Harvard Endowment Invested up to $12.65M in Blockstack Token Sale

Harvard’s $37.1 billion endowment fund has reportedly invested $12.65 million in Blockstack.
The New York-based blockchain toolmaker lately applied with the Securities and Exchange Commission (SEC) to raise $50 million. The application submitted to the US securities regulator detailed the name of Blockstack’s advisory members. Among those names was Charlie Savaria, one of the recently appointed managing directors for the Harvard Management Company.
Mr. Savaria, according to the document, alongside other six advisory members purchased an aggregate of 95,833,333 BlockStack digitized equities, called Stack Tokens (STX). At the time of selling, the STX rate was $0.0132, meaning that Blockstack attracted as much as $12.65 million from its advisory board via the coin sale.
According to Anthony Pompliano, the co-founder of Morgan Creek Capital, Mr. Savaria could have at least invested $5 million in the emerging blockchain venture. NewsBTC could not verify the amount at the time of this writing.

BREAKING: Harvard’s endowment invested $5M – $10M directly into Blockstack’s token sale.
This means that one of the leading university endowments is comfortable holding tokens directly.
THE VIRUS IS SPREADING
— Pomp (@APompliano) April 11, 2019

Launched by computer scientists from Princeton University, BlockStack is developing a privacy-focused internet harnessing the underlying features of the blockchain technology. The startup already features 80 applications that do everything from managing work documents and offering subscription-based content services in a decentralized environment.
Blockchain raised $50 million last year in a venture investment round from Union Square Ventures, Y Combinator, Lux Capital, Naval Ravikant, and others.
Blockchain Unfenced
Harvard’s alleged investment in a blockchain startup followed its capital injection into two cryptocurrency funds last year. The outlook proved the university was gradually increasing its stakes in the blockchain industry despite skepticism. First Round Capital, for instance, surveyed 529 startup founders last December. It found that 87 percent of the respondents did not believe blockchain will succeed.
“Projects based on the elimination of trust have failed to capture customers’ interest because trust is [actually] so damn valuable,” stated Kai Stinchcombe, the co-founder, and chief executive of True Link.
Nouriel Roubini, a US-based economist who rightly predicted the 2008 financial crisis, said the blockchain’s recordkeeping ledger was no better than an MS Excel sheets.

Why blockchain is the most useless and over-hyped technology ever. Not a single properly useful and working application after billions literally wasted on vaporware by a self-serving eco-system.
The Big Blockchain Lie by Nouriel Roubini @ProSyn https://t.co/nqC2FsJtPl
— Nouriel Roubini (@Nouriel) January 10, 2019

The criticism was not able to put fences around the blockchain, anyway. The world kept taking notice of the technology’s trend, leading tech companies like IBM and Intel launching new projects in the space. Even banks like JP Morgan, that were once critical of Bitcoin, an open-source, decentralized payment protocol system based on the blockchain, announced their services powered by a similar tech – albeit closed-source.
Harvard’s alleged investment proved that investors were beginning to look beyond criticism and make the most out of the so-called blockchain frenzy.
Blockchain-Not-Bitcoin
Does the Blockstack funding round mean anything to bitcoin? Not in near-term at least.
The startup’s crowdfunding does not hold any promises to the most dominant asset in the cryptocurrency world. It is a straightforward fundraiser that focuses on raising capital so a startup could create its products and distribute its earnings among the stakeholders – the ones with the proof-of-ownership of STX tokens. Bitcoin does not get a mention anywhere.
Nevertheless, the report helps in making a case for Bitcoin’s long-term potential in the industry. It allows institutional investors to study its underlying technology and make their investment decisions accordingly.
The post Harvard Endowment Invested up to $12.65M in Blockstack Token Sale appeared first on NewsBTC.
Source: New feedNewsBTC.com

Bitcoin Price above $3,000 is Good News for Bulls: Analyst

Bitcoin price above $3,000 is good news for bulls, according to Crypto Michael.
The full-time trader and cryptocurrency commentator said bitcoin scaling between $3,000 and $5,000 was bullish, adding that a drop below $3,000 would result in an equally strong bullish makeover.
“The future perspectives of BTC are brilliant, and we’ll laugh about $5,000 in some years,” Michael predicted.

Reminder to everyone whose not trading.
Scaling in between $3,000 and $5,000 is very good. Lower than $3,000? Fine, use some to buy some.
The future perspectives of $BTC are brilliant and we’ll laugh about $5,000 in some years.
Never stress, patience & calmth. #TRADING
— Crypto Michaël (@CryptoMichNL) April 11, 2019

The $1,000-Bitcoin Prediction
The comments followed a $1,000 bottom target set by Tyler Jenks, the president of Lucid Investments, in the aftermath of April 11 bearish correction. The bitcoin price plunged from $5,471 to $4,975 on the day and formed a fresh lower low towards $4,911 this Friday. Jenks tweeted shortly after the drop that bitcoin was going to correct towards $4,000 and any failure to hold the level as support would extend bitcoin’s downtrend to as low as $1,000.
“I have not commented on Bitcoin since we broke up through the $4,000-4,200 resistance zone,” said Jenks. “I believe we are headed back down to that zone and it will not hold. New low [are] coming. [The] target of $1,000 unchanged.”
Jenks was not the first analyst to have predicted a bearish outcome. Data researchers at Bloomberg had earlier said that bitcoin would fall towards $1,500. The prediction came following bitcoin’s failed attempts to break a strict resistance area above $4,187. However, the asset broke out of it on April 2 in a surprising 23-percent jump.
But based on bitcoin’s yearly performance, it was still down 72.64 percent from its historical high.
Why is $3000-$5000 Range Bullish?
Bitcoin’s So-Called Bullish Range | Source: TradingView.com
The 2018’s most extended bearish phase brought every high capital cryptocurrency to its yearly low. For bitcoin, the low was $3,100. The area above the said level saw multiple downside breakout attempts since December 15. But each of them failed. On the contrary, every bearish effort met with a robust bullish response. The bitcoin price rebounded from $3,100 many times, as a result.
At the same time, each price action to the upside met with an equally strong resistance area – as explained above. Nevertheless, bulls were able to break above it on April 2. The trend needle shifted to the buy side of the market after that.
What the market is seeing now is bitcoin correcting lower from its overbought areas. The asset was trading at $5,086 during Friday’s trading session. It formed a lower high towards $5,109, without accompanying larger volumes. That explained traders’ cautious behavior around a potential support level at $5,000. Dipping below it will prompt bitcoin to support crucial support levels near 50-Day MA, 200-Day MA, and an ascending trendline forming since December 15 last year.
If price fails to bounce back from either of those support levels, then $3,000 will serve as the last resort. Bitcoin will test it and form a double bottom scenario. It would be a signal to reverse the momentum – a potential bullish action.
The post Bitcoin Price above $3,000 is Good News for Bulls: Analyst appeared first on NewsBTC.
Source: New feedNewsBTC.com

