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Derivative Exchanges See $1.69B Stablecoin Outflow, Are Whales Moving to OTC Desks?

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Derivative exchanges registered a massive outflow of $1.69 billion in stablecoin in a rare occurrence. A net outflow of such high magnitude is often seen as a bearish signal as analysts believe traders relocate their stablecoins in anticipation of a possible market correction.

stablecoin
Source: CryptoQuant

Traders often go for high leverage trade during bull runs and data revealed by Binance earlier showed a majority of traders on the platform used the highest leverage option during the peak of the bull run. The current market is in recovery mode after a majority of cryptocurrencies registered a 50% price crash in the first week of May.

Bitcoin price is currently trading over $36,000 trying to break past the key resistance of $40,000. The top cryptocurrency has been struggling to maintain its position above $40K, and a fall below $30K could trigger more bearish price action.

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Are Whales Turning to OTC Desks?

China FUD has played a major role in the recent sell-off after news about the strict crackdown by Chinese authorities surfaced in mainstream media. While China banned crypto trading in 2014 and closed all exchanges in the country in 2017, the FUD seems to arise every bull cycle leading to new investors panic selling their holdings.

The significant outflow of stablecoins from derivative platforms seems to have a China angle as well, where many believe that Chinese whales are moving to OTC desks to bypass the current government crackdowns that led to a significant outflow from derivative platforms. The recent regulatory guidelines have warned against the use of derivatives trading as well, because of which a number of popular derivative platfrom has recently stopped their service offerings to Chinese customers. The likes of Bybit and Binance have already put measures to restrict their services to Chinese traders.

The recent restriction on services by derivative platforms for Chinese traders along with the fact that Chinese whales have often turned to OTC desks whenever there has been a crackdown on cryptocurrencies by the authorities suggest the recent outflow from derivative platfrom could be because of Chinese whales shifting to OTC desks.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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Source: https://coingape.com/derivative-exchanges-see-1-69b-stablecoin-outflow-are-whales-moving-to-otc-desks/

Blockchain

Are Solana, KAVA, Maker, Polkadot good bets in this timeframe?

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One of the market’s top institutional investors, Grayscale, has updated its list of investments in cryptocurrencies, adding 13 new altcoins to its portfolio. From Solana [SOL] to Polygon [MATIC] and KAVA, Grayscale’s new investments have introduced an inflow to several altcoins that have rallied since the beginning of 2021. Though their addition to Grayscale’s portfolio has turned the market sentiment bullish, there are other factors driving their price rally too.

In the case of SOL, the rapidly growing ecosystem of projects makes traders bullish in the long term. SOL’s price has risen as high as $38 while trade volume dropped by nearly 40% in 24 hours. A drop in trade volume could be interpreted as an accumulation and the beginning of a price rally.

To get started with DeFi and NFT ecosystems and projects, more traders are signing up for SOL and there has been a consistent increase in the number of active traders. Additionally, several oracle networks like Switchboard are bringing feeds to the Solana Mainnet. This has increased the popularity of Solana, making it mainstream and increasing the demand across exchanges.

Source: CoinMarketCap

Similarly, in the case of KAVA, MKR, and DOT, the social volume seems to be signaling an upcoming price rally. KAVA’s top features make it rewarding for traders to accumulate since the network fees are optional and rewards are relatively high, with the same recently hitting an ATH too.

What’s more, KAVA has emerged as one of the most rewarding DeFi projects since the beginning of 2021, with the same seeing a hike in trade volume and market capitalization. The said hike is also indicative of increasing demand across spot exchanges.

Grayscale is known for exploring new potential products and this may have driven them to consider the trending altcoins of 2021. However, considering these altcoins, in particular, signals the potential for relatively high short-term ROIs. Since the beginning of 2021, the market capitalization of these altcoins has increased consistently.

In the past week itself, the market capitalization has increased by over 20% for altcoins like DOT, MKR, and KAVA. MKR has emerged as a top volume gainer several times over the past two weeks and this makes it further lucrative for altcoin traders to buy MKR for relatively high short-term ROIs. MKR, KAVA, DOT, and SOL are likely to rally based on these metrics.


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Source: https://ambcrypto.com/are-solana-kava-maker-polkadot-good-bets-in-this-timeframe

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Blockchain

Ethereum: Will this level hold in the face of selling pressure?

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

The weekend curse seemed to continue as the global cryptocurrency market opened in the red on yet another Saturday. Ethereum was no exception to the trend and found itself burdened by selling pressure. At press time, the world’s largest altcoin was trading at $2,227, down by 4% in the last 24 hours.

Ethereum 1-day chart

Source: ETH/USD, TradingView

Ethereum’s daily chart pictured an ascending triangle breakdown after the price was rejected at the 20-SMA (red) and $2,540 resistance. A southbound trend ensued and losses amounted to over 13% from the bottom trendline of the pattern. The next question was – What level could provide support for ETH’s downfall?

23 April’s swing low of $2,080 was one defensive option. A bounce back from this region triggered a 100% rally in end-April and saw the digital asset hit its ATH above $4,000. While a similar outcome is certainly unlikely in a bear market, the line could offer support nonetheless.

