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The Bull Run May Have Begun

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A technical indicator this week, the parabolic SAR, seems to have turned Bitcoin bullish.

This is how Investopedia defines the parabolic SAR:

“A dot below the price is deemed to be a bullish signal. Conversely, a dot above the price is used to illustrate that the bears are in control and that the momentum is likely to remain downward. When the dots flip, it indicates that a potential change in price direction is underway.”

Well, the dot flipped and Bitcoin rose in value.

Consider buying before a bull run takes Bitcoin to the moon.

The post The Bull Run May Have Begun appeared first on Bitcoin IRA | Official Bitcoin Retirement Account Investment.

Source: https://bitcoinira.com/articles/the-bull-run-may-have-begun

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Brazilian Firm to Launch Blockchain Platform for Promoting Environmental Sustainability 

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Brazil is making some waves in the blockchain and cryptocurrency industry, as it is now joining the ranks of nations applying these technologies for good. While most countries are optimizing various systems with blockchain, however, a company in the Latin American nation is primarily focusing on its environment. 

Eliminating Tree Felling

Yesterday, Reuters reported that JBS, a local meat processing firm, has announced the development of a blockchain-based system that will correct its supply chain system and cut out the participation of incriminating farmlands. 

In July, the Guardian reported that the firm had been in contact with at least one indirect supplier that had been cutting down trees illegally in the Amazon rainforest to grow its pasture size. Fearing action against the company, its chief executive, Gilberto Tomazoni, turned to technology to seek a solution.

Per the report, JBS has recently come under fire for contributing to the illegal deforestation of the Amazon rainforest by doing business with farms that are into the activity. Per the company’s announcement, however, it plans to put a stop to that. The system will improve traceability across the firm’s supply chain system, thus ensuring that no farmlands with illegally felled trees will supply it with meat.  

Speaking with Reuters, Tomazoni explained that they intend to have the system monitor al of the company’s indirect cattle suppliers by 2025. 

“Currently, the company does not monitor indirect suppliers and no company does so. But we plan to close this gap using technology,” the CEO added.

This isn’t the first time that JBS will harness blockchain technology’s power to develop a traceability system. When the coronavirus first hit China last November, JBS Australia – the company’s Australian subsidiary and the country’s largest food processing company, began developing a tracer that would provide “from-paddock-to-plate” data. The system, which was also developed by Sydney-based blockchain startup Lumpchain, uses a wide array of tech concepts – including cloud computing, blockchain, and artificial intelligence –  

 “The end-to-end transparency that this trial is demonstrating has enormous potential for not only Australia’s meat producers — but the entire food chain. For consumers Lumachain’s solution provides the rich information that they want, giving them peace of mind about what they are feeding their family for dinner,” said JBS Australia CEO Brent Eastwood. 

The deal followed a $1.5 billion meat sales deal that JBS Australia closed with Win Chain, a supply chain platform based out of China. While blockchain is finding new use in Brazil, a local finance firm is also making history in the crypto industry. This week, the Bermuda Stock Exchange (BSX) announced that Brazilian fund manager Hashdex had inked a deal with the Nasdaq to launch the world’s first Bitcoin exchange-traded fund (ETF). 

Per the press release, the new fund – called the ‘Hashdex Nasdaq Crypto Index’ – got the required approval on September 18. Hashdex is set to launch 3 million Class E shares on the exchange in a sale that is predicted to happen before the end of the year. 

Speaking to local news source Ogbolo, Hashdex’s chief executive, Marcelo Sampaio, explained that the ETF should advance institutional participation in the crypto sector. Given that many have clamoured for Bitcoin ETFs in the past, this is a monumental move.

Source: https://insidebitcoins.com/news/brazilian-firm-to-launch-blockchain-platform-for-promoting-environmental-sustainability

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Will Uniswap [UNI] Survive The Ongoing Token Outflow?

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The surprise launch of Uniswap’s UNI governance token created a lot of buzz in the DeFi world. Days after climbing to an all-time high of $7.07, UNI shed more than 46% of its gains in just two days when it dropped to $3.79. Despite the dip, UNI bounced back, and at the time of writing, the token was priced at $4.97.

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However, according to a recent development, most users who claimed UNI either sold or transferred all of their stakes shortly thereafter. This was revealed by the crypto-analytic firm, IntoTheBlock that tweeted,

“The day the UniswapProtocol’s token $UNI was released, there were 178.330 active addresses. By analyzing the number of zero balance addresses, we can confirm that most UNI claimers either sold or transferred all of their stake immediately.”

Source: Intotheblock.com

Outflow in tandem with Price Surge

The number of active addresses reached an all-time high of 178.33K on the 17th of September, a day after its launch on Ethereum mainnet. On the same day, the number of ‘Zero balance addresses’ climbed to 104.83K. But as the price of the token increased and reached ATH, the number for active addresses saw a massive outflow of funds.

Notably, this continued even after UNI suffered a drop following the market downturn in which pulled down several DeFi tokens to lose significant value.

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Currently, the token’s price appeared to be headed for a recovery route, but the same cannot be said for the figures for daily active addresses.

Despite this, many investors were bullish on Uniswap’s capabilities. Arthur Cheong, the Founder of Defiance Capital recently tweeted in favor of the protocol,

“I used to be skeptical of Uniswap’s model due to its capital inefficiency and inability to reject toxic taker flows but turn out there’s a lot more nuanced than that when it comes to scaling MM and liquidity.”

He added,

“One year ago, no professional market-maker/trader thinks the Uniswap model will work in the long-term and will be able to challenge centralized exchange in volume. Just goes to show that extrapolating tradfi knowledge to DeFi doesn’t guarantee you to be a know-it-all.”

