Connect with us

Blockchain

On-Chain Analysis Shows Rise in Number of Bitcoin Whales as Requests Soar For $1 M+ Buys

A new trend is emerging across major crypto exchanges where big bitcoin whales seem to have finally joined on the Bitcoin frenzy post institutional validation. Top crypto exchanges have received several buy orders of above $1 million in the past week which explains how bitcoin has managed to remain unfazed by any market correction. It's

The post On-Chain Analysis Shows Rise in Number of Bitcoin Whales as Requests Soar For $1 M+ Buys appeared first on Coingape.

Republished by Plato

Published

on

advertisement


A new trend is emerging across major crypto exchanges where big bitcoin whales seem to have finally joined on the Bitcoin frenzy post institutional validation. Top crypto exchanges have received several buy orders of above $1 million in the past week which explains how bitcoin has managed to remain unfazed by any market correction.

Advertisement

Bitdeer

This growing demand from institutions, followed by retail entry and now whales coming in as well as the true reflection of bitcoin’s ongoing bull run. Unlike 2017, the trading volumes on the spot as well as the futures market are at an all-time-highs.

Source: Skew

Asian Whales vs American Whales, The Game of Premiums and Strong Support

Over the past couple of weeks, Asian Whales and American Whales are involved in an intense trading dual keeping the BTC price afloat. The high demand for BTC has made the top cryptocurrency available at a premium price on numerous crypto exchanges across Asia luring many whales to sell their holdings at a higher rate than the market price.

The Asian time is followed by the US time so when Asian whales close their trading, the price of BTC falls which is followed by extensive buying by whales on Coinbase again pushing the price upwards. This has allowed bitcoin to convert most of its critical resistance into strong support, one of the key reasons behind Bitcoin not only breaking new all-time-highs but also consolidating the price.

Bitcoin is currently looking to break the $40K barrier which at this point looks quite possible as the top cryptocurrency is currently trading at $38,528 with a 10% gain over the past 24 hours.

Advertisement

Cryptocoincoach

Bitcoin Price Update, Next short Term Target $42,000

Bitcoin price has not looked back ever since it breached the 2017 high of near $20,000 and the top cryptocurrency today nearly doubled up its previous all-time-high after it breached the $38,000 barrier just a few minutes back. The top cryptocurrency which was consolidating above $34,000 yesterday recorded a new all-time high again today.

Source: TradingView

Bitcoin’s bullish momentum can be understood from the fact that the top cryptocurrency has risen by $21,000 in the past 21 days despite a couple of price crashes in between.


To keep track of DeFi updates in real time, check out our DeFi news feed Here.

FBC13

Source: https://coingape.com/on-chain-analysis-bitcoin-whales-number-rising/

Blockchain

Aave hits record $288 high as demand for flash loans and staking increases

Republished by Plato

Published

on

Aave (AAVE) price has been on an absolute tear for weeks and today the DeFi-token rallied to a new all-time high at $288.90. 

The decentralized finance protocol is one of the most popular in the market and the recent rally in the DeFi sector is one of the driving forces behind AAVE’s rally.

AAVE/USDT 4-hour chart. Source: TradingView

At the start of 2021, AAVE price was trading at $83 and the recent rally appears to have bolstered the protocol’s surging total value locked, increasing buy volume on spot and derivatives exchanges and the continued development of Aave’s lending platform and flash loan issuance.

TVL soars to a new high

Data from DeFi Pulse shows that Aave’s TVL rose from $2.03 billion on Jan. 1 and as (BTC) and Ether (ETH) price went parabolic Aave’s TVL also surged.

Total value locked on AAVE. Source: DeFi Pulse

Currently, Aave’s TVL sits at a new all-time high of $3.75 billion, making the platform the second-largest DeFi platform by TVL behind Maker (MKR).

The steady addition of new tokens to the lending and borrowing protocol increases the likelihood that its TVL will continue to rise and help AAVE retain its standing as one of the top DeFi projects in the cryptocurrency space.

Staking drives demand for AAVE token

AAVE’s trading volume also surged at the beginning of 2021, increasing from $200 million on Jan. 3 to a high of $928 million on Jan. 16.

AAVE price vs. Reported trading volume. Source: TheTIE

As AAVE price reached a new high, it’s 24-hour trading volume notched a record $1.06 billion. This volume surge is partially driven by investors acquiring more tokens for staking, with 26.8% of the total supply of AAVE currently staked on the platform earning an APY of 6.1%

Flash loans attract investors

Another reason for AAVE’s recent surge is the growth of its flash loans.

Flash loans allow cryptocurrency holders to collatoralize their portfolio to fund other purchases or new crypto purchases. The loans also help investors utilize the value in their tokens without the need to sell see them and create a taxable event.

Since launching flash loans less than 12 months ago, more than $1.7 billion have been issued and it’s expected that this figure will increse as the crypto bull market progresses.

Total flash loan issuance to date on AAVE. Source: Messari

As can be seen in the chart above, the most dominant token requested for flash loans is the DAI stablecoin, followed by USDC and ETH. Data from Messari shows that Aave issued $25 million in loans in the first half of 2020, $500 million in Q3, and nearly $1 billion in Q4, including $450 million in December.

