Connect with us

Cryptocurrency

Volume on BitMEX Spot Exchange surpasses $10M in first 24 hours

Published

on


BitMEX Spot, the new trading platform to buy and sell crypto launched by one of the world’s largest crypto exchanges, BitMEX, has made a strong entrance in the first days since going live, hitting over $10 million in 24-hour trading volume following the launch.

The new spot exchange offers seven cryptocurrency pairs versus Tether (USDT); Bitcoin (XBT), Ethereum (ETH), Chainlink (LINK), Uniswap (UNI), Polygon (MATIC), Axie Infinity (AXS), and ApeCoin (APE). Ultimately, more trading pairs, along with other user rewards and benefits will be rolled out later this year.

Alexander Höptner, CEO of BitMEX:
“Spot trading from BitMEX has been highly anticipated within the crypto community, and this encouraging start is a reflection of resilient market demand from institutional and retail traders even in the current environment. We look forward to welcoming more new users to the spot exchange and continuing to offer them an expanding crypto ecosystem that supports their trading strategies; whether that is spot, derivatives, or interest-bearing products.”

This launch of BitMEX Spot represents a significant milestone for BitMEX’s ‘Beyond Derivatives‘ strategy it announced last year.

Genia Mikhalchenko, Vice President, BitMEX Spot:
“We have received a very strong response from our existing traders and an influx in sign-ups and trading from new users. We thank the crypto community for the support and feedback they’ve given us in the first few days following the launch of spot, and we’re going full speed ahead with our ambitions to list even more assets on the exchange. We have also loved the enthusiasm we’ve seen from traders responding to our $1 million sweepstakes, which lasts for the next two months.”



Source link

Cryptocurrency

XRP price rally stalls near key level that last time triggered a 65% crash

Published

on


Ripple’s (XRP) ongoing upside retracement risks exhaustion as its price tests a resistance level with a history of triggering a 65% price crash.

XRP price rebounds 30%

 XRP’s price gained nearly 30%, rising to $0.36 on June 24, four days after rebounding from $0.28, its lowest level since January 2021.

The token’s retracement rally could extend to $0.41 next, according to its cup-and-handle pattern shown in the chart below.

XRP/USD four-hour price chart featuring “cup and handle” pattern. Source: TradingView

Interestingly, the indicator’s profit target is the same as XRP’s 50-day exponential moving average (50-day EMA; the red wave).

XRP/USD daily price chart featuring 50-day EMA upside target. Source: TradingView

Major resistance hurdle

The cup-and-handle bullish reversal setup tends to meet its profit target at a 61% success rate, according to veteran analyst Thomas Bulkowski. 

But, it appears XRP’s case falls in the 39% failure spectrum because of a conflicting technical signal presented by its 200-4H exponential moving average (EMA).

XRP’s 200-4H EMA (the blue wave in the chart below) has previously served as a strong distribution signal. Notably, in April 2022, the token attempted to break above the said wave resistance multiple times, only to face rejections on each try; it fell 65% to $0.28 later.

XRP/USD four-hour price chart featuring 200-4H EMA resistance. Source: TradingView

The ongoing cup-and-handle breakout has stalled midway after XRP retested the 200-4H EMA as resistance on June 23. Now, the token awaits further bias confirmation while risking a price decline similar to what transpired after April.

XRP’s overbought relative strength index (RSI), now above 70, also raises the possibility of an interim price correction.

XRP LTF breakdown underway

The downside scenario on XRP’s shorter-timeframe chart comes in line with giant bearish setups on its longer-timeframe chart. 

As Cointelegraph covered earlier, XRP has entered a breakdown stage after exiting its descending triangle structure in early May.

As a rule of technical analysis, its triangle breakdown should have it fall by as much as the structure’s maximum height, which puts its downside target near $1.86.

XRP/USD weekly price chart featuring ‘descending triangle’ setup. Source: TradingView

In other words, another 50% price drop for XRP could happen by the end of July this year.

Macro risks led by the Federal Reserve’s hawkish policy further strengthen XRP’s bearish bias. The XRP/USD pair has typically traded lower in tandem with riskier assets in 2022, with a correlation coefficient with the Nasdaq Composite, sitting at 0.90 as of June 24.

