Category: Crypto News

Categories
Bitcoin Blockchain Crypto News Reddit

Elon Musk Pumps Bitcoin, Tweet Recorded in Bitcoin Blockchain For Eternity

Bitcoin (BTC) has seen some impressive gains this year, rising by a massive 25 percent in just the first week of January alone. However, nothing quite compares to the massive pump seemingly instigated by Elon Musk this morning when he changed his Twitter profile to the simple hashtag #Bitcoin, sending a strong endorsement of the world’s leading cryptocurrency to his 43.7 million followers. 

The effect of the update by the world’s richest man saw Bitcoin rocket from $32,000 to near $38,000 in a matter of minutes. That’s an almost 20 percent price rise in less than an hour, driven by an incredible $20 billion increase in trading volume. While the price corrected soon after to below $36,000, Bitcoin’s trading volume continues to grow, reaching around $88 billion as more traders across the US begin waking up.

“It was inevitable.”

After changing his Twitter status to Bitcoin, Musk tweeting the phrase “In retrospect, it was inevitable.” The tweet is widely understood to signal that Elon has now bought some Bitcoin, although it may also signal his feelings about the recent GameStop (GME) and Robinhood debacle that exposed the true level of fraud on Wall Street.

Musk has been following the GameStop events as they unfolded this week, Tweeting on Tuesday this week “Gamestonk!”, with a link to the r/WallStreetBets Reddit channel that’s been driving these massive stock market short squeezes.

Documenting Bitcoin, a Twitter account dedicated to keeping a record of Bitcoin events, noted that somebody had embedded Musk’s tweet into the Bitcoin blockchain for eternity. According to this tweet, the entry was inserted by Coin Corner tech lead @zakkdev.

Bitcoin longs and shorts liquidated

As a result of Musk’s tweet, nearly $420 million worth of Bitcoin shorts were liquidated in less than an hour, followed by $120 million in longs liquidated soon after as the price rapidly corrected. On Binance alone, $57 million worth of shorts were liquidated in just the first 10 minutes of Musk’s endorsement.

Not only did Musk’s tweet help pump Bitcoin but potentially saved it from an extended bear market due to options expiring. Billions of dollars worth of Bitcoin futures options expired today, an event which could have otherwise pushed Bitcoin below $30,000 and into an even deeper rut.

Overbought Territory

While the move is undoubtedly good for the crypto market, it does mean Bitcoin has moved into overbought territory, signaling the potential for a trend reversal to the downside. However, as is common in the cryptocurrency market, the current revolutionary sentiment could continue to drive the price to the moon.

Categories
Australia CoinSpot Crypto News

Aussie exchange, CoinSpot Briefly Surferred Downtime Amid Massive Traffic

Massive Traffic Briefly Took Down Aussie exchange, CoinSpot

Server outage is somewhat becoming a norm for major cryptocurrency exchanges whenever digital currencies start to skyrocket in price, amid massive capital inflows. Coinbase and Binance saw massive trading volumes in December as Bitcoin climbed to US$20,000, which consequently took down their servers, as Crypto News Australia reported.

Following the rush in the crypto market yesterday, especially for Dogecoin (DOGE), one of the leading Australian crypto exchanges, CoinSpot, briefly surfaced a downtime in the earlier hours of today.

CoinSpot Dropped due to 5000% Increase in Traffic

CoinSpot took to Twitter to inform its users about the sudden downtime and difficulties in processing orders. While commenting on this, some people accused the exchange on Twitter of intentionally shutting down the website due to liquidity issues. Some of the users also claimed to have lost some money due to the incident. 

Per the claims, CoinSpot crashed probably because they don’t have sufficient funds to meet the demands of traders trying to cash out their profit from Dogecoin. 

However, the exchange addressed the development in a subsequent tweet, saying the issue was caused by massive traffic on the website. CoinSpot reportedly gained about a 5,000 percent increase in the average daily users earlier today, which led to the downtime. However, the exchange has resumed its normal trading functions as the server issue has been addressed, according to the tweet. 

Why Dogecoin is Spiked Over 1,000%

The massive increase in the market price of Dogecoin aligns with the recent GameStop-stock development. Just like GameStop, a group of Redditors had collectively pitched making DOGE the equivalent of GME in cryptocurrency. This resulted in over 1,000 percent growth of Dogecoin above US$0.07. However, the cryptocurrency is currently trading at $0.03904 on Coingecko, which represents a 248.28 percent increase in a 24-hour count.

Find out if CoinSpot is an expensive exchange to buy Dogecoin in Australia.

