Following yesterday’s $350 price lost for Bitcoin, the asset has remained relatively calm around $11,350. Most larger-cap altcoins have also seized the free-falls with Ethereum trading near $370 and Ripple above $0.24.
Bitcoin Sits Tight Around $11,350
News broke out yesterday that police officers had taken away the founder of the popular cryptocurrency exchange OKEx. Although the company reassured users that funds are safe on the platform, the negative news had an immediate adverse effect on prices.
Bitcoin was trading north of $11,550. In just a few hourly candles, though, BTC plummeted to an intraday low of just above $11,200.
The bulls intercepted the steep price decline and drove the asset to about $11,350 in the following hours. Since then, Bitcoin has primarily stayed in a range between $11,280 and $11,400.
From a technical perspective, the first support line in case of another break down sits at $11,300. Further below are positioned $11,150, $11,000, and $10,800.
Should Bitcoin heads north, it would have to fight off the resistance lines at $11,500 and $11,800.
Large-cap Altcoins Take A Breather
Most alternative coins followed Bitcoin’s rapid drop yesterday. Something similar is occurring today as the larger-cap altcoins have also stopped losing significant chunks of value.
Ethereum, Ripple, Polkadot, Binance Coin, and Litecoin sit at approximately the same level as yesterday. ETH trades at nearly $370, XRP – $0.241, DOT is close to $4, BNB is above $30, and LTC – $47.5
Chainlink (2.5%) and Cardano (2.2%) have even marked some gains on a 24-hour scale.
Even the double-digit price increase club has a few representatives. Decred leads the way with a 19% surge. Waves (17%), Stellar (12.5%), and Uniswap (10%) follow.
However, it’s worth noting that quite a few coins have continued dumping in value. Filecoin has continued tanking after the recent hype with another 27% drop.
TRON’s Justin Sun actually suggested that Filecoin founders could have pulled an exit scam by selling 1.5 FIL for $200 (worth $300 million) without an announcement. FIL’s price has plummeted since then to $45.
Aave (-25%), NEAR Protocol (-18%), and Quant (-10%) have also declined significantly since yesterday.
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
Huobi Beefs Up Venture Arm With Former DragonFly Partner Leading DeFi Investments
“When I left DragonFly earlier this year, Huobi was also ramping up its internationalization efforts and its corporate investment practice,” Pack told CoinDesk in an interview. “I thought Huobi has the potential to be one of the most impactful companies in crypto. When I was approached by my old friends there to help them, I thought it was a no-brainer.”
Pack’s new role at Huobi will largely focus on expanding Huobi’s stakes in DeFi projects in Western countries, after Huobi’s newly launched venture investment arm began pouring money into DeFi projects in Asia. He told CoinDesk he and Huobi are willing to spend up to “tens of millions of dollars” funds to support new DeFi projects.
In his previous role at DragonFly, Pack was an early-stage investor of many significant crypto projects including DeFi protocols MakerDAO and Compound Finance. He left the crypto investment firm in April, citing “a difference in vision on the direction of the firm,” though he stayed on as a part-time venture partner.
Huobi, along with other centralized crypto exchange giants, is rushing to reposition itself as an integral part of the exploding DeFi sector. Those semi-decentralized, blockchain-based lending and trading platforms have accumulated more than $10 billion in total value locked, most of which has occurred since the start of the second half of 2020.
Unlike Binance, the world’s largest crypto exchange by trading volumes, which has built a public decentralized blockchain to help support DeFi projects, the company behind the Huobi exchange has been focused more on incubating DeFi projects by funding, research and leveraging its established user base.
“Today there are two things: ‘CeFi’ [centralized finance] and ‘DeFi,’ in crypto parlance,” Pack said. “In the next 10 years, I think they will merge … and you will see companies that have wallets – Huobi already has a large wallet – do decentralized exchanges and decentralized versions of everything they offer. And you will see decentralized finance grow and mirror many of the aspects of centralized finance exchanges as well.”