UniSwap [UNI] Ownership Stats

Source: Intotheblock.com

According to ITB, there are currently 14 whales that own more than 1% of the total circulating supply, out of which three addresses were highly active. The number of investors, who own 0.1%-1% of the total tokens in circulation, stood at 36. Retail volume, on the other hand, amounted to just 8.07% of the total ownership concentration.


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Author: Ketaki Dixit




Experienced writer and editor with a demonstrated history of working in the industry. Skilled in Copywriting, Web Content Writing, Copy Editing, Writing, Cryptocurrency News Writing, and News Editing.

Source: https://coingape.com/uniswap-uni-survive-token-outflow/

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Market Wrap: Bitcoin Hits $10.7K; Options Market Likes Sub-$360 Ether

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Bitcoin had a small rally Thursday. Meanwhile, the ether options market is giving some investors protection from decentralized finance downsides.

  • Bitcoin (BTC) trading around $10,653 as of 20:00 UTC (4 p.m. EDT). Gaining 3.3% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $10,135-$10,736.
  • BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians.

btcsep24

Bitcoin trading on Coinbase since September 22.
(TradingView)

Bitcoin’s price made gains Thursday as the world’s oldest cryptocurrency began a modest rally at around 15:00 UTC (11 a.m. EDT). It jumped $343 to as high as $10,736 in just two hours on spot exchanges such as Coinbase. Bitcoin was changing hands at $10,653 at press time. 

Thursday’s bitcoin price pop came after several days of stagnation followed by a quick drop in tandem with equities Wednesday

George Clayton, partner at Cryptanalysis Capital, maintains that the average cryptocurrency holder is a risk-oriented trader and that quantitative strategies kept bitcoin’s price near at $10,400 in the days leading up to Wednesday’s decline. 

“If volumes are low, traders and algorithms are in charge,” Clayton said. “This last move down was on pretty low volume and coincided with the sell-off in stocks.” 

Momentum in the crypto market had been absent this week prior to bitcoin’s rise Thursday, according to Denis Vinokourov, head of research for the digital assets prime broker Bequant. “There has been a distinct lack of aggressive liquidations and the actual bitcoin futures curve has been flat for much of the month,” he said. 

Liquidation volume in September on derivatives exchange BitMEX has fallen. Liquidations, the crypto equivalent of margin calls, often exacerbate price movements as long or short traders have their positions wiped out.

skew_bitmex_xbtusd_liquidations-41

BitMEX liquidations volume the past year.
(Skew)

Rupert Douglas, head of institutional sales at crypto brokerage Koine, says he still has some concerns that investors will quickly sell off crypto should traditional markets take another nosedive. “Risks are still to the downside,” he said.

Read More: Strengthening US Dollar Could Bring Further Downside for Bitcoin

Bitcoin has performed poorly compared to equities thus far in September, down 10.7% while the S&P 500 is in the red 7.9%. Major stock indexes in Europe and Asia are also treading below 0% month-to-date.

btcvsequitiessep

Bitcoin (gold), S&P500 (blue), Nikkei 225 (red) and FTSE 100 (green) compared.
(TradingView)

Bequant’s Vinokourov points to decentralized finance, or DeFi, as contributing to the bitcoin market’s lack of overall momentum. “It appears that leverage flow has already been sucked out and quietly exited or transitioned to other parts of the crypto ecosystem, namely DeFi,” he said. 

Despite this, Vinokourov sees positive sentiment towards bitcoin’s use in DeFi-based yield generation to eke out profits in slow market cycles. “The use of bitcoin on the Ethereum network remains on a strong uptrend, with over 100,000 BTC now locked,” he noted.

Ether options hedging DeFi

Ether (ETH), the second largest cryptocurrency by market capitalization, was up Thursday, trading around $346 and climbing 5.5% in 24 hours as of 20:00 UTC (4:00 p.m. EDT). 

Read More: Uniswap Users Have Claimed $560M-Worth of UNI Tokens in a Week

The ether options market for October expiration seems to favor the cryptocurrency being priced below $360. Traders are betting there is a 50% chance of ether trading over $340 at next month’s expiration, a 40% chance of it priced over $360, and just a 24% chance of it being over $400 according to data aggregator Skew.

skew_probability_of_eth_being_above_x_per_maturity-12

Probabilities of ether price based on October expiration.
(Skew)

Vishal Shah, an options trader and founder of derivatives exchange Alpha5, said this market behavior signals smart investors are likely hedged on DeFi’s risks. 

“This is a protective premium against DeFi total value locked; a lot of people have ETH locked up in pools,” he said. “The larger players definitely are hedged, plus this can make offering DeFi structured products a lot easier [such as one with a] USD-yield with protective puts against the pool.”

Other markets

Digital assets on the CoinDesk 20 are mostly in the green Thursday. Notable winners as of 20:00 UTC (4:00 p.m. EDT):

One notable loser as of 20:00 UTC (4:00 p.m. EDT):

Read More: Ex-Pantera Partner’s New Crypto Fund Is ‘Not for the Faint of Heart’

Commodities:

  • Oil was up 1.5%. Price per barrel of West Texas Intermediate crude: $40.22.
  • Gold was in the green 0.32% and at $1,869 as of press time.

Treasurys:

  • U.S. Treasury bond yields fell Thursday. Yields, which move in the opposite direction as price, were down most on the 2-year, dipping to 0.137 and in the red 5.4%.

https://www.coindesk.com/coindesk20

The CoinDesk 20: The Assets That Matter Most to the Market
(https://www.coindesk.com/coindesk20)

Disclosure

Source: https://www.coindesk.com/market-wrap-bitcoin-hits-ether-options-market

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