Lorenzo Stroe
Independent Analyst
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
-637354480835619611.png)
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
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Bitcoin Price Forecast: Analysts anticipate increased volatility as the US presidential election looms
Bitcoin price teased its all-time high of $73,777 last week but declined to trade below $69,000 on Monday. Analysts suggest that market volatility is expected to rise as the US presidential election approaches.
Litecoin poised for double-digit decline after breaking ascending trendline
Litecoin breaks and closes below an ascending trendline, signaling a change in market structure. On-chain metrics paint a bearish picture, as LTC’s dormant wallets are active, and the NPL indicator shows a negative spike.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP decline ahead of US elections
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) all faced resistance at crucial levels ahead of the US Elections, leading to a price decline. As of Monday, they neared key support levels, and a firm close below these marks could signal further declines.
21Shares files S-1 for XRP ETF amid ongoing tension between Ripple and SEC
21Shares filed an S-1 registration with the Securities and Exchange Commission (SEC) on Friday for an XRP exchange-traded fund (ETF). While the chance of approval is slim with the current SEC administration, the landscape could change after the upcoming elections.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.