Here’s Why The Next Bitcoin Accumulation is Around the Corner

After a minor hiccup, the bitcoin price is looking to resume its rally with a 3.37-percent surge this Sunday.
The BTC/USD instrument was trading at $5,179, according to price average calculated by CoinMarket.com at 0910 UTC. Earlier on Friday, the pair had corrected lower to test $4,849 as potential support. The area saw buying orders outrunning the selling ones, indicating that a majority of investors were in no mood to exit the bitcoin rally on an interim session profit. On the contrary, they were speculating on an extended bull run – just like the one that took place on April 2 and 3.
Bitcoin Acculumation Period Near
Josh Rager, a cryptocurrency analyst with close to 29.4k followers, said the bitcoin price was going to trend as high as $150,000 by the end of July 2023. The trader studied the cryptocurrency’s earlier peak cycles, formed between 2014 and 2017 and each testing a new higher high. He later applied time-and-gains economics to predict the next potential peak, which resulted in $150,000.
Bitcoin Price Projections | Source: Josh Rager
Rager also defined levels that bitcoin would need to break to establish a long-term bullish momentum. It would, of course, happen when traders would feel comfortable in accumulating bitcoins upon a particular stage. Rager identified such buying sentiments by using two metrics: the 100-weekly moving average and the 200-weekly moving average. He stated:

“[In the] previous bear market, Bitcoin accumulated under the 100 MA & supported by the 200 MA. Similar accumulation could happen with 200 MA with the next uptrend starting after breaking above 100 MA. One possible scenario to observe [the] next few months.”

$BTC Accumulation W Chart
Previous bear market Bitcoin accumulated under the 100 MA & supported by the 200 MA
Similar accumulation could happen with 200 MA (wick below) with the next uptrend starting after breaking above 100 MA
One possible scenario to observe next few months pic.twitter.com/BHZ3YN6kHZ
— Josh Rager (@Josh_Rager) April 6, 2019

A Sharp Pullback
Rager’s comments followed when the bitcoin price had already jumped its 100-weekly moving average resistance. On the whole, the market appeared inclined towards $6,000 as their near-term target. Before the Bitcoin Cash hard fork spoiled the party, the bitcoin price was comfortably trending above the said level – and was even called the bottom by many crypto bigwigs, including Fundstrat’s Thomas Lee and Galaxy Digital’s Mike Novogratz.
It became likely for bitcoin bulls to reclaim $6,000 to reinject confidence in the market. At the same time, a mere rejection at the said level held power to push bitcoin back below where it is trading at press time.

Twitterati Crypto Michaël, a full-time trader at Amsterdam Stock Exchange, said bitcoin upside could face rejection in the near-term, leading to a drop. However, he supported Rager’s bullish views in the long-term, just differing with him when it came to the point of accumulation.
“Up to $6,000 to touch resistance briefly and then back down for new support (probably $4,200 – that’s why I don’t expect $4,200 to be tested now) and then this is most likely same yeah.”
The post Here’s Why The Next Bitcoin Accumulation is Around the Corner appeared first on NewsBTC.
Source: New feedNewsBTC.com

How’s Tron (TRX) Price Performing Following Tesla Controversy

Things turned sour for a promising blockchain project after its founder allegedly faked a Tesla giveaway competition.
Justin Sun, 29, promised his booming Tron project community that he would give away an expensive Tesla in a lottery. The Chinese entrepreneur asked participants to follow him on Twitter and retweet his message merely. On the day of the announcement, March 27, Sun randomly picked Twitterati UZGAROTH but later deleted his tweet citing glitch the selection process. The winner didn’t take it well and went out to expose the “scam.”

I really want to know if I am the #Tesla winner, I am very excited but I do not know why @justinsuntron deleted the message, can someone help me to be certain of this situation, I hope it is not a joke even with that thanks @Tronfoundation#trx #tron $trx #crypto pic.twitter.com/xNzElMSy8l
— XRP_UzGar -฿ TRX (@uzgaroth) March 28, 2019

The entire crypto community supported UZGAROTH’s claim following his series of tweets against Tron and Sun. Many called the founder a scam artist after Tron did another random selection process and allegedly rewarded the Tesla to a Twitter bot. Critics also targeted Sun for continuing to support over-hyped, fraud competitions. For instance, in December 2018, a $1 million hackathon sponsored by the Tron Foundation allegedly distributed fewer rewards for more winners.
Did TRX Market Suffer?
To cut a long story short, it did.
Soon after Sun announced the Tesla winner – what led to the fiasco altogether – the TRX/USD rate plunged from 0.024 to 0.023. That marked a 4.16 percent drop in two days. While the decline itself was tiny per the cryptocurrency market’s standards, the worrisome thing was rising volume to the selling side. It indicated that Tron investors were not taking the proceedings of Sun’s Tesla lottery competition very well.
Tron Volume Rose Towards the Bear Side Following Tesla Winner Announcement | Source: TradingView.com
As of now, Tron’s price action at its very best is choppy, fluctuating between a settled range as hourly volume remains low.
What’s Next for Tron?
Tron, as a project, remains a one-person show. And when the credibility of that man is at stake, investors are likely to keep their distance from his plan in the coming days. Justin Sun, nevertheless, is in the process of damage control. He reportedly agreed to reward UZGAROTH with a Tesla, according to the winner’s tweet. Sun also indicated that he would also give a Tesla to the Twitterati picked from the second lottery round.

