Uniswap price continues to consolidate and constrict within the Cloud in the Ichimoku Kinko Hyo system.
Price action positions for a bullish breakout, but bearish conditions with the oscillators may hint at a bull trap.
A clear breakout above the Cloud is necessary to confirm any bullish momentum.
Uniswap price is positioned for an imminent breakout. But in what direction, that remains to be seen. There are an overwhelming amount of mixed signals that could yield weight to any bullish or bearish bias. However, given Bitcoin’s recent momentum, a breakout higher is the more near-term scenario.
Uniswap price is ready for a solid bullish breakout above the Cloud
Uniswap price could see a very expansive bullish move soon, especially given its current position within the Ichimoku Kinko Hyo system. Uniswap is currently just a hair below the top of the Cloud (Senkou Span A), and if buyers can push for a close to at least $26, then the Chikou Span will also be above the Cloud. When the Chikou Span and close are both above the Cloud, it creates one of the most sought-after bull signals in Ichimoku analysis.
Utilizing a Fibonacci expansion tool from the September 26th swing low to the October 2nd swing high gives a projection to the next target zone for any bullish breakout near the $36 value area (100% Fibonacci expansion). However, a bullish breakout for Uniswap price is not a certainty.
UNI/USD Daily Ichimoku Chart
Many altcoins have a common theme in positioning their respective close near-term bullish breakout – but conflicting oscillator values. The Relative Strength Index remains at bear market conditions, and there is clear rejection against the overbought level of 55. Additionally, hidden bearish divergence exists within the Composite Index, warning of a continuation move of the prior downside trend. If selling pressure resumes, bears are likely to target the $17 – $18 value areas.
Grayscale has recently added Uniswap and Solana to their investment fund. The company is mainly popular for their Bitcoin fund, which is still trading at a discount. It is good to see that Uniswap is finally getting a lot of institutional attention as it deserves. Being the 2nd largest DeFi platform, it is a wonderful investment. On the other hand, Solana is also a great buy right now due to its super-fast transaction speeds while being cost-effective.
Solana and Uniswap in Grayscale funds
The rebalancing of its large-cap fund and the diversified portfolio fund has made Grayscale add Solana and Uniswap. Grayscale has sold some of its previous holdings and then used the cash proceeds to purchase the DeFi token and Solana coin. It will be the first time that Solana is added to a Grayscale fund, said the company. At the same time, Uniswap will also be present in the large-cap fund for the first time. Since I see great potential in Uniswap, it seems to be a good call right now.
After the rebalancing was done, the percentages of different coins in the large-cap fund went like this. Bitcoin is at the top with 62.19%, and then we have Ethereum at 26.08%, ADA at 5.11%, Solana at 3.24%, Uniswap at 1.06%, Chainlink at 0.82%, Litecoin at 0.77% and Bitcoin Cash at 0.73%. On the other hand, for the DeFi fund of Grayscale, nothing was changed. The portfolio looks like this right now. We have Uniwap at 45.20%, Aave at 14.11%; MKR 7.84%, Sushiswap at 7.18%, Compound at 6.73%, Synthetix at 6.29%, Yearn finance at 3.92%, Curve at 3.53%, Bancor network token at 3.04%, and UMA Protocol at 2.16%.
Grayscale is important for crypto
It is the largest crypto investment fund globally and brings a lot of institutional investors from across the world. The fund has about $41.5 billion in assets under management, so it is so crucial for the crypto markets. A lot of big firms and wealthy individuals still prefer investing in crypto indirectly due to the convenience. And with Grayscale, they get all forms of funds getting the options to choose and invest. In fact, their shares are at a discount, which makes it even better to invest through them rather than buying BTC directly.
Bitcoin could pick up momentum above $56,100 and that could attract buying in DOT, UNI, LINK, and XMR.
Bitcoin (BTC) has continued to trade near the $55,000 level. The sharp rally in Bitcoin has pushed its market dominance from 40.70% on Sep. 12 to about 45% today. This shows that the strong recovery in cryptocurrencies has largely been led by Bitcoin.
This sharp run-up in Bitcoin has pushed the Fear and Greed indicator into the Greed zone. Although this indicator suggests that markets may have run up quickly in a short time, it does not necessarily signal a confirmed short-term top.
