Connect with us

Blockchain

2017-era altcoins IOTA, XRP and more surge 25% amid crypto bull run

Republished by Plato

Published

on

Uncharacteristically, decentralized finance (DeFi) coins such as Yearn.finance’s YFI and AAVE have been on the sidelines over the past 24 hours as Ethereum surges higher along with a swath of other altcoins.

CryptoSlate market data shows that the top-performing cryptocurrencies in the top 100 by market capitalizations are all 2017-era coins that rallied hard in the previous bul22l market but have seen muted price action since.

XRP in itself is up 35 percent over the past 24 hours, making it the best-performing crypto asset in the top 100 by market capitalization. Also, coins such as IOTA, VeChain, Huobi Token, Stellar, Dogecoin, and many more have gained over 20 percent in the past 24 hours.

Top 20 cryptocurrencies by market cap from CryptoSlate market data

What’s interesting is that a majority of these top performers have nothing to do with DeFi, and are instead, coins that many would define “dead” or at least coins that are on their way out.

The past few weeks have been marked with absurd rallies in DeFi coins, with names like YFI, Synthetix Network Token (SNX), and many more rallying literally hundreds of percent from their October or November lows. But this past day and a few days before this have shown that “dinosaurs” can rally too.

Trader “Hsaka” commented on the ongoing crypto market rally:

“First day in a long while where the dinosaurs have outperformed DeFi bluechips. Guess there’s a lot of catching up imminent.”

This rally represents the first day that these 2017-era altcoins have outperformed Bitcoin, Ethereum, and  DeFi coins this strongly in many months. It is unclear if this will continue at this time, though many see this as a time of retail entrants buying names they seem to understand but may not.

Repricing to DeFi

Analysts think that there will eventually be a repricing towards DeFi coins, which continue to rack up users in the face of sometimes mixed price action.

Eric Conner, an Ethereum podcaster and developer, recently epitomized the argument when he noted that there is about nine times the amount of capital in “zombie chains” with little on-chain activity (e.g. Bitcoin forks) than DeFi coins:

“Zombie chains and DeFi protocols still need a massive relative repricing. Combined MC of XRP, BCH, LTC, DOT, BNB, ADA: $33bn. Combined MC of UNI, AAVE, SNX, YFI, MKR, COMP: $4bn Right…”

There is no guarantee the market will be rational in the near term, though, especially as DeFi coins remain inaccessible, both in terms of their availability and their intrinsic value, to many.

Posted In: Altcoins, Analysis

Like what you see? Subscribe for daily updates.

Source: https://cryptoslate.com/2017-era-altcoins-iota-xrp-and-more-surge-25-amid-crypto-bull-run/

Blockchain

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Republished by Plato

Published

on

Bitcoin has a way of surprising people. This week was no exception. A few days ago, almost everyone believed that the cryptocurrency is inevitably headed to a new all-time high. And how could they not? BTC was trading at a few hundred USD below the record from back in 2017. Unfortunately, things took a turn for the worst.

Yesterday was undoubtedly a bad day for bitcoin as it plunged a total of around $3,000 in less than 24 hours. From a high of about $19,500 down to $16,200, the bears poked and showed their faces. The entire market lost around $80 billion of its capitalization as altcoins actually had it worst.

During the market dive, Bitcoin’s dominance actually increased, showing that not only altcoins failed to hold their ground, but they dropped harder than BTC. Since then, there has been a slight recovery and at the time of this writing, the primary cryptocurrency is trading at around $17,000.

The move was seemingly propelled by the news that US regulators might seek to require identity verification from crypto wallet providers. Coinbase’s CEO, Brian Armstrong, commented on the matter, expressing his worries that if the new rules are implemented, they would be rather harmful to the users and the industry, in general.

At the same time, the popular cryptocurrency exchange OKEx opened withdrawals for the first time since they were shut down around a month ago, which might have prompted users to cash out the profits that they have been sitting on. In fact, CryptoPotato reported that around $500 million were withdrawn from the exchange as the crash started to take place.

In any case, the results are here, and it remains particularly interesting to see where will bitcoin go from here.

