Category: Trading

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Crypto News Investing Trading

$1 Billion Valuation for Institutional Crypto Trading Company Amber Group

Amber Group
Amber Group https://twitter.com/ambergroup_io/status/1347683343299563522

Amber Group – a crypto startup focusing on institutional investors and their involvement in cryptocurrencies – has just raised US$1 billion in funding.

$100 Million Added to Amber Group’s Valuation

The investment round was led by Tiger Global – the hedge fund with the biggest Return On Investment (ROI) for its clients in 2020 – and the China Renaissance bank. Arena Holdings and DCM Ventures also took part in the fundraising round and together contributed $100 million to Amber Group’s valuation.

This contribution, worth a 10th of Amber’s total value, is roughly equal to its total capital one year ago, when it was valued at around $100 million. At the time, the group had just finished raising $28 million worth of capital.

The vast majority – between 70% and 80% – of the profit generated by Amber Holdings comes from the net interest margin, which is a measure of lending profitability.

Amber Strategy Seems to be Working Well

To put it briefly, once a customer deposits a sum with Amber Holdings, they are offered an interest rate on their liquidity. Amber then pools the liquidity from multiple customers and lends it out to even more customers at different rates – and, judging by the response from institutional investors, the strategy seems to be working pretty well.

A further 15% of Amber Group’s profits comes from transaction fees. According to CEO Michael Wu, the funding will mostly be put to use hiring new staff and investing in state-of-the-art security measures.

Wu added that although up until now Amber had been focusing mostly on institutional investors, crypto investment solutions for the average Joe were in the works – and the necessary regulatory practices were being looked into.

We don’t advocate heavy speculation or high use of leverage, rather we want our customers to be more long term, focus on risk management and get stable and attractive yield[s] … I think regulation is always a challenge for this industry because it’s a very global industry. It’s always about staying ahead, or at least staying aware of the different regulation. We always take a very conservative approach to that.

Michael Wu, Amber Group CEO

Although Bitcoin has gone through quite a rough patch since May, support from institutional investors hasn’t slowed down – contrasting a similar situation in 2017.

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Cryptocurrencies Investing Trading

6 Important Lessons Learnt from Real Crypto Traders

Over the years, people have made a lot of money from crypto – most of whom have done lots of research so they know what they are getting into.

Unfortunately, a lot of promoters, mainly on social media such as Twitter, Facebook and YouTube, feature enthusiastically small cap coins they found profitable and lead plenty astray.

Here is a quick list of six important things to keep in mind while trading crypto (with quotes from real traders via Redditors):

1. Don’t Invest What You Can’t Afford To Lose

Trading crypto is a fundamentally risky endeavour – so only invest what you can afford, as these crypto traders found out.

This crypto trader lost all his crypto while he was sleeping.

I woke up this morning realising that I just lost all of my hard earned money and savings in about 2 hours. Someone got access to my private key (or at least I think so) and everything was gone.

Crypto Trader on Reddit

This crypto trader lost his all his savings by “mistakes”.

Right now I am sick to my stomach, I cannot sleep, and can barely function. After losing money left and right, I finally tipped last night and lost the last bit of a big chunk of my savings that I had ‘invested’ in Cryptos. This story is very hard for me to tell, because I am ashamed. Ashamed of how naive I have been, and how I made mistake, after mistake, after mistake. Saving the dumbest mistake for the last.

Crypto Trader on Reddit

This crypto trader explains the pain of losing money you can’t afford to lose.

For real guys, DON’T put money you can’t afford to lose, it hurts mentally and physically because you get depressed, really thought I was prepared to do that.

Crypto Trader on Reddit

2. The Bear Market Can Strike At Any Time

Over the years, we have seen plenty of bear markets, and they can hit at any time, as these crypto traders found out.

This crypto trader explains how quick the bear market can hit.

Obviously hindsight is 20/20 but I think it’s important to realise that things can seemingly look normal and suddenly you find yourself in a bear market. Some of these were pretty spot on, others not so much.

Crypto Trader on Reddit

This crypto trader explains why “this time is not different”.

