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Small value transfers involving cryptocurrencies increase by 55% in Africa – a report by Saumil Kohli.

People in Africa are increasingly turning to cryptocurrencies as a means of an exchange over local fiat currencies, according to a new report from blockchain analytics firm Chainalysis. The firm’s data shows that many local individuals and businesses are using cryptocurrencies to avoid high fees, regulatory complications, and currency instability. The number of monthly transfers […]

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People in Africa are increasingly turning to cryptocurrencies as a means of an exchange over local fiat currencies, according to a new report from blockchain analytics firm Chainalysis. The firm’s data shows that many local individuals and businesses are using cryptocurrencies to avoid high fees, regulatory complications, and currency instability. The number of monthly transfers to and from Africa has crossed the 600,000 mark. The number of transfers under $10,000 jumped by 55% in the year to June to reach $316 million. 

Nigeria and Kenya lead the region in crypto transfers. 

The continent’s largest economy, Nigeria, South Africa, and Kenya, leads the region in cryptocurrency transfers. Abolaji Odunjo, who runs a mobile phone retail store in Lagos, Nigeria’s largest city, started using Bitcoin to pay his Chinese suppliers. He told Reuters that bitcoin helped his business against the currency devaluation and enabled me to grow at the same time. He also said that the payment method helped him avoid high fees and was an alternative to purchasing increasingly expensive US dollars. African countries are struggling with currency devaluation and instability, which increases the demand for, and consequently, the cost of buying US dollars, reported Saumil Kohli. 

  

Ukraine and Russia lead in the global crypto adoption. 

As reported earlier, according to new research from the blockchain analytical company Chainalyisis, Ukraine beats Russia, China, and more in adoption metrics. The Index looked at three on-chain metrics, including the total value of on-chain crypto transactions weighted by purchasing power per capita (PPP), the value of on-chain retail transfers weighted by PPP, and the number of on-chain crypto deposits weighted by the number of internet users. The report cited South American country Venezuela as an “excellent example” of the forces that drive cryptocurrency adoption within emerging countries. Venezuelans use crypto more when their native fiat currency is losing value to inflation. 

Source: https://coinnounce.com/small-value-transfers-involving-crypto-increase-in-africa/

Blockchain

Why Bitcoin Price Could Start Strong Increase Above $50K

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Bitcoin price is showing a few positive signs above $48,000 against the US Dollar. BTC is likely to start a strong increase if it settles above $50,000 and the 100 SMA (H4).

  • Bitcoin remained well bid above $43,000 and $45,000 support levels.
  • The price is now approaching the $50,000 resistance and the 100 simple moving average (4-hours).
  • There is a key contracting triangle forming with resistance near $50,200 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to start a strong increase if it clears the $50,000 and $50,500 resistance levels.

Bitcoin Price is Gaining Momentum

This past week, bitcoin price corrected lower below the $48,000 support zone against the US Dollar. The BTC/USD pair even broke the $47,000 level and settled below the 100 simple moving average (4-hours).

However, the bulls were able to protect a downside break below the $46,000 area. A low was formed near $46,350 before the price started a fresh increase. It cleared the $47,000 and $48,000 resistance levels. There was also a break above the 50% Fib retracement level of the downward move from the $52,640 swing high to $46,350 low.

Bitcoin Price

Source: BTCUSD on TradingView.com

It is now approaching the $50,000 resistance and the 100 simple moving average (4-hours). There is also a key contracting triangle forming with resistance near $50,200 on the 4-hours chart of the BTC/USD pair.

The triangle resistance is close to the 61.8% Fib retracement level of the downward move from the $52,640 swing high to $46,350 low. A clear break above the triangle resistance could open the doors for a fresh increase towards the $52,000 and $53,000 resistance levels. The next major hurdle for bitcoin could be near $55,000.

Limited Downsides in BTC?

If bitcoin fails toc clear the $50,000 and $50,500 resistance levels, it could correct lower. The first key support is near the $48,800 level.

The main support is near the triangle lower trend line and $48,000. A clear break below the triangle support zone could clear the path for a move towards the $45,00 support zone in the near term.

Technical indicators

4 hours MACD – The MACD for BTC/USD is showing positive signs in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.

Major Support Level – $48,000

Major Resistance Level – $50,000

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Source: https://www.newsbtc.com/analysis/btc/bitcoin-price-could-start-strong-increase-50k/

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Kraken Daily Market Report for March 06 2021

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Overview


  • Total spot trading volume at $885.1 million, down from the 30-day average of $2.04 billion.
  • Total futures notional at $352.3 million.
  • The top five traded coins were, respectively, Bitcoin, Ethereum, Tether, Cardano, and Polkadot.
  • Strong returns from Ocean (+27%), Balancer (+17%), and Keep (+13%).

