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SUSHI Sell Off Drives the Crypto Market to Abyss: Bitcoin Below $10K

Sushiswap’s lead developer sold all of his tokens, prompting a massive decrease in SUSHI’s price. Meanwhile, the entire market lost around $11 billion in hours.

The post SUSHI Sell Off Drives the Crypto Market to Abyss: Bitcoin Below $10K appeared first on CryptoPotato.

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Earlier on Saturday, the lead developer behind the popular Sushiswap protocol sold all of his tokens, causing a massive drop upwards of 50% in the token’s price.

Elsewhere, the entire cryptocurrency market is feeling the pressure as the total capitalization is down by more than $11 billion in the last few hours.

Sushi Seloff Headstarts a Market Collapse

CryptoPotato reported earlier that the lead developer of the popular Uniswap fork, Sushiswap, swapped all of his tokens for ETH. In a trade worth millions, the developer explained that he did so in order to continue working on the protocol and not worry about pricing.

Naturally, the community was more or less outraged, especially after the developer compared himself to Charlie Lee, Litecoin’s creator, claiming that he deserved the ETH he got for his SUSHI because of the work he did on the protocol. After all, he did put a week of work into it.

Nevertheless, the SUSHI token’s price tanked, losing more than 50% in the moments after the swap, which was somewhat expected.

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However, there was pain across the entire market as Bitcoin, and other large-cap altcoins lost a serious chunk of their dollar value.

Bitcoin Under $10,000 as ETH Fell to Almost $300

The entire cryptocurrency market capitalization lost about $11 billion in the past few hours alone.

Even though Bitcoin dropped to about $9,825 on Binance, it managed to recover, and it’s currently trading at around $10,030, marking a steep 5% decrees in the last 24 hours alone.

btcusd_chart
BTC/USD. Source: Binance

However, Ethereum is the large-cap altcoin that bled out the most. So far, ETH is down upwards of 15% for the day, and that’s after recovering slightly from its downfall.

In fact, ETH dropped to $308 on Binance. Just a few days ago, it was testing $500, peaking at around $488 on the world’s leading exchange. This means that ETH has lost more than 30% in the past three days alone.

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Source: https://cryptopotato.com/sushi-sell-off-drives-the-crypto-market-to-abyss-bitcoin-below-10k/

Blockchain

Ultra (UOS) hits a new all-time high as blockchain gaming and NFTs boom

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Video games and online gaming have become some of the largest industries on the planet over the past thirty years as digital technology and the internet have interconnected people from around the world and transformed us into a global society. 

Decentralization and blockchain technology are gathering steam as a transformative new way to operate and build an ecosystem, and Ultra (UOS) is one gaming-focused project that has been gaining momentum in recent months.

Ultra, a blockchain-based PC game distribution platform, is created for gamers and game developers and it allows users to develop multiple revenue streams, including the ability to resell games and in-game items.

Developers for the project have created a customized version of the EOSIO blockchain designed to offer free user account creation and higher transaction throughput through better resource allocation.

Data from Cointelegraph Markets and TradingView shows that UOS surged 225% over the past month as the price rallied from $0.132 on Feb. 1 to an all-time high of $0.42 on Feb. 22.

UOS/USDT 4-hour chart. Source: TradingView

As seen on the chart above, UOS trading volume hit a record $31 million on Feb. 21 and Feb. 22 following its listing on Bithumb.

NFT popularity provides a boost to Ultra

Non-fungible tokens are one of the fastest-growing trends in cryptocurrency currently and UOS has benefited from their growth. The developers at Ultra have been focused on the technology underlying NFTs as they can enable unique in-game items to be resold in multiple marketplaces and eventually on decentralized exchanges. 

Interoperability between blockchain platforms is also a major topic in the crypto ecosystem, and the team at Ultra is developing and beta testing a new mainnet that will retain the ability to operate on Ethereum.

While UOS is interoperable with the EOSIO blockchain, Ultra developers are also exploring NFT interoperability with several other blockchains including The Sandbox (SAND) and Elrond (EGLD). The project also has an evolving partnership withTheta that will enable live streaming gameplay and cross-chain NFT transfers.

Aside from its main association with the gaming giant Ubisoft, recent partnerships with globally recognized companies like semiconductor manufacturer AMD and Atari have also helped propel UOS price higher in 2021.

Big-name partnerships, cross-chain interoperability and the growth of the NFT sector have Ultra well-positioned to benefit from the bullish momentum in the cryptocurrency market.

