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Dogecoin [DOGE] eyes the 3rd spot as its market cap edges close to Binance Coin’s

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Dogecoin [DOGE] seemed to be overpowering Bitcoin [BTC] in terms of popularity as TikTokers continue to pump the meme coin. DOGE was seen transpiring into becoming unstoppable. The altcoin not only rose in terms of price but also climbed up the crypto ladder as its market cap was on a rise.

Elon Musk’s consistent endorsements continue to pose beneficial to the altcoin as it was seen making its way on to $1 While Musk prepares to host Saturday Night Live as the “Dogefather”, the meme coin rose to an all-time high of $0.73. At the time of writing, Dogecoin had witnessed a slight pullback which brought the coin down to $0.70. The last 24-hours helped the altcoin bag gains up to 11%. Over the week, DOGE scored profits of almost up to 100%.

Furthermore, the market cap of DOGE has been turning several heads. The altcoin managed to climb up all the way to the fourth position as coins like XRP and Tether [USDT] fell back. At the time of writing, DOGE’s market cap was at a high of $91 billion. The asset’s market cap was extremely close to that of Binance Coin’s [BNB]. Speculations of DOGE surpassing BNB’s $97 billion market cap began to surface in the crypto community.

Dogecoin [DOGE] One-Day Price Chart On Binance

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The short-term price chart of DOGE revealed that the bulls were camping out in its market. The Awesome Oscillator indicator laid out strong green closing bars which suggested a bullish momentum in the DOGE market. The Chaikin Money Flow indicator was seen mirroring this sentiment as the marker was above zero median. This further pointed out the presence of bulls.

Additionally, the Relative Strength Index indicator announced that DOGE was being overbought as the marker was all the way at 70 median.

The persistence of the ongoing sentiment could push the coin over to $1. Despite the asset’s notable price movement, several have been adamant about not purchasing the altcoin. However, a few others were sure that Dogecoin would hit $1 by the end of SNL.

Bank of England’s governor warns crypto investors of losing all their money

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Despite witnessing significant growth, government officials across the globe continue to diss the crypto industry. Bank of England’s governor, Andrew Bailey was the latest to join this list.

While several governments have been trying to regulate the crypto industry, a few others were spreading fear amongst people by emphasizing the losses that one might endure due to investments in crypto. Even though the crypto-verse is volatile, institutional investors continue to pour money into the industry. However, the bank’s governor Bailey stressed the lack of intrinsic value that the crypto industry entailed.

Bank of England’s governor: “they have no intrinsic value”

Speaking at a recent conference, Bailey highlighted his stance on how people could lose it all if they continued to invest in crypto. The bank’s governor has been quite vocal about his disinterest in crypto. This time, he went on to suggest that cryptocurrencies had no intrinsic value.

He stated,

“They have no intrinsic value. That doesn’t mean to say people don’t put a value on them, because they can have extrinsic value. But they have no intrinsic value. I’m going to say this very bluntly again. Buy them only if you’re prepared to lose all your money.”

Bailey’s remarks seemed to have come right after the market cap as well the price of several cryptocurrencies were seen hitting new highs. At the time of writing, the overall market cap of the crypto industry was noted mounting to a high of $2.44 trillion. Additionally, the price of Bitcoin [BTC] was seen recovering from its recent downfall.

While Bailey outrightly suggested that people would lose their money if they invested in crypto, Elon Musk, the CEO of Tesla and a crypto lover recently advised people to cautiously invest in crypto. He went on to tweet,

“Cryptocurrency is promising, but please invest with caution!”

Previously, the tech billionaire had also urged people to refrain from investing all their life savings in crypto.

Elon Musk urges people to invest in crypto with caution

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The CEO of Tesla Elon Musk has been extremely vocal about his interest in crypto. At times, Musk had also caused the surge in the price of certain assets. However, this time, the billionaire urged those investing in crypto to stay alert and be cautious.

Bitcoin’s journey to a high of $64K had paved the way to an array of newfound fans. Along with Bitcoin, several altcoins went on to record new highs. Dogecoin [DOGE] in particular seemed to have caught the eye of Musk as he went on to endorse the asset multiple times on Twitter. While these tweets meddled with the price of the altcoin, an endorsement coming from the tech billionaire Elon Musk, opened gates to several new investors.

Despite calling himself the “Dogefather”, Musk shared a tweet that the crypto industry was promising but staying alert was also important.

