On March 30 PayPal president and CEO Dan Schulman told Reuters that the online payment giant will allow its U.S. consumers to pay with cryptocurrencies when they transact with millions of its global merchants. This is a major step in the mainstream adoption of cryptocurrencies.
In other news, the Chicago Mercantile Exchange plans to launch a new Micro Bitcoin (BTC) futures contract on May 3, which will enable investors to precisely hedge their Bitcoin risk. This also means that smaller investors who could not trade the existing Bitcoin contract because of its 5 Bitcoin requirement may be able to dive into derivatives as the Micro futures start at 0.1 BTC.
While Bitcoin hogs the limelight, there are several tokens that have been making strong moves in the background. Let’s see the performance of three such tokens.
Holochain HOT token was featured on Cointelegraph on Feb. 25 when the price was at $0.0030. Since then, the token has skyrocketed to an intraday high at $0.0206 today, a gain of 586% in just over a month.
The latest leg of the rally was triggered by March 25 announcement that Holo Limited was granted a U.S. patent for the rrDHT networking innovations within Holochain. According to the firm, “this patent represents an easy way to represent complex distributed data models, and manage them with high resilience.”
Holo clarified in a blog post that the patent was filed to prevent trolls from filing patents on this innovation and also to protect the “rights of the users to have sovereignty over their data.” While this is a positive step, only time will tell if Holochain can offer a reliable alternative to blockchain technology.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for HOT on March 26, prior to the start of the rally.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
As seen in the chart above, the VORTECS™ Score for HOT flipped green on March 26, just hours before the start of the rally.
The VORTECS™ Score again turned green on March 29, just as the rally was getting started. During this time HOT surged from $0.0116 on March 29 to a high at $0.0197 on March 30.
The price rose from a low at $0.0067 on March 25 to an intraday high of $0.0206, a 207% rally in six days. This shows the uptrend is backed by strong momentum. However, the pace of the rise has pushed the relative strength index to extremely overbought levels, increasing the possibility of a minor correction or consolidation in the next few days.
In strong uptrends, the bulls generally buy every minor dip. The first support on the downside is the 38.2% Fibonacci retracement level at $0.0153. If the price rebounds off this support, it will indicate strength. The bulls will then try to resume the uptrend by pushing the price above $0.0206.
If they succeed, the HOT/USDT pair could start the next leg of the uptrend that may reach $0.0289 and then $0.0308.
Conversely, if the bears sink the price below the 50% retracement level at $0.0136, the correction could deepen to the 61.8% retracement at $0.0120. Usually, such a deep correction delays the start of the next leg of the up-move.
Origin Protocol (OGN) started off with a focus on the sharing economy but the project has expanded into building applications for peer-to-peer commerce and decentralized finance.
Origin released its official “Litepaper” on March 17, and the document details how the Origin NFT launchpad will allow users to build their own marketplace with custom landing pages and dynamic auction formats.
The protocol claimed to have successfully auctioned the world’s first tokenized album by Electronic music producer 3LAU and the sale generated $11.6 million in 24 hours. Origin also tweeted an NFT drop on Origin’s NFT Launchpad by Grammy Award-Winning Multi-Platinum Musician Lupe Fiasco that will go live on April 12.
In an AMA session with Binance China, Origin’s co-founder Matthew Liu said the protocol plans to include NFT drops and bonuses for OGN holders in the future.
In addition to NFTs, the protocol is planning to develop payment apps and launch an Origin USD debit card.
The launch of OGN staking on Binance from March 4 and the recent inclusion of OGN as a collateral asset on Cream Finance could also be attracting investors to the project.
OGN price has been on a tear in the past few days. It went from $0.75 on March 25 to an intraday high at $2.36 today, clocking a 214% return in less than a week. However, traders seem to be in a profit-booking mode today as seen from the long wick on the day’s candlestick.
If the profit-booking continues tomorrow, the OGN/USDT pair could drop to the 50% Fibonacci retracement level at $1.55. This is an important support because a bounce off it will suggest the sentiment remains bullish and traders are accumulating on dips.
A breakout and close above $2.36 could start the next leg of the up-move that may reach $3.16 and then $3.35.
On the contrary, if the selling intensifies and breaks the $1.55 support, the pair could drop to the 61.8% retracement level at $1.36. A rebound off this support may keep the pair range-bound for a few days before the start of the next trending move.
On March 30 Wanchain announced that the State Grid Corporation of China had selected its blockchain technology for upgrading thei national data management system. This opens a plethora of opportunities for the future.
