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Category: Crypto News

  • Record high open interest of $10 billion observed by Binance Futures

    Record high open interest of $10 billion observed by Binance Futures

    The rise of crypto derivatives is closely linked with the rise of the cryptocurrency market. The bull run since December of 2021 appears to still be sustaining with minor market retracements and the cryptocurrency market is not losing its appeal any time soon.

    Binance Futures, Binance’s cryptocurrency derivatives platform, has recently hit a record high open interest of $10 billion on Saturday with a yearly growth of a staggering 3,900%. The sharp increase in the value of derivatives that are not yet settled is indicative of the high capital inflows in the market.

    The derivatives platform has now over 180 pairs being offered. The record high open interest is attributed majorly to increased retail interest as Binance is regarded as the platform for retail investors. Increasing retail interest in the cryptocurrency sphere points towards the mass adoption of cryptocurrencies being sooner than expected.

    After establishing the record high 24-hour open interest, the exchange open interest moved lower than the $10 billion mark. However, the open interest stayed close to the $10 billion level – touching it several times.

  • Cryptocurrencies on the rise in India: Launch of NFT marketplace

    Cryptocurrencies on the rise in India: Launch of NFT marketplace

    India, the second most populous country, has been fighting for cryptocurrencies. The merging market has a gigantic gross product of $2.8 trillion and has the potential to become a true economic power. Unlocking the world of cryptocurrency to the huge population will mean extraordinary things for the cryptocurrency market.

    There has been a rampant increase in the demand for cryptocurrencies in India by Twitter users with the IndiaWantsCrypto hashtag having been trending quite a few times. WazirX – India’s largest crypto trading platform – has been showing phenomenal performance which is indicative of the rise in the popularity of cryptocurrencies in the country. The platform crossed $240 million in daily trading volume which is the highest recorded by any exchange in India.

    Launch Of NFT Marketplace In India

    The development team of the largest crypto trading platform, WazirX, has announced the launch of a NFT marketplace as well.

    NFT Marketplace tweet

    The Indian government has been wary of the cryptocurrencies and heated debates have ensued on the merits of banning cryptocurrencies. The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 proposed by the Reserve Bank of India extensively plans out the regulation of digital currencies while banning private coins entirely.

    Read More: Bitcoin (BTC) to overtake gold soon?

    Regulators throughout the world are confused about navigating through the tricky waters of the crypto world but seeing the interest of the masses. The growth potential of the fin-tech sector cannot be ignored by Indian regulators and, of course, the public interest.

  • Bitcoin (BTC) to overtake gold soon?

    Bitcoin (BTC) to overtake gold soon?

    Ever since the cryptocurrency craze has reached new levels, Bitcoin (BTC) – and other major cryptocurrencies – has exploded. Most cryptocurrencies are vying to reach for the moon – while some are closer than others. The king of cryptocurrency stands at $57k, teasing its all-time high level while the queen of the market – Ethereum – established a new all-time high at $2,135

    Various cryptocurrency investors and fans have been vocal about the potential of Bitcoin replacing gold as the safe haven asset. The major investment bank, JP Morgan & Chase Co., had stated in the beginning of the bull run the fight between Gold and Bitcoin has already begun.

    The coronavirus played a significant role in fueling the position of Bitcoin as a safe haven asset as the stock market throughout the world were in the grips of the bears while the cryptocurrency market was soaring high. The potential of the money that could have been made with investing stimulus checks in the crypto market made dollar signs shine in investors eyes.

    A Twitter user by the name of Spencer Schiff has furthered the duel between Bitcoin and gold with some statistics. Per Schiff, Bitcoin has gone up by 100% in the first quarter to 2021 while gold has declined by 10%. This shows the rising interest in Bitcoin as a safe haven asset.

    Bitcoin vs Gold

    Can Bitcoin (BTC) break through the stronghold of Gold?

    Through one lens, it seems plausible while not so much through another. Bitcoin and gold has no comparison through fundamentals. Whereas gold has intrinsic value, Bitcoin’s value is fickle. The high volatility and absence of any value may not allow the cryptocurrency to overthrow gold

  • Bridging crypto & stock market: Tenset launched on Uniswap

    Bridging crypto & stock market: Tenset launched on Uniswap

    Tenset or 10set is a deflationary token based on the Ethereum block chain. The project is a bridge between cryptocurrency and the stock market. Investors can place their money in a 10set token which is based on multiple projects – both cryptocurrency and stocks. Each token is going to be smartly backed by cryptocurrencies, as well as shares ultimately, to generate passive income.