Elon Musk Says It’s Unwise To Invest Life Savings In Crypto

As Elon Musk preps for his appearance on Saturday Night Live with a skit pertaining to Dogecoin, the billionaire took to Twitter to share an old TMZ interview. The tweet read,

While Musk has been an advocate of crypto investments, the billionaire was seen urging people to refrain from pouring all their life savings into crypto in the aforementioned video. The billionaire added,

“People should not invest their life savings in cryptocurrency. That’s unwise. [..] if you want to speculate, maybe have some fun, there’s a good chance crypto is the future currency of the earth.”

Additionally, Dogecoin [DOGE] was seen having a good run as the asset climbed all the way to the top. At the time of writing, DOGE stood as the fourth-largest cryptocurrency as it surpasses assets like XRP and Cardano [ADA]. While the market cap of DOGE was noted at $80 billion, the altcoin’s price was at $0.59. DOGE had reportedly bagged gains of up to 98% in the last seven days alone.

XRP witnesses emergence of the bears as its journey to $2 endures heckles

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The ongoing sentiment in the crypto market was quite muffled as coins like XRP, Binance Coin [BNB], and the rest in the top five were slumping. The five coins in the top ten were, however, bagging significant gains.

XRP, despite enduring a drastic drop, managed to climb back up. Ripple’s fallout with the SEC almost had the community preparing for XRP’s journey to zero. However, XRP was seen moving towards achieving its three-year-old all-time high of $3.84. Last night wasn’t very favorable for the altcoin as its journey to $2 was interrupted by the bears. At the time of writing, the altcoin was trading for $1.59 with a price drop of 2.87% in the last 24-hours.

The market cap of the altcoin had also witnessed a dainty slump, but the asset managed to retain itself in the top five. During press time, the market cap of the altcoin was noted at $72 billion. The altcoin was recently defeated by Dogecoin [DOGE] as the meme coin took over the fourth position.

XRP One-Hour Price Chart On Binance

XRP

The short-term price chart of XRP was critical as the bears were making their way into its market. The Parabolic SAR indicator formed a long string of dotted lines over the candlesticks, insinuating a bear market as this line acted as resistance, further limiting the chances of an upward breakout. The MACD indicator was in a bearish crossover; however, a trend reversal was possible because the MACD line was trying to cross the signal line.

A lot of XRP traders were seen selling their holdings as the Money Flow Index noted significant selling activity in the market.

Despite this bearish momentum in the altcoin’s market, the community remained positive and suggested that the coin had the potentials of reaching $5. The court’s recent verdict with regard to the Ripple vs SEC could have influenced this sentiment.

SEC’s new chairman discusses crypto appearing before the house financial services committee

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The Securities and Exchange Commission aka SEC of the United States recently welcomed its new chairman, Gary Gensler while bidding adieu to Jay Clayton. Speaking before the House Financial Services Committee for the first time, Gensler pointed out what Congress had to look into regulating the crypto industry.

The SEC has been making a lot of news, particularly over the last couple of months following its squabble with Ripple. While several regulators across the globe announced that XRP was not a security, the SEC was assertive about its stance on categorizing the altcoin as security. Additionally, with zero Bitcoin ETFs in America, the crypto community exerted utmost distress with the financial regulator. However, with the appointment of Gensler, the community was given the hope of better regulations with regard to the crypto-verse.

SEC’s Gary Gensler Intends To Uphold Investor Protection

The lack of regulatory clarity in the US has been pointed out by many. The recent hearing was focused on GameStop’s activities which further led to Rep. Patrick McHenry asking the Chairman about the regulatory environment of the cryptocurrency industry.

The latest Chairman of the financial regulator, however, urged Congress to regulate the crypto industry in his latest speech. But, Gensler was inclined towards “investor protection.” He added,

“It’d be good to consider whether to bring investor protection to the crypto exchanges. And I think if that were the case, because right now the exchanges’ trading in these crypto-assets do not have a regulatory framework, either at the SEC or our sister agency, the Commodity Futures Trading Commission that could instill greater confidence.”

Speaking at a virtual hearing, Gensler noted that there wasn’t any notable regulation surrounding cryptocurrency exchanges that facilitate the trading of crypto. This further meant that those interested in the buying and selling of crypto were prone to fraud or manipulation. However, the right kind of protection could limit the chances of users enduring any prominent losses.