Please, please, please be aware that this time is not different. The bear market will return, and it will destroy all of your gains, and at first you’ll tell yourself that it’s just a small correction, and then everyone on Reddit will say it’s just the Chinese new year or something like that, and then you’ll kick yourself for not selling sooner and you promise you’ll sell as soon as there’s another price increase, but it never comes, and you finally give up and accept that you lost a ton of money because you thought this time was different and you thought you could time the market. But it’s not and you can’t.

Crypto Trader on Reddit

3. Partly Cashing Out Can Pay Off

As these crypto traders found out, once you’ve made enough to recoup your initial investment, a partial cash out can pay off, especially in an unpredictable market.

This crypto trader was in relief that he cashed some out before a dip.

I sold a small amount to recover my initial $3000 investment as the price rose; this was a strong psychological barrier for me as now I was purely playing with house money, [so] I literally cannot lose as long as I don’t go chasing losses […] I cashed out $200k yesterday, enough to make an impact in my life while still holding on to a majority of my HODLings. This was literally minutes before yesterday’s dip happened so the sense of relief that came over me was only further reinforced by the dip that soon followed.

Crypto Trader on Reddit

This crypto trader took his family on a holiday with the profits he took.

For the first time … tonight … I took profit!! I didn’t want to do it. I didn’t want to take money away from the investment. I’m thinking long term with what I put in.

We don’t take many vacations as a family. We cut the month tight with bills and our planned vacation got REAL tight. So I sold some profit, not a lot. Enough to enjoy time with my fam!! I thought I may regret it, but I didn’t!! It was totally worth it.

Crypto Trader on Reddit

This crypto trader did not take profits and was feeling the pain of “losing his gains”.

I lost 250k gains and now at losses. 🙁 I joined crypto around March and I was proud that I bought coins that gave me 70% gains because of HODL. But I was too greedy that I didn’t take profit because I didn’t want to let go of the coins I bought for cheap. Now those coins are back to my entry price and even lower. All my gains gone. I don’t know what to do 🙁 If I sell now, what haunts me is that I could’ve sold with all the gains but instead, I’m now selling with losses. I feel bad about this huhu.

Crypto Trader on Reddit

4. Sometimes HODLing Is The Best Strategy

I think we’ve all seen a coin boom after we just sold it. Sometimes just HODLing a coin can pay off, especially when the market follows cycles, as these crypto traders found out.

This crypto trader feels the pain of not HODLing and what might have been if he did, just, HODL.

I watch another bull run happen without being on board, in Dogecoin, the one I got rid of. My holdings would have been worth over $1 million if I held. I track down my old doge wallet info desperately hoping I’m remembering wrong and that I’m still holding some, but it’s empty. The ETH I traded it for is up nicely, but a small fraction of what the doge would have been worth. Strange how upsetting it is to be up 1000% on an investment when you realise you could be up 10,000%.

Crypto Trader on Reddit

This crypto trader’s plan was to just HODL until the next bull run.

I had been through enough bull cycles by this time to know that if/when the next one would eventually came it would dwarf all others. And by the time that happened, what I had learned was that I needed to have a solid plan in place so I could execute it without making irrational decisions.

Crypto Trader on Reddit

5. Day Trading Is A Dangerous Game

Timing the market is not an easy thing to do and trying to predict the bottoms is like “trying to catch a falling knife”. Day trading cryptocurrencies is not an easy game as these crypto traders found out.

It’s really hard to predict which direction the market is going short term. You might see a quick spike up sell a bit and wait for the correction. Then it comes back down and you buy it back. What goes wrong is when you wait a little too long and it starts going back up again, and your buy order never goes thru bc the price is rising / holding / rising / etc….. You bid a penny below value and it just doesnt dip back until it’s past your sell point anyway, now you lost.

Crypto Trader on Reddit

This crypto trader’s friends all lost trying to day trade.

A friend of mine made 400K with day trading. All my other friends lost an insane amount of money trying to do the same. Unless you have the time to become pro I wouldn’t recommend it.

Crypto Trader on Reddit

This crypto trader was trying to “revenge trade” to recoup his losses.

