Tag: Aavebtc

21Shares Adds Aave, Chainlink, and Uniswap ETPs on BX Swiss

by CryptoPotato

21Shares AG – a Switzerland-based investment product issuer – announced the listing of three new cryptocurrency exchange-traded products on the BX Swiss. Aave, Chainlink, and Uniswap are respectively the underlying assets of the ETPs.

Additionally, the global investment manager – VanEck – introduced its first multi-token cryptocurrency fund.

Diving Deeper into ETPs

According to a recent press release, 21Shares has doubled down on its digital asset endeavors by rolling out three more exchange-traded products based on cryptocurrencies. The ETPs are now listed on the stock exchange operator BX Swiss and track the performance of the following projects: Aave, Chainlink, and Uniswap.

The company described the first as “the forefront of decentralized finance through its open-source, non-custodial liquidity market protocol.”

Chainlink, in turn, is among “the most sophisticated networks” which has grown to encompass a significant number of use cases for DeFi, NFTs, and gaming applications, 21Shares outlined.

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Uniswap delivers liquidity and trading for tokens of the Ethereum blockchain. The rapid development of the project has allowed its ecosystem to integrate more than 300 applications, compassing for a trading volume of over $750 billion.

Hany Rashwan – CEO and Co-Founder of 21Shares – pointed out that the most recent listings will enable investors to gain greater access to the crypto world.

“This is another exciting addition for us as we continue to expand our massive product suite,” he emphasized.

At the end of 2021, 21Shares listed its first physically-backed ETNs on Nasdaq Stockholm. The underlying assets of the products were Bitcoin and Ethereum, as they came under the ticker symbols ABTC and AETH.

As of February 2022, the Swiss organization manages over $2 billion in 26 cryptocurrency ETPs and 87 listings, including the only ETP tracking the world’s leading crypto exchange – Binance.

VanEck’s Newest Fund

According to a separate press release, the New York City-based financial institution with more than $80 billion in assets under management (AUM) has launched its first multi-token digital asset fund.

The product is listed as an ETN on the SIX Swiss and Deutsche Borse Xetra exchanges and provides European investors exposure to Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Polkadot (DOT), Polygon (MATIC), Tron (TRX), and Avalanche (AVAX).

Gijs Koning – Co-Head of VanEck Europe – reminded that his company had been an advocate of the cryptocurrency industry since 2017 when few enterprises believed in its merits.

“We were first to market in Europe with many of these exposures because we’re believers in the transformative nature of the underlying technologies and because providing exposure to transformative investments is at the core of our firm’s DNA,” he underlined.

While initiatives on European soil are thriving for VanEck, this is not the case for its endeavors in the United States. Last year, the firm filed with the SEC to launch a spot Bitcoin ETF, but the financial regulator eventually rejected the proposal.

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Bitcoin Spiked to 10-Day High: Solana and Terra (LUNA) Explode 17% (Market Watch)

by CryptoPotato

After dipping below $37,000 yesterday, bitcoin went on the offensive and added more than $2,000 in hours to tap a new 10-day high. The alternative coins are also well in the green, with notable gains registered from Ethereum, Solana, Terra, and others.

Bitcoin Taps $39K

The past several days have been highly volatile for the primary cryptocurrency. Just on Thursday, it dipped to $35,500 on two separate occasions before it started to regain some value and touched $38,000 during the weekend.

It even spiked to $38,600 as reported on Sunday, but the bears stepped in and didn’t allow any further gains. Just the opposite, they pushed the asset south, and BTC dumped below $38,000 hours later.

The situation worsened yesterday as bitcoin dropped by another $1,000. However, this is where the bulls came to play. In the following hours, BTC started to regain value rapidly and exceeded $38,000.

Moreover, it initiated another leg up that resulted in briefly touching $39,000, which became the highest price tag in about ten days. As of now, bitcoin has retraced slightly, but its market capitalization has shot up to well above $700 billion.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins See Green

The alternative coins bled out yesterday, but most are well in the green now. Ethereum leads the way with a massive 10% increase that has driven the second-largest crypto to just shy of $2,800.

