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Ethereum, XRP Enjoy Bull Solace as Cryptocurrency Market Sees Red at Start of New Week

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Over the past couple of weeks, the cryptocurrency market has had a roller-coaster experience. From surging into bullish territories over one week while crashing like there’s no tomorrow over the next, cryptocurrency prices have been fluctuating, to say the least.

Despite the fall in prices, some cryptocurrencies have been headstrong in maintaining their standards. The two best examples for this are XRP and Ethereum who have maintained a steady climb over the past 24-hours.

Ethereum

eth 3

Ethereum’s price rise has been consistent in the last couple of months and the latest week’s increase has only given weight to co-founder Vitalik Buterin’s argument that the token was reliable. At press time, Ethereum was trading for $341.21 at a market cap of $38.386 billion. A 3 percent increase over the past 24-hours had elevated the daily trading volume to $25.79 billion.

The largest altcoin’s technical analysis showed that there might be a few reasons why fans of the cryptocurrency might need to remain wary. The Relative Strength Index had crashed towards the oversold zone in September, which meant that the selling pressure had overtaken the buying pressure.

At the same time, the Chaikin Money Flow indicator fell below the zero line. This event occurred for the first time since March because of the lack of capital coming into the market while there was a lot of outflows. The Parabolic SAR also sided with the bear as the markers stayed above the price candles.

Ripple

xrp 1

XRP, Ripple’s native cryptocurrency, and surprisingly one of the gainers in the top 10 crypto club. A 24-hour increase of 0.58 percent had taken the token’s price to $0.235 with a market cap of $10.6 billion. The 24-hour market volume had also climbed to $1.71 billion. XRP’s technical analysis also had a bearish undertone to its indicators as the CMF, RSI and the Parabolic SAR all pointed to a bear’s reign.

The Parabolic SAR markers were above the price candles after a stagnant price movement. The Relative Strength Index on the other hand took a similar pattern to that of Ethereum’s, falling to its biggest low since July of this year. Only the Chaikin Money Flow indicator displayed a positive sign as the graph moved up towards the zero line. If it continues down this path, it would mean that more and more people were investing in the XRP market.

 

Binance Unveils Third Venture into DeFi Space with Launchpad and Bella Protocol

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One of the world’s largest cryptocurrency exchange, Binance announced the release of Launchpad. The new product is aimed to provide a secure way to farm new assets. The users will also be able to acquire new token rewards in return for staking BNB, BUSD, and other tokens.

Following the announcement, Binance CEO and Founder, CZ stated,

“The potential of DeFi is accelerating at an outstanding rate, along with its adoption among the crypto ecosystem. We’re excited to host Bella Protocolas Launchpool’s first DeFi offering on the Binance platform, and are delighted to offer #Binance users the opportunity to securely farm new assets.”

With this, Binance also announced that the first-ever project to be hosted on Launchpool is Bella Protocol [Bell]. The official blog post revealed that starting from 9th September, the users will be able to stake their BNB, BUSD, or ARPA tokens into three separate pools to farm BEL tokens over 30 days. Following this, Binance will then list BELL token on its platform on 16th September and initiate trading for pairs – BEL/BTC, BEL/BNB, BEL/BUSD, and BEL/USDT.

Bella Protocol, which is an ecosystem project incubated by ARPA, essentially provides a full-suite of DeFi products, which includes an automated yield farming tool, lending protocol, a 1-click savings account, customized robo-advisor, among others. In August 2020, the Beijing-based DeFi aggregator secured $4.50 million in a funding round led by Arrington XRP Capital.

The DeFi space is a battlefield now and the crypto giant, Binance appeared to be delving deeper into the decentralized world. The news of Launchpad comes just two days after the platform unveiled its new trading platform called ‘Binance Liquid Swap’ to further capitalize on the ongoing DeFi boom. The automated market maker [AMM] pool product which aimed at hosting different pools of liquidity that allow its users to exchange crypto assets was reportedly the first of its kind in a centralized exchange.

The first venture of the company into the DeFi space was the launch of Binance Smart Chain on 1st September.

Argentina Border Crossing Process Affected as Bitcoin Scammers Take Off with Sensitive Information

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Scams and frauds have become prevalent in the cryptocurrency industry, with the community taking precautions against the devastating consequences they can have. Over the last few years, the world of virtual assets has done its best to combat this pariah, but even then, one or two major issues are still emerging.