It got to the point where my bank account had no money left to fund my Bitmex account and that’s where I made my biggest mistake. I decided to “borrow” funds from my BTC and ETH cold storage to try to recuperate everything I’ve lost so far on Bitmex. And as I now know, revenge trading never works. Today marked the end of my crypto career, all my alts were liquidated when BTC broke 9k and pretty much dumped right after.

Crypto Trader on Reddit

6. Keep Your Crypto Safe

If you hold your crypto on exchanges, then they control the wallets’ private keys, so they effectively “own” the crypto. Having your crypto stored in a safe location can pay off in the long run, as these crypto traders found out the hard way.

College roommates convinced me to buy bitcoin back in 2010, i ended up buying 10,000 bitcoins for $60-80 and storing them on my laptop, forg[o]t about it until 2014 when my friend randomly mentions it hitting $1k and a good buying opportunity, i rush home to look for my old broken laptop which had the bitcoins on it in the hard drive to discover my mom threw it out and the bitcoins were gone forever, i become severely depressed and affected by this and til this day cant help but think what if i had those bitcoins.

Crypto Trader on Reddit

This crypto trader lost his crypto he had stored on his phone.

Lost .5 BTC off my phone which is a lot to me :(, I recently switched from blockchain wallet to the bitcoin wallet by andreas schildbach which i backed up, but the file was on my phone. I got a new phone HTC one m8 and was excited, had the people at ATT factory reset my note 2 without even thinking in excitement… And its all gone. I cannot find the private key 🙁

Crypto Trader on Reddit

This crypto trader’s hardware wallet is now swimming with the fishes.

It was a tragic boating accident. I just moved all my bitcoin to a hardware wallet, when it happened to slip my hands and into the ocean. Any further transfers done on that wallet are because of Poseidon.

Crypto Trader on Reddit
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Binance Crypto News Market Analysis Swyftx Trading

Top 3 Coins To Watch This Week: EGLD, MINA, ORN – Trading Analysis

Let’s take a closer look at this week’s altcoins showing breakout signals. We’ll dive into the trading charts and provide some analysis to help you.

1. Elrond (EGLD)

Elrond is a blockchain protocol that seeks to offer extremely fast transaction speeds by using sharding. The project describes itself as a technology ecosystem for the new internet, which includes fintech, decentralised finance and the Internet of Things. Its smart contracts execution platform is reportedly capable of 15,000 transactions per second, six-second latency and a $0.001 transaction cost.

EGLD Price Analysis

At the time of writing, EGLD is ranked the 63rd cryptocurrency globally and the current price is A$94. Let’s take a look at the chart below for price analysis:

Source: Tradingview

EGLD‘s stunning – nearly 4,000% – climb since Q4 2020 has since retraced 73%, finding some support near A$87.05.

Retracements toward the monthly open, possibly running stops near $141.15 and $147.60, are likely to be capped between $145.25 and $153.64. A break through this level may find another area of resistance near the gap and old swing lows near $161.62 – possibly spiking up to $177.82.

The price appears to be struggling to maintain support between $113.23 and $98.69, making the swing lows near $100.85, $87.05, and $76.99 likely shorter-term targets. 

A run on these lows could find another area of support near $73.95. If this area fails to hold, a drop to the lower end of the monthly gap around $39.54 may be on the cards, with $34.02 offering some hope of support.

2. Mina Protocol (MINA)

Mina Protocol is a minimal “succinct blockchain” built to curtail computational requirements in order to run DApps more efficiently. Mina has been described as the world’s lightest blockchain, since its size is designed to remain constant despite growth in usage. Furthermore, it remains balanced in terms of security and decentralisation. Mina is working on achieving an efficient distributed payment system that enables users to natively verify the platform right from the genesis block. Its technical whitepaper calls this a “succinct blockchain”.

Mina Price Analysis

At the time of writing, MINA is ranked the 233rd cryptocurrency globally and the current price is A$2.08. Let’s take a look at the chart below for price analysis:

Source: Tradingview

MINA has continued its steady downtrend. Meanwhile, the chart offers bulls no strong support for long entries.

