This 7 days in Cash: Bitcoin and Ethereum Recuperate, Terra and Polygon Rally

Bitcoin and Ethereum managed to recapture floor soon after very last week’s marketplace wipeout. The market leaders have both of those began the weekend about 3% higher than very last Saturday. 

Bitcoin currently trades at $48,576. It’s drastically shy of its former all-time significant of $69,790, recorded on November 10 this year, but it’s still superior than last weekend’s crash, which bottomed out at around $45,000. 

Ethereum confirmed promising indicators of progress this 7 days, despite the fact that it unsuccessful to breach the $4,500 threshold. On Thursday it rose to $4,482 but right now it is again down to $4,061, which is all over 17% shy of its former all-time higher of $4,860 back on November 10.

This week’s crypto information cycle was a combined bag. On Monday, Bancolombia, the greatest bank in Colombia, declared a pilot method that will help a limited amount of clients to purchase Bitcoin, Ethereum, Litecoin, and Bitcoin Funds instantly from their lender accounts. 

The country’s economic regulator, the Monetary Superintendence of Colombia, will oversee the program, no doubt with an eye to possibly acquiring a regulatory framework around crypto. 

On Tuesday, the Biden administration released a doc identified as the “United States Strategy on Countering Corruption.” One of the proposals to aid struggle corruption is the establishment of a “National Cryptocurrency Enforcement Team” which will be tackling the criminal misuse of crypto. 

Although the U.S. federal government proceeds clamping down on crypto’s dark and seedy underbelly, Wednesday introduced extra savory information for law-abiding crypto lovers. 

A delegation of CEOs from 6 of the leading crypto companies, which includes Coinbase, Circle, FTX, and Paxos, visited Congress to make the case for the escalating importance of crypto and laws in a 5-hour listening to. Considering that this time final year, the delegation would have been laughed out of Washington, the information demonstrates a notable transform of heart.

In excess of the Atlantic on Thursday, a distinctive frame of mind prevailed. British MPs on the Treasury find committee, which is responsible for retaining a shut eye on the British treasury and all of its involved bodies, together with the Economic Perform Authority (FCA),  advised the chief govt of the FCA, Nikhil Rathi, that companies should really stop using the text “invest” and “investment” when selling crypto. 

Previous JP Morgan banker-turned conservative MP Harriett Morgan instructed Rathi: “The terms ‘your investment’ endorse the idea that this is an financial investment on par with an FTSE 100 organization or a unit rely on.”

On the similar working day, Bitcoin and Ethereum fell much more than 5% in 24 hrs soon after Chinese genuine estate developers Evergrande and Kaisa were being not able to make scheduled U.S. greenback bond payments.

Some altcoins experienced a terrific week, although. 

Terra shot up 11% in excess of the previous 7 times and at this time trades for $63.10 at the time of writing. Polygon also rose noticeably, swelling by a minimal over 13% to strike $2.08. On Thursday Polygon introduced it signed a $400 million offer with Mir to extend the project’s Ethereum scaling abilities. 

The value of Tezos jumped 37% above Monday night time after Ubisoft introduced it would faucet the blockchain to mint NFTs for its impending Ghost Recon activity. This is the first time a major video clip video game publisher has supplied NFTs, and the fact that it chose Tezos is huge information for the community.

Tezos is the 41st-major cryptocurrency by current market capitalization and it is at the moment truly worth $4.51.

Lastly, Solana took a beating this week. The foremost Ethereum competitor dropped practically 13% in the last seven days and now trades for $169. 

Concluding, it is been an all-all over good week, even though only just.

The post This 7 days in Cash: Bitcoin and Ethereum Recuperate, Terra and Polygon Rally appeared first on Soltimes.

5 times quickfire crypto traders bought the news for double (or triple) digit profits

Buy the rumor? It depends how fast you pull the trigger when the news breaks. These mind-bending returns rewarded crypto traders who were fastest on the draw… Here’s how you can join them.

Why do crypto traders “buy the rumor, sell the news”?

