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Newbie Crypto Exchange FTX Acquires Blockfolio in $150 Million Deal

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With the six million estimated users of Blockfolio and about 150 million monthly impressions on the platform’s resources, FTX is sure to have a bigger retail exposure which is good for the company’s growth prospects.

Cryptocurrency exchange FTX has inked a $150 million deal to acquire Blockfolio, a cryptocurrency platform for tracking and management. Despite FTX being relatively new to the crypto space as it was launched last year, it has seen a meteoric rise whose momentum it planned to pull all resources to maintain. The deal acquisition of Blockfolio is one way the firm believes it can achieve this.

Attributing the plans by the exchange to bring in “new trading experience,” as FTX Chief Executive Officer Sam Bankman-Fried told Cointelegraph, the big-money deal rated as one of the largest in crypto acquisition to date follows a trend set by Binance when it acquired CoinMarketCap back in April. Bankman-Fried explained that:

“From the beginning, our goal at FTX has been to build the best quality trading experiences with the deepest liquidity for the widest possible cross section of traders. Blockfolio has built trusted relationships with millions within the crypto community, and we’re thrilled to be able to work with them to develop new and interesting experiences for that audience.”

With the six million estimated users of Blockfolio and about 150 million monthly impressions on the platform’s resources, FTX is sure to have a bigger retail exposure which is good for the company’s growth projectile.

Blockfolio Co-founder and CEO Ed Moncada affirmed the perfect alignment of his company with FTX, a firm that understood Blockfolio’s visions and style. He noted:

“We’re at the beginning of a bull market that will bring more new users to the space. Pretty much everybody picked up the phone after that deal, but when it comes to the alignment of our missions, which are both very focused on the best experience for the user, there is no exchange moving as quickly or as thoughtfully as the team at FTX.”

Prospects of FTX and Blockfolio Partnership

With plans to extend its retail trading experience, through FTX, Blockfolio will be realizing its plans this fall. While the Blockfolio team refused to share further details about this planned portfolio, it has assured its existing users of future continuity.

With the boosted resources from both firms, crypto users may have other leverage in conducting investment activities.

Deals of this nature sometimes leave users perplexed and skeptical of the future. While Blockfolio had told its users that the deal in no way implied that “Blockfolio’s story ends with this acquisition.”

Binance exchange on its way to acquire CoinMarketCap took a slightly different approach. The top exchange asked for the crypto community’s reviews and opinions on changes they will like to see in the data aggregator’s platform after being finally acquired. This move in a way puts the users first and fears of operational decline were therefore allayed.

While we wait for updates from the duo of FTX and Blockfolio on future implementation and new offerings, we expect the growth momentum of FTX will rub off on Blockfolio.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.



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How smart crypto traders caught a 48% price pump

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Disparities in information access and data analytics tech are what give institutional players an edge over regular retail investors in the digital asset space.

The core idea behind Markets Pro, Cointelegraph’s crypto intelligence platform powered by data analytics firm The TIE, is to equalize the information asymmetries that permeate cryptocurrency markets.

Markets Pro bridges the gap with two world-class functionalities: the quant-style VORTECS™ score, and breaking NewsQuake™ alerts.

The former is an algorithmic comparison of several key market metrics around each coin to years of historical data, which assesses whether at any moment the outlook for this asset is bullish, bearish, or neutral given the historical record of price action.

NewsQuakes™ are automated notifications driven by an AI routine that monitors thousands of information sources to deliver potentially market-moving news to members, often within seconds.

Neither of these is a predictive tool. What both the VORTECS™ score and NewsQuakes™ are designed to do is to notify traders that something has just happened that, in the past, reliably moved asset prices. That’s why a good Markets Pro chart is the one that shows events happening in the right order and in the right time: First comes the indicator, and then price action follows.

In the last couple of days, we have observed a number of exemplary scenarios illustrating classic Markets Pro reads on the market.