The recent low at A$2.39 is likely to be swept – a region that offers a glimmer of hope for support based on some methods of measuring moves. However, bulls are likely to wait for more signs of support and a market structure shift before entering long positions.

Resistance rests just overhead between $2.77 and $3.26. The gap at $3.04 offers a high probability target for any potential downtrend retracements. 

A more substantial bullish shift in the markets could help the price run the stops near $4.11 into resistance, beginning near $4.19. Any move upward is likely to find a cap near $5.51, although the current chart offers no hints that a movement this large should occur anytime soon.

3. Orion Protocol (ORN)

Orion aims to solve the difficulties in performing profitable transactions associated with the lack of liquidity on the majority of crypto exchanges. This is the case for both centralised and decentralised exchanges. Orion’s solution to this is to aggregate exchanges’ order books into one simple-to-use-and-understand terminal.

The Orion Protocol’s goal is to help users get the best returns out of their investments while also lowering the risks associated with using multiple exchanges.

ORN Price Analysis

At the time of writing, ORN is ranked the 236th cryptocurrency globally and the current price is A$8.54. Let’s take a look at the chart below for price analysis:

Source: Tradingview

After an 83% retracement from its March highs, ORN found a temporary low near A$6.53. A recent move above $12.61 could be the first sign of a bullish shift – but could also signal a stop run before the next drop lower. 

If the market adopts a more bullish tone, the price could run through the most recent swing high. If this bounce occurs, it would likely find some resistance near $13.85, possibly reaching up to $16.51.

However, a move below the closest support near $6.558 makes stop runs on the swing lows near $7.63 and $6.53 likely. A confluence of several levels near $5.71 could provide a temporary bounce. Still, a sustained bearish market will likely target $5.18 and even $2.39.

Where to Buy or Trade Altcoins?

These three Altcoins have the high liquidity on Binance Exchange, so that could help with trading on USDT or BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

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Binance Crypto News Market Analysis Swyftx Trading

Top 3 Coins To Watch This Week: MINA, MTS, XVS – Trading Analysis

Let’s take a closer look at this week’s altcoins showing breakout signals. We’ll dive into the trading charts and provide some analysis to help you.

1. Mina Protocol (MINA)

Mina Protocol is a minimal “succinct blockchain” built to curtail computational requirements in order to run DApps more efficiently. Mina has been described as the world’s lightest blockchain since its size is designed to remain constant despite growth in usage. Furthermore, it remains balanced in terms of security and decentralisation. Mina is working on achieving an efficient distributed payment system that enables users to natively verify the platform right from the genesis block. Its technical whitepaper calls this a “succinct blockchain”.

Mina Price Analysis

At the time of writing, MINA is ranked the 223rd cryptocurrency globally and the current price is A$3.68. Let’s take a look at the chart below for price analysis.

Source: TradingView

Since the beginning of June, MINA has been in a gentle downtrend. The future likely holds more stop runs and erratic volatility until the chart forms more substantial high-timeframe levels.

A retracement might uncover support near A$3.50, which is the daily high of the last swing low. The high of the wick beginning near $3.02 may also provide support. However, bulls will likely remain wary of the current downtrend, making the low at $2.71 the likely next bearish target.

Just above, the daily gap beginning near $4.10 may provide resistance to bulls, possibly marking a future range high. A push through this level is likely to target the swing high near $5.12 – perhaps running to probable resistance near $5.38. Strength above this level might signal the start of a bullish trend, encouraging bulls to “buy the dip”.

2. Metal (MTL)

Metal (MTL) is the native currency of Metal products and an essential part of the Metal ecosystem. Sending and receiving any crypto to friends on Metal Pay is, according to the team, instant, and feeless. Designed to make cryptocurrency payments fast and easy, users pay zero fees when sending, receiving, buying or selling MTL.

MTL Price Analysis

At the time of writing, MTL is ranked the 190th cryptocurrency globally and the current price is A$2.91. Let’s take a look at the chart below for price analysis.

Source: TradingView

March 29’s 450% bullish daily candle has since bled near 85%, with the MTL finding a low near $2.02 in mid-May.

