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You are here: Home / Archives for LINK

LINK

Weekly Market Watch: Bitcoin & Ethereum Showcase Brief Surge Amidst Altcoin Rally

September 25, 2023 by Saeed Ul Hassan

During the past week, the cryptocurrency landscape saw a notable surge in positive sentiment. Bitcoin displayed a favorable performance, while Ethereum also joined the upward trend, but both fell shortly. Beyond the major cryptocurrencies, Altcoins witnessed a significant uptick in the past week, with several low-cap coins recording noteworthy gains in their weekly charts.

Curve DAO Token (CRV) is at the top of the list of 75 altcoins experiencing a significant gain in value this week, followed by Chainlink (LINK) and Immutable (IMX), second and third place, respectively. 

Curve DAO Token (CRV) experienced a notable increase of 20% over the past seven days; however, it has made a strong recovery of about 14.59% in the past month. As of now, CRV is being traded at $0.5186, reflecting a 9% increase within the last 24 hours with a boost of about 300% in trading volume. 

Source: CoinMarketcap

The recent surge in CRV’s value has attracted considerable attention, largely driven by a mysterious whale wallet. This whale has been actively accumulating and staking millions of CRV tokens, primarily sourced from the world’s largest cryptocurrency exchange, Binance. 

LookOnchain reported this wallet has acquired an impressive 10.44 million CRV tokens, valued at approximately $4.7 million, from Binance in the past 30 hours, representing a significant influx of capital into the CRV market.

The fresh wallet withdrew 4.08M $CRV($1.96M) from #Binance again 30 mins ago.

And has withdrawn a total of 7.26M $CRV($3.5M) today.https://t.co/KCoA9JVau4 pic.twitter.com/BKislYGli9

— Lookonchain (@lookonchain) September 22, 2023

Meanwhile, Chainlink (LINK) is also experiencing a significant gain and has continued its winning streak over the past few weeks; even in the monthly chart, it shows almost 20 recovery in value. Over the past week, LINK has experienced a significant increase of approximately 16%. 

Currently, LINK is trading at $7.23. In the last 24 hours, the token has experienced a modest 0.27% increase, while its trading volume decreased by 26% in the same period.

Source: CoinMarketcap

Additionally, Immutable (IMX) has also gained significant attention due to its weekly performance, with a notable increase of about 15%. IMX is currently trading at $0.6059, with a decline of 2.05% in the last 24 hours.

Source: CoinMarketcap

Moreover, some popular coins are experiencing gains in weekly charts, including APT at 6%, AAVE at 5%, and ALGO at 7%, according to the data from CoinMarketcap. 

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

Bitcoin, the widely recognized digital currency, faced a notable recovery in the week that just passed as it approached a key resistance at $27k. Bitcoin enjoyed a significant price jump at the start of the week, climbing from $26,700 to $27,437, marking it a fresh monthly high on 19th Sep. However, Bitcoin didn’t hold on and fell again to its support level at the end of the week.

Source: CoinMarketcap

An update from Santiment noted on 20th Sep that Bitcoin traders have been actively engaging in shorting positions on both Deribit and Binance, heightening the likelihood of potential liquidations that could drive up prices. 

📊 #Bitcoin traders are aggressively shorting on both #Deribit and #Binance, making potential liquidations more likely to boost prices. $BTC's price is +4% since the increase in shorting began to appear last week. This has a good probability of continuing. https://t.co/c8eTpAxIoP pic.twitter.com/8REpjp2rtx

— Santiment (@santimentfeed) September 20, 2023

Since the commencement of this increased shorting activity last week, the price of Bitcoin has surged by 4%. This trend is expected to persist with a reasonable degree of certainty.

Furthermore, it revealed a notable development in the distribution of Bitcoin ownership. Non-whale wallets, which are defined as those holding less than 100 $BTC, have reached unprecedented levels, now representing 41.1% of the total available supply. 