History suggests that traders who sold their Bitcoin positions on this metric alone could have missed strong gains before the correction set in, as highlighted by Cointelegraph Marke analyst Marcel Pechman.
Could bulls extend the up-move and push the price closer to the all-time high in Bitcoin? If that happens, select altcoins may rally to the upside. Let’s study the charts of the top-five cryptocurrencies that could remain strong in the short term.
BTC/USDT
Bitcoin soared above the stiff overhead resistance at $52,920 on Oct. 6 and the bulls have held the price above the breakout level since then. This is a positive sign as it indicates that buyers may be holding on to their positions expecting higher levels in the short term.
The moving averages have completed a bullish crossover and the relative strength index (RSI) is near the overbought zone, suggesting that the path of least resistance is to the upside.
If buyers push the price above $56,100, the uptrend could resume and the BTC/USDT pair may rally to $60,000. Above this level, a retest of the all-time high at $64,854 is possible.
Contrary to this assumption, if bears pull the price below $52,920, the pair could drop to the 20-day exponential moving average ($49,504). This is an important support for the bulls to defend because a break below it could signal a change in the short-term sentiment.
The pair could then drop to the 50-day simple moving average ($47,578) and next to $40,000.
The bulls are facing selling in the $55,750 to $56,100 zone but a positive sign is that buyers have not allowed the price to dip below the 20-EMA. This indicates that bulls anticipate a break above the overhead zone.
If that happens, the pair could resume its uptrend. The first sign of weakness will be a break and close below the 20-EMA. The RSI is forming a negative divergence, signaling that the momentum may be weakening.
A break and close below the 20-EMA could pull the price to the 50-SMA. A break below this support could start a deeper correction.
DOT/USDT
Polkadot (DOT) has been gradually moving higher toward the overhead resistance at $38.77. The RSI has broken out of the downtrend line and the 20-day EMA ($32.15) has started to turn up, indicating an advantage to buyers.
If bulls thrust the price above $38.77, it will invalidate the head and shoulders pattern. The failure of a bearish setup is a bullish sign as it may trap the aggressive bears who then try to cover their positions, resulting in a short-squeeze.
The DOT/USDT pair could then start its journey toward $49.78. Alternatively, if the price turns down from the current level or the overhead resistance and breaks below the moving averages, the pair could drop to $28.60.
A bounce off this support could keep the pair range-bound for a few days. The bears will have to pull the price below the neckline to signal their supremacy.
Both moving averages are sloping up and the RSI is in the positive territory, suggesting that buyers are in control. The pair could drop to the 20-EMA, which is likely to act as a strong support. If the price turns up from this support, the bulls will try to push the pair to $38.77.
This level may again act as a stiff resistance but if bulls do not give up much ground from it, the possibility of a break above it increases.
Conversely, if bears pull the price below the 20-EMA, the pair could drop to the 50-SMA. A break and close below this support could result in a decline to $31 and then $29.
UNI/USDT
Uniswap (UNI) has been holding above the 20-day EMA (24.55) for the past few days, which shows that bulls are trying to defend this support. However, the bears are in no mood to relent as they have not allowed the price to rise above the neckline.
The buyers will have to push and close the price above the neckline to complete an inverse H&S pattern. This bullish reversal setup has a pattern target at $36.98 but the rally may not be linear as bears will try to defend the level at $31.41.
The 20-day EMA is gradually rising and the RSI is just above the midpoint, suggesting that bulls have a slight edge. This advantage will be lost if the price breaks and closes below the 20-day EMA.
In such a case, the UNI/USDT pair could drop to $22. This level may act as a support but if bears sink the price below it, the pair could extend the decline to $17.73.
The 4-hour chart shows that the price has roughly been consolidating in a tight range between $24 and $26 for some time. Usually, such tight ranges result in the start of a directional move.
If buyers drive and sustain the price above $26, the possibility of a break above the neckline increases. That could start the march toward the next overhead resistance at $30 and then to $31.
On the other hand, if the price breaks below $24, the short-term trend may turn in favor of bears. The pair could then drop to $22.
LINK/USDT
Chainlink (LINK) broke above the downtrend line on Oct. 1, but the bulls have not been able to capitalize on this move. The altcoin has been stuck in a tight range between $25.20 and $26.19 for the past few days.
