Amid Stern Warnings from China Crypto Firms Huobi and Okex Halt a Few Services

May 24, 2021 Bitcoin.com

Shiba Inu hits another exchange as SHIB deposits overwhelm Binance

May 11, 2021 Coin Telegraph

Binance

There's a new dog in town, and it's wasting no time in marking its territory.

Shiba Inu (SHIB) was listed on three different cryptocurrency exchanges in the past 48 hours, after an explosive 966% surge in the same time frame sent the token to 18th in the market cap rankings.

Self-described as the “Dogecoin Killer”, Shiba’s instant addition to Binance on May 10 surprised onlookers, many of whom expected a more in-depth listing process by the world’s largest crypto exchange.

What’s more, the fact that 50% of the SHIB token supply is in the hands of one individual made Binance’s decision to list the token immediately all the more surprising.

The Shiba team purposely sent 50% of the 1 quadrillion token supply to Ethereum co-creator Vitalik Buterin as a means to put the tokens out of circulation. The other 50% was apparently sent to the Uniswap app to provide liquidity. In doing so, the creators claim to have created a decentralized token, the fate of which will be decided solely by the market.

Binance founder and CEO Changpeng Zhao spoke out on the issue of Shiba Inu on Monday, telling his Twitter audience that the exchange was simply following user demand. Zhao said demand to trade SHIB was so high that Binance ran out of deposit addresses for the Ethereum based token:

“Some have voiced concerns about $SHIB listing. We follow users. There is a large number of users demanding it, to the point where we ran out of ETH deposit addresses due to SHIB today. Never happened before for any other ERC20 coin.”

“Not endorsing it. Super high risk. NFA,” he added.

Shiba Inu’s recent emergence came fresh on the back of the rise of Dogecoin (DOGE). Like Dogecoin, Shiba Inu is emblazoned with a variation of the Shiba Inu dog meme. Also like Dogecoin, Shiba awakened from months of inactivity to surge to what was an all-time high on April 20 (i.e. 4/20 day), the same day Dogecoin reached a then all-time high of $0.420.

But what is there to Shiba Inu except for funny dogs and crazy percentage gains? Well, the project’s “woofpaper” alludes to the creation of ShibaSwap, a decentralized exchange where SHIB holders will be able to swap tokens and take part in yield farming. The exchange is currently undergoing “security tests, audits and final updates,” according to the project’s website.

In addition to SHIB, the project also encompasses a multi-token system consisting of BONE and LEASH. All three are expected to be used as part of Shiba Inu’s yield farming feature.

In addition to Binance and FTX, the OKEx exchange also fell in line and listed Shiba Inu according to Tuesday’s press release.

OKEx CEO Jay Hao used the term “experimental” to describe the motivations behind the token listing, and declared a willingness to list “memetic” tokens.

“We are pleased to welcome Shiba Inu to the OKEx platform. I appreciate their experimental spirit, which is exactly what the blockchain and crypto space needs. As an exchange, we are delighted to be able to offer a diverse portfolio of cryptocurrencies, including memetic tokens," said Hao.

CoinGecko, a cryptocurrency data aggregator with close to 100 million views per month, still hasn’t given Shiba Inu a proper listing. By all accounts, this is because it has thus far failed to determine accurate circulation numbers for the token.

We asked Binance how the presence of 500 trillion SHIB (worth over $15 billion) in Vitalik Buterin’s personal wallet affected their calculations of the token’s circulating supply. They refused to comment on matters relating to Shiba Inu.

Tim Draper-backed crypto derivatives exchange raises $18M

April 28, 2021 Coin Telegraph

Tim Draper-backed crypto derivatives exchange raises M

Coin Telegraph

Globe Derivative Exchange prepares to launch its platform next month by raising $18 million for a token sale.

A new global cryptocurrency derivatives exchange, Globe Derivative Exchange — or GlobeDX — continued its preparation for the platform's launch by securing another major raise.

GlobeDX announced Wednesday that the firm successfully raised $18 million through a new funding round featuring investors like seed money startup accelerator Y Combinator and Tim Draper’s Draper Dragon fund. Other investors included crypto exchange OKEx, Pantera Capital, Republic Crypto, CMT Digital and Wave Financial.

Scheduled for launch in early May, GlobeDX will allow users to trade major cryptocurrencies like Bitcoin (BTC) and Ether (ETH), as well as decentralized finance tokens with up to 100x leverage via perpetual futures contracts. Built by Y Combinator alumni Shaun Ng and James West, the platform has already enabled users to open Globe accounts and trade with Testnet Bitcoin.

“We’re working closely with our investors and strategic partners to bring innovative products for our traders on Globe. Trading DeFi perpetuals on an exchange built by trad-fi veterans will be a whole new experience for crypto traders,” GlobeDX CEO West said.