“Huobi is one of the largest entities so it is in a perfect position to help this merging happen,” he added.
While current DeFi projects are still mostly centered around lending protocols and stablecoins, Pack said the particular type of DeFi projects he will initially look at are those that build synthetic assets on blockchains.
“The most interesting thing next that we are going to see are things in particular like synthetic assets, the ability to make a derivative or a synthetic version of anything: a stock, a bond, an entire fixed income space,” Pack said, “and then more products that support security, like insurance products, that makes it more trustworthy to enter into DeFi.”
Pack went quiet after he left Dragonfly Capital earlier this year. According to Pack, Huobi’s strong presence in Asia is also part of the reason why he decided to join.
“The most users and the most business model information and infrastructures are in Asia,” he said. “And yet, by far, the most interesting technology and the new frontier things are happening in the West. And I’ve always tried to be a bridge between those two areas.”
Ripple Move to UK or Singapore Possible After Garlinghouse Praises Both Regulatory Authorities
Ripple CEO Brad Garlinghouse pays tribute to the UK’s Financial Conduct Authority, as well as the Monetary Authority of Singapore.
In a tweet, Garlinghouse spoke highly of the way each regulatory authority oversees their respective territories. Going further, Garlinghouse said it’s no wonder that both the UK and Singapore have burgeoning crypto industries.
1/ UK’s FCA and Singapore’s MAS have been leaders for years in providing clarity on using/trading assets – no surprise that both countries have traditional FIs leaning into using this technology. DBS’ (pre)announcement today is a prime example. (1/2) https://t.co/xB3dUUG9sV
— Brad Garlinghouse (@bgarlinghouse) October 27, 2020
Ripple To Leave The U.S.?
The comments come as a follow on from Ripple’s threat to leave the U.S. over the lack of regulatory clarity.
News of this first gained widespread attention at the start of October, when Ripple CTO Chris Larsen voiced his increasing frustrations over the U.S.’s hostile stance towards the crypto industry.
Much of this frustration comes from, what Larsen perceives as, a regulatory body that favors Bitcoin and Ethereum. But, more than that, he said the upshot to all of this sees the U.S. far behind China in the “tech cold war“.
“Instead of pivoting to encourage U.S. innovation to keep up, they’ve done the opposite. They gave Bitcoin and Ethereum a pass, proof-of-work systems that benefit China, weirdly. But everything else is still in limbo, or worse, kind of regulated through enforcement.”
As a result, some observers have slammed Ripple over their threat to leave the U.S. But Garlinghouse was quick to defend the firm by deflecting blame on the Securities and Exchange Commission.
He then went on to say that “fleeing” the U.S. is not something he wants to do. However, given the state of the U.S. crypto landscape, he is forced to consider setting up elsewhere.
“Some have suggested Ripple is “fleeing” the US, let me unequivocally say this is absolutely not the case. We’re a proud US-based company, and would like to stay here but a lack of regulatory clarity and level playing field is forcing us to evaluate other jurisdictions.“
Fractured And Inconsistent Crypto Framework
To illustrate his point, Garlinghouse spoke about the lack of a single national crypto framework in the U.S.
“The lack of a single national regulatory framework is putting US innovation and US companies at a significant disadvantage. All we’re asking for is a level playing field – if we need to move to another country to get that, then that’s the path we will have to take.“
He added that eight different US regulatory bodies each hold a different view on the legal standing of crypto. And without a unified approach, conducting crypto business in the U.S. is a guessing game.
However, last week’s DOJ report lists 8 separate US reg bodies each with a different view: crypto is property, crypto is a commodity, crypto is a virtual currency, crypto is a security, etc. Regulation shouldn’t be a guessing game. https://t.co/B18ZIVodZC (3/5)
— Brad Garlinghouse (@bgarlinghouse) October 12, 2020
As well as the UK and Singapore, rumors have surfaced that Ripple is also considering Switzerland and Japan as possible destinations for a relocation.
XRP is currently trading in an ascending channel; breaking the $0.2550 level could see the start of a strong rally. Today, the price of XRP is down 3% to $0.2458.
