Connect with us

Blockchain

Demand for Synthetix Continues To Grow Despite ‘Concerning Signs’

A behavioral analytics company warns the public of a possible bearish reversal for DeFi asset Synthetix (SNX). However, most holders refuse to sell their SNX. And who could blame them? The majority of the circulating supply of SNX are being locked up and staked by its holders. The Rise of SNX SNX has proven to […]

The post Demand for Synthetix Continues To Grow Despite ‘Concerning Signs’ appeared first on Asia Crypto Today.

Republished by Plato

Published

on

A behavioral analytics company warns the public of a possible bearish reversal for DeFi asset Synthetix (SNX). However, most holders refuse to sell their SNX.

And who could blame them? The majority of the circulating supply of SNX are being locked up and staked by its holders.

The Rise of SNX

SNX has proven to be one of the best-performing crypto asset of the year, especially in the last month. It has risen by more than 250% since the beginning of June, and again, by 50% since the beginning of July. SNX went from $0.79 on June 1 to $2.83 on July 11.

One analyst with the pseudonym ‘Humboldt Capital’ stated that SNX might be undergoing a “sell-side liquidity crisis.” This type of crisis happens when there isn’t enough supply to satisfy buying demand for a particular token. As a result, this could trigger a positive feedback loop that pushes prices upward.

SNX is about to have a sell-side liquidity crisis. I haven’t yet seen a community with holders this strong — no one is selling. Holders already know about the upcoming product roadmap — futures, layer 2 trading, margin — and everyone is expecting CEX listings.

Humboldt Capital

Another trader confirmed this by illustrating that 94% of the SNX liquidity on Uniswap has been bought up.

Exchange Listings

Binance has announced the listing of Synthetix’s native asset, SNX, on its exchange. SNX will be trading against BTC, BNB, BUSD, and USDT. This makes SNX the second DeFi token to be listed in Binance this year, after COMP (Compound).

But Binance isn’t the only exchange keeping an eye on Synthetix. As reported by Asia Crypto Today last June 12, SNX was under review by Coinbase for potential listing. Many investors are expecting the listing to go live sometime in the next couple of months.

And as stated by Humboldt Capital, everyone is also expecting a CEX listing. Although Synthetix is already a wildly popular token among DEXs, being listed in multiple major exchanges will surely open the DeFi token to a wider audience of traders.

Concerning Signs

Despite all the vigor surrounding Synthetix, not everyone has a bullish sentiment. According to behavioral analytics platform Santiment, there is a “concerning” on-chain case forming for Synthetix.

The company revealed that Synthetix’s daily active addresses vs. price divergence indicator is showing its “third consecutive bearish signal.” As seen on the indicator, there is a divergence between the price action and on-chain activity on the Ethereum network.

Last February, Synthetix had the same indicator showing three consecutive bearish signals. At that time, SNX was plummeting. According to Santiment, this historical data is a sign that the DeFi token may go through a bearish reversal in the next few days or weeks.

The question is, will the SNX stakers be able to overcome this trend or will they withdraw their lock-up assets and sell?

Source: https://www.asiacryptotoday.com/demand-for-synthetix-snx-continues-to-grow-despite-concerning-signs/

Blockchain

Craig Wright Sues Bitcoin Developers Over Stolen BTC Worth $5 Billion

Republished by Plato

Published

on

The self-proclaimed Satoshi Nakamoto, Craig Wright, has filed yet another lawsuit within the cryptocurrency industry. This time, he has targeted the developers of BTC, BCH, BSV, and BCH ABC requesting that they retrieve access to BTC stolen from his personal computer worth about $5 billion.

CSW Sues BTC Developers Because he was Hacked

Wright has publicly claimed that he is the person behind the Bitcoin network for years – Satoshi Nakamoto. This narrative, which lacks any conclusive evidence, has been highlighted once more by the latest law firm that will represent him in his most recent lawsuit against representatives of the cryptocurrency space.

Ontier, a UK-based litigation law firm, has published a press release asserting that it has informed the developers of Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), and Bitcoin Cash ABC (BCH ABC) of the lawsuit.

With these “ground-breaking legal proceedings,” the firm acts on behalf of Tulip Trading Limited (TTL) – a Seychelles-based company with a primary beneficial owner – Craig Wright. The nature of the lawsuit is somewhat controversial, to say the least.

“In February 2020, Dr. Wright’s personal computer was hacked by persons unknown and encrypted private keys to two addresses, which hold substantial quantities of Bitcoin belonging to TTL, were stolen. These assets were, and continue to be, owned by TTL. The theft is the subject of an ongoing investigation by the Cyber Crime division of the South East England Regional Organized Crime Unit.”

Consequently, the lawsuit has requested that the developers “enable TTL to regain access to and control of its Bitcoin on the grounds that they owe Bitcoin owners both tortious and fiduciary duties under English law as a result of the high level of power and control they hold over their respective blockchains.”

Per their estimation, the sizeable amount has a value of over £3.5 billion or about $5 billion.

More to Follow?

Paul Ferguson, a Partner at Ontier, commented that Wright, the supposed creator of BTC, has “always intended Bitcoin to operate within existing laws.” Moreover, he believes that the Bitcoin developers have the power and obligation to deploy code to “enable the rightful owner to regain control” of his assets.

Should Wright’s lawsuit succeed, others in a similar position could follow suit, added Ferguson.

Craig Wright is no stranger to initiating lawsuits against crypto industry representatives. In his previous one, his lawyers requested two Bitcoin-related websites to remove the BTC whitepaper, which received quite adverse reactions from the community.

