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The share capital of Chamath Palihapitiya invests in the Solana-based Saber protocol

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								The share capital of Chamath Palihapitiya invests in the Solana-based Saber protocol

Saber, a cross-chain stablecoin and wrapped token exchange based on the Solana protocol, recently announced that it has raised $ 7.7 million in a just-concluded seed funding round led by Race Capital.

Saber secures funding from industry investors

Other venture capital firms that participated in the equity financing round include Jump Capital, Multicoin Capital, Social Capital of Chamath Palihapitiya, and Solana Foundation, among others.

The $ 7.7 million investment round also received contributions from renowned cryptocurrency experts such as OKCoin’s Jason Lau, FTX’s Tristan Yver, Curve Finance’s Julien Bouteloup, Terraform Labs ‘Jeff Kuan, and Stacks’ Ryan Shea.

According to Saber Labs, the core team behind the project, funds will be channeled into important areas such as marketing, business, product development and team expansion.

The Solana-based stablecoin exchange noted that the funds would come in handy to boost its staff strength to 10 by the end of the year.


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Saber will expand into other chains

Saber Labs CEO Dylan Macalinao, who commented on the latest venture through a spokesperson, said the recent funding was imperative given the rapid growth of the Solana platform and the amount of total value locked up (TVL) on the exchange in recent times. , adding:

“We expect Saber TVL to continue to grow rapidly as more projects integrate with Saber’s deep on-chain liquidity.”

Macalinao added that Saber is planning to expand its presence to other major blockchain networks such as Polygon and Celo to increase its number of assets.

It is worth noting that Saber already supports cryptocurrencies on blockchain projects such as Bitcoin, Ethereum, Solana and Terra. The addition of Polygon and Celo could see the number of cryptocurrencies supported on the platform significantly increase.

Saber becomes Solana’s third largest DApp

Saber was launched in June 2021 as a Solana-based cross-chain platform that allows traders to trade between stablecoins and packaged tokens, provide liquidity and earn profits from transaction fees and liquidity incentives.

Stablecoins are used as a means of trading cryptocurrencies on supported blockchains, thus helping to exchange value across different chains.

Macalinao noted that despite launching last month, the project has a strong competitive advantage over other platforms because it supports cryptocurrencies across different networks. According to the CEO, this benefit has helped increase the Total Locked Value (TVL) on Saber.

Data on DefiLLama show that the platform is currently the third largest decentralized application (dApp) on Solana, with over $ 125 million in TVL assets.

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How profitable is Ethereum in the current market

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How profitable is Ethereum in the current market

The recent 34.4% rally that Bitcoin hit stabilized the market after nearly a month of a consolidated downtrend, and the rally was also reflected on Ethereum. Altcoins are believed to be following Bitcoin’s lead, so for now they should go up as well. However, while Ethereum followed BTC and jumped in value, for the moment it appears to be regaining consolidation. Where is ETH going?

Ethereum in consolidation again

After rising 28.8% last week, ETH showed signs of a slight slowdown on July 27th. Despite the increase in the number of transactions, exchange activity has not shown a significant difference in terms of ETH switching in and out of the exchanges as the trend in outflows continues. Even the derivatives market saw a slowdown when futures volumes suddenly plummeted.

Ethereum futures volume | Source: Glassnode – AMBCrypto

Futures volumes hit $ 43 billion 48 hours ago and were back down to $ 28 billion on July 27th. Additionally, futures short liquidations, which were up $ 81 million, declined $ 60 million yesterday. All of these are signs that these rises and rallies were the result of a sudden boom in investor sentiment along with the hype of the week’s rally. This marks a correction phase for Ethereum.

Is Ethereum Still a Good Option?

Despite the decline in activity, Ethereum still seems to be in demand according to a lot of metrics. First, cryptocurrency is still a profitable asset. Relative unrealized losses have dominated the market since early July, but that changed with this week’s rally. Currently, profits are rising while losses are falling sharply, which of course is a good sign for investors. The supply in profit is also currently significantly higher than the supply in loss.

Ethereum unrealized gains dominate the losses | Source: Glassnode – AMBCrypto

Eventually, the MVRV (Market Value to Realized Value) ratio, which determines whether the coin has fair value or not, increased significantly but is still in a macroeconomic downtrend. In order for Ethereum to be able to declare an absolute upward market, this indicator has to break through this downward trend.