Simple. Because whispers of exchange listings or big-name partnerships reach very few people… while an article in Cointelegraph can reach hundreds of thousands of crypto enthusiasts in seconds. While insiders are quietly amassing tokens on rumors, the rest of us are completely ignorant of what may be coming.

But with rumors, there are no guarantees. Which can lead to disappointment and serious loss of investment for those traders who gamble that they’re true… and end up wrong.

So how can you possibly compete with thousands of other market participants when important news actually breaks? You’d have to be one of the very first to know in order to catch the price before it spikes.

Look at the examples below — the time between a closely-guarded announcement and a massive price spike of 144% can be just a few minutes!

NewsQuakesâ„¢ on the Cointelegraph Markets Pro data intelligence platform allow you to completely outsource monitoring the crypto news space to AI. The machine learning algorithm automatically combs through thousands of relevant sources and instantly alerts members via mobile notifications when potential market-moving events are detected.

NewsQuake™ announcements are snapped from primary sources such as exchange websites, Medium posts, or projects’ Twitter accounts, meaning that traders don’t have to wait for the media or their favorite influencers to turn raw information into a story.

Extensive research has identified three types of news — exchange listings, staking, and partnership announcements — that are most likely to spark strong rallies.

Here are  5 stories that alerted traders to massive profit opportunities in 2021… and a few dramatic illustrations of how NewsQuakes™ tipped off Markets Pro members.

WAX (WAXP): +144% in 2 hours

WAXP price following Cointelegraph Markets Pro NewsQuakeâ„¢

Exchange listings reliably boost crypto prices, especially when it is a small or medium-cap coin being listed on a major exchange.

On Aug. 23, before the news of WAXP’s listing on Binance came in, the token was trading at 18 cents. In two hours from the announcement, WAX’s price soared to reach 44 cents. In this situation, getting the news quickly was key.

As can be seen in the chart, the NewsQuake™ alert (red circle) came in just before WAX’s price exploded.

Decentraland (MANA): 111% in 96 hours

MANA price following Cointelegraph Markets Pro NewsQuakeâ„¢

It is now hard to believe that in March 2021, long before Facebook’s rebranding into Meta and the associated hype around the group of assets now widely known as metaverse tokens, MANA was trading at just $0.55.

On March 12, the announcement of OKEx enabling margin trading for the asset got crypto investors stoked, and sparked a long rally that saw MANA go from $0.55 to $1.16 over the next four days. The earlier traders were in buying the NewsQuake™, the more profit they could have secured for themselves…

Polygon (MATIC): +90% in 50 hours

MATIC price following Cointelegraph Markets Pro NewsQuakeâ„¢

On Feb. 23, in the middle of a cool-off that followed the first leg of the week’s big rally, the announcement of MATIC’s debut on Binance Staking gave the asset a powerful second wind. (The red circle indicates the Markets Pro NewsQuake™.)

The resulting hike propelled the coin from $0.11 to its then-all-time high at over $0.21, an increase of 90%. Today, this can seem minor in the light of the token’s year-to-year return on investment of more than 11,000%, but on that day, traders were surely content with MATIC’s price “only” nearly doubling.

VeChain (VET): +46% in 52 hours

VET price following Cointelegraph Markets Pro NewsQuakeâ„¢

A great example of impactful partnership news is VeChain’s announcement of its collaboration with the accounting firm PricewaterhouseCoopers that came up on Apr. 12.

It was not a huge surprise that the news of the enterprise-oriented blockchain project getting access to the client base of one of the Big Four firms pushed the token’s price 46% up over the fours of two days.

In this case, the NewsQuakeâ„¢ from Markets Pro arrived significantly before the major rally.

Amp (AMP): +42% in one hour

AMP price following Cointelegraph Markets Pro NewsQuakeâ„¢

On Nov. 23, a post on Binance’s Twitter account announced that digital collateral token AMP was slated to be listed on the exchange platform. Markets Pro users received their near-instant NewsQuake™ alerts within seconds.

