Month: May 2021

Binance NFT Marketplace looks to capture market share via ‘100 Creators Campaign’

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In an increasingly crowded marketplace for marketplaces, Binance is going on the offensive with a business development push aimed at bringing “100 Creators” to their forthcoming NFT platform.  In a press release today, Binance announced a drop from Misha Most, a noted street artist who currently holds the world record for the largest wall mural. Most will be making 10 NFTs made in collaboration with other artists, and the pieces will be available for sale in the first week of launch of the marketplace, currently scheduled for June 24th. “Digital…

Bitcoin rejects near $37.5K, on-chain data shows capitulation from short-term holders

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Bitcoin started the week off with an abrupt bullish breakout to $37,500, a level some analysts have identified as a crucial ‘line in the sand’, but the rally was short-lived as BTC met selling near the lower arm of the bearish pennant that can be seen on multiple timeframes.  While many traders are concerned that the 2021 bull market is now over and considering whether gains should be locked in, on-chain data shows that long-term Bitcoin (BTC) holders have been accumulating in preparation for a potential 2013-style double-pump that has the…

How relevant is the $900M open interest on Bitcoin options above $100K?

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Bitcoin (BTC) is fast approaching its worst monthly performance in a decade, but some investors are using this as an opportunity to buy ultra-bullish long-term derivatives. There are currently over $900 million in call (buy) options aiming at $100,000 and higher, but what exactly are those investors seeking? Options instruments can be used for multiple strategies, which include hedging (protection) and also aiding those betting on specific outcomes. For example, a trader could be expecting a period of lower volatility in the short-term, but at the same time, some significant…

India Says Banks Cannot Restrict Crypto Transactions

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Share this article India’s central bank, the Reserve Bank of India (RBI), has resolved confusion around a letter that was sent to bank account holders. Indian Central Bank Clarifies Policy On Friday, two of the largest banks in India, HDFC and SBI, sent notices to account holders which warned that cryptocurrency transactions “aren’t permitted as per RBI guidelines.” The banks cited a document published by the RBI in April 2018, which ordered that “entities regulated by the Reserve Bank shall not deal in [cryptocurrencies] or provide services for facilitating any…

3 on-chain indicators suggest the Bitcoin price sell-off is losing steam

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Bitcoin has entered a consolidation phase following its May 19 crash from $42,600 to $30,000 on Coinbase. The flagship cryptocurrency recovered its losses quickly and reclaimed $40,000, but it failed to log a clear bullish breakout above this resistance level, and at the time of writing, the price remains pinned below $40,000. The latest price action in the Bitcoin (BTC) market has been, at best, choppy, with traders showing no clear indication of their short-term bias. Some analysts have predicted that if the BTC/USD price does not break above $40,000, it…

Goldman Sachs Says Crypto Could Power Data Economy

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Key Takeaways Goldman Sachs has published a report discussing crypto’s potential as an institutional asset class. Researchers argued that the value of a blockchain depends on the information stored on it, claiming that Ethereum could become the number one chain in the future. The report also discussed the importance of decentralization for the future of the space. Share this article Goldman Sachs researcher Jeff Currie believes that Ethereum could become the Amazon of Information where individuals can privately store, transfer, and sell their personal data. Blockchain and the Data Economy…

Amid pullback, Argentinian Bitcoin miners thriving

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While the broader crypto market suffers through a painful slump, a new report today indicates that Bitcoin miners in Argentina are thriving as they take advantage of convoluted energy policies.  A report from Bloomberg republished in the Buenos Aires Times says that residential mining is picking up due to a mix of factors, including currency controls, energy subsidies, and rampant inflation. The favorable mix of conditions has even brought in international attention as Canadian mining company Bitfarms Ltd. looks to set up what will reportedly be the largest mining operation…

Five Signs That The Bitcoin Bottom Is In

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Bitcoin price was slashed in half during the month of May, leaving today as the last day for bulls to make a stand and undo the worst monthly on record. Even if the blood stain is left behind on the price chart for good, that doesn’t mean bulls still can’t pull off an upset and push prices higher. Here are five signs that Bitcoin price has bottomed out, or will be soon. The Signals Showing The Bitcoin Bottom Is Near Just as extreme bullish sentiment and exuberance around mid-April was…

Ethereum DEX Aggregator 0x Launches on Polygon

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Key Takeaways 0x will let developers source liquidity from a variety of Polygon-based DEXs in one single interface. The major liquidity sources leveraged by the API include QuickSwap, SushiSwap, ComethSwap, Curve, Dodo, mStable, and Dfyn. 0x joins a growing list of leading DeFi projects that have expanded to Polygon. Share this article 0x has expanded to the Polygon network. 0x Adds Support for Polygon 0x, one of Ethereum’s top decentralized exchange aggregators, has launched on Polygon. 0x first launched its Application Programming Interface in 2020 with the aim of helping developers…