Before this announcement, Wanchain was attracting attention for its recent addition of interoperability features. Wanchain’s decentralized bridges connecting several blockchain networks to support cross-chain transfers. Wanchain also released a new version of its cross-chain mechanism on Feb. 26, which allows sharing of wanBridge assets in a unified collateral pool, boosting cross-chain capacity.
Wanchain founder and CEO Jack Lu tweeted on March 9 that he had successfully sent the first-ever Bitcoin to Ethereum transaction using the decentralized BTC to ETH direct bridge. That was followed by the announcement that the team would test XRP’s cross-chain compatibility with Wanchain and Ethereum on March 29.
To reduce the impact of high network fees, Wanchain announced that it will reduce the gas fees needed to move assets cross-chain to Ethereum by 33% in order to bring some relief to users.
Wan surged from $1.09 on March 26 to an intraday high at $2.30 today, a 111% rally within five days. Traders seem to be booking profits after the rally today as seen from the long wick on the day’s candlestick.
The first support on the downside is the previous resistance at $1.67. If the bulls can flip this level to support, it will suggest strength. The buyers will then try to push the price above $2.30. If they succeed, the next target to watch on the upside is $2.88.
However, if the bears sink the price below $1.67, the WAN/USDT pair could extend its fall to $1.40. A bounce off this level could keep the pair range-bound for a few days before the start of the next trending move.
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.
Crypto has arrived.
If there was any doubt in your mind, Coinbase listing on the NASDAQ with a US$85 billion valuation should put them firmly to bed.
At around 3am AEST this morning (after some inexplicable delays), shares in US cryptocurrency behemoth Coinbase started trading on the New York Stock Exchange. The event was, in good crypto fashion, chaotic and highly volatile. After kicking things off at a price of US$381 per share, the market briefly pushed the price up to US$424 before sanity took hold and it floated down to a comparatively measured US$328, giving Coinbase a market cap of slightly more than US$85 billion.
You gotta hand it to Coinbase: they saw a good thing coming. When they filed their listing paperwork with the SEC in December last year, bitcoin was only getting started on this outrageous bull run. But that was just the next step in a process that had begun at least half-a-year earlier, shortly after Black Thursday, when the prospect of a US$60,000 bitcoin seemed laughable.
Yet here we are. Last time Coinbase went for funding, back in October 2018, the company was valued at US$8 billion. Now, a mere 18 months later, it’s worth almost 11 times that amount, making it the second biggest tech listing since Facebook. At this valuation, Coinbase is already included in the top 100 biggest companies in America and it’s worth more than any other financial exchange on Earth.
And I guess that’s where crypto is now? LOL WTF OK.
First they ignore you
Three weeks ago, Coinbase released its business results from the first quarter of 2021 and to say that they were mind-blowing is to put it exceedingly gently.
Coinbase reported a user base of 56 million, a figure that makes them four times larger than notorious share-trading platform Robinhood and puts them on par with the biggest banks in America. That number includes 13 million users who’ve signed up since January alone.
During the first three months of the year, Coinbase took in US$1.8 billion in revenue. In 2020 – all of 2020 – they made US$1.14 billion. The assets on their platform now total over US$223 billion, an increase of almost 250% this quarter.
To be clear, these are serious numbers that speak to a very serious business. You thought crypto was just memes, shitcoins and anonymous Twitter avatars yelling at each other online? Nah, we’re coming for the banks next.
The bottom line
It may seem strange that I’m spending an entire newsletter telling you how amazing one of our competitors is. And, don’t get me wrong, Coinbase has plenty of issues from a sketchy work culture to persistent scaling issues and absolutely outrageous fees.
But this is the first time that a major crypto exchange has actually set out the numbers like that and, put simply, it’s a stunning validation of everything we’ve held on for and believed all these long and tumultuous years. The masses are lining up. The institutions too. This isn’t some niche technology anymore: crypto is mainstream. And hell, if that’s what Coinbase is doing, what does it say about a company like Binance which turns over ten times the volume?
Coinbase’s CEO, Brian Armstrong, admitted that the numbers they posted are unsustainable. The crypto market is way too volatile and we all know what happens when the good times end. And even at its current valuation, Coinbase would need to be doing more business than every other financial exchange in the world.
They could get there. They probably won’t. The hype will almost certainly crash and evaporate at some point and that could well drag bitcoin and the entire crypto market down with it. But for now let’s take a moment to recognise an epochal moment in crypto’s journey.