RUNE: VORTECS™ shoots up, price follows shortly

June 13 did not start off as a particularly great day for those who were invested in THORChain (RUNE) and looking to make some gains. The coin has been on its way down, falling from above $9.00 a couple of days ago to just above $7.00.

However, the coin’s VORTECS™ score has been steady in the green (bullish) zone, sometimes even venturing into dark green (confidently bullish).

While most traders only saw what was on the surface — a coin’s weak performance — Markets Pro members have had access to a wider view. Even if the price trend did not look promising at all, the market conditions remained historically favorable for RUNE, suggesting a dip potentially worth buying.

Shortly before noon, RUNE’s VORTECS™ line tipped over 80, foreshadowing a rally that began to unfold six hours later. When the price went up, it went up sharply: from $7.00 to the peak of $10.34 twenty-six hours later.

It might also seem from the chart that fuel for the rally came from a NewsQuake™ detected a couple of hours before the pump. While the announcement of a RUNE giveaway by an investment company Qi Capital has definitely added to the momentum, it is unlikely that it had actually triggered the massive pump: As a sequence of strong VORTECS™ scores pointed out, RUNE’s breakout was propped up by an overall healthy outlook in the first place.

KNC: Polygon partnership news shakes up the market

Big announcements that promise more liquidity for the DeFi sector are usually a boon for the coins involved. When Kyber protocol’s team announced the deployment of their first liquidity mining program on Polygon and Ethereum, worth $30M in rewards, the market rewarded the KNC token with a pump from $1.78 to $2.06 (a 16% increase) within 8 hours.

However, the effect of the news began to recede almost as quickly as it kicked in, so only those quick to react were allowed to feast at the profit table. A safe way to secure a spot was through receiving a NewsQuake™ (red circle in the graph) notifying users of the collaboration. Alerts were sent to Markets Pro several minutes after the deal was publicly unveiled, but before the price of KNC had begun ascending.

These classic patterns are replicated day in, day out on Cointelegraph Markets Pro, where the top-performing strategy the team has been monitoring since Jan 3 2021 (Buy at 80, Sell after 24 hours) has now delivered a staggering 3,694% return in live-testing. Full details of the methodology used are available here.

Cointelegraph is a publisher of financial information, not an investment adviser. We do not provide personalized or individualized investment advice. Cryptocurrencies are volatile investments and carry significant risk including the risk of permanent and total loss. Past performance is not indicative of future results. Figures and charts are correct at the time of writing or as otherwise specified. Live-tested strategies are not recommendations. Consult your financial advisor before making financial decisions. Full terms and conditions.



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How Market is Shaping Up

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With the 2024 halving still about 1198 days, the stakes seem higher, perhaps because of the volatility of the trading market in 2021.

No sooner will a person start talking about the crypto world before the Bitcoin halving is mentioned. It is a major event with a significant impact on cryptocurrencies generally – and has been from the onset. The idea, factored into the design of the crypto asset by Satoshi Nakamoto, helps manage the inflation of the asset.

Unlike Ethereum, only about twenty-one million BTCs can be mined based on the design algorithm. Interestingly, estimates suggest that 98% of this will have been mined by 2030. Thus, after every 210,000 blocks, the reduction in the number of new Bitcoins that can be mined per block is triggered. Consequently, the amount of rewards earned by miners is reduced.

So far, the halvings have been greeted with significant media attention. This is particularly true of the months that lead up to the halving. From a price of $2.55 before its first halving in November 2012, BTC rose to about $1037 a year after. A similar trend continued after the second halving in July 2016, with BTC rising to $2525 exactly a year after.

Despite the coronavirus pandemic, the third halving happened in May 2020 with the price of BTC at $8600 and six months later, the price was over $15,420. By and large, the market has run exactly as some have predicted with prices falling just before the reductions and then rising to new heights after the halving is completed.

