3 reasons why Elrond (EGLD) price is hitting new daily highs

September 15, 2021 Coin Telegraph

An expanding ecosystem and the full launch of Elrond’s DeFi capabilities back EGLD’s rally above $300.

DeFi-focused protocols are seeing a sustained upward move and the the momentum appaers to be picking up pace now that the NFT sector has cooled off over the past two weeks.

Since the beginning of August, Elrond (EGLD), a scalable and secure blockchain platform designed for distributed apps and enterprise-level businesses has been in a strong rally.

Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $52 on June 22, the price of EGLD has charged 437% higher to a new all-time high at $302.14 on Sept. 14.

*EGLD/USDT 4-hour chart. Source: TradingView*

Three reasons for EGLD's surge to a new all-time high include the full release of the protocol's Maiar exchange, the altcoin's listing on KuCoin and a string of partnerships and integrations that expand the Elrond ecosystem.

DeFi capabilities follow the Maiar exchange launch

The recent momentum for EGLD has is the result of the Maiar exchange launch, a DeFi protocol built on the Elrond network that allows users to trade, provide liquidity in various pools

On Sept. 9 it was announced that U.S. citizens could now purchase EGLD tokens directly through the Maiar app thanks to an integration MoonPay, giving the project access to the world’s largest retail economy.

In an effort to attract new users and display the capabilities of the Elrond Network, Maiar also launched a $100,000 “Battle of the Yields” contest on Sept. 14 which gives users an opportunity to win EGLD based on their trading volumes.

Exchange listings boost trading volume

Another reason for the recent strength seen in EGLD was its listing on KuCoin exchange, the fifth largest exchange by 24-hour trading volume.

New exchange listings are often followed by strong rallies for the token, especially when paired with perpetual futures markets or a top-5 exchange by trading volume.

The token's addition to KuCoin, along with the launch of Maiar Exchange has brought a new level of exposure to EGLD and its 24-hour trading volume increased from a daily average of $83 million to $740 million on Sept. 11.

Ecosystem expansion

A third factor backing Elrond’s rally is the growth of its ecosystem. Recent partnerships include the addition of AI-generated media content through a partnership with Humans.ai and an agreement with NewsCrypto (NWC) which allows users to learn more about Elrond through the platform's 'crypto academy'. Elrond also has a new integration with Copper, a major digital custody provider.

The network has also partnered with companies focused on gaming, DeFi and cross-chain transfers between Ethereum, Polkadot and the Binance Smart Chain.

According to data from Cointelegraph Markets Pro, market conditions for EGLD have been favorable for some time.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

*VORTECS™‌ ‌Score‌ ‌(green)‌ ‌vs.‌ EGLD ‌price.‌ ‌Source:‌ ‌‌Cointelegraph‌ ‌Markets‌ ‌Pro‌* ‌

As seen in the chart above, the VORTECS™ Score for EGLD began to pick up on Sept. 10 and reached a high of 77, around one hour before the price began to increase by 55% over the next four days.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

KuCoin Launches Mining Pool With Eco-Friendly Incentives

August 25, 2021 The Crypto Briefing

KuCoin encourages greener crypto mining with proof-of-work pool

August 25, 2021 Coin Telegraph

Bitcoin mining

According to CEO Johnny Lyu, people using renewable energy sources for mining will receive discounts on fees.

Singapore-based crypto exchange KuCoin is launching a mining pool aimed at providing revenue to proof-of-work miners after integrating their rigs.

In a Wednesday announcement, the exchange said its KuCoin Pool product would allow miners around the world to contribute to the Bitcoin (BTC) and Bitcoin Cash (BCH) and share rewards. At the moment, miners are required to install and run the necessary hardware themselves to join the pool, but KuCoin said it would introduce mining in the cloud in the future.

KuCoin CEO Johnny Lyu also claimed the pool would be encouraging miners to participate in environmentally-friendly solutions — people using renewable energy sources for mining will receive discounts on fees. The move is seemingly part of a shift in many mining firms beginning to transition to cleaner or renewable energy.

“For existing KuCoin users, it will become straightforward to set up their mining devices to generate passive income right away,” said Lyu. “Miners can benefit from the one-stop mining service platform and its features to get up and running very quickly.”