Source: XRPUSDT on Tradingview.com
Best Time to Buy COMP, YFI, and UNI Token as the Price Falls
The crypto market is bleeding red again. Top currencies like BTC, ETH, XRP have seen a slight decrease in their prices. However, few currencies are standing strong and have a steady growth rate. Talking about Defi tokens, the prices of top decentralized finance (DeFi) tokens have declined significantly over the last month with few exceptions. …
The crypto market is bleeding red again. Top currencies like BTC, ETH, XRP have seen a slight decrease in their prices. However, few currencies are standing strong and have a steady growth rate.
Talking about Defi tokens, the prices of top decentralized finance (DeFi) tokens have declined significantly over the last month with few exceptions.
Today , DeFi prices have sunk following an extended sell-off, with most of the tokens trading as much as 10% down from their peaks.
Currently COMP, YFI and UNISWAP token price have plunged. Let’s us peel the technicals layers of each defi token.
Compound – COMP Price Analysis
After sailing calmy for days, COMP token price is back into rough waters.
Technically, the Compound token seemed hovering below a resistance level at $127.63 that coincided with the 23.6% Fibonacci level of the retracement graph from a swing high of $261.71 to a swing low of $86.21.
In the last 30 days, the COMP price reached $127 many times to break bullish. But failed to maintain the resistance. On Oct 28th, COMP’s explosive move towards support level met with extremely high selling pressure.
Thus, it became vital for COMP to invalidate $127 as its temporary resistance level to shift its primary upside target towards $153.25 at the 38.2% Fibonacci line. Otherwise, the token risked crashing back to its sessional low of $86.63 with an additional bearish sentiment below the level.
Yearn Finance – YFI Price Analysis
Since a few weeks, Yearn.finance’s YFI token has been facing a massive selloff, with its bulls unable to reach any momentum.
At the time of writing, Yearn.finance’s YFI governance token is trading down over 11% at its current price of $11,518.52. This is one of the lowest prices the cryptocurrency has seen in the time since it set its $45,000 peak a couple of months ago.
There have been multiple factors contributing to this weakness, including the DeFi downturn, less value being captured by the YFI token due to decreased yields on Curve, and a fragmented community.
Uniswap – UNI Token Price Analysis
At present UNI token is trading at $2.57 USD with 5% loss. According to coinmarket cap , the UNISWAP token is ranking at 34th position with $277,683,625 USD 24- hour Volume.
After bouncing off support at $2.5, UNI/USD is fighting to rise above the channel’s middle boundary.
The Relative Strength Index (RSI) gives credibility to the potential upswing following a change in its direction slightly above the oversold area.
The Moving Average Convergence Divergence (MACD) shows that buyers are in control. If gains above $3.0 come into the picture, UniSwap will likely shift the focus to $3.5.
Overall, it would be interesting to see how the tables turn. As Ethereum 2.0 is all set to launch on November 6th, we might see a Defi trend to start over again. Many analysts Predict that the ethereum based Defi Tokens can experience a massive bull run!
So, is this the perfect time to buy defi tokens ? share your views!
Blockchain1 month ago
Bitcoin price volatility expected as 47% of BTC options expire next Friday
Blockchain2 months ago
Market Wrap: Bitcoin’s Powell-Induced Price Swing; Ethereum Still High on Gas
Blockchain1 month ago
Bitcoin Bouncing From Bull Market Support Points To 2021 As The Year Of Crypto
Blockchain2 months ago
Blockchain Bites: Is DeFi an Inside Deal?
Blockchain1 month ago
Ethereum: Is the HODLing in yet?
Blockchain1 month ago
Hackers Have Been Trying To Crack Bitcoin Wallet Worth $750 Million But Here’s The Catch
Blockchain1 month ago
YFI Founder Puts Himself Forward for Uniswap (UNI) Delegation Duties
Blockchain3 months ago
Wealthfront Lures Millenials With Crypto Memes and Tactics