Both moving averages are flat and the RSI has been trading just above the midpoint, suggesting a balance between supply and demand. This equilibrium will tilt in favor of buyers if the price breaks and closes above $28.19.
The LINK/USDT pair could then rally to $32.11 and later challenge the stiff overhead resistance at $35.33.
Alternatively, a break and close below $25.20 could signal that supply exceeds demand. The pair could then drop to the $22 to $20.82 support zone.
The price turned down from the overhead resistance and bears have pulled the price below the moving averages. If sellers sustain the lower levels, the pair could drop to the support at $25.20. A break below this level could signal that bears are back in command.
Conversely, if the price turns up from the current level and rises back above the moving averages, it will suggest that traders are buying on dips. The bulls will have to push and sustain the price above $28.19 to signal that they are back in the driver’s seat. Thereafter, the pair could rally to $32.11.
XMR/USDT
Monero (XMR) rose above the 50-day SMA ($271) on Oct. 5 and reached the downtrend line on Oct. 6. The bears are aggressively defending the downtrend line for the past few days but a minor positive is that bulls have not allowed the price to dip back below the 50-day SMA.
The 20-day EMA ($263) is sloping up gradually and the RSI is in the positive zone, indicating a minor advantage to buyers. A break and close above the psychological mark at $300 could open the doors for an up-move to $325 and then to $339.70.
On the contrary, if the price turns down and breaks below the 20-day EMA, it will suggest that short-term traders may have dumped their positions. That could pull the price down to $250 and later to $225.
The bulls have repeatedly pushed the price above the downtrend line but the bears have not allowed the pair to sustain above it. The 20-EMA has flattened out and the RSI is close to the center, suggesting a balance between supply and demand.
If the price breaks below the 50-SMA, the short-term bulls may rush to the exit. That could pull the price down to $260 and next to $250.
Conversely, if bulls push the price above $286.8, the pair could rise to $296.80. The bullish momentum may pick up if bulls thrust the price above this resistance.
After the previous week ended with bitcoin becoming a more favored investment at the expense of ethereum once again, the gaming industry is spurring growth in the blockchain-powered dapp sector with DeFi and NFT losing ground, and a global investigation by ICIJ – dubbed the Pandora Papers – exposed how the world elite was using offshore structures and trusts in tax havens to conceal their wealth. Then, bitcoin broke the USD 55,000 resistance, returned to USD 1trn market capitalization, and decoupled from stocks, while Bitcoin Lightning Network is growing faster than public metrics show. Stellar rallied on the MoneyGram partnership announcement, AXS once again surged to an ATH after the team behind it announced a new DEX, and Shiba Inu soared on high volume, then neared the top 10 list. Meanwhile, deposits on the ‘big four’ South Korean exchanges were up 1,368%, CoinSwitch Kuber said it raised over USD 260m at a valuation of USD 1.9bn, and CoinShares invested in Swiss-based online bank FlowBank.
While crypto regulation is on the cards in Latin America, Chainalysis found that India’s crypto market is more ‘mature’ than those of Vietnam and Pakistan. A leading Salvadoran engineering academic claimed that volcano-powered Bitcoin mining could be ruinous for the nation’s economy, while President Bukele blasted critics as BTC price boomed; the US SEC Chairman ruled out the possibility of enacting a China-style crypto crackdown, the IMF suggested that economic leaders fight back against crypto by issuing their own CBDCs, the BIS said that the financial system is in ‘an age of disruption’, and the FBS warned that countries should work to prevent ‘regulatory arbitrage’ for stablecoins.
At least six XRP holders will get their day in court in the Ripple-SEC battle, while the regulator served up Circle with a subpoena. Unstoppable Domains and 30 of the world’s crypto wallets formed the Wallet Alliance, Sino-Global will enter a Bitcoin mining machine joint-venture with Highsharp to work on the development of mining machine ‘Thor’, and the Cryptoverse with Busta Rhymes pointed out the flaws of centralization after Facebook went down for hours. North Korea is conducting spear-phishing activities on the crypto industry, and while Compound Finance faced more trouble when USD 65m in COMP was dripped into the contract plagued by a bug, the anonymous developer behind Evolved Apes disappeared with USD 2.9m in project funds.