The latest scam to rock the financial and decentralized world was a ransomware attack that halted Argentina’s border crossing for four hours. According to reports, the hackers demanded Bitcoin to lift the curb that they had put on the national system.

What makes this ransomware attack different from other instances is the fact that this was the first time a national process was interrupted for the sake of money. Argentina’s official immigration agency, the Dirección Nacional de Migraciones first reported the Netwalker ransomware attack on August 27th after which the discussion has been about paying the $4 million ransom. 

The agency added:

“Being approximately 7 a.m. of the day indicated in the paragraph above, the Directorate of Technology and Communications under the Directorate General Information Systems and Technologies of this Organization received numerous calls from various checkpoints requesting technical support. The Comprehensive Migration Capture System (SICaM) that operates in international crossings was particularly affected, which caused delays in entry and exit to the national territory”

Further details revealed that the organization did not consider it as an ordinary situation and that the event was evaluated against the infrastructure of the Central Data Center and Servers Distributed. The attack targetted the organization’s MS Windows-based files such as ADA SYSVOL and SYSTEM CENTER DPM. Sources have revealed that the $4 million ransom first started out as $2 million, which was jacked up because of the delay in payment. The attackers demanded the ransom to be paid in bitcoin, almost worth 55 BTC. 

 The website run by the scammers can be viewed on Tor with a link to a “Stolen Data” page. Here, users can view a screenshot of the content stolen from the Argentinan agency as proof. Investigative agencies are still trying to deal with the threat with many claiming that the hackers had covered every last step. 

Binance Coin, Bitcoin SV, Cardano Technical Analysis on 7th September 2020

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The cryptocurrency market posted a significant recovery shortly after the weekend bloodshed catapulting the collective market cap to $328 billion. During this time, as several altcoins bounced off close to crucial resistance levels, Bitcoin‘s dominance dropped by 57.6%.

Binance Coin [BNB]

binance coin technical analysis

After posting gains of 17.76% over the last 24-hours, Binance Coin [BNB] was priced at $22.40. At the time of writing, BNB registered a market cap of $3.235 billion and a 24-hour trading volume of $743.20 million.

BNB appeared to be heading for an uptrend targeting the overhead resistance of $24.73 while its value found critical support at $19.48. The red candles of Awesome Oscillator depicted the presence of bearishness in the market. The Chaikin Money Flow value above the zero-line, however, indicated resuming strength in the market.

Bitcoin SV [BSV]

bitcoin sv technical analysis

Bitcoin SV [BSV] underwent a positive price change of 4.44% over the past day, driving its price to $168.32 as it held a market cap of $3.115 billion and a 24-hour trading volume of $1.38 billion.

While the Klinger Oscillator appeared to be heading for a bullish crossover following the latest uptick, however, MACD hinted in no such signs of a comeback. This essentially signaled that the bears have been aggressively defending the resistance area of $202.54.

If the bulls fail to push the price above, BSV could retrace its steps back to the support level of $147.4.

Cardano [ADA]

cardano technical analysis

Cardano [ADA] has breached important support after the subsequent pullbacks and recovery attempts to regain strength appeared to have stalled.

The dotted markers of Parabolic SAR have been resisting a potential upward breach for almost a week. The RSI on the extreme negative end depicted a sentiment of intense sell-off in the ADA market. In case of a trend reversal, a bullish target of the recent breached level of $0.107. If bears continue to have an upper hand, ADA could potentially drop close to its support of $0.0773.

Tron Network to Embrace the New Sesameseed DeFi Protocol on Mainnet

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Decentralized Finance [DeFi] is a new hot-space in the cryptocurrency industry. The launch of the UniFi protocol-powered, uTrade platform on September 7th on the Tron mainnet is another addition to the emerging craze.

Developed by the Tron Foundation Super Representative candidate and multi-chain asset staking community, Sesameseed, the UniFi protocol essentially combines multi-chain DeFi space through the SEED Bridge, allowing the protocol to be a multi-chain, non-custodial, decentralized swap as well as a complete DeFi protocol.

According to the official blog post, UniFi’s smart contracts have been developed from scratch and are not copied from any other existing protocols. Some of the key tokens that make up the protocol’s token economy are UNFI token, UP token, UL token, and SEED.

