Blockchain
End of Sharing Economy? Home-Cooked Reportedly Closed

Cooking-sharing app Home-Cooked has halted operations, the Paper reported Wednesday, showing the downsides of sharing economy in today’s China.
“Our platform is going to close,” Home-Cooked sent out a message to its users. “To get your refunds processed, please submit requests before June 1.”
Home-Cooked was designed to share cooking from private kitchens with people who were craving for home-made food but had no time to cook themselves. Users could order online in advance, and either choose to dine at the cook’s house or order a delivery. Known for its home-cooking style and reasonable prices, Home-Cooked soon rose to popularity soon after its launch in October 2014 attracting millions of users from all over China. During its peak month, millions of deals were made on the app, and each cook completed over 100 orders.
SEE ALSO:Food Delivery Platform HungryPanda Aims to Satisfy Chinese Appetites Overseas Amid Coronavirus
The founder of Home-Cooked, Tang Wanli, was one of the youngest managers at Alibaba. After leaving Alibaba, Tang had been looking for start-up ideas. The then-booming sharing economy gave Tang an idea to share kitchens and “Uber” cooking.
“I’m so sad I didn’t save the cook’s contacts,” a user posted online. “That was the only place I could find mom’s taste.”
Though many users were saddened by the closure of Home-Cooked, some raised an alarm about the food safety on the app. Food providers on the app were mostly private kitchens without food distribution permits, thus the materials and the cooking environment were unstandardized and unsupervised. According to a Home-Cooked worker, registered cooks on the app only needed to provide IDs and health certificates, while food distribution permits were not required. As customers become more and more cautious of food safety, sharing-kitchens may never come back without a robust supervision system.
Source: https://pandaily.com/end-of-sharing-economy-home-cooked-reportedly-closed/
Blockchain
Massive Bearish Divergence Hints At First Major Chainlink Corrective Phase
Chainlink was among the first cryptocurrency to set a new all-time high in 2020, but given its absence during the 2017 peak was facing different circumstances and no overhead resistance. The » Read more
” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>altcoin was nearly unaffected entirely by the » Read more
” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>bear market over the last couple of years, breaking record after record.
However, a massive bearish divergence has formed as the unstoppable cryptocurrency touches an ascending trendline for the third time. Could this be the start of the » Read more
” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>altcoin’s first extended » Read more
” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>bear phase? Or are bulls preparing a much stronger push to finally blast through the long-term trendline?
Chainlink At Risk Of First Major Corrective Phase, According To » Read more
” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>Bear Div
In 2017, Bitcoin’s meteoric rise and the explosion of ICOs built on Ethereum put the cryptocurrency asset class on the map. But after a storm of exuberance and parabolic price action, the bubble burst and these assets came crashing down by as much as 90% or more in many cases.
Even the crypto asset with the most longevity, Bitcoin, fell a full 84% from high to low, resulting in a three year » Read more
” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>bear market. During that time, however, Chainlink made its debut in the crypto space, and its been on an unstoppable uptrend ever since.
Related Reading | Analyst: After A 50% Retrace Against Bitcoin, Chainlink Is “Ready” To Soar
The » Read more
” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>altcoin rose from nearly worthless to over $25 recently at its 2021 peak. Chainlink went from being born during a » Read more
” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>bear market, to hitting all-time highs left and right even before a bull market was confirmed.
Since things turned bullish, even Chainlink joined in Bitcoin and Ethereum and set yet another record peak. The entire market has once again turned back down, but the soaring » Read more
” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>altcoin remains near 2021 highs.
$LINK, 🧐 pic.twitter.com/bKsLeUgnsi
— 🌏The EW Guy (@TheEWGuy) January 25, 2021
Bearish Divergence, Or Are Bulls Baiting For The Next Move Up?
The recent push to $25 per token, has resulted in a massive bearish divergence on the weekly Relative Strength Index, spanning across the current peak and the 2020 high of $20, according to one crypto trader.
Coinciding with the bearish technical signal, is a more three-year long trendline that has acted as the top to every major rally. The chart below shows the long-term trendline on the LINKUSDT trading pair on Binance more clearly.
A massive bearish divergence spans across two years of LINKUSDT price action | Source: LINKUSDT on TradingView.com
Bearish divergences appear when price action sets a higher high, but a technical indicator on the same timeframe chart makes a lower low. It often suggests that although prices are reaching new highs, the underlying buying pressure is lower than during the first peak.
The weakness results in bears taking over, and forcing prices lower. Bearish divergences often appear at the top of a trend, but are difficult to act on.
Related Reading | Altcoin Expert: Buy Crypto That Holds Up During Bitcoin Breakdown
Bearish divergences are only confirmed once price action has turned down. The lack of a higher high on a technical indicator could merely be due to the fact the bullish move is only yet just beginning. Taking a position in a long up-trending » Read more
” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>altcoin due to a bearish divergence could lead to any missing out on any additional legs up that might follow.
Given Chainlink’s long-term momentum, the bearish divergence – if invalidated – could supply the momentum needed for a much stronger push higher.
Featured image from Deposit Photos, Charts from TradingView.com