Just don’t immediately put your life savings into $COIN, OK?
Raise a PINT to Polkadot’s new index token: Six top projects sign up
The source code for the upcoming Polkadot Index Network Token, or PINT, has been made public, with half a dozen projects putting their hand up to be included in the index.
The project has outlined a four-phase roadmap that it expects to culminate in mainnet launch within three months.
According to an April 14 announcement, six of Polkadot’s leading projects have already given “soft commitments” for inclusion in the index, including Acala Network, Equilibrium, HydraDX, Litentry, Moonbeam, and Plasm.
The PINT token seeks to offer investors balanced exposure to the emerging Polkadot ecosystem, hedging the volatility of individual projects against the broader performance of the sector. PINT will be available for trade on decentralized exchanges in future, and can be directly minted using DOT.
PINT’s developers are hoping to see the index adopted as a “treasury reserve asset” across the Polkadot ecosystem, offering an alternative to exclusively holding native tokens as treasury reserve without the complexities associated with active treasury management.
A council will be tasked with governing the token’s index, and a ‘Constituent Committee’ formed with representatives from each project included in the index. The six index hopefuls have committed to joining it.
The PINT Council will govern all aspects of the index and oversee a native treasury that is partially financed by collecting fees from staked assets contained within the index. However the Constituent Committee will have veto powers on the Council’s decisions.
The index is a collaborative effort between staking service provider, Stateless Money, and blockchain development team ChainSafe. Stateless Money will coordinate the project, while ChainSafe will serve as its primary development partner. Cross-chain DeFi DAO, StakerDAO, also voted in favor of PINT’s creation using treasury funds, and will receive a share of the fees generated by the index.
Watch out as r/Wallstreetbets finally allows crypto threads… within limits
The moderators of subreddit r/wallstreetbets have announced they will allow crypto discussion in the subreddit from today.
The retail trading group, famous for pumping traditional stocks such as Gamestop (GME) and scaring hedge fund managers out of their shorts — which is soon to be a major movie — will limit discussion to three cryptocurrencies, BTC, ETH, and DOGE, in a single daily thread. A post this morning stated:
“We’ve decided to allow for discussion about only BTC, ETH, and DOGE only. Inside of a daily Crypto discussion thread as to not burden everyone with crypto spam. All rules will still apply outside of the thread but for now please keep it in the daily thread only as we gauge if this is something that is right for our sub.”
Subreddit moderator “bawse1” noted that for years they’d “tried to delay discussion about crypto on the sub for many reasons,” with the main concern being that r/wallstreetbets didn’t want crypto discussion to detract from the group’s core focus on the stock market. However, despite some members “hating crypto”, the moderator noted that the subreddit aims make all members welcome amid the growing appetite for crypto in the past year:
“I’ve known at some point that r/wallstreetbets will have to find a place for it. As much as some of us hate it, there are just as many that love it and the way I’ve always tried to shape the sub is to never gatekeep, allow everyone to feel welcome, and always be able to adapt. I don’t see the point in delaying the inevitable anymore as crypto is here to stay.”
The move may partly be a response to the crypto version of WSB “r/SatoshiStreetBets”, which has acquired 384,000 members since it started in February last year. Then again, that pales into insignificance against the 9.8 million degens that r/wallstreetbets has attracted since 2012, many joining in the light of the Gamestop saga earlier this year.
Around the time WSB collectively pumped GME, data from Tradingview shows the price went from roughly $60 on Jan. 22, to around $340 on Jan. 28, which resulted in trading platform Robinhood halting trades on the stock to allegedly protect the positions of the hedge funds who were shorting the market.
The saga of how the little guys took on the hedge funds and won is set to hit screens, after Metro-Goldwyn-Mayer studios secured the rights to a book proposal depicting the “short squeeze” by author Ben Mezrich, who also wrote “The Social Network” a book and film about Mark Zuckerberg and the rise of Facebook.
Mezrich is also behind “Bitcoin Billionaires” about Cameron and Tyler Winklevoss which is also being turned into a movie after Stampede Ventures partnered with the twins in June 2020 to produce it.
Around the time of the pump there was talk the group may throw its weight behind Dogecoin, and if it did, the highly coveted $1 price point may be a possibility.
Dogecoin rallied around 80% to hit its all-time peak of $0.14 in the past 24 hours and now sits as the 11th largest crypto by market cap according to data from Coingecko. Despite its “meme coin” status and history of volatility the coin is up 6196% in the past 12 months.
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