Blockchain
Ethereum Price Moves up to $1,200 as Demand Threatens to Outstrip Supply on Exchanges
The price of Ethereum, the second-largest cryptocurrency by market capitalization, has moved back up to the $1,200 mark after falling below $1,000 earlier this week at a time in which outflows from cryptocurrency exchanges suggest demand could outstrip supply. According to Nuggets News’ Alex Saunders, data shows that exchange reserves have fallen by 3 million […]


The price of Ethereum, the second-largest cryptocurrency by market capitalization, has moved back up to the $1,200 mark after falling below $1,000 earlier this week at a time in which outflows from cryptocurrency exchanges suggest demand could outstrip supply.
According to Nuggets News’ Alex Saunders, data shows that exchange reserves have fallen by 3 million ETH over the last two days, with 1 million ETH leaving crypto trading platforms on January 14, and 2 million leaving them the following day.
Saunders shared data from on-chain analytics firm CryptoQuant and pointed out that at this rate exchanges could soon run out of ETH.
Price predictions for ETH have been extremely bullish – with former Goldman Sachs executive and Real Vision CEO Raoul Pal saying he believes Ethereum could go to $20,000 this cycle based on Metcalfe’s law – and as such Saunders believes HODLers will not be selling their funds between $1,000 and $2,000 per ETH.
Some other data providers seemingly show that Ethereum reserves on cryptocurrency exchanges have dropped by 42.5% since mid-May. The analyst interprets the data as suggesting an incoming bull run to a new all-time high for ether, as “we all know what happened when demand outstripped supply of BTC.”
The price of bitcoin surged from about $12,000 to a new all-time high near $42,000 after reserves on exchanges dropped by about 4.5% and corporate adoption surged as MassMutual, MicroStrategy, Square and others bought BTC as a hedge against inflation and currency debasement.
Rafael Schultze-Kraft, CTO at data firm Glassnode, countered Saunders saying his data was “nonsense,” saying that a sudden drop of over 2 million ETH from a cryptocurrency exchange weren’t withdrawals, and that “exchange flows are completely within their normal range.”
It’s believed the 2 million ETH were moved to a new Bitfinex cold wallet for Ethereum that cryptoQuant did not account for. That, however, does not explain the 1 million ETH outflows seen the day before.
It’s worth noting that the decentralized finance (DeFi) space has been booming, and more Ethereum users could simply be withdrawing their funds to interact with these protocols on-chain.
Featured image via Unsplash.
Blockchain
Tether Gets 500 BTC Ransom: Sender Threats to Leak Harmful Documents


Tether, the company issuing the most widely-used stablecoin, USDT, has revealed that it got a ransom demand for 500 BTC. The sender has threatened the company to leak documents to the public that would “harm the bitcoin ecosystem.”
Tether Gets a 500 BTC Ransom Demand
Tether, the issuer of the popular USDT stablecoin, took it to Twitter to reveal that someone had threatened to leak documents to the public in an attempt to “harm the bitcoin ecosystem.”
The company explained that “forged documents are circulating online purporting to be between Tether personnel and reps of Deltec Bank & Trust and others. The documents are bogus.”
Furthermore, Tether explained that they’ve also received a ransom demanding 500 BTC, which is currently worth around $23.6 million. They also revealed that unless the ransom is paid, the sender would “leak documents to the public in an effort to harm the bitcoin ecosystem.” Also, Tether has no intention of paying the money.
What Now?
At the time of this writing, there’s no further information on what’s going to happen next.
It is unclear whether this is a basic extortion scheme like those directed at other crypto companies or people looking to undermine Tether and the crypto community as a whole. Either way, those seeking to harm Tether are getting increasingly desperate.
The company also said that the “forged communications and the associated ransom demand” were reported to law enforcement.
Interestingly enough, all of this comes about a week after Tether and Bitfinex reached a settlement with the office of the New York Attorney General, putting an end to a year-long lawsuit that many thought could really harm the ecosystem. Nevertheless, the company admitted to no wrongdoings and agreed to pay an $18.5 million fine.
However, as part of the settlement deal, the company has also agreed to no longer be able to deal with customers from New York.
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Blockchain
Litecoin Price Analysis: 01 March

