In the past 24 hours, Coinglass data shows that the crypto network liquidated a staggering $167 million. Out of this, long positions accounted for $150 million. Bitcoin faced liquidations surpassing $77 million, while Ethereum saw over $33 million in liquidations. XRP and SOL followed with liquidations of $4.58 million and $3.44 million, respectively.
FTX’s Asset Sale Sends Shockwaves
Market jitters intensified with the revelation that FTX plans to offload its crypto holdings. As reported by Blockchain.News, FTX’s disclosed crypto assets are valued at roughly $3.4 billion. The top 10 digital assets on the platform make up a dominant 72% of its total crypto holdings. Solana (SOL) leads the pack with a valuation of around $1.2 billion. Bitcoin (BTC) and Ethereum (ETH) trail with values of $560 million and $192 million, respectively. Other notable assets include APT, USDT, XRP, BIT, STG, WBTC, and WETH.
Week Sees Massive Token Unlocks
This week is marked by significant token unlocks. On September 11 at 08:00 (UTC), Moonbeam released 9.7 million GLMR tokens, worth about $1.74 million, or 1.34% of its circulating supply. Aptos will follow on September 12 at 08:00, unlocking 4.54 million APT tokens valued at roughly $23.85 million, representing nearly 2% of its supply. Lido will release 1.5 million LDO tokens on September 13 at 11:33, valued at about $2.22 million or 0.17% of its supply. Euler plans to release 150,000 EUL tokens on September 14 at 07:17, worth around $400,000 or 0.83% of its supply. Flow will unlock 7.29 million FLOW tokens on September 16 at 08:00, valued at approximately $3.09 million, or 0.70% of its supply. Lastly, ApeCoin is set to release a massive 40.6 million APE tokens on September 17 at 08:00, with an estimated value of $51.6 million, making up a significant 11.02% of its circulating supply.
Hot Cryptocurrency Lows
Several hot cryptocurrencies hit record lows. ARB touched an all-time low, while PEPE saw its lowest since being listed on Binance. Shiba Inu’s (SHIB) price has dropped even lower than its lowest point during the summer of Shibarium.
Bitcoin and Ethereum Rebound by Over 3% Following Recent Dip
In the wake of prevailing news and a bearish sentiment, Bitcoin’s price dropped to $24,900. This marked a value even lower than its August 17, 2023, level when Bitcoin suffered a 7% decline. This downturn resulted in over $160 million being liquidated. However, following the dip, a bullish RSI divergence was observed, prompting Bitcoin to swiftly rebound by more than 3%.
Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.
Popular crypto analyst Michaël van de Poppe says Bitcoin (BTC) is bouncing between rallies and corrections in part due to the strength of the dollar.
In a new YouTube update, Van de Poppe tells his 165,000 subscribers why Bitcoin is correcting after a heavy bounce from recent lows.
“We had a beautiful bounce from mid-$32k… towards $39k, or close to $39k, and we’ve reversed that trend today.Why are we actually bouncing?
The dollar has been showing some weakness after it has been searching heavily. Because of that weakness, the markets that were risk-on… Bitcoin, for instance, has shown some strength up-wise. However, during the entire run of Bitcoin, we’ve been seeing not too much strength as Bitcoin has been fading down with the volume, not indicating that we were actually having a very strong push-up anymore.
So, that resulted in this correction today.”
The analyst illustrates Bitcoin’s recent price fluctuations on Twitter with a chart highlighting the low-$37,000 region as the target for BTC’s next bounce.
“And that’s not a breakthrough for Bitcoin, so correction takes place.
Green zone first potential bounce possibility.
Overall remaining cautious.”
Source: CryptoMichNL/Twitter
However, if BTC fails to hold near $37,000, the analyst predicts a possible 8% drop.
“If Bitcoin loses this level at $37Kish, I think it will start to drop fast towards the lower bound of the region around $34-35K.”
Looking to the future, Van de Poppe recommends Bitcoin traders remain calm and cautious for the time being.