Binance Coin, Cardano, and Dogecoin have recorded more modest price gains of around 4% each. More increases come from Ripple, Avalanche, Shiba Inu, MATIIC, Polkadot, CRO, and others.

The most significant gainers from the larger-cap altcoins are Solana and Terra. Both have jumped by around 17% on a daily scale. As a result, SOL has reclaimed the coveted $100 mark, while LUNA sits above $50.

More daily increases come from LooksRare (19%), Osmosis (15%), Mina Protocol (14%), Cosmos (14%), Aave (13%), Gala (12%), Curve DAO Token (11%), and others.

The crypto market cap is up by around $100 billion in a day and sits close to $1.8 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.





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Market Watch: Bitcoin at $47K, DeFi-Based Tokens AAVE and UNI Spike 8%

by CryptoPotato

Bitcoin continues to consolidate around $47,000 after failing to overcome $48,000 hours ago. Most altcoins are also untypically calm since the start of the new year, with a few exceptions. Some DeFi tokens, such as UNI and AAVE, have charted more impressive gains.

DeFi Coins on the Rise

Although the altcoin space is generally known for its enhanced volatility, the first three days of 2022 have been quite the opposite as most assets have remained calm.

Ethereum continues to dabble with the $3,800 line. The second-largest crypto surpassed that level yesterday but has declined slightly since then and now sits just shy of it.

Binance Coin finds itself trading at a similar position as yesterday at around $525. Polkadot and Terra are slightly in the green, while Solana, Cardano, Ripple, Avalanche, Dogecoin, and Shiba Inu have registered minor losses.

The most significant gainers come from the DeFi industry. Yearn.Finance’s native token leads the trend with a 12% increase. As a result, YFI has surpassed $40,000.




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Aave follows with a 9% jump to $275. Uniswap is next as an 8% rise has driven UNI to above $18.

The cryptocurrency market capitalization has remained still on a daily scale at just under $2.250 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Bitcoin Sits Around $47K

The primary cryptocurrency last experienced high price fluctuations at the end of 2021. A sudden price pump took it from below $47,000 to a high of $48,500, but the bears were quick to intercept the move.

In the following hours, they pushed the asset down by approximately $3,000, and BTC bottomed below $46,000. As reported yesterday, bitcoin started to recover and traded around $47,000.

In the past 24 hours, BTC initiated another leg up that resulted in touching $48,000. However, it failed to breach that level, and bitcoin now trades around $47,000 once more. Consequently, its market capitalization has remained stuck below $900 billion 13 years after the network launched.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

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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.




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by CryptoPotato

The market may have corrected in the past couple of hours, but 1inch token and AAVE are doing rounds against the tide. The former surged by as much as 96%, while the latter – by 37%. This happened as Korea’s leading cryptocurrency exchange – Upbit, listed the tokens for trading.

  • As CryptoPotato reported earlier today, the total cryptocurrency market tumbled in minutes as bitcoin’s price slid below $60K and reached as low as $58K.

  • All altcoins followed suit, with most charting double-digit declines with a few exceptions, such as SHIB.

  • However, two other cryptocurrencies that not only didn’t decrease but surged massively, in turn, were 1inch and AAVE.

  • 1inch, the native token of the popular 1inch DEX aggregator, surged by almost 100%. The cryptocurrency charted a new all-time high at $8.65 (according to CoinGecko). The price has now corrected a bit but is still up considerably.

img1_chart
Chart by TradingView

  • Another one that increased substantially was AAVE – the governance token of the popular decentralized lending protocol, Aave.

  • It surged by about 37% at one point, but it failed to come close to its all-time high, which is set at around $660 five months ago.

  • All of the above came immediately after Upbit – Korea’s leading cryptocurrency exchange – announced that it will list both tokens to its platform and open them for trading.