And now, it’s time to enjoy your jokes. Start, now!
Speaking of good… Looking gooood!
Sad&Poor 500.
But there’s somebody facing an even more baffling situation.
Is it the ‘come on, do something’ situation all over again?
Let’s see what BTC has to say about all of this.
Advice for the newcomers.
A lesson for everybody who need it.
“You dumbass.”
Extra truth.
Look at those moves, a veritable crypto shinobi – a cryptobi, if you will – right there.
Since the drop of the first token in 2009, there has been a battle for control going on within the digital world. This war is generally financially based, as countries try to secure greater control and grip on decentralized exchanges and cryptocurrency.
Here is a brief look into a few different perspectives from countries that have tried to close the door on cryptocurrencies.
A Brief Look Into The Hate
We’ll take a fundamental look at crypto’s history for those who are less familiar on details that can impact geographical and geopolitical perspectives. For those who are less familiar around cryptocurrency and it’s history we will take a quick dive in: the first crypto coin to bless us was Bitcoin in 2009. Starting as an idea on paper, it grew into a $50K+ top dog coin and blockchain that is finding it’s way into New York’s stock market via ETFs.
With its 9,000,000% rise in the last decade, it’s safe to say Bitcoin is the founder and start of where this war begins.
As time progressed and Bitcoin grew, more coins started to arise and make a mark in the world of digital currency. In 2013, China attempted to ban the coin, and label it an insufficient and illegal currency.
At a high level, what makes these coins a hot commodity to control is the ability to use these coins across the web to buy and purchase many things both online and off. On top of that, it has formed into the new “gold rush,” as young and old investors took a liking to the profit and growth of these coins – especially Bitcoin.
Bitcoin has long positioned itself as the top dog and face of crypto.: BTC on TradingView.com
The first to enact an official ban was Bolivia’s central bank, as they banned all forms of currency that were not regulated by the government, including Bitcoin and other cryptocurrency across the world in June 2014. Many other countries have since created loopholes and laws to regulate and/or ban these coins.
Egypt has not yet made the ban official, but according to Sharia law all crypto currency is prohibited, according to the Islamic legislation. Many countries fear that these coins could become more damaging then helping for their economy, and the “war” around crypto has led to some countries enacting laws accordingly.
The Latest “War”: China’s Ban
This year, China made headlines again by indefinitely banning all cryptocurrency and crypto-mining. The Chinese government proceeded to have banks and exchanges shut down crypto-related activity. This really is no surprise after their attempts stemming back to 2013; meanwhile, their approach (or one similar) has also been adopt from countries like Turkey, Algeria, Bangladesh, Egypt, and Bolivia. Additionally, the UK dropped the hammer on Binance for not meeting money laundering requirements.
It is especially difficult for countries, states, and cities across the globe to regulate and monitor the activity on the blockchain, and how we use this new form of currency – emphasized by it’s mystique and ability to stay below the radar when it comes to making transactions.
Another batch of Russian online crypto exchanges in Russia face closure following a recent decision by a regional court. Information published on their websites has been deemed illegal meaning the country’s telecom watchdog can block access to their platforms.
Roskomnadzor May Take Down Blacklisted Crypto Exchanges
A number of websites providing options to exchange, cash out, and transfer cryptocurrency using various payment methods may be blocked by Russia’s telecom regulator, Roskomnadzor, if their operators don’t delete the illegal web pages. The threat for the online crypto platforms stems from a court ruling recognizing their content as prohibited.
In early September, the Kushnarenkovsky District Court in Bashkortostan, a republic of the Russian Federation, confirmed that the information they are disseminating is banned under current law, Forklog reported. The register of banned Russian websites, maintained by the non-government organization Roskomsvoboda, lists 17 sites affected by the decision.
In its ruling, the regional court notes that in all these cases the platforms have allowed free access without requiring registration. “Any user can get acquainted with the content and copy the materials in electronic form. There are no restrictions on their transfer, copying and distribution,” the district court emphasized.
According to Digital Rights Center, a law firm hired by the operators of six of the crypto exchanges, the owners of the websites had not been summoned by the court at all. Sarkis Darbinyan, managing partner at the company, explained that apparently the sites had been identified on the Bestchange.ru crypto exchange aggregator.
