Altcoins Bitcoin

Shark Tank Investor Kevin O’Leary Says ‘Nightmarish’ Crypto Correction Good for Industry – Here’s Why

Shark Tank star Kevin O’Leary is taking stock of the altered crypto landscape after billions of dollars were liquidated when two large-cap digital assets collapsed earlier this month. In a new interview with Stansberry Research, O’Leary says the demise of the TerraUSD (UST) algorithmic stablecoin and its affiliated Terra (LUNA) is a painful part of a […]

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Crypto News Ethereum

Solana TVL Sees Sharp Decline, Reaches 2022 Low

When Solana’s price hit new lows near $54, the total value locked (TVL) for the token also declined to a historical low. According to data from Defi Llama, the token’s TVL has been on a steady decline since November 2021. In that month, it reached an all-time high of $15 billion but then lost momentum and went down to $4.34 billion.  Solana’s TVL continued to plummet in the third week of May due to bearish trends within this market that have seen declining interest from investors. Related Reading | Ripple (XRP) Price Picks Up As SEC Legal Showdown Drags On With its price struggling to find footing, it’s been one of the best-performing crypto projects in recent months. However, the research says that Solana has lost 60% in total value locked since January first day of 2022, trapped inside a bear market pattern.  To be exact, on January 1st, Solana’s TVL was approximately $11.22 billion, but by May 16, it had fallen to around $4.38 billion. Solana is a blockchain that helps create user-friendly applications that are very scalable. As the fastest growing ecosystem in the crypto finance space, Solana has thousands of projects under Web3, non-fungible tokens (NFTs), and DeFi. Reason Behind The Decline in Solana Total Value Locked This week, the Solana TVL reached new lows due to the number of decentralized applications (dApps) in its ecosystem plummeting. For example, the Tulip yield aggregation platform has shed more than 11% of its TVL in the last month. Likewise, the Solend decentralized lending and borrowing platform have also fallen by more than 8% within the same timeframe. With the value of both projects locked up, Staking platform Marinade Finance and decentralized exchange (DEX) protocol Serum have lost more than 48% and 42%, respectively. Saber, Raydium, Orca, Atrix, Quarry, Francium, and Mango Markets are the other dApps caused a decline in the total value locked. Solana is still keeping the fourth position with the most locked value blockchain. Despite plummeting by more than $6 billion in 2022.  Solana still reigns supreme in value locked over Cardano, TRON, Fantom, Polygon, Cronos, Near, Waves, DefiChain, Harmony, and Osmosis. However, Ethereum, BNB, and AVAX sit at the top of their game.  Meta Platforms has announced that Solona will be integrated with Instagram. This means that Solona’s non-fungible tokens (NFTs) will be usable on the social media platform. Other platforms that have been named for this integration are Polygon and Ethereum. Related Reading | Bitcoin Marks Seven Consecutive Red Candles, Paints Gruesome Picture For Market When SOL opened the year, it was priced at $170.31; by Jan 2nd, the coin reached its yearly high at $179.43. As of May 16, SOL is trading at $ 55.38 per coin. This means that the price has decreased by 67% since the start of the year.   Featured image from Flickr, and the chart from Tradingview  