It was a very clean breakout: Apparently, no-one front-ran the news, and the token’s price soared immediately following the public announcement, shooting up almost vertically from $0.050 to $0.071 in just an hour – a gain of 42%.

Timing was key here, and those Cointelegraph Markets Pro members who got the news early thanks to the NewsQuakeâ„¢ alert found themselves ahead of the pack.

Cointelegraph is a publisher of financial information, not an investment adviser. We do not provide personalized or individualized investment advice. Cryptocurrencies are volatile investments and carry significant risk including the risk of permanent and total loss. Past performance is not indicative of future results. Figures and charts are correct at the time of writing or as otherwise specified. Live-tested strategies are not recommendations. Consult your financial advisor before making financial decisions.

Bitwise CIO Says $100K Bitcoin a Difficult Prediction to Make, Calls Ethereum the ‘Asset of the Year’

Bitwise CIO Says $100K Bitcoin a Difficult Prediction to Make, Calls Ethereum the 'Asset of the Year'

While there’s been an awful lot of calls for bitcoin to reach six-digits in value in 2021, as the end of the year draws closer, it doesn’t seem like $100K per bitcoin will happen. Bitwise Asset Management’s chief investment officer Matt Hougan told the press on Monday that “$100,000 by the end of the year is a difficult prediction to make.”

$100K Bitcoin Prices May Be Unattainable in 2021 — Bitwise Exec Says Next Year ‘Investors Are Going to Be Looking at Ethereum’

For a good portion of the year, many bitcoin advocates, experts, luminaries, and analysts predicted that bitcoin (BTC) would surely hit the $100K per unit range in 2021. One of the most popular forecasts belongs to Plan B, the creator of the stock-to-flow (S2F) bitcoin price model. Plan B said based on the pseudonymous analyst’s “worst case scenario for 2021 (price/on-chain based)” would be “Aug>47K, Sep>43K, Oct>63K, Nov>98K, Dec>135K.”

However, November’s price call missed and the $135K prediction looks like it will miss as well. Bitcoin would have to double in value over the next 24 days gathering a touch over 96% during that time. Plan B is not the only one that has predicted BTC could hit six-digits in USD value by the year’s end. The financial institution Standard Chartered predicted at the beginning of September that bitcoin’s value could reach $100K by the end of the year.

Yahoo Finance contributor, Javier David, said on October 21, that “suddenly, a bitcoin move to $100K doesn’t seem so farfetched.” In fact there’s a great number of analysts that have said that at some point in the future, bitcoin prices will touch the six-digit zone or $100,000 or more per unit. Speaking with Bloomberg’s Emily Chang, Bitwise Asset Management’s CIO Matt Hougan explains that bitcoin hitting $100K will be difficult in 2021. Hougan further explained that ethereum (ETH) was the “asset of the year” in 2021.

“I think as we look into 2022, we still have these fundamental drivers, the institutions we speak to every day at Bitwise,” Hougan explained. “$100,000 by the end of the year is a difficult prediction to make — I think $100,000 could be in target in 2022 but this year, I’m not so sure,” Hougan remarked.

Hougan Predicts an ‘Explosion of Activity Built on Ethereum’

As far as the second-largest crypto asset by market capitalization, ethereum (ETH), Hougan thinks 2021 was the digital currency’s year. While noting to Bloomberg’s Chang that ethereum was the “asset of the year,” Hougan also stressed that there will be an “explosion of activity built on Ethereum” next year. But investors will be looking at other smart contract blockchain networks as well, the Bitwise CIO said. Hougan added:

Investors are going to be looking at Ethereum, Solana, or Polygon. Investors are starting to realize there’s more to crypto than just Bitcoin. If there’s one bigger story for next year, it’s going to be everything else: crypto as defi, NFTs, Web3, or metaverse.

What do you think about the Bitwise CIO’s cryptocurrency predictions? Let us know what you think about this subject in the comments section below.