Ethereum MVRV in a downtrend | Source: Glassnode – AMBCrypto

All in all, ETH still has to provide a strong argument for a bull run.

Bitcoin analyst: This is “a very strong sign of …”

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Bitcoin analyst: This is

For an entire day, after some fairly monotonous consolidations and devastating price drops, the Bitcoin price candles were green on a 1-hour, 4-hour, and 1-day charts. With this recent move, market speculation has been rife as to whether this rally would continue.

In the case of Bitcoin, its price has been influenced by external news in the past. Some view these factors as driving forces behind price action and during BTC’s recent bull run, the news side looked positive about this. News like Binance and FTX restricting leverage trading and Binance potentially going public in the US could have contributed to this. On the flip side, many in the field have also claimed that Bitcoin suffered its most recent mini price drop because Amazon denied the news of accepting Bitcoin.

Bitcoin rebounded, falling to $ 39,000 at press time after falling slightly. That price move and expectation of a sustained bull market has led everyone to analyze every move in the asset, including trader and analyst Scott Melker. In a recent video, Melker pointed out that Bitcoin was a potential hammer candle for the month on a monthly chart, which would be “a very strong sign of a reversal” if you looked at demand over the past three weeks. He went on to say about the generated demand:

“There is a lot of indecision and a bit of weakness in the bears to push the price down. Every time they tried to push down there was a tremendous demand. This month the volume was low, but maybe that will pick up. ”

On a daily chart, Melker noted that the price of Bitcoin had crossed the descending channel on which it had long been consolidating. Likewise, price broke the descending triangle on a four-hour chart, which was also a sign of a reversal.

One day chart. Source: Scott Melker Youtube

These aren’t technical signals, however, and it’s worth noting that some metrics like development activity and whale supply percentage didn’t hold up as well during this price rally. Development activity was its lowest in a month, while the percentage of total stablecoin supply held by whales, at more than $ 5 million, also fell, making it the lowest this month. On the contrary, good activity in the network was shown by the spike active addresses.

Source: Sanbase

According to Melker, “Bitcoin bulls have appeared and have massively increased the Bitcoin price”. Analyst Willy Woo was also quick to point out the liquidation of $ 1 billion BTC futures in just 12 hours.

Binance aims to be regulated everywhere, CZ says

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								Binance aims to be regulated everywhere, CZ says

Changpeng Zhao, CEO of Binance, recently revealed some important potential changes the exchange could make to improve its relationships with financial regulators.

Binance’s New Plans

Speaking to reporters, Zhao said Binance intends to establish a regional headquarters after regulatory approval, marking a centralization of its operations.

Additionally, Zhao says he might as well step down in place of a successor who can address these regulatory issues better than him. Emphasize that he does not have to do it, but he would do it for the good of the business.

“I am a tech entrepreneur. We are doing this to be a regulated financial institution and would be very willing to seek a leader with a strong regulatory background. “

The CEO also said he expects to see Binance “licensed everywhere” and that it will be a “financial institution” from here on out.

cz_binance_cover
Chaingpeng Zhao, CEO of Binance. Source: Medium

These comments come as regulators scrutinize the exchange on many fronts, including its suspected use for money laundering, a timeless criticism of cryptocurrency that is almost always lacking in statistical evidence.


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Regulatory issues with Binance

This isn’t the first time Binance has had to adjust its operations to appease regulators. Just this month, Binance announced that they would stop trading tokens representing equity stocks, a three-month-only service that was reviewed by Germany just a few weeks after its launch.

Additionally, the company recently said it will reduce the maximum leverage to 20X on July 19, in order to alleviate consumer protection concerns.

Binance’s trading volumes reached $ 668 billion last month, with growing popularity in Britain. However, the exchange was recently banned from engaging in regulated financial activities there as well.

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Is this a sure sign of a bitcoin bull market?

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Is this a sure sign of a bitcoin bull market?

In a surprising turn of events, Bitcoin confirmed its status as the king coin by quickly climbing above $ 35,000 and testing the $ 40,000 mark. While many may think that the recovery mentioned above is the beginning of a bull market that marks the end of long and terrible price declines, others believe that it is short-term gains that will not last long. In fact, the latter theory cannot be dismissed given the nearly 7% drop in prices in eleven hours towards the end of July 26th.

Tops bring Bitcoin to the top?