Categories
Crypto News Dogecoin Market Analysis Trading

DOGE coin gains +300% in a Single Day amid Elon Musk Reddit Frenzy PUMP – Breakout Analysis

Dogecoin is trading in an active uptrend here like many other altcoins. The Cryptocurrency DOGE just went up +346% in a single day and surges over +539% in a week and +1,971% in a year . Let’s take a quick look at the Dogecoin price analysis and possible reasons for the recent breakout.

What is Dogecoin?

Dogecoin (DOGE) is based on the popular “Doge” Internet meme and features a Shiba Inu on its logo. The open-source digital currency was created by Billy Markus from Portland, Oregon, and Jackson Palmer from Sydney, Australia, and was forked from Litecoin in December 2013. Dogecoin’s creators envisaged it as a fun, light-hearted cryptocurrency that would have greater appeal beyond the core Bitcoin audience since it was based on a dog meme. Tesla CEO Elon Musk posted several tweets on social media that Dogecoin is his favorite coin.

DOGE Quick Stats

SYMBOL:DOGE
Global rank:11
Market cap:$8,948,508,697 AUD
Current price:$0.0724 AUD
All time high price:$0.1165 AUD
1 day:+346.94%
7 day:+539.13%
1 year:+1971.01%

DOGE Price Analysis

At the time of writing, DOGE is ranked 11th cryptocurrency globally and the current price is $0.0724 AUD. This is a +346% increase since 23rd January 2021 (7 days ago) as shown in the chart below.

Source: TradingView

After looking at the above 1-hour candle chart, we can clearly see that Dogecoin was trading sideways on a DOGE/USDT pair. The first resistance was on the $0.0315 AUD price levels which DOGE broke with a strong bullish trend buying volume and is now heading towards the next resistance at $0.0748 AUD & $0.0882 AUD respectively after making a new all-time high price today. Seeing that many altcoins are waking up bullish today, DOGE is likely to continue the uptrend with its hype going around.

Source: TradingView

Yesterday and today DOGE continues to the hype, becoming part of the Defi sector. Dogecoin is now available as renDOGE on the Ethereum network, opening up a whole new world of opportunities for the crypto community. The Dogecoin community can now hold DOGE while spending and participating in DeFi.

What do the Technical Indicators say?

The  Dogecoin TradingView indicators (on the 1 day) mainly indicate DOGE as a buy, except the Oscillators which indicate DOGE as a neutral.

So Why did DOGE Breakout?

The recent rise in Bitcoin over +300% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. Another reason could be the whales, secretly stacking up DOGE to their portfolio for this Altcoins rally to me new all-time high prices.

Doge’s resurgence in the last few hours has been due to enthusiasm from a Reddit group called SatoshiStreetBets.

It could also be contributed to some of the recent Elon Musk’s Tweet about DOGE  a photo of a fake magazine cover titled “Dogue” instead of “Vogue.”

Recent DOGE News & Events:

Where to Buy or Trade Dogecoin?

Dogecoin has the highest liquidity on Binance Exchange so that would help for trading DOGE/USDT or DOGE/BTC pairs. However, if you’re just looking at buying some quick then Swyftx Exchange is a popular choice in Australia.

Categories
Crypto News DeFi

Value of Assets in DeFi has Risen by Almost 70% Since 2021

Value of Assets in DeFi has Risen by Almost 70% Since 2021

The value of cryptocurrencies locked in decentralized finance (DeFi) has been gradually increasing since the start of the new year. The increase can be attributed to the recent rally in the crypto market that saw Bitcoin and Ether soar to a new record level, although both coins are currently trading below the new all-time high. 

However, it’s also worth noting that the number of Bitcoin locked in DeFi protocols also increased within that period, while Ether remained flat, according to the data provided by DeFi Pulse.

DeFi Reaches new High in Asset Valuation

The total cryptocurrencies locked in decentralized finance protocols are worth US$26.26 billion, as per DeFi Pulse. This is quite a significant growth given that there was only US$15.4 billion worth of assets in DeFi on January 1, 2021. So, following the new all-time high, DeFi TVL is currently up by almost 70 percent, and this valuation is dominated by the decentralized Lending platform.

The Lending protocols account for US$12.41 billion of DeFi market valuation, followed by decentralized exchanges with a total asset valuation of US$9.22 billion. The Derivatives protocols see a market valuation of US$2.16 billion, followed by the Payment and Assets protocols with US$199.7 million and US$2.28 million, respectively. 

Top DeFi Protocols

The decentralized lending platform, Maker, is the largest protocol on the decentralized. It accounts for 17.97 percent of the entire DeFi market cap with US$4.71 billion. Aave has a market valuation of US$3.83 billion, followed by Compound with US$3.15 billion in TVL.