This is a triumph of the whole #crypto community
thank you @justinsuntron
#Tron will be great !!!#bitcoin#XRP pic.twitter.com/kVi43o6QvW
— XRP_UzGar -฿ TRX (@uzgaroth) March 29, 2019

Many would see it as a win of the whole cryptocurrency community. But that doesn’t stop others from asking how Sun is funding these mega-expensive competitions. A spokesperson of Tron told media that giving away Teslas and $20 million in free cash was Sun’s initiative and no TRX tokens were at stake to fund the campaigns. But realizing that Tron is Sun’s self-funded project, the argument of Tron-not-funding-the-expensive-competitions does not fit well.
It is likely that the whole episode would soon fade over Tron’s upcoming announcements. But that does not deviate the concerns about how the blockchain project is growing its value bubble.
The post How’s Tron (TRX) Price Performing Following Tesla Controversy appeared first on NewsBTC.
Source: New feedNewsBTC.com

Crypto Prices May Be Down, But Industry Fundamentals Are Healthier Than Ever

The cryptocurrency market has been through the wringer over the past 15 months. The prices of most altcoins have plummeted by 90% or more from their all-time highs, and the king of crypto itself, Bitcoin, has declined as much as 85% as well.
But despite prices being far lower than they once were, the health of the industry itself is only getting stronger fundamentally, according to one cryptocurrency analysis firm.
Boston-Based Data Firm Reveals Crypto Industry Is Healthier Than Ever
While sentiment around the cryptocurrency market is still extremely bearish – and rightfully so considering the severity of the current bear market –the market is showing signs of maturing, and undeterred developers and users of top cryptocurrencies have continued to chug along.
The result is an industry that is a lot healthier than prices may reflect, according to Boston-based crypto analytics firm Flipside Crypto. The cryptocurrency number-crunching company has released what it calls the FCAS25 – an index that tracks the overall health of the crypto industry over time, using key metrics such as user activity, developer behavior, and market maturity.
Related Reading | Crypto Bull Returns, Predicts Targets For Bitcoin, Ethereum, Ripple, Litecoin
According to Flipside Crypto’s FCAS25, which is based on a “time-weight moving average” of 25 individual cryptocurrencies, the market health is far stronger now than it was one year ago, and is ten points shy of its previous all-time high.
The Coinbase Ventures-backed Flipside Crypto says that market maturity, one of the three key factors it uses to determine industry health, has actually fallen since the 2017 peak of the bull run. Since market maturity is tied to “conventional understanding and public perception of the crypto-asset space,” it is reasonable that it has declined ever since the media storm of 2017 that sent Bitcoin into the stratosphere and made it a household name.
Developer behavior has stayed relatively consistent, “gradually increasing among the Flipside 25 over the course of the last 2 years.” Flipside says that this demonstrates a “healthy commitment among the teams supporting the ongoing improvements to the top crypto projects.”

*Today's Daily Mover*: KIN (@kin_foundation). New integrations, mainnet launch, and developer programs have KIN fundamentals on the rise: https://t.co/t82zgmeY3F #crypto #data #fundamentals pic.twitter.com/rHP8bqMizL
— Flipside Crypto (@flipsidecryptod) March 28, 2019

User activity, has only grown significantly among “top projects,” the firm says. “This leads us to believe that while investor interest has perhaps waned since early 2018, the top projects have successfully increased on-chain traffic and utilization of their projects; a sign of underlying fundamental health.”
Flipside Crypto: The Cryptocurrency Industry is “Humming”
Flipside crypto calls their FCAS25 “a single, consistently comparable value for measuring cryptocurrency project health.” The formula uses a list of cryptocurrency projects that ebbs and flows based on their fundamental health. Together, they’re weighted to determine the overall health of the entire industry. The crypto industry, says Dave Balter, CEO of Flipside Crypto, is “humming.”
Related Reading | Fundamental Analyst: 90% of Smaller Crypto Projects Will Result in Complete Loss
“When cryptocurrency prices are down, everyone worries about industry health,” he explained. “But price is a poor indicator for whether cryptocurrency projects and platforms are gaining customers or delivering product to the market.  We developed the FCAS25 to provide clarity into the fundamental health of cryptocurrency organizations, that isn’t reflected in price.  The data proves the cryptocurrency industry is far from over.  As a matter of fact, it’s humming.” 
Featured Image from Shutterstock
The post Crypto Prices May Be Down, But Industry Fundamentals Are Healthier Than Ever appeared first on NewsBTC.
Source: New feedNewsBTC.com

Next Bitcoin Halving is Attractive for Investors, Says Top Asset Manager

Now is the right time for investors to create their core strategic positions in bitcoin, says a top asset management firm.
New York-based Greyscale Investments, backed by Barry Silbert’s Digital Currency Group, published an evaluative report detailing the historical correlation between bitcoin halving events and its price. The firm used those metrics to predict how the bitcoin price would react to the next halving event, which is going to take place on May 24 next year.
In retrospective, miners contribute computational power to confirm blocks on the Bitcoin network and add them to its public blockchain. The system automatically rewards them with newly issued bitcoin tokens. This reward, according to the Bitcoin’s original whitepaper, gets reduced by 50-percent every 210,000 blocks.
Since the Bitcoin network’s inception, there have been two such events: one in November 2012 and the other in July 2016. Each event reduced the bitcoin mining reward in half, thereby reducing the supply of BTC by half as well. Following the next bitcoin halving event, as mentioned above, the block rewards for miners will decrease from 12.5 BTC to 6.25 BTC.

Bitcoin's "block reward halving" is expected to take place in May 2020. What does it mean for the $BTC supply landscape? @Matthew_C_Beck looks into it in our latest note: The Next Bitcoin Halving https://t.co/8KP32EbS8D pic.twitter.com/UT8ZB7HEjP
— Grayscale (@GrayscaleInvest) March 19, 2019