🐳📉 #Bitcoin's non-whale wallets, defined as addresses with under 100 $BTC, have climbed to new #AllTimeHigh levels, now owning 41.1% of the available supply. Meanwhile, whales with 100 to 100K, own 55.5% of the supply, their lowest amount held since May. https://t.co/JktSd6yM6Z pic.twitter.com/f2cwYZ3MTX

— Santiment (@santimentfeed) September 21, 2023

Concurrently, whales with holdings ranging from 100 to 100,000 $BTC have seen their ownership drop to 55.5% of the total supply, marking their lowest level since May.

Likewise, Ethereum has followed a slide upward trend but reserved all the gains at the end of the week by closing the price at $1,573. Moreover, Santiment’s data reported:

“Ethereum network fees have dropped down to its lowest level of 2023, at just $1.15 per transaction. Historically, we see utility begin rising as $ETH becomes more affordable to circulate. The increased utility can then lead to recovering market cap levels.”

Source: CoinMarketcap

According to CoinMarketCap, Bitcoin is trading at $26,211.92, with a 1.42% decrease over the past 24 hours and a 1.65% decrease over the past seven days. On the other hand, ETH is being traded at $1,580.90, experiencing a 0.81% decrease in the past 24 hours and a 3% drop over the past seven days.

Related Reading | Bitcoin ETFs Await SEC Decision As Second Deadline Nears

Filed Under: News, Market Analysis Tagged With: Bitcoin (BTC), CRV, Ethereum (ETH), IMX, LINK

Bakkt’s Bold Move: Mass Delisting Of DeFi Tokens, Including AAVE, LINK, UNI, & More

May 14, 2023 by Ammar Raza

Bakkt, the cryptocurrency business of Intercontinental Exchange (ICE), has announced a mass delisting of several digital assets, including some prominent decentralized finance (DeFi) tokens. 

The move comes after regulatory guidance and industry developments have prompted the company to review its coin listing process.

According to the report, the most well known de-listed tokens includes, Aave (AAVE), Avalanche (AVAX), Chainlink (LINK), Chiliz (CHZ), Curve DAO (CRV), Fantom (FTM), Filecoin (FIL), Maker DAO (MKR), Stellar (XLM), Sushiswap (SUSHI), and Uniswap (UNI).

Others are Bancor Network Token (BNT), Basic Attention Token (BAT), Enjin Coin (ENJ), GALA (GALA), The Graph (GRT), Internet Computer (ICP), Loopring (LRC), Republic (REN), Synthetix (SNX), and Texos (XTZ).

In a statement, a Bakkt spokesperson explained that the decision was made as part of the company’s regular coin listing review process:

Our clients’ and their consumers’ best interests are our core commitment, and our review process ensures those interests are best served when we contemplate the most up-to-date regulatory guidance and the latest industry developments.

The move is a significant blow to the affected tokens, which may see a drop in liquidity and trading volume. However, the delisting is not expected to have a significant impact on the wider cryptocurrency market.

Bakkt’s decision to delist these tokens highlights the growing pressure on cryptocurrency businesses to comply with regulatory guidance and adapt to changing industry developments. 

However, with the ongoing evolution of the cryptocurrency market, it is probable that an increasing number of companies will reassess their coin listing procedures and adapt their offerings accordingly.

Bakkt Reports Q1 2023 Results & Acquisition Of Apex 

Recently, Bakkt reported Q1 2023 financial and operational results with net revenues of $13 million, up 4% YoY. Accoridng to the press release, Operating expenses of $58.4 million, down 4% YoY, including $4.3 million in restructuring expenses. 

The acquisition of Apex Crypto, completed on April 1, 2023, adds about 5.8 million crypto-enabled accounts to Bakkt. As per a spokesperson’s note, Bakkt is set to acquire Apex Crypto for a maximum purchase price of $200 million under the agreement. 

The deal was initially closed for $55 million, and Bakkt will pay up to $145 million in Bakkt stock, contingent on Apex Crypto’s financial performance until 2025.

