Cryptocurrency Market News: SushiSwap creator returns $14 million developer fund

Here is what you need to know on Saturday 12, September

BTC/USD is trading at $10,300 remaining flat for several days. The most crucial support level is still $10,000 while bulls are hoping to see a breakout above $10,500.

ETH/USD is doing better at $367 and trying to establish a daily uptrend. The daily trading volume continues declining while the Bollinger Bands haven’t really shrunk too much.

XRP/USD is flat and trading at $0.24. The 100-MA will serve as a strong support level if the price slips below $0.24 again.

Chart of the day: SUSHI/USD 4-hour chart

Market

Chef Nomi, the creator of SushiSwap has just returned all $14 million that he cashed out last week after apologizing to the community.

To everyone. I fucked up. And I am sorry.
— Chef Nomi #SushiSwap (@NomiChef) September 11, 2020

Not everyone blames Nomi for selling as the funds were never locked, however, some critics are saying that he only returned the funds because he got doxxed. SushiSwap is one of the most popular DeFi projects, forked from Uniswap. SUSHI reached a price of $10.29 with a market capitalization of $260 million, however, the scandal made the digital asset plummet down to $1.

Industry

Crypto.com seems to be joining the DeFi hype train after announcing a liquidity swap platform similar to the one from Binance. The platform will be called DeFi Swap and will allow users to swap tokens and receive extra rewards from liquidity providing.

Crypto.com CEO Kris Marszalek said: When we think of competition we tend to look at traditional financial institutions like banks and not other crypto startups.

Quote of the day

[Bitcoin is] the biggest opportunity set we can think of over the next decade.

– Bob Grifeld

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