Market Data

Market Cap: $512B | 24H Vol: 181B | BTC Dominance: 62%

BTC: $17,132 (-7.98%) | ETH: $516.86 (+1.71%) | XRP: $0.56 (+74.08%)

Bitcoin Worth $500 Million Withdrawn From OKEx as Users Look for Other Alternative. Data shows that users withdrew a total of 29,300 BTC from the popular cryptocurrency exchange OKEx right after it resumed full functionality. This happened just as bitcoin plunged $3,000 in a matter of 24 hours. The exchange also resumed the withdrawals a day earlier than announced and during the Chinese trading hours.

Bitcoin Black Friday 2020: The Sales You Better Not Miss. It’s the end of November, and with this comes the long-anticipated shopping season. For many, this is a time to enjoy massive sales. We’ve taken the liberty of listing a few sales within the cryptocurrency field that aficionados might find interesting.

Facebook’s Libra Could Reportedly Arrive in January 2021 in a Scaled-Down Version. Libra, Facebook’s long-awaited cryptocurrency project, might be set to launch in early 2021. However, the version that’s potentially hitting the market is scaled-down and specifically intended to abide by the regulations of Switzerland’s FINMA.

Research Suggests Satoshi Nakamoto Launched Bitcoin From London. New research shows that activities associated with Satoshi Nakamoto from 2008 and 2010 might have taken place in London when Bitcoin’s network went live. This brings the experts a step closer to identifying who’s behind the legendary pseudonym.

6 Possible Reasons For Bitcoin’s $3,000 Daily Price Crash. Bitcoin went through a massive crash two days ago when it lost around $3,000 of its value in a sudden red candle. These are six reasons for which this may have happened and a brief outline of what might be next to come.

Coinbase CEO Fears Rumored Regulations Proposed By The Trump Administration. Brian Armstrong, the CEO of the leading US-based cryptocurrency exchange Coinabse, has said that he’s worried about the rumored regulations concerning third-party wallet providers having to identify their users. He said that this might harm users and the entire ecosystem.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Chainlink, and Stellar Lumens – click here for the full price analysis.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

You Might Also Like:


Source: https://cryptopotato.com/bitcoin-temporary-correction-or-no-ath-this-year-the-crypto-weekly-market-update/

Continue Reading

Blockchain

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

Republished by Plato

Published

on

  • The San Francisco-based payment protocol has filed a document on Friday with the US Securities and Exchange Commission (SEC). It reads that Ripple Labs has entered into an agreement with MoneyGram, which entitles Ripple to sell up to 4,000,000 shares of common stock.
  • Ripple’s option to sell these shares will expire “upon the earliest of March 31st, 2021, the time at which the maximum amount shall have been sold, or the occurrence of certain other customary events affecting the issuer.” 
  • CryptoPotato reported last year that Ripple and MoneyGram announced a strategic partnership. The initial term of the agreement was for two years. Ripple had agreed to provide a capital commitment amounting to $50 million in exchange for equity through the two-year period.
  • As per the SEC filing, Ripple owns 6.22 million shares of the giant money transfer company (or 8.6% of shares outstanding). However, the blockchain company has a warrant to buy up to another 5.95 million shares, amounting to a total equity position of 12.2 million shares or 17% of MoneyGram’s shares outstanding).
  • With the initial investment in 2019, Ripple purchased the MoneyGram shares at 4.10 per stock, which was a significant premium to the market price. 
  • Nevertheless, MoneyGram’s stocks (MGI) have surged in 2020, closing Friday’s session at $7.42. As such, Ripple can cash out with an 80% profit, despite the initial premium.
SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/ripple-plans-to-cash-out-33-of-its-moneygram-stake-with-a-significant-profit/

Continue Reading

Blockchain

South Korea To Postpone Previously Planned Crypto Income Tax

Republished by Plato

Published

on

Lawmakers in Korea are planning to postpone a recently considered tax on crypto assets profits. Reports say the tax rule delay will be about three months – instead of October 2021, January 2022.

The New Crypto Income Tax Rule To Wait Until January 2022

According to a recent media report, the South Korean congress plans to put off the recently considered cryptocurrency income tax rule. A planning and finance committee of the National Assembly has issued a report, which proposes the necessity of implementing the crypto income tax rule from at least 2022.

A few months ago, in July, a report stated that South Korea’s Minister of Finance and Economy believes that the country should come up with a tax on cryptocurrency trading and investing. Back then, he added that South Korea has been in discussion with other countries about introducing a new digital law.

In July 2020, the country’s Ministry of Economy and Finance amended its tax code, where it included the plan for charging residents a 20% tax on gains from cryptocurrency trading, which are worth more than 2.5 million Korean won (about $2,000).