The outlook for Apex Crypto predicts full-year 2023 gross revenues of $1.87 billion to $2.38 billion and crypto costs and execution, clearing, and brokerage fees of $1.87 billion to $2.37 billion. The number of transacting accounts increased 2% YoY, while the net loss increased 4% YoY to $(44.9) million.

Related Reading | Chamber Of Commerce Backs Coinbase In SEC Showdown Over Crypto Regulations 

Filed Under: News Tagged With: aave, LINK, UNI

Aave V3 Launch Delayed By Ethereum Voting Process

January 23, 2023 by Ammar Raza

In a surprise turn of events, the highly-anticipated launch of Aave V3 has been delayed by an Ethereum voting process. Earlier this week, the platform’s team member Graham tweeted that the upgrade, which includes a host of new features such as cross-chain asset functions and community contribution tools, was set to occur this week.

However, yesterday, it was announced that an Aave Ethereum V3 proposal was up for voting, which will activate its Ethereum pool (3.0.1) by completing all the initial setup and listing WBTC, WETH, wstETH, USDC, DAI, LINK, and AAVE, all of which have already been pre-approved by the community.

According to the announcement post, this governance proposal activates the Aave V3 Ethereum pool (3.0.1) by completing all the initial setups and listing the above-mentioned assets. All its addresses can be found in the network’s address book.

The delay in the launch of Aave V3 is due to the fact that the Ethereum pool was still running V2. After careful consideration, the community decided to deploy a fresh V3 instead of upgrading the V2 pool for increased compatibility between the V3 pools and less general complexity. 

The assets to be listed and their respective configurations have been discussed in the governance forum and decided in the snapshot that is mentioned in the announcement post.

Additionally, security procedures have been taken to ensure the proposal execution is simulated within the tests and the resulting pool configuration is tested for correctness. Further, the proposal has been tested using forks on the Aave interface, and its companies have reviewed the code.

This is a momentous occasion for Aave and the entire decentralized finance community, as this upgrade promises to take the platform to new heights. The community is eagerly awaiting the results of the voting and the official launch of Aave V3.

Aave Team Member’s Tweet

According to a January 15th tweet from team member Graham about the launch of Aave V3, it is expected to reduce costs by 20-25% significantly and is set to revolutionize the decentralized lending platform. The new version will also come with efficient mode and other upgrades. However, the community is excited about the launch and is eagerly waiting for the release.

Big week for Aave. V3 hopefully coming this week 🚀

— 0xGraham.lens 🦇🔊 (@0x4Graham) January 15, 2023

In his tweet, the member disclosed several other organizations’ hard work and dedication in the lead-up to the highly-anticipated launch. The member gave shout-outs to bgdlabs, a Web3 development initiative contributing to the platform. 

Much deserved shout outs to @bgdlabs, @chaos_labs, @gauntletnetwork and @AaveAave for all the hard work and effort put in over the last few weeks to make this happen!

— 0xGraham.lens 🦇🔊 (@0x4Graham) January 15, 2023

Additionally, the member tagged Chaos Labs, the economic security and risk management platform for DeFi protocols, and Gaunt Let Network for their contributions and efforts over the past few weeks that have helped make the launch a reality.

Related Reading | Ethereum Liquid Staking Market Booms With Lido & Rocket Pool Leading The Way: Report

Filed Under: News, Altcoin News Tagged With: aave, DAI, Ethereum (ETH), LINK, USDC

Chainlink: Link On Top 10 Most Popular Tokens Among BSC Whales

December 6, 2022 by Aishwarya shashikumar

Whales appear to be using Chainlink extensively (LINK). Shark and whale addresses owning between one thousand and one million LINK tokens have “entered an unparalleled wave of accumulation,” according to statistics provided by Santiment. The crypto analysis company claimed that in just two months, the shark and whale addresses collected 26.8 million LINK tokens valued at $194.3 million.

