Blockchain
Bitcoin slides under $35K despite Biden unveiling $1.9 trillion stimulus

Bitcoin (BTC) fell below $35,000 on Jan. 15 as renewed strength in the U.S. dollar piled pressure on the largest cryptocurrency. BTC bounced off support at $34,300 and is trading at $35,300 at the time of writing.

Bitcoin heads back toward $30,000
Data from Cointelegraph Markets and TradingView shows BTC/USD hitting its lowest in over 24 hours at publication time on Friday, with $34,000 so far acting as support.
The previous day saw the pair reclaim $40,000 for a brief instant before falling back to range in a corridor that had formed at the start of the week. The latest drop reinforced the assumption that Bitcoin would continue in this corridor, which has $30,000 as support and $40,000 as a rough ceiling.
“#Bitcoin consolidating is very healthy for the market after the massive impulse move to $41,500,” Cointelegraph Markets analyst Michaël van de Poppe explained in a series of tweets.
“#Bitcoin is approaching a bounce area here as we rejected the crucial resistance around $40,000. Benefits the fact of further consolidation before continuation of the upwards momentum. Completely healthy.”
Halving analysis suggests “7x upside potential”
The fresh downturn for Bitcoin coincided with an uptick in the U.S. dollar currency index (DXY) coming on the back of President-elect Joe Biden’s $1.9 trillion coronavirus stimulus plan. Despite the gravity of this U.S. dollar supply expansion, markets appeared to react favorably to the plans, leading the DXY upwards at the expense of Bitcoin, to which it typically exhibits inverse correlation.
“Context: The dollar is breaking out on multiple time frames. Quite a strong recovery at a multi-month support area. Some argue this is bad for Bitcoin, gold and risk-on assets, hence the narrative,” Cointelegraph in-house analyst Joseph Young summarized.

Young noted that on derivatives markets, investors “buying the dip” was causing an extra headache, potentially dampening the prospects of a relief rally.
Zoom out, however, and Bitcoin was if anything underperforming compared with previous bull cycles. According to on-chain analytics resource Ecoinometrics, this left the door open for further conspicuous gains.

“This bull market doesn’t stop at $40k,” part of a tweet with a comparative chart read.
“From the growth of the previous cycles we still have a 7x upside potential.”
Blockchain
Kraken Daily Market Report for February 24 2021

Overview
- Total spot trading volume at $2.43 billion, up 18% from the 30-day average of $2.06 billion.
- Total futures notional at $742.6 million.
- The top five traded coins were, respectively, Bitcoin, Ethereum, Tether, Cardano, and Polkadot.
- Strong returns from Augur (+22%), Icon (+20%), Lisk (18%), and Compound (18%).
February 24, 2021 $2.43B traded across all markets today Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD |
||||
---|---|---|---|---|
XBT $50855. ↑4.0% $927.5M |
ETH $1694.5 ↑7.3% $442.0M |
USDT $1.0009 ↑0.06% $308.7M |
ADA $1.0666 ↑11% $140.5M |
DOT $36.359 ↑5.2% $112.8M |
USDC $1.0002 ↑0.01% $58.0M |
XDG $0.0552 ↑16% $46.8M |
XRP $0.4888 ↑2.7% $45.1M |
LTC $187.16 ↑5.4% $44.2M |
LINK $28.266 ↑8.8% $43.1M |
BCH $546.64 ↑5.9% $19.9M |
ATOM $20.971 ↑4.1% $17.4M |
XLM $0.4278 ↑11% $17.0M |
FLOW $22.203 ↑3.6% $14.8M |
UNI $26.741 ↑7.6% $13.7M |
GRT $1.9695 ↑16% $13.2M |
AAVE $398.38 ↑9.2% $9.83M |
ALGO $1.1312 ↑12% $9.67M |
KSM $259.95 ↑8.0% $9.22M |
XMR $218.18 ↓1.3% $9.14M |
DASH $253.84 ↑9.8% $8.88M |
EOS $4.0463 ↑5.0% $8.57M |
XTZ $3.8502 ↑8.5% $8.23M |
TRX $0.0492 ↑9.5% $4.84M |
DAI $1.0012 ↓0.01% $4.78M |
ICX $1.7515 ↑20% $4.63M |
QTUM $5.5107 ↑7.1% $4.55M |
SNX $20.534 ↑13% $4.44M |
OMG $5.0897 ↑8.7% $4.29M |
BAT $0.5229 ↑9.5% $4.29M |
SC $0.0113 ↑3.3% $3.78M |
WAVES $10.304 ↑10% $3.76M |
NANO $6.0203 ↑16% $3.59M |
YFI $36385. ↑8.8% $3.55M |
ZEC $131.65 ↑3.6% $3.33M |
FIL $37.762 ↑6.3% $3.21M |
COMP $452.55 ↑18% $2.38M |
OXT $0.5371 ↑8.4% $2.12M |
ETC $12.339 ↑8.4% $2.07M |
LSK $3.1380 ↑18% $1.93M |
KAVA $3.7965 ↑17% $1.57M |
MANA $0.2622 ↑13% $1.53M |
REP $35.637 ↑22% $1.49M |
CRV $2.2995 ↑7.7% $1.45M |
KNC $1.7123 ↑6.8% $982K |
MLN $41.951 ↑12% $834K |
PAXG $1804.9 ↓0.2% $778K |
KEEP $0.3739 ↑10% $710K |
STORJ $0.6370 ↑12% $670K |
ANT $4.7319 ↑10.0% $576K |
BAL $40.659 ↑16% $568K |
GNO $141.23 ↑11% $508K |
REPV2 $26.630 ↑8.9% $274K |
TBTC $54060. ↑9.8% $244K |
#####################. Trading Volume by Asset. ##########################################
Trading Volume by Asset
The figures below break down the trading volume of the largest, mid-size, and smallest assets. Cryptos are in purple, fiats are in blue. For each asset, the chart contains the daily trading volume in USD, and the percentage of the total trading volume. The percentages for fiats and cryptos are treated separately, so that they both add up to 100%.
Figure 1: Largest trading assets: trading volume (measured in USD) and its percentage of the total trading volume (February 24 2021)
Figure 2: Mid-size trading assets: (measured in USD) (February 24 2021)
Figure 3: Smallest trading assets: (measured in USD) (February 24 2021)
#####################. Spread %. ##########################################
Spread %
Spread percentage is the width of the bid/ask spread divided by the bid/ask midpoint. The values are generated by taking the median spread percentage over each minute, then the average of the medians over the day.
Figure 4: Average spread % by pair (February 24 2021)
.
#########. Returns and Volume ############################################
Returns and Volume
Figure 5: Returns of the four highest volume pairs (February 24 2021)
Figure 6: Volume of the major currencies and an average line that fits the data to a sinusoidal curve to show the daily volume highs and lows (February 24 2021)
###########. Daily Returns. #################################################
Daily Returns %
Figure 7: Returns over USD and XBT. Relative volume and return size is indicated by the size of the font. (February 24 2021)
###########. Disclaimer #################################################
The values generated in this report are from public market data distributed from Kraken WebSockets api. The total volumes and returns are calculated over the reporting day using UTC time.
Source: https://blog.kraken.com/post/8041/kraken-daily-market-report-for-february-24-2021/
Blockchain
India’s largest crypto exchange adopts decentralized Unstoppable Domains