Other protocols with a valuation greater than US$2 billion are as follows: Uniswap (US$3.15 billion), Curve Finance (US$2.71 billion), and SushiSwap (US$2.04 billion).

DeFi Outlook

The increasing concern with centralized finance platforms regarding censorship and central authority is promoting/emphasizing the need for decentralized finance. Especially, the ongoing case of GameStop is causing many industry players to preach DeFi as a solution, including the co-founder of the Gemini exchange.

Categories
Crypto News Western Australia

Aussie Stock with GameStop Ticker Spiked 50% Overnight, Thanks to Redditors

Aussie Stock with GameStop Ticker Spiked 50% Overnight, Thanks to Redditors

In light of the sudden boom in the market valuation of US GameStop’s shares, an Australian company says its stocks listed on the local stock exchange with a similar ticker as GameStop also gained massive inflows. While the company seems baffled by the development, it was said that the investors mistakenly bought the Aussie stocks, thinking it was the actual stocks from GameStop. 

“There are people buying the stock for shits and giggles, just because of the ticker symbol,” a market analyst of Melbourne-based brokerage IG Markets, Kyle Rodda, told Reuters. 

Meanwhile, following the trend of the whole GameStop story, Bitcoin experts believe that some of these funds will likely end up in the crypto market.

Australian GME Stock Benefits From Redditors Hype

The United States company, GameStop, is a video game and electronics retail giant, which trades on the US stock exchange as GME. It also happened that an Australian small nickel and cobalt exploration company, GME Resources, is also listed on the Australian Stock Exchange (ASX) with a similar ticker. So, when the young traders on Reddit collectively hyped the US stock, the Aussie stock seemingly tapped inflows, as some people may have mistaken it to GameStop’s.

According to reports, GME Resources shares surged by 50 percent on Thursday to 12 cents. The price increase is the highest level the stock has traded for the past three years. James Sullivan, the managing director at GME Resources, said the development was quite strange and led him to ask some questions. 

“When I opened my share tracking app and saw it was at 9.4 cents, I was stunned,” he said. “It just went bang, and I thought, ‘Well, what’s going on here?’ Is there something about my own company that I don’t know?”

Bitcoiners Expects Funds to Flow into Bitcoin

At the time of writing, the price of the Australian GME stock has decreased to AUD$0.085, according to Google Finance. However, it’s still up by 13 percent in a 24 hours count. Also, investors are facing some issues with buying the US GME stock as many brokers like Robinhood, TD Ameritrade, has halted their trading. Following this trend, many crypto users are pitching the importance of decentralized and censorship-resistance trading platforms. 

In accordance with that, crypto industry experts like Max Keiser, and Barry Silbert, the CEO of Digital Currency Group, believes that some of these funds will flow into the cryptocurrency market.

Categories
Blockchain Crypto News DeFi Ethereum Reddit

Reddit forms First-Ever Blockchain Partnership with Ethereum Foundation

The massive social media and news forum Reddit has announced a partnership with the Ethereum Foundation for the creation of scalable blockchain-based applications. The collaboration represents Reddit’s first-ever blockchain partnership and further solidifies its growing commitment to the technology.

According to the announcement posted by Reddit admin u/jarins on the r/Cryptocurrency subreddit, blockchain technology will allow Reddit to provide decentralized applications to its users, helping them to “create, govern, and grow their own communities.”

“Through this partnership, we will be increasing our commitment to blockchain, accelerating scaling and resources for the Ethereum ecosystem, and bringing the value and independence of blockchain technology to millions of Redditors,” states the post.

Reddit initially collaborated with the Ethereum Foundation in June last year when it hosted an Ethereum “Scaling Bake-Off“. The event invited Ethereum-based scaling projects to put forward proposals for how they could help the r/Cryptocurrency community ‘scale’. The scaling in question involves bringing Reddit’s Community Points onto a blockchain-based network, with the eventual goal of scaling to fit all of Reddit’s 430 million monthly users. Unlike traditional, centralized computer networks, the decentralized nature of blockchain makes scaling a particularly troublesome task.

The new partnership will help to further this goal and bring a wealth of new features to the platform. Further to the new partnership, Reddit is already hiring backend engineers and blockchain developers to help build the network and its applications.

Reddit’s Ethereum-based Moon Tokens

Reddit has long been a vocal support of blockchain and cryptocurrencies, with its popular r/Cryptocurrency subreddit recently introducing ‘Moon’ token rewards on the platform. Moon (RCP) tokens are built on the Ethereum blockchain and are now the official cryptocurrency of the r/Cryptocurrency subreddit. Users are rewarded with tradeable Moon tokens when they receive ‘Karma’ for posting unique and insightful content on the subreddit.