  • The exchange opened both BTC and KRW markets, and traders were able to deposit 30 minutes following the notice.

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Bitcoin Plunges Below $60K: Shiba Inu (SHIB) With Another 20% Daily Surge (Market Watch)

by CryptoPotato

After an unsuccessful attempt to overcome $64,000, bitcoin has retraced once again below $60,000. While most alternative coins are also in the red, Shiba Inu has gone on another tear with a massive double-digit price surge.

Bitcoin Dumps Below $60K

After last week’s all-time high at $67,000, bitcoin started to retrace gradually and dipped below $60,000 several times in the following days. Following the weekend’s drop, though, the situation changed, and BTC climbed to and above $63,000.

This is where the cryptocurrency was situated yesterday as well before it swung unsuccessfully at $64,000. The inability to continue upwards, though, changed the tides.

Bitcoin lost a few thousand dollars in the following hours and stood just above $61,000. However, it dumped by more than $3,000 minutes ago to its lower price level since October 15th at $58,000.

As of now, it has reclaimed approximately $1,000 but still stands well below $60,000. This enhanced volatility has caused a large number of liquidations for leverage traders. Bybt data shows that the 24-hour liquidations have surged to over $750 million.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins See Red: Not Shiba Inu and Aave

Similarly to BTC, most alternative coins also dumped hard. Ethereum slid below $4,000 after coming just inches away from a new all-time high again hours ago. However, ETH has so far been unable to break its previous record, and the subsequent rejections have driven it south hard.

Binance Coin, Polkadot, and Chainlink are the only other top-ten coins with single-digit price drops. In contrast, Cardano, Solana, Ripple, Dogecoin, Terra, and Avalanche have all dumped by double-digit percentages on a 24-hour scale.

Yet, there’re a few obvious exceptions. Shiba Inu has surged by another 20% in a day to above $0.00051. Moreover, SHIB’s gains were well above 30% just hours ago – before the market-wide crash. Consequently, the meme token charted a new all-time high – again.

The other one is Aave, which has also surged by 20% on a 24-hour scale and currently stands above $400.

More losses come from Fantom (-20%), ICP (-18%), EOS (-18%), Harmony (-17%), Curve DAO Token (-17%), Filecoin (-16%), Ethereum Classic (-16%), Elrond (-16%), THORChain (-15%), and many more.

The cryptocurrency market capitalization lost nearly $200 billion from yesterday’s peak to today’s low and is just over $2.4 trillion now.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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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.




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Crypto Markets Lose $100B: ETH Beneath $3K as BTC Failed at $44K (Market Watch)

by CryptoPotato

After failing to overcome $44,000 decisively, bitcoin has retraced once again to around $42,000. Most alternative coins have also bled out in the past 24 hours, with Ethereum struggling well below $3,000.

Bitcoin Falls to $42K

The past several days have been quite volatile for the primary cryptocurrency. It had just recovered from the drop below $40,000 and was riding high on Friday at $45,000 when a new set of Chinese FUD pushed it south once more. In just a matter of minutes, BTC plummeted by $4,000.

The weekend started on a more positive note, and bitcoin bounced off to $43,000. However, Sunday begun with a massive dump to $40,500 before a sudden price surge drove the asset to above $43,000.

The bulls drove it a step further on Monday, as reported, and BTC tapped a three-day high of $44,300. However, it failed to remain there and started to lose value gradually in the following hours.

As of now, BTC has dropped below $42,000 once more, and its market capitalization stands beneath $800 billion.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins Covered in Red

As it typically happens when BTC heads south, most of the altcoins follow suit. Ethereum leads the adverse trend with a 6.5% drop. Just a few days ago, ETH was well above $3,100, but it’s now down to approximately $2,900.

The rest of the larger-cap alts are in a similar situation. These include Cardano (-5%), Binance Coin (-5%), Ripple (-4%), Solana (-3%), Polkadot (-7%), Dogecoin (-3%), Avax (-3.5%), Luna (-3%), and Uniwap (-5%).

