On Sunday (September 6), Bitcoin, as well as the vast majority of altcoins, are giving signs that they may have bottomed for now.
All market data used in this article was taken from CryptoCompare around 19:30 UTC on 6 September 2020.
To give you a rough idea of how well the crypto market is doing today, 93 of the top 100 cryptoassets (by market cap) are currently in the green (i.e. up against USD).
Bitcoin (BTC) is currently trading around $10,260, up 2.96% vs USD in the past 24-hour period.
Ether (ETH), has done even better, surging 9.51% in the past 24-hour period to bring its price to $354.19.
However, what is even more interesting is how strongly some of those cryptocurrencies that suffered the biggest losses on Thursday, Friday, and Saturday have bounced back.
Here are a few notable examples:
- Chainlink (LINK): $12.74 (+15.39%)
- Polkadot (DOT): $4.74 (+13.54%)
- Binance Coin (BNB): $23.14 (+23/08%)
- UMA (UMA): $15.87 (+39.97%)
- Synthetix (SNX): $5.02 (+17.26%)
- SushiSwap (SUSHI): $3.22 (+78.80%)
There are four reasons for today’s sea of green:
- Bitcoin staying mostly above $10,200 for the past 12 hours (i.e. since 07:30 UTC on September 6) has made many investors/traders feel that the $10,000 support level is pretty strong.
- No bad macro news to spook market players.
- Equities markets being closed over the weekend meant that there was no opportunity for a bad day in the U.S. stock market to create further havoc in the crypto market.
- The only bad crypto news over the weekend was the anonymous founder of SushiSwap, i.e. @NomiChef on Twitter, allegedly taking 20,039 ETH and 2,558,644 SUSHI from the project’s development fund. However, thankfully, he decided to transfer control of SushiSwap to Sam Bankman-Fried, the CEO of crypto exchange FTX, who is planning to set up a “real multisig”. This rescue action seems to have calmed the jittery nerves of holders of Ehereum-powered DeFi tokens such as LEND and SNX, and it helped the price of the SUSHI token to surge over 78% in the past 24-hour period.
According to data from TradingView, during the past 24-hour period, the estimated total crypto market cap has increased by 2.16%, and as of 20:18 UTC on September 6, it stands at $312.84 billion.
Macro-economist and crypto analyst/trader Alex Krüger feels confident that altcoins have bottomed.
What crypto investors and traders will now be hoping for is a calm week for U.S. equities so that the crypto market has a chance to continue this recovery and more specifically to give Bitcoin a chance to return to above the $12,000 level.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Facebook’s Libra Could Reportedly Arrive in January 2021 in a Scaled-Down Version
- Although Facebook failed to launch Libra in mid-2020 as initially planned, the social media giant could do so in early 2021.
- Finance Times cited three people working on the project claiming that Libra’s long-awaited launch could come in January 2021 but in a scaled-down version.
- CryptoPotato reported before that Libra already changed its original idea from being a “single global digital currency” to creating a series of various digital coins.
- The FT coverage asserted that Libra could see the light of day after receiving approval to operate as a payments service from the Swiss Financial Market Supervisory Authority (FINMA). However, the Libra Association would initially release just a single coin backed one-for-one by the dollar. The other set of currencies would be rolled out later, should the FINMA application is successful.
- Facebook rattled the financial world last year after announcing plans to launch its own cryptocurrency called Libra. After receiving scrutiny from world watchdogs, the Libra project underwent numerous changes, including executive replacements.
- Libra suffered more blows when several notable partners left. Those included PayPal, Mastercard, eBay, Vodafone, and more.
- In an attempt to salvage the project, the Association decided to make further changes by renaming Libra’s wallet provider from Calibra to Novi.
Featured Image Courtesy of AlJazeera
B2BinPay Adds LINK to the List of Available Cryptocurrencies
B2BinPay platform makes it possible for enterprises to accept, receive, store, and send Chainlink coins, enlarging the list of available cryptocurrencies.
The majority of smart-contracts trying to replace stocks, insurance services, and other traditional financial agreements need to obtain access to several sources outside the blockchain. Chainlink offers such intermediaries to connect smart-contracts with payment and even traditional banking solutions. LINK is a cryptocurrency used within the ecosystem.