Bulls are buying each drop into support near $2.74, with higher lows forming each time. However, the equal lows near $2.56 create an attractive target for a stop run. Still, bulls might buy this dip near possible support beginning at $2.44.

Just over the June monthly open, $3.18 marks the beginning of a probable resistance zone. A breakthrough in this area might target the equal highs near $3.57 before running into possible resistance near $3.75.

A sustained move upward – perhaps from a market-wide bullish shift – could reach the swing high near $4.77 before encountering probable resistance near $4.87.

3. Venus (XVS)

Venus is an algorithmic money market and synthetic stablecoin protocol launched exclusively on Binance Smart Chain (BSC). The protocol introduces simple-to-use crypto-asset lending and borrowing solution to the decentralised finance (DeFi) ecosystem, enabling users to directly borrow against collateral at high speed while losing less to transaction fees. In addition, Venus allows users to mint VAI stablecoins on-demand within seconds by posting at least 200% collateral to the Venus smart contract.

XVS Price Analysis

At the time of writing, XVS is ranked the 144th cryptocurrency globally and the current price is A$33.02. Let’s take a look at the chart below for price analysis.

Source: TradingView

During five days in May, XVS dumped over 86% before finding support near $25.67. Consolidation above this level has created a series of relatively equal lows, which are likely to be swept before any longer-term bullish trend begins. 

In the shorter term, the price might establish support near $32.72 before running the swing high at $37.28. If this bullish move occurs, the price could reach resistance near the June monthly open around $42.94 – and even sweep the swing high near $46.42.

Some support might exist at the daily gap near $20.11. A move this low would also fill the February monthly gap and set the stage for a possible bullish reversal.

If this level fails to hold, the price will likely explore the next monthly gap between $12.30 and $6.21. In this zone, the daily swing low at $8.66 makes a likely target.

Where to Buy or Trade Altcoins?

These three Altcoins have the high liquidity on Binance Exchange, so that could help for trading on USDT or BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

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Binance Crypto News Ethereum Market Analysis Swyftx Trading

Top 3 Coins To Watch This Week: ETH, ELA, OGN – Trading Analysis

Let’s take a closer look at this week’s altcoins showing breakout signals. We’ll dive into the trading charts and provide some analysis to help you.

1. Ethereum (ETH)

Ethereum is a decentralized open-source blockchain system that features its own cryptocurrency, Ether. ETH works as a platform for numerous other cryptocurrencies, as well as for the execution of decentralized smart contracts.

Ethereum’s own purported goal is to become a global platform for decentralized applications, allowing users from all over the world to write and run software that is resistant to censorship, downtime, and fraud.

Ethereum Price Analysis

At the time of writing, ETH is ranked 2nd cryptocurrency globally and the current price is A$3571. Let’s take a look at the chart below for price analysis.

Source: TradingView

ETH‘s stunning rally to $5647 plummeted over 60 percent during May to sweep consolidation lows at $2576. This sweep of the lows could set the stage for a new bullish cycle to begin. 

The price is currently balancing around the June monthly open. A quick stop runs into support beginning near $2527 could set the stage for a move into the daily gap beginning near $3255 – potentially reaching resistance near $4624.

A sweep of the highs near $3752, followed by a sharp sell-off, could hint that bears are preparing to run the swing low near $2810 AUD. This drop could find support around $2479 in the candle wick that created the May low. If the market remains bearish, the price will likely sweep May’s low into possible support near $2192.

2. Elastos (ELA)

Elastos aims to be a blockchain-powered version of the internet. The project originates all the way back to the year 2000; however, the current version that is based on blockchain technology and has been in active development by Elastos was founded in June 2017.

The team behind the project genuinely believes that Ethereum, as well as DApp platforms, faces limitations in scaling. While they are great for smart contracts, they are slow, not flexible at all, and inconvenient for full applications, according to Elastos. Elastos is a platform for decentralized apps (DApps for short) that claims to solve many of these limitations.

ELA Price Analysis

At the time of writing, ELA is ranked the 366th cryptocurrency globally and the current price is A$5.44. Let’s take a look at the chart below for price analysis.