Coinbase to close down San Francisco HQ in 2022

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Coinbase has announced its plans to shut down its headquarters in San Francisco from 2020 and let employees continue to work remotely. This shift to the new model is not surprising and comes almost a year after the exchange’s CEO Brian Armstrong had revealed the intention of making the platform remote rather than having a specific headquarters.

According to Coinbase, closing its SF office is an important step toward ensuring that no office becomes an unofficial headquarters, and that career outcomes are based on capability and output rather than location. The platform also stated that it will provide a network of smaller offices for its employees to work from if they so desire.

The main objective behind this move was to ensure decentralization with respect to cryptocurrency businesses. Several employees of the exchange are spread across the globe and would want to dodge regulation. Binance, which also happens to be one of the world’s biggest crypto exchanges, also does not have any official headquarters.

Talking about embracing the “remote first” move, Coinbase further noted,

“We’ve committed to having no HQ, and it’s important to show our decentralized workforce that no one location is important than the another.”

Coinbase’s Transparency Report

In addition to the remote working model, Coinbase also unveiled a transparency report for the second half of 2020. The document informed about the requests from government agencies and law enforcement, for customer information between 1st of July, 2020, and 31st of December, 2020. The exchange had reportedly received a total of 2,313 information requests during this period.

Around 90% of requests originated from the US, UK, and Germany. The Federal Bureau of Investigation [FBI] and Homeland Security Investigations [HSI] accounted for the majority of US law enforcement information requests at approximately 50.9.

On the other hand, 51% of total requests during this period came from the country’s agencies. Moreover, was an increase of roughly 20% in requests from France.

Ethereum Clinches Huge Chunk Of Deribit’s $98B Monthly Notional Turnover

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Derivatives platform, Deribit’s latest report shows how Ethereum [ETH] has been outpacing Bitcoin [BTC] this bull season.

In the beginning, Ethereum took time to rally beyond significant resistance points, however, upon catching up, the crypto-asset broke several records not just in the spot market, but also in the derivatives realm.

In the latest development, the trading volume of Ether options has exceeded that of Bitcoin’s for the first time ever on the popular derivatives platform, Deribit. In its most recent newsletter, the platform revealed hitting a new ATH of a whopping $98 billion monthly notional turnover, a major chunk of which $23.8 billion on ETH.

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Ethereum’s Trading Activity Intensifies On Deribit

According to the document, the derivatives market has witnessed the potential of the altcoin with a new record of $1.4 billion ETH options notional turnover traded on the 3rd of May as it surpassed not only BTC options but also BTC futures.

In addition, the open interest [OI] on ETH options contracts has also soared to a new height of $5 billion or 33% of the total open interest on all options contracts on Deribit.

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In terms of monthly turnover, the exchange also mentioned that 3,416,558 ETH options contracts were traded in April 2021, and the figure was up by 47% versus March 2021. On the other hand, Deribit traded 586,460 BTC options contracts during the same time frame, and this figure surged by more than 8% versus the previous month.

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The report specified,

“In April, 24% of all the notional volume traded on Deribit was on ETH instruments – a total of USD 23.8 billion, making it a new ETH record month on Deribit. As ETH continues to challenge the BTC dominance, the market expects crypto institutional demand to become more diversified, and the ETH options market to catch up with BTC.”

Moreover, the trading volume of Ethereum options that was registered on the four-largest derivative exchanges namely – Deribit, OKEx, Huobi, as well as bit.com, was found to be 50% more than that of Bitcoin in the starting of the week.

Figure for Ether options was found to be $1.32 billion as opposed to the trading volume of Bitcoin which steadied around $879 million.

Binance Coin’s [BNB] volume plunges after smashing ATH above $650

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Binance Coin [BNB] remained close to its recently established all-time high despite a minor setback. The exchange token has been on a consolidation mode for nearly three weeks eventually formed a new peak earlier this week. It amassed weekly gains of 16.83%.

Binance Coin [BNB] noted a minor decline of 1.09% over the past 24-hours which drove the crypto-asset to $645.43. At the time of writing, the digital asset registered a market cap of $99.26 billion and a 24-hour trading volume of $5.28 billion.

Binance Coin [BNB] 24-hour Price Chart:

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Binance Coin [BNB] has witnessed a renewed bullish momentum in the second quarter of the year. Even as the price bounced off from its peak, it had not yet tested its immediate support level. The mouth of the Bollinger Bands depicted an upcoming phase of volatility in the coin market, which could indicate a further upside price movement in the coming days.

The volume of the token has, however, failed to back the bullish streak as it kept a low profile since mid-April. This could potentially hinder the uptrend.

