bitcoin (BTC), the largest cryptocurrency, just like the rest of the crypto industry, remains highly exposed to downside risks as it continues to deal with the fallout from the implosion of the FTX exchange.
Contagion is the word on everyone’s lips as November rolls around – much like Terra’s collapse earlier this year – and fears that new victims of FTX’s giant liquidity vortex will continue to crop up. Grayscale Bitcoin Trust (GBTC) seems to be on everyone’s radar this week for all the wrong reasons. Will it be the next Black Swan event? We break down all the details surrounding GBTC to keep you updated.
The total cryptocurrency market cap has fallen below $800 billion, but the data highlights some reasons why some traders are bullish. Our very own Marcel Pechman explains why some traders are actually bullish, a sentiment that seems very counterintuitive. Marcel has some very good reasons for this, so be sure to tune in to find out.
Proof-of-stake blockchain platform Cardano has partnered with Coti, a layer 1 protocol based on a non-periodic graph, to launch what it refers to as an additional algorithmic stablecoin. The project said in an announcement submitted to Cointelegraph that the stablecoin will be backed by over collateral in the form of cryptocurrency stored in reserves. Do we need another stablecoin? How would this be different from the current stablecoins already in circulation?
CoinMarketCap, a leading market researcher and tracker in the crypto industry, has announced the launch of a new feature on its platform that gives users up-to-date financial insights about exchanges.
The Proof of Reserves (PoR) The tracker audits active cryptocurrency exchanges in the industry for transparency about liquidity at a given moment. According to the announcement, the tracker details the company’s total assets and public wallet addresses, along with balances, current price, and portfolio values. Our experts explain the need for such a tool and how it helps the industry.
Do you have a question about a currency or a topic not covered here? do not worry. Join the YouTube chat room and type your questions there, and we’ll make sure you get your answers.
The Market Report goes live every Tuesday at 12:00 PM ET (4:00 PM UTC), so be sure to head over to Cointelegraph YouTube page And smash those like and subscribe buttons for all future videos and updates.
On this week’s episode of Market Talks, Cointelegraph welcomed Magdalena Grunowska, co-founder of Citadel 256 and senior advisor at MetaMesh – a blockchain consulting firm and platform builder.
This week, we’re taking a deep look at everything that’s going on in crypto – we get Sam Bankman-Fried’s professional Gronowska, the entire FTX chain, and also the bankruptcy of BlockFi. bitcoin (BTCMiners have also had a rough few months with profits slowly declining. What are the odds that most miners will close their shops and sell their bitcoin while still making some profit from it, especially since most of them are currently struggling to manage their debt? How will this affect the rest of the market?
During the bull market, there were a lot of synergies between energy and bitcoin mining companies. Has the current extended crypto winter affected those plans and relationships? We ask Gronowska for her valuable insight on this matter, as she has years of experience in the field and was also the co-founder of Citadel 256, an enterprise-scale Bitcoin mining company.
In light of all the recent negative stories coming out of the cryptocurrency industry, from Terra to FTX and crashing exchanges, how far has this mass adoption pushed institutional investors? Has trust in the industry been broken forever?
Cryptocurrency advocates have, for the longest time, argued for less or no regulation and have been anti-authority and anti-privacy, but in light of recent events, many have recognized the need for regulation and a certain amount of government oversight. But how much or too little regulation, and what kind of regulation would best benefit cryptocurrency investors and also encourage a growing and robust market?
Make sure to stay tuned till the end to get all the answers and more. We’ll also be answering your questions and comments throughout the show, so make sure she’s ready to go.
Market talks are broadcast live every Thursday at 12:00 PM ET (5:00 PM UTC). Each week, we feature interviews with some of the most influential and inspiring people from the crypto and blockchain industry. So, be sure to head over to Cointelegraph YouTube page And smash those like and subscribe buttons for all future videos and updates.
In October 2017, Dutch citizen Didi Taihutu and his family sold all their valuable possessions and home for Bitcoin. The decision paid off and the Taihoto family has traveled all over the world and recently moved to the island of Phuket. On November 30, 44-year-old Didi Taihutu told CNBC that after storing cryptocurrency in cold storage, central exchange (cex) platforms, and decentralized exchange (dex) protocols for years, the Dutch family decided to preemptively transfer $1 million. digital assets to dex protocols in order to gain more control via self-preservation.
