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SushiSwap’s whales may push the price even higher, here’s why

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SushiSwap the popular DEX in the DeFi ecosystem has seen quite a few developments in the past few months. The SushiSwap token has also mirrored this growth and registered gains amounting to over 170 percent since the start of 2021. At press time, SUSHI has a trading value of over $7.2 is ranked 46th on CoinMarketCap’s list.

While Sushiswap’s price action in the past month has exceeded expectations, it is also evident that, much like the altcoin market, SUSHI is not immune to Bitcoin’s influence. The coin has shown a strong correlation with the king coin and in the past month have seen price corrections in sync with that of Bitcoin. Most recently Sushiswap’s price fell by over 38 percent on 11 Jan and in the past week, as Bitcoin endured an 8 percent drop, SUSHI mirrored this move and saw its trading price depreciate by around 28 percent.

Source: SUSHI/USD, TradingView

However, if one were to look at the coin’s performance since the 21st Jan price drop, SUSHI’s price action looks quite promising with strong bullish momentum backing the coin. In the past 48-hours, the coin has managed to secure a 100 percent recovery and maintain its position above the prized $7 mark. Interestingly, Santiment’s data regarding this recovery run and the overall bullish momentum SUSHI has pointed to one aspect of the token’s userbase – whale accounts.

Source: Santiment

Whale accounts through their sheer scale have the ability to rock the boat when it comes to a coin’s price action on the charts. As per the data highlighted by Santiment, Sushiswap’s price has greatly benefited from the large scale addresses that have acquired and hodled the token.

Since the start of the year, whale addresses have surged for SushiSwap. Accounts having over 100K SUSHI have increased by a whopping 74 percent in the past two weeks. This has translated well for the token’s price on the charts. In comparison to the token’s valuation before Bitcoin began its bull run, the current price of SushiSwap is extremely good. While the $7.2 price point it currently occupies may seem like a lot, given the popularity of the DEX and the token, along with the fact that it has had quite a few notable developments in the recent past. A few weeks back SushiSwap’s 2021 roadmap revealed its plans to integrate with Polkadot from Q2 of this year. This momentum and string of developments are likely to help in the price discovery for SushiSwap even as it breaches the $7.4 resistance. This has been a key level for the coin and the past few days have seen multiple failed attempts.

Source: Twitter

In an earlier article, it was argued that the token priced at $7 is still undervalued and the past few days’ price action seems to further strengthen the validity of that argument. In comparison to other tokens like Uniswap, SUSHI’s increased bullish performance is extremely evident. The capital efficiency metric that looks at the efficient use of liquidity is a case in point and shows how steadily the coin is catching up.

However, given the continued growth of large whale accounts and the strong hodling sentiment, SushiSwap’s $7 valuation is likely to see a significant boost. Given the present market conditions and the coin’s strong fundamentals, a continued uptrend seems like a matter of ‘when’ and not ‘if’.

Source: https://ambcrypto.com/sushiswaps-whales-may-push-the-price-even-higher-heres-why

Blockchain

Former London Stock Exchange Group CEO Urges UK Government to Explore Cryptocurrencies

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The former CEO of the London Stock Exchange Group, Xavier Rolet, has advised the UK government to look into cryptocurrencies and SPACs to minimize the adverse impact of Brexit. In a recent report, Rolet claimed that the UK has trailed behind other countries in both aspects.

The UK Should Turn To Crypto And SPACs?

Born in France, Rolet is a businessman and the Chief Executive Officer of the London-based credit-focused asset management firm CQS. Before assuming this position, though, he served as the CEO of the London Stock Exchange Group and was named as one of the 100 best CEOs in the world in 2017 by the Harvard Business Review.

In a report cited by Bloomberg, Rolet touched upon the potential consequences to the UK economy following the withdrawal from the European Union and the European Atomic Energy Community, better known as Brexit.

The executive believes that the UK has two viable options to consider if it wants to minimize the risks and help the nation flourish.

In the first one, he urged the government to “promptly consider the SPAC revolution.” Also referred to as “blank check companies,” these special purpose acquisition companies (SPAC) operate as shell corporations listed on a stock exchange with the idea of buying out a private company, thus making it public. Ultimately, this strategy eliminates the need to go through a traditional initial public offering (IPO).

While the US has seen significant adoption in the past year with a 10x increase in the raised funds compared to 2019’s results, the UK regulators have halted their progress on the London markets.

Rolet’s second advice involved digital assets as he noted that “all relevant UK government agencies should be resourced to thoroughly understand cryptocurrencies.”