UTrade, on the other hand, is a trading platform built to leverage the UniFi protocol and operates as a decentralized, unlimited liquidity market maker. On this platform, one token is exchanged for another using liquidity provided by incentivized liquidity providers. These liquidity providers are rewarded with a portion of the revenue generated by the UniFi Protocol as a whole.

It was first made available on the Testnet of Tron. After the mainnet launch, Ontology, Harmony, and Ethereum blockchains will be deployed.

According to the whitepaper, uTrade consists of discrete copies of the UniFi protocol smart-contracts on different blockchains. UTrade is initially set to operate on Ontology, Harmony and TRON.

In addition, Sesameseed achieved its first milestone in the election of the TRON Network’s Community Super Representative in July 2018. In addition, its native SEED was the first token to be created on the Tron network.

The whitepaper further explained the workings of Sesameseed and UniFi protocol and revealed,

“Sesameseed has incorporated the SEED Bridge into the UniFi protocol. The SEED Bridge provides UniFi protocol users access to the cross-chain DeFi building block known as SEED swap. Swapping SEED is processed through Sesameseed’s non-custodial staking wallet Sprout. This established and time-tested multi-chain SEED swap powers the cross-chain and multi-chain SEED Bridge functionality in the UniFi protocol.”

The Tron DeFi hype train shows no signs of stopping

This is also a new milestone for the Tron Network, which saw a significant increase in the value of its native token, TRX, following the launch of PEARL and TAI, which led to interest on the JustSwap Tron-based token exchange platform. The platform witnessed an exponential increase in its trading volume as several well-known Tron DeFi coins were listed on it.

After SushiSwap exit, Will DeFi Listing be more Filtered on Exchanges?

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The biggest strength of the digital asset industry is sometimes its biggest downturn. DeFi has been a prime example of the recent SushiSwap dilemma. When the collective valuation of all assets was high, Yield Farmers and the new DeFi projects were talking to the city. As their bubble burst over the past week, SuShiSwap-associated proponents were the first to fold their cards on September 5.

According to an announcement made by Sushi’s anonymous developer Chef Nomi, he claimed that he was relinquishing his admin control of the ‘MasterChef’ and relinquishing his address to the MultiSig address behind the timelock.

However, what happened before the announcement was the key reason behind the enraged community. Prior to the release of the statement on Twitter, it was identified that Chef Nomi had an ETH / SUSHI liquidity pool. In a single transaction, SUSHI registered a withdrawal of SUSHI 2.5 million from the pool and exchanged these SUSHI tokens for ETH 18,000. It was found that his address was close to 35,000 ETH after the transfer.

Such an exit from the founder of a token did not fit well with the community, and people began to criticize the legitimacy of DeFi, particularly its listings of major exchanges.

Binance’s CZ faces backlash over DeFi listing

Taking the blame game to the next level, the community began to argue whether these DeFi tokens should have been listed first. Considering that Binance was one of the first major exchanges to introduce Sushi to potential users, the community indirectly questioned the work of Changpeng Zhao and the Binance team on the evaluation of DeFi projects before listing them.

During the outcry, CZ responded that he did not know the founder of SushiSwap and reasoned that if Binance did not list new DeFi coins, the traffic would flow into other exchanges, making Binance ‘obsolete.’ The Block’s Larry Cermak responded to his statement. He said,

He also added that such centralized exchanges should take credit for scam projects when they go wrong and take fundamental steps to minimize the chances of project exit scamming in the future.

Will DeFi listing get better after the SushiSwap conundrum?

Although there is no guarantee in this respect, the SushiSwap incident highlighted the major impact of DeFi, which was evident from the outset; these projects are still subject to huge market risks.

Now the reports suggested that Chef Nomi had transferred the admin control to Sam Bankman-Fried, CEO of FTX. The CEO of FTX has gained a reputable name over the last few months and there is a growing hope that the Sushi project will undergo a successful migration of tokens from Uniswap tp Sushiswap.

Here’s Why Ethereum Tanked Despite Reaching a 2-Year Price High

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The entire cryptocurrency market slumped following the massive downside correction breaching crucial levels along the way. Ethereum, the second-largest cryptocurrency, was one of the worst-hit among the top altcoins by the latest price action. While it was just recently that ETH’s price climbed to $470, a level was last seen in July 2018, at the time of writing, however, ETH suffered a loss of nearly 20%.

