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January on Pace to Break More Crypto Records

The year 2020 certainly wasn’t a bad year for crypto. Traders had wonderful entry points in March, and almost as appetizing exit points in December, as Bitcoin swung from $4,000 to $40,000. But January 2021 might fulfill the dreams of cryptolovers by breaking more new records. Decentralized finance volume While prices are always a useful … Continued

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While the bull-run of late 2020 was in full swing, January 2021 looks to break those records. Could this be the start of the most intense year for crypto and Bitcoin yet?

The year 2020 certainly wasn’t a bad year for crypto. Traders had wonderful entry points in March, and almost as appetizing exit points in December, as Bitcoin swung from $4,000 to $40,000. But January 2021 might fulfill the dreams of cryptolovers by breaking more new records.

Decentralized finance volume

While prices are always a useful metric, the volume of trades are important, and can show which way the markets are heading. Decentralized Finance became perhaps THE buzzword of 2020 crypto, but it is showing no signs of slowing down.

Led by Uniswap, decentralized exchanges allow for anonymous trading where almost anyone can provide liquidity for almost any token. According to Messari Research, DEXs are on track to reach $56.9 billion in trade volume in January 2021. The previous record was $26.7 billion in September 2020.

While Uniswap sparked the DeFi craze of late 2020, other protocols are picking up steam. Synthetix offers layer-2 solutions for Ethereum, and MakerDAO, creators of the DAI stablecoin, are not doing too poorly, either.

Meanwhile, some swap protocols of once great potential like Kyber see relatively small volumes.

Then again, one of these less-popular swap protocols could come out with a killer Layer-2 solution for ETH, greatly reducing fees and transaction times. A frontrunner in Layer-2, especially one supported by a free token, could kickstart another craze.

New bitcoin holders increase

While DeFi and the world of ethereum (ETH) is sucking up the attention of traders, bitcoin (BTC)  itself is not doing too shabby. Despite a couple of drops from all-time-highs which almost reached over $40,000 (and who could have predicted that?), Bitcoin still has good metrics.

At this point, investment from institutions is a given, though whether that is priced in or whether institutions will wait for a big dip to buy is another question.

Research from Chainalysis via blogger fklivestolearn shows some pretty exciting data when it comes to how long hodlers have been hodling. Wallets of long term holders are increasing in value, as are wallets that have been held less than one month.

Blogger fklivestolearn believes that these numbers, which almost reach the level of the 2017 hyped bull-run to $20,000, suggest new buyers are still coming into the market. As main-stream media awakes from winter break to cover Bitcoin, this number could reach record levels. That would mean more new BTC buyers than ever before, and therefore higher prices.

A bitcoin winter’s tale

While the rocketing of BTC’s price has slowed for the moment, fundamentals still look good. Indeed, the market cap of Bitcoin (BTC) is sitting comfortably around $700 billion as of the time this article was written. 

Bitcoin and Decentralized Exchanges both may see record levels by the end of 2021. Both of these seem like a realization of the dream of country-less, decentralized currency and markets. Records are good, but in crypto, it always came with volatility.

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Harry Leeds is a writer, editor, and journalist who spent much time in the former USSR covering food, cryptocurrencies, and healthcare. He also translates poetry and edits the literary magazine mumbermag.me.

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Source: https://beincrypto.com/january-on-pace-to-break-more-crypto-records/

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Cardano (ADA) Death Cross Spells Worries Despite Bullish “Mary” Fork

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  • Cardano (ADA/USD) bounces off a critical support trendline during the Asia-Pacific trading session Friday.
  • The blockchain asset expects to close above key moving average waves on the prospect of turning into a multi-asset chain following its hard fork on March 1.
  • Nonetheless, a death cross formation offsets the probability of more price legs higher.
  • Levels to watch

A sell-off in the Cardano market Thursday brought its benchmark instrument ADA/USD down by more than 11 percent.

The pair touched a week-to-date low of $1.02, about 31 percent lower than its record high established on February 27. It later underwent a modest recovery phase after finding support in a short-term upward trendline. The bounce prompted the price to attempt a close above its 50-period moving average, only to pull back later owing to higher selling pressure near the blue wave.

Cardano, ADABTC, ADAUSD, ADA, cryptocurrency
Cardano slips after testing its 50-period simple moving average wave as resistance. Source: ADAUSD on TradingView.com

It appears likely for Cardano’s ADA to retest the ascending trendline support, further pressured by a death cross formed after the 20-period moving average slipped below the 50-period moving average. It signals additional selling pressure in the market in the short-term.

Should the sell-off continue, ADA/USD risks plunging towards its 200-period moving average. It is right now around $0.88. Meanwhile, an extended slipover below the orange wave would have traders view $0.80 as their downside target. The level has served as support all across February.

Bullish Fundamentals for Cardano

The downside correction in the Cardano market follows its 700 percent-plus price rally in 2021. ADA/USD rallied partially because of an overall upbeat sentiment in the cryptocurrency market, led by Tesla’s $1.5 billion investment into Bitcoin. Altcoins tend to tail the benchmark cryptocurrency’s price trends.

Second, the ADA price surged amid a broader rally among projects that rival Ethereum, the second-largest cryptocurrency by market cap and the leading blockchain network with smart contract functionalities. The transaction and gas fees on the Ethereum network surged aggressively during the February session, prompting speculators to make bets on its rivals.

Cardano briefly surged to the third rank in the top cryptocurrencies’ list, only to get replaced by Binance

#Cardano still holds the level for support here.