After falling for over three months and consolidating sideways, Bitcoin finally seemed to be on the way to recovery. Bitcoin inflows into exchanges saw the largest one-day percentage increase in over a year, up 364.4%. While this could indicate an increase in inflows, suggesting increased selling pressure in the market, it also meant that activity on the network has finally resumed.

Source: chain analysis

In addition, a notable increase in the Relative Strength Index (RSI) of a BTC has been observed. A previous article underscored BTC analyst Benjamin Cowen’s theory that for a Bitcoin rally it was important to break away from the ongoing downtrend in the RSI on a daily chart.

The good news is that the RSI finally broke off a six-month downtrendline that was almost vertical. At the time of writing, RSI was trading at 66.5.

Source: BTC / USDT trade view

A look at the past RSI trend also showed that its breakout was of paramount importance to its price gains. Whenever the indicator broke out of a long-term downtrend, this led to a significant increase in the Bitcoin price. An example of this was the RSI downtrend from May to July 2020, which broke around July 20, 2020 and resulted in almost 35% price gains.

Source: BTC / USDT trade view

Twists and turns

In the midst of the price gains, the spot market showed some healthy peaks. The average trading intensity of BTC on the last day was 7.62, which was above the 180-day average. On July 25th, the trading intensity was 11.4, the highest since June. That being said, there have been some interesting twists in the futures market as well.

BTC’s realized profit also increased. Realized profit peaked at these levels after June 1st, making it the highest in two months. Futures volume also peaked after falling to lower levels around July 19th.

Source: Glassnode

While the surge in futures volumes after sustained inactivity this month suggested decent activity in this area, it could also be due to brief liquidations that took place amid the surge in prices.

While these metrics suggest a bull market for the top coin, as highlighted in a previous article, it should be viewed with caution given the 7% drop in prices on the last day.

Is this the right time to enter the bitcoin derivatives market?

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Is this the right time to enter the bitcoin derivatives market?

Bitcoin had a strong rally of 26.7% (at press time) which made spot trading very profitable for investors, but the interesting fact is that this rally also benefited derivatives markets. Observing on-chain metrics shows that Bitcoin futures and options have also performed well. The most interesting fact was the sudden spike in a certain metric that confirmed the rally.

Bitcoin derivatives are increasing

For the first time in a month, futures short liquidations saw such a sharp rise. The yellow bar hit a high of $ 219 million, indicating the total number of shorts liquidated on July 26th. That surge confirmed one thing – the main reason behind the recent rally was actually that short squeeze.

Short liquidations of Bitcoin futures | Source: Glassnode – AMBCrypto

In addition to the increased short liquidations, Futures Open Interest (OI) were also able to generate some profits. After the May sell-off, OI had maintained a flat move between $ 10 billion and $ 12 billion. That pattern finally saw a change when the futures OI rose $ 1.4 billion just this week. Such an increased OI often increases the likelihood that a volatile leverage squeeze will occur. With the OI, rising futures volumes did not lag behind.

Open Interest for Bitcoin Futures | Source: Glassnode

For the first time in over a month, the futures volumes showed such high daily volumes of futures contracts in the Bitcoin market. On July 26, in just 24 hours, the volume rose by $ 90 billion to $ 120 billion. This is proof of the increased participation in the futures market.

Bitcoin futures volume | Source: Skew – AMBCrypto

Add to this the option volume, which also increased by $ 1.1 million on July 26th. With an option volume of 1.2 million, the market currently seems stronger than ever.

Is the hedge for or against the market?

This is where things get interesting. Technically, put ratios always dominate call ratios and people hedge against the already suffering market. Until this happened recently. On July 27, the call contracts were relatively higher than the put contracts, with over 1,513 BTC in call contracts valued at $ 80,000. Although people are trading futures at a higher price, some continued to play within the $ 29,000 to $ 40,000 consolidation range. Call strikes of up to $ 90,000 confirm the optimistic outlook for Bitcoin.

Bitcoin Options OI by strike | Source: Glassnode

For those looking to get into the derivatives market, now may be the right time. Just make sure your exits match the pattern that Bitcoin’s price action follows.

Understand the profitability of Bitcoin in the current market

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Understand the profitability of Bitcoin in the current market

Bitcoin recovers every now and then, trends change and new levels are established. But this rally in particular is of great importance at the moment, as it brought the much-needed relaxation from the earlier slumps. Overall, there are strong signs of a short-term bull market.