The latest funding round adds to a $3 million seed round completed by GlobeDX in November 2020. A spokesperson for GlobeDX told Cointelegraph that the previous funding round was an equity raise, while the latest $18 million funding will contribute to its upcoming token sale involving the Globe Derivatives Token (GDT). GlobeDX’s native GDT serves multiple purposes including trading fee discounts, staking rewards and others.

“The Globe team has been building quietly and we think now’s the perfect time for them, with incumbents like BitMEX facing new challenges and DeFi catching the attention of sophisticated market players,” Pantera Capital’s Franklin Bi said.

Over $4 Billion in Bitcoin Options Set to Expire Friday, BTC Derivatives Markets Still Frothy

April 27, 2021 Bitcoin.com

Exchange tokens bounce from key support levels as COIN looks for direction

April 20, 2021 Coin Telegraph

Binance Coin

Bitcoin’s sharp correction to $50,000 brought Binance Coin, FTX Token, OKex and Huobi Token to their lower support levels but data shows there is still a bullish case for exchange tokens.

A lot of hype was built up before the Coinbase listing on the Nasdaq on April 14 and several cryptocurrencies rallied in the run-up to the event.

However, traders usually buy the rumor and sell the news. In this case, they bought until the event, and then several investors seem to have booked profits aggressively. This resulted in a correction in several major cryptocurrencies, including Bitcoin (BTC).

*Crypto market data daily view. Source:* *Coin360*

In the run-up to the Coinbase listing, several exchange tokens rallied as traders bid up their price in relation to Coinbase's $100 billion valuation. Now that COIN has been trading on Nasdaq for nearly a week, let's take a look at how exchange tokens are performing since the listing.

BNB/USDT

Binance Coin (BNB) was quoting at $256.72 on Feb. 19 and from there, it rallied to an all-time high at $638.56 on April 12, giving 148.73% returns to investors.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for BNB on April 2, before the rally picked up momentum.

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.

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

As seen from the one-month chart above, the VORTECS™ Score for BNB flipped green on April 2 when the price was close to $335.

Barring small periods, the VORTECS™ Score remained in the green all through the rally to $601 on April 13. Thus the indicator could have assisted traders in sticking with the rally even while other analytical methods may have warned of overbought levels.

The coin witnessed profit booking above $600 and corrected to the 20-day exponential moving average ($463) on April 18. However, a positive sign is that the bulls did not allow the price to hang below the 20-day EMA.

*BNB/USDT daily chart. Source:* *TradingView*

Both moving averages continue to slope up and the relative strength index (RSI) is above 68, indicating that the bulls are in control. Buyers may face resistance at $600 but if they can clear this hurdle, the BNB/USDT pair could march up to $638.56.

The bears will again try to stall the uptrend in the $600 to $638.56 zone. If the price turns down from this zone, it could once again dip to $428 and the pair may remain range-bound for a few days.

However, if the bulls drive the price above the all-time high, the pair could pick up momentum and rally toward $832. This bullish view will invalidate if the bears sink and sustain the price below $428.

Such a move will suggest that supply exceeds demand and that could pull the price down to $348.69.

FTT/USDT

FTX Token (FTT) rallied from $28.82 on Feb. 19 to an all-time high at $59.59 on April 14, clocking gains of 106.76%. Since then, the token has been in a corrective phase but the positive sign is that the bulls have not allowed the price to sustain below the 20-day EMA ($48.70). This suggests strong buying on dips.

The news of the FTX exchange burning over $6.4 million worth of FTT, $2 million more than their previous record, is likely to attract buyers as it shows the exchange has been doing robust business. As more tokens are burned, the supply will reduce and with increasing demand, the price is likely to move higher.

*FTT/USDT daily chart. Source:* *TradingView*

If the bulls can push the price above $52.55, the FTT/USDT pair could rally to $59.59. If the bulls can thrust the price above this resistance, the momentum is likely to pick up and the pair could rally to $71.89.

However, if the bulls fail to propel the price above $52.55, it will suggest that demand dries up at higher levels. That could strengthen the bears and they will then try to sink the price to the 50-day simple moving average ($41.32).

This is an important support to watch out for because the price has not closed below it since mid-November of last year. Therefore, a break below it will suggest a change in trend and open the gates for a deeper correction to $32.

HT/USDT

Huobi Token (HT) was trading at $18.94 on Feb. 19 and from there it moved up to an all-time high at $26.89 on Feb. 20, but since then, it has not been able to come close to the level.

The token witnessed a sharp correction after hitting the all-time high and it dropped to an intraday low at $12.13 on March 25, losing about 55% from the highs.

*HT/USDT daily chart. Source:* *TradingView*

Generally, after a deep fall the price consolidates in a range before starting the next trending move. The same thing happened with the HT/USDT pair as well. The pair traded between $12.13 and $18 until the bulls pushed the price above the resistance on April 10.