Source: TradingView

ELA formed relatively equal lows near A$3 after dropping over 81 percent during May. These lows could provide the target for another leg down, possibly finding support in the monthly gap of around $2.63. 

If this sweep of the $3.90 swing lows occurs, more aggressive bulls might begin bidding the weekly level near the swing low around $3.37. Should the market take a more bullish turn, the level just below near $5.08 could provide some short-term support.

The steep drop left large areas of inefficient price action, making the daily gap up to $7.60 likely to be touched or filled. A sustained move through this resistance could visit a significant area on the monthly and weekly chart near $9.55.

3. Origin Protocol (OGN)

Origin Protocol is a network that allows market participants to share goods and services through peer-to-peer (P2P) networks. The platform aims to create an extensive online marketplace leveraging the Ethereum (ETH) blockchain and Interplanetary File System (IPFS) in order to eliminate the need for middlemen.

The protocol allows for the creation of a decentralized setting where both buyers and sellers can connect, check for available listings, write reviews, and perform many other actions. With this, fractional usage of assets can be traded more easily.

OGN Price Analysis

At the time of writing, OGN is ranked the 139th cryptocurrency globally and the current price is A$1.19. Let’s take a look at the chart below for price analysis.

Source: TradingView

April started a gradual 87 percent decline in OGN‘s price. The move into February’s swing high saw a sharp jump in price, showing that some support exists near $0.59.

A sweep of the most recent swing lows into possible support beginning near $1.04 could lead to a rally over the June monthly open. This rally would likely sweep the swing high into the resistance near $1.55. 

This potential bullish move could continue through the relatively equal swing highs near $1.89 – but is likely to find some resistance in the weekly level around $2.

Continued bearishness in the crypto markets might push the price to fill the weekly gap down to $0.54. This drop would sweep the stops under May’s low and potentially mark a new accumulation zone for the next bullish cycle.

Where to Buy or Trade Altcoins?

These 3 Altcoins have the highest liquidity on , so that could help for trading on USDT or BTC pairs. Instead, if you’re looking at buying and HODLing cryptos, then  is a popular choice in Australia.

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Bitcoin Crypto News Markets Trading

Crypto Exchange Volumes Rise 37% In May 2021 To US$2.2 Trillion

Binance Adds Apple (AAPL) as Fourth Stock Token

Last month, major cryptocurrency exchanges recorded a massive volume of over $2.2 trillion USD, despite the recent drops in the price of cryptocurrencies.

The volume in May represents over a 37 percent increase compared to the previous month (April – $1.66 trillion USD), according to the data from TheBlock shown below.

Crypto Exchange Volume is up 132% YTD

Following the data, crypto exchange volume has increased by 132 percent compared to the January record of $977.79 billion USD, and over 2,000 percent compared to the record of $107 billion in May last year. In February, crypto exchanges made their first +$1.2 trillion volume, which has been on the rise for four consecutive months.

The leading crypto-to-crypto exchange, Binance, recorded over $1.5 trillion volume, which is about 66 percent of the total volume in May. Coinbase recorded the largest volume amongst fiat-to-crypto exchanges. Coinbase gained about $201 billion USD, which is approximately nine percent of the entire volume last month.

Judging by the growing trend, exchange volume is likely to increase further this month.

Bitcoin Futures Volumes Also On The Rise

Likewise, derivative exchanges also recorded an increase in Bitcoin Futures trading volume for the past month. The volume precisely increased by 48 percent in May, led by OKEx, which gained over 48 percent in BTC Futures volume, followed by Binance (+42%), FTX (+38%).

Huobi and Deribit gained about 36 percent in volume, while BitMEX lost four percent.  

At the time of writing, open interest in Bitcoin Futures totaled $11.25 billion USD, with the price of the underlying asset at $35,962 USD.

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Australia Crypto Exchange Crypto News Cryptocurrency Tax Monero Trading

Australian Project Enables Bitcoin And Monero Direct Swaps

COMIT Network, an Australian-based decentralised exchange (DEX), now allows atomic swaps between Monero and Bitcoin.

This means users can directly swap Monero (XMR) for Bitcoin (BTC) without intermediaries. This is currently only available on wallets that support the new functionality. Modern crypto wallets such as Samourai Wallet proved earlier this month that atomic swaps using XMR is working.