With proper regulations, the crypto ecosystem could “place London and the UK at the center of a reputable and safe financial market.”

The UK’s Regulatory Approach To Cryptocurrencies

While UK’s regulators have hindered SPACs’ progress within the country, the nation’s financial watchdog, the FCA, has also been rather harsh against the cryptocurrency industry.

As of the start of this year, the Financial Conduct Authority banned crypto derivatives and exchange-traded notes (ETNs) to retail customers.

Additionally, the watchdog has issued several warnings to investors that they could lose all their funds if allocated in digital assets.

The regulator also announced that all UK-based digital asset businesses need to be registered with it but extended the deadline for applications to July 9th, 2021.

Featured Image Courtesy of TheGuardian

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Source: https://cryptopotato.com/former-london-stock-exchange-group-ceo-urges-uk-government-to-explore-cryptocurrencies/

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Blockchain

Traders remain bullish even as DeFi’s TVL falls to $54.4 billion

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Decentralized finance and the numerous platforms offering investment services have been the talk of the cryptocurrency sector for several months and this has resulted in investors capturing spectacular gains for some of the top DeFi tokens like Uniswap (UNI) and AAVE. 

The fast-moving prices and 1,000% APY on staked tokens elicited cheers from investors when the market was going up, but the recent selling pressure seen as Bitcoin price dropped below $45,000 shows that the highest fliers are often the quickest to fall as traders rush to exit their positions and lock in their gains.

Daily cryptocurrency market performance. Source: Coin360

On Feb. 22 Bitcoin (BTC) price entered a sharp corrective phase which saw the top digital asset pullback by more than 20% from its all-time high of $58,274. As this occurred, the majority altcoins also saw double-digit corrections and DeFi tokens like PancakeSwap (CAKE) fell as much as 55%. 

Total value locked in DeFi shows resilience

The total value locked in DeFi platforms also took a hit as Bitcoin and altcoins corrected. Data from DeFi Llama shows the combined TVL of all DeFi platforms fell from $64.89 billion to $54.22 billion on Feb. 24. Cointelegraph also reported that this week’s correction led to the second-largest day of DeFi loan liquidations in history. 

Total value locked in DeFi. Source: Defi Llama

The decline in TVL is a result of decreasing token values rather than protocol outflows, indicating that token holders remain committed to the continued expansion of decentralized finance and that the current yields are still incentivizing investors to rem engaged.

Market analysis indicates that despite the recent $5.8 billion Bitcoin and altcoin liquidation, bulls remain optimistic and see this price pullback as a sign of a healthy market.

The same goes for the DeFi sector, which has been in a strong uptrend since the start of the year. Increasing DEX volume as well as a rising TVL show that DeFi is still in the early stages of growth, and while pullbacks are to be expected, the overall trend is positive as institutional and retail investors increasingly gain exposure to this emerging asset class.

Source: https://cointelegraph.com/news/traders-remain-bullish-even-as-defi-s-tvl-falls-to-54-4-billion

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ZelaaPayAE deploys Pundi X’s merchant crypto payment solutions for UAE

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ZelaaPayAE (ZPAE), a Dubai-based blockchain payment network focused on the Gulf region, has announced the deployment of 100 XPOS Handy (point-of-sale terminals) and 10,000 XPASS cards from partner Pundi X, a cryptocurrency payment platform.

“Pundi X has the technology to empower merchants across the world to deploy easy-to-use blockchain solutions. We’re excited to bring it to the UAE market.”
– Sahil Arora, ZPAE CEO

XPOS devices enable cryptocurrency transactions on the blockchain from anywhere….from trendy cafes in Seoul, South Korea, to pubs in New Hampshire, USA. Similarly, the XPASS card makes it easy for customers to pay with their crypto-assets.

“Any corner of the world where XPOS is, that’s a place where seamless transactions can take place. Both ZPAE and Pundi X essentially want the same things; making the blockchain accessible.”
– Zac Cheah, Pundi X’s CEO and Co-Founder

ZelaaPayAE (ZPAE) was founded with the aim of unlocking the power of cryptocurrency in the Middle East. The ZPAE token trades on numerous exchanges such as CoinTiger, JustSwap, Bilaxy, and others. The company is engaged in introducing a number of decentralized finance products in the UAE.

Source: Pundi X

Source: https://www.cryptoninjas.net/2021/02/24/zelaapayae-deploys-pundi-xs-merchant-crypto-payment-solutions-for-uae/

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