Press time data from EthGasStation shows decentralized exchange Uniswap as the place users have spent the most Ethereum (ETH) on gas payments over the past 30 days. Uniswap participants shelled out a combined 17,700 total ETH as fuel to send their trades through — equalling $6.99 million spent on gas over the past month. Tether (USDT) came in second place. People spent a combined total of $6.39 million in ETH as gas to transact the popular stablecoin. Chainlink (LINK) ranked eighth. Uniswap has taken the crypto world by storm in…
Day: August 21, 2020
Looks Like DeFi is Coming to Prediction Markets
PlotX seeks to create robust prediction markets for the burgeoning DeFi space by taking a slightly different approach than Augur and other similar projects. Its founder Ish Goel told Cointelegrpah that his company follows in Uniswap’s footsteps: What Uniswap did for exchanges, PlotX essentially is planning to do that with prediction markets. Unlike many of its competitors, PlotX generates markets automatically and focuses on short-term predictions instead of trying to cover all durations. For every trading pair that gets added to the platform, the algorithm automatically creates hourly trading pairs…
These Factors Suggest Tezos is Oversold; Traders Expect It to “Launch” Higher
Tezos has faced a massive influx of selling pressure today that has sent it reeling lower, making it one of the worst-performing major altcoins at the moment. This weakness has come about as the aggregated market shows some signs of being in a precarious position, with Ethereum plunging towards $400 overnight while most other altcoins also post intense losses. This latest bout of selling pressure sent the crypto reeling down towards its key support of $3.50 that was tested on multiple occasions earlier this week. Analysts believe that the ongoing…
Nigeria’s Foreign Currency Crisis Boon for Bitcoin: Country Tops Wallet Downloads Ahead of the US
Nigeria’s weakening naira currency, as well as the shortage of U.S. dollars, are forcing businesses to switch to bitcoin as the means of settling payments for international transactions. Nigerian businesses need the American currency to buy new supplies, as well as to order essential equipment from abroad. However, formal sources of foreign currency like banks are failing to meet this demand. According to a report by the Nigerian publication, Businessday, even Bureau De Change (BDCs), the popular alternative sources of foreign currency in Nigeria, are unable to meet the high…
This Tool Has Called Nearly Every Bitcoin Top, And It Just Triggered Again
Things have been looking up for Bitcoin. The cryptocurrency is currently the best-performing mainstream asset of 2020 so far, beating out the record-breaking gold rally, the stock market recovery, and anything else. But the top in Bitcoin could be in, according to an indicator that has accurately called nearly ever major top in the first-ever cryptocurrency’s entire history. If the indicator is correct once again, not only is the rally over, but an extended decline could be next. Bitcoin 2020 Peak Could Already Be In, According To Indicator And Price…
Market Wrap: Bitcoin Dips to $11.6K, ETH Options Predict Price Below $400 by End of Year
Bitcoin traders are hitting the sell button Friday while the ether options market loads up on lower prices. Bitcoin (BTC) trading around $11,674 as of 20:00 UTC (4 p.m. ET). Slipping 1.4% over the previous 24 hours. Bitcoin’s 24-hour range: $11,605-$11,892. BTC below its 10-day and 50-day moving averages, a bearish signal for market technicians. Bitcoin trading on Coinbase since August 19.Source: TradingView Read More: Bitcoin Options Open Interest Nears All Time High After holding around $11,800 Thursday into Friday, bitcoin started to slide downward around 08:00 UTC (4 a.m.…
Barstool Sports Founder Unprepared for Bitcoin, Exits After $25k Loss
After recently entering the crypto space, Barstool Sports founder turned stock trader, Dave Portnoy, seems as though he is not quite ready for Bitcoin (BTC) trading yet. “I’m getting killed right now in Bitcoin,” Portnoy said in an Aug. 21 video posted on Twitter. “It took me months to figure out the stock market, I admit that,” he said. “I went in, I lost money — that’s what’s happening in Bitcoin,” he added, noting his unwillingness to mess around with the asset to figure it out, stating a lack of…
Analyst Explains Anatomy Of An Altcoin Shakeout With BAT’s Vertical Rally
Technical analysis is an important aspect of investing and even more important to trading. It isn’t an exact science, but it can help to increase probabilities by watching for chart patterns on altcoins like Ethereum, Cardano, BAT, Binance Coin, and others. But not all chart patterns have names or follow geometrical shapes. Some moves are designed to be erratic specifically to confuse and ultimately shake traders out of positions. One crypto analyst who offers the community wealth of trading tips has outlined the exact anatomy of an altcoin shakeout, using…
Bitcoin Options Open Interest Reaches $2B — Should BTC Traders Worry?
The open interest on Bitcoin (BTC) options contracts has returned to $2 billion after briefly surpassing the level ahead of the July expiry. Since the beginning of 2020 the BTC options market has grown six-fold and this has led investors to question whether its potential price impact has become too extreme. Bitcoin options total open interest. Source: Skew Just over a third of these contracts are set to expire on August 28 and this is equivalent to 57K BTC. For this reason, traders have every reason to be worried about…
Blockchains and the Eastern Bloc, August 14–21
Every Friday, Law Decoded delivers analysis on the week’s critical stories in the realms of policy, regulation and law. Editor’s note The political machinations of Eastern Europe have dominated recent headlines. Protests unprecedented since the fall of the Soviet Union have rocked Belarus for weeks. Outrage over the Aug. 8 election that has seen challenger Svetlana Tikhanovskaya flee the country has threatened the longtime dominion of Belarusian president Alexander Lukashenko, the so-called “last dictator in Europe.” Protestors are calling the 80% win for Lukashenko a fraud. The regime has tried…