The exchange is coming in late to mining when compared with major firms like Binance, which launched its mining pool in April 2020. According to blockchain data, some of the largest BTC miners include Antpool — owned by Chinese mining giant Bitmain — Poolin, ViaBTC, and F2Pool.

Launched in 2017, KuCoin reported this week that it had reached 10 million users, having risen by 1,114% in the last year. Last year, hackers stole roughly $275 million from the exchange before KuCoin was able to recover the majority of the funds.

KuCoin Brings Trading Bot to Web Users to Optimize Investment Methods

August 4, 2021 The Crypto Briefing

Are KuCoin Shares overvalued after KCS price gains 100% in one month?

July 7, 2021 Coin Telegraph

Altcoins

The 72nd-largest cryptocurrency by market cap reached its two-month high amid a rally across exchange-based digital assets but faces downside risks due to overvaluation and thin volumes.

KuCoin (KCS) prices ticked up in the early Wednesday session on July 7, in part because of an ongoing market rally across the top exchange-based utility tokens.

The 72nd-largest cryptocurrency peaked for the day at $14.847 before correcting lower on interim profit-taking sentiment. The move downside accompanied decent volumes, alerting that the sell-off momentum could continue across the European and the U.S. sessions.

*The selling sentiment appeared higher around $15, a concrete resistance level from the April-May session. Source: TradingView*

At the time of writing, the KCS/USDT exchange rate was approximately $14, up more than 100% on a month-to-date timeframe (MTD).

Therefore, KuCoin's bearish correction appeared as an attempt to neutralize its overextended upside momentum. The cryptocurrency's relative strength index (RSI) on one-day charts popped above 70 following its latest price spikes, a reading that technical terms the underlying asset as "overbought."

The RSI continues to float above 70, alerting about KuCoin interim downside risks before it attempts to break above the technical resistance around $15 (as shown in the chart above).

Bullish setup

Conversely, the price breaking out of a descending channel range to the upside raised its prospects of extending the bullish move further higher. As the charts below illustrate, KCS trended lower while fluctuating inside a falling range—this pattern appears like a Falling Wedge

Falling Wedges are bullish reversal patterns. They come into the picture when an asset's price action forms a conical shape while sloping down and forming at least two reaction highs and lows. Adjusting the KCS/USDT's lower trendline move makes a similar descending structure.

*KuCoin Falling wedge setup. Source: TradingView.com*

Falling Wedge breakouts are technically skewed to the upside. Therefore, KuCoin's latest resistance break, coupled with a spike in volumes, can be called a bullish breakout, with its profit target lurking near $19.751 (situated as far as the maximum Wedge height).

Fundamentals

KCS's upside move, on the whole, appeared as a part of an overall price rebound across the exchange token markets.

*Exchange tokens rally in tandem, except SUSHI. Source: Messari*

Nonetheless, KCS markets showed strikingly lesser volumes in the previous 24 hours compared to its exchange-token rivals. For instance, the second-to-worst volume logged by an exchange token was roughly $620,000 (see Unus Sed Leo in the chart above). On the other hand, KuCoin's 24-hour adjusted volume was $63,531.

Thin volumes mean that there were fewer numbers of KCS tokens trading. In turn, there was a lower KCS liquidity across the markets. As a result, an asset's price volatility rises in a low volume market and makes it susceptible to the wilder upside and downside moves.

The popular analogy serves as additional headwinds for KuCoin bulls as they attempt to claim the Falling Wedge's profit target.

KuCoin Shares, or KCS, serves as a utility token on the KuCoin exchange. The platform uses KCS to reward users for using its services, similar to how Binance deploys BNB as a measure to offer users discounts on trading fees. Holders of KCS, meanwhile, also receive a daily dividend, i.e., a KuCoin bonus, which equals 50% of the trading fees on the exchange.

As KuCoin moves to become a fully decentralized platform, it plans to use KCS for transaction fees. The exchange also intends to buy back and destroy half of KCS's 100 million supply cap. The funds to facilitate the buyback, again, comes from KuCoin's trading fees.

VORTECS™ data from Cointelegraph Markets Pro also began to detect a bullish outlook for KuCoin Shares price hours ahead of the July 7 rally.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

*KuCoin Shares VORTECS™ Score (green) vs. KCS price (white). Source: Cointelegraph Markets Pro*

As seen in the chart above, the VORTECS™ Score flashed green on July 6, 21:55 UTC, with a score of 65 with the price continuing to climb higher above $11.27. KuCoin-related tweet volume queries also surged by 1,246.31% over the past 24 hours.