Bitcoin appears to be profitable

To gain any perspective on this profitability, it is necessary to observe the overall supply of Bitcoin in profit. Profitability spiked for the first time in over 45 days as it only hit its lowest point last week at 12.34 million BTC / 66% of total existing supply. The 11.2% increase this week added 1.2 million BTC to that offer, creating a positive vibe for traders. Now that over 77% of the bitcoin in circulation is profitable, profits would of course be better too.

Total bitcoin supply in profit up 11.2% | Source: Glassnode

And that is the case. The net profit / loss chart showed that profits were dominating the market. The green line hit $ 1.8 billion yesterday on July 26th. That 83% jump in profit has carried over the indicator from the mere $ 30 million profit made on July 25th. In simple terms, when realized gains hit a 79-day high, it helped investors regain many of the losses they had faced for some time.

Bitcoin shows gains at a 2 month high | Source: Glassnode – AMBCrypto

In addition, the total transfer volume increased by 1.1 million BTC on July 26th. This sudden jump is evidence of the increased investor participation that came with the price hike. This also shows how cautious investors were, as volumes only rose when Bitcoin hit a high of $ 40,000 and only then.

Bitcoin trading zone

The MVRV (Market Value to Realized Value) ratio is used to compare the cash valuation of a coin to its on-chain cost base. Hence, the type of market such rallies result in is better understood when previous cases are used as references. Historically, the MVRV ratio only reached these zones in these cases –

  1. Early bull cycle with macro-level prices bottoming out and money accumulators returning to noticeable levels.
  2. Medium bear cycle in which investor profits plummet before surrender.
  3. Double pump where jolting is observed in the middle of the cycle.

Bitcoin MVRV ratio | Source: Glassnode

As soon as the market reverses the macro trend and resumes the bull run, a similarity to the “double pumping” of 2013 can be observed. Additionally, investor sentiment could also turn positive as NUPL shows the king coin breaking closer to its two-month downtrend and approaching a more positive zone of denial.

MATIC, Filecoin and Solana price analysis: July 27th

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MATIC, Filecoin and Solana Price Analysis: July 27

After yesterday’s pump, the cryptocurrencies fell into the red. Despite price adjustments, the bitcoin reversal put significant pressure on other altcoins. MATIC’s trading volume fell and the pressure to buy eased. Filecoin showed no signs of increased volatility and finally, Solana’s current price action could potentially see consolidation soon.

MATIC

MATIC, Filecoin and Solana price analysis: July 27th

MATIC / USD, TradingView

MATIC’s pricing was around the $ 1.01 level at the time of writing. If prices continue to move down, the coin could trade below $ 1.00 with the coin losing 7.5% of its value in the past 24 hours. Matic’s trading volume was down 13.68%, which explains the decrease in buying pressure in the market.

Chaikin money flow showed that Capital inflows fell sharply. The bullish momentum faded and the bearish signal increased MACD Indicator as the coin went through a bearish crossover today.

A weakened price trend was seen as Average direction index was spotted near the 20 mark. If the prices remain at roughly the same level, MATIC could show a trendless price movement again.

Filecoin

MATIC, Filecoin and Solana price analysis: July 27th

FIL / USD, TradingView

On a weekly chart, Filecoin has recovered 8% of its lost value. FIL’s price volatility could remain stable considering how the Bollinger bands stayed parallel with a slight convergence at the time of going to press.

That Relative Strength Index represented a sharp drop in buying pressure since yesterday, but at the time of going to press the indicator was rising slightly, suggesting that buyers were slowly returning to the market.

Squeeze momentum indicator stated that when the market was cornered, volatility was low and that any further decline in prices would represent a short selling opportunity.

Solana

MATIC, Filecoin and Solana price analysis: July 27th

SOL / USD, TradingView

Solana gained 13.1% in the last 24 hours; However, it followed the steps of other altcoins and posted a 3.6% decline. At press time, the coin was priced at $ 28.39. The movement of the coin after the July 21 rally has been slow and steady, however the bulls lost strength as the coin rejected the $ 31 resistance level.

Relative Strength Index showed an upward move which meant buyers were returning to the market. Average direction index was approaching the 20 mark, which meant that Solana could re-enter price consolidation and trade within a limited range.

However, there was still declining pressure in the market Ingenious oscillator, the red signal bars became smaller.