Ethereum’s rally was not backed by strong fundamentals

Ethereum’s on-chain activity was in a steady decline since mid-August despite its price reaching a 2-year high regardless of the worldwide stock market regression. While it did reach a favorable position in terms of its price, a few metrics, on the other hand, noted opposed the positive sentiment.

As noted by the crypto-analytic platform Santiment, ETH’s daily active addresses [DAA], as well as network growth, appeared to low with respect to its price hitting levels above $400.

san

While exchange deposits, which is the number of coins held in exchange addresses, declined significantly, the figures for exchange wallets, however, exploded to a 6-month high of 1.09 million ETH signaling the traders were less accumulating and more trading the coin in anticipation of a dip, according to Santiment.

in

Additionally, according to ITB’s tab, Ethereum’s on-chain metrics signaled bears having an upper hand with respect to its price.

The DeFi factor

Ethereum has been a haven for DeFi protocols. Space has seen a massive inflow of capital over the past few months which has resulted in explosive figures in terms of TVL. While a few ecosystems have shown consistency, others just came and exited the market. It is important to note that DeFi is still in an experimentative phase.

Hence, falling stocks could have propelled DeFi to experience a similar reversal. And as money flowed out of the DeFi, Ethereum and Bitcoin lost significant value causing the altcoins to crash as well.

https://twitter.com/classicmacro/status/1302015825776439299?s=20

Bitcoin’s bearishness fades

In the midst of a bull market, Ethereum and its peer altcoins bled. But it was Bitcoin which managed to retain its value above the $10,000-level. The coin’s tryst below the said level was short-lived. One of the big reasons for the swift rebound could potentially be due to the retail dump and not derivatives as BTC futures volume figures remained pretty much unfazed.

In addition, the drop to $9,975 triggered liquidations below $40 million on the crypto exchange and derivatives platform, BitMEX. Generally, a huge price movement, such as this, potentially wipes off $100 million worth of futures contracts.

Besides, the whales could have potentially taken profit off Bitcoin’s price at a crucial resistance of $10,500.

Ethereum, Tron, Chainlink Technical Analysis on 6th September 2020

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The cryptocurrency market suffered major losses as the weekend dawned triggering a drop to $320 billion collective market cap. Altcoins were the biggest losers in the latest downside price action while Bitcoin firmly held its dominance at 58.8%.

Ethereum [ETH]

ETH 2 e1599367355833

Ethereum [ETH] took a sharp plunge below its immediate support level of $379. The largest altcoin was down by a staggering 15.49% over the past 24-hours which led to a price drop of $328.17 as it held a market cap of $36.91 billion and a 24-hour trading volume of $32.626 billion.

The technicals appeared bearish as the dotted markers of Parabolic SAR continued to resist an upside break to its overhead resistance which stood untested at $438-level. The RSI also dipped into the negative territory and was currently in the oversold region depicting a sentiment massive sell pressure dominating the market.

If this trend persists, ETH could target a drop close to its next support level at $231.

Tron [TRX]

trx e1599367965149

The 14-largest cryptocurrency, Tron [TRX] suffered a decline of a massive 18.43% over the past day which drove its price to $0.0289. At the time of writing, the coin recorded a market cap of $2.074 billion and a 24-hour trading volume of $3.642 billion.

The red closing bar of Awesome Oscillator depicted a sharp shift towards an increasing bearish momentum. Chaikin Money Flow dropped to the bearish levels depicting an increase in the outflow of capital from the coin market.

The resistance for the coin was untouched at $0.0399 as the technicals remained bearish. Should TRX extend further lows, it could drop to its next support level of $0.0230.

Chainlink [LINK]

link 1 e1599369210848

Chainlink [LINK] formed a lower low after sustaining a drop of 17% over the past 24-hours. At the time of writing, LINK was priced at $10.40 as it held a market cap of $3.641 billion and a 24-hour trading volume of $1.968 billion.

The bulls struggled to defend the $7.43 support level. The technicals also tilted towards the bears as an uptrend towards its resistance $16.26 was heavily resisted by the persistent negative pressure. This was evident by the signal line dominating both Klinger Oscillator as well as the MACD.

