TronWeekly

Crypto World News

You are here: Home / Archives for Chayanika Deka

Chayanika Deka

PancakeSwap Announces Integration With Binance’s Panama Bridge

by

Popular cryptocurrency exchange, Binance has been enjoying its position as not only a trusted marketplace for CeFi but has also made a name for itself in the decentralized world by unveiling several products to attract the DeFi crowd, a space that has been dominated by Ethereum.

In the latest development, Binance Smart Chain-based decentralized exchange [DEX], PancakeSwap announced its integration with Panama bridge on the 12th of October. With this development, users will be able to swap ERC20 and TRC20 tokens to BEP20 tokens on PancakeSwap.

The official announcement by the food-themed DeFi platform read,

Binance had previously rolled out the Panama project on the 30th of September to help Binance Smart Chain and Binance Chain with more efficient, cross-chain bridging services, as it continued to work towards catering diversified audience. The latest news comes a day after the Binance Chain Panama service announced the addition of pegged tokens like Chainlink [LINK], Bitcoin Cash [BCH], Ontology [ONT], Litecoin [LTC], and Cosmos [ATOM].

The Panama project is essentially a small part of the Malta-based exchange’s bigger Token Canal Project. With Panama, Binance aims to utilize the bridging services of Binance Smart Chain [BSC] for cross-chain asset circulation and to “realize a connected blockchain world”.

EkGMqj VoAACagL scaled

Decentralized pools such as PancakeSwap on the Binance Smart Chain have continued to see an increase in traffic and volume, which in turn, has propelled intensified activity on BSC. According to a recent update, the total distinct addresses as of the 11th of October on BSC stood at 124,511, more than 6,200 increase since the previous day. One of the crucial catalyzing agents for this was the facilitation of cross-chain circulation of different network assets by the Panama project.

The rising popularity of Panama can be attributed to the liquidity that it brings for BSC Dapps and value assets such as BTC, BCH, and ETH to the BSC community. The cross-chain transfer takes only 2-3 minutes and faster transfer time gives an edge over Ethereum. Meanwhile, there is no transaction fee and the users are only required to pay the network fees.

Yearn.Finance’s YFI Posts a Big Turn Around After Losing Steam

by

This year, Yearn.finance has launched its own governance token, YFI, which has grown at an astonishing rate to its $43K peak. Its success has spawned multiple forks, such as DFI.money and YFValue.The token has dominated headlines in the past couple of months. However, since these recent ATHs, both the project’s TVL [total value locked] and the native token’s value has plummeted. The TVL currently stood at $594 million, a little less than half of the figures slashed since its peak.

This was primarily due to the significant capitulation which drove the coin to new lows as most DeFi coins suffered significant corrections in recent weeks. The mishap with Yearn.Finance, Founder, Andre Cronje’s secret Eminence [EMN] project further added to the woes.

However, this trend was showing reversal patterns. Over the past three days, YFI was up by more than 42%. The latest uptrend resumed after Ethereum’s value surged on Friday which propelled not only several altcoins to post gains but also catapulted DeFi tokens to climb closer to their respective targets.

YearnFinance e1602412884699

YFI rebounded from its local lows of $12,000 to its press time of $17,108 as it headed to breach yet another crucial resistance. Additionally, YFI was also deep in the oversold territory as depicted by the RSI indicator in the daily chart. On the brighter note, RSI created an oversold reading followed by a higher low that matched correspondingly lower lows in the price. This was indicative of rising bullish momentum, and a break above oversold territory could be used to trigger a new long position in the coming days.

skew huobi futures swaps aggregated daily volumes

According to the latest Skew charts, the DeFi darling had a “pretty big turn around” session. In terms of aggregated daily volume on Huobi, YFI had started to resume an uptrend after weeks of dull and stagnant price action.

Meanwhile, Yearn was under active development which is slated to incorporate new vaults and strategies. Significant progress on this front is likely to bolster the price action of its governance token.

Binance Coin, Chainlink, Tron Technical Analysis On 11th October 2020

by

The global cryptocurrency market noted an increase of 1.60% over the last day which pushed the market cap to $358.49 billion at the time of writing. Following the surge, Bitcoin along with several altcoins have kickstarted the much-anticipated rally as they broke significant resistance levels along the way.