    Tenset.io has officially launched on Uniswap – the popular decentralized cryptocurrency trading platform. The total supply of 10set is at 205 million while the current supply is at 81 million. 10set has already burnt 5 million tokens which is a good indicator.

    The first pair of tenset launched was 10set/ETH. Tenset.io after being on the Uniswap for just a day has already entered the top ten trading pairs at 6th place. The project is garnering increasing interest. The cryptocurrency also got featured on Cointelegraph, Korea and the excitement around the world for 10set is growing.

    Tenset
    Tenset
  • $8 million inflow into NFT marketplace Zora

    $8 million inflow into NFT marketplace Zora

    Zora is a marketplace for limited-edition goods. The marketplace utilized non-fungible tokens (NFTS) to launch the limited-edition items. NFTs allow the price to be dynamic – determined by the demand and supply of the item. Products go on sale before they are even ready to be shipped. Moreover, fractional trading enables users to speculate on the value of a product.

    The NFT market has been in a boom with every day celebrities, singers and other famous figures jumping in on the NFT bandwagon. Marketplaces, like Zora, are reporting phenomenal levels of funding and sales.

    According to documents from the US Securities & Exchange commission, Zora has been able to secure $8 million in fundings. In October 2020, Zora was able to secure $2 million in a seeding round. It is unclear, at the moment, whether or not the seed round funding is included in the SEC documents or not. Nonetheless, it portrays a vivid picture of the capital inflows to NFT marketplaces.

    The booming ecosystem of NFTs is hinting towards the NFTs dominating the ecommerce sphere in the near future.

  • Aave: Venturing into New Frontiers

    Aave: Venturing into New Frontiers

    Aave is a decentralized finance protocol which enables Ethereum holders to borrow and lend their cryptocurrencies in a decentralized manner. The native token of the network, AAVE is the largest DeFi token in terms of market capitalization. The algorithm-based money market obtains loans from a pool rather than from individual lenders.

    Exploring New Frontiers

    The success of the DeFi marketplace has led it to venture into other territories. The Decentralised Finance has gained popularity and its adoption does not seem to be slowing down any time soon. However, the high traffic led to congestion of the popular DeFi cryptocurrency, Ethereum, and other Ethereum-based cryptocurrencies, like AAVE. The high transaction fees have contrained the use of Aave to certain high-worth users which is against the fundamentals of the Aave network.

    The exploring New frontiers initiative is to solve this problem by working on scalability. The first implementation of the program is with Polygon (MATIC). Polygon is a sidechain of Ethereum with key features being fast and cheap transactions – which makes it ideal for Aave.

    The Aave market on Polygon will enable the use of MATIC as collateral. Furthermore, Chainlink will ensure the safety and security of the network. The Polygon Aave market will be launched with the assets, MATIC, USDC, USDT, DAI, WETH, AAVE and WBTC.

    A smart contract bridge will also be launched which will enable users to transfer their favourite assets to the Polygon block chain and a part of transaction fees of MATIC tokens will also be given to users in order to cover their transaction costs on the Polygon block chain.

    What does it mean for Aave?

    The Ethereum-based cryptocurrency established its all-time high in February at $542 and is trading at $385 at the time of writing. The price has been on an uptrend in the 24-hour timeframe. With the market sentiment bullish, and the new announcement of integration with Polygon, AAVE can be expected to continue its climb upwards. Polygon will ensure scalability of the Aave network and this has made the Aave community very excited for the things that are to unfold.

  • Shelley: The dawn of a new era for Cardano

    Shelley: The dawn of a new era for Cardano

    Cardano (ADA), the cryptocurrency ranked at 5th in terms of market capitalization, achieved full decentralization yesterday. With an all-time high of $1.42, Cardano stands at $1.19 – at the time of writing.

    Shelley: Complete decentralization of Cardano

    Shelley is the – or was – the next step in the development of the Cardano block chain. Cardanohas officially moved from a centralized ledger to a complete decentralized distributed ledger. Ouroboros – the first provable Proof of Stake protocol – has been successfully deployed. The transactions on the Cardano block chain are now verified without the need of any centralized authority. Ouroboros also ensures the process is done more efficiently – without employing as much resources as Bitcoin does with its Proof of Work mechanism.