Further down the charts, another support line rested at 23rd May’s swing low of $1,730. This area was further bolstered by the 200-SMA (green). Once ETH finds its resting ground, the focus would switch to certain resistance levels but the bulls would face an uphill task to target a break above $2,900.

Reasoning

The Relative Strength Index has been unable to break above 50 since the 19th May crash. This indicated that bears were still in control of market prices despite several recovery attempts over the last few weeks. The MACD did see some choppy movement since June but the same has failed to rise above equilibrium. Moreover, the On Balance Volume’s downtrend suggested that selling pressure was still dominant in the market.

While more downside was certainly on the cards, ETH’s support zones can be expected to alleviate incoming selling pressure. However, the price would be constrained going forward. The 20-SMA hovered next to $2,540 and gains would likely be contained below this line over the coming days. Even in the unlikely event of a breakout, ETH did not look ready to climb above $2,900 just yet.

Conclusion 

Ethereum can be expected to find support around $2,080-2,000 region moving forward. A sturdier form of defense rested at $1,730, should it be called into action. In case of a bullish resurgence, ETH could struggle to break above $2,540 over the coming days as bears still had the upper hand.


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Source: https://ambcrypto.com/ethereum-will-this-level-hold-in-the-face-of-selling-pressure

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Blockchain

Scammers are Sending Fake Ledger Wallets to Steal Cryptocurrencies

fake ledger devices

Rate this post Scammers are sending fake Ledger replacement devices to the victims of hacked users exposed in the recent Ledger data breach in order to steal their cryptocurrencies. Victims Of Ledger Hack Receives Fake Hardware Wallet Victims of hacked customer data held by Ledger, which happened almost a year ago are still being targeted by scammers. Over 1 million victims of the hack had their details exposed, including their names, phone numbers, and email addresses with more than 200,000 people also having their home addresses being exposed. Now, scammers have taken a new turn by mailing the same hacked victims fake replacement devices in order to steal their private seeds. A Reddit user initially reported receiving a fake Ledger Nano X device in the mail in an authentic-looking package which included a letter stating the user needed to replace their current wallet for safety reasons. In a Ledger blog post on June 17th, explaining the scam, the company said the box includes a fake letter explaining the “need to replace your existing hardware wallet to secure your funds. This is a scam. The Ledger Nano is fake.” Fake Wallets Designed to Steal User’s Cryptocurrencies The device came in an authentic-looking packaging, with a poorly written letter explaining that the device was sent to replace their existing purportedly signed by Ledger CEO Pascal Gauthier. By tampering with the device, the malicious actors hope to get the victims typing in their recovery words into the fake app, which would enable them to take control of the victim’s funds and gain access to the funds. Last year, customers of Ledgers suffered two significant data leaks, with the first that took place on July 14, when an unidentified third party accessed over one million emails and 9,500 addresses of its customers. The second happened on December 20 when the information was leaked to the internet for free, resulting in a series of phishing and scam attacks by mail.

The post Scammers are Sending Fake Ledger Wallets to Steal Cryptocurrencies appeared first on Cryptoknowmics-Crypto News and Media Platform.

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Scammers are sending fake Ledger replacement devices to the victims of hacked users exposed in the recent Ledger data breach in order to steal their cryptocurrencies.

Victims Of Ledger Hack Receives Fake Hardware Wallet

Victims of hacked customer data held by Ledger, which happened almost a year ago are still being targeted by scammers.

Over 1 million victims of the hack had their details exposed, including their names, phone numbers, and email addresses with more than 200,000 people also having their home addresses being exposed.

Now, scammers have taken a new turn by mailing the same hacked victims fake replacement devices in order to steal their private seeds.

READ  Michael Saylor Says $400M Bitcoin Reserve Holdings Could Be Liquidated

A Reddit user initially reported receiving a fake Ledger Nano X device in the mail in an authentic-looking package which included a letter stating the user needed to replace their current wallet for safety reasons.

In a Ledger blog post on June 17th, explaining the scam, the company said the box includes a fake letter explaining the “need to replace your existing hardware wallet to secure your funds. This is a scam. The Ledger Nano is fake.”

Fake Wallets Designed to Steal User’s Cryptocurrencies

The device came in an authentic-looking packaging, with a poorly written letter explaining that the device was sent to replace their existing purportedly signed by Ledger CEO Pascal Gauthier.

By tampering with the device, the malicious actors hope to get the victims typing in their recovery words into the fake app, which would enable them to take control of the victim’s funds and gain access to the funds.

READ  Ledger Live New Version Launches Coin Control Feature To Protect Bitcoin Transaction

Last year, customers of Ledgers suffered two significant data leaks, with the first that took place on July 14, when an unidentified third party accessed over one million emails and 9,500 addresses of its customers. The second happened on December 20 when the information was leaked to the internet for free, resulting in a series of phishing and scam attacks by mail.

#Ledger #Ledger Data Breach

Source: https://www.cryptoknowmics.com/news/scammers-are-sending-fake-ledger-wallets-to-steal-cryptocurrencies/

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