🔗🐳 #Chainlink's shark and whale address, holding between 1K to 1M $LINK, have gone on an unprecedented surge of accumulation. These wallets have added a collective 26.8M $LINK ($194.3M) in just 2 months, a 12.8% increase of coins to their bags. 💰 https://t.co/5GSPIVts6q pic.twitter.com/Mc9fUTQ0vz

— Santiment (@santimentfeed) December 4, 2022

An undisclosed organization amassed Chainlink (LINK) worth $107.6 million over the course of 14 days, claims LookOnChain. For 14.3 million tokens, the whales paid an average price of $7.2 per coin.

In the past two weeks, the number of whales has increased dramatically. Consequently, throughout the same time period, the price of LINK increased by 23.3%.

1/ Whales are accumulating $LINK recently.

– A gaint whale (institution) accumulated 14.3M $LINK ($107.6M) from #Binance in the past 2 weeks.

– 0xd51b bought 284,496 $LINK ($2.15M) from #Uniswap on Nov. 30.

– 0xe6a5 bought 66,723 $LINK ($504,427) from #1inch on Nov. 30.
👇👇

— Lookonchain (@lookonchain) December 5, 2022

Chainlink (LINK) is currently one of the top 10 tokens that BSC whales have purchased, as a result of the significant accumulation.

JUST IN: $LINK @chainlink now on top 10 purchased tokens among 100 biggest #BSC whales in the last 24hrs 🐳

We've also got $DOGE, $bwJUP, $TWT, $RACA & $ADA on the list 👀

Whale leaderboard: https://t.co/0SYnjw0xQs#LINK #whalestats #babywhale #BBW pic.twitter.com/YF3rqLutgw

— WhaleStats – the top 1000 BSC richlist (@WhaleStatsBSC) December 6, 2022

Intriguing Rise In Chainlink

The impending debut of LINK staking, which begins tomorrow, may be to blame for the rise in interest in LINK. Therefore, whales might be preparing for a rise in pricing.

1/ #Chainlink Staking v0.1 is launching tomorrow (Dec 6th, 12PM ET) 👀

What does this mean and what does Staking v0.1 look like?

Let’s break it down frens 🧵 pic.twitter.com/qwgjdn2Lj0

— ChainLinkGod.eth (@ChainLinkGod) December 6, 2022

Some “smart money” wallets, according to Nansen, are removing their LINK tokens from exchanges. This might be a sign that the wallets are putting their tokens up for stake. If wallets have a track record of success, Nansen refers to them as “smart money.”

Chainlink Staking v0.1 will have early access starting on December 6 at 12:00 ET and general access starting on December 8. According to a blog post, Chainlink Staking v0.1 will initially start at 25 million LINK and eventually reach 75 million LINK.

LINK was trading at $7.25 at the time of publication, down 3.6% from the previous day. The token has also lost 86.3% of its value after reaching an all-time high on May 10, 2021, when it reached $52.70. Many believe that LINK will peak at $8.13 this year and $28.33 in 2025.

Filed Under: News, Altcoin News, World Tagged With: BSC Whales, Chainlink (LINK), Cryptocurrency, LINK

Chainlink [LINK] whales sees record-breaking accumulation of $334M

November 15, 2021 by Lipika Deka

The open sourced oracle network Chainlink [LINK] reached a new milestone today. Large-cap investors of the native token went on an accumulation spree, holding up to 18.01% of the total supply and charted a new all-time high [ATH]. As per Santiment, at present, a total of 64 addresses own between 1 million and 10 million LINK tokens, which amounts to more than $334 million in valuation. In a span of just four days, these large volume investors have added a total of 1.89% of the token supply into their cumulative wallets. Reading along the same line, the analytics platform quoted,

“There are currently 64 addresses that hold between 1M and 10M LINK. In just the last 4 days, these whale wallets have added 1.89% of the Chainlink supply to their cumulative bags. They’re now up to 18.01% of the total supply, a new all-time high held.”

Chainlink [LINK]’s Real world utilty

Chainlink, an oracle network that facilitates the integration of both off-chain and on-chain data has been gaining a lot of traction lately. This is due to the growing need for incorporating blockchain technologies with real world data source and that is what the leading protocol’s algorithm offers- allowing for the seamless integration of the real world and the virtual world.