Ethereum Price Action

The good news has helped to push the price of Ethereum (ETH) tokens up by a considerable amount in the past 24 hours, although the cryptocurrency remains slightly down over the past 7 days. It’s been a tough few weeks for cryptocurrencies after Bitcoin (BTC) suffered a rejection at $42,000 earlier this month. Along with most other coins, Bitcoin has been steadily dropping since, hitting a low of $29,300 last week.

Some altcoins have managed to weather the storm though, particularly in the Defi market. Defi Oracles network Chainlink (LINK) is up 10% in the past week, with Defi protocols Uniswap (UNI) and AAVE up by 60% and 48% respectively.

Categories
Australia Blockchain Crypto News Stablecoins

EFTPOS Australia To Run Hedera Hashgraph Node

EFTPOS is primed to join the Hedera Governing Council following tests that were run in order to determine the feasibility of a digital AUD for micropayment purposes.

EFTPOS is known for its financial services that include the mobile wallet Beem It – and also runs lesser-known services such as digital identity checks for joining public and private networks, as well as a national QR code payment system.

Local Node To Be Up And Running Within The Year

Hedera Hashgraph is a highly scalable enterprise-grade distributed ledger that is already helping Australia by ensuring the quality of Aussie agriculture.

Hedera is run by a number of leading tech companies worldwide – with their Governing Council including high-profile firms such as WIPRO, Avery Dennisson, DLA Piper, Boeing, Google, LG Electronics and IBM.

Following EFTPOS Australia’s joining of the council, it will establish it’s own Hedera node as proof of commitment to Hedera’s global project.

According to Stephen Benton – the CEO of Eftpos – the Hedera endeavour may open up Australian businesses to new, secure ways of running their affairs.

“By joining the Hedera Governing Council and running the Australian node, alongside some of the world’s largest and most influential companies, we are excited to participate in the development of next-generation micropayments technology that has the potential to open up entirely new ways of conducting business for Australian enterprises and enable compelling new experiences for Australian consumers.”

The Australian side of the project will see the new eftpos API infrastructure connected to an AUD-based stablecoin.

The stablecoin side of the project was led by Robert Allen, an EFTPOS’ entrepreneur.

“Use cases like this simply are not possible on other public blockchains. Along with several partners, we are now exploring a variety of use cases that this combination of technologies enables and the options to commercialise them.”

Although rather secretive, the above statement seems to indicate that the project will be expanding – and coupled with the RBA’s own research into a digital AUD, more widespread use of the digital CBDC may not be too far off.

Categories
Crypto News Market Analysis Trading

Fantom Breakout Analysis – FTM Pumps +54% in a Single Day with Active Uptrend

Fantom FTM is trading in uptrend here like many other altcoins. The Cryptocurrency FTM just went up +54% in a single day by breaking a Falling wedge pattern with strong buying volume and surges over +195% in a week.

What is Fantom?

Fantom is a directed acyclic graph DAG smart contract platform providing decentralized finance DeFi services to developers using its own bespoke consensus algorithm.

The Fantom Foundation, which oversees the Fantom product offering, was originally created in 2018, with the launch of OPERA, Fantom’s mainnet, coming in December 2019.

FTM Quick Stats

SYMBOL:FTM
Global rank:95
Market cap:$261,832,939 AUD
Current price:$0.1012 AUD
All time high price:$0.1294 AUD
1 day:+54.38%
7 day:+195.96%
1 year:+759.81%

FTM Price Analysis

At the time of writing, FTM is ranked 95th cryptocurrency globally and the current price is $0.1012 AUD. This is a +195.96% increase since 21st January 2021 (7 days ago) as shown in the chart below.

Source: TradingView

After looking at the above 1-day candle chart, we can clearly see that FTM was trading inside the falling wedge pattern on the FTM/BTC pair. The first resistance was on the $0.0684 AUD price levels which FTM broke with a strong bullish trend buying volume and is now heading towards the all-time high price in AUD. Seeing that many altcoins are waking up bullish this week, FTM is likely to continue to increase in the uptrend.

“The Falling Wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. This price action forms a cone that slopes down as the reaction highs and reaction lows converge.”

Source: TradingView

What do the Technical indicators say?

The Fantom FTM TradingView indicators (on the 1 day) mainly indicate FTM as a buy, except the Oscillators which indicate FTM as a sell.

So Why did FTM Breakout?

