Crypto Futures Trader Makes $2.6 Million in One Day, Daily Crypto Report 18/12/2020

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Price Change Today:

BTC is up 5.77% at $23,010

ETH is up 1.22% at $645

XRP is up 6% at $0.589

Top gainers in the last 24 hours:

LTC is up 17%

DOGE is up 10%

NEM is up 6%

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Top Crypto Headlines 18/12/2020

  1. Bitcoin Just “Won the Game” Against Other Assets

The benchmark digital asset’s price has gone parabolic, rallying from recent lows of $17,600 to highs of $23,700. Although it faced rejection at these highs, its outlook is still incredibly bullish and it has recovered most of its overnight losses. One on-chain analyst contends that BTC has now “won the game against other asset classes” and is likely to rally higher as institutions take hold of its price action.

  1. One river digital asset management wants to own $1 billion in ETH & BTC by the first half of next year

For bitcoin adoption in 2020, it has been a very successful year. Many big institutions have taken kindly to the leading coin with One River Digital Asset Management being one of the more recent companies to get involved in the industry. Spearheaded by Eric Peters, the chief executive officer, the Business expects to own around $1 billion in Ethereum and bitcoin for the first half of 2021.

  1. Crypto Futures Trader Makes $2.6 Million in One Day

With Bitcoin shooting up past $23,000, it’s no surprise that some crypto traders are making a killing. The top-ranked trader on Binance’s Crypto futures platform, named BatThursdayBurn, earned just over $2.6 million in the last 24 hours. Futures are a form of financial derivatives where parties agree to sell/buy an asset at a specific price on a set date. 

  1. Uniswap launches on-chain delegation tied to Twitter usernames

Defi protocol Uniswap recently announced the integration of Sybil, a new governance tool for discovering delegation. Sybil maps on-chain addresses to digital identities in order to maintain a list of delegates without the need for user signups, on-chain transactions, and manual record keeping. Sybil is solely integrated with Twitter.

  1. P2P Bitcoin Marketplace Startup Paxos Raises $142 Million in Series C Led By PayPal

Paxos, a New York-regulated financial institution offering a peer-to-peer bitcoin marketplace announced in the crypto futures they have raised $142 million in a Series C funding round. The latest funding round also made Paxos one of the top-funded blockchain companies that have raised $240 million in total funding. The year could not have ended any better for Paxos who plans to utilize the funds for expansion. 

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Litecoin, Dogecoin and large-cap altcoins rally as Bitcoin price hits $23.8K

Litecoin (LTC) and Dogecoin (DOGE) are rallying strongly as Bitcoin (BTC) fights to stay above $23,800. Many analysts say the surge in large-cap altcoins is directly connected to Bitcoin’s price action and historical data shows the two tend to move in tandem when BTC goes through bull and bear cycles.

As altcoins begin to show signs of newfound momentum, traders are becoming even more confident in the strength of BTC’s trend.

Throughout December, altcoins stagnated against Bitcoin, particularly as BTC struggled to break out of the $18,000 to $19,400 range but this was in an environment plagued by low volume.

At the time, the cryptocurrency market’s volume was on the decline as Bitcoin continuously rejected a $19,400. As such, most of the volume went towards BTC and the altcoin market was temporarily deprived of trading activity.

Litecoin price prediction in India
LTC/USDT 4-hour chart. Source: TradingView.com

Bitcoin’s break above $20,000 reignited interest in Litecoin and Dogecoin

Historically, after a major Bitcoin rally, altcoins that existed in 2011 to 2014 tend to surge. These cryptocurrencies include the likes of Litecoin, Dogecoin, and XRP.

One of the major reasons behind this altcoin rally is volume. Traders like to pump up altcoins, causing the volume to spike within a short period, and fuelimassive volatility.

Since these cryptocurrencies have significant historical relevance, when a rally starts, their momentum typically lasts longer than other obscure, smaller-cap altcoins.

Litecoin, as an example, rallied by over 57% in the past 7 days. In the same period, Bitcoin rose by 34%, despite surpassing $23,800 on major exchanges.

One positive trend analysts have spotted is that altcoins are not seeing extreme volatility as they did in 2017. A pseudonymous trader called MoonOverlord said:

“One thing that never happened on this run was people panic dumping their $ALTS everytime $BTC moved 5% In 2017. I swear to god you’d look up, bang, alts would be -25% on a 4% BTC move it was awful. Tether and stables really didn’t even exist so you had to be $btc OR $alts.”

Are fundamentals driving the current surge?

According to Qiao Wang, a quant trader and DeFi researcher, Litecoin is not necessarily ‘digital silver’ in the same way analysts view Bitcoin as ‘digital gold’.