Bitcoin Crypto News

This Expanding Triangle Pattern Could Be The Last Hope For Bitcoin Bulls

Bitcoin broke through support and plunged to the lowest prices seen since 2020. However, despite all the fear the drop has caused, it could be the last low before the top cryptocurrency continues its bull run. Here is why an extremely rare Elliott Wave expanding triangle pattern could be the last hope Bitcoin bulls have for new highs before a bear market. Ralph Nelson Elliott And His Theory On How Markets Move Ask most crypto investors and they would probably agree: we are in a bear market. However, based on the guidelines of Elliott Wave Theory, the last year and a half of mostly sideways could be part of one powerful, confusing, and rare corrective pattern. Related Reading | One Coin, Two Trades: Why Bitcoin Futures And Spot Signals Don’t Match Up Elliott Wave Principle was first discovered by Ralph Nelson Elliott in the 1930s. The theory believes all markets move in the direction of the primary trend in the same five-wave pattern. Odd-numbered waves move up with the primary trend as well, while even-numbered waves are corrective in nature that move against the trend. Is Bitcoin trading in an expanding triangle? | Source: BTCUSD on TradingView.com In the chart above, BTCUSD could potentially be trading in an expanding triangle. In Elliott Wave Theory, triangles of any kind only appear immediately preceding the final move of a sequence. During the bear market, a triangle appeared in place of the B wave before breaking down to the bear market bottom. Identifying A Bullish Expanding Triangle Pattern Triangles can contract, expand, descend, ascend, and even take on some “irregular” shapes. The expanding triangle pictured above and below should in theory only occur before the final wave five impulse up. If that’s the case, the bull run could continue once the bottom of the E wave is put in. Each subwave is a Zig-zag similar to wave two  | Source: BTCUSD on TradingView.com An expanding triangle is characterized as having five waves that sub-divide into ABCDE corrections. Waves A, C, and E are against the primary trend, while B and D waves are with the primary trend. Each sub-wave further sub-divides into three-wave patterns called a Zig-zag. Zig-zag patterns are sharper, and more commonly appear in wave two corrections. The fact that an expanding triangle has five of these brutal corrections in two different directions makes it especially confusing and frustrating. Expanding triangles only form under the most unusual market conditions. Related Reading | Bitcoin Bear Market Comparison Says It Is Almost Time For Bull Season Extreme uncertainty drives expansive volatility in both directions. Both sides of the trade are repeatedly stopped out of trades, adding to frustration. By the end of the pattern, order books are thin and easily overpowered. Decidedly bearish sentiment squeezes prices up quickly causing an upward breakout of the pattern and continuation of the bull run. The chase and FOMO creates the conditions necessary for wave five. Why Bitcoin Could Still Have Wave Five Ahead The only problem is that there is no telling if this is the correct pattern, or if Bitcoin is in (or possibly just completed) a wave four according to Elliott Wave Theory. Knowing that triangles only appear before the final move of a sequence helps improve the changes of this expanding triangle being valid. However, it is more important to understand the characteristics of each wave. Corrective waves result in ABC or ABCDE corrections (along with some more complex corrections) that move against the primary trend. Between corrections is an impulse wave up, in a five-wave stair-stepping pattern. After the bear market bottom, a new trend emerges starting with wave one. Wave two is often a sharp, Zig-zag style correction that retraces most of wave one. A bear market will move below the zero line on the MACD  | Source: BTCUSD on TradingView.com The lack of a new low creates the confidence for more market participants to join, making wave three the most powerful and extended of all. Wave four typically moves sideways and lacks the same severity of the wave two correction. Elliott said that wave four represents hesitancy in the market before finishing the trend. Both wave two and wave four tend to bring the MACD back down to the zero line before reversing higher – a setup clearly depicted above. Related Reading | Bitcoin Indicator Hits Historical Low Not Seen Since 2015 When the hesitancy ends, wave five typically matches the length and magnitude of wave one. But after such a long and nasty wave four correction, any wave five has the potential to extend similar to wave three. If this were the case, the expanding triangle pattern created the perfect shakeout of both sides of the market. Here is a 🧵 on my full Elliott Wave analysis on #Bitcoin and why I don’t believe there is a bear market – and why I expect the last leg up any day now. — Tony "The Bull" Spilotro (@tonyspilotroBTC) May 15, 2022 Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com

