

  • Yesterday, Bitcoin’s price surged past $65k and consolidated just below the previous all-time high set on October 20, 2021.
  • Moments ago, the primary cryptocurrency took off and as of writing these lines, the BTC price recorded a new all-time high above $67.8K, according to Bitstamp exchange.
  • This comes shortly after the total cryptocurrency market cap crossed the $3 trillion milestone for the first time, whereas Bitcoin’s market cap is entitled for 43.6% of it.
  • Furthermore, Ethereum – the second-largest cryptocurrency by market cap – continues to break new highs. It currently trades above $4800 per ETH, with almost half of Bitcoin’s total market cap, according to CoinGecko.
  • Currently, the cryptocurrency’s market cap appears poised to overtake silver’s market cap. At $1.27 trillion, it is less than 10% away from silver’s $1.36 trillion.
btcusd-nov8
BTC/USD , Bitstamp. Chart by TradingView.
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