“So, what is most likely going to happen right now? I think you should be relatively calm. Look for coins that can have some staking. Start accumulating, slowly, [since] the entire range is still a big chance.
Look at the dollar – what is going to happen there?
And just play it slow.”
Van de Poppe expects Bitcoin to make major, though unspecified, gains in the near future, wherever the leading crypto by market cap finds support.
“Anything like this would make sense for Bitcoin.”
Source: CryptoMichNL/Twitter
Bitcoin is trading for $36,756 at time of writing, down nearly 2% on the day.
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Featured Image: Shutterstock/Naeblys/Nikelser Kate
Two altcoins are on the move after receiving sudden support from Coinbase, the top crypto exchange in the US.
In a new announcement, Coinbase revealed that it would support trading for ARPA Chain (ARPA), Bounce (AUCTION), and Perpetual Protocol (PERP) at 9 am Pacific Standard Time on Tuesday. All three cryptos are Ethereum tokens.
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While PERP has remained relatively unfazed by the new announcement, both ARPA and AUCTION have ignited considerable rallies. At time of writing, ARPA is up over 50% since the support announcement, and 80% over the last week, according to CoinGecko.
AUCTION spiked 27% from the $33 range to nearly $42 before consolidating. At time of writing it’s trading at $38.58, up 13% on the day as per CoinGecko.
ARPA Chain is a layer-2 computation network that aims to enable privacy-preserving smart contracts, data storage, and scalable off-chain transactions. According to Binance, its use cases include credit anti-fraud, secure data wallets, precision marketing, joint AI model training, and key management systems.
Bounce is a decentralized auction protocol for tokens and non-fungible token (NFT) sales.
Coinbase explains,
“AUCTION supports incentives on the protocol, provides benefits and governance rights for holders, and is used to pay for certified listings.”
Perpetual Protocol is a decentralized platform for opening leveraged trading positions in fiat currencies, cryptocurrencies or commodities without the need for counterparties. PERP powers the platform as a governance token, and can also be staked. At time of writing, PERP is down 4% in the last 24 hours, but is up over 1300% over the last year.
Last week, Coinbase listed NFT marketplace Rarible (RARI) and BadgerDao (BADGER), which aims to tokenize Bitcoin (BTC) for use on decentralized finance (DeFi) protocols. Both soared in price after the announcement.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Leading United States cryptocurrency exchange Coinbase has announced three new listings on its Pro exchange, predictably causing the tokens’ prices to pump.
On Tuesday, Coinbase Pro announced new listings in Arpa Chain (ARPA), Bounce (AUCTION) and Perpetual Protocol (PERP). It confirmed that trading will become available on or after 21:00 PT on Tuesday, provided ample liquidity enters the market. The three tokens will be each paired with U.S. dollars, euros and Tether (USDT).
While AUCTION and ARPA rallied during the hours leading up to the announcement’s publication to each gain roughly 25% in the past 24 hours, the news appears to have stirred little interest among PERP traders.
After seeing a slight initial climb at the time of the announcement, PERP has lost 5% in the past 24 hours to last trade hands for roughly $17. PERP is currently down 30.7% from its Aug. 30 all-time high of $24.40, according to CoinGecko.
ARPA Chain, which enables privacy-focused smart contracts and off-chain transactions, began to see momentum roughly nine hours before the official announcement was published. According to CoinGecko, ARPA is up 25% over the past 24 hours and is roughly 8% of its Wednesday all-time high.
AUCTION, the native token of decentralized auction protocol Bounce, also surged at the time of the announcement, climbing 23% from roughly $33 to $40 in the past 24 hours.
Related: Regulatory and privacy concerns trail SEC’s threat to Coinbase
According to a Coin Metrics report published in June 2020, the impact of token listings on Coinbase Pro is significantly overstated. The report concluded that new Coinbase markets typically posted average price movements of around -1% to +14% from 10 days before until 10 days after the listing announcement.