Greyscale’s investment and research director, Matthew Beck, assessed that the upcoming halving could pose as an attractive entry point into bitcoin for investors, given they are ready to hold on to their investment over the years and have an appetite for high market risks. Excerpts from his report:
“For investors with a multi-year investment horizon and a high-risk tolerance, the confluence of discounted prices, improving network fundamentals, strong relative investment activity and the upcoming halving may offer an attractive entry point into Bitcoin. This is especially relevant for investors building core strategic positions in Bitcoin over time.”
The Fixed Supply Scenario
Looking through the historical bitcoin market reactions to halving, it became clear that the asset showed an upside momentum. In November 2013, for instance, BTC price surged from to $1,032, up 82.1-percent since the first halving. Similarly, a comparatively more excited bitcoin market experienced a 3x surge following the second halving event, jumping from $651 to $2,518 in just a year.
Historical Bitcoin Price Performances around Halving Events | Source: Greyscale Investments
Beck noted that the next halving would reduce the number of daily minted BTC from 1,800 per day to 900 per day. Based on the bitcoin closing price as of March 15 (~$3,876), the dollar-denominated bitcoin supply would decrease from $7 million per day to $3.5 million per day.
That covers one part of the equation: the supply. Now comes the demand.
Demand Side Unfixed
Bitcoin suffered considerable losses in 2018 owing to both internal and external fundamental factors. It is clear that investors dumped the asset fearing extensive losses. It is also evident that a long bearish market takes a considerably longer time to recover. The US housing market is one clear example which, eleven years after the global financial crisis, is still attempting to improve.
Bitcoin Network Activity Factor Return % | Source: Greyscale Investments
Bitcoin’s silver lining is regulation and institutional adoption. Beck noted the same and presented it via its proprietary factor model (above). He wrote:
“Improving fundamentals have generally been the trend, though temporary declines are typical. After taking a brief dip in the first half of 2018, Bitcoin network activity has stabilized and is starting to show modest increases over the last few months. Notably in the twelve-to-eighteen-month periods preceding the past two BTC halvings, a similar decline and subsequent rise occurred.”
Nevertheless, the bitcoin demand side suffers from ultra-fluctuation due to its unregulated spot markets. There is still no metric that could assess how many people are entering or exiting BTC markets on any timeframe. That has made big investors to keep their capital away from BTC markets, for they fear price manipulation at large scale.
On the whole, the supply rate could be bullish for bitcoin if demand surpasses it. Institutions like Bakkt and Nasdaq are building an infrastructure to attract significant monies. Rest assured, the next bull run remains a prophecy waiting to be fulfilled.
The post Next Bitcoin Halving is Attractive for Investors, Says Top Asset Manager appeared first on NewsBTC.
Source: New feedNewsBTC.com

Why Crypto Asset Enjin Coin Rose 25% in a Surprising Rally

As the top crypto assets hint to go down, one cryptocurrency is beginning the week with a bang.
Enjin Coin (ENJ) on Monday traded at $0.211, up 25% from the market open. Earlier today, during the Asian morning session, the crypto asset was trading at as low as $0.165. The price rally appeared majorly in the wake of a surprising volume surge in the South Korean markets. The move led ENJ-to-dollar rate above its new yearly high towards 0.227.
ENJ Price Rally | Source: CMC
Based on 24-hour live data, investors changed hands from/to Enjin Coin to the extent of $102.34 million, with 767,007,985 ENJ in circulation. Data on South Korean cryptocurrency exchanges Upbit and Bithumb showed South Korean Won as a maximally quoted asset against ENJ, amounting to almost half the total trading volume. Upbit also contributed 19.16 percent of bitcoin-enabled ENJ trades, revealing that many investors were shorting the ‘king cryptocurrency’ to speculate on ENJ.
Samsung Effect
The ongoing ENJ rally is reminiscent of a similar upside movement that took place on March 8. The ENJ/USD pair soared as high as 70 percent on that day soon after the Korean media reported a newly forged partnership between Enjin Coin and Samsung. The reports suggested that Samsung’s S10 flagship smartphones would feature an ENJ-enabled blockchain wallet. In a press statement issued after the media reports, Enjin’s VP of marketing, Simon Kertonegoro, confirmed a partnership. However, he refused to reveal the exact nature of their deal with Samsung.

Congrats to our partner @enjin for the wallet integration with Samsung Galaxy s10. We are super excited to be part of this mission to bring cryptocurrency/ decentralized token trading to mainstream users https://t.co/AUp1Usrbj8
— Kyber Network (@KyberNetwork) March 18, 2019

The ENJ/USD rate started correcting lower – as down as 33.5 percent – and found a support area above 0.151. From there, the pair moved horizontally in a right range until today’s rally took over the sentiment.
The half-baked downside correction revealed that traders were not simply dumping ENJ at its higher highs. On the contrary, it showed that investors were ready to purchase the crypto asset at new lower-lows and lower-highs’ formations, indicating that the Samsung effect is still in place.
A Bullish Sign in Near-term
Samsung’s involvement in the Enjin Coin market put ENJ in a fundamentally bullish position. The fact that its bearish correction didn’t pursue an extended move reveals positive trading sentiment among investors. At the same time, with almost 26 percent of traders exchanging BTC for ENJ explains that they want to try out coins with best-placed fundamentals over bitcoin’s potentially bearish action.
In technical language, ENJ has just broken out of a bull flag formation – a minor correction that takes place upon forming green candles. The breakout is bullish, purely from the traditional indicators’ point of view.
ENJ Bull Flag | Source: Binance
The coin is now looking at a session support level near $0.160. If it drops below it, then the market could signal an extended bearish correction towards $0.145. To the upside, $0.228 is capping the bullish moves.
The post Why Crypto Asset Enjin Coin Rose 25% in a Surprising Rally appeared first on NewsBTC.
Source: New feedNewsBTC.com

Bitcoin Average Daily Trading Volume Reaches New High Since 2018

Average daily trading volume of the world’s largest cryptocurrency Bitcoin has reached its fresh highs since April, 2018.
Independent crypto data researcher Kevin Rooke brought the community’s attention to bitcoin volume via his Saturday tweet. The analyst revealed that traders, in March, changed hands for/to the cryptocurrency to the extent of approx $10 billion. In comparison, those numbers were as low as $6.25 billion in November 2018, the month in which bitcoin price plunged 35 percent owing to the Bitcoin Cash hard fork fiasco.
Bitcoin Volume Since March 2018 | Source: Kevin Rooke
Through the Crypto Crash
In retrospective, the early 2018 drop in the cryptocurrency market didn’t just wipe off valuations but traders as well. Following the crash, lesser investors were entering the crypto market, including bitcoin. That was visible in the lower trading volumes between June 2018 and October 2018. Between that period, bitcoin managed to secure a stable support level near $6,000, even though the price formed lower highs on each bounce back action. In November 2018, Bitcoin broke the $6,000-support and eventually established a new bottom near $3,100 in December 2018.
The downside price action erred potential investors, indeed. Between November 2018 and January 2019, the average bitcoin trading volume was almost the same, showing poor traders’ presence in the market. However, in February, the numbers jumped to near $7 billion. And in March, they surpassed even the February’s impressive recovery.
“Bitcoin’s daily exchange volume is booming,” noted Rooke. “Volume has increased [approximately] 150 percent in the last five months. Average daily volume hasn’t been this high since January 2018. Only 9 days in the last [twelve] months had $10 billion-plus in volume – five of those days have been in March 2019.”