Dogecoin, Binance Coin and Chainlink Price Analysis: July 27th

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Dogecoin, Binance Coin and Chainlink Price Analysis: July 27th

There was a distinct difference in the way the major cryptocurrencies were traded yesterday and today, the profits had vanished from the market as the coins fell near their key support levels. The overall outlook for the crypto market still looked pretty pessimistic. Dogecoin struggled to find support above the $ 0.19 mark, Binance Coin’s trading volume plummeted as buyers left the market, and despite Chainlink’s sizable double-digit growth last week, it showed increased capital outflows.

Dogecoin

Dogecoin, Binance Coin and Chainlink Price Analysis: July 27th

DOGE / USD, TradingView

DOGE was rejected by the $ 0.22 el Levovernight and prices hit $ 0.20 again; it lost 9.5% of its rating in the past 24 hours. The meme coin struggled to maintain its crucial tech support level of $ 0.19. From a technical standpoint, DOGE could only hit levels below its current prices, which means it could potentially drop below $ 0.19.

A bearish crossover flashed by MACD Indicator led to the growing red histograms, which suggested the falling pressure was increasing at the time of going to press. Bollinger bands had opened wide, a reading that confirmed the increased opportunities for volatility.

Chaikin money flow imagined he was running out of capital inflows given that demand for the Alt was falling along with buying pressures, but the indicator was rising slightly at press time, suggesting that capital inflows may have increased somewhat.

Binance coin

Dogecoin, Binance Coin and Chainlink Price Analysis: July 27th

BNB / USD, TradingView

At press time, BNB’s pricing was $ 308; it tried to test its $ 331 resistance level but was unable to reach that point. If the BNB began to bounce back it could easily drop below the $ 291 mark and land around $ 280.

Squeeze momentum indicator showed that the market got into a squeeze, which meant low volatility, but a price breakout could not be completely ruled out. Bearish print mounted as Great oscillators The red signal bars became larger at the time of going to press.

Capital inflows haven’t really increased like that Chaikin money flow.

Chain link

Dogecoin, Binance Coin and Chainlink Price Analysis: July 27th

LINK / USD, TradingView

Chainlink prices showed a strong recovery; however, in the daily timeframe it fell by almost 2.4%. The price of the old was $ 18.61 at the time of writing.

The market weakness came back as prices fell; Average direction index stayed below the 40 mark, suggesting a weakening of the trend. Chaikin money flow was parallel to the center line, suggesting that capital inflows have decreased in recent days.

On July 27th, a bullish crossover occurred on MACD Indicator that indicates that bullish momentum is increasing.

Ethereum traders can make money with this step

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Ethereum traders can make money with this step

There is no point in talking about the current bull run of the global cryptocurrency without mentioning Ethereum. The world’s largest altcoin has seen a weekly increase of nearly 30%, which is actually slightly higher than Bitcoin’s percentage gains. However, ETH prices were still within the boundaries of a downward channel after a broader market correction stalled their push northward. At the time of writing, ETH was trading at $ 2,270, down 3% over the past 24 hours.

Ethereum daily chart

Source: ETH / USD, TradingView

Since May 19, ETH has consistently hit lower highs and lows, which eventually led to the formation of a downward channel. Although ETH rallied from $ 1,700 several times, gains have been capped below the upper trendline and sellers have reacted to various levels of resistance.

The 100 percent extension of its June 22 low was now around $ 2,400 and clashed with the upper bound of the ETH pattern. Hence, it can be argued that a successful close above this level would initiate a longer rally in the market.

$ 2,600 incoming?

The Fiboancci Extension tool highlighted some potential targets should ETH break above $ 2,600. The 127.2% expansion was $ 2,620 while the 161.8% expansion was $ 2,866. These areas were also largely in focus as the bulls attempted various rallies after the May 19th market decline. On the flip side, a small dip between $ 2,100 and $ 2,160 can be countered – an area supported by the 200 SMA (green).

argumentation

The Relative Strength Index successfully climbed above 50-55 for the first time in over two months as buying pressures returned to the market. The Aroon uptrend stayed near 100% indicating a strong uptrend. The Squeeze Momentum Indicator also saw a move above the half-line, which would indicate a further increase in buying pressure.

graduation

ETH expected an important breakout in the coming days to extend its current rally. A move above $ 2,400 would highlight the next target level, which is at $ 2,600 and $ 2,800. In the meantime, traders can wait for a breakout confirmation and long ETH once prices close above $ 2,400 to take advantage of this projected spike.