In April this year, Messari posted a contradictory report finding that the “Coinbase effect” results in new tokens gaining roughly 90% on average after five days.
Moma Protocol, the project bringing fully customizable Lending Pools to solve DeFi assets’ liquidity and scalability problems, is conducting its Initial DEX Offering (IDO) on July 6. The IDO will run on the Bounce and WeStarter platforms. Simultaneously, there will be an Initial Exchange Offering (IEO) on the HotBit platform.
Through its smart contract Factory, Moma Protocol provides a valuable service to the financial sector. Whether it is for DeFi purposes or asset management, creating and managing customizable Lending Pools is a big step forward. Through the Protocol’s Factory component, teams can meet the market’s lending needs and generate infinite liquidity for particular digital assets, through a closed-loop business cycle design consisting of fully customizable Launch Pools and Lending Pools. It also creates continuous growth and acceleration opportunities for long-tail digital assets, which are always appealing options for users trying to diversify their investment portfolio.
The best way to describe Moma Protocol’s business model is B2B2C. More specifically, the Protocol caters to the business clients first – the B2B aspect – and then extends its services through fully customizable Lending Pools to consumers. All participants in this equation receive a share of the interests generated by the incomes or transaction fees of the Liquidity pools.
Platform security and price-feeding accuracy will be safeguarded by a proprietary Whistleblower mechanism where users would get rewarded or penalized on a token level, based on the quality of the price-related information they submit.
As the team’s smart contract audit and product beta MVP launch have proven successful, Moma looks towards the future. A seed round and private fundraising have been completed, with a strategic round being wrapped up. Notable investors – including Fundamental Labs, SevenX Ventures, AU21, DFG Capital, MXC, Genesis Shards, Coins Group, Oasis Capital, and more than 10 others, including project NFT Stars – show a keen interest in this project. As a next step, Moma Protocol will offer its native token to the public through a multi-pronged approach.
The first order of business is organizing the Initial DEX Offering (IDO) on the WeStarter and Bounce platforms. These sales will commence on July 6 at 11:00 AM UTC and end at 12:00 Noon UTC. Coinciding with these IDOs is the Initial Exchange Offering (IEO) on HotBit, which starts and ends at the same time.
Trading of Moma’s native token will commence on Uniswap and Mdex on July 6 at 1:00 PM UTC; MXC and HotBit at 2:00 PM UTC. Those who participate in the IDO or IEO will have different token trading options at their disposal, should they wish to explore them.
As a solution to meet users’ demand for liquidity, scalability, and speculation needs in the DeFi lending markets, Moma Protocol produces, manages, accelerates, and aggregates the lending market through a proprietary smart contract factory, creating an ecosystem that can expand infinitely in lending liquidity and market diversity. The beta version of the product has currently been online and the official version of the product will be live in July 2021.
Ocean’s CEO holds a Master’s Degree at Fudan University. They are also a senior programmer, a serial entrepreneur in the blockchain industry with solid experience in initiating projects such as Gravity (300,000 users), Lichang (1 million users), TokenUp wallet (100,000 users), and respected veteran in the Chinese community.
Ocean’s CTO V.C holds a Master’s Degree at Fudan University. They are also a senior blockchain developer, independently led the development, testing, and deployment of two Ethereum-based DeFi projects, and was involved in the launch of the mainnet and application development of blockchain projects such as EOS, Platon, and Worbli.
Ocean’s CMO Virginia is the co-founder of Coins Group, a crypto fund based in Hong Kong, 12 years of experience in digital marketing and internet start-up building; 4 years of experience in blockchain investment and project incubation, invested in over 30 blockchain projects.
For more information, contact Virginia Lam at [email protected] or visit Moma Protocol’s social channels:
Website
Whitepaper
Telegram (English)
Telegram (Chinese)
Telegram (Korean)
Telegram (Arabic)
Telegram (Vietnamese)
Twitter
Medium
Discord
This news was brought to you by ANKR, our preferred DeFi Partner.
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