March 06, 2021 
 $885.1M traded across all markets today
 Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD 
XBT 
$48929. 
↑0.17% 
$357.9M
ETH 
$1653.5 
↑8.0% 
$248.8M
USDT 
$1.0005 
↑0.01% 
$104.0M
ADA 
$1.1311 
↓2.9% 
$83.0M
DOT 
$33.443 
↓0.7% 
$34.3M
FLOW 
$34.701 
↓0.8% 
$17.4M
LTC 
$182.90 
↑1.3% 
$15.6M
LINK 
$28.164 
↑1.0% 
$14.6M
XRP 
$0.4631 
↑1.7% 
$13.6M
USDC 
$1.0 
↓0.01% 
$12.4M
XDG 
$0.0509 
↑2.7% 
$8.74M
OCEAN 
$1.3938 
↑27% 
$6.68M
XTZ 
$3.8729 
↑2.6% 
$5.43M
ATOM 
$18.951 
↑1.3% 
$5.04M
UNI 
$28.5 
↑0.6% 
$4.91M
BCH 
$500.79 
↑0.5% 
$4.36M
XMR 
$204.72 
↓0.6% 
$4.23M
AAVE 
$388.58 
↑5.6% 
$3.43M
XLM 
$0.4021 
↓0.9% 
$3.38M
GRT 
$1.7973 
↓1.8% 
$3.14M
OMG 
$5.0654 
↑9.7% 
$2.63M
KSM 
$229.84 
↑0.7% 
$2.62M
FIL 
$40.438 
↓0.04% 
$2.58M
QTUM 
$6.3372 
↓3.9% 
$2.58M
ALGO 
$1.0552 
↓0.12% 
$2.39M
YFI 
$34015. 
↑6.3% 
$1.73M
MANA 
$0.3594 
↓4.2% 
$1.6M
DAI 
$1.0008 
↓0.03% 
$1.59M
TRX 
$0.0502 
↓0.05% 
$1.57M
EOS 
$3.7264 
↑0.7% 
$1.46M
SC 
$0.0106 
↑1.1% 
$1.39M
COMP 
$491.98 
↑3.2% 
$1.33M
BAT 
$0.6642 
↓2.5% 
$1.3M
ICX 
$1.8370 
↓2.0% 
$1.27M
CRV 
$2.0505 
↓0.29% 
$1.16M
ZEC 
$125.28 
↑3.2% 
$1.03M
KEEP 
$0.3903 
↑13% 
$924K
EWT 
$15.400 
↓3.0% 
$876K
WAVES 
$9.9996 
↑0.7% 
$874K
KNC 
$2.0564 
↓3.0% 
$869K
NANO 
$5.1355 
↓0.11% 
$856K
DASH 
$208.81 
↑1.4% 
$849K
SNX 
$21.255 
↑2.3% 
$842K
KAVA 
$3.8348 
↓0.6% 
$773K
MLN 
$41.894 
↑7.9% 
$650K
LSK 
$3.2082 
↑3.8% 
$604K
ETC 
$11.114 
↑1.2% 
$516K
BAL 
$42.655 
↑17% 
$497K
GNO 
$136.55 
↑7.6% 
$477K
OXT 
$0.4715 
↑0.4% 
$382K
PAXG 
$1717.1 
↑0.5% 
$351K
REP 
$31.072 
↑1.9% 
$301K
ANT 
$5.0315 
↓0.7% 
$250K
STORJ 
$0.6829 
↑4.3% 
$206K
TBTC 
$50639. 
↑2.3% 
$112K
REPV2 
$30.746 
↑2.5% 
$80.2K


#####################. Trading Volume by Asset. ##########################################

Trading Volume by Asset


The figures below break down the trading volume of the largest, mid-size, and smallest assets. Cryptos are in purple, fiats are in blue. For each asset, the chart contains the daily trading volume in USD, and the percentage of the total trading volume. The percentages for fiats and cryptos are treated separately, so that they both add up to 100%.

Figure 1: Largest trading assets: trading volume (measured in USD) and its percentage of the total trading volume (March 06 2021)

Figure 2: Mid-size trading assets: (measured in USD) (March 06 2021)

Figure 3: Smallest trading assets: (measured in USD) (March 06 2021)


#####################. Spread %. ##########################################

Spread %


Spread percentage is the width of the bid/ask spread divided by the bid/ask midpoint. The values are generated by taking the median spread percentage over each minute, then the average of the medians over the day.

Figure 4: Average spread % by pair (March 06 2021)



.