This crypto was launched in 2017, and its initial price was only $0.19 per » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin. The year 2020 witnessed the real boom – the LINK price has skyrocketed by 550%, while its Return On Investment index is 6 776%. The crypto entered the top-10 ranking according to the market capitalization, and the 24 hours trading volumes are among the top-10 highest indexes. What else should investors know about this promising asset?
- According to the experts, LINK is among the most progressive assets, while its price growth overruns the indexes of Bitcoin and top altcoins.
- The partnership with Google and Swift showed the digital asset is about to grow rapidly.
- The » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin has an “army of supporters” who influence the growth. According to The Block, the Chainlink network hosts about 1500 new LINK holders daily.
B2BinPay shows customers that the platform keeps up with the times, wishing to make services innovative and corresponding to the demands of all customers.
The Chainlink network attracted $32 million of investments, while its present-day market capitalization is $4.21 billion. The project is intended to revolutionize the Web3 world, bringing innovations to our life. Tens of projects have already joined this initiative; hence, LINK » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin is about to continue its way to new peaks.
B2BinPay and Chainlink have much in common. Both are interested in innovations and making the world better.
Customers are now able to receive and send LINK coins from their enterprises’ wallets. Furthermore, enterprises may easily exchange LINKs to other digital assets with the most beneficial fees.
B2BinPay customers obtain a convenient, safe, and secure way to connect the crypto world. The platform is innovation-friendly and user-friendly; hence, clients may select one of eight available languages to make the interface the most understandable. Digitalization is something that has already come, and B2BinPay becomes a firm bridge to enter that brave new world!
Yearn Finance (YFI) Climbs 16% Despite Crypto Bloodbath Elsewhere
Yearn Finance’s YFI rose by up to 16 percent in just two days of trading, even though its peers across the cryptocurrency market bled.
The decentralized finance token formed an intraday high at $25,858 in the early trading session in London. At its weekly low, the YFI/USD exchange rate was as low as $17,605, according to data fetched from the Binance crypto exchange.
The pair showed signs of recovering after Yearn Finance announced its merger with Pickle Finance, marking a one-of-its-kind partnership between two decentralized finance projects. Pickle Finance is a yield-farming project that strives to maintain stablecoins’ pegs.
Two days after the merger, Yearn Finance announced a similar partnership with Cream, a decentralized lending protocol running atop the Ethereum blockchain. A day later — on Friday — rumors began circulating that the Yearn Finance founder Andre Cronje is also looking to merge (or acquire?) decentralized exchange SushiSwap.
The DEX’s native token SUSHI jumped 17 percent on the news.
Andre Cronje is staking over $800k worth of $SUSHI
— LilMoonLambo 🚀 (@LilMoonLambo) November 27, 2020
A couple of skeptics criticized Mr. Cronje for unilaterally signing new partnerships without calling for a governance vote among YFI holders. Nevertheless, most of the Yearn Finance community ignored the criticism as they silently showed their support to anything that grows the YFI ecosystem.
Some of the cheerful ones called Yearn Finance, the first emerging “conglomerate of DeFi.” That also explained why YFI made a comeback recovery in a week that saw even top cryptocurrency tokens waver. The token served as a hyped hedge — at best.
“Acquiring” full projects (for 0 YFI) instead of building to drive new functionality,” commented Tom Shaughnessy, the co-founder of Delphi Digital, an investment research firm. “While LT value cap for acquired tokens may currently be TBD, acquiring their devs/projects/liquidity is great for YFI long term.”
YFI Trade Setup
Technically, YFI appeared in a short-term corrective trend, especially after rallying 338 percent from its early-November nadir at $7,015. In the wake of its latest mergers, the DeFi token expects to resume its upside move in the sessions ahead, providing it maintains support above certain price floors.
Yearn Finance posts gains in choppy trading sessions. Source: YFIUSD on TradingView.com
The first is the area between $14,729-$18,761 that has a historical significance as both resistance and support. If YFI/USD breaks below the said range, then it risks dismantling its entire upside move by targeting price targets below $12,000.
But thanks to its fundamental outlook, as confirmed by Mr. Shaughnessy, the YFI may still have enough fuel to locate support above the $14,729-$18,761 range. Should it happen, YFI will be eyeing a retest of $30,000.