    The percentage of tracsantions that are being processed by the genesis node has reached zero D=0, and the community pools of the network are now fully responsible for producing blocks on the Cardano block chain.

    What does Shelley mean for the future of Cardano?

    Ever since the announcement of the update, Cardano has been on an uptrend. Even though the cryptocurrency did suffer from some retracements, it was able to establish a new all-time high. Currently, the price is down by 1.2% in the 24-hour timeframe while the daily trading volume increased by around 10%. The Voltaire governance will be implemented through which the community will lead Cardano towards newer developments.

    IOHK, the developers behind Cardano, had justified the partial decentralization of the block chain but it was still a controversial topic in the cryptocurrency community as cryptocurrencies’ appeal lies in their decentralization. Despite the partial decentralization of the network, Cardano had been able to rise in the ranks of the market.

    With now ADA being fully decentralized, a further increase in the adoption of the cryptocurrency can be expected. Shelley is designed to bring greater security and robustness to the network by being 50-100 times more decentralized than other major block chains.

    What’s next?

    The extensive roadmap of the Cardano network has the next era Goguen planned to bring smart contracts, and hence decentralized apps, integration to the network. Followed by Basho which will focus on the scaling and the interoperability of the network. And finally, Voltaire governance system which will introduce voting and treasury system and will also mark the completion of Cardano becoming a self-sustaining system.

  • Top 3 Altcoins to watch in 2021

    Top 3 Altcoins to watch in 2021

    You really want to know what’s happening in the crypto world and which digital coins suit you best to buy this year.

    Back in 2017, when cryptocurrencies first surfaced on the bigger financial scale there were many speculations regarding their origin, security, and reliability. From an investor’s perspective, back then, things were much volatile and uncertain. But with passing time, things have changed in the crypto sphere.

    We have seen more adoption of altcoins from renowned global companies, financial services platforms, and governments. Bitcoin (BTC) has become a global phenomenon in the financial world. The emergence of Decentralized Finance (DeFi) will change the picture of financial services that are used in today’s modern era.

    In recent times, the financial services giants PayPal and Visa have started to allow their users to use altcoins for daily transactions. Moreover, CNBC has just learned that Goldman Sachs is close to offering its first investment vehicles for bitcoin and other digital assets to clients of its private wealth management group. This will be another major breakthrough for cryptocurrencies. So, in the middle of high expectations and a strong potential future, let’s have a look at the top three altcoins to watch for in 2021.

    Ethereum (ETH)

    Ethereum (ETH) is a smart contract platform for creating decentralized apps (DApps). The blockchain program comes up with its programming language known as Solidity. Ethereum is the second largest crypto by market cap and has grown massively since the start of the new year.

    Ethereum is the one who laid the foundation for DeFi and that’s the reason why a large portion of the DeFi ecosystem is based on Ethereum’s blockchain. According to analysts, after Bitcoin, Ethereum is the most interesting crypto in the space, especially the way it has popped up in recent times. So, Ethereum is definitely one of the best altcoins to look at in 2021.

    Cardano (ADA)

    Cardano (ADA) is a cryptocurrency network and open-source project that aims to run a public blockchain platform for smart contracts. It’s known for its innovative approach with its unique blockchain network.ADA is a proof-of-stake (PoS) blockchain platform: the first to be founded on peer-reviewed research and developed through evidence-based methods.

    Cardano is also one of the top-rated cryptos in the market and it has been in the picture along with top assets like Bitcoin, Ethereum, and others. For investors, Cardano has sparked a strong image with the ongoing bullish trend of the market. ADA is a must watch altcoin this year.

    Litecoin (LTC)

    Litecoin (LTC) is among the top-rated altcoins in the market and certainly one of the top altcoins to watch for in 2021. Litecoin has turned to be a great investment option over the past years. The reason Litecoin has grown into such a big network is that it’s one of the first alternatives to Bitcoin.

    Litecoin has a market cap of $12.9 billion and currently trades at the 9th spot in the market. The digital has much upside at the moment and seems a healthy investment option in the market.