“The decentralized Monero exchange technology is here, so now it’s a race for wallets to provide the best user experience. With such high user demand for easy and private peer-to-peer exchanges, it’s only a matter of time before wallets widely implement them.”

Justin Ehrenhofer, an organiser of Monero Space.

The Monero community is working with the Australian COMIT project to build a PoC (Proof of Concept) DEX for the BTC-XMR direct swaps.

Traders Are Using Monero To Avoid Taxes

Monero is best known for its private and fungible characteristics, like hiding the sender, receiver and amount details for all transactions. This allows crypto traders to use XMR to avoid crypto taxes.

This is made possible as XMR uses a special advanced cryptography to facilitate anonymous transactions on decentralised exchanges. This makes it very difficult to prove who actually owns a Monero token.

The Australian Tax Office (ATO) warned crypto traders to report their cryptocurrency holdings in this years tax returns, which could directly affect up to 600,000 aussies.

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Australia Binance Australia Crypto News Trading

Binance Australia Breaks More Records with $615 Million in Daily AUD Trading Volume

Australia Binance AU
Australia Binance AU https://www.dreamstime.com/view-australia-world-map-vignette-radial-blur-effect-elements-image-furnished-nasa-image161905173

Binance Australia has broken another record with a massive $615 million AUD daily trading volume on their cryptocurrency exchange.

The previous record of $130 million AUD in a single day was set back in January this year by Binance Australia. And now they have broken the record a few months down the line.

  • Binance Australia reached $615.83 million in daily AUD trading volume on 19 May 2021.
  • Binance is also currently the largest exchange in the world with $35 billion USD trading volume at the time of writing (second place with $15 billion USD).
  • The exchange has also been the top digital exchange in Australia since January this year.
  • Binance Australia has now reached 3 times the Bitcoin (BTC) trading volume compared to other exchanges in the Australian market, various times.
Source: CryptoCompare
Source: CryptoCompare

Additionally, AUD trading volume is a common indicator defining the performance of digital exchanges. It has been less than 3 months since the last all-time-high (ATH) of $175 million AUD in trading volume was recorded (on 23 Feb). This new peak in volume of $615 million AUD is 3.5 times higher.

During this year, the growth of Binance Australia has been surprising, not just in trading volume but in customer base as well, topping other Aussie exchanges in both Ethereum (ETH) and Bitcoin (BTC) 24-hour trading volume.

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Binance Cardano Crypto News Market Analysis Swyftx Trading

Top 3 Coins To Watch This Week: ADA, CLO, VRA – Trading Analysis

Let’s take a closer look at this week’s altcoins showing breakout signals. We’ll dive into the trading charts and provide some analysis to help you.

1. Cardano (ADA)

Cardano is a proof-of-stake blockchain platform that says its goal is to allow “changemakers, innovators, and visionaries” to bring about positive global change. The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals” — helping to create a society that is more secure, transparent, and fair.

ADA Price Analysis

At the time of writing, ADA is ranked 4th cryptocurrency globally and the current price is $2.14 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

ADA‘s 97% climb during early May returned to the monthly open, sweeping lows several times down to $1.32 AUD.

Last week, the price bounced from the monthly open near $1.78 AUD again, creating possible support near $2.02 AUD. A quick sweep of this recent swing low could reach into a support area near $1.70 AUD, while a sharp downturn in the market is likely to run for the relatively equal lows near $1.40 AUD.

If the price breaks through the closest significant resistance near $2.30 AUD, the swing high at $2.45 AUD is a likely target. This move could reach a daily gap near $2.60 AUD.

Strong bullish momentum could propel the price to resistance near $2.81 AUD. If this move occurs, the significant swing high near $3.15 AUD provides a reasonable goal.

2. Callisto Network (CLO)

Callisto Enterprise, a branch company focusing on enterprise applications of blockchain technology. Several major public transport companies from central and eastern Europe have joined in this initiative.

