News BTC is mostly a price prediction platform. After writing about the cultural side of crypto for near four years, I’ve come to learn a thing or two about the correlation between leader, community, and price.
Even though I have no qualifications or desire to be a price predictor, I’ve made great friends here who it becomes easier to navigate the projects that have their foundations correct. The Defi burn is on, and I’m privileged to have chosen and accepted the ‘Artistic Ambassador’ title for Sheesha Finance.
Sheesha Finance is a Decentralized Finance venture founded by Saeed Hareb Al Darmaki. The strong team assembled to bring this venture into reality has been vetted by many community members, and approved to make the DeFi story even more interesting.
“VESA has proven himself to be a leader in the digital art space which is not something that happens overnight. He has worked tirelessly at his craft for years, earning him features in Forbes and allowing him to work with very famous crypto infuencers. We are honored to have VESA as our Artistic Ambassador, guiding us in the decision-making of what artists to bring into our ecosystem and working with our community to educate and deliver quality content.”- Saeed Al Darmaki
The King’s Decentralized Deer
“If it is illegal for a man to fend for himself, how can he be a man in his own right?” -Robin Hood
Speaking of content, here is a thought and myth made visible in modern times. We undoubtedly are living through an unprecedented time in world history with COVID. Despite the rhetoric of “We are in this together” by most passing the lockdown laws, they keep having their paychecks show up, as they wish those well who have no such luck. The deer have been claimed by the king, leaving most with chasing rabbit meat.
While this might feel like a blessing to vegans, the green supply chain is equally affected, and there is a weird increase in supplement prices and kale lately. In this way, perhaps not all health risks this brings us are considered. For that problem, the crypto and DeFi space offer people the freedom to choose the risks they take. The defi space is a continued evolution of the power of the internet & free education for those who choose it instead of the latest episode of reality TV.
This is why I think what the COO Benjamin Leff has to say here matters.
What excites me most about Sheesha Finance is the unique model we have designed that allows exposure to top DeFi projects by way of partnerships and rewards to our stakeholders. Many of these partnerships come from direct relationships with Sheesha Finance team members and advisors. By partnering with such strong projects, our community members will receive tokens of merit. Over time we will turn our project into a Decentralized Autonomous Organization (DAO) leaving the decision-making to our community! – Ben Leff
There is no closed pre-sale, top rewards, nor hierarchy other than first movers. It’s designed for free will to participate for those who can, and all are welcome to join the community.
As for vetting the project properly, and OG advisory side, here are some words by the one and only Mr. James Bowater, London’s resident crypto insider.
I was super impressed with the team behind Sheesha Finance. In fact Saeed Al Darmaki is member of a few of my WhatsApp community groups. Of course you know Ben Leff which I found out by virtue of his work with Brittany Kaiser. Knowing other folks in the DeFi space like my good friends Stani Kulechov and Julien Bouteloup, one thing I know that is essential is the veracity and security of the coding of the smart contracts and so the final part of my decision process was being satisfied with the audit. I was delighted to find out my good buddy Hartej Sawhney of Zokyo.io was not only doing the audit (which Sheesha passed with flying colours) but also joining the advisory team. Since joining Saeed some other familiar and friendly faces have come on board – essentially a great team for a great project which I’m delighted to support. – James Bowater
As my first token of appreciation, I made this NFT, which will be given as a limited to early investors gift. The blockchain coal the sheesha liquid smoke from tells a tale of gentle power. In collaboration with the temperatures, water is the most adaptable of substances we know. It is known the give the right conditions for life, where ever it appears.
Work: Community Drive
Mixed media digital NFT
For Sheesha Finance by VESA
The last but punchy quote of today is by Mr. Matthew Armstrong from Royale Finance.
“The partnership with Sheesha Finance is extremely important for us. It provides the much-needed distribution stability lacking in most DeFi ecosystems today. This mutually beneficial partnership helps Sheesha expand its network partners and reach while providing Royale network participants an interesting investment avenue through Sheesha’s liquidity generation events.” -Matthew Armstrong
For a further deep dive, check out this Medium article on Sheesha Finance.
I’ll soon be traveling back to Dubai to meet some old friends, as well as make new ones. Can’t wait to feel that desert sun on my face.
In the meanwhile, I wish you blessed stakes.
V E S A
All links to physical, NFTs, and more below
$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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