Crypto News

CoinEx CEO: Breaking Financial Shackles & Making Crypto Trading Easier

CoinEx, a crypto exchange that serves more than 3 million registered users in over 200 countries and regions, has adopted a new brand slogan — Making Crypto Trading Easier. We interviewed Mr. Haipo Yang, CoinEx’s founder and CEO, and discussed topics concerning CoinEx and the future development of the crypto industry. Q: What are the considerations behind CoinEx’s new slogan — Making Crypto Trading Easier? A: Today’s crypto market has entered a new stage in terms of technological progress, market scale, and user base. At its height, the total market cap of cryptocurrency approached $3 trillion. Meanwhile, surpassing Facebook, Bitcoin has become one of the 10 most valuable assets globally. Cryptocurrency is now an integral part of global assets, and crypto technologies are also influencing more industries and users. At the same time, many are daunted by crypto technologies. In their view, the market is reserved for geeks and professional investors only. Such a stereotype is not wholly unfounded — many trading platforms out there are indeed designed for professionals. They just keep introducing new functions and pile up all features and products without considering user capabilities, which discourages many newcomers. Picture this: An average user visits a crypto exchange to buy Bitcoin. However, swamped by derivatives like delivery contracts and European options, he has no idea how to buy Bitcoin at all. Are such platforms really designed for the general public? They think users might need this or that but ignore the most important fact that for most users, it is not that easy to complete the very first crypto trade. Decentralized crypto technologies are created to serve the public in the first place. All crypto users deserve respect —not only just the professional, but also retail investors, deserve access to the crypto industry. The dismissal of beginners and retail users goes counter to the crypto sector’s original mission, which is to break the financial monopoly. As such, we work to remove users’ misgivings about the crypto industry and break financial shackles. We want to deliver a message that crypto trading is a level playing field and that finance is by no means the privilege of certain groups of people. We will build a bridge that connects users with the crypto space. As a gateway to the crypto market, CoinEx helps users complete each crypto transaction with ease. Q: The slogan upgrade of CoinEx involves strategic adjustments in terms of branding, product and technology. Could you shed light on the future vision and strategic plans of CoinEx? A: CoinEx will “make crypto trading easier” through product, token listing, and user services. First of all, when it comes to products, we exercise restraint and never pile functions upon functions. Instead, CoinEx promises to offer sufficient and satisfying functions. Unlike many exchanges that offer an excessive number of redundant functions, CoinEx pursues “EASIER”. This does not mean that there are fewer things you can do on CoinEx. On the contrary, we aim to turn sophistication into simplicity by building products that meet real demands. In addition, we also attach great importance to token-listing. CoinMarketCap shows nearly 20,000 types of crypto assets globally. However, many of them come with great risks. As we can see today, most trading platforms suffer from either a lack of diversity or garbage assets. This is why our research team spends plenty of time screening the cryptos available in the market. To a certain extent, CoinEx saves users the trouble of risk filtering, allowing them to invest easily in assets minimizing users’ workload. Last but not least, CoinEx emphasizes user service. Here at CoinEx, we offer professional, efficient and considerate user services. When beginners are confused with crypto-related products, which is frequently the case, they can always turn to our intuitive beginner guides, all-encompassing help documents and humanitarian user support. CoinEx respects each ordinary user via first-rate services. Q: Compared with the past, many professional investors like VC firms, hedge funds, and asset managers have joined the crypto market. Will this lift up the investment threshold of the crypto space? Do retail investors still have a chance in such a market? A: Professional investors and retail investors are not in an antithesis relation. The fact that more investors have joined the industry comes as a recognition of the market and injects more liquidity into the crypto space. It is natural that an established market will attract various investors, but that does not mean there are no opportunities for retail investors. Here, we can compare the crypto market with conventional financial markets. In a conventional financial market, large investment banks are inherently centralized. A company needs to go through a complicated process before it can go public. As such, stocks can only be issued via big institutions, while primary markets are exclusive to professional investors. Retail investors, on the other hand, are kept out of this process. Such a centralized monopoly incurs expensive costs and creates a high threshold. Essentially, stock issuance offers funds to project teams and creates investment opportunities for investors. Meanwhile, intermediary players like investment banks and VC firms do not improve capital efficiency. Blockchain and crypto technologies have brought a new decentralized solution that allows retail investors to directly participate in primary markets through IDO and IEO, thereby breaking the monopoly of professional investors. Over the past few years, we have seen many new attempts in the crypto industry, covering DeFi, meme and Play-to-Earn. Many of these new categories are neither created by professional traders, nor are designed for big institutions. The crypto sector is now accessible to all, which means that every investor has the opportunity to profit from cryptos. Q: During the last two years of rapid growth, CoinEx has always prioritized user experiences and user demands. How do you put “EASIER” into practice during constant product iterations? In the future, what are your priorities for streamlining the trading experience? A: We have been focusing on mechanisms, interaction, and content-guided when upgrading CoinEx products. Users use a product to meet their intended goals. As such, “EASIER” means that we should help users meet such goals as quickly as possible. As for product mechanisms, we hope that users can meet their goals via the simplest operations. For instance, Swap, a new feature recently launched by CoinEx, helps users meet one simple goal, which is to swap one type of cryptocurrency for another. Unlike other swap products that often ask users to account for complicated terms such as slippage, market price, and limit price, CoinEx Swap is backed by a set of independently developed smart algorithms, which only requires users to enter the target cryptos and the swap amount, and everything else will be handled by CoinEx. With Swap, users benefit from fast conversions at excellent prices. Other than mechanisms, we also value interaction, which covers webpage interaction and visual guides. Instead of stacking up all the functions and information on one page, CoinEx strives for simple content that allows users to spot the function they need at the first glance. Moreover, we will keep improving our text introductions and product descriptions in content guidelines, helping all users get started with CoinEx right away through simple, intuitive expressions. During the interview, Haipo Yang also mentioned that the improvement of user experiences is a never-ending process. According to him, product development requires unremitting efforts. CoinEx insists that crypto assets should be made available to the general public. It aims to “break financial shackles” and strive for “EASIER” with user-centered design (UCD) or user-driven development (UDD) by improving its products. We have every reason to believe that driven by CoinEx’s efforts, the crypto trading sector will provide new opportunities for more retail investors.  

Altcoins

Coinbase Custody Adds Support for Nine Altcoins As Crypto Markets Crash

Coinbase is continuing to expand its crypto footprint by extending custodial services support to a variety of altcoins. In a new announcement, the US-based cryptocurrency exchange says it’s adding nine cryptocurrencies to its roster of 200+ assets that are part of the Coinbase Custody cold storage trust. Coinbase Custody now supports deposits and withdrawals for […]

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