Market Wrap: Bitcoin Hits $10.4K; Ether Balances on Exchanges Fall to 7-Month Low

Market Wrap: Bitcoin Hits $10.4K; Ether Balances on Exchanges Fall to 7-Month Low

Bitcoin was trending upward before losing momentum; ether holders are moving their cryptocurrency off exchanges.

  • Bitcoin (BTC) trading around $10,284 as of 20:00 UTC (4 p.m. ET). Slipping 0.12% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $10,174-$10,488
  • BTC below its 10-day but above 50-day moving averages, a sideway signal for market technicians.

Bitcoin continued its upward momentum from Wednesday, with the world’s oldest cryptocurrency rising as high as $10,488 on spot exchanges such as Coinbase before losing some steam and now moving in a sideways pattern. 

Constantin Kogan, partner at crypto fund of funds BitBull Capital, points to bitcoin’s relative strength index, or RSI, as an indicator of where the market might be headed. RSI measures price changes to indicate market conditions, such as “overbought” when there has been too much buying or “oversold” when there is too much selling. 

Related: First Mover: Ethereum Gets Unplanned Stress Test as DeFi Fever Grows

“The relative strength index has shifted in favor of growth after the price climbed to $10,355,” said Kogan. “There is a chance to return to the pivotal area of $10,756, but not everything is as rosy as we would like to see.”

Kogan said bitcoin price action will depend on the global economy’s performance for the balance of 2020. 

“Many analysts predict that BTC will continue to rise in price in the long term,” Kogan added. “However, this year a breakthrough is unlikely. It is expected next year if we won’t see a global recession escalation.” 

Related: Bitcoin Holds Firm Above $10K but Strong Bounce Proves Elusive

In bitcoin futures, open interest has been hanging around the $3.7 billion mark for the past week. 

“This represents a lot of indecision in the BTC market,” said Daniel Koehler, liquidity manager for cryptocurrency exchange OKCoin, regarding the stasis in bitcoin futures. “I think many larger players hedged at these high price levels and are waiting for momentum to clearly go in one direction.”

Henrik Kugelberg, a Swedish over-the-counter crypto trader, points to the longer-term outlook of bitcoin versus fiat’s performance. “The macro perspective is of course that all currencies will lose value and the only hedge in the currency market the coming months is bitcoin.” 

Indeed, the U.S. Dollar Index, a measure of the American currency against a basket of other fiat, is still in the doldrums, down 0.30% Thursday. 

Ether (ETH), the second-largest cryptocurrency by market capitalization, was up Thursday, trading around $364 and climbing 2% in 24 hours as of 20:00 UTC (4:00 p.m. ET). 

The balances of ether on centralized exchanges is at a seven-month low. On Wednesday, 17,158,739 ETH sat on exchanges, the lowest it had been since Feb. 9, according to data from aggregator Glassnode. 

“My immediate thought is that many people have moved their ETH off exchanges to be able to participate in yield farming,” said Andrew Tu, an executive at quant trading firm Efficient Frontier. “A load of other traders likely moved their ETH to be able to provide liquidity to Uniswap pools. SushiSwap is a prime example of this.” 

  • nem (NEM) + 5.2%
  • qtum (QTUM) + 3.4%
  • cardano (ADA) + 3.2%

Notable losers as of 20:00 UTC (4:00 p.m. ET): 

  • tron (TRX) – 5.3%
  • bitcoin sv (BSV) – 3.7%
  • orchid (OXT) – 1.2%

Equities: 

  • Asia’s Nikkei 225 ended the day in the green 0.88% as positive Japanese manufacturing numbers gave uplifted investor sentiment.
  • Europe’s FTSE 100 closed in the red 0.16% as tensions between the European Union and the United Kingdom rose over Brexit negotiations.
  • In the United States, the S&P 500 slipped 1.9% as tech stocks experienced a sell-off on a volatile day, with Apple gaining as much as 2.7% intraday before closing down 3.9%.

Commodities:

  • Oil is down 1.8%. Price per barrel of West Texas Intermediate crude: $37.06.
  • Gold is flat Thursday, in the red 0.10% and at $1,944 as of press time.