Binance Coin [BNB]:

BNB 2 e1602408444807

Binance Coin [BNB] was down by 2.4% over the past day which drove the coin’s price to $28.19 as it held a market cap of $4.07 billion and a 24-hour trading volume of $360 million.

After posting a stunning rally, BNB topped out at close to $29.19 level of resistance. This was also evidenced by Klinger Oscillator and MACD which sustained a bearish crossover shortly after the collective crypto market rise.

As bulls appeared to have halted, the ball now lies in the bears’ court. If the downward momentum gets traction, it could drive the coin to retest the recently breached $27.17 support level before falling all the way to $22.17.

Chainlink [LINK]:

LINK 1 e1602408503305

Chainlink [LINK] was being traded at $10.53 after a decline of 1.43% over the past 24-hours. At the time of writing, the token registered a market cap of $3.68 billion and a 24-hour trading volume of $1.22 billion.

It continued to hover below its overhead resistance of $10.77.

The green closing lines of Awesome Oscillator depicted a bullish momentum for the coin. Chaikin Money Flow also spiked above the zero-line after a two-week-long bearish hiatus below it. This indicated an increasing inflow of money in the coin market. If the bulls manage to hold the current level, LINK could potentially target the aforementioned resistance level as the coin found significant support at $8.75

Tron [TRX]:

trx 1 e1602408647958

Following the minor pullback of 1.65% over the last day, Tron [TRX] was priced at $0.0264 as it stood at a market cap of $1.89 billion and a 24-hour trading volume of $1.35 billion.

The dotted markers of Parabolic SAR aligned below the TRX price candles resisted a potential downtrend. The RSI, however, continued to face rejection at the 50-median neutral line. This pointed towards both bulls and bears strongly defended their respective levels. The coin found its immediate resistance at $0.030 while the support point stood at $0.023

Optimism Rises as Bitcoin Whales Refuses to Sell; Institutions Flocking in to Buy More BTC

by

Bitcoin broke past the crucial $11k on the 9th of October. The whale activities of Bitcoin suggested strengthening momentum in terms of the coin’s price. The price of the world’s largest cryptocurrency tested $11,500 for the first time in over a month and one of the main drivers for this could be whale accumulation. According to the blockchain intelligence platform, Glassnode, which noted that the number of Bitcoin whales has been on a consistent uptrend for the past months.

Huge Bullish Signal 

Typically whales and institutions have a major impact on the price of Bitcoin because of the sizes of their trades. The rise of Bitcoin’s value this week has not yet triggered a sell-off. This essentially depicted a sentiment of declining appetite of whales to sell BTC, which is a positive factor. Hence, there is a strong buying demand from Bitcoin whales

Bitcoin whales scaled

Along the same line, Glassnode’s tweet read,

“An indication that more high-net-worth individuals are entering the space to invest in Bitcoin in expectation of BTC price appreciation.”

Rising Institutional demand

The optimistic activity of BTC whales occasioned with a clear spike in institutional demand for Bitcoin on Bakkt. According to the latest Skew charts, the open interest [OI] in monthly Bitcoin futures on the Intercontinental Exchange’s [ICE] Bakkt platform was surging to levels not seen since mid-August. The figures for OI rose to $15 million on the 9th of October.

skew bakkt bitcoin futures total open interest volumes 1

Open positions on the Chicago Mercantile Exchange’s [CME] Bitcoin futures also bounced back depicting a bullish outlook in the underlying asset’s price action in the coming days. This uptick in two major institutional platforms along with the price surge essentially indicated the strength behind the latest push. Meanwhile, trading volume on both Bakkt and CME has been on a declining trend for the past couple of weeks.

Over the last two months, two multibillion-dollar behemoths made public bulk purchases of Bitcoin. Back in August, it was the publicly-traded business intelligence company, MicroStrategy announced the purchase of 21,454 Bitcoins at an aggregate purchase price of $250 million. This was followed by yet another additional $175 million worth of Bitcoins.

More recently, Jack Dorsey’s financial payments company, Square $50 million BTC purchase further pointed at a big buy signal. These were the significant events for Bitcoin which catalyzed the rise of positive momentum.