#########. Returns and Volume ############################################

Returns and Volume


Figure 5: Returns of the four highest volume pairs (March 06 2021)


Figure 6: Volume of the major currencies and an average line that fits the data to a sinusoidal curve to show the daily volume highs and lows (March 06 2021)



###########. Daily Returns. #################################################

Daily Returns %


Figure 7: Returns over USD and XBT. Relative volume and return size is indicated by the size of the font. (March 06 2021)



###########. Disclaimer #################################################

The values generated in this report are from public market data distributed from Kraken WebSockets api. The total volumes and returns are calculated over the reporting day using UTC time.

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Source: https://blog.kraken.com/post/8159/kraken-daily-market-report-for-march-06-2021/

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DeFi summer 2.0? ‘Gen 2’ tokens on a tear amid wider market slump

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As some brand-name decentralized finance (DeFi) tokens sputter, a crop of new projects have emerged that are catching strong bids on the back of aggressive yield farming programs, generous airdrops, and significant technical advances. 

It’s a set of outlier projects pushing forward on both price and fundamentals that has led one crypto analyst, eGirl Capital’s mewny, to brand them as DeFi’s “Gen 2.”

Mewny, who in an interview with Cointelegraph pitched eGirl Capital as “an org that takes itself as a very serious joke,” says that Gen 2 tokens have garnered attention due to their well-cultivated communities and clever token distribution models — both of which lead to a “recursive” price-and-sentiment loop. 

“I think in terms of market interest it’s more about seeking novelty and narrative at this stage in the cycle. Fundamental analysis will be more important when the market cools off and utility is the only backstop to valuations. Hot narratives tend to trend around grassroots projects that have carved out a category for themselves in the market,” they said.

While investors might be eager to ape into these fast-rising new tokens, it’s worth asking what the projects are doing, whether they’re sustainable, and if not how much farther they have to run.

Pumpamentals or fundamentals?

The Gen 2 phenomena echoes the “DeFi summer” of last year, filled with “DeFi stimulus check” airdrops, fat farming APYs, and soaring token prices — as well as a harrowing spate of hacks, heists, and rugpulls

However, mewny says that there’s a population of investors that emerged from that period continuously looking for technical progress as opposed to shooting stars. 

“There are less quick “me too” projects in defi. An investor may think that those projects never attracted much liquidity in the first place but they overestimate the wisdom of the market if that’s the case. They did and do pull liquidity, especially from participants who felt priced out or late to the first movers.This has given the floor to legitimate projects that have not stopped building despite the market’s shift in focus. ”

One such Gen 2 riser pulling liquidity is Inverse Finance. After the launch of a yield farming program for a forthcoming synthetic stablecoin protocol, the Inverse Finance DAO narrowly voted to make the INV governance token tradable. As a result, the formerly valueless token airdrop of 80 INV is now priced at over $100,000, likely the most lucrative airdrop in Defi history. 

Another Gen 2 star is Alchemix — one of eGirl Capital’s first announced investments. Alchemix’s protocol also centers on a synthetic stablecoin, alUSD, but generates the stablecoin via collateral deposited into Yearn.Finance’s yield-bearing vaults. The result is a token-based stablecoin loan that pays for itself — a new model that eGirl thinks could become a standard.

“eGirl thinks trading yield-bearing interest will be an important primitive in DeFi. Quantifying and valuing future yield unlocks a lot of usable value that can be reinvested in the market,” they said.

The wider markets appears to agree with eGirl’s thesis, as Alchemix recently announced that the protocol has eclipsed half a billion in total value locked:

Staying power?

By contrast, governance tokens for many of the top names in DeFi, such as Aave and Yearn.Finance, are in the red on a 30-day basis. But even with flagship names stalling out, DeFi’s closely-watched aggregate TVL figure is up on the month, rising over $8.4 billion to $56.8 billion per DeFi Llama — progress carried in part on the back of Gen 2 projects. 

The comparatively wrinkled, desiccated dinosaurs of DeFi may have some signs of life left in them, however. Multiple major projects have significant updates in the works, including Uniswap’s version 3, Sushiswap’s Bentobox lending platform, a liquidity mining proposal working through Aave’s governance process, and Balancer’s version 2.

These developments could mean that DeFi’s “Gen 2” phenomena is simply a temporary, intra-sector rotation, and that the “majors” are soon to roar back. It would be a predictable move in mewny’s view, who says “every defi protocol needs at least 1 bear market to prove technical soundness.”

What’s more, according to mewny some of the signs of market irrationality around both Gen 2 tokens as well as the wider DeFi space — such as triple and even quadruple-digit farming yields — may be gone sooner rather than later.

“I don’t think it’s sustainable for any project in regular market conditions. We are not in regular conditions at the moment. Speculators have propped up potentially unsustainable DeFi protocols for a while now.”

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Source: https://cointelegraph.com/news/defi-summer-2-0-gen-2-tokens-on-a-tear-amid-wider-market-slump

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