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
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.