The cryptocurrency market has been moving in a wave-like fashion with continuous crests and troughs. The market has been seeing spurts of growth in the price, but it did not trigger a price swing. Litecoin [LTC], also witnessed such a push in its price recently, but at the time of writing, the coin continued to move within a tight range.
The digital asset has a market capitalization of $10.99 billion and was being traded at $163.94.
Litecoin 1-hour chart

Source: LTCUSD on TradingView
The above chart of Litecoin has been noting the price consolidation between $155 and $181. Before the drop to this level, LTC was trading between $169 and $181 for a while. However, sudden selling pressure pushed it to this new price level.
This could mean that the LTC market may further this phase of consolidation as momentum in the Bitcoin market also noted a similar trend.
Reasoning
The Bitcoin market has been pushing the price of most altcoins in the market. Now that, the digital asset moves sideways after a little pump, the alts are also showing signs of consolidation.
Litecoin has shown that the volatility in its market has comparatively decreased as the Bollinger Bands converged. Meanwhile, the 50 moving average and signal line were beginning to witness a bearish crossover, which could be just a sign for the price to retrace within the above-mentioned range.
The Relative Strength Index has climbed to equilibrium due to the boost in price. This meant that the buyers and sellers were equal in the market, and hinted towards yet another spell of sideways movement for LTC. Meanwhile, the awesome oscillator noted the lack of momentum in the market.
Conclusion
The current trend prominent in the LTC market was of consolidation between $155 and $169. There has been bearishness evolving in the market, but the price swing may not be visible in the short-term.
Source: https://ambcrypto.com/litecoin-price-analysis-01-march
Blockchain
LetsExchange Launches Crypto Trading Service With Smart Exchange Rates

For each trade, LetsExchange instantly selects the best rate across the world’s leading crypto exchanges and lets the trader secure this rate at the beginning of the transaction.
Cryptocurrency trading can be a very lucrative activity. Because of the price volatility of many coins, the possibilities to make gains through short-term trading are big. Two factors influence the outcome of a trade. First, the trader must buy crypto at the best possible rate. And second, the trader must be able to buy or sell the crypto assets without delays.
The LetsExchange platform has been designed to maximize traders’ gains by facilitating the two factors mentioned above. With the use of this service, traders can get the most profitable exchange rate available on the market at a given moment. What’s more, the platform ensures that the said rate remains unchanged until the trade is completed.
This newly launched service also eliminates delays in the processing of transactions by waiving registration, KYC screening, and other authentication and authorization procedures. The platform’s founders elaborate on these features that allow traders to maximize their gains:
- The registration process and KYC authentication are time-consuming. Traders usually cannot afford to waste much time in such procedures as the cryptocurrency market is volatile, and exchange rates may change significantly within a few minutes. With LetsExchange, traders can benefit from these fluctuations by buying and selling cryptocurrencies as soon as they decide, without hassle and delays.
- LetsExchange works with the world’s top crypto exchanges including Binance, Okex, KuCoin, Gate, Huobi, and more. By using its SmartRate technology, the platform always offers the most profitable rate across all the exchanges. In this way, traders won’t waste time in comparing rates and researching the market status at a given moment.
- This platform offers the possibility to secure the most profitable exchange rate by selecting the Fixed Rates option. This feature will maintain the said rate unchanged until the completion of the trade. But if a trader prefers to forecast the rate fluctuations in a bid to maximize their gain, the floating rates option allows doing it. Each trader has the freedom to choose the most convenient strategy.
- Thanks to the use of fully automated exchange algorithms, the only delay in the processing time of a transaction depends on the network speed of the selected cryptocurrency. During Beta testing of the platform, the average transaction time was 25 seconds.
The LetsExhange platform at https://letsexchange.io is now ready to help traders maximize their gains by guaranteeing the best rates and eliminating unnecessary delays.
About LetsExchange
LetsExchange is a one-stop multicurrency exchange service free of registration, limits, and complications. It supports 210+ coins, about 45,000 currency pairs and automatically selects the best rate across all major crypto exchanges for each trade. Built by a team of crypto visionaries with 10+ years of experience in the blockchain space and fintech, LetsExchange saves your time at each step of a crypto swap and amplifies your trading revenue.
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DISCLAIMER Read More
The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.
Source: https://zycrypto.com/letsexchange-launches-crypto-trading-service-with-smart-exchange-rates/
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