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Binance Launches Platform Allowing Users Farm Crypto Assets

The exchange is hosting the Chinese DeFi aggregator Bella Protocol as the first project.

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Binance is strengthening its offering of decentralized finance-styled (DeFi) services with the launch of a new platform that will allow users to securely farm new assets and receive rewards for stalking.

Announced on Sunday, the platform is called Launchpool, and the first project to be hosted on it is Bella Protocol (BEL). Stalking can be done with “BNB, BUSD, and other tokens.”

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The exchange detailed that users will be able to stake BNB, BUSD, or ARPA tokens from September 9 into three separate pools to farm BEL tokens for over 30 days.

“Staked BNB, BUSD, and ARPA balances will be recorded each hour for 30 days after the staking period begins to get an average daily staking balance for each day,” the exchange explained. “Rewards allocated to each pool will be split evenly every day over the 30 day period.”

Bella Protocol is offering a DeFi aggregator and is aiming to make its services user-friendly and is also offering an asset management platform with very low transaction fees. The project recently raised $4 million in a seed funding round and is backed by Alphabit, Consensus Labs, and Force Partners, among others.

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Along with the addition of the BEL token to the farming platform, Binance is also listing the token at its spot exchange against Bitcoin, Binance Coin, BUSD, and Tether on September 16 at 6 am (UTC).

Centralized exchanges are doubling down on DeFi

As the DeFi ecosystem is booming, the centralized platforms are expanding their services to ride on that ongoing frenzy. Binance CEO Changpeng Zhao recently admitted the risks associated with the DeFi tokens, but also pointed out the exchange’s compulsion to list them.

“If we don’t list new (decentralized finance) DeFi coins, traffic goes to other exchanges, and we become … obsolete. We provide access to liquidity, we don’t force you to buy. All coins are high risk, especially DeFi,” Zhao wrote on Twitter.

He, however, took down his tweet after receiving backlash on this from crypto twitter.

Binance also launched an automated market maker (AMM) linking it to its centralized exchange, allowing liquidity providers to earn interest and income on trading fees.

Source: https://www.financemagnates.com/cryptocurrency/news/binance-launches-platform-allowing-users-farm-crypto-assets/

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European Central Bank’s president calls for greater regulation of bitcoin.

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According to the Reuters report, the European Central Bank president Christine Lagarde has called for greater regulation of bitcoin and other cryptocurrencies. She linked the use of cryptocurrencies with global criminality and money laundering. ECB chief Lagarde said the digital currency was increasingly being used by criminals worldwide to cover their tracks online and launder money beneath the authorities’ detection. She said criminals are relying on BTC and patchy regulation to move illegitimate money without oversight or supervision.

ECB President calls for more urgency around the global regulation of crypto.

ECB president called for more urgency around the crypto sector’s global regulation and more effort to develop common standards to prevent criminals from abusing digital currencies as a backdoor to money laundering and other nefarious activities. Highlighting the “funny business” going on in BTC markets, Lagarde described cryptocurrency criminality as “totally reprehensible.” “BTC is a highly speculative asset, which has conducted some funny business and some interesting and reprehensible money laundering activity,” she added. Currently, crypto regulations remain in a grey area in most countries, but regulators are catching up gradually. 

Crypto regulations begin to tighten up after bitcoin’s massive rally. 

The most notable example of crypto regulation has been in anti-money laundering, with exchanges and other crypto services now adhering to standardized AML requirements. The news coincides with a rally in BTC prices in recent months, spurred on by an increasing mainstream interest in BTC tokens. This has led to further calls for regulation worldwide, amid fears that more speculators could end up losing all of their money. Combined with soaring rates of fraud and concerns over money laundering and other criminality running through BTC, Lagarde said the time for light-touch regulation of the digital asset was over.

Source: https://coinnounce.com/european-central-banks-president-calls-for-greater-regulation-of-bitcoin/

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Why this on-chain analyst thinks Bitcoin whales aren’t institutions

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While most had high expectations from the crypto-market for the year 2021, it’s safe to say that the market has well and truly exceeded these expectations. Not only did the world’s largest cryptocurrency, Bitcoin, breach the $40,000-mark, but the industry’s cumulative market cap also went past $1 trillion.

Source: CoinMarketCap

The market and its largest cryptocurrency’s movements make for interesting reading, especially when its charts are observed. In fact, price charts noted an almost vertical movement by Bitcoin, suggesting that this bull run has far outpaced the bull run of 2017.

In such a case, the common perception is that the reason Bitcoin has seen such immense buying power is because a majority of this buying has come from institutions. The same sentiment was highlighted recently by Anchorage Co-founder Diego Monica who, while noting that institutions have more tolerance for volatility and are professional investors, said,

“This rally is absolutely followed and made by the institutions.”

As a result of this, investing in Bitcoin becomes less about following a fad and more about making an allocation to an uncorrelated asset class for purposes relating to capital preservation and appreciation. In fact, many have suggested that at current price levels, Bitcoin might even be too expensive for non-institutional investors to enter the market.