CODI Finance intends to enable accessibilty to top quality price feeds as well as securing other important features like IDO and staking pools in the network. Besides that, the oracle network will provide the CODI ecosystem in building multi-level defenses against malicious attacks and potential system breakdown.

The top Oracle provider had previously raised funds worth billions of dollars for several high-profile decentralized finance [DeFi] projects and has also assisted these projects in securing from sudden crashes, outages in exchanges, and other threats. In addition to that, Saber, a leading market maker on the Solana [SOL] ecosystem, has collaborated with Chainlink price feeds for reliable price order.

To sum up, the latest accumulation spree of LINK tokens indicates that large cap holders are in anticipation that price is likely to be bullish.

Filed Under: Altcoin News, News Tagged With: Chainlink (LINK), LINK

Chainlink Stays On Course As Altcoin Market Battles Bear

July 30, 2021 by Akash Anand

The altcoin market continued to follow Bitcoin’s price action with Chainlink becoming one of the biggest weekly gainers. After its bull run this week, the cryptocurrency market has settled into a steady price movement interspersed with red and green signals.

LINK’s performance in the last few months propelled it into the top 20 club as other mainstream coins fell off. At press time, Chainlink was trading for $19.04 with a total market cap of $8.4 billion. A weekly gain of 26 percent allowed its daily trading volume to climb to a respectable $880.56 million. An analysis of the charts showed that only Bitcoin and Wrapped Bitcoin had a better performing week.

Chainlink 1 hour:

The hourly support clocked in at $17.7 as the bear cut short any chance of new resistance creation. According to the Bollinger bands, the cryptocurrency had settled into a stagnant price movement with a lack of any major breakout.

The RSI and the CMF displayed similar movements as the graphs peaked above the zero line. LINK’s positive RSI meant that the buying pressure had overtaken the selling pressure. The number of fluctuations on the RSI was indicative of the importance of price on sentiment.

As more people buy LINK, the capital coming into the market also increases. This was verified by the CMF as the graph peaked above the zero line for the first time in 36 hours.

Chainlink 1 day:

LINK’s Bollinger band movement was similar to the hourly charts as the upper and lower band moved parallel to each other. The cryptocurrency’s recent fall had caused it to almost touch its long-term resistance of $12.4.

Daily RSI had climbed sharply in mid-July with a small downturn indicating a decrease in momentum. The buying pressure was still strong with more users entering the ecosystem. Long-term CMF was the only clearly bearish indicator as the graph stayed below the zero line. A decrease in price could be imminent because of the increase in capital leaving the Chainlink market.

Filed Under: News, Altcoin News Tagged With: Chainlink (LINK), Cryptocurrency, LINK, Price Analysis

JPMorgan continues Blockchain push as bank amps up new hiring

July 21, 2021 by Akash Anand

Traditional banks have stopped shying away from nascent technologies of late after their proven impact in the financial space. Traditional banks have been a surprise adopter of cryptocurrencies and blockchain technologies with some players like JPMorgan doubling down on their blockchain-related job openings.

Being one of the largest banks in the United States comes with its own reach and several peripheral effects. Adopting blockchain technology into their fold coupled with the support from cryptocurrency enthusiasts, JPMorgan has set its sights high for the imminent blockchain race. Recently, the bank opened multiple job positions on its website to pursue its “global development efforts”.

Of the listings, a majority were related to JPMorgan’s digital asset focussed Onyx branch. The Onyx division of the bank made news earlier when it became one of the few major subgroups in the world to channel digital assets into the mainstream financial framework. Sources further showed that the opportunities were located worldwide, all the way from the US to Hong Kong.

Other job openings were in connection with Link, JPMorgan’s native blockchain-based interbank data network. The link includes major banks from all trading spheres. Just recently, the State Bank of India had joined the Link roster which also includes both state-owned and private institutions.