If LINK breaks this level, it could witness a dip close to its next support at $7.002.

Tim Draper Garners Backlash After Exhibiting Support For Bitcoin Cash

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The crypto industry started with just one coin, Bitcoin. As years progressed several other coins entered the crypto-verse. The crypto market is currently home to thousands of coins and each coin has its own fan base or enthusiasts. Even Bitcoin forked into Bitcoin Cash and claimed to be the original king coin. However, several members of the crypto ecosystem still remain against the coin. Venture Capitalist, Tim Draper was recently subjected to tremendous backlash from the crypto community for expressing his support for BCH.

“You Tagged The Wrong Roger!”

On Thursday, billionaire Tim Draper went on to share a tweet about his most recent purchase of Bitcoin Cash via Bitcoin.com. Not long ago, Roger Ver aka Bitcoin Jesus rolled out, the cryptocurrency exchange Bitcoin.com, Draper went to laud Ver for his innovation. The tweet read,

“I recently purchased some BCH. So easy to buy/use. Go to http://Bitcoin.com. Thank you @rogerver_cash for this innovation. #bitcoin #BitcoinCash”

While the BCH community was overwhelmed on garnering support from Draper, the others didn’t seem to be very pleased with the same. An array of tweets flourished through the billionaire’s comment section dissing the former tweet. Crypto Twitter laid out theories on why Draper would have tweeted in support of the altcoin. While some believed it was a paid tweet, a few others suggested that Draper’s account was possibly hacked.

Tim Draper has been a huge supporter of the crypto industry. The billionaire even intended on extending his support for crypto startups in India after the country’s Supreme Court quashed the ban on cryptocurrencies. Draper has a profuse history of aiding several crypto projects.

Bitcoin Plebeian John Carvalho didn’t seem to hold back and commented on Draper’s post. His tweet read,

“Even you must realize how retarded you sound here. You even tagged the wrong Roger…”

Despite this, Roger Ver went on to express his gratitude to the billionaire for his support. Ver tweeted,

Regardless of this endorsement, Bitcoin Cash [BCH] continued to plummet along with the entire crypto market. After being overtaken by Chainlink’s LINK, in terms of market cap, BCH recorded a 7.7% drop in its price over the last 24-hours. During press time, the coin was trading at $216.45.

Binance Dives Into DeFi With Launch Of Automated Market Maker Pool

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Touted as the world’s largest cryptocurrency exchange, Binance made its way to the top with consecutive developments for the exchange as well as the ecosystem. The last two years have been eventful for the exchange following an array of partnerships across the globe. While global expansion has been one of Binance’s major missions, it hasn’t lost focus on the upgrades pertaining to the platform. Recently, the Malta-based exchange announced the launch of a new trading platform, Binance Liquid Swap.

Binance Steers Towards DeFi

Off late, Decentralized Finance [DeFi] has been the talk of the crypto town. While several platforms have been exploring the prospects of the DeFi space, Binance seems to have jumped on to the bandwagon. In a recent blog post, the exchange revealed that it had launched an automated market maker [AMM] pool, Binance Liquid Swap. This would permit users who provide liquidity to earn both income as well as interest via trading fees. However, unlike DeFi, Binance’s latest venture, is reportedly centralized.

The Malta-based crypto exchange claims to be the first to roll out a centralized exchange with AMM. The post further read,

“When you place your crypto funds into the liquidity pools on Binance Liquid Swap, you get to harness the power of an AMM pricing module. This can give you stable prices and lower fees for transactions both small and large, which are done via instant swaps.”

Currently, the platform supports just three coins, stablecoin Tether [USDT], Binance USD [BUSD] as well as Dai [DAI].  The liquid trading pairs available were USDT/BUSD. BUSD/DAI and USDT/DAI.

Furthermore, Binance affirmed that the prices and the transaction fees pertaining to the Binance Liquid Swap was entirely dependent on the assets in the liquidity pool. When a user adds, removes, or swaps funds present in the pool, the fees as well as the price changes. The exchange added,

“You’re entitled to your interest plus a cut of the transaction fees when you pool your tokens.”

Since the latest platform is still in its promotional period till 4 October 2020, the trading fee will be as low as 0.04 % However, it would soon return to 0.1% after the aforementioned date.