Callisto has built a scalable blockchain ecosystem featuring a staking mechanism, a full DeFi protocol, and a stablecoin. Callisto Network is a self-sustaining and self-funded blockchain ecosystem, not financed by pre-mined coins or an ICO.

CLO Price Analysis

At the time of writing, CLO is ranked 513th cryptocurrency globally and the current price is $0.02086 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

CLO spent the month of May ranging across the monthly open, reaching 26.5% over and 45% below.

The price is currently consolidating between adjacent resistance and support at $0.01675 AUD with no clear higher-timeframe trend. A strong move over the monthly open could signal a run to resistance beginning near $0.02275 AUD. 

This move would likely target the swing high at $0.02541 AUD and relatively equal highs near $0.02761 AUD. A sustained bullish trend could reach up to the April high near $0.03500 AUD.

Bulls might see a sweep of the relatively equal lows near $0.01142 AUD as a chance to buy at a discount. If this level fails to hold, the next significant area for the price to find buyers is likely near the consolidation around $0.00724 AUD that began March’s bullish trend.

3. Verasity (VRA)

Verasity is a Protocol and Product Layer Platform for Esports and Video Entertainment. Verasity’s mission is to significantly increase advertising revenues for video publishers on any video platform through its rewarded player and ad stack utilizing its patented protocol layer on the blockchain – Proof of View. PoV is the only Protocol Layer patented technology for the blockchain USA Patent.

VRA Price Analysis

At the time of writing, VRA is ranked 394th cryptocurrency globally and the current price is $0.02433 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

VRA‘s strong downtrend that began in mid-April has retraced most of its Q1 move, recently sweeping lows near $0.0168 AUD but struggling to find strong support.

A sweep of the relatively equal lows near $0.0128 AUD into possible support around $0.00122 AUD, combined with bullish market conditions, could be the catalyst that begins to form a bottom. If this level fails, bulls might buy the monthly gap’s low near $0.0098 AUD.

The swing low near $0.0326 AUD may form resistance to any sudden pumps as holders unload some of their position. A more substantial move might sweep relatively swing highs into probable resistance near $0.0438 AUD, potentially reaching up to the May monthly open near $0.0521 AUD.

Where to Buy or Trade Altcoins?

These 3 Altcoins have high liquidity on Binance Exchange so that could help with trading. Instead, if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is a popular choice in Australia.

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Ethereum to Flip Bitcoin With Over $20 Billion USD in Trading Volume

Ethereum Flips Bitcoin With Over $20 Billion USD in Trading Volume

Ethereum is gradually outperforming Bitcoin in several metrics that point towards its complete “Flippening” of Bitcoin as the largest blockchain network.

Recent data from Messari, a cryptocurrency data insights and analytics platform, showed that Ethereum has surpassed Bitcoin in daily spot trading volume.

Ethereum Posts Over $20 Billion Volume

As Messari Researcher Ryan Watkins shared on Wednesday, Ethereum spot trading volume surpassed Bitcoin since the past month. Presently, Ethereum sees over $20 billion USD in trading volume, while Bitcoin sees less than the amount.

This record checks off one of the “Flippening” metrics that Ethereum is expected to fill before it completely outperforms Bitcoin as the largest blockchain network, as per Blockchain Center.

Following the Flippening data, Ethereum has already surpassed Bitcoin in transaction count, transaction volume, and total transaction volume. However, it has a lower market capitalization, active address, node count, and Google Search Interest compared to Bitcoin.

Ethereum Flippening [BlockchainCenter.net]

At the time of writing, the Flippening index reads that Ethereum is about 43.9 percent closer to overtaking Bitcoin completely. Judging by the number, the chances of Ethereum completely Flippening Bitcoin seem still relatively low, probably because the market capitalization of both coins is considered the major factor. Bitcoin has a market cap of $725 billion USD, while Ether sees $317.8 billion USD at the same time.

Most Altcoins Still Correlate With Bitcoin

Regardless of the Flippening metrics, Bitcoin still leads the cryptocurrency market. A separate data analysis from Messari also indicated that many major altcoins – including Ethereum, Binance Coin, Ripple and Litecoin – have a correlation of about 60-80 percent with the market value of Bitcoin.