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
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
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.