In the past few years, websites featuring content related to bitcoin and crypto services have often been targeted with restrictive measures in Russia. Roskomnadzor blockedBestchange.ru more than once but access to the popular site has been eventually restored. In March 2020, the agency added six crypto sites to its register of banned internet sources and in June this year, a court in the Perm region announced its decision to block several crypto trading websites.
Lawyers at Digital Rights Center are now preparing official complaints with the intention to seek the full cancellation of the court decision. “Apparently, prosecutors do not want to accept the reality that the law on digital assets has already been adopted and the legislator did not follow the path of a complete ban on cryptocurrency, but only limited the possibilities of its use and civil law turnover,” Darbinyan concluded.
Former teen soap star from the popular television series “The O.C.,” Ben McKenzie, has called out his fellow celebrities for shilling specific cryptocurrency projects. McKenzie calls the trend a “moral disaster” and he’s named a bunch of celebrities that have shilled a few crypto projects to their loyal fans.
‘The O.C.’ Star Ben McKenzie Writes a Scathing Review About His Fellow Celebrities and Their Crypto Participation
On October 7, the American actor, writer, and director Ben McKenzie has a problem with his fellow celebrities pushing certain crypto projects. So much so he wrote an opinion editorial denouncing the behavior and published it via the publication The Slate.
Ben McKenzie is also a celebrity himself as his first high-profile role was in 2003, when he played “Ryan Atwood” in the television series “The O.C.” McKenzie also starred in the show “Southland” and the television series “Gotham.”
The oped written by McKenzie is called “Celebrity Crypto Shilling Is a Moral Disaster,” and the first person it strikes is the popular socialite Kim Kardashian. McKenzie discussed how Kardashian shilled the crypto token Ethereum Max using her Instagram account with her 228 million followers.
“The post was an immediate sensation, and a touch controversial,” McKenzie wrote. “Ethereum Max was only a month old, few had heard of it, and it wasn’t even obvious how the ‘token’ was supposed to work,” the actor added.
As of this writing, Ethereum Max is priced at $0.00000002257, according to coinmarketcap.com. That’s a lot of zeroes. If you bought Ethereum Max after Kardashian pushed it and didn’t sell fast enough, all you were left with was a practically worthless digital asset.
McKenzie: ‘Celebrities Might as Well Be Seating Their Audience at a Rigged Blackjack Table’
McKenzie further ripped into a number of other celebrities like the former heavyweight champ Floyd Mayweather Jr., former NBA star Paul Pierce, the actress Lindsay Lohan, and the Superbowl Champion Tom Brady as well. “The Hollywoodization of crypto is a moral disaster. And for celebrities’ fans, who likely have far less money to lose, it’s potentially a financial one, too,” McKenzie stressed. “The O.C.” star further added:
These rich and famous entertainers might as well be pushing payday loans or seating their audience at a rigged blackjack table. While the wild swings of crypto might be exciting for some, the rewards for many are illusory, especially once one gets beyond the top few cryptocurrencies like Bitcoin and Ethereum (which is a separate entity from Ethereum Max).
The Slate article, however, is co-written by the journalist Jacob Silverman, an author who is in the midst of writing a book about crypto fraud. Silverman has a lot to say about big tech and shares a lot of anti-capitalist views across a number of his editorials. The author Silverman has also written “Terms of Service: Social Media and the Price of Constant Connection.”
McKenzie too seems to believe that the crypto world is riddled with scams and so-called “rug pulls.” But for celebrities, to add hype to these types of speculative investments, is a bit over the top in his opinion.
“Celebrities are encouraging their fans to gamble on speculative, unproven investments that may soon see a major regulatory crackdown, if not an outright implosion of the market,” McKenzie emphasized. The actor’s scathing critique of his fellow celebrities concluded:
If celebrities care about what products they promote, they should think twice about putting their support behind these companies. Crypto and blockchain technology may yet have important roles to play, but the industry executives, venture capitalists, and, yes, the rich and famous people pushing these products haven’t earned your trust — or your money.
Bitcoin remains range bound in lower timeframes trading at $54,277. The first cryptocurrency by market cap records almost no gains in the daily chart, but a massive 23.9% in the 7-day chart.
