The crypto-market is on a roll in 2021. Adoption is increasing, the price of BTC has been sitting around the $50,000 mark for quite some time now, and people are trading more and more crypto assets by the day.
And to bring more good news, SMART VALOR has launched a crypto trading tournament with rewards ranging from $150 to $4,000. The competition will run between April 2nd and April 13th, and only 100 people can register, so make sure you don’t miss your shot at registration.
How to participate
Participating in SMART VALOR’s Trading Tournament is simple,
- Register for the event on the official landing page
- If you don’t have a SMART VALOR account, sign up and complete your KYC verification
- Trade as you usually do
You can trade any cryptocurrency available on the platform, and you can purchase assets with both a credit card and a wire transfer. Crypto-to-fiat, as well as crypto-to-crypto transactions, count toward the final leaderboard, so don’t hold anything back.
In addition, you can use VALOR tokens while trading to pay your fees, which will earn you a 30% discount.
SMART VALOR will distribute rewards based on a user’s trading volume, starting with $150 for a trading volume of over $20,000 and reaching $1,800 for a trading volume of more than $300,000.
- Trade over $20,000 to earn $150
- Trade over $50,000 to earn $400
- Trade over $100,000 to earn $700
- Trade over $150,000 to earn $1,100
- Trade over $200,000 to earn $1,300
- Trade over $300,000 to earn $1,800
Moreso, the first three places will earn an additional reward which will be paid out in VALOR tokens. So, assuming the first three places will all have a trading volume of over $300,000, their final reward will look like this,
- The 1st place will receive $4,000
- The 2nd place will receive $3,000
- The 3rd place will receive $2,500
SMART VALOR will distribute the prizes within five business days after the event ends. All the trading volume rewards will be paid out in Bitcoin, and the rewards for the 1st, 2nd, and 3rd places will be paid out in VALOR tokens.
To ensure fairness, SMART VALOR put together a list of terms & conditions that all users must agree to and respect throughout the competition.
First of all, due to regulatory requirements, only ID cards, passports, and driving licenses with hologram are accepted for the KYC verification process.
Secondly, to promote transparency and competition, the leaderboard will be publicly available and will display the username of the participants, their trades, and the trading volume.
Finally, the total trading volume is not limited to trading and includes the purchase of cryptocurrencies using a credit card or a bank transfer.
About SMART VALOR
SMART VALOR is a cryptocurrency exchange based in Switzerland. Its goal is to help users trade, stake, and manage their crypto portfolio effortlessly, providing exchange and OTC services, digital asset wealth management solutions, and even an NFT Marketplace.
Founded in 2017 using the Thomson Reuters Incubator, SMART VALOR is supported by the Swiss government and was named by Forbes as “One of Europe’s 10 Most Exciting Technology SMEs”.
The company constantly cooperates with numerous significant partners to ensure governmental and legal compliance and is backed by an excellent team with years of experience in technology, software, and finance.
Stay up to date with SMART VALOR’s trading competition by following them across their official communication channels,
Disclaimer: This is a paid post and should not be taken as news/advice
$420M in leveraged long traders liquidated after XRP rallies to $1.96
XRP holders couldn’t have asked for a better year as the cryptocurrency rallied almost 800% and flirted with a $2 level in the early hours of April 14.
In addition to achieving its highest level since January 2018, this robust price increase signals that investors are not worried about the ongoing SEC “unregistered securities offering” dispute.
However, just 6 hours after rallying to $1.96, XRP price crashed by more than 20%. During an interview, DCG Group CEO Barry Silbert said it would be risky for exchanges and companies in the United States to relist XRP ahead of receiving the SEC’s blessing. These remarks may have contributed to the unprecedented $420 million long liquidations on derivatives exchanges today.
Over the past couple of weeks, the primary catalysts for XRP’s rally have been victories in Ripple’s legal battles. Lawyers representing Ripple were granted access to internal SEC discussions regarding cryptocurrencies, and more recently, a court denied the disclosure of two Ripple executives’ financial records, including CEO Brad Garlinghouse.
Considering the recent rally, pinpointing a single reason for the price correction will likely be inaccurate. Nevertheless, the impressive $420 million long liquidations past 24-hours exceed those of Feb. 1 when XRP price crashed by 46% in two hours.
The only logical reason behind this staggering liquidation is excessive leverage used by buyers. To confirm such a thesis, one must analyze the perpetual contracts funding rate. To balance their risks, exchanges will charge either longs or shorts depending on how much leverage each side is demanding.