Tron Foundation Announces Opening BTC-TRX LP Mining Pool on SUN Network

by

Justin Sun-owned Tron Network has been making headlines in recent days. In the latest development for the Tron ecosystem, the foundation announced the issuance of a total of 1000 Tron-based BTC on the Tron network. The total market cap has reportedly surpassed $10,692,382.

The Founder of the Tron [TRX] blockchain and CEO of BitTorrent [BTT], Justin Sun tweeted

“Issued by JUST Foundation, TRC20-BTC is another masterpiece of TRON-based crypto-asset following the miracle of TRC20-USDT whose total supply has exceeded over 4 billion. All BTC holders may issue TRC20-BTC.”

The Tron-based BTC was whitelisted on the DeFi protocol, JustSwap on the 5th of October. Following this, the foundation further revealed a 14-day LP mining pool for BTC-TRX on Sun.io. The official blog post announced the initiation of a 14-day 1x BTC-TRX LP mining on the same day.

Tron Foundation

Touted as a “masterpiece”, TRC20-BTC is issued by JUST Foundation. It is the DeFi euphoria that has given rise to synthetic assets and as Bitcoin on Ethereum gets traction, the Tron foundation has been spearheading its own Bitcoin-pegged synthetic asset on the Tron Blockchain.

Tron has been making several notable strides to bolster its DeFi efforts. Sun had first teased the launch of synthetic Bitcoin on the Tron blockchain in August this year. The Tron Foundation announced working with top-tier digital payments processor BitGo to introduce tokenized Bitcoins and Etherereum on the Tron blockchain, a month later.

In terms of DeFi, Tron claimes to have an edge primarily due to the crucial factors such as high scalability and low fees offered by the blockchain as compared to its competitor, Ethereum whose perennial problem of network congestion is far from fading away.

Sun has never shied away from admitting that he wanted to build viable infrastructure and cloning Ethereum’s DeFi protocols on the Tron blockchain. Talking about the launch of JustSwap during the recent LA Blockchain Summit, he had asserted,

“We are creating the same kind of DeFi ecosystem as Ethereum. All the Ethereum network products, you can see the same version of Tron products. For example, the MakerDAO on Tron is called JustStable, created by the JUST team. And UniSwap is called JustSwap.”

Bitcoin, Binance Coin, Litecoin Technical Analysis On 8th October 2020

by

Bitcoin along with the rest of the cryptocurrencies bounced back up after a pullback. Over the last day, the global crypto market noted a minor surge of 0.72%. Despite this, Bitcoin’s dominance declined by 0.15% over the same period.

Bitcoin [BTC]:

BTC e1602135066785

Bitcoin [BTC] noted a minor rise of 0.45% over the last 24-hours, pushing its price to $10,640. At the time of writing, BTC held a market cap of $196 billion and a 24-hour trading volume of $37 billion. The crypto appeared to be consolidating in a tight range-bound.

Bears appeared to have gained an upper hand despite the minor positive change. The dotted markers of Parabolic SAR hovering on top of the price candles resisted a potential upward trend by Bitcoin. The RSI continued to tread below the 50-median line depicting low buying pressure in the coin market.

If the negative trend continues, Bitcoin could target its immediate support point of $10,225 while its resistance remained unbreached at $10,811.

Binance Coin [BNB]:

Binance Coin e1602135782849

Binance Coin’s [BNB] attempts to surpass the recent high failed as it noted a decline of 0.55% over the last day, driving its price to $27.26 as it registered a market cap of $3,93 billion and a 24-hour trading volume of $387 million.

The red closing bars of Awesome Oscillator depicted a shift to bearish momentum as it closely mimicked the last price action. Chaikin Money Flow, on the other hand, continued to hover well above the zero-line depicting a strong inflow of capital in the coin market and an overall bullish phase for the coin.

BNB found its immediate resistance at $31.15 while its support stood untested at $22.75

Litecoin [LTC]:

LTC 1 e1602135860663

Litecoin [LTC] was being traded at $46.45 after a surge of 1.41% over the last 24-hours. At the time of writing, the coin recorded a market cap of $3.048 billion and a 24-hour trading volume of $2.36 billion.