The general sentiment in the market has flipped bullish, as investors seem to be waiting for further appreciation in Q4, 2021, a period that usually works for the bulls.
Investment firm QCP Capital believes BTC’s price recent returned to the mid $50,000 was due to a “short squeeze”. Triggered by a high number of liquidations in short positions, the big move to the upside has its origin on Chinese crypto exchanges.
In addition, QCP Capital found that institutions were behind Bitcoin reclaimed of the $50,000 as evidence by the uptick in the Chicago Mercantile Exchange (CME) open interest and the increase on the premium for these derivatives versus the price of BTC in the spot market. QCP Capital claimed:
The unusually large premium indicates an overwhelming amount of outright buying. Both factors combined lead us to believe that there has been large institutional buying of BTC in the past week.
Additional factors seem to have worked out in favor of the Bitcoin bulls, as noted by the investment firm: the dissipation of uncertainty around Chinese real state company Evergrande, the very likely approval of a BTC ETFs based on CME Futures, BTC gaining more prestige as an investment vehicle, and others.
However, QCP Capital points out some potential obstacles that could prevent BTC from reaching its previous highs and beyond. First, the high amount of leverage in the crypto market as shown by the BTC Futures Aggregated Open Interest, 3x times more than in October 2020.
Source: Skew via QCP Capital In previous months, BTC’s price has taken significant downside action when the leverage in the futures sector reaches a certain point. In addition, QCP Capital said: The options market continues to indicate downside nervousness in spite of the spot rally. ETH risk reversals (RR) continue to be skewed to the downside (puts are more expensive than calls). BTC has only just turned from a persistent downside skew to neutral. What Could Work Out For The Bitcoin Bulls QCP expects some short-term bearish price action for Bitcoin. As seen below, the Tom Demark Sequential, a metric used to measure if a price move has been overextended to a certain direction, flashed a TD 13 sell signal on October 7th.
Source: QCP Capital via Twitter A separate report by investment firm CoinShares stated that there are 3 factors lineup for more appreciation in Q4, 2021: regulation, adoption, and the macro environment. On a previous occasion, the BTC Bulls have some but not all of these 3 factors in their favor, the report claimed. About regulation, CoinShares believes the U.S. is “starting to warm to crypto” due to certain statements provided by the FED and SEC Chair, Jerome Powell and Gary Gensler, on cryptocurrencies. In addition, El Salvador’s effect on driven BTC adoption could have been underestimated. Following the launch of the Bitcoin Law many countries, such as Ukraine, Brazil, Paraguay, and others, have expressed their desire to make BTC legal tender and could drive a new wave of institutional adoptions. The firm said: From an institutional perspective, our most recent survey representing US$400bn of assets under management (AuM), highlights growing institutional participation. Average portfolio weightings in digital assets now represent 1.1% of AuM, although this varies considerably across different institutional investor types. Finally, the macro-environment factors with high inflation, rising commodity prices, worsened employment conditions, and others could continue to be a tailwind for store of value assets, such as Bitcoin (BTC). CoinShares said: (…) it is likely that bitcoin will appreciate against those currencies, even if its purchasing power were to remain stagnant.
Blockchain has been one of the greatest advancements we’ve witnessed in the past few decades and maybe even in history. Bitcoin creator Satoshi Nakamoto created it with a view to upend traditional financial institutions and remove the middleman from the majority of transactions.
Based on a trustless system where ‘miners’ authenticate transactions through a consensus mechanism, Bitcoin revolutionized the way we use and think about money. Since then a host of technologies have been developed based on the groundwork made by the anonymous Satoshi. Now, Bitcoin, Ethereum, Binance, and many others are now household names in many places.
The road to actualization has been rocky and cryptocurrency’s popularity has allowed for new developments within and outside the space. One such innovation is decentralized finance(DeFi). As crypto has gotten increasingly popular, it has also become very centralized with a few big players taking up most of the liquidity and market share. DeFi is the revolt against that. Rather than relying on centralized exchanges, it puts the power back in the hands of the individual users.
In place of these intermediaries, it uses programs called smart contracts to automate these transactions and ensure trustlessness.