Bitcoin and altcoins took a hit, but derivatives data reflects a calmer market

BTC and altcoins took a beating over the weekend, but data shows a market with healthier trading conditions, even if prices consolidate for the foreseeable future.

Looking at the winners and losers of the past week clearly shows that traders endured some serious heat as the total crypto market capitalization dropped by 12.7% when Bitcoin fell to $41,000. This sharp downside move knocked the figure from $2.37 trillion to $1.92 trillion on Dec. 3 and a total of $2 billion long future contracts were liquidated.

Top winners and losers from top 80 coins. Source: Nomics

Bitcoin (BTC) price retraced 14.6% over the past week, effectively underperforming the broader altcoin market. Part of this unusual movement can be explained by the performance seen in decentralized applications which held up better than most of the market. Data shows Ether (ETH) traded down 6.0%, Binance Coin (BNB) lost 7.3% and Solana (SOL) dropped by 7.8%.

This week’s top gainers include OKEx’s OKB token (OKB) and Bitfinex’s UNUS (LEO). Perhaps these benefited from not having a United States entity because the regulatory uncertainties in the region continue to increase. Moreover, scaling solutions Polygon (MATIC) and Algorand (ALGO) benefited from Ethereum’s $40 or higher network transaction fees.

Terra (LUNA) featured on last week’s top performers after its built-in token burn mechanism significantly reduced the supply. Meanwhile, Stacks (STX), previously known as Blockstacks, pumped after D’Cent wallet included support for SIP010 tokens.

Sharing solutions had a disappointing week

Among the worst performers were three decentralized sharing solutions: Theta Network (THETA), Filecoin (FILE), and Internet Computer (ICP). They were not alone, as some of the sectors’ altcoins below the top-80 also crashed. Siacoin (S.C.) endured a 34% drawdown and Ankr Network (ANKR) dropped by 31.8%.

Chiliz (CHZ) suffered direct competition after Binance successfully launched an independent soccer fan token called SANTOS. Initially, Chiliz’ platform was created to host exclusive promos, services and voting for their fan tokens and more recently the project ventured into the non-fungible NFT market. However, that initiative also lost impact after soccer player Neymar launched a collection with NFTStar.

Despite being among the bottom performers, decentralized exchange aggregator 1inch Network (1INCH) concluded a $175 million Series B investment round and these funds will be used to expand the protocol’s utility.

Tether’s premium and the futures’ perpetual premium held up well

The OKEx Tether (USDT) premium measures the difference between China-based peer-to-peer (P2P) trades and the official U.S. dollar currency, and in the past week it decreased slightly.

OKEx USDT peer-to-peer premium vs. USD. Source: OKEx

Currently the indicator has a 98% reading, which is slightly bearish, signaling weak demand from crypto traders to convert cash into stablecoins. Even at its best moment over the past two months, it failed to surpass 99%, so Chinese players have not been excited about the general market.

The overall impact of last week’s correction was a drop in the total futures open interest, down 28% to $16.7 billion. Nevertheless, the move was expected since the total market cap retraced and some $3.9 billion worth of liquidations took place during the week.

More importantly, the funding rates on Bitcoin and Ethereum futures quickly recovered from Dec. 3 price crash. Even though longs (buyers) and shorts (sellers) are matched at all times in any futures contract, their leverage varies.

Consequently, to balance their risk, exchanges will charge a funding rate to whichever side is using more leverage and this fee is paid to the opposing side.

BTC and ETH perpetual futures 8-hour funding rates. Source: Coinglass.com

Data reveals that a modest bearish trend occurred on Dec. 3 and 4 as the 8-hour funding rate went below zero. A negative funding rate shows that shorts (seller) were the ones paying the fees, but the movement faded as soon as BTC and ETH prices bounced 15% from their lows.

The above data might not sound encouraging, but considering that Bitcoin suffered considerable losses this week, the overall market structure held nicely. If the situation was worse, one would definitively not expect a 99% Tether premium or a positive perpetual funding rate.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.