India’s largest cryptocurrency exchange, Unocoin, has adopted the blockchain-based Unstoppable Domains, which simplifies crypto transactions by turning blockchain addresses into human-readable web URLs.
Announced on Wednesday, the partnership between Unocoin and Unstoppable Domains — both funded by Silicon Valley investor Tim Draper — is expected to reduce remittance costs and simplify the transaction process for the exchange’s 1.2 million users.
Unstoppable Domains turns crypto addresses into decentralized websites on the Ethereum and Zilliqa blockchains. Instead of sending coins to a 42-character blockchain address, Unstoppable Domains allows users to create simple URLs ending in “.crypto” and “.zil” extensions. Domain names need only be purchased once, and then exist forever on the blockchain without requiring any renewal or maintenance fees.
The decentralized aspect of Unstoppable Domains should be of particular interest to Indian crypto users, especially amid the furor created by the Finance Ministry’s decision to ban the use of Bitcoin (BTC) and other cryptocurrencies.
Pushback against the country’s plan to outlaw cryptocurrency has emerged on social media in the form of the #IndiaWantsBitcoin campaign. Despite regulatory uncertainty, the co-founder and CEO of Unocoin, Sathvik Vishwanath, sees the adoption of Unstoppable Domains as being in line with the maturation of the crypto industry in India. Vishwanath said:
“The cryptocurrency space is maturing. In line with the growth of the industry, Unocoin aims to offer its users the best possible experience. Integrating the .crypto domain is a significant step not only for Unocoin users, but also for additional exchanges in the country exploring simpler and more user-friendly options for their users.”
Unstoppable Domains co-founder Brad Kam referenced the reluctance of the Indian government to allow the spread of cryptocurrency within its borders:
“India’s population has been historically scorned from cryptocurrency. Unstoppable Domains is excited to deliver the seamless sending and receiving of cryptocurrency to Unocoin’s users. Our aim is to simplify cryptocurrency addresses, and establish human readable names as the domain standard across wallets and exchanges.”
On Wednesday, Reserve Bank of India Governor Shaktikanta Das reiterated the central bank’s intention to create its own centrally issued currency, the digital rupee. This follows a common trend that has emerged in recent years as national governments attempt to reign-in the spread of decentralized cryptocurrencies and replace them with digital versions of existing fiat currencies.
As reported by Cointelegraph, Unstoppable Domains was recently integrated into Cloudflare’s Distributed Web Resolver, meaning any web browser can now access the .crypto URL extensions.
A spokesperson for Unstoppable Domains confirmed to Cointelegraph that even if Unocoin were to be shut down in the near future, the addresses and URLs created through the platform would remain unaffected.
Blockchain
DEX volumes have already surpassed $120b in 2021

Ethereum-powered decentralized exchanges, or DEXes, continue to surge despite high transaction fees — with DEXes processing more than $120 billion in 2021 so far.
According to Ethereum market analytics platform Dune Analytics, combined DEX volumes posted a new record of $63 billion in January. February’s volume currently sits at $59 billion and is on track to hit $67 billion at the month’s end.
DEXes have already processed more volume in the first two months of 2021 than during all previous years combined.

The Ethereum-powered DEX sector is still dominated by Uniswap and Sushiswap, who account for 65% of February’s trade combined. Uniswap currently represents more than double Sushi’s volume, controlling almost 50% of DEX market share.
However, looking at the weekly number of active traders on each platform shows that Uniswap represents more than three-quarters of Ethereum DEX users. Over the last seven days, nearly 142,000 unique wallets traded on Uniswap, followed by decentralized exchange aggregator 1inch with roughly 18,450 traders, and SushiSwap with 8,911.
However, not all DEX trading activity is occurring on Etheruem, with Binance Chain’s Pancake Swap surging to report a daily trading volume behind of more than $1.1 billion.
Despite some users migrating away from Ethereum-based DEXes, confidence in the sector as a whole is at an all-time high, with the total value locked in these exchanges sitting above $40 billion for the first time during recent weeks.
Source: https://cointelegraph.com/news/dex-volumes-have-already-surpassed-120b-in-2021
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