XRP/USD weekly correlation with Nasdaq. Source: TradingView

A score of 1 means that the two assets moves in perfect sync.

Related: Almost $100M exits US crypto funds in anticipation of hawkish monetary policy

Conversely, anticipations that Ripple would win the lawsuit filed by the U.S. Securities and Exchange Commission (SEC) for “allegedly” selling unregistered securities could negate the bearish setups. 

That being said, XRP could rebound toward $0.91 by the end of this year if the ongoing retracement continues any further. Interestingly, the token has bounced after testing long-term ascending trendline support, as shown below.

XRP/USD weekly price chart. Source: TradingView

The bounce has also followed XRP’s weekly relative strength index (RSI) decline below 30 — an oversold threshold, which signals a potential buying opportunity. 

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.



Source link

Continue Reading

Cryptocurrency

Future Fund raises $3.8M to build a crypto micro-investment platform fueled by cashback rewards » CryptoNinjas

Published

on


Future Fund, a Polish-based fintech start-up, today announced the conclusion of its private sale round. Investors who joined the project during this round provided $3.8 million for its development.

The team of Future Fund is building a blockchain-based micro-investment platform fueled by cashback rewards – credit or debit card bonuses that refund cardholders small percentages of the amounts spent on purchases. They range from a few to even a dozen percent of the purchase value.

Funds gathered by customers through cashback rewards will be collected in individual accounts on the Future Fund platform and then invested by a specialized investment fund. The investment fund is located in Switzerland, a country with modern regulations for fintech companies using blockchain technology.

“Future Fund, the project we are building, is a revolutionary undertaking where blockchain and a community of enthusiastic consumers are going to change how cashback works – i.e. the amounts that sellers return to customers for shopping at various stores, both online and offline. They seem small only at first glance. Pooling them all together over the course of a year, the result is an amount that can generate a stream of additional, noticeable income over time and – in the long run – become a personal retirement “fund.” Today, it’s mostly marketing and tech platforms that benefit from cashback rewards. We are going to make this money work for Future Fund’s community.”
– Grzegorz Grzegorski, Co-Founder & CMO of Future Fund

MVP and More Rounds

Currently, the team is focused on developing an MVP app, building its community, and creating a network of partnerships required to create a fully operational Future Fund ecosystem.

Further funding rounds are also planned for the second half of 2022.

To check out more information on Future Fund, see the Whitepaper.



Source link

Continue Reading

Cryptocurrency

GitHub users respond with ‘Bitcoin bill’ idea to Gillibrand-Lummis bill

Published

on



Now every interested user has a chance to leave their mark on a crypto bill that could define the industry guidelines in the United States in the near future, the Responsible Financial Innovation Act (RFIA). The document was uploaded on GitHub, a platform populated by software and product experts, by its co-sponsors to get public feedback. 

On Wednesday, June 22, Senators Cynthia Lummis and Kirsten Gillibrand uploaded the full content of their Responsible Financial Innovation Act on GitHub. As Lummis’ representatives commented:

“The senators seek comments from industry stakeholders, consumers and interested parties to ensure that this landmark legislation reflects the innovative nature of the industry it regulates, while also adding confidence, trust and stability for consumers.”

By the press time, there are six commentaries available on the act page, with some of them being more of a solitary battle-cry (“Taxation is theft”), while others suggesting debatable edits to the document.

A user called Stduey explains why Bitcoin is different and should not be included with risky “assets” due to its “absolute scarcity” feature. In his opinion, that makes a case for an absolutely separate bill for Bitcoin:

“If you buy 5,000 satoshis for $1, you will have 5,000/2.1 quadrillion satoshis, forever, and no one can change that. People cannot understand the magnitude of this yet but this subtle difference is what separates Bitcoin from every other crypto, fiat, precious metal, and commodity.”

Another commentator, savage1r, elaborates on the inconsistency of the current framework in regard to airdrops — it ties the taxable value of coins to its entry price, which might be significantly higher than at the cash-out phase:

“Airdrop receivers should only have to pay short or long term taxes on the coins they cash out assuming the initial value is $0 because they do not realize the gains until they trade or sell.”

Related: Lummis-Gillibrand crypto bill comprehensive but still creates division

The highly awaited RFIA was introduced in the U.S. Senate on June 7. There is a broad consensus among the community that the bill is favorable to crypto.