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Even more losses are evident from the lower- and mid-cap alternative coins. Perpetual Protocol has dropped the most in a day (-15%) to $15. Celer Network (-12%), Arweave (-11%), Curve DAO Token (-10%), ICON (-10%), SushiSwap (-10%), Hedera Hashgraph (-10%), Aave (-10%), and Algorand (-10%) are next.

As such, the cumulative market capitalization of all cryptocurrency assets has declined by $100 billion from yesterday’s peak to $1.850 billion.

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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.




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Bitcoin’s Dominance Declines as ETH Reclaimed $3,500 (Market Watch)

by CryptoPotato

Bitcoin’s recent struggles continued in the past 24 hours as the asset dropped to a five-day low of around $46,500. In contrast, some alternative coins have been on the rise. Ethereum is a prime example as it jumped above $3,500 for the first time in more than three months.

ETH Above $3.5K; DOT Spikes 10%

It’s safe to say that most altcoins have been outperforming Bitcoin in the past few weeks. Ethereum, for instance, had dropped below $3,200 on Monday. However, the second-largest crypto has added more than $300 since then.

As a result, it breached $3,500 for the first time since mid-May, and it still trades above that level.

Ripple has gone up by a similar percentage as ETH in the past 24 hours and tapped $1.2 hours ago. Even more gains are evident from Polkadot and Uniswap, both of which have surged by around 10% in a day. Interestingly, DOT and UNI have also reclaimed $30.

Binance Coin and Dogecoin are slightly in the green, while Cardano – another recent high flyer – has stalled around $2.8.




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Solana, which has marked consecutive all-time highs lately, has retraced by 8% in a day to around $110.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Revain has added the most value on a 24-hour scale with a 22% surge. Kusama, whose next parachain auctions start today, has gone to a multi-month high of over $400.

OKB, Elrond, Aave, and Arweave have also charted double-digit price increases, but the cumulative market cap has remained below $2.1 trillion.

Bitcoin’s Dominance Suffers

While some alts are heading north recently, bitcoin has struggled. The primary cryptocurrency failed at remaining above $49,000 during the weekend as the bears came back to play.

In the following few days, BTC firstly dipped below $47,000, tried to recover some ground, and pumped to nearly $49,000 once again before being pushed south in the past 24 hours.

This resulted in a multi-day low of $46,500 (on Bitstamp) reached just a few hours ago. As of now, bitcoin has recovered around $1,000 and currently stands above $47,000.

The market capitalization is just shy of $900 billion, but BTC’s dominance over the altcoins has dropped significantly. The metric has declined by about 3% in a few weeks and is down now to just over 42%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

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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.




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Aave, Sushi, and Other Top DeFi Protocols Launch $100M Adoption Collaborative with Celo

by CryptoPotato

A slew of leading Ethereum based DeFi protocols– including Aave, Sushi, Curve, and PoolTogether– recently announced a $100M DeFi adoption initiative with Celo, a mobile platform for financial dApps.

Adoption Initiative: “DeFi for the People”

Announced today, the recent “DeFi for the People” initiative’s numerous founders include Aave, Curve, Sushi, PoolTogether, 0x, UMA, Valora, Ubeswap, and Moola Market, alongside educational and infrastructure partners including Chainlink, Wrapped.com RabbitHole,  and The Graph. All partners are united by a goal of making DeFi services accessible to 6 billion people on the planet who own a smartphone.

The $100M being pooled into the program includes a variety of incentives, grants, and educational initiatives.

Product integrations are already available with many partners, including PoolTogether, which is now offering over $500k in prizes in its no-lose lottery pool on Celo. According to PoolTogether founder Leighton Cusak, prize savings are “one of the most important and effective on-ramps into savings for underbanked people,” and therefore, his program on Celo will help spur DeFi adoption among those people.

