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Bitcoin Crash is Coming, Trading Bitcoin week 50!

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3 key reasons why Polkastarter (POLS) price rallied 500% since December

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Polkastarter (POLS) is a cross-chain token pool and auction protocol built on the Polkadot (DOT) blockchain. It launched in October of 2020 as a way for projects to raise capital in a decentralized environment and since January the token has rallied 500% to a new high at $1.78.

Three possible reasons for the recent growth of POLS are the strong rally seen from Polkadot, strategic partnerships and exchange listings and an expanding list of token launches via auctions.

POLS/USDT 4-hour chart. Source: TradingView

The rise of Polkadot

The rising popularity of the Polkadot network is arguably the most significant influencer on the price of POLS. Similar to Kusama, Polkastarter’s association with Polkadot could attract additional user and investor attention.

POLS price vs. Social engagement. Source: LunarCrush

Polkadot’s rally began on Dec. 27, 2020, and it culminated on Jan.15 as DOT saw a 75% price increase in one week. POLS strong rally also reignited on Dec. 27 and followed a similar trajectory to DOT.

Now that DOT has flipped XRP to become the fourth-largest cryptocurrency by market cap, further price strength for Polkadot has the potential to have a positive impact on the overall performance of Polkastarter.

Exchange listings and partnerships

Prior to Jan. 14 POLS was only available on Uniswap and Poloniex. At the time its liquidity was limited and high ETH gas fees also complicated matters for those thinking about trading the token.

After the Huobi exchange announced plans to list POLS on Jan. 14, its trading volume increased from an average of $2 million to $22 million overnight.

Now the POLS community is working on being listed at OKEx and a recent tweet from the project informed supporters that the project only needs 2,000 more votes to qualify.

Listing POLS on another high-volume exchange has the potential to further boost the token’s price as more people will have access to one of the fastest-growing Polkadot based projects.

Successful auctions and token launches

Similar to the initial coin offerings (ICO) that occurred in 2017 and 2018, Polkastarter is gaining momentum due to its ability to attract capital heavy investors looking for the opportunity to get first access to the newest blockchain projects.

Polkastarter’s protocol is designed to enable cross-chain token pools and auctions as a method of raising capital in a decentralized fashion. To date, the platform has conducted 12 separate Initial Decentralized exchange Offerings (IDOs) with 20 different pools consisting of both public and private offerings. To date, only one pool failed to sell out.

The strong rally seen from DOT has only increased the desire of projects wanting to develop on top of Polkadot in order to capitalize on its growing popularity as well as avoid the challenges associated with building on Ethereum.

List of initial decentralized exchange offerings on Polkastarter. Source: Polkastarter

Tosdis, the most recent IDO conducted on Polkastarter, tweeted the following after its successful auction as an example of the platform’s growing popularity:

“We are really delighted to announce that our IDO on Polkastarter is sold out. POLS pool was sold out in record 30 seconds. After fixing some overloading and gas issues, the public pool was sold out in 90 minutes. We are overwhelmed by the support. Thank you and Stay tuned.”

Polkadot’s rise, successful IDOs on the Polkastarter platform and the listing of POLS on new exchanges have helped propel the value of the token to new highs and investors are optimistic that these strong fundamentals will push the price higher.

In addition to these fundamental factors, Ether’s (ETH) recent surge to a new all-time high has many analysts calling for the start of a new ‘altcoin season’. According to Raoul Pal, the CEO and co-founder of Real Vision Group and Global Macro Investor, traders are likely to plow into “higher risk alts” after Ether secures a new all-time high.

If this prediction does come to pass, it could also mean even brighter days are ahead for the Polkastarter ecosystem.

Source: https://cointelegraph.com/news/3-key-reasons-why-polkastarter-pols-price-rallied-500-since-december

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The First Decentralized Crypto Volatility Index (CVI) To Be Launched By COTI

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Cryptocurrency traders that want to benefit from the infamous market volatility would be able to do so by taking advantage of COTI’s recently launched Crypto Volatility Index (CVI). Users will be able to place positions in anticipation of significant fluctuations in either direction.