Bitcoin's daily exchange volume is booming
Volume has increased by ~150% in the last 5 months
Average daily volume hasn't been this high since Jan 2018
Only 9 days in the last 12 months had $10B+ in volume
5 of those days have been in March 2019 pic.twitter.com/0VE9bX9iGQ
— Kevin Rooke (@kerooke) March 16, 2019

Reviving Investors’ Presence
Volumes do not specifically signify a market’s bullish or bearish bias. But they do behave as indicators to confirm investors’ presence. Bitcoin has been a thinly-traded market despite its long-term bullish potentials. The 2018 crash didn’t do it any good. Negative media reports, followed by the world’s leading economists’ dismissive views, didn’t help to revive the bitcoin trading sentiment for most of the year. As a result, the cryptocurrency’s volume remained lower than it used to be.
However, since December 2018, bitcoin has attempted to fight its way back to the bullish zone. The digital asset’s rate against the US dollar recovered 18.23-percent since its so-called bottom formation at $3,100, according to data available at OnChainFx.com. Interestingly, the rise in bitcoin’s daily trading volume happened at the same time. That explained that more investors came inside the bitcoin market when it showed signs of recovery in January, which ultimately led to a volume surge in February and March.
Nevertheless, bitcoin exchanges continue to receive criticism for allegedly inflating their trading volumes artificially. A report published by Blockchain Transparency Institute revealed that most of bitcoin’s reported volume of CoinMarketCap.com was 99 percent fake.
“Over 80% of the CMC top 25 BTC pairs volume is wash traded,” the institute wrote. “These exchanges continue to use these strategies as a business model to steal money from aspiring token projects.”
If this is true, then it could pose a massive challenge for bulls to prove bitcoin’s long term bullish perspectives.
The post Bitcoin Average Daily Trading Volume Reaches New High Since 2018 appeared first on NewsBTC.
Source: New feedNewsBTC.com

Bitcoin Rallying Above $4,000 Could be Due to Bitmex Futures: Analyst

There is a noticeable correlation between Bitcoin’s latest jump and Bitmex Futures, believes Luke Martin.
The renowned cryptocurrency analyst said Thursday that Bitcoin price moved north right after Bitmex launched its September futures, XBTU19. Martin noted that the bitcoin market underwent a jump in volume and volatility after the XBTU19 went live. He also identified two similar events in the past in which the beginning of new futures contracts coincided with increased volatility and volume in the Bitcoin market.
Bitmex Futures and Bitcoin Price | Source: Luke Martin
Martin referred to a Bitmex June Futures contract (XBTM19) which went live on December 18, 2018. The bitcoin price rallied up to 34 percent after the futures trading began. In the same month, on 27, other Bitmex futures (XBZ18) expired. Soon after the expiry, the bitcoin price jumped 8 percent.
Marting considered those two events as pieces of evidence for a third-possible rally. On Wednesday, the crypto-analyst wrote that while he wasn’t sure about a rally, it was “reasonable to expect a higher chance of volatility and volume.”
Bitmex September 2019 Futures Launch
Bitmex XBTU19 started trading Friday. A day later, bitcoin price jumped above $4,000.
Bitcoin Price Jumped Above $4,000-Resistance on Saturday | Source: Bitfinex
“BTC move started right after new Bitmex quarterlies started trading,” Martin tweeted. “Identical pattern to the previous two events highlighted in the thread. Mark this on your calendars going forward as it’s clearly an event the market is paying attention to. Beautiful.”

5/ $BTC move started right after new Bitmex quarterlies started trading.
Identical pattern to previous two events highlighted in the thread. Mark this on your calenders going forward as it's clearly an event the market is paying attention to.
Beautiful. pic.twitter.com/SPUE6T3Tim
— Luke Martin (@VentureCoinist) March 16, 2019

BTCVIX Criticism
BTCVIX, a popular crypto Twitterati, criticized Martin’s analysis for using just two data points: June Futures expiry and December Futures open. The critic also noted that Bitmex bitcoin futures lacked substantial volume to have such a significant impact on bitcoin spot markets. At just 25-30 orders, there was no way bitmex futures traders could have fueled the bitcoin demand across exchanges.
Source: Twitter
“First of all you have literally [two] data points lol — and no one even trades that contract — I am looking at the time and sales right now and there [are] 25-30 orders in the last hour totaling not even $50,000 — your argument is complete shit.”
Martin held his guard, arguing that his analysis was more about spot traders’ psychological reaction to Bitmex futures contracts.
“It has nothing to do with volume or price of that contract,” he explained. “It’s how spot price, volume, and volatility reacted to a new bitmex contract beginning to trade. Exact same pattern for new contracts in the past. Or a contract expiration Market reacting to that more than CME or CBOE.”

You are correct, only 2 data points in the past I was looking at.
Regardless the relationship and reaction held true.
Maybe now you understand that I'm not making an argument, but presenting an objective observation of truth?
— Luke Martin (@VentureCoinist) March 16, 2019

Overall, the analysis attempted to present what could be one of the many million theories to predict bitcoin price action. In the end, the cryptocurrency remains an asset with one-too-many surprises under its sleeves.
The post Bitcoin Rallying Above $4,000 Could be Due to Bitmex Futures: Analyst appeared first on NewsBTC.
Source: New feedNewsBTC.com

Legendary Investor Marc Faber Just Bought His First Bitcoin

After being a bitcoin skeptic for almost a year, Marc Faber is willing to give the digital asset a try.
In an interview with Cash, the legendary investor and stock market expert said that he bought his first bitcoins in late February. He admitted that he wanted to learn more about how digital currency works, which led him to his first decentralized asset purchase. He also added that at circa $3,000, bitcoin rates “looked better” to him that at $20,000 more than a year ago.
“I was tempted to purchase bitcoin when it was available for $200. But I held myself from purchasing something that I didn’t fully understand,” Faber told Cash.

After a conversation with @wences (CEO of @xapo , who is a supporter of @21Lectures), the most well-known Swiss financial market expert Marc Faber has invested in #Bitcoin.Faber predicted the Stock Market crash in 1987 (Black Monday). Take note @Nouriel.https://t.co/EyfbK5S3yn
— Lucas Betschart (@lucas_lclc) March 8, 2019

The call-to-buy followed a year-long bearish market in which BTC lost approximately 79 percent of its market capitalization. The digital asset, for a brief time, maintained calm above $6,000 but poor fundamental dynamics created around November’s infamous Bitcoin Cash hard fork pushed the price to its 18-month low. Bitcoin has now located a new temporary bottom near $3,100 and, at the press time, it is priced at $3,867.
“In the last three months, bitcoin has surged 15 percent,” Faber noted.
Not a Bitcoin Bull
Faber warned that his followers should not presume his involvement in BTC as an endorsement. He stated that he remains unconvinced about the cryptocurrency. At the same time, Faber added that bitcoin could become “the standard for money transactions.”
Avid followers know Marc Faber as a cautious investor who tends to minimize investment risks. He is mostly known for predicting the 1987 stock market crash, also known as Black Monday. The accurate prediction earned him a lot of credits from his followers. He continued to be a central bank critic and blamed their monetary policies for every economic downturn.