Since its launch, the go-to argument in favor of Litecoin was that it could act like silver if Bitcoin becomes gold 2.0. Wang said:

“If you are new to crypto, bought BTC, and are wondering which cryptoasset is silver to BTC’s gold. It’s not LTC. It’s ETH. The other day Paul Tudor Jones used an interesting analogy from the metals world to categorize cryptoassets. There are precious crypto. And there are industrial cryptos. BTC is precious. ETH is industrial. LTC is neither.”

Litecoin has various strong fundamental factors that could cause the market sentiment around it to improve. For instance, the Litecoin team is enabling MimbleWimble, a privacy solution initially designed for Bitcoin.

However, these fundamental factors are not sufficient enough to fuel a 57% rally in a week. The primary reason behind the abrupt rally of large-cap altcoins is likely a volume play by high-net-worth investors and traders looking to make a quick buck in the aftermath of a Bitcoin rally.

Source: COINTELEGRAPH

Bitcoin Price All-Time High at $22000+, and Ethereum & Ripple Dominating the Altcoins Rally! Daily Crypto Report 17/12/2020

Price Change Today:

BTC is Up 13.83% at $22164,

ETH is Up 10.05% at $646.52,

XRP is Up 24.44% at $0.565.

Top Gainers in 24 hours:

XRP is Up 24.67%

XLM is Up 16.81%

LTC is Up 14.56%

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  1. Bitcoin Price Blasts Through $22,000 as US Dollar Hits Two-Year Low

Bitcoin price has pierced above the $22,000 level for the first time in history. The flagship cryptocurrency logged a surprising upside rally in the pre-market New York trading session Wednesday, hitting an all-time high of $22,164 before turning lower modestly. 

  1. DeFi’s TVL crosses $15bn

Defi projects added to its TVL at an astonishing rate this year. The TVL stood at $691 Million in January 2020 and nearly a year later, the TVL surpassed $15 Billion on Monday. The YTD growth of Defi is over 2000% with the top 6 Defi projects including Maker, WBTC, Aave, Compound, etc. registering over $1 Billion in value locked.

  1. Ethereum hits 2.5-year high, breaking $600 as CME announces 2021 futures launch

As Bitcoin hits all-time highs and claims $22,000 this week, news of a different kind saw bulls double down on the largest altcoin Ethereum. At $620, ETH/USD was trading at its highest since June 2018, when the pair was still trending down from the height of its last bull market. 

  1. Bitcoin Price Sets New Record High in 2020, as 100% of BTC Wallets are in the State of Profit

Bitcoin has just set a record high today, surging above the $22,000 resistance level and setting a high at above $22,164. The world’s largest cryptocurrency has been able to maintain its price above $22,000 for over an hour.

  1. Ethereum and XRP dominated the altcoin rally in 2020

Bitcoin’s dominance is one of the biggest drivers behind its institutional interest and mainstream adoption. However, in anticipation of an altcoin rally, it was observed that Ethereum and XRP’s dominance rose 1.1% and 2.6% respectively, based on data from CoinGecko’s report.

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Tron asks NY judge to turf ICO suit from Binance bag holders

Tron Cryptocurrency

The Tron Foundation has requested a New York federal judge dismiss a class action lawsuit alleging securities violations through TRX’s 2017 initial coin offering, describing the claims as “fatally flawed.”

The Chinese blockchain developer filed a motion to dismiss on Dec. 15, asserting that the case has “no connection” to New York. The foundation also emphasized that the lead plaintiffs did not participate in TRX’s ICO, and that they filed the suit roughly two years after the offering’s completion:

“Despite having not purchased during the initial offering or from Tron, plaintiffs attempt to form a nexus between their purchases and alleged marketing activities by TRX.”

Tron argued that the complaint does not allege that U.S.-based investors participated in the ICO.

The motion also notes that the three lead plaintiffs purchased their TRX tokens through secondary exchange, Binance, asserting the suit should be dropped as it appeals to securities laws that do not apply to secondary market purchases.

Read Also:- Bulls buy the dip again after Bitcoin price rejects at a key resistance level

Tron argued that the plaintiffs’ decision to purchase TRX years after the ICO through a secondary exchange has no connection to the TRX Foundation.

The defendants also dismissed allegations that TRX’s 2017 whitepaper was misleading through characterizing TRX tokens as not comprising securities, stating:

“This claim was not even pleaded in the original complaint, and it is nothing but a litigation afterthought.”