The expansion of the flash loan concept will likely attract more users to Aave, especially since they can be used for arbitrage opportunities between DEXs, collateral swaps, self-liquidations and a variety of other applications within the DeFi sector.

Source: https://cointelegraph.com/news/aave-hits-record-288-high-as-demand-for-flash-loans-and-staking-increases

Continue Reading

Blockchain

Blockchain-based-video-game

Republished by Plato

Published

on

Ethereum and the broader cryptocurrency market have seen mixed price action over the past few days and weeks. Ethereum Price is Surging Despite the selling pressure it has experienced at $1,200, ETH beat all odds and surged beyond $1,400, recording a new all-time high at $1,423.38.  At press time, the…

Source: https://btcmanager.com/Blockchain-based%20video%20game%20community%20and%20development%20platform,%20Enjin%20(ENJ)%20witnesses%20the%20launch%20of%20the%20highly-anticipated%20dark%20sci-fi%20action-adventure%20game,%20Age%20of%20Rust./

Continue Reading

Blockchain

Cryptocurrency makes World Economic Forum’s Davos Agenda

Republished by Plato

Published

on

The World Economic Forum’s upcoming Davos Agenda will feature two separate sessions on cryptocurrency, offering another compelling sign that digital assets have permeated mainstream consciousness. 

The sessions, titled Resetting Digital Currencies, will be held on Monday and Thursday. The first session will feature five public speakers, including Bank of England Governor Andrew Bailey and Hikmet Ersek, president and CEO of Western Union.

Thursday’s group features four speakers, including Tharman Shanmugaratnam, a senior minister for the government of Singapore, and Zhu Min, chairman of the Beijing-based National Institute of Financial Research.

“COVID-19 has accelerated the long-term shift from cash,” reads the prospectus for both sessions. “Meanwhile, central bank digital currencies are emerging, potentially transforming how people use money worldwide.”

It continues:

“What policies, practices and partnerships are needed to leverage the opportunities posed by the rise of digital currencies?”

Davos Agenda is a five-day summit featuring some of the world’s leading figures in finance and government. The cryptocurrency series falls under the summit’s “Fairer Economies” theme. Other themes include “Tech for Good,” “How to Save the Planet” and “Healthy Futures.”

The World Economic Forum is devoting more resources to understanding blockchain technology and cryptocurrency. The Geneva-based organization has even created a cryptocurrency working group, which only last month published its inaugural review focusing on the various use cases for digital assets “beyond price and speculation.”

The Forum’s research has cited blockchain technology as a key driver of “sustainable digital finance.” Blockchain and smart contract capability, the Forum’s researchers argue, can unlock “hidden values of legacy digital systems.”

Central bank digital currencies, or CBDCs, are one area of research the Forum has delved into over the past 18 months. In Jan 2020, the Forum announced it had developed a framework to help banks “evaluate, design and potentially deploy CBDC.” The framework was developed in conjunction with over 40 central banks, financial institutions and academic researchers.

Source: https://cointelegraph.com/news/cryptocurrency-makes-world-economic-forum-s-davos-agenda

Continue Reading
Blockchain4 days ago

Ethereum Price Can Skyrocket to $10,500 According to Fundstrat

Blockchain4 days ago

TradingView Launches ‘Bitcoin Timeline’ to Show BTC Price Changes With Events

Blockchain4 days ago

Tether’s General Counsel: iFinex v. NYAG Case Continues with a Court Meeting in 30 Days

Blockchain5 days ago

2020 Crypto-In-Review: The Year of The ₿ull

Blockchain5 days ago

Crypto exchange Bitpanda opens pre-orders for Visa debit card

Blockchain3 days ago

Litecoin, Dash, FTX Token Price Analysis: 21 January

Blockchain4 days ago

Bitcoin And Tesla Stock The Biggest Market Bubbles According to a Deutsche Bank Survey

Blockchain4 days ago

The Brilliant Minds Behind the BTC Ultimatum Project, and Their New CEO, Eric Ma

Blockchain5 days ago

Rick and Morty crypto art sells for $150,000 on Gemini-owned platform

Blockchain5 days ago

Privacy Coin Firo, Formerly Known as Zcoin, Suffering a 51% Attack

Blockchain5 days ago

Bitcoin Price Analysis: 20 January

Blockchain5 days ago

Palit GeForce RTX 3070 GameRock Ethereum Mining Rig

Blockchain5 days ago

Treasury Secretary nominee Janet Yellen warns of crypto crime

Blockchain4 days ago

Digital euro to face review by 2 institutions, before possible launch in mid-2021

Blockchain4 days ago

Too fast, too furious: Some major altcoins failed to match Bitcoin’s rally

Blockchain5 days ago

Freeliquid: Next Generation DeFi loan platform

Blockchain5 days ago

Uniswap on the path to unlock $1BN in daily trade volume

Blockchain3 days ago

Bitcoin is an Unreliable Hedge During Market Upheavals: JP Morgan Analysts

Blockchain3 days ago

This early investor just sold his Ethereum stash he hodled for five years

Blockchain5 days ago

CBDC: Bank of France reveals interbank settlement testing results

Trending