Treasurys:

  • U.S. Treasury bond yields all slipped Thursday. Yields, which move in the opposite direction as price, were down most on the two-year, in the red 5.3%.
  • Market Wrap: Bitcoin Hits $10.4K; Ether Balances on Exchanges Fall to 7-Month Low
  • Market Wrap: Bitcoin Hits $10.4K; Ether Balances on Exchanges Fall to 7-Month Low

Source: finance.yahoo.com

Author: Daniel Cawrey


Crypto.com latest to bank on DeFi hype with Uniswap-based exchange

Crypto.com latest to bank on DeFi hype with Uniswap-based exchange

Crypto.com, a conglomerate dealing primarily with payments and the exchange of crypto assets, announced its foray into decentralized finance with a platform named DeFi Swap.

According to its whitepaper, published on Friday, DeFi Swap is a fork of the popular Uniswap decentralized exchange. 

The differences, beyond slight aesthetic changes, appear to consist in the choice of tokens, additional geographic restrictions, and notably a yield farming incentive based on CRO, the token of the Crypto.com Chain.

Users who stake the CRO token with the exchange will be entitled to a reward of additional tokens, allocated daily. Higher staking amounts will entitle holders to higher yields, based on a multiplier that increases after each year of staking. 

The minimum amount eligible for the boost is 1,000 CRO, worth about $160 as of press time. 

The token rewards accrued are subject to a vesting period of 30 or 90 days, depending on whether the staked amount is higher or lower than 100,000 CRO ($16,000).

The system is not unlike some of the more common yield farming schemes existing today, though with a crucial caveat of vesting. This could help avoid some of the excesses of previous schemes, where funds move quickly from one coin to the next in the span of a few weeks. Crypto.com’s calculator suggests that annualized yields could be higher than 1,000% for staking approximately 500,000 CRO ($80,000) for two years. The rates will likely be subject to change though, and it remains to be seen if they can remain that high throughout the period.

CEO of Crypto.com Kris Marszalek told Cointelegraph that the company is “building an entire ecosystem and DeFi products are an important part of our roadmap.” He teased that a DeFi wallet is being developed as well.

The company would thus follow Binance’s suit of a centralized provider launching DeFi-inspired products. Unlike Binance push for its own blockchain, Crypto.com’s strategy appears to be Ethereum-focused so far. Its DeFi Swap product bears some similarities with SushiSwap, another Uniswap fork that sought to attract users through an incentive scheme.

But there are certain aspects of the exchange that make it less decentralized than its competitors. Notably, the platform is IP-restricted from jurisdictions such as the United States, the People’s Republic of China and a variety of other states often found in sanction lists.

When answering why, Marszalek said that “compliance, privacy and security are the foundation of everything we do and it determines key product development decisions.”

But it’s worth noting that as a Uniswap fork, DeFi Swap can be accessed by calling its contracts with alternative means, which cannot be stopped by anyone. 

An additional limitation is the choice of assets, which are seemingly on the discretion of Crypto.com, while Uniswap is notorious for its completely permissionless token pool creation.

DeFi has grown to the point that centralized platforms are seeking to integrate it within their own product lines. But like the portmanteau of “CeDeFi,” adopted by Binance CEO Changpeng Zhao and meaning “Centralized Decentralized Finance,” these efforts appear to be somewhat of an oxymoron.

Source: crytonow.com

Author: adminhttps://crytonow.com


Exchange Cryptocurrency Instantly at the Best Rate

Exchange Cryptocurrency Instantly at the Best Rate

You may have heard that you can get your currency exchange instantly through an exchange website. The fact is that there are numerous benefits that come with these websites; however, in order to know more about the process, you need to be informed about what they actually do. Learn more information about Quickex.io

With all of the exchanges that take place, you will find that they can be very complicated to understand. In order to make sure that you are comfortable with these exchanges, you can hire a company to provide you with help when it comes to these exchanges. In order to make sure that you are getting the best service possible, you should ask for quotes from several companies.

Source: vozdipovo-online.com


South African Crypto Exchange Luno Expanding Globally After Acquisition by Digital Currency Group

South African Crypto Exchange Luno Expanding Globally After Acquisition by Digital Currency Group

Digital Currency Group has acquired South African cryptocurrency exchange Luno, which has more than five million customers in over 40 countries. The acquisition will help Luno expand globally, including across its existing markets in Africa, Europe, and Asia.

New York-based Digital Currency Group (DCG), an investment firm that has backed more than 160 blockchain companies in 35 countries, announced Wednesday the acquisition of South African cryptocurrency exchange Luno. DCG is also the parent company of Grayscale Investments, Genesis prime brokerage, and the recently launched mining subsidiary Foundry. The company invested in Luno’s seed round in 2014.

Founded in South Africa in 2013, Luno is now headquartered in London with regional hubs in Singapore and Cape Town. The company also maintains local offices in Indonesia, Nigeria, South Africa, Uganda, the U.K., Zambia, and Australia.