Another area that JPMorgan looked at was tapping the use of Proof-of-Stake algorithms and their advantages. The bank’s focus on the digital asset industry comes at a time when it was looking at better its own JPMCoin. JPMorgan’s crypto push was a U-turn on its earlier stance on digital assets. The positive sentiment rode on analyst comments that said Bitcoin could be the new alternative to gold soon.

Filed Under: News, Altcoin News Tagged With: Blockchain, jpmorgan, LINK

Chainlink reaches ATH of $24; Is Grayscale taking notice?

January 23, 2021 by Utkarsh Gupta

Chainlink has registered an astounding turnaround over the past 30-day period. The asset breached its all-time high yet again over the past 24-hours, completing a position above $24 in the chart. The resilience displayed by the token has been nothing short of incredible.

Source: Trading View

Between 23rd December and 23rd January, LINK has surged by 208%, exhibiting its credentials as one of the strongest performers in the crypto industry. However, it is important to note that its current bullish momentum came at the back of a massive pullback as 24-hours ago, LINK had dropped down to a key support range at $18. While many expected further correction to long-term support at $15, bulls started to charge in Chainlink’s market.

Chainlink Active Addresses maintaining rise

Image
Source: Twitter

According to Santiment analytics, LINK has maintained positive on-chain metrics as well over the past 3-months. As identified in the above chart, LINK’s network has consistently added active addresses to its network over the course of the rally, with over 5,301 new addresses since November 2020. The rate of increase is 143% but the number almost reached 10k on 16th January.

Another major factor that might have continued Chainlink’s bullish emergence is the chart is the positive sentiment of its investors. According to popular Holders Distribution data, whales continued to hold more than 100k LINKs under their belt, while the number of addresses holding between 100-100k consistently rose in the market.

During its previous all-time high, it was also noticed that the ratio of LINK supply currently moved off-exchange wallets had improved as the LINK exchange supply neared a one-year low. This is indicative of the fact that people are moving their assets off-exchange with the idea of hodling over a long-term.

Is Grayscale preparing to support LINK?

Grayscale Chainlink Trust (LINK)

Filed on December 18th, 2020 as a Delaware Domestic Statutory Trust

Is it real or just an elaborate larp? Only time will tellhttps://t.co/ej4bYWysYz#Chainlink $LINK pic.twitter.com/bLZP5Jnwvw

— ChainLinkGod.eth (@ChainLinkGod) January 21, 2021
Source: Twitter

According to a popular Chainlink proponent of Twitter, Grayscale might be getting ready to expand their support for Chainlink over the coming weeks. The initial speculation started to spread in mid-December after XRP’s dismay warranted a situation where Grayscale might end up switching their support for Chainlink from XRP.

While the backlash on XRP has cooled down over the past couple of weeks, Chainlink getting introduced by Grayscale Trust could be a massive step towards introducing institutional investors to the LINK ecosystem. At the time of press, Grayscale had over $25.5 billion cryptos in Assets Under Management (AUM).

Filed Under: Altcoin News, News Tagged With: Chainlink (LINK), LINK

Chainlink: Will LINK Survive Going Forward After 40 percent Drop in 2 weeks?

September 5, 2020 by Utkarsh Gupta

2020 will be largely known for the exploits of Chainlink at the top of the altcoin bracket. Valued under $2 in March 2020, the token rallied itself to a 10 times increase of $20 by August 2020. However, the view was top was short-lived as in the past couple of weeks, the turnaround has been largely bearish.

From the above trading view chart, the decline is fairly easy to identify as a drop of 44.73 percent since August 16th tarnished most of its good performance over the course of August 2020. Such a significant drop is currently causing changes elsewhere in Chainlink’s ecosystem.

Image

According to Santiments recent tweet, Chainlink exhibited its 14-monthly high with respect to token age consumed and such a change is in direct correlation with users exiting the market. When digital assets record a high in token age consumed, it can be assumed that the tokens are re-entering the market from user addresses.

