Connect with us

Blockchain

Ethereum At $500 For The First Time Since July 2018: Report

Avatar

Published

on

ADVERTISEMENT

Ethereum at $500 level for the first time since 2018 as the price rallied recently amid the rising search interest on Google as well so let’s read more in today’s Ethereum news.

After failing to tap the $500 price mark two days ago, ETH woke up and started climbing up. The cryptocurrency rallied vertically and crashed the $500 resistance against the US dollar after more than 2 years of trading. The price increase came with the rising trends of ETH searchers on Google. It now seems that ETH bulls are no longer in the mood to remain in the lower $500 zone as a bout of price action led the cryptocurrency top of the $500 mark a few minutes ago. This increase marks a 6% for Ethereum’s native token and almost increased by a 200 percent gain year to date.

eth usd
ETH/USD. Source TradingView

Ethereum at $500 is hereafter more than two years since the last time the asset changed hands here was in July 2018. Most of the community celebrated and the Ethereum advocate Anthony Sassano commented that the rally is only 5% of the way to $10,000. Crypto Capital Venture founder Dan called for another rally to $530 if ETH’s price action keeps on playing out similar to BTC. While ETH is now busy lifting off vertically on the price charts with Google trends showing that the search interest in Ethereum is now rising slowly.

ethereum
Search Interest in Ethereum is Rising, Source Google Trends

This came after the term “buy ETH” experienced an increase in search interest last week because it of the hype around Ethereum 2.0’s launch as the potential buyers are entering the markets with registers on the back of the new network upgrade launch. As per the latest update from Ethereum co-founder Vitalik Buterin ETH 2.0 could experience further delays in the launch. When asked about a complete timeline for sharding and migration, Buterin explained that scaling could be ready before staking as he said:

ADVERTISEMENT

 “For the merge, I would say less than a year is not realistic. Even if a complete merge implementation fell out of the sky in February, I would recommend we sit on our butts until November or so to convince people that PoS is safe.”

In a recent AMA on Reddit’s official ETH subreddit, Vitalik said that in the next two years the network will churn about 4.7 million coins. He said he was happy about the completion of the coding for the 2.0 phase 0 launch as it has totally de-risked the transition to ETH 2.0.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/ethereum-news/ethereum-at-500-for-the-first-time-since-july-2018-report/

Blockchain

Breaking Down the Effect of Bitcoin’s $3,000 Drop on the Futures Market

Avatar

Published

on

  • Bitcoin has undergone a strong drop since peaking at $19,500 just days ago
  • The coin currently trades at $17,000 as of this article’s writing
  • Analysis compiled by Coinalyze found that over the course of the past few days, $1 billion worth of open interest has been wiped from leading Bitcoin futures exchanges
  • This was accompanied

How the Strong Bitcoin Drop Affected the Futures Market For BTC

Bitcoin has undergone a strong drop since peaking at $19,500 just days ago. The leading cryptocurrency currently trades for $17,000, far below the highs.

The drop came in a short period of time, with liquidations pushing Bitcoin dramatically lower in a wave. The issue was that many market participants were overleveraged, meaning that a small correction triggered liquidations and stop losses, resulting in a rapid cascade lower.

Analysis compiled by Coinalyze found that over the course of the past few days, $1 billion worth of open interest has been wiped from leading Bitcoin futures exchanges.

This was also marked by a spike in trading volume, of $66 billion on futures exchanges and $7 billion on spot exchanges.

These two data points in tandem suggest that the recent correction marked a needed correction in the Bitcoin market to ensure that derivatives players were not getting too far overleveraged.

After the strong correction, the funding rates of top Bitcoin futures markets have reset. The funding rate is the rate that long positions pay short positions on a recurring basis to make sure the price of the future stays in line with the spot market.

According to ByBt, a crypto derivatives tracker, the funding rates of most leading exchanges have reset to the baseline of 0.01% per eight hours. Further, on OKEx in particular, the funding rates of many pairs have actually trended into a negative region, suggesting an increasing number of short takers.

Bitcoin may revert higher if there continues to be low and even negative interest rates and if consolidation takes place.

Par for the Course

Many say that this correction is par for the course in that it should be expected.