Closely following Bitcoin’s price action, the silver crypto was also observed to be consolidating while exhibiting bullish patterns. Both Klinger Oscillator, as well as MACD, projected a bullish phase for the coin in the near term. If the bulls gain traction and manage to defend the current level, it could push the price closer to its overhead resistance of $50.78 while its immediate support level stood at $42.93.

$1 Billion Worth Bitcoin Are Now Wrapped in wBTC on Ethereum

by

The decentralized finance [DeFi] sector is in a boomtown as it has continued to attract a lot of attention. Riding the success of this space was the popular Bitcoin tokenization protocol Wrapped BTC [wBTC], which increased by a whopping 900 % in just two months as it crossed the $1 billion mark with respect to the total value [TVL] locked in.

This was noted by the blockchain intelligence platform, Glassnode which tweeted,

According to the popular DeFi tracking website, DeFi Pulse, Wrapped Bitcoin [wBTC] is now the fifth-largest DeFi protocol in terms of TVL, accounting for roughly 10% of the entire segment’s locked capital. Additionally, nearly 94.197K Bitcoin is locked in wBTC.

The growth of the tokenized protocol has been nothing less than extraordinary. Its TVL was only $4.30 million on the 1st of January this year and gained massive traction starting in mid-May which can be attributed entirely to
Maker development. This was due to the vote in early May by Maker to begin accepting wBTC as collateral on the platform.

A further push was noted in mid-June when the market share of Compound began rising steadily. This was due to the release of COMP and the frenzy of yield farming on Compound, the amount of wBTC went from a
fairly negligible amount to a massive surge above $100 million for the first time in less than a month later. Since then, despite a very few halts on the way, TVL saw a rapid growth in figures.

Rise in Popularity

Wrapped Bitcoins are essentially ERC 20 token based on the Ethereum network and are backed 1:1 by Bitcoin thus bringing in the value of the world’s largest cryptocurrency and its liquidity on the largest altcoin chain. This mechanism has become increasingly popular primarily because of two factors: flexibility and interoperability between different platforms.

In May this year, the amount of BTC on Ethereum even surpassed the amount of BTC on the Bitcoin’s popular layer 2 scaling network called the Lightning Network. Ethereum’s DeFi ecosystem has had such a strong gravity over a couple of months that even BTC holders are now finding ways to use it.

Ethereum, XRP, Cardano Technical Analysis On 7th October 2020

by

Shortly after kickstarting an uptrend, the cryptocurrency market sustained a minor pullback as the market flashed red. At the time of writing, the global crypto market cap stood at $334.5 billion after noting a decline of 2.31% over the past 24-hours. Bitcoin along with altcoins saw significant corrections.

Ethereum [ETH]:

ETH 2 e1602065660818

Despite multiple breakout attempts, Ethreum [ETH] has so far failed to climb close to its previous high. Over the last 24-hours, the coin fell by 3.68% driving its price to $339.3. At the time of writing, ETH registered a market cap of $38.3 billion and a 24-hour trading volume of $15.15 billion.

The green closing bars of Awesome Oscillator depicted a bullish momentum in the coin’s price in the near-term even as the market. Chaikin Money Flow has, once again, managed to retain its position above the zero-line indicating that despite the market downturn, the inflow of capital into the coin market has remained steady.

$390 continued to be a critical target level for the coin while it found support at $320.

XRP:

XRP 1 e1602065959261

XRP successfully breached a resistance level despite the latest pullback which triggered a drop of 3.95% over the past day. The coin was being traded at $0.244 as it held a market cap of $11.05 billion and a 24-hour trading volume of $2.63 billion.

The dotted markers of Parabolic SAR continued to support the XRP price candles from an extended decline. RSI above the 50-median line also depicted a sentiment of increasing buying pressure among the traders in the crypto market.

If the positive momentum continues, the bulls could potentially push XRP’s price closer to its immediate resistance at $0.293. Additionally, the price was firmly supported at $0.222 level.

Cardano [ADA]:

ADA 1 e1602066061379

Cardano [ADA] has secured an impressive streak over the last couple of months. Despite the recent fall from the local top, ADA made yet another upside recovery.

