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Aave’s Rising DAA Could Trigger Bullish Reversal in LEND’s Price

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One of the largest DeFi projects and provider of decentralized lending and borrowing, Aave has seen explosive growth this summer. However, as several DeFi protocol tokens plateaued, Aave’s native token LEND followed the suit with a consistent downtrend shortly thereafter.

It has lost substantial chunks of value and was down by more than 43% since peaking in the last week of August. Just when it seemed like the bearish momentum was unstoppable, a significant uptick with respect to daily active address was noted.

This was revealed by blockchain analytic Santiment further went on to add,

“LEND is seeing a massive surge inactive addresses transacting on its network. Normally resting between 80-100 addresses per hour, 1:00 am PDT showed a max of 3,866. #Aave’s network still appears to be handling much higher network activity than usual.”

santiment 1 scaled

Interestingly, this coincided with Aave [LEND] token swap to AAVE on the cryptocurrency exchange Binance which further bolstered the address activity surge that took place in the first week of October.

This metric important primarily because prices normally tend to follow DAA count on a long-term time scale over a period of time. Hence, a massive spike, such as this one, with respect to the address count is often seen as a bullish outlook as demand for the network surges.

Notably, over the past week, Aave’s token was up by 3.31% and was being traded at $0.511, at the time of writing. With total value locked in [in terms of USD] stood at $1.154 billion, Aave was currently the third-largest DeFi protocol, according to DeFi Pulse.

Investors Flocks to Grab a Pie

The latest bullish sentiment could also be attributed to the latest funding round in which Aave secured a whopping $25 million from investors Blockchain Capital, Standard Crypto, and Blockchain.com Ventures. According to the platform, this capital would essentially be directed towards the growing Asian markets as well as bringing the still-nascent DeFi space closer to the institutional investors.

Aave’s success story is the reason because of its rising popularity. Its native LEND token posted 23% gains in the first quarter. As DeFi hype began to unravel, the token surged by an astonishing 400% in the next quarter. This was noted by the latest CoinGecko report which further revealed LEND was up by 304% in Q3 of this year and was also one of the best performing assets with YTD gains of more than 3177%.

PancakeSwap Announces Integration With Binance’s Panama Bridge

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Popular cryptocurrency exchange, Binance has been enjoying its position as not only a trusted marketplace for CeFi but has also made a name for itself in the decentralized world by unveiling several products to attract the DeFi crowd, a space that has been dominated by Ethereum.

In the latest development, Binance Smart Chain-based decentralized exchange [DEX], PancakeSwap announced its integration with Panama bridge on the 12th of October. With this development, users will be able to swap ERC20 and TRC20 tokens to BEP20 tokens on PancakeSwap.

The official announcement by the food-themed DeFi platform read,

Binance had previously rolled out the Panama project on the 30th of September to help Binance Smart Chain and Binance Chain with more efficient, cross-chain bridging services, as it continued to work towards catering diversified audience. The latest news comes a day after the Binance Chain Panama service announced the addition of pegged tokens like Chainlink [LINK], Bitcoin Cash [BCH], Ontology [ONT], Litecoin [LTC], and Cosmos [ATOM].

The Panama project is essentially a small part of the Malta-based exchange’s bigger Token Canal Project. With Panama, Binance aims to utilize the bridging services of Binance Smart Chain [BSC] for cross-chain asset circulation and to “realize a connected blockchain world”.

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Decentralized pools such as PancakeSwap on the Binance Smart Chain have continued to see an increase in traffic and volume, which in turn, has propelled intensified activity on BSC. According to a recent update, the total distinct addresses as of the 11th of October on BSC stood at 124,511, more than 6,200 increase since the previous day. One of the crucial catalyzing agents for this was the facilitation of cross-chain circulation of different network assets by the Panama project.

The rising popularity of Panama can be attributed to the liquidity that it brings for BSC Dapps and value assets such as BTC, BCH, and ETH to the BSC community. The cross-chain transfer takes only 2-3 minutes and faster transfer time gives an edge over Ethereum. Meanwhile, there is no transaction fee and the users are only required to pay the network fees.

Yearn.Finance’s YFI Posts a Big Turn Around After Losing Steam

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This year, Yearn.finance has launched its own governance token, YFI, which has grown at an astonishing rate to its $43K peak. Its success has spawned multiple forks, such as DFI.money and YFValue.The token has dominated headlines in the past couple of months. However, since these recent ATHs, both the project’s TVL [total value locked] and the native token’s value has plummeted. The TVL currently stood at $594 million, a little less than half of the figures slashed since its peak.

This was primarily due to the significant capitulation which drove the coin to new lows as most DeFi coins suffered significant corrections in recent weeks. The mishap with Yearn.Finance, Founder, Andre Cronje’s secret Eminence [EMN] project further added to the woes.

However, this trend was showing reversal patterns. Over the past three days, YFI was up by more than 42%. The latest uptrend resumed after Ethereum’s value surged on Friday which propelled not only several altcoins to post gains but also catapulted DeFi tokens to climb closer to their respective targets.

YearnFinance e1602412884699

YFI rebounded from its local lows of $12,000 to its press time of $17,108 as it headed to breach yet another crucial resistance. Additionally, YFI was also deep in the oversold territory as depicted by the RSI indicator in the daily chart. On the brighter note, RSI created an oversold reading followed by a higher low that matched correspondingly lower lows in the price. This was indicative of rising bullish momentum, and a break above oversold territory could be used to trigger a new long position in the coming days.

skew huobi futures swaps aggregated daily volumes

According to the latest Skew charts, the DeFi darling had a “pretty big turn around” session. In terms of aggregated daily volume on Huobi, YFI had started to resume an uptrend after weeks of dull and stagnant price action.

Meanwhile, Yearn was under active development which is slated to incorporate new vaults and strategies. Significant progress on this front is likely to bolster the price action of its governance token.

Optimism Rises as Bitcoin Whales Refuses to Sell; Institutions Flocking in to Buy More BTC

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Bitcoin broke past the crucial $11k on the 9th of October. The whale activities of Bitcoin suggested strengthening momentum in terms of the coin’s price. The price of the world’s largest cryptocurrency tested $11,500 for the first time in over a month and one of the main drivers for this could be whale accumulation. According to the blockchain intelligence platform, Glassnode, which noted that the number of Bitcoin whales has been on a consistent uptrend for the past months.

Huge Bullish Signal 

Typically whales and institutions have a major impact on the price of Bitcoin because of the sizes of their trades. The rise of Bitcoin’s value this week has not yet triggered a sell