Faber recommended his followers to remain cautious of bitcoin as an investment asset. He specifically addressed the young readers of his Gloom, Boom & Doom reports who, as Faber stated, encouraged him to purchase bitcoins.
“I would suggest to my followers that they invest such an amount in BTC that they can afford to lose,” said Faber. However, he didn’t reveal how many bitcoins he purchased.
Assets Outside Banking System
From an onlooker’s perspective, Faber’s entry into bitcoin is reminiscent of his earlier investment style. The financial expert recommends his followers to invest in assets that are outside the banking system. He admits that he purchases physical gold every month to protect his portfolio from the mainstream economy. He also believes that holding cash is stupid.
“Compared to other assets, money has lost a tremendous amount of purchasing power. It’s good to have a diversified asset outside of the banking system.”

Marc Faber on where printed money goes…It doesn't help the worker. #Inflation pic.twitter.com/qPTfDDEt9s
— John (@_real_John) March 10, 2019

Faber’s views certainly match the beliefs of crypto followers. They too want to reduce their exposure to mainstream economic policies. And therefore, they purchase bitcoin, an independent, non-government asset. In the end, Faber and the crypto community does not differ from one another, except in their choice of assets.
The post Legendary Investor Marc Faber Just Bought His First Bitcoin appeared first on NewsBTC.
Source: New feedNewsBTC.com

Stellar is Surging on SatoshiPay Acquisition Rumors, Is It Sustainable?

Following on from a generally quiet weekend, Stellar’s XLM continues a strong performance into Monday. This brings welcome relief to a project that had fallen sharply since last November when it was trading as high as 4,705 satoshis.
As of 08:00 GMT, XLM/BTC is trading at 0.0002678, up 25% from March 7th. During this time frame, 24-hour volume has increased by $77million, with Chinese exchange ZB.com currently accounting for the majority of the volume with its XLM/USDT pairing.

SatoshiPay Will Use Stellar’s XLM for Micropayment Solutions
On the 7th March, SatoshiPay announced details of a strategic partnership with German media outlet Börsenmedien AG. Both companies will collaborate to develop a micropayment solution. The proposal will allow users to purchase premium content, with a single click, on platforms owned by the publishing house.
In response to the news, SatoshiPay CEO, Meinhard Benn states:
“We are delighted to have gained Börsenmedien AG as a strategic partner that firmly believes in SatoshiPay’s vision — both, as an investor and as a content provider. The groups’ digital formats, such as videos, PDF downloads or e-books represent an ideal use case for our technology. We are looking forward to further develop our product in close collaboration with Börsenmedien’s editorial and product teams.”
Börsenmedien AG founder and CEO, Bernd Förtsch, discusses the intent behind the stake acquisition:
“[Currently] online content is either free and monetised through ads or charged for — in which case readers have to sign-up for a subscription or deal with paywalls. [But] there’s a gap in between: inexpensive content that can be purchased on a pay-per-article plan, without hassle. SatoshiPay’s nanopayment solution represents that missing link that fills the gap. We are excited about our stake in SatoshiPay, as well as the upcoming integration of their solution on our websites.”
Stellar Approval
The planned solution will utilize Stellar’s ledger to transfer payments from the user’s wallet to the publisher. Furthermore, this proposal will take full advantage of the low transactional costs of the network, and will also benefit from direct end to end transfer without a 3rd party intermediary.
Lisa Nestor, Director of Partnerships at Stellar commends the pairing in her most recent tweet:

Another great win for the #Stellar ecosystem! @SatoshiPay brings on a new investor and platform partnership. A big congrats from @StellarOrg https://t.co/p9idRqddMm
— Lisa Nestor (@nestorious828) March 7, 2019

She goes on to say:
“Enabling seamless micro-payments through a platform like SatoshiPay has tremendous value across industries and geographies. And enabling purchases of content is an obvious place to start. SatoshiPay continues to execute on their vision, signing on high-value partners like Börsenmedien AG. We are excited to see the company grow and continue to be a leader in the industry.”
Micropayments
The move by Börsenmedien AG to utilize micropayment solutions goes some way to addressing criticisms of cryptocurrency’s failure to integrate with everyday life. This represents a further development of the space, and a calculated move to capitalize on changing media consumption habits.
The post Stellar is Surging on SatoshiPay Acquisition Rumors, Is It Sustainable? appeared first on NewsBTC.
Source: New feedNewsBTC.com

How Bitcoin Price Could Go Higher Because of Increased R&D

Enough with institutional investments, bitcoin price may also surge higher because of an active research and development community.
At least that is what a recent study by Electric Capital indicates. The San Francisco-based crypto asset management firm found that the number of developers working on public blockchains doubled since 2017. As of January 2017, there were a total of 2,190 developers working across the public coin projects. That number increased to 4,352 by the end of January 2019. The gap hinted that cryptos’ underlying technologies were being developed at a full-scale despite bearish market conditions.
“The number of monthly active developers fell 4-percent while the markets fell more than 80-percent,” said Avichal Garg, the co-founder of Electric Capital. “Developers who entered the crypto ecosystem have continued to build despite market conditions.”
The number of developers working on public coin projects doubled approximately between 2017 and 2019 | Source: Electric Capital
Ethereum More Active than Bitcoin
The statement quickly followed the mentioning of those public blockchain projects whose development communities were the most active among all. Per Electric Capital, Ethereum attracted the biggest developer team, averaging 99 unique participants every month to build the core protocol. At the same time, Bitcoin came a distant second by drawing an average of 47 developers per month.