Bob Loukas, a long-time Bitcoin investor and macro analyst, recently pointed out that the previous bull run was punctuated with drawdowns similar to the one taking place now:

“Most have a short memory. Remember in Jan 2017 just shy of #Bitcoin ATH’s, boom 34% decline. The 2 months later a sharp rally, new ATH’s, and double boom 34% decline. Never a one way street.”

Countless others in the space have corroborated this, arguing that it is actually healthy for bullish markets to pull back.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Macro Analysis Predicts Bitcoin Has Begun Rally Toward $100k

Source: https://bitcoinist.com/breaking-down-the-effect-of-bitcoins-3000-drop-on-the-futures-market/?utm_source=rss&utm_medium=rss&utm_campaign=breaking-down-the-effect-of-bitcoins-3000-drop-on-the-futures-market

Continue Reading

Blockchain

Facebook’s Libra Could Reportedly Arrive in January 2021 in a Scaled-Down Version

Avatar

Published

on

  • Although Facebook failed to launch Libra in mid-2020 as initially planned, the social media giant could do so in early 2021.
  • Finance Times cited three people working on the project claiming that Libra’s long-awaited launch could come in January 2021 but in a scaled-down version.
  • CryptoPotato reported before that Libra already changed its original idea from being a “single global digital currency” to creating a series of various digital coins. 
  • The FT coverage asserted that Libra could see the light of day after receiving approval to operate as a payments service from the Swiss Financial Market Supervisory Authority (FINMA). However, the Libra Association would initially release just a single coin backed one-for-one by the dollar. The other set of currencies would be rolled out later, should the FINMA application is successful.
  • Facebook rattled the financial world last year after announcing plans to launch its own cryptocurrency called Libra. After receiving scrutiny from world watchdogs, the Libra project underwent numerous changes, including executive replacements.
  • Libra suffered more blows when several notable partners left. Those included PayPal, Mastercard, eBay, Vodafone, and more.
  • In an attempt to salvage the project, the Association decided to make further changes by renaming Libra’s wallet provider from Calibra to Novi.

Featured Image Courtesy of AlJazeera

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/facebooks-libra-could-reportedly-arrive-in-january-2021-in-a-scaled-down-version/

Continue Reading

Blockchain

Bitcoin Worth $500 Million Withdrawn From OKEx as Users Look for Other Alternatives

Avatar

Published

on

Users withdrew a record 29,300 BTC from OKEx after the Malta-based cryptocurrency exchange resumed withdrawals yesterday. This comes after bitcoin (BTC) price kickstarted its epic freefall dropping to levels near $16,500 before bouncing back up again. But what is the reason behind the massive bitcoin exodus out of OKEx?

OKEx Sees Significant BTC Withdrawals And Deposits

As per the latest update from on-chain and market analysis firm Glassnode, OKEx users have withdrawn a record 29,300 bitcoins after the exchange gave the green signal for resuming withdrawals yesterday. These BTC transactions amount to roughly $5 billion (considering the current spot rates).

Glassnode also observed a deposit of 21,600 BTC on OKEx. Withdrawals and deposits together had a depreciating effect on the exchange’s overall bitcoin balance which reduced to around 212,000 BTC.

The potential cause behind the massive exodus of bitcoin holdings could be a result of users leaving OKEx in search of other alternatives. Binance, Huobi, and some third party wallets were at the receiving end of the initial bitcoin transfers from the exchange.

Users Dissatisfied With OKex; Seek Other Alternatives

OKex announced the resumption of withdrawals on November 19. Few folks welcomed the developments, but most of them seemed miffed with the exchange’s recent bitcoin and crypto withdrawal suspension, with a lot of users demanding compensation else they make their move to other platforms.

Large BTC Deposits Point To ‘Centralized Failure’ Risks

As reported by CryptoPotato, OKEx had more than 200,000 BTC stored in their wallets during the ‘withdrawal lockdown.’

Although OKEx CEO Jay Hao assured users that their funds are safe and that there’s no “cause for alarm,” the vastness of the above bitcoin stash is pretty alarming. Especially because it is controlled by one single organization.