The games sector is expected to continue its exponential growth for the foreseeable future and as blockchain gaming becomes more popular, UOS could benefit from having the first-mover advantage. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Source: https://cointelegraph.com/news/ultra-uos-hits-a-new-all-time-high-as-blockchain-gaming-and-nfts-boom

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Cardano, Cosmos, Compound Price Analysis: 08 March

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While the likes of Bitcoin and Ethereum swayed between different price levels, the rest of the crypto market showed rangebound behavior in anticipation of stronger cues. This was evident with altcoins such as ADA and ATOM, which traded within a fixed boundary at press time. On the other hand, COMP showed clear bearish sentiment as it dipped towards the 50% Fibonacci retracement level.

Cardano [ADA]

Source: ADA/USD, TradingView

Cardano at the time of writing remained between the range of $1.16 and $1.07. The fact that the candlesticks moved well above the 200-SMA (green)  underscored a generally bullish market, which allowed for an upward trajectory post the end of a consolidation phase. The question that remains is – how long will the consolidatory phase last before the world’s fourth-largest cryptocurrency can resume its uptrend?

A bullish twin peak setup on the Awesome Oscillator suggested that a favorable price swing was incoming over the next few sessions. However, a weak ADX reading of 15 and muted trading volumes threw a spanner in the works. The strong overhead resistance would likely resist an upwards breakout till the trading volumes pick up. A short-term pullback towards the 200-SMA was also possible in a bearish outcome.

Cosmos [ATOM]

Source: ATOM/USD, TradingView

The Bollinger Bands on Cosmos converged further at the time of writing and showed sparse volatility in the market. This disallowed for a break above $21.1 resistance, a level that has been targeted by the bulls on multiple occasions over the past two weeks. The On Balance Volume showed the lack of buying interest since ATOM’s fall towards $16.7 support.

The fact that the price formed higher lows over the last week was an indication that the bears were losing strength in the market despite the tight movement. That could change, however, if the broader market suffers another pullback. Such a situation could see ATOM drop towards the $16 mark once again.

Compound [COMP]

Source: COMPUSD, TradingView

At the time of writing, Compound bulls lost out on the 61.8% Fibonacci level, or the ‘golden ratio’ as the price dipped by 3.4% since yesterday. In fact, COMP could be up for additional losses as the indicators flashed red signals on its predicted movement.

The MACD line drifted below the signal line, while the histogram noted a pickup in bearish momentum. The Chaikin Money Flow also remained below equilibrium and showed the lack of capital inflows.  The last dip saw the 50% Fibonacci level fuel a bullish come back and the same expectation was maintained during the current fall as well.


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Source: https://ambcrypto.com/cardano-cosmos-compound-price-analysis-08-march

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NYDIG raises $200 million from strategic partners to work toward Bitcoin-focused initiatives

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New York Digital Investment Group (NYDIG) today raised $200 million in a growth capital round led by the firms’ investors and partners such as Stone Ridge, Morgan Stanley, New York Life, Mass Mutual, and others. 

Robert Gutmann, co-founder, and CEO of NYDIG revealed that the Investment Group intends to work with these firms on Bitcoin-related strategic initiatives, including “investment management, insurance, banking, clean energy, and philanthropy.” Gutmann believed that partnerships with these firms “leave no doubt” about the growing institutional adoption of Bitcoin. He further said in a statement: 

In the months and quarters ahead, look out for an explosion of innovation in Bitcoin products and services delivered by NYDIG, in partnership with our new investors.

NYDIG recently filed for approval from United States Securities and Exchange Commission (SEC) to create a Bitcoin exchange-traded fund (ETF).

If approved, the Bitcoin ETF could trade on New York Stock Exchange Arca. Morgan Stanley will serve as the proposed fund’s initial authorized participant.  

In addition to raising funds, NYDIG also announced today that life, annuity, and property & casualty insurers now own over $1 billion of Bitcoin investments.  

Addressing the funding round, Ross Stevens, founder and Executive Chairman of NYDIG added:

I am thrilled by what this group of incredible investors will mean for NYDIG, but especially for Bitcoin.

In December 2020 the Group’s filing with SEC revealed that NYDIG raised $100 million from an investor for its Digital Assets Fund II.

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Source: https://eng.ambcrypto.com/nydig-raises-200-million-from-strategic-partners-to-work-toward-bitcoin-focused-initiatives

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