Problems with Decentralization
The problem with this decentralization is that it has become fragmented. With new projects popping all over the place, the Defi space can sometimes seem like whack-a-mole. The low barrier to entry means anyone can create a project on any blockchain and with such a plethora of choices native to multiple chains, liquidity becomes a problem.
With the number of users constantly migrating into crypto to test its offerings, you would think that liquidity would be a foregone conclusion. However, the popularity of particular centralized exchanges means that they usually get the majority of the new traffic and DeFi is left short-handed.
The liquidity problem now slowly begins to become more apparent. The problem is not that there is not enough liquidity but that the liquidity is not efficiently distributed. Some platforms have enough and some are constantly struggling to keep their head above water.
Successful Fundraise of $3.2 Million
Pontoon Finance’s liquidity mirroring protocol is addressing the liquidity fragmentation issue that hinders the mass adoption of DeFi. In order to provide a relatively better user experience, Pontoon Finance is working towards bringing cross-chain liquidity mirroring along with trustless bridges to make it easier for users to transact seamlessly across various chains. It aims to ease the interactions of users with DeFi applications and diverse blockchain networks. Through its decentralized relayer networks, it aims to make the transactions cost-effective and trustless.
Names such as Amesten Capital, X21, Morning Star Ventures, Black Edge Capital, Draper Dragon Funds, Ex Network, and GenBlock are just some of the few that have thrown their backing behind the multichain liquidity project, Pontoon. That support has also been backed up with $3.2 million worth of capital as Pontoon continues its vision of making multichain liquidity a reality.
Along with this, they have also gained support in the form of advisors such as Ravindra Kumar the Co-Founder of Frontier Wallet, Sandeep Nailwal the Co-Founder of the popular Polygon Network, Joel John of Ledger Prime, and others.
Advanced Roadmap with Incentivized Testnet and Upcoming IDO
So far Pontoon is still in its early stages. It is currently working towards auditing its smart contract code and forming strategic partnerships with credible projects in the space. Currently, it has the incentivized testnet ready which would emerge very soon and has finalized its decision to conduct its IDO on cross-chain tool suite, Hot Cross.
A successful testnet is paramount for startups and showing a working prototype of your product could bolster investor confidence attracting even more investments and bolstering your project. The project will also be announcing its whitepaper shortly on its social channels. Should the IDO be successful, it could buttress the investments already received, pushing the project’s goals closer to the finish line.
Just recently, Bitcoin has been spiking again. But the influential CFO of PepsiCo – Hugh Johnson, clearly stated that America’s corporate society wouldn’t bulge by the digital currency’s seductive price appreciation.
Moreover, he added that corporate America wouldn’t indulge the world’s lead digital currency by putting it on their balance sheets.
Hugh’s Reasons For Disagreeing With Utilizing Bitcoin
Although the masses predict that the price increase will entice more whale investors, Johnson informed that the contrary should be the case. Bitcoin’s high speculativeness is a contrast to the financial safety companies’ desires to handle their assets.
Undeniably, Bitcoin’s alluring movements within the past few months provided a tremendous financial advantage to non-conformist CEOs who invested in BTC.
However, it is also a warning to conventional managers of the significant risks they’d batter with funds saved for share buybacks, new plants, contingencies, and acquiring new opportunities.
Two CEOs Who Leveraged Bitcoin Recently
Bitcoin’s upsurge has currently surmounted a jackpot for the two CEOs who traded massively on the cryptocurrency. Elon Musk (CEO of Tesla Motors) and Michael Saylor (CEO of MicroStategy).
BTC is trading in an upward trend | Source: BTC/USD on TradingView.com
After struggling at around $42,974 the week succeeding China’s crypto ban, BTC skyrocketed 24.164%. Its price reached $54,600, the second-highest price record since May 12, 2021. Tesla’s 42,000 BTC tokens spurred by over $630,000,000.
Currently, those tokens are at a bullish course of over $830,000,000 – which is close to an 85% increase from the pre-tax income during the first half of 2021.
Whereas MicroStrategy’s potential profits on its portfolio of 109,000 BTC spiked by over $1.5 billion, giving an overall amount of $3.1 billion. However, the company had lost over $409 million in pre-tax within the first two quarters of 2021.