Has to break and flip the 2400 sats area for continuation either way.

Otherwise, I’m looking at 1900-2100 next. pic.twitter.com/i9SoHN4YiW

— Michaël van de Poppe (@CryptoMichNL) March 5, 2021

Nonetheless, the reason why traders raised their bids in the ADA/USD market was “Mary” — a hard fork that made Cardano a multi-asset chain network upon its successful deployment on March 1. Cardano’s upgrade will enable new tokens on its network and offer smart contract services just like its rival Ethereum.

“Slowly but surely, the momentum is fading away from Cardano after the Mary hardfork,” noted Michaël van de Poppe, an independent market analyst. “That’s normal. Natural market movements. Hype pre-event, calm, and getting back to equilibrium after the event. That’s how it always goes. ADA will continue running later.”

ADA was trading for $1.13 at the press time.

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Source: https://www.newsbtc.com/news/cardano/cardano-ada-death-cross-spells-worries-despite-bullish-mary-fork/

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FCA Issues Timeline to Cease LIBOR Benchmark

Most of the currency settings will end by the end of 2021.

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The Financial Conduct Authority (FCA) is officially ending the controversial LIBOR benchmark for most of the currencies, a decision that came after an industry consultation in December led by the ICE Benchmark Administration.

The FCA, which oversees the global benchmark, announced on Friday that the publication of LIBOR will be ceased after December 31, 2021, for the pound sterling, euro, Swiss franc, and Japanese yen and also for the one-week and two-month US dollar settings.

The rest of the US dollar settings will cease on 30 June 2023. According to the regulator, these timelines will ensure a smooth transition of the cessation of the benchmark.

“Today’s announcements provide certainty on when the LIBOR panels will end,” FCA CEO Nikhil Rathi said in a statement. “Publication of most of the LIBOR benchmarks will cease at the same time as the panels end. Market participants must now complete their transition plans.”

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The Scandalous FX Benchmark 

The reputation of LIBOR, which measures the cost of unsecured borrowing between banks, was tainted by the manipulation of its rates done by several banks. Many traders were charged and penalized for their role in this mass forex market rigging.

Though global authorities were pushing banks, asset managers, and other market participants to stop using the FX benchmark, the recent regulatory decision finally cleared the conundrum over the benchmark of a nearly dead market.

“Today’s announcements mark the final chapter in the process that began in 2017, to remove reliance on unsustainable LIBOR rates and build a more robust foundation for the financial system. With limited time remaining, my message to firms is clear – act now and complete your transition by the end of 2021,” said Andrew Bailey, Bank of England governor.

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Source: https://www.financemagnates.com/institutional-forex/fca-issues-timeline-to-cease-libor-benchmark/

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Leading on-Chain Option Trading Protocol Oddz Finance Announces Its Public Distribution IDO on Polkastarter

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Oddz Protocol is a trustless On-Chain Option trading platform that expedites the execution of call and put options contracts, conditional trades, and futures. It allows the creation, maintenance, execution, and settlement of trustless option contracts, conditional tokens agreements, and futures contracts in a fast, secure, and flexible manner.

It employs the synergies of Ethereum, Binance Smart Chain, and Polkadot to unleash the potential decentralized derivatives market. It focuses on building solutions that can propel the DeFi ecosystem by simplifying derivatives trading and enhancing the user experience.

Oddz Finance associates with a decentralized fundraising platform, Polkastarter to drive the DeFi revolution.

Incepted with the idea of creating a seamless derivative options trading experience for users, Oddz is all geared up to redefine how derivatives markets work in a decentralized financial landscape. With the high degree of intuitiveness and fascinating attributes, Oddz Finance is all set to spearhead chartered territories by consolidating the models of traditional finance with DeFi to capture the broader spectrum of the DeFi market.

To transform the idea into reality, Oddz finance has announced its public distribution IDO to allow the community’s participation to contribute to the vision of mainstream DeFi adoption. Therefore, it has joined forces with the leading cross-chain auction protocol, Polkastarter. The public IDO will occur on 18th March on the leading platform, thus inching one step closer to massive adoption.

Users will be able to participate in the IDO process by undergoing the whitelisting process in various phases to gauge the efforts of early supporters. The Whitelisting process for Phase 1 for Polkastarter IDO will commence on 5th March at 12 PM UTC and closes on 10th March at 12 PM UTC. The second whitelisting phase will commence from 13th March at 12 PM UTC to 14th March at 12 PM UTC. $150,000 worth of $ODDZ tokens will be allocated on the Polkastarter platform for the $POLS and Non-$POLS holders.

The Whitelisting phases will employ a random lottery method to promote fair participation. To dive deeper into the nuances of the IDO and partnership, Oddz Finance has provided a comprehensive overview of the entire process. In the quest of creating an immersive user experience and making options trading seamless, Oddz Finance is relentlessly working towards unleashing the true potential of the DeFi landscape by employing technological innovation at its best.

The public distribution IDO is a major milestone for Oddz Finance in this expedition to evoke a revolution by powering ODDZ for novice users by providing a seamless gateway opening the doors of decentralized finance. It aims to breakthrough technical complexities to allow users to experience the nuances of options trading and create awareness about the same. In the upcoming days, it is all set to release its testnet and product development demos that would contribute to the overall growth of Oddz finance.

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Source: https://www.newsbtc.com/news/company/leading-on-chain-option-trading-protocol-oddz-finance-announces-its-public-distribution-ido-on-polkastarter/

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