The recent rise in Bitcoin over +300% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. Another reason for this sudden pump in price could be the whales secretly buying FTM for the next Altcoins rally & it could also be contributed to some of the recent news of Ideal Infrastructure for CDBC.

Recent FTM News & Events:

Where to Buy or Trade FTM?

Fantom has the highest liquidity on Binance Exchange so that would help for trading FTM/BTC or FTM/USDT pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.

Categories
Australia Crypto Exchange Crypto News

Australia’s Independent Reserve is Set to Delist Bitcoin SV and Related Pairs

Australia’s largest crypto-exchange, Independent Reserve, is set to delist Bitcoin SV from its platform, according to a recent announcement. Aussies will have until March 28 to trade the token, and additional six months to withdraw it.

The Independent Reserve is the latest exchange to delist Bitcoin SV in light of recent events that involved the Australian computer scientist Craig Wright, considered anti-ethical by many in the crypto community.

Following discontent and feedback from the community, the exchange stated that the token is not meeting the standards required for users:

In light of recent events and community feedback Bitcoin SV (BSV) and related trading pairs will be delisted.

Withdrawal requests after the six month grace period may be delayed and could incur additional processing fees. All open orders will be automatically cancelled after trading ceases on the 28th of March, 2021.

Bitcoin SV Fails to Meet the Standards

More users are starting to lose interesting in BSV as the trading volume in exchanges decreases with time. Many argue that is the start, and several other platforms will delist the token, as it doesn’t perform as expected.

It’s not the first time that the BSV token fails to meet the standards required on exchanges to be traded — in 2019, Binance delisted BSV on its platform following complaints from the community about the performance of the token.

Kraken, another popular U.S.-based exchange, followed Binance and delist the token as well, quoting “fraudulent claims” and “threats of legal action”.

Categories
Australia Binance Charity Crypto News

Crypto for a Cause – Binance Australia Supports Bushfire Relief and Recovery

To recognise the inaugural “National Day of Thanks” for pandemic heroes this Australia Day, Binance Australia will donate $1 AUD for every AUD deposit via PayID on Binance through

Binance Charity Foundation, a not-for-profit organisation leading the Australian Bushfire Donation project set up to support the restoration of the disaster’s aftermath.

In July of last year, Australian Prime Minister Scott Morrison called for an historic national day of thanks for the frontline workers who helped pull Australia through the COVID-19 pandemic – including fire and emergency workers.

Binance Australia couldn’t think of a better way to say “thank you” than to give back to the Australian Bushfire Donation project and those involved with supporting Australians through the devastating bushfires and global pandemic in the last 12-months.

Binance Australia CEO Jeff Yew said he has been moved by the incredible work of Australian frontline workers and wanted to take action to show gratitude.

“We didn’t want to miss this opportunity to give back and say thanks to the humble heroes who have done so much for our nation in the last 12 months,” said Jeff.

“Binance Australia has such a strong and supportive crypto-community. We encourage our users to get trading on Australia Day and support this worthy cause.”

To support the initiative, Binance Australia traders just need to make a minimum $10 AUD deposit via PayID on the Binance application. Binance Australia will donate $1 for every deposit made on Australia Day to Blockchain Charity Foundation.

Binance Australia recently added AUD deposits through PayID to the Binance application allowing instant transactions. All customers in Australia are now able to make deposits in AUD without having to pay any fees.

This initiative follows an announcement made last week by Binance Charity Foundation, the blockchain-based charity platform and official philanthropic arm of the world’s leading

cryptocurrency exchange Binance, committing to donate 1 million USD in cryptocurrency BNB to the Australian Bushfire Donations. All funds raised will be used to help alleviate the impact of this disaster and facilitate the restoration afterwards.

Read more: Binance Charity Initiated Australia Bushfire Donation Program with $1 Million Funds from Binance

About Binance Australia

Binance Australia is a digital currency exchange platform that enables Australian customers to easily buy and trade cryptocurrencies with Australian Dollar (AUD). Backed by Binance, Binance Australia offers users deep liquidity and convenient deposit and withdrawal methods while leveraging cutting-edge technology from Binance.com’s advanced trading platform.

For more information, visit: https://www.binance.com/au

About Binance Charity

Binance Charity Foundation is a non-profit organisation dedicated to the advancement of blockchain-enabled philanthropy towards achieving global sustainable development.

Binance Charity aims to transfer philanthropy by developing a 100% transparent donation platform based on blockchain to build a future where technology innovation is used to end all forms of poverty and inequality, advance sustainable development and ensure that no one is left behind. To date, BCF has supported over 1 million end beneficiaries through various projects.

For more information, visit: https://www.binance.charity