The chart above shows that the 8-hour funding rate is surpassing 0.25%, which is equivalent to 5.4% per week. Although this is excessive, buyers will withstand these fees during strong price rallies. For example, the current upward price move lasted for almost three weeks, and prior to that another took place in early February.
Blaming the liquidations exclusively on leverage seems a bit extreme, although it certainly played its part in amplifying today’s correction.
Moreover, the record growth in XRP futures open interest was accompanied by a hike in the volume at spot exchanges. As a result, the eventual impact from more significant liquidations should have been absorbed by the increased liquidity.
Cascading liquidations will always take place in volatile markets. Thus investors should focus on how long it takes until the price recovers from it.
Fundamentally, a 10% or 20% intraday drop should not be interpreted differently. The correction depends on how many bids were previously stacked at exchange orderbooks and is not directly related to investors’ bullish or bearish sentiment.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Garry Tan’s 2013 investment of $300K in Coinbase is now worth $2.4B
Garry Tan, a prominent angel investor and the founder of Initialized Capital, was one of the first investors to provide seed funding to Coinbase eight years ago.
Less than a decade later, and after today’s highly anticipated Nasdaq listing for Coinbase’s COIN stock, Tan’s 2013 investment of $300,000 into Coinbase is now worth $2.4 billion.
Coinbase debuted on the Nasdaq on April 14 at $381 per share, making it one of the most hyped listings in the U.S. stock market of the year.
How did $300,000 become $2.4 billion?
In 2013, when Tan invested in Coinbase, it was unclear whether Bitcoin would be recognized as a global asset and an established store of value.
At the time, there were not many reputable exchanges, and the few that existed were often hacked. Tan’s investment took place before the monumental Mt. Gox hack that saw billions of dollars worth of BTC stolen.
Even after launch, Coinbase was not always in an uptrend. According to Coinbase co-founder Fred Ehrsam, from 2014 to 2017 the company faced numerous hardships.
“Over time, crypto grew, and so did the company. A simple #Bitcoin wallet evolved into individual and institutional products to support a blossoming cryptoeconomy. 2 nerds who met on the internet (yes, @brian_armstrong and I met on @reddit ) turned into a company of 1000+. There was serious hardship. In the 3 years between 2014 and 2017, the outside world thought crypto was dead. Over a third of employees left. Yet crypto kept building. @ethereum came on the scene and showed that crypto native applications were possible, opening up a whole new world of possibilities.”
Even if the listing fails to impress, Coinbase has alluring financials
Coinbase is the first publicly listed major cryptocurrency exchange in the U.S. stock market and its availability on Nasdaq now provides mainstream investors with exposure to the crypto sector. Even if the listing fails to impress on day one, the company still has strong financials and user metrics.
1) Today, an exchange will list an exchange.
One of them:
–lists innovative assets
–allows users to onboard
–has a mobile app, website, and API
–made $1b last quarter
The other one is NASDAQ.
— SBF (@SBF_Alameda) April 14, 2021
Coinbase made $1 billion in the last quarter and has more users than every financial institution in the U.S. apart from JPMorgan, making it a highly compelling trade for investors in the traditional financial market.
German software developer donated $1.2M in ‘undeserved’ Bitcoin to political party
A German national who reportedly sees his Bitcoin profits as “undeserved wealth” has donated more than $1 million to the country’s green political party.
According to Hamburg-based news outlet Die Zeit, Moritz Schmidt, a software developer from the northeastern town of Greifswald, has sent one million euro — roughly $1.2 million — to Germany’s green party, known as The Greens or Alliance 90. A party spokesperson said Schmidt had made significant gains during the Bitcoin (BTC) bull run but wanted to contribute to causes related to environmental and climate protection rather than HODLing his crypto.
“The donor has made it clear to us that he sees these profits as undeserved wealth that he does not claim for himself, but wants to use socially, for something that corresponds to his convictions,” said the Greens spokesperson. “In the meantime he sees the Bitcoin system critically, among other things against the background that the necessary arithmetic operations consume huge amounts of electricity.”
Records for the Greens show that Schmidt’s donation is the biggest the party has received this year, with the next highest contribution at 500,000 euro, or roughly $600,000. The funds will reportedly be used for the party’s federal election campaign and the state election campaigns in 2021.
The software developer is not alone in seemingly hoping the crypto industry will become greener. Many have criticized Bitcoin mining for its impact on the environment, with some estimates indicating the network consumes more energy than the entire country of Argentina. However, Mike Colyer, CEO of crypto mining firm Foundry Digital, said this week that he believes mining Bitcoin could eventually help the transition to a “world where 100% of our energy is produced from renewables.”
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