The First Decentralized Crypto Volatility Index

COTI is a blockchain project that describes itself as a “fully encompassing finance” on the distributed ledger technology. It’s designed to meet and address challenges of traditional finance, such as fees, latency, global inclusion, and risk.

The project referred to traditional finance as well with its latest product – the Crypto Volatility Index. COTI said in a press release shared with CryptoPotato that CVI is inspired by the stock market’s Volatility Index.

CVI is already live on the mainnet, and users who want to participate can deposit Tether (USDT) to open positions or provide liquidity.

“The index enables traders to profit from market volatility by opening positions in anticipation of major movements in either direction. Users who expect volatility to increase can open a CVI position. If correct, they can take profit by selling their positions once the index has risen.”

The index will work in the opposite direction as well. If traders believe that the volatility will remain low, they can provide liquidity to the platform and profit by collecting fees paid by traders who have opened CVI positions.

The announcement further described the index as a “full-scale decentralized ecosystem that brings the popular ‘market fear index’ to the crypto market.”

Updates, Staking, And Liquidity Providing

COTI noted that users will also be able to connect the CVI index with their MetaMask or Trust Wallet accounts to manage their positions, provide liquidity, and deposit/withdraw funds.

Those who decide to provide liquidity need to deposit USDT for a minimum of 72 hours before receiving a share of the premiums collected by the pool. On the other hand, traders who have opened a position must maintain it for at least six hours before selling or closing it.

The index will work with its own native governance token called GOVI. The platform will enable users to stake the coin to earn fees and participate in voting. Token holders will also have a saying in determining which tradable assets are available on CVI, the allowed leverage, deposit amounts, and platform fees.

Future updates to the index include adding ETH and COTI as deposit tokens, more derivatives markets data sources, an advanced traders dashboard, margin trading, and an enhanced voting platform.

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Source: https://cryptopotato.com/the-first-decentralized-crypto-volatility-index-cvi-to-be-launched-by-coti/

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Long Bitcoin Unseats Tech Stocks as the Most Crowded Trade in January, BofA Reports

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Trading above $35,000, Bitcoin continues to pass milestone after milestone as reports show that the cryptocurrency received the most capital inflow this month compared to tech stocks and traditional investments. 

Long Bitcoin Wins Most Crowded Trade

A recent survey conducted by the Bank of America on fund managers with over $500 billion in AUM reveals that investors are bullish on Bitcoin’s price in the long term. 

The study shows that “long bitcoin” dethroned “long tech” as the most crowded trade in January 2021. 

Reuters reported Tuesday that this is the first time a long position on technology companies is losing the top spot since October. This is also the first time “long bitcoin” has ever ranked first in the financial markets. 

The milestone is coming just three months after less than 5% of the participants in November’s survey voted for “long bitcoin” as a preferred trade, with more than 65% of fund managers choosing “long tech.” 

A previous survey conducted by BofA showed that “long bitcoin” climbed up to the top three preferred trades in December as fund managers named it as the “third-most crowded” trade.

Shorting USD

While investors are bullish on Bitcoin, traders are still losing faith in the US dollar as they continue to bet against it. The survey places “short USD” as the third most crowded trade for the month, just one spot below its previous position. It was the second-most crowded trade in December. 

As reported earlier, one reason for the criticism against the US dollar is the FED’s money printing spree during the peak of the COVID-19 pandemic last year, which allegedly saw the creation of almost 20% of all existing USD. 

Investors argue that the FED’s action is a recipe for inflation, with many economists predicting that the USD value would fall. To protect themselves against the supposed impending dollar doom, investors and institutions seeking to preserve their wealth chose Bitcoin, which has turned out to be a win for them so far. 

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Source: https://cryptopotato.com/long-bitcoin-unseats-tech-stocks-as-the-most-crowded-trade-in-january-bofa-reports/

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