Lawmakers in the National Assembly are to approve the Government’s plan, which was to carry into effect the cryptocurrency income tax rule from October 2021.

Reason For The Delay – Time Is Tight

As per the media report, the reason for the postponement of the crypto tax law is based on some concerns, raised by local crypto exchanges. They have claimed the lack of time to build their proper tax reporting system and infrastructure, needful for the process to begin.

The so-called “Specific Financial Information Act” would be enforced from March next year, so crypto exchanges have to complete the necessary reporting system by September 2021 for verifying their real names of deposit withdrawal accounts.

As CryptoPotato reported, South Korea announced the planning of the crypto income tax in June this year. The Asian country went through some different views on how and whether it should tax profits from cryptocurrency. Firstly, at the beginning of 2020, the Ministry of Economy and Finance did not consider that digital asset trading gains as taxable income. A month later, another local report said the Ministry believes that the nation could start label cryptocurrency trading profits as “other income.”

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/south-korea-to-postpone-previously-planned-crypto-income-tax/

Continue Reading
Blockchain5 days ago

Ethereum 2.0 All Set For December 1st Launch As ETH Rallies Past $600

Blockchain5 days ago

Blockchain-based voting systems have potential despite security concerns

Blockchain5 days ago

Bithumb Temporarily Shuts Down Some Offices As Korea Faces Another Possible COVID-19 Outbreak

Blockchain4 days ago

6,700 investors lock $10.5M in Oasis Network’s token-drop

Blockchain2 days ago

Five Reasons Ethereum Has Entered a New Bull Market

Blockchain5 days ago

Billion-Dollar SBI Japan Launches “Reliable” Interest on Bitcoin Deposits

Blockchain4 days ago

Bithumb Temporarily Shuts Down Some Offices As Korea Faces Another Possible COVID-19 Outbreak

Blockchain3 days ago

Five Reasons Ethereum Has Entered a New Bull Market

Blockchain5 days ago

Blockchain5 days ago

TRONADZ – The First Decentralized AdNetwork

Blockchain5 days ago

Bitcoin SV, Cosmos, BAT Price Analysis: 24 November

Blockchain5 days ago

Too Many Active Bitcoin Whales On Coinbase Suggest Price Is Likely To Go Down Soon – CryptoQuant CEO Warns

Blockchain3 days ago

ViaBTC launches new cloud mining service with BTC and ETH contracts available

Blockchain5 days ago

IDEX Announces Multi-Chain Solution and Expands to Polkadot and Binance Smart Chain

Blockchain5 days ago

3 reasons why Bitcoin price faces a major hurdle at $20,000

Blockchain5 days ago

The Ripple Effect: 5 Key Factors Behind The 100% XRP Surge

Blockchain5 days ago

Bitcoin Bullish Run Buoyed By Positive Sentiments from Institutions

Blockchain4 days ago

Stellar Lumens doubles in price following upgrade

Blockchain4 days ago

IDEX Announces Multi-Chain Solution and Expands to Polkadot and Binance Smart Chain

Blockchain4 days ago

Bitcoin’s Lagging Correlation with Gold Could Push Price to $25K: Analyst

Blockchain4 days ago

Analysts Eye New Top of $74,000 as Bitcoin Comes Within 3% of ATH

Blockchain4 days ago

IDEX Announces Multi-Chain Solution and Expands to Polkadot and Binance Smart Chain

Blockchain3 days ago

Coinsquare exchange adds new board members

Blockchain2 days ago

Bitcoin Indicator Reaches Historical Extreme: Price Sheds Two Thirds Upon Reversal

Blockchain5 days ago

Win Big With King Billy Casino’s 50,000 EUR Prize Pool

Blockchain5 days ago

IDEX Announces Multi-Chain Solution and Expands to Polkadot and Binance Smart Chain

Blockchain5 days ago

IDEX Announces Multi-Chain Solution and Expands to Polkadot and Binance Smart Chain

Blockchain5 days ago

Bithumb Temporarily Shuts Down Some Offices As Korea Faces Another Possible COVID-19 Outbreak

Blockchain4 days ago

IDEX Announces Multi-Chain Solution and Expands to Polkadot and Binance Smart Chain

Blockchain4 days ago

Kraken Daily Market Report for November 24 2020

Trending