However, the bulls could not sustain the breakout as the price turned down from $22.76 on April 12 and re-entered the range on April 18.

The bulls are trying to defend the 50-day SMA ($16) but are struggling to sustain the price above $18. This shows selling at higher levels. If the price turns down and breaks below the 50-day SMA, the pair could drop to $12.13 where buyers may step in.

Contrary to this assumption, if the bulls can sustain the price above $18, the pair could rally to $22.76. A break above this resistance could challenge $26.89. The bulls will have to clear this resistance to resume the uptrend.

OKB/USDT

OKEx (OKB) jumped up from $12.50 on Feb. 19 to an all-time high at $24.74 on April 12, a gain of 98%. However, it was not a one-way move but a roller coaster ride for the investors.

The coin had hit an intraday high at $23.80 on Feb. 22 but it witnessed a sharp fall and dipped to $12 on March 25, losing about 50% from the highs. However, instead of forming a range, the price quickly started a V-shaped recovery.

*OKB/USDT daily chart. Source:* *TradingView*

Although the bulls cleared the $23.80 hurdle on April 12, they could not sustain the higher levels. The OKB/USDT pair again witnessed a sharp decline and hit an intraday low at $13.92 on April 18.

The bulls are currently attempting to start a relief rally but have hit a wall at the 20-day EMA ($17.98). This suggests the sentiment has turned negative and traders are selling on rallies. If the price turns down and breaks below $14, the pair could drop to $12.

A break below this level could intensify the selling and the pair could drop to $8. The 20-day EMA has started to turn down and the RSI is just below the midpoint, suggesting a slight advantage to the bears.

This negative view will invalidate if the bulls push and sustain the price above the 20-day EMA. Above this resistance, the pair could move up to the 61.8% Fibonacci retracement level at $20.60. This level is again likely to act as stiff resistance but if it is scaled the pair could retest $24.74.

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

BTC Futures Open Interest Hits $23B, Binance Captures Lion’s Share, Signals Say 43% Chance of $64K Bitcoin by Month’s End

April 6, 2021 Bitcoin.com

Our Man in Shanghai: Filecoin the talk of the town, Polkadot and NFTs gain attention

April 2, 2021 Coin Telegraph

Alipay

Retail investors are flocking to buy Filecoin on exchanges with predominately Chinese user bases and the head of the PBOC thinks the digital yuan has an uphill battle to take on Alipay and WeChat Pay.

Distributed storage network project Filecoin is the talk of the town as FIL was the most highly traded token on Huobi, OKEx and Gate on Thursday. These three exchanges have a predominantly Chinese user base and represent a large part of the Tier One trading volume for major pairs. On Thursday afternoon, Huobi trading volumes of FIL were more than three times that of BTC as the price reached a 7-day increase of 170%.

Filecoin has had strong success in capturing the attention of Chinese investors, including large investment groups such as Fenbushi Capital, SNZ Capital and Neo’s EcoFund. These three were part of a group that backed the $23 million Filecoin Ecosystem Fund, announced on March 25. The Filecoin Ecosystem Fund is intended to support projects and help development on the network. It could also give backers early access to new projects, which is a lucrative model for VCs in an increasingly crowded investment space. It remains to be seen which of these two consequences are a bigger priority for the funds involved.

On March 28, OKEx produced a video explaining the concepts behind Filecoin, which received around 600 shares and 3400 likes on Weibo. This shows a high level of attention from the Chinese retail audience, a demographic that is tough to obtain and hard to preserve over longer time-frames.

NFTs in Beijing, Polkadot in Hangzhou

Beijing-based BlockCreateArt hosted a major NFT art exhibition on March 26 supported by auction house Christie’s, Digital Finance Group and mining rig producer Bitmain. Interest in digital art has increased on some levels in China, but cultural and artistic differences have led to a more pragmatic approach towards leading digital artists such as Beeple. The exhibition will be stopping in Shanghai early in April.

Hangzhou was home to the Open Days blockchain exhibition sponsored by Candaq Fintech Group. The event had one hall dedicated to Polkadot projects, with speakers from Rarelink, Litenty and Phala, among others. The upcoming parachain auctions have become a topic of interest with so many local projects and projects with ties to the region being built on Polkadot.

Central bank head says digital yuan playing catch-up

The head of the Digital Currency Research Institute at the People’s Bank of China has recognized that private payment processors Alipay and WeChat Pay are in a dominant position in the Chinese payment space. During a panel appearance, Wang Changchun noted that the government-backed digital currency would be needed to maintain stability should something happen to the existing solutions. For the moment, WeChat Pay and Alipay don’t seem to be in any imminent danger of losing their market share, but that could change quickly if government-led incentives were put in place for those willing to convert.