Major Cryptocurrency Exchanges Explore Entering Indian Crypto Market

June 10, 2021 Bitcoin.com

Crypto exchange giants mulling India foray despite regulatory uncertainty

June 9, 2021 Coin Telegraph

bitfinex

Kraken, Bitfinex and KuCoin could become the next major crypto exchanges to attempt to service India’s estimated 15 million crypto investors.

Some of the biggest names in the crypto exchange business are reportedly eager to capture India’s cryptocurrency trading market, even as the government is yet to issue clear-cut regulatory policies.

According to Reuters, sources say Kraken, Bitfinex and KuCoin are examining the potential for setting up shop in India.

Crypto exchange giant Binance entered the Indian market back in 2019, acquiring one of the country’s most recognizable cryptocurrency trading platforms WazirX.

The aforementioned trio could also pursue a similar entry strategy by acquiring or forming strategic partnerships with other Indian crypto exchanges.

According to the Reuters source, these global exchanges are already in the process of understanding the operating conditions in India including preliminary due diligence for acquiring local crypto exchanges.

Apart from partnering with Indian crypto exchanges, these platforms could also elect to go the subsidiary route to establish their presence in the country.

As previously reported by Cointelegraph, United States exchange behemoth Coinbase announced plans to extend its business to India and has since begun hiring engineering, customer support and software development experts in the country.

In April, the company also hired Pankaj Gupta to helm the role of vice president engineering for Coinbase India. Gupta is a former engineering lead for Google Pay’s India and Asia Pacific operations.

The renewed interest in India is coming despite the lack of a clear regulatory framework for cryptocurrencies in the country. Fears of a blanket ban earlier in the year seem to have given way for talk of more nuanced regulations.

However, the Reserve Bank of India remains firmly opposed to cryptocurrencies stating that its position on digital currencies remains unchanged. However, the central bank did clarify back in March that it had not instructed banks to shun crypto exchanges.

India’s Supreme Court overturned the RBI’s crypto ban back in March 2020 that prevented crypto exchanges from operating bank accounts in the country.

The RBI ban reportedly impacted the country’s crypto industry, which was worth about $12.9 billion at the height of the bull run in 2017.

Ontario securities regulator takes action against Kucoin

June 8, 2021 Coin Telegraph

Canada

The OSC published a statement of allegations against Mek Global Limited and PhoenixFin Pte. Ltd. on Monday for allegedly violating local securities laws.

The Ontario Securities Commission, or OSC, is taking stern action against two companies associated with KuCoin for allegedly failing to comply with local securities laws, setting the stage for further regulatory action against the cryptocurrency platform.

The companies targeted by the OSC are Seychelles-based Mek Global Limited and Singapore-based PhoenixFin Pte. Ltd. Collectively, the companies operate KuCoin, one of the world’s fastest-growing cryptocurrency exchanges. As of Tuesday, KuCoin had processed more than $1.3 billion worth of crypto transactions over the previous 24 hours, according to industry data. That puts it in the 35th position globally among cryptocurrency exchanges.

“KuCoin is operating an unregistered crypto asset trading platform, encouraging Ontarians to use the platform, and allowing Ontario residents to trade crypto asset products that are securities and derivatives,” a statement from OSC reads.

The securities regulator previously warned cryptocurrency exchanges against offering derivatives trading — namely, that they must seek regulatory approval from the OSC or face consequences. Exchanges were given until April 19 to bring their operations into compliance.

As Cointelegraph previously reported, the OSC has already taken regulatory action against Polo Digital Assets, the parent company of Poloniex, for allegedly failing to comply with Ontario securities laws. Like KuCoin, Poloniex allegedly failed to contact the securities regulator by the April 19 deadline.

Ontario has become a hotbed for cryptocurrency activity in recent months. The jurisdiction is now home to North America’s first Bitcoin (BTC) exchange-traded funds. The debut Purpose Investments ETF secured $1.3 billion in assets under management during its first two months of operation, highlighting pent-up demand for digital assets.

Evolve Funds Group launched Ontario’s second Bitcoin ETF in February, offering direct exposure to Canadian dollar- and U.S. dollar-denominated units of BTC.