While the financial terms of the deal have not been disclosed, Wednesday’s announcement confirms:

DCG will be making a significant financial commitment to help Luno expand globally, both in geographies where Luno currently operates and beyond.

Luno will operate as an independent, wholly-owned subsidiary of DCG. Having grown significantly in recent years, the exchange currently has more than five million customers spanning over 40 countries and about 400 employees. The exchange currently operates across Europe, Africa, and Asia. Luno is South Africa’s largest crypto trading platform and the first fully approved crypto exchange in Malaysia.

Marcus Swanepoel, Luno’s CEO, explained what the acquisition means for his exchange. “In short, it will enable us to reach our target of upgrading 1 billion people to a better financial system by 2030, a target we set for ourselves a few years ago, faster and better than if we did it completely on our own,” he said.

What do you think about DCG acquiring Luno? Let us know in the comments section below.

The post South African Crypto Exchange Luno Expanding Globally After Acquisition by Digital Currency Group appeared first on Bitcoin News.

Bitcoin.com is author of this content, TheBitcoinNews.com is is not responsible for the content of external sites.

source: https://news.bitcoin.com/south-african-crypto-exchange-luno-expanding-globally-acquisition-digital-currency-group/

TheBitcoinNews.com is here for you 24/7 to keep you informed on everything crypto. Like what we do? Tip us some BAT

Source: digitalcoinowner.org

Author: Posted By: Bitcoin.com


Utopia p2p Releases CRP on Crypto Exchanges

Utopia p2p Releases CRP on Crypto Exchanges

London, UK, Sept. 11, 2020 (GLOBE NEWSWIRE) — One of the most anticipated cryptocurrencies of 2020 – Crypton (CRP) – is coming to the international cryptocurrency market. Recently, it has become available for trading on the exchange platforms latoken.com and zg.com, where everyone can now buy, sell, and exchange CRP. All the up-to-date information about the coin exchange rate is available on coingecko.com.

*Crypton is the internal cryptocurrency of Utopia P2P network — a revolutionary data privacy project on the Internet created by the anonymous creators.

For anyone who missed the chance to invest in Bitcoin at the early stage of its development, here is a second chance to get in on the ground floor and invest in a new and rapidly developing cryptocurrency right now. At this stage of development, everyone can buy the cryptocurrency at the lowest price. So, invest a little now, and make a profit as the value increases steadily.

Crypton is the cryptocurrency of the future that guarantees the protection and confidentiality of financial transactions. What is noteworthy is Crypton’s uniqueness, which is based on a mixture of blockchain and its own protocols in the Utopia P2P ecosystem. There, the developers are able to combine all the necessary Internet tools in one place. By the way, no Internet project has done this before. It includes the ability to transfer and store any data safely, as well as the complete anonymity and privacy of each user.

As a result, by investing in Crypton, you contribute to the usage and popularization for private use of such tools as:

  • uMessenger: An instant messenger where communication between users is decentralized and encrypted.
  • uMail: Protected file sharing with secure information transfer.
  • Idyll Browser: An anonymous browser with hidden traffic based on its own security protocol.
  • uWallet: An encrypted e-wallet based on blockchain technology where financial transactions are in a chain on master nodes, and everyone has a chain with uNS channels.
  • uNS: A unique domain name system as a completely secure alternative to DNS.
  • Mining bot: A special bot that uses unique proof-of-memory technology for a quick way to earn Cryptons just using the ecosystem.
  • Each Utopia client gets all the necessary Internet tools for the modern world in one place with the internal cryptocurrency Crypton. Note that it is becoming more and more popular on international cryptocurrency exchanges every day.

    Crypton has many similarities with Bitcoin. Neither currency used an ICO, and both have a high degree of protection based on decentralization.

    Nobody knows who is the real owner of these projects. Bitcoin was developed by a person or group using the name Satoshi Nakamoto, while the developer of Crypton is the team of anonymous creators. They decided to hide their real names to avoid pressure from government agencies and third parties. In the case of Crypton, it is helping to provide a real revolution in the cryptocurrency world.

    Moreover, CRP does not display any transaction data. It is intended for anonymous payments. Third parties do not have access to information about the identity of clients who use Cryptons for personal purposes. The entire process of conducting a transaction is linked under a cryptographic signature. The transfer itself over the network is also wrapped in encryption.

    Until now, the Utopia platform has only been available for desktop devices. However, the developers have already announced the release of a mobile version of the ecosystem. In other words, Utopia is poised to become even more accessible and popular, which means that Cryptons will significantly increase in price.

    Take a chance and be one of the first who earn money on a developing cryptocurrency. Start investing in CRP right now.

    Media Details
    Company: Utopia p2p
    Email: [email protected] 
    Website: https://u.is/ 

    Source: otcpm24.com

    Author: News Bureau


    Utopia p2p Releases CRP on Crypto Exchanges

    Utopia p2p Releases CRP on Crypto Exchanges

    photo-release

    Utopia P2P network

    London, UK, Sept. 11, 2020 (GLOBE NEWSWIRE) — One of the most anticipated cryptocurrencies of 2020 – Crypton (CRP) – is coming to the international cryptocurrency market. Recently, it has become available for trading on the exchange platforms latoken.com and zg.com, where everyone can now buy, sell, and exchange CRP. All the up-to-date information about the coin exchange rate is available on coingecko.com.

    *Crypton is the internal cryptocurrency of Utopia P2P network — a revolutionary data privacy project on the Internet created by the anonymous creators.

    For anyone who missed the chance to invest in Bitcoin at the early stage of its development, here is a second chance to get in on the ground floor and invest in a new and rapidly developing cryptocurrency right now. At this stage of development, everyone can buy the cryptocurrency at the lowest price. So, invest a little now, and make a profit as the value increases steadily.

    Crypton is the cryptocurrency of the future that guarantees the protection and confidentiality of financial transactions. What is noteworthy is Crypton’s uniqueness, which is based on a mixture of blockchain and its own protocols in the Utopia P2P ecosystem. There, the developers are able to combine all the necessary Internet tools in one place. By the way, no Internet project has done this before. It includes the ability to transfer and store any data safely, as well as the complete anonymity and privacy of each user.

    As a result, by investing in Crypton, you contribute to the usage and popularization for private use of such tools as:

  • uMessenger: An instant messenger where communication between users is decentralized and encrypted.
  • uMail: Protected file sharing with secure information transfer.
  • Idyll Browser: An anonymous browser with hidden traffic based on its own security protocol.
  • uWallet: An encrypted e-wallet based on blockchain technology where financial transactions are in a chain on master nodes, and everyone has a chain with uNS channels.
  • uNS: A unique domain name system as a completely secure alternative to DNS.
  • Mining bot: A special bot that uses unique proof-of-memory technology for a quick way to earn Cryptons just using the ecosystem.
  • Each Utopia client gets all the necessary Internet tools for the modern world in one place with the internal cryptocurrency Crypton. Note that it is becoming more and more popular on international cryptocurrency exchanges every day.

    Crypton has many similarities with Bitcoin. Neither currency used an ICO, and both have a high degree of protection based on decentralization.

    Nobody knows who is the real owner of these projects. Bitcoin was developed by a person or group using the name Satoshi Nakamoto, while the developer of Crypton is the team of anonymous creators. They decided to hide their real names to avoid pressure from government agencies and third parties. In the case of Crypton, it is helping to provide a real revolution in the cryptocurrency world.

    Moreover, CRP does not display any transaction data. It is intended for anonymous payments. Third parties do not have access to information about the identity of clients who use Cryptons for personal purposes. The entire process of conducting a transaction is linked under a cryptographic signature. The transfer itself over the network is also wrapped in encryption.

    Until now, the Utopia platform has only been available for desktop devices. However, the developers have already announced the release of a mobile version of the ecosystem. In other words, Utopia is poised to become even more accessible and popular, which means that Cryptons will significantly increase in price.

    Take a chance and be one of the first who earn money on a developing cryptocurrency. Start investing in CRP right now.

    Media Details

    Company: Utopia p2p

    Email: [email protected] 

    Website: https://u.is/

    1984 Group

    (PNG – 374 x 800)

    1984 Group

    Formats available:

    Source: virtual-strategy.com


    Market Wrap: Bitcoin Hits $10.4K; Ether Balances on Exchanges Fall to 7-Month Low


    Previous
    Cryptocurrency exchangesUtopia p2p Releases CRP on Crypto Exchanges
    Next
    Cryptocurrency exchangesWhat is the exchange rate of EUR (Euro) / USD (US Dollar) on Friday September 11, 2020
    Did the article help? Rate it
    1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
    Loading...
    Add comment

    Get Awesome Reviews

    Coins, exchanges, wallets, crypto games, crypto cards.
    Search for reviews and share your own experience.

    GO TO REVAIN