  • Here are the hot airdrops currently going on

    Here are the hot airdrops currently going on

    BinanceAirdops: The leading cryptocurrency exchange actively rolls out airdrops. Some of the hot airdrops currently going on are:

    • Win and share $50,000 worth on Streamr (DATA) token: users have to transact 4000 DATA on DATA/USDT, DATA/BTC or DATA/ETH to randomly win a reward from a pool of $25,000 DATA.
    • TRU trading competition: Users have to create an account on Binance and trade 1,500 TRU or more to enter a pool of $10,000 TRU. The higher the transaction amount, the bigger the pool you qualify for
    • CHZ/EUR or CHZ/GBP: Deposit $100 or more and purchase CHZ with GBP or EUR. Alternatively, you can spot trade $100 worth of CHZ/GBP or CHZ/EUR to enter a pool of up to $50,000 CHZ.

    SATO Airdrop: The stable coin is launching an Airdrop of 5th April through 25th. The airdrop can be claimed through their website when it goes live.

    LOTTO Airdrop: The lottery token is giving away 400 LOTTO coins to the top fifty DeFi token holders. More information can be found on their airdrop page.

    BlockFi Airdrop: The platform is giving away $10 worth of BTC to all users who register and verify their accounts and deposit at least $100 worth of any cryptocurrency. 

    Morpher Airdrop: The zero-fee trading platform is giving away 100 MPH tokens to users who register and verify their accounts on the platform.

  • The ongoing, upcoming and past ICOs that are expected to perform really well

    The ongoing, upcoming and past ICOs that are expected to perform really well

    The high risk-high reward of ICOs intrigued us all, doesn’t it? We have compiled a list of ongoing, upcoming and past ICOs that are expected to perform really well if you are looking into investing in ICOs.

    Ongoing ICOs

    With just two days for the ICO to end, it has bagged a ranking of 4.50/5. MindSync is a decentralized artificial intelligence platform where anyone can take part. The platform will offer AI, ML or DS solutions to real-world problems that are developed by the community either for free or paid. The token will be used to reward developers on the platform.

    Another top-ranking ICO, Obortech, will be completed by 15th April. The project has a goal of $240,000, 6% of which has been achieved as of yet. Obortech aims to provide a digital ecosystem for all agents in the supply chain network to increase the ease of participation and collaboration.

    PointPay.iois the world’s first cryptocurrency bank. The PointPay Wallet and PointPay crypto exchange are being tested on the mainnet while the crypto bank is in its conceptualization bank. The block chain banking is the future of the world, according to PointPay and PointPay is leading the race. The ICO is set to end by the end of June and the crypto bank is expected to roll out by the end of the year.

    The ARNO ICO has a ranking of 4.20 while the ICO is set to end by October. The program is focused on providing solutions based on Nano technology to the various industries of the world.

    Counos Coin’s ICO will end by July 2025. The aim is to provide the safest and fastest cryptocurrencies. The network is also focused on increasing the interaction between buyers and sellers on the platform in order to increase collaboration.

    Upcoming ICOs to watch out for

    Libra wants to harness the power of technology in order to enable users to send and receive money cheaply and easily. For this, the project aims to build a global currency and financial infrastructure which will allow the flow of money to any corner of the world without any problems. Libra ICO has a rating of 4.63 and has the potential to become a successful ICO.

    Flow plans to roll out a next-generation block chain for games, apps and assets. The block chain is designed to be user friendly and highly scalable. The aim of the project is to empower developers on the block chain. Initiated by Dapper Labs, based in Canada, the ICO has a positive rating of 4.58.

    Jurais similar to Flow in terms of its vision. With the rise in use of block chain technology, many unseen problems have plagued its development. Jura aims to build next-generation blockchain technologies. Introduced by Jura Network, the technology is novel and users have high expectations from it.

    Quant has the aim to facilitate the integration of block chains and networks on a global scale. The project is the first operating system of the block chain. Built as a distributing ledger technology, the project is set to solve the interoperability problems faced by networks.

    Another upcoming ICO to watch out for is REMCO.It is the world’s first token generation platform for remittances. The network has had a successful private sale and the ICO is set to launch soon.

    Ended ICOs

    Some of the successful ICOs that has happened in the past are:

    • Telegram Open Network: a new cryptocurrency based on multi-block chain and proof of stake mechanism.
    • Spiking: An AI-driven encryption trading platform
    • Inlock: A cryptocurrency lending platform
    • Lapo Blockchain: A next generation cryptocurrency with a focus on speed and stability
    • Ingot coin: A blockchain ecosystem that links digital currency with existing financial markets through smart contracts