Featured Image Courtesy of TheConversation

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/craig-wright-sues-bitcoin-developers-over-stolen-btc-worth-5-billion/

Continue Reading

Blockchain

All of the Federal Reserve’s wire and ACH systems are down

Republished by Plato

Published

on

All of the services available through the Federal Reserve’s online portal have been down for more than an hour.

According to the Federal Reserve Bank Services’ website, the bank is experiencing a disruption in its account services, central bank, Check 21, check adjustments, FedACH, FedCash, FedLine Advantage, FedLine Command, FedLine Direct, FedLine Web, Fedwire Funds, Fedwire Securities, and National Settlement — all services typically available — which started at 6:18 PM UTC today. In addition, all the access solutions that the Fed offers, with the exception of FedMail, are also offline.

Washington Post reporter Rachel Leah Siegel reportedly received an alert from the Fed saying its staff were “currently investigating a disruption to multiple services” and would “continue to provide updates as soon as they are available.”

“A Federal Reserve operational error resulted in disruption of service in several business lines,” said Jim Strader from the  Federal Reserve Bank of Richmond. “We are restoring services and are communicating with all Federal Reserve Financial Services customers about the status of operations.”

This story is developing and will be updated.

Source: https://cointelegraph.com/news/all-of-the-federal-reserve-s-wire-and-ach-systems-are-down

Continue Reading

Blockchain

Why it’s critical to monitor Bitcoin miners’ position over the next 2 weeks

Republished by Plato

Published

on

The narrative of a bear-led correction is always around, even during the headiest of bull runs. A similar situation is unraveling at the moment, with many still expecting Bitcoin’s performance to take a more calamitous turn.

At press time, while Bitcoin had recovered to climb north of $50,000, some key on-chain metrics seemed to suggest that selling pressure might not be done yet, especially on the miners’ side.

Bitcoin Miners’ Outflow Multiple, Volumes on the rise

Source: Twitter

According to Glassnode data, Bitcoin Miner Outflow Multiple climbed to touch a monthly high after BTC’s decline on the charts. The aforementioned metric relates to the period of time when the amount of Bitcoin flowing out of miners’ addresses is higher than the historical average.

Alongside the same, Outflow volumes of Bitcoin miners also climbed to a 1-month high with over $4.5 million on a 7-day average.

Now, while at first glance that may sound concerning over the short-term, the fact of the matter is that the long-term perspective is still in the green.

Source: CryptoQuant

The Miners’ Position Index is a good example. When the market was correcting back in mid-January, the MPI had surged to a high of 12.65, underlining extremely high selling pressure from miners (An Index reading of over 2 suggests that a majority of miners are selling). On the contrary, the latest drop in Bitcoin’s price pushed the MPI only up to 3.50, with the same down to 2.56, at press time.

Further, additional data seemed to suggest that small miner outflows may have contributed to high outflow volumes since these entities need to balance out their cash reserves on a consistent basis.

Bitcoin hashrate and difficulty is still relatively high

The relative hashrate for Bitcoin has dropped over the course of February, but it is important to note that over the past 3 days, the relative change is very negligible. In fact, the current hashrate is still well above 2020’s highest rate, a finding that means that miners are still active and possibly profitable, despite corrections being the norm for most of the past 24-36 hours.

Source: blockchain

On the question of mining difficulty, the attached chart seemed to suggest that the difficulty was at an all-time high on 23 February with a hashrate of 21.724t. With a difficulty adjustment imminent on the charts, a minor correction would mean that bear-led corrections would not be dragged forward due to miners’ activity.

That being said, it remains critical to monitor miners’ position over the next couple of weeks.


Sign Up For Our Newsletter


Source: https://ambcrypto.com/why-its-critical-to-monitor-bitcoin-miners-position-over-the-next-2-weeks

Continue Reading
Blockchain2 days ago

Ankr adds Eth2 futures (fETH) to its staking system

Blockchain4 days ago

Are Bitcoin’s long-term hodlers entering the seller’s market?

Blockchain4 days ago

Elon Musk Explains to Peter Schiff What Money Is

Blockchain3 days ago

Litecoin, Cosmos, Tezos Price Analysis: 21 February

Blockchain3 days ago

Ripple now registered as a Wyoming business

Blockchain3 days ago

Former BoE, BoC Governor Mark Carney joins Stripe board of directors

Blockchain3 days ago

A Review of BTCGOSU — Reviewer of Crypto Casinos

Blockchain3 days ago

Kraken Daily Market Report for February 21 2021

Blockchain3 days ago

DeFi Protocol Primitive Finance Self Hacks to Prevent Exploit

Blockchain2 days ago

Peter Schiff Now Discusses Bitcoin More Often Than His Beloved Gold

Blockchain3 days ago

Is Ethereum heading to another ATH?

Blockchain3 days ago

The Many Theories Of Elon Musk Being Satoshi Nakamoto

Blockchain2 days ago

NFT Platform Ethernity to Launch IDO on Polkastarter

Blockchain2 days ago

Long Blockchain Corp has officially been delisted by SEC

Blockchain4 days ago

3 key factors that propelled Ethereum to $2,000 for the first time ever

Blockchain3 days ago

Banks will be required to work with crypto, e-money and CBDCs to survive

Blockchain5 days ago

$56.3K Bitcoin price and $1T market cap signal BTC is here to stay

Blockchain4 days ago

Bitcoin Payments Make 20% of the Revenue of a UK Private Jet Company

Blockchain2 days ago

MoneyGram suspends Ripple partnership, citing SEC lawsuit

Blockchain4 days ago

Kraken Daily Market Report for February 20 2021

Trending