Bitcoin Enthusiasts Remain Excited about Halving

The reduction in the Bitcoin supply has always been greeted with excitement and speculation. The last halving was watched online by 7000 people on Bitcoin Magazine’s live stream. This was even as CoinMetrics co-founder Nic Carter, Messari CEO Ryan Selkis and Kraken content producer Pete Rizzo, celebrated the halving.

With the 2024 halving still about 1198 days and 5 hours away at the time of writing according to CoinMarketCap, the stakes seem higher, perhaps because of the volatility of the trading market in 2021, but the excitement is no lesser.

Against the current trend, many experts remain optimistic that it will an uptrend. Analyst PlanB expects the price of BTC to soar to $288,000. Senior commodity strategist at Bloomberg Intelligence, Mike McGlone, also predicts the market will correct for a bullish trend. Billionaire Tim Draper has also stuck to his guns about the direction the market is headed.

It’s safe to say that the jury is still out on whether this upcoming halving. The question in the mouth of many Bitcoin investors and speculators is: “Will it follow the type of growth in previous halving?”

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An experienced writer and Fintech enthusiast, passionate about helping people take charge of, scale and secure their finances. Has ample experience creating content across a host of niche. When not writing, he spends his time reading, researching or teaching.



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Hawkish Fed comments push Bitcoin price and stocks lower again

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Bitcoin (BTC) and the wider financial markets faced a new wave of selling on June 18 following comments from James Bullard, the president of the United States Federal Reserve Bank of St. Louis, indicating that he expects the first interest rate increase to happen in late 2022. 

Bullard’s comments were even more hawkish than Wednesday’s comments from Fed Chair Jerome Powell, who indicated that the rate hikes would come in 2023. Powell’s comments triggered a sell-off across financial markets as the U.S. dollar gained strength.

U.S. dollar currency index. 4-hour chart. Source: TradingView

Data from Cointelegraph Markets Pro and TradingView shows that as the dollar was strengthening, Bitcoin bulls were overwhelmed by sellers, triggering a decline to a daily low at $35,129.

BTC/USDT 4-hour chart. Source: TradingView

The uniform sell-off across a variety of assets including stocks, gold and cryptocurrencies has further eaten away at the narrative that Bitcoin is an uncorrelated asset, as data shows that BTC’s correlation with both gold and stocks has continued to increase throughout 2021.

Traditional markets close the week down

Friday’s close in traditional markets marked one of the worst weeks for the Dow since October after the index saw five straight sessions of losses for a total decline of 3% this week.

The S&P 500 and NASDAQ were also hard hit on Friday, closing the day down 1.31% and 0.92% respectively, while the 10-year treasury note fell by 4.04% in response to the strengthening dollar.

As for the cause behind the recent hawkish stance from the Fed, Bullard pointed to a higher than expected level of inflation as the economy reopens following the Covid-19 lockdowns.

Bullard said:

“We’re expecting a good year, a good reopening. But this is a bigger year than we were expecting, more inflation than we were expecting. I think it’s natural that we’ve tilted a little bit more hawkish here to contain inflationary pressures.”

Bullard suggested that in the future, inflation is  “running at 3% this year and 2.5% in 2022 before drifting back down to the Fed’s 2% target.”

Altcoins price crumble

Altcoins saw their prices decline alongside Bitcoin on Friday as traders once again fled to the safety of stablecoins as market volatility picked up.

Daily cryptocurrency market performance. Source: Coin360

Ether (ETH) saw its price slide more than 13% to reach a low at $2,137 and Amp (AMP) fell 33% from its all-time high of $0.1211 that was established on June 16.

Related: Bulls hesitate to buy the dip after Bitcoin price falls close to $35K

Of the top 200 coins, the two best performances of the day were ZKSwap (ZKS) with a 14% gain Gnosis (GNO) which rallied by 7.4%.

The overall cryptocurrency market cap now stands at $1.486 trillion and Bitcoin’s dominance rate is 44.8%.

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.