The lawsuit was filed on April 3, the same day that 10 other suits were lodged in the Southern District of New York against crypto exchanges and issuers, all of which alleged the distribution of unregistered securities.

Tron conducted its ICO

Tron conducted its ICO from Aug. 24, 2017 until Sept. 2, 2017, raking in $70 million for its TRX tokens that it described as the native currency for its online platform.

Source: COINTELEGRAPH

“SushiSwap (SUSHI) Jumps 15% on Liquidity Mining Data; What’s Next” Daily Crypto Report 16/12/2020

Price Change Today:

BTC is Up 1.53% at $19501.93,

ETH is Up 0.28% at $587.14,

XRP is Down 8.29% at 0.453.

Top Gainers in 24 Hours:

Kusama is Up 14.55%

Zilliqa is Up 11.37%

PolkaDot is Up 6.49%

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Top Crypto Headlines 16/12/2020:

  1. Bitcoin price tipped to consolidate before continuing bull run in 2021

The Bitcoin price could stagnate until early 2021, various on-chain indicators show, as investors could take profit. The Bitcoin price (BTC) reached the $19,400 mark in the past 24 hours, which has served as a critical resistance level since the start of December. However, on-chain indicators show that the dominant cryptocurrency could stagnate or consolidate until early 2021.

  1. Polkastarter’s IDO Platform Launches SpiderDAO Token

SpiderDAO has begun releasing its SPDR token on Polkastarter, one of the first token listings on the Polkadot exchange. Token prices will initially be fixed thanks to Polkastarter’s Fixed Swap Pools. Holders will also benefit from “Liquidity as Utility,” earning interest and access to SpiderVPN.

  1. Ethereum added to Binance Visa card as they get shipped to European customers

One of the biggest crypto platforms in the world, Binance is getting ready to ship its physical Binance Visa cards to Europe. In an announcement earlier this week on the 14th of December, the exchange revealed that uses in the European economic area province will soon be receiving their physical cards for the platform.

  1. SushiSwap (SUSHI) Jumps 15% on Liquidity Mining Data; What’s Next

Dubbed as SUSHI, the cryptocurrency established a weekly high near $2.74 on Monday following a dramatic move upside. So it appears, traders flocked into the SushiSwap market as SUSHI was trading near a level that previously sent the price 38 percent higher.

  1. Ethereum Rival Polkadot Launches Polkastarter DEX and Liquidity Mining

A new decentralized exchange has emerged in the already-crowded Defi space. The platform is being offered by the Ethereum rival Polkadot network. The platform has been designed for cross-chain token pools and auctions, with the purpose of enabling projects to raise capital on the Polkadot network.

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Read Also:- Cryptocurrency Dilemma: How to show crypto earnings in ITR?

Bulls buy the dip again after Bitcoin price rejects at a key resistance level

For the second day in a row, Bitcoin bulls have attacked the $19,500 level in an attempt to flip the crucial level from resistance to support. 

Each attempt to overcome the resistance is has been rejected near $19,550 but Bitcoin’s swift recovery from the Dec. 14 drop to $19,050 shows that investors remain interested in buying every significant dip.

Crypto market daily price chart. Source: Coin360

At the moment, the general consensus among traders is that flipping $19,500 to support will open the door to a new all-time high at or above $20,000. According to Cointelegraph contributor Micheal van de Poppe:

“If we get the breakout above the resistance and we print a new ATH, it’s more important to see the $19,400-19,500 area become support rather than hitting that ATH.”

Van de Poppe further explained that the current bearish convergence on the daily timeframe is not confirmed and he stressed the if Bitcoin price fails to reclaim $19,500 as strong support the likely outcome is that the price will drop to $18,500 where traders will look for a better entry.

BTC/USDT daily chart. Source: TradingView

Even as Bitcoin struggles to hold onto $19,500, the daily chart shows the price continuing to make daily higher lows. Since recovering from the Dec. 11 drop to $17,586. BTC has also made daily higher highs which is a further signal that the digital asset is in a strong uptrend.

Bitcoin daily price chart. Source: Coin360

While Bitcoin price attempts to trade in a new range, a handful of altcoins pushed higher with double-digit rallies.

Elrond price surged 28% during the day and is currently up 115% in the past two weeks. SushiSwap’s governance token, Sushi, also rallied 9.84% to $2.80 and is up 44% over the past 4 days.

Bancor was the most notable gainer of the day as it secured a 34.5% rally to $1.70 on the news of the Coinbase Pro listing that took place today.

According to CoinMarketCap, the overall cryptocurrency market cap now stands at $566.6 billion and Bitcoin’s dominance rate is 63.6%.

Source: COINTELEGRAPH