6/ If you consider TOTAL code developers (protocol + wallets, docs, APIs, etc…), @Ethereum still has the most developers. More than 200 developers/month are working on Ethereum.
Reminder: this is an undercount as it doesn’t include ecosystem devs like those working on @Truffle. pic.twitter.com/OLwuSTdD3i
— Avichal Garg (@avichal) March 7, 2019

“Bitcoin hasn’t fallen below 35 developers in the past year. Its developer ecosystem is in top health,” said Garg, adding that the development activity on some platforms, including EOS, Dogecoin, Litecoin, Bitcoin Diamond, and Bitcoin Gold, was either dead or close to nothing.
Dev Activity is Bullish
Independent research published in January 2017 found a direct relationship between development activity and positive weekly returns. Scholars Sha Wang and Jean-Philippe Vergne noted that an increase in crypto development activity by one standard deviation was giving a 9% weekly results.
“By using, for the first time, a unique measure of innovation potential, we find that the latter [developer activity] is, in fact, the most important factor associated with increases in cryptocurrency returns,” said Vergne, an associate professor at Ivey Business School, Canada.
Unlike a company, which usually hire private researchers and developers to oversee the improvement and innovation of their products/services, decentralized projects like bitcoin rely on voluntary participation. Time after time, developers submit their core upgrade proposals to bitcoin’s GitHub repository – called commits. The commits with maximum votes get integrated into the bitcoin mainframe. In return, their authors – the developers – receive a healthy bounty derived in value-carrying bitcoin tokens.
Sometimes, the rejected codes lead the authors to create their separate project. For instance, Roger Ver’s proposal to increase the bitcoin block size from 1 MB to 8 MB led him to create an altogether competing coin – Bitcoin Cash.
High voluntary participation indicates that the project in concern is going in the right direction. End users perceive such projects as more durable and robust. As a result, they become more confident in holding the project’s underlying asset.
That said, an increase in crypto development activities – in particular, bitcoin – is the most vital fundamental factor to consider. Active research and development is the key to attract significant monies to the sector, thus increasing the value of the underlying asset itself.
The post How Bitcoin Price Could Go Higher Because of Increased R&D appeared first on NewsBTC.
Source: New feedNewsBTC.com

Bitcoin Miners Capitulated in Dec 2018 and it Could Signal the End of Bear Market

The biggest discussion point around Bitcoin currently, is whether or not the first-ever cryptocurrency has bottomed or not, and if the bear market will soon be ending or if a lot more pain is ahead for crypto investors.
While many crypto traders and analysts are feverishly reviewing price charts and other important indicators searching for a sign, one particular analyst suggests looking at Bitcoin mining difficulty levels and potential capitulation by crypto miners as the signal the bear market has ended.
Bear Market Grand Finale: Break of $6K Caused Miners to Capitulate
Like any good fireworks display, the grand finale is a spectacle worth waiting for. As was the case throughout the crypto bear market, where powerful price swings over the course of 2018 ended with an explosive move below critical support and into the current trading range Bitcoin price is currently in.
The move below $6K was exceptionally violent due to a large number of stop loss orders being placed directly below the seemingly unbreakable support level. Buyers and bulls felt confident that the price would hold, but prepared for the worst by placing stop orders just below this level.
Related Reading | Peter Brandt Calls For 80%+ Bitcoin Price Decline Over A Year Ago With Chilling Accuracy 
When the worst-case scenario became a reality, the stop orders executed further propelling the price per BTC downward. But it wasn’t just investors, hedge funds, and other bulls that capitulated during the violent move.
Bitcoin miners were also forced to sell off their holdings or risk having the price per BTC fall too low and remove any chance for maintaining profitability. The fallout experienced by Bitcoin miners may have signaled the end of the crypto bear market of 2018 and 2019, according to one crypto analyst.

ICYMI: the biggest #bitcoin sellers, miners, have already capitulated in Nov/Dec 2018. Miners have switched off old mining hardware because of low prices and difficulty has adjusted downwards. In 2011 and 2015 downward difficulty adjustment signaled the end of the bear market .. pic.twitter.com/yOZL26aqYC
— planB (@100trillionUSD) March 3, 2019

According to Plan B, Bitcoin miners, the “biggest Bitcoin sellers,” have “already capitulated.” He further explains that due to the price being so low compared to the cost of mining a BTC, miners have “switched off old mining hardware” and “difficulty has adjusted downwards.”
Most chartists look to past Bitcoin bubbles to get an idea of how the aftermath of the most recent bubble pop may play out. Rather than look at the MACD, RSI, or other price-related statistics, Plan B’s chart depicts spikes downward in BTC mining difficult adjustments. When comparing the most recent capitulation event against previous bear market bottoms, the downward movement in this key metric could be the signal everyone is looking for that suggests the current bear market bottom is in.
Halving: More Evidence That the Bear Market Tides Are Turning for Bitcoin
Data shows that Bitcoin miners are clearly tied to Bitcoin price in a variety of ways. Not only could miner capitulation signal the bear market has ended, but the block reward miners receive could be the key to unlocking the next bull run.
Another chart shared by Plan B shows in different shades of color the proximity to Bitcoin’s “halving” date. The closer price gets to this halving date, the higher the price per BTC begins to trend upward.

#bitcoin chart update: 14 months to halving. Note that 2011 bottom was at 12 months, and 2015 bottom at 10 months before halving .. pic.twitter.com/Vxp41PlX4J
— planB (@100trillionUSD) March 3, 2019

According to the chart, the 2011 bear market bottom was at 12 months out from halving, and in 2015 the bottom was 10 months away from halving. When comparing the amount of time in proximity to past bear and bull cycles, Bitcoin may be anywhere from 2- to 4-months away from slowly returning to a bull market.
Related Reading | Poll Reveals Majority of Crypto Investors See Bitcoin Price at $100,000 to Millions Long-Term 
Each halving reduces the BTC reward miners receive for validating each new block. In the coming halving, the 12.5 BTC reward will be cut in half to 6.25 BTC. The lowered Bitcoin supply stream flowing into miner’s wallets helps to reduce sell pressure on the market, and demand eventually takes over supply and the price grows exponentially. When this begins to happen again, FOMO should return to the market in a massive way, potentially taking Bitcoin to $100,000 to “millions” per BTC, investors believe.
The post Bitcoin Miners Capitulated in Dec 2018 and it Could Signal the End of Bear Market appeared first on NewsBTC.
Source: New feedNewsBTC.com

Fundamentals Grow While Bitcoin Price Stagnates, Where Does BTC Go From Here?