However, on-chain analyst Willy Woo isn’t so sure that this bull run is solely institutionally-driven. On a recent episode of the Unchained podcast, he said,

“We thought it would be, and right now the thing is, I don’t actually think that it is.”

According to Woo, Bitcoin’s bull run is being driven by the institutional narrative of institutions getting behind the idea of Bitcoin and crypto. While institutions have been suggesting that they are going to deploy funds, the majority of them are still yet to do so, he added.

In fact, it may be this validation from institutions that brought in many high net worth investors to this space, with family offices buying in at higher price levels.

Woo explained that a combination of things has contributed to his certainty about family offices making capital allocations towards crypto, including first-hand conversations with people in the space disclosing their intent to do so.

That being said, the main part of such certainty comes from his observation of capital flows on-chain. He explained that the value of withdrawals on exchanges is increasing, which at first glance, seemed to signify that institutions are present. However, a closer examination of clusters of wallet addresses pointed to the fact that a single entity controls multiple addresses.

“It’s not corporation scale where you’re talking tens of thousands of Bitcoin that are being held,” he claimed, adding, “The number of whales holding thousand Bitcoins or more is skyrocketing, and so are the smaller allocations of around 100 and 250.”

Source: https://ambcrypto.com/why-this-on-chain-analyst-thinks-bitcoin-whales-arent-institutions

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ETH Price Analysis [WoW]: Ethereum Price Trading at key Pivot, Oscillators Indicate Strong Momentum Despite Overbought Conditions

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  • ETH price breaking key weekly resistances and confirming them as support.
  • Breach of ETH price discovery is to be backed with increasing volume.
  • Oscillators suggesting strong momentum still present despite overbought conditions.

ETH price is currently trading at a true pivot where a bullish weekly candle close will greatly increase the probability of breaking into price discovery. Price action has been making consecutive higher highs and higher lows since it’s March 2020 Bearish Expansion. The projection remains bullish until proven as this is a strong weekly uptrend.

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ETH Price Analysis: Weekly Chart 

ETH price Analysis weekly
ETH price Analysis weekly

Preluding to the chart above, a strong uptrend is evident with continuous acceleration leading to a potential parabola. The 21 MA has provided a reliable Dynamic Support that has led to a strong Bullish Volatility Expansion from the lows. 

Key Weekly S/R levels have been breached with conviction; price action has confirmed S/R Flip retests along the way with further Bullish Volatility Expansions. ETH price trading in such a volatile range is deemed to have strong swings thus evidently, the volume profile has been increasing. 

Volume influxes are a key indication of a strong uptrend as bullish volume follow through is what drives price action. As evident on the chart, there has been a Volume Climax Node. Bearish volume is still below average as the current weekly candle trades open. For further follow through, an influx in volume is required to break the All-Time High with persuasion. 

The current shape of the weekly candle is of a Bullish Hammer; however, this is not confirmed until an official close. There has been a strong buy-back from the S/R Flip Retest which is indicative of strength. The next weekly candle open will be deemed telling of the overall direction of the trend. 

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Now holistically assessing the oscillators, momentum is still intact with the bulls, epically how the stochastics have been behaving.  

ETH Price Analysis: Weekly Stochastic oscillator

ETH price Analysis weekly: Stochastic oscillator
ETH price Analysis weekly: Stochastic oscillator

As evident, each and every bull cross has led to a substantial Bullish Volatility Expansion in price action. The stochastic helps to monitor momentum in the prevailing trend. It can remain trading in overbought regions for an extended period of time, epically in a strong up trend. Ethereum has an immediate Bull Cross coming to fruition, this will be confirmed on the next weekly candle close. Holding true will store momentum for the break of the All-Time-High. 

ETH Price Analysis: Weekly Relative Strength Index [RSI]

ETH price Analysis weekly: RSI
ETH price Analysis weekly: RSI

Furthermore, observing another key oscillator is the RSI that is responsible for measuring the speed and velocity of price action. Preluding to the image above, Ethereum’s RSI is considered to be in overbought regions however back testing swing high. This is considered to be very bullish if respected, breaking down will mean a reversion in price action. As long as the RSI and Stochastics maintain their respective bullish control zones, ETH price will remain very bullish as it comes close to price discovery, 

What to Expect for Weekly ETH Price ?

In conclusion, Ethereum price remains quite strong as it is approaching its All-Time High. Price action has been maintaining consecutive higher highs and higher lows. This next weekly candle close will be highly indicative of the overall direction. Both key oscillators are suggesting that the momentum is stored with the bulls. A true break is likely to be backed with increasing volume as price action enters price discovery. 

Hope this article helps in the preparation for the next volatility expansion in Ethereum. Follow us at tradingview for more in detail crypto price analysis. 

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

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Source: https://coingape.com/eth-price-analysis-weekly-price-oscillators-suggest-strong-moomentum-overbought/

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