“PoolTogether on Celo can facilitate crypto and DeFi adoption for the unbanked and users in developing markets who benefit most from low gas fees and fast transaction times”.

Other product integrations, including Aave’s liquidity protocol, are coming soon. In collaboration with DeFi’s biggest players, Celo co-founder Rene Reinsberg says that they’re “excited to bring more than 1 billion new users into the DeFi ecosystem over the next five years.”

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Efforts to Expand DeFi’s Reach

While the DeFi industry has exploded in recent months, only 10% of DeFi application users currently live outside of developed countries, which are usually the countries that require non-custodial financial technology the most. This is why bridging DeFi market accessibility to mobile phone users will be such an important step for the industry, as it will open the market to 6 billion people owners of those devices with an internet connection.

Similarly, Open Ocean has recently formed partnerships with mainstream decentralized exchanges, including Avalanche, expanding the liquidity and exchangeability of various DeFi tokens at low cost.

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AAVE price hits 3-week high as ‘Aave Pro’ debuts for institutional lending

by Cointelegraph

Aave hovered near its three-week high on Tuesday, helped by the prospects of its foray into the mainstream through the launch of an institutional lending platform.

Fundamentals

Dubbed as Aave Pro, the platform expects to become a “permissioned liquidity protocol” by offering institutions, corporates, and fintech clients access to decentralized finance (DeFi). That said, it would follow strict regulations while onboarding participants, ensuring that their Ethereum addresses are safe-listed following a thorough know-your-customer process.

“We will have different kinds of permissioned markets so that DeFi will be more layered and tailored to specific needs,” Stani Kulechov, the founder of Aave, said during the online discussion event “Next Steps for Institutional DeFi.”

“The ability to whitelisting and blacklisting addresses would make it easier to scale institutions because it lowers the risk.”

Aave Pro will go live in July with liquidity pools of Bitcoin (BTC), Ether (ETH), USDC, and its own token AAVE.

Bulls responded positively to Aave’s institutional adoption. As soon as the rumor went live on July 4, the AAVE/USD exchange started trending upwards, insomuch that it crossed $344 for the first time since June 14. At its second-quarter low, the pair was changing hands for approximately $165—that marks a 108% jump.

The massive upside move also took cues from a market-wide retracement trend. Bitcoin, the world’s leading cryptocurrency by market cap, climbed approximately 25% after bottoming out at $28,600 on June 22. The same date saw AAVE/USD falling to $165, which later led to a 108% bullish correction.

Aave and Bitcoin prices almost moved in sync after they bottomed out on June 22. Source: TradingView.com

Bitcoin trends typically prompt alternative cryptocurrencies, including AAVE, to move in the same direction. Nevertheless, AAVE’s bias in the previous five days was consistently skewed to the upside while Bitcoin struggled to maintain support above $35,000. That could have been due to Aave having better interim fundamentals than its top digital asset rival.

Scott Melker, the author of the crypto-focused Wolf Den newsletter, noted Aave attracting massive capital inflows from the Bitcoin market via liquid instrument AAVE/BTC. As a result, the pair grew 74.75% to reach 9,800 sats this Tuesday after finding support at 5,608 sats on June 27.

AAVE/BTC could hit 10,593 sats in the coming sessions. Source: Scott Melker, TradingView.com

Melker’s setup envisioned AAVE/BTC above 10,000 sats.

Technicals

Technically, AAVE/USD appeared in a flying zone after breaking out of a bullish pattern.

The pair earlier fluctuated between two converging trendlines that together formed a falling wedge structure. Falling Wedges begin wide at top but contract as the price moves lower. Their bullish confirmation come only after the price breaks above the resistance trendline in a convincing fashion, with higher volumes.

In doing so, Falling Wedges’ price breakouts set profit-target above by as much as the maximum height between their upper and lower trendlines.

AAVE/USD falling wedge setup. Source: TradingView.com

Aave’s recent price action fits the falling wedge description so far. The cryptocurrency is now in a breakout stage while eyeing $542 as its profit target.

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