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SushiSwap BentoBox Addition Pushes SUSHI Token to New Heights

SUSHI briefly surged past the $9 mark to break the previous all-time high of $8.84 according to CoinGecko. The hot price action comes as the SushiSwap team prepares to launch its next product offering, dubbed BentoBox. SushiSwap began its life as a hard fork of the DeFi platform Uniswap. Uniswap is one of the best-known … Continued

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SushiSwap’s native SUSHI token has surged more than 200% this month. It briefly made a new all-time high as the team prepares to launch a new service called BentoBox.

SUSHI briefly surged past the $9 mark to break the previous all-time high of $8.84 according to CoinGecko. The hot price action comes as the SushiSwap team prepares to launch its next product offering, dubbed BentoBox.

SushiSwap began its life as a hard fork of the DeFi platform Uniswap. Uniswap is one of the best-known platforms in the decentralized finance (DeFi) space.

Built on the Ethereum blockchain, Uniswap comprises numerous smart contracts that allow decentralized cryptocurrency exchanges. These exchanges, called ‘swaps’ happen instantly without the need for a third-party arbiter.

SushiSwap adds to this by bringing both governances and staking into the mix. Its governance mechanism allows SUSHI holders to vote on proposals for the platform’s development. Staking allows the platform’s liquidity providers to earn interest by lending to the ‘pools’ that facilitate these swaps.

SushiSwap Vampire Uniswap

SushiSwap Adds Features

Continuing on the sushi theme, the next development set to hit SushiSwap is called BentoBox. This upgrade aims to improve the way tokens are ‘stored’ on the platform.

Currently, each swap involves an asset and a denomination (i.e. WBTC/USDT). For a swap to execute, the platform hosts a unique smart contract, which means a different set of rules have to be defined for each one.

BentoBox proposes a ‘vault’ that contains a number of tokens. Once a token receives approval to be part of the vault, any swap could be created.

The team also suggests some additional benefits such as lower gas fees and “advanced” transfers.

The Great Re-adjustment

The DeFi space really started to take off in the summer of 2020. In fact, so many cryptocurrencies that back DeFi projects saw significant gains in value, that the community named the period “The Summer of DeFi.”

Projects such as Yearn Finance, Aave, and Compound saw large gains in value. Each is now worth over $1 billion by market capitalization.

DeFi

Moreover, the total value locked (TVL) for the DeFi space, a measure of the value staked in all DeFi projects, soared past $20 billion towards to end of last year. TVL currently sits at over $25 billion.

All in all, the DeFi space is going through a “great re-adjustment” according to some in the community, meaning its true value is only just being unlocked.

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All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Emmanuel entered the cryptocurrency space in 2013 as a cryptocurrency broker. He is a crypto-enthusiast, entrepreneur, and investor, who has built and led several projects and communities in the space. Interests include: DeFI, CBDCs and investing.

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Source: https://beincrypto.com/sushiswap-bentobox-addition-pushes-sushi-token-to-new-heights/

Blockchain

Bitcoin Price Prediction: BTC freefall to $42,000 beckons amid extremely drained bullish front

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  • Bitcoin rejection from $52,000 leads to unstoppable declines under $50,000.
  • Technical indicators flip bearish for Bitcoin, adding weight to the impending price drop.
  • The IOMAP model reveals immense resistance ahead of BTC and robust support, hinting at a potential consolidation.

Bitcoin continues to explore price levels under $50,000 following a recent rejection at $52,000. Initially, traders anticipated support at the 100 Simple Moving Average (SMA) and the 50 SMA on the 4-hour chart, but the gravitational force seems extremely hard to stop.

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Meanwhile, the bellwether cryptocurrency is trading slightly above $47,000. Short-term technical analysis shows that the least resistance path is downwards. This is emphasized by the Moving Average Convergence Divergence (MACD) on the same 4-hour chart.

The trend momentum indicator has also flipped bearish following the MACD line (blue) cross under the signal line. Additionally, the technical indicator is falling toward the midline and may extend the action into the negative region.

Bitcoin is expected to secure support at the 200 SMA to halt the losses. However, if push comes to shove, BTC will extend the bearish leg to $42,000 due to the lack of a robust support area.

BTC/USD 4-hour chart

BTC/USD price chart
BTC/USD price chart by Tradingview

The In/Out of the Money Around Price (IOMAP) model by IntoThepBlock bolsters the massive resistance ahead of the flagship cryptocurrency. Recovery from the current price levels to $50,000 will not come easy, especially with the selling pressure between $48,450 and $49,816. Here, nearly 1.1 million addresses had bought 504,000 BTC.

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BTC IOMAP model
Bitocin IOMAP model by ITB

On the flip side, the same on-chain model reveals that Bitcoin’s downside is also strongly supported, which means that losses as far as $42,000 may not come into the picture. Consolidation may take place owing to the support running from $45,660 and $47,026. Here, approximately 739,000 had purchased 445,000 BTC.