In enterprise news, electric vehicles brand IM Motors, working with SAIC Motor and Alibaba, announced a blockchain powered service network that would incentivize customers to share data with the company. In order to achieve some level of traceability and resistance to tampering, on-chain points would be given to customers using the vehicle and related apps.

The blockchain network was announced as exclusive and private, so while it represents a slight normalization of blockchain technology, it will likely have much in common with more centralized storage networks.

This weekly roundup of news from Mainland China, Taiwan, and Hong Kong attempts to curate the industry’s most important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations.

Over $6B in Bitcoin Options Set to Expire Today, April Contracts Show Bets for $80K per BTC

March 26, 2021 Bitcoin.com

Solana Ecosystem raises $40 million in strategic investments from OKEx, MXC exchanges

March 25, 2021 Coin Telegraph

Solana Ecosystem raises million in strategic investments from OKEx, MXC exchanges

angel investments

Over 50 market-ready projects have launched on Solana over the past month. The new capital infusion will help accelerate the growth and development of key projects.

The Solana Foundation, the grants program behind the Solana high-performance blockchain, has inked partnerships with cryptocurrency exchanges OKEx and MXC to launch two strategic investment funds designed to fuel the ecosystem’s expansion.

The two funds, which are collectively valued at $40 million, will help Solana bring more of its decentralized applications and protocols to market.

Anatoly Yakovenko, president of the Solana Foundation, said the blockchain platform has “grown multitudes in the past few months” both in terms of volume of projects and active developers. He said the Solana team will work alongside its new funders to “support the next wave of killer dApps.”

OKEx’s contribution comes by way of the Block Dream Fund, which was founded in February 2021 with $100 million in starting capital. Block Dream Fund has already invested in multiple projects, including Cook Protocol and Plasma Network.

Funding from OKEx will go toward Solana’s international marketing and endorsement efforts. Dora, the founder of Block Dream Fund, said the investment firm “looks forward to providing continued support to companies building on Solana.”

An executive at MXC Exchange, an Asian spot-trading cryptocurrency platform, explained that the Solana partnership “ties in naturally with our vision and market position.”

Solana says over 50 market-ready projects launched on its platform last month, including DeFi applications and NFT markets. Solana is looking to draw more DeFi actors to its network as competition with Ethereum — the premier DeFi builder protocol — heats up. In pursuit of that goal, the project recently announced $200,000 in seed funding as part of a DeFi hackathon.

As of Thursday, more than $61 billion has been locked into DeFi projects, according to the latest industry data.

OKEx, MXC Announce $40M Investment in Solana Ecosystem

March 25, 2021 The Crypto Briefing

The Solana Foundation receives backing from two major industry players.

Crypto Exchanges Back Solana

OKEx and MXC are doubling down on Solana.

The cryptocurrency exchanges have partnered with the Solana Foundation across two funds to nurture growth in the blockchain’s ecosystem. The funds will bring in $40 million of new capital.

Antonaly Yakovenko, President of the Solana Foundation, told Crypto Briefing that the chain has enjoyed rapid growth, specifically in the decentralized finance space. He said:

“Our focus is to offer the best possible experience to users, teams building on Solana, and partners in the ecosystem. The Solana Foundation will continue to support innovative new approaches to DeFi around the world.”

The $40 million sum will support the growing number of teams building on the Layer 1 chain. Projects will be able to access resources and receive help with publicity, endorsements, and marketing.

Many promising teams have deployed their code on Solana in recent months, as the weight of Ethereum’s gas fees acts as a barrier to wider adoption. The high-speed chain can process transactions for a fraction of a cent, which is a stark contrast to Ethereum today. In February, the automated market maker Raydium launched on the platform, quickly attracting $160 million in total value locked. One recent proposal suggested that the Ethereum-native project SushiSwap could move onto Solana through Raydium.

Serum, Terra, Tether, and Chainlink, among others, already run on the chain.

The support from two key industry players is another positive sign for Solana’s future. OKEx and MXC are two of Asia’s biggest cryptocurrency exchanges, processing billions of dollars in daily volume. Sam Bankman-Fried, advisor to Serum and one of Solana’s key advocates, told Crypto Briefing that he was “extremely excited to see some of the most important players in crypto commit to building out the most ambitious vision for Web3.”

The exchanges will focus on assisting projects building on the chain. OKEx has called its fund the Block Dream Fund, focusing on project growth and development. According to the press release, part of MXC’s work will involve giving “guidance to projects looking to access the Asia institutional and retail markets.”

At a market cap of just over $3.5 billion, Solana’s SOL token is currently the 29th biggest cryptocurrency. It’s trading at $13.15.

Disclosure: At the time of writing, the author of this feature owned ETH and several other cryptocurrencies. They also had exposure to SUSHI in a cryptocurrency index.

OKEx