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The red closing bar of Awesome Oscillator on the daily chart of Binance Coin was indicative of a momentum that is shifting towards the bearish realm. The MACD, on the other hand, maintained its streak above the signal line despite hints of a flip to the negative side and a tumbling buying demand. This alerted the possibility of some selling BNB holders in the near term.

But the Relative Strength Index [RSI] depicted a different picture. It was well above the 50-median line that signified a sentiment of increasing buying pressure in the market despite the formation of an all-time high. In short, the investors aren’t done yet and there could be more upside potential.

The immediate resistance level for BNB was found to be at $677. The crypto-asset was supported at levels of $562.8 and $481.9 respectively.

Litecoin [LTC] edges close to its three year high of $375

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While Bitcoin [BTC] brought down several assets, a few others rebelled and were seen traversing with the bull. Litecoin [LTC], Chainlink [LINK], and Bitcoin Cash [BCH] were all in high spirits. Dogecoin [DOGE] was, however, the star of the show. Not only did the coin climb up the crypto ladder but also recorded a significant rise in its price. Just as DOGE was aiming for $1 with a 42% rise in the last 24-hours, BTC was still stuck at $55K.

Despite being one of the earliest cryptocurrencies, Litecoin [LTC] remained below several currencies that entered the industry much later. The altcoin currently stands as the tenth-largest cryptocurrency with a market cap of $22 billion. Uniswap [UNI] wasn’t too far ahead giving LTC another chance to surge to the ninth position.

At the time of writing, LTC was trading for $342 with an 8% surge in the last 24-hours. The last seven days did aid in the asset’s recent price soar as it bagged gains worth 30.15%. The altcoin wasn’t too far from its all-time high of $375.29 that it achieved about three years ago.

Litecoin [LTC] One-Day Price Chart On Binance

Litecoin

The one-day price chart of Litecoin [LTC] noted immense bullishness. The MACD line had taken over the signal line and went on to form a bullish crossover. This change was noted at the beginning of the month as the end of April was bleak for the altcoin. The Chaikin Money Flow indicator remained over the zero median, residing in the bullish arena.

The Bollinger Bands indicator pointed out limited volatility, however, the bands were seen diverging.

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The Money Flow Index indicator used in the one-day chart revealed a buyers’ sentiment, The Relative Strength Index indicator announced that LTC was being overbought as the marker was seen aiming for 80 median.

The persistence of this bullishness could help the altcoin reach its all-time high of $375.

2gether lists its 2GT token on SushiSwap, Balancer and 1inch as part of tokenized economy vision

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As cryptocurrency prices continue to go on a tear, companies in the industry have taken it upon themselves to make everything better for new incoming customers. One of these companies is 2gether, the collaborative crypto trading platform that recently announced its new development roster.

Just last week, 2gether revealed that it had listed the native 2GT token on SushiSwap, Balancer, and 1inch decentralized exchanges. The main focus of these additions was to help 2gether in developing a tokenised economy with its native token at heart.

The current tokenised economy is expected to grow multifold in the next coming years and it is imperative that players make full use of this window. With the global tokenization market set to grow from approx. $2 billion now to almost $5 billion in 2025, greater financial inclusion is just around the corner.

According to an official release by 2gether, the company enjoyed a massive increase in sales during Q1 2021. In the three months between December and February, 2gether’s trading volume rose from $25.8 million to $65 million in February 2021.

Speaking about the listing, 2gether chief executive Ramon Ferraz said:

2gether has been working hard toward our goal of creating a tool to build a tokenized economy and we are proud to continue to list our token across multiple decentralized exchanges. With so much untapped potential left to be harnessed in tokenized economics, we believe we are setting the stage for developers and crypto visionaries to create their tokenized projects and be able to foster more financial inclusion and opportunity.”

2gether added another feather to its cap when the 2GT token was whitelisted on 1inch’s aggregator DEX. This was done with the intention to give 2GT token buyers the best value during trading and exchanges. In addition to this, 2gether was also added on popular exchanges like Uniswap and CoinGecko.

The latest listing announcement comes almost two months after the token became international on Bounce. The decentralized platform specializing in ICO’s and NFT’s would direct the ETH generated for 2GT/ETH liquidity pools. 2gether stated that an exact 50 percent of all ETH proceeds generated within the platform will be directed towards 2GT/ETH liquidity pools. The aforementioned developments are one of the few steps taken in building a financial system that gives more power to the customer.