To keep track of DeFi updates in real time, check out our DeFi news feed Here.

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Source: https://coingape.com/82773-2/

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Bitcoin and Ether Whales Prepare for Market Rally as Altcoins Outperform Top Cryptos

Bitcoin and Ethereum whales are preparing for a renewed cryptocurrency market rally, grabbing as much of both cryptoassets’ total supply as they can before prices move up in the near future. According to crypto analytics firm Santiment, Bitcoin’s largest holder – those with over 1,000 BTC or more, worth about $49.8 million at press time […]

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Bitcoin and Ethereum whales are preparing for a renewed cryptocurrency market rally, grabbing as much of both cryptoassets’ total supply as they can before prices move up in the near future.

According to crypto analytics firm Santiment, Bitcoin’s largest holder – those with over 1,000 BTC or more, worth about $49.8 million at press time – now hold 42.56% of the flagship cryptocurrency’s total supply, after dropping from 43.29% on February 8. Their large supply helped fueled bitcoin’s move to a new all-time high to $58,000.

Per the firm, if whales control over 43% of bitcoin’s total supply, it will be an “indication whales are looking to fuel another rally.”

Large holders taking over a larger portion of the cryptocurrency’s supply may help reduce selling pressure and even lead to a supply squeeze, as demand from other buyers remains while available supply drops significantly.

Santiment, as Daily Hodl reports, also revealed that Ethereum’s 10 largest addresses that are not controlled by cryptocurrency trading platforms are holdings the “most combined supply of ETH tokens (16.86M) since July 2016.”

Earlier this month, over 1 million ETH ($1.57 billion) was added to these addresses, showing they’re gearing up for a move upward.

In separate tweets, Santiment pointed out that while whales prepare for a BTC and ETH rally, smaller cryptocurrencies have been outperforming these blue-chip cryptos, likely because of demand coming in from retail investors.

Altcoins outperforming both BTC and ETH include Polygon (MATIC), Enjin (ENJ), Theta blockchain’s governance token Theta Fuel (TFUEL), and XinFin (XDC). These are outperforming bitcoin at a time in which the cryptocurrency struggles to remain above the $50,000 mark.

Other metrics point to an upcoming cryptocurrency rally. The amount of bitocin held on cryptocurrency exchanges has been steadily dropping over the last few weeks, to the point that over the last 30 days an estimated 46,900 BTC, worth over $2.3 billion, is believed to have left trading platforms.

The bitcoin balance on cryptocurrency trading platforms is often used by analysts to gain insights into what BTC investors are thinking. A large amount of bitcoin leaving trading platforms shows investors are looking to self-custody their funds, presumably because they plan to hold onto them for some time. This reduces selling pressure on the cryptocurrency.

Featured image via Unsplash.

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Source: https://www.cryptoglobe.com/latest/2021/03/bitcoin-and-ether-whales-prepare-for-market-rally-as-altcoins-outperform-top-cryptos/

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TA: Bitcoin Price Back Below 100 SMA, Why BTC Could Retest $45K

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Bitcoin price failed to stay above $50,000 and $49,000 against the US Dollar. BTC is now below the 100 hourly SMA and it is likely to continue lower towards $45,000

  • Bitcoin started a fresh decline below the $50,000 and $49,000 support levels.
  • The price is now trading well below $50,000 and the 100 hourly simple moving average.
  • There is a connecting bearish trend line forming with resistance near $49,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could extend its decline towards $45,000 as long as it is below $50,000.

Bitcoin Price Turns Red

After forming a short-term top near the $52,600 level, bitcoin started a fresh decline. BTC traded below the $51,200 and $50,000 support levels to move back into a negative zone.

There was also a break below a major bullish trend line with support near $49,500 on the hourly chart of the BTC/USD pair. The pair even broke the $48,000 support level. There was a clear break below the 50% Fib retracement level of the upward wave from the $43,050 swing low to $52,650 high.

It is now trading well below $50,000 and the 100 hourly simple moving average. It seems like the bulls are trying to protect the 61.8% Fib retracement level of the upward wave from the $43,050 swing low to $52,650 high.

Bitcoin Price

Source: BTCUSD on TradingView.com

If they fail and the price trades below $46,500, there are chances of more losses. The next key support is near the $45,000 level, below which the bears might aim a test of the $43,000 support zone.

Fresh Increase in BTC?

If bitcoin stays above $46,500, it could correct higher. An initial resistance on the upside is near the $48,000 level. The first major resistance is near the $49,000 level and the 100 hourly simple moving average.

There is also a connecting bearish trend line forming with resistance near $49,000 on the same chart. To move into a positive zone, the price must clear the trend line resistance and then gain pace above the $50,000 barrier.

Technical indicators:

Hourly MACD – The MACD is now gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level.

Major Support Levels – $46,500, followed by $45,000.

Major Resistance Levels – $48,000, $49,000 and $50,000.

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Source: https://www.newsbtc.com/analysis/btc/bitcoin-btc-could-retest-45k/

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