There’s no denying that Bitcoin is at a critical junction in its young ten-year lifecycle as a financial instrument and emerging technology. After becoming a household name in 2017 during the media storm and bull run to an all-time high Bitcoin price of $20,000 per BTC, the leading cryptocurrency erased much of the gains it saw during that time, and has recently stagnated as the market decides where it goes next.
But as Bitcoin price consolidates and struggles to revive the bullish momentum it once had, fundamentals are growing stronger than ever as the crypto community continues to work and build infrastructure and improve upon second-layer technologies that’ll help Bitcoin achieve its ultimate use case as a store of value, a global currency, or one of the many other problems the crypto may solve. With so much potential, speculators are left wonder where BTC will go next.
Stronger Than Ever: Bitcoin Fundamentals Today Versus One Year Ago
As Bitcoin gets sandwiched between two important moving averages and nearly all longer term indicators suggest that the bottom of the current bear market is either in or at least near, crypto Twitter has been filled with analysis from cryptocurrency traders – bulls and bears alike.
While sentiment is at an extreme low – the complete opposite of the irrational exuberance found back in December 2017 when Bitcoin went parabolic – fundamentals have never been stronger for the first-ever cryptocurrency.

Just look at the Bitcoin stats 12 Months on.
pic.twitter.com/K1QvhGWXlc
— fil₿fil₿ (@filbfilb) March 1, 2019

In a recent tweet by crypto analyst Filbfilb, the professional trader shared an excel spreadsheet screenshot that compared the current state of Bitcoin fundamentals on February 28, 2019, compared to February 28 of last year. The progress being made in BTC-related fundamentals is undeniable.
Related Reading | Strong Fundamentals: Bitcoin Daily Transactions Return to Bull Run Levels
The daily hash rate has increased by 84% year-over-year, while daily transactions are up 94% on the year. At the peak of the last bull run, BTC transaction fees skyrocketed as the network got congested under the load of new investors. Fees have dropped 90% year-over-year. Even trading volumes have grown 19% since one year ago.
Clearly, fundamentals suggest the Bitcoin is the strongest its ever been from that perspective. The fundamental growth and strength, however, is definitely not reflected in the current price.
Building a Base: Where Does Bitcoin Go From Here?
Given fundamentals growing at such a rapid pace while Bitcoin price diverges, eventually price will again follow the path of fundamentals and will return to growth. A recent poll showed that the majority of cryptocurrency traders believe that Bitcoin price will eventually reach $100,000 to “millions,” but what might price action look like during the next bull run?
Related Reading | Poll Reveals Majority of Crypto Investors See Bitcoin Price at $100,000 to Millions Long-Term 
One analyst believes that during the next market cycle, the cryptocurrency will make $10,000 per day movements.

In the 2014 bull market, we saw price swings of +/- $100 per day for the first time ever. In 2017, we saw price swings of +/- $1,000 per day. In the next bull market, we'll see price swings of +/- $10,000 per day. #bitcoin
— A v B (@ArminVanBitcoin) March 1, 2019

Prominent crypto analyst ArminVanBitcoin shared his thoughts on this trend, pointing to past price swings in previous bull markets. The analyst believes that price action will also naturally process in such a way that mimics past bull markets. In his example, he points to the 2014 bull market, where Bitcoin would have $100 daily price fluctuations, as well as the 2017 bull market, where we’ve seen $1,000 price fluctuations per day.
In the next bull market, he believes that Bitcoin will experience $10,000 per day price swings. At Bitcoin’s current price of $3,800 per BTC, that seems unimaginable. But at the prices that most crypto investors believe each BTC will reach, a $10,000 price swing would be a mere 10- to even 1% movement.
The post Fundamentals Grow While Bitcoin Price Stagnates, Where Does BTC Go From Here? appeared first on NewsBTC.
Source: New feedNewsBTC.com

Binance to Give Away $100,000 in BNB to Test its Decentralized Crypto Exchange

Binance, the world’s largest crypto trading company by volume and geographical presence, is giving a rare offer to its users: get paid for testing its newly released decentralized exchange.
The Malta-based startup announced Friday that it is going to distribute $100,000 worth of rewards in its “testnet trading competition.” The round will allow participants to create a wallet and exchange tokens on the Binance decentralized exchange (DEX) testnet.

To test the hell out of @Binance_DEX, we are giving away roughly $100,000 USD equivalent, in REAL $BNB, as reward for our testnet trading competition.
You have nothing to lose!
Come and join the fun, and help us launch the mainnet faster! https://t.co/2NK8LVVAGY
— CZ Binance (@cz_binance) March 1, 2019

Binance Chain Launch
From what it indicates, traders with accurate strategies would take home a decent number of Binance’s BNB tokens. At the same time, having more traders on the DEX testnet will allow Binance to monitor the platform for potential anomalies, as it prepares the DEX for a full-fledged launch this year.
“We try hard to disrupt ourselves, improve ourselves, and push the industry forward,” Changpeng ‘CZ’ Zhao, the CEO of Binance, told NewsBTC in an exclusive interview, adding that Binance DEX is their one of many attempts in introducing blockchain technology to the world.
CZ highlighted that the launch of Binance DEX would accelerate the launch of Binance Chain, a new public blockchain that would match trading orders taking place on the DEX.  Without need a middleman, the chain would record all DEX transactions, forming a complete, auditable ledger of activity.
“We will leverage any and all of our resources to push the Binance DEX forward. In this instance, Binance.com is sponsoring a trading competition and bounty programs to help the development of Binance DEX. We hope this competition will help us iron out any remaining issues, and speed up the launch of the Binance Chain mainnet. Please join the competition, there is no cost. You trade with testnet tokens, to win real BNB!”
In his earlier comments, CZ said that Binance Chain would be way faster than other public blockchains.
“Binance Chain has near-instant transaction finality, with one-second block times,” CZ claimed.
As of now, Bitcoin’s layer-one blockchain takes an average of 10 minutes to confirm a transaction. In the case of Ethereum, a trade takes about 20 seconds for network confirmations.
BNB Rises 5%
The announcement of $10,000 giveaway competition led BNB to trend in the market’s positive territory today. While a majority of top cryptocurrencies underperformed, the BNB/USD exchange rate surged 5 percent, according to a 24-hour adjusted performance data by CoinMarketCap.com.
Source: CoinMarketCap.com
The pair is currently trading at a bid rate of 10.97, while its market capitalization is hovering around $1.57 billion. Meanwhile, the BNB’s bullish performance prompted Binance to beat Bitcoin SV and Cardano to claim the 10th largest coin position.
The successful launch of Binance DEX and Binance Chain could further improve the bullish sentiment for BNB. That explains why more traders are flocking towards the exchange’s native token as Bitcoin and Ethereum trend sideways.
The post Binance to Give Away $100,000 in BNB to Test its Decentralized Crypto Exchange appeared first on NewsBTC.
Source: New feedNewsBTC.com