What is next for Chainlink after its drastic decrease in value?

From a technical point of view, there were more alterations observed in terms of on-chain metrics. On 23rd August, Chainlink was observed to record an all-time high in terms of daily active addresses but the market statistics had changed now.

As illustrated by intotheblock analytics, the average number of active addresses had dropped from a high of 24,000 thousand addresses to a measly 8,500 addresses at the moment. This is a clear indication of the drop in network activity and in the long run, it can cause damage to Chainlink’s growing reputation.

However, all of Chainlink’s good work cannot be dismissed due to a week of declined activity. It is important to note that its valuation improves by 500% in 2020, and unless it topples down to $8 dollars, the overall trend is still significantly positive.

Additionally, the importance of its association with DeFi has to be taken in a serious note. The current pullback can be assumed as a timely correction that hardly dampens the interest with DeFi. When the digital asset class picks up pace in the market again, there is a strong chance Chainlink will recoup its high valuation range again.

Filed Under: Altcoin News, News Tagged With: chainlink, DeFi, LINK

Chainlink (LINK) Drops More than 99 Percent in Value as Crypto Market Falls of a Cliff

March 14, 2020 by Ketaki Dixit

The latest market crash has been a sight to behold after a majority of the cryptocurrencies slid in value. Bitcoin, the world’s largest cryptocurrency started the drop with altcoins such as Ethereum, XRP and Bitcoin Cash following it. However, one of the biggest losers was Chainlink (Link), as the cryptocurrency plummeted in the space of a few hours by more than 99 percent. The crash was wiping out both its market share and its market value.

Cryptocurrencies were not the only asset to be hit by this crunch as stocks such as the S&P 500 and the Nasdaq also witnessed pitiful falls. While a majority of the market thought the major assets would take a hit, Link became the surprise worst loser. The fall was so stupendous that it created new records in the bear department.

At the time of writing, Link was trading for $2.40 with a total market cap of $840.460 million. The 24-hour market volume was $819.855 million after an 18.53 percent fall in price over the previous day. The fall first started on March 11, after which it continued to crumble till it hit a low of $1.54 from $4.11. This crash was surprising because just a week ago, Link had it’s an all-time high of $5.

In the span of just a day, the cryptocurrency’s value had fallen by more than 55 percent. The LINK/USDT pairing dropped even further on Binance to trade at $0.0136. The major price hit also caused Link to drop from its position as the 11th largest cryptocurrency. Just a day ago, Link’s market cap was clocked to be over a billion dollars.

There have been no other falls in Link’s price as the price had stabilized after the first time around. The event was considered important because a 99 percent wipeout of an asset’s value usually annihilates it completely. Link’s fall on Binance was part of a record that showed several cryptocurrencies suffered on CZ’s platform. Towards the fag end of 2019, Bitcoin had fallen by more than $680 on Binance before recovering to the $7450 mark.

As the price of Bitcoin dropped, so did it open interests on Link/USDT contracts. These contracts had dropped by 57.8 percent while the price dropped by more than 99 percent. There was also the confusion where some people were able to put in Link buy orders for 5x below the market price. To this, CZ had responded:

“Just checked, the buy order was put in 2019-01-16, the first day the LINK/USDT pair was added. We didn’t have the price band restrictions back then. We don’t cancel user orders. In fact, this particular order was put in 8 seconds after the live trading on that pair. When we first list a new pair, the price band restrictions don’t work because there is no price in our system for that pair. The price band is only enabled after the price stabilizes.”

The Binance CEO also assured users that any arbitrage opportunity that had occurred from the Link buy order was eliminated. No other parts, including the Futures and Margin trading sectors, were affected. The Link liquidation was one of the examples of price crashes during the times of Coronavirus.

As the disease caused by the coronavirus continues to spread across the globe, it becomes necessary to stay calm and vigilant. Cryptocurrency prices, along with its other financial counterparts will only recover once people start trusting the systems completely.

Filed Under: Altcoin News Tagged With: Crypto, LINK

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