Didi Taihutu and his family are taking proactive steps to safeguard their crypto assets
Just over five years ago, Bitcoin.com News mentioned on the Taihuttu family after they decide to sell their house, toys, and vehicles so they can accumulate bitcoin (BTC). On Wednesday, the family’s patriarch, Didi Taihutu, Wire With CNBC she explained that the family is moving $1 million in crypto assets to dex protocols after the collapse of FTX.
Taihuttu explained that prior to the decision to proactively move funds from cex platforms to dex protocols, the family stored a small portion of the funds on exchanges such as Bybit and Kraken. Taihutu said: “If you never send your bitcoins to an exchange, your bitcoins remain in your private wallet, which means you have full custody of your coins. [But] You connect to the dex, and by making that connection you are trading from your own wallet.”
If the dex collapses, it doesn’t matter, because the bitcoins are always in your own wallet.
Taihuttu explained that he learned his lesson in 2017 when cex Cryptopia was hacked and he lost four bitcoins. “From that moment on, I was always looking for alternatives,” said Taihutu. As far as FTX is concerned, “a lot of influencers got a lot of money promoting this guy,” Taihuto insisted. The family did not disclose how much crypto assets they have, but they said close to $1 million BTCAnd the ETHAnd the LTCDOT and other tokens will be transferred to decentralized exchanges.
Taihuttu says the current FTX-related drama is similar to what happens in every Bitcoin cycle. “It seems like we got this lesson every Bitcoin cycle — ‘It was Mt Gox, it was banning Bitcoin in China, it was banning mining. He added, “There is drama every time.” Taihuttu believes wholeheartedly BTC stable, and simply does what the leading crypto assets have always done.
“Looking at the current situation: we have a huge war going on, we have a huge financial crisis, we have FTX, we have a percentage point, we have a lot of bear market signals,” Taihuto told CNBC. “I think bitcoin is having strength at $16,800. For me, bitcoin is still doing perfectly and still doing what it’s always done: being a decentralized currency that can be used by all people around the world,” Taihoto concluded during his interview on Wednesday.
What do you think of the progress of the Taihuttu family and the family’s million dollar conversion from cex applications to dex protocols? Tell us your thoughts on this topic in the comments section below.
Jamie Redman is the Chief News Officer at Bitcoin.com News and a financial and technology journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about disruptive protocols emerging today.
Image credits: shutterstock, pixabay, wikicommons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services or companies. Bitcoin.com It does not provide investment, tax, legal or accounting advice. Neither the Company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Recently, PancakeSwap worked with Hashflow to offer HFT payouts on their staking platform. The tweet notes that this will make it possible for someone to “farm” HFT tokens to make a profit using PancakeSwap.
For a decision to be voted on by PancakeSwap users, it must be supported by the votes of 60% of HFT token holders, as is the norm in the DeFi community.
Let’s take a quick look at Cake’s recent performance:
Overall, DEX is making great strides
When compared to its risks, CAKE’s volatile price and low yield make it unattractive
If a bearish breach occurs, the price could drop below $3.575
PancakeSwap’s positive developments don’t end here. DEX made headlines in October when it offered its community to switch from BNB chain to Aptos mainnet. The vast majority of the local population responded positively to this plan.
In contrast, CAKE, the native currency of PancakeSwap, is Struggle. From what we can tell, CAKE is on an upward trend, but a monthly pessimistic commentary overshadows the positive picture.
Not attracting potential funders enough?
CAKE might be a nice asset, but it’s currently performing poorly. After dropping sharply due to the demise of FTX, the price is now only fluctuating sideways.
The coin has since recovered, with the latest support at $3,943. Its price fluctuates between $4,433 and $3,575 per share.
Chart - TradingView
As a symbol, my path scales Likewise, it does not look particularly attractive. The Sharpe ratio is -1.96, which indicates a discrepancy between the risk inherent in the asset and the return on investment. Asset volatility is at its highest level since June.
Technical indicators are a mixed group of neutral and bullish indicators. With an R-value of 0.22, the regression analysis indicates that the sideways trend will continue.
The RSI is rising, which may indicate a price increase in the near term.
Can cake ever be delicious again?
The unexpected stability of the Bollinger Band increases the sideways price movement.
Since most moving averages, including the EMA bar, show strong sell signals, moving averages pose a problem.
The support at $3.93 is undoubtedly strong, as the red candle currently has a longer bottom wick as a sign of strength. However, the ascending triangle formation will provide some support for the bears.
If the bears gain momentum and break through $3.93, investors and traders can take consolation at $3.847, and a drop to $3.575 is possible.
CAKE total market cap at $636 million on the daily chart | Featured image from Taste, Chart: TradingView.com