The coin was down by 4.32% over the last 24-hours which drove the price to $0.0925, at press time. Its market cap stood at $2.88 billion while recording a trading volume of $745 million over the last 24-hours. MACD appeared to be heading for a bearish crossover following the slump, while the signal line continued to dominate Klinger Oscillator.

If the bulls gain an upper hand over the coin’s price, a major level for the coin to look out will be $0.102. However, if this fails, ADA could retrace to its immediate support level which was found to be at $0.0774.

Catalyzed by DeFi Boom, Ethereum’s Hash Rate Hits New ATH

by

Ethereum miners have pushed the network’s computing power to a new high. On the 6th of October, the Ethereum network’s hash rate broke and surpassed 250 terahashes per second and was up by 80% since the beginning of the year. This was noted by the on-chain analytics provider Glassnode.

Glassnode 1 scaled

DeFi Hype

The hash rate was observed to growing consistently for the past several months. With the explosion of decentralized finance [DeFi] activity coupled with stablecoin growth, the Ethereum network witnessed months of high volatility with respect to key metrics. And the latest one being its hash rate breaking record highs can be seen as a major factor that could drive the coin’s price.

In September, when DeFi hit its peak, the miners on the network were estimated to have earned over $166 million in transaction fees while Bitcoin miners earned only $26 million from fees during the same period. Earnings from transaction fees, however, took a plunge recently as the average gas fees declined by more than 70% since peaking at $11.60 on the 17th of September to around $3 in October.

Besides, the last time Ethereum’s hash rate was hovering close to this level on the 9th of August 2018 when the figures stood at 246 Th/s this was primarily driven by the popular DApp CryptoKitties reaching its peak. The coin was valued at around $287 shortly after which it steadily declined to under $100 by the end of that year.

Higher the hash rate, the safer the network

The growing number of miners on the network essentially depicted a sentiment of confidence among market participants. Furthermore, a higher hash rate is also suggestive of overall positive health and that the network security is at the highest level it has ever been from potential 51% attacks.

In related news, TWJ had earlier reported that Ethereum Classic [ETC] had suffered a 51% attack for the third time in the month of August this year. During this reorganization of over 7000 blocks occurred on the network which corresponded to approximately two days of mining.

Google Cloud Initiates the Process for Becoming Block Producer Candidate on EOS

by

The blockchain software company Block.one announced that Google Cloud will join the EOS community in a bid to become an EOS network block producer. EOS’s block producers system has been a bone of contention for a long time. It has 21 block producers in total. All the 21 nodes on the network must be elected by current token holders.

With this, Google becomes the first Silicon Valley giant to seek to become an EOS block producer. However, Google Cloud will require the approval of the EOS community. According to the official blog post, Google Cloud is set to utilize the EOS network’s performance and open-source community as it works to become a block producer.

Following the development, Allen Day, Developer Advocate, Google Cloud commented

“We’re starting the process of becoming a block producer candidate. As organizations begin to incorporate distributed ledger technology into their infrastructures, we are committed to ensuring that the information on public blockchains are securely stored, reliably available, and can be accessed in meaningful ways.”

Additionally, Dan Larimer, CTO of Block.one was also quoted saying,

“Google Cloud will continue to provide its highly provisioned, low-latency infrastructure to Block.one. Through secure oracles, inter-chain transaction reporting, key management, and high-integrity full-node validation, Google Cloud’s confidential computing infrastructure will enhance the security, scalability, and decentralization of blockchain technology.”

A few of the largest block producers are run by cryptocurrency exchanges such as Binance, Huobi and OKEx among others.

Block.one’s participation in BP elections

EOS and its creator Block.one has been mired with controversies relating to the centralization issue. What further aggravated this Block.one, participating in electoral procedures to choose the Block Producers for the EOS blockchain back in November last year.

The company had previously clarified that the share of circulation supply owned by it continues to decline as new tokens are created through inflation and are used to reward elected Block Producers that run and operate the network. However, this did little help to alleviate the growing criticism of the network’s centralization as reports of six of EOS’s total pool of BPs managed by just a single entity made rounds.

More recently, the company acquired the team behind once-prominent block producer EOS New York, which had completely stopped its operations. Following this, Block.one reportedly hired EOS New York founders Rick Schlesinger and Kevin Rose along with their team members who were then tasked to work on community outreach initiatives.