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3 years after the ICO, Filecoin (FIL) rallies 118% upon listing

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On Thursday Filecoin (FIL) began trading across major exchanges over three years after its initial coin offering. 

Upon listing, the token traded at wildly different prices across multiple exchanges and while the premium shows there is still an appetite for altcoins, investors interpreting the rallies from FIL and Polkadot (DOT) as the beginning of an altseason may be disappointed. 

Hours after trading began, top cryptocurrency exchanges including FTX, Binance, and Gemini announced that they would swiftly list the altcoin. Consequently, the token saw significantly different prices across platforms due to a combination of limited liquidity and supply.

The 15-minute chart of Filecoin (FIL) after the FTX listing. Source: TradingView.com

Hours after the FTX integration, the FIL futures contract processed $150 million in trading volume. FTX CEO Sam Bankman-Fried said:

“$FIL has traded about $150m so far. Roughly 60% of the volume has been on FTX! Started around $30, went up to $80 on FTX and $200 on other exchanges, now around $40-$80 on various exchanges.”

Traders expect a boring fourth quarter

Historically, the fourth quarter has been relatively slow for the entire crypto market and in 2018 and 2019 BTC saw losses against the U.S. dollar during Q4.

Based on historical trends and what appears to be the end of an explosive multi-month rally, traders expect a drawn out consolidation phase as the next step for the crypto market. 

Michael van de Poppe, a full-time trader at the Amsterdam Stock Exchange, suggested that an altseason in early 2021 is most likely. He wrote:

“I do believe we’ll be seeing a relatively boring and corrective quarter on the cryptomarkets. In history; $ETH frequently bottoms out in December, to start running the quarter after. $BTC dominance to run up, to have an altseason in Q1 2021. Continuing the patience.”

Bitcoin dominance is rising

According to the data from CoinMarketCap, the Bitcoin’s dominance against the rest of the cryptocurrency market has been climbing.

Since Sept. 21, the Bitcoin dominance index increased from 58.28% to 58.6%. Although this is not a major increase, it shows a clear recovery from an extended downturn throughout the past year.

The Bitcoin dominance index

The Bitcoin dominance index. Source: CoinMarketCap.com

The dominance index is typically an accurate measurement to assess the trend of the altcoin market and many traders believe that a decline in Bitcoin dominance if followed by increasing bullish momentum in the altcoin market. 

DeFi tokens are still struggling to rebound

In early October, researchers at Santiment said the key to evaluating the prospect of an altseason is the volume of decentralized exchanges. They said:

“Are we anywhere close to #altseason yet? The key may very well be in #DEX trading volumes. Taking a look at #Uniswap’s trading volume, this trendline breaking may very well be the leading indicator to foreshadow the next #alt boom.”

Uniswap daily volume since July

Uniswap daily volume since July. Source: Uniswap

As shown above, Uniswap volume has been in a steady decline. At the same time, altcoins remain flat and the altcoin total market cap index shows a similar decrease in volume.





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Fiat-to-Crypto Gateway BTC Direct Secures $13 Million Series A Funding

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This is the first funding for BTC Direct over the last seven years since inception. The European crypto platform will use these funds to further expand its services in the region.

On Monday, October 19, the Dutch crypto platform BTC Direct announced that it has secured $13 million in Series A funding. This is the first successful fundraising from the bootstrapped company founded seven years ago in 2013. Although the names remain undisclosed, the team said that they received funding from private investors that focus on innovative growth companies.

Since its inception, BTC Direct has grown to become a trusted platform for buying and selling cryptocurrencies. Its core business involved buying cryptocurrencies on a large scale from international exchange and later selling it on its own platform. Currently, the platform offers Bitcoin (BTC), Ethereum (ETH), XRP, Litecoin (LTC), and Bitcoin Cash (BCH).

BTC Direct also offers its customers a seamless experience of crypto purchase with reliable payment methods like Visa and Mastercard. This makes transactions on its platform fast and very convenient for its customers. Speaking about the new fundraise, BTC Direct CEO Mike Hunting said:

“BTC Direct was founded in early 2013 and has been around for the majority of Bitcoin’s existence. We feel that we have a real good grasp on where this market is going and have developed several services to accommodate the growth of the entire crypto ecosystem these next few years. Through the resources we brought in, we now have put everything in place to accelerate growth on multiple fronts”.

Future Growth Plans for BTC Direct

CEO Hunting said they will use the funds to expand their team and double it in size within the next 18 months. However, he adds that they will work in coordination with the regulators and do things within the laws’ ambit. He specifically mentions the AMLD5 regulation introduced earlier this year.

On the other hand, BTC Direct is also working towards product development and expanding its marketing. BTC Direct co-founder Davy Stevens said:

“After launching BTC Direct in 2013 we also launched the cryptocurrency trade app “BLOX” and our fiat-to-crypto onramp, which is mainly focussed on the European market. We have been building these on- and off ramps into crypto for more than seven years already.”

Europe has emerged as one of the big markets for crypto players. Also, with some friendly regulatory practices, crypto companies are looking to expand their presence in Europe’s payment market. BTC Direct said that companies still need to more in understanding customer demands. Instead of just focusing on card payments and bank transfers, companies need to drive their attention to local payments as well.

BTC Direct said that they see a huge opportunity in offering local payment methods and are continuously adding more. BTC Direct has already partnered with some local companies and adding new integrations each month. It looks like the Dutch crypto platform is all set to serve its customers during the next bull run.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.



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Uniswap’s first governance vote fails … despite 98% support

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The first governance vote for decentralized exchange (DEX) Uniswap has ended in failure, despite the proposal attracting overwhelming support of 98% of votes cast. Despite this, it fell roughly 1% short of the 40 million votes threshold needed for approval by the close of voting.

The poll ended earlier today with almost 39.6 million UNI staked in favor, compared to roughly 700,000 opposed. DeFi blogger Danger Zhang (‘@safetythird’) described the vote as “the DeFi equivalent of winning the popular vote but losing the electoral college.”

Uniswap governance vote results: Uniswap

Ironically, the proposal sought to reduce the number of tokens needed to submit and pass proposals. It was put forward by open-source lending protocol and major UNI token holder, Dharma, 

Currently, proposals can only be made by entities holding at least 1% of UNI’s circulating supply (10 million UNI, worth around $30 million), and need to surpass 40 million total votes (worth $130 million) to pass. Dharma’s recommendations would lower the thresholds so holders of at least 3 million ($9 million) UNI could suggest upgrades, and only require 30 million supporting votes ($100 million) for a proposal to pass.

Responding to the vote’s conclusion, Dharma CEO and co-founder Nadav Hollander described the result as “a disappointing outcome that demonstrates the impetus for the proposal in the first place.”

However, Dharma’s proposal was not welcomed by all within the DeFi space, with critics pointing out that if it passed just two entities, Dharma and blockchain simulation platform Gauntlet, would almost have the number of tokens needed to find quorum between them. Dharma currently controls 15 million UNI in a single address.

Some onlookers hailed the vote as a success, with crypto developer Agustin Aguilar arguing that voter abstinence should be understood as a barometer of opposition to the proposal:





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Price analysis 10/19: BTC, ETH, XRP, BCH, BNB, LINK, DOT, ADA, LTC, BSV

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Bitcoin price may rise to a new 52-week high if it can break above the ascending channel and this move could ignite the altcoins.



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