What’s more disappointing is that the official who had access to the private keys was ‘out of touch’ with the management. The OKEx personnel wasn’t able to reach out to him. This is not desirable since it poses huge risks to these BTC stashes falling prey to coordinated attacks that target centralized points of failure.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/bitcoin-worth-5-billion-withdrawn-from-okex-as-users-look-for-other-alternatives/

Continue Reading
Blockchain2 days ago

PayPal Reportedly Restricted a User’s Account for Trading Cryptocurrency

Blockchain18 hours ago

South Korean crypto market records more trades in Altcoins

Blockchain5 days ago

Polkadot Aims to Become The New Home for The $14 Billion DeFi Industry

Blockchain5 days ago

Crypto.com Launches Visa Cards for Canadians

Blockchain4 days ago

Bitcoin shoots past $19,000 as new ATH awaits

Blockchain5 days ago

Crypto Investment Manager DAiM Launches Company-Sponsored Bitcoin 401(k) Retirement Plans

Blockchain3 days ago

I’ve Been Hiding My Investment Strategy (Out of Fear) for 6 Years

Blockchain4 days ago

CoinDesk Is Spinning Up an Ethereum 2.0 Node. Here’s How to Follow Our Journey

Blockchain3 days ago

Yearning for Pickle? Two DeFi Protocols Merge

Blockchain4 days ago

Eth2 deposit contract passes threshold needed for Phase 0 to launch on December 1

Blockchain4 days ago

Market Analysis Report (24 Nov 2020)

Blockchain1 day ago

Wrapped- DGLD brings Swiss vault held Gold to Ethereum

Blockchain3 days ago

The Elites Are Preparing a New Currency to Replace the U.S. Dollar

Blockchain4 days ago

Ripple Wants To Work With Central Banks To Introduce CBDCs Support On XRP Ledger

Blockchain4 days ago

Bitcoin ATMs have surpassed 12,000 in number

Blockchain4 days ago

Polymarket reveals change in sentiment around ETH 2.0 Genesis event

Blockchain4 days ago

YFI’s Andre Cronje Unveils Multi-Purpose DeFi Protocol Deriswap

Blockchain5 days ago

Ethereum long target at $600 after establishing support above key breakout boundary

Blockchain5 days ago

Why FinTech should love Content Marketing

Blockchain4 days ago

Top 3 Reasons, Why XRP Price is Pumping very hard

Blockchain2 days ago

Ripple price prediction: XRP to move short towards $0.45

Blockchain5 days ago

Ethereum price prediction – FOMO powered bull run takes ETH/USD to $581

Blockchain5 days ago

Crypto.com Launches Visa Cards for Canadians

Blockchain5 days ago

Unwrapping The NFT Hype Aftermath in 2020

Blockchain3 days ago

Ripple price prediction: XRP to retest $0.75, analyst

Blockchain3 days ago

Lattice and DEX Alternatives that Counter CEX Practices

Blockchain3 days ago

American Investors Given 14 Days to Get Off Binance

Home4 days ago

TramsToken (TRAMS): A Rising Star of the Fast Moving DeFi Space

Blockchain4 days ago

Band Protocol partners with Digital Asset Data Company Brave New Coin

Blockchain4 days ago

InsurAce’s New ‘DeFi Insurance’ Protects Users From Hacks

Blockchain4 days ago

YFI’s Andre Cronje Unveils Multi-Purpose DeFi Protocol Deriswap

Blockchain4 days ago

4 tips to avoid phishing attacks

Blockchain5 days ago

Crypto Hackers Target GoDaddy Employees

Blockchain5 days ago

Market Analysis Report (23 Nov 2020)

Blockchain5 days ago

KuCoin Resumes Deposits & Withdrawals of All Tokens After September Hack

Blockchain4 days ago

YFI’s Andre Cronje Unveils Multi-Purpose DeFi Protocol Deriswap

Blockchain3 days ago

BitMEX Founder’s Charges Highlight Risks for DeFi

Blockchain5 days ago

Crypto Investment Manager DAiM Launches Company-Sponsored Bitcoin 401(k) Retirement Plans

Blockchain4 days ago

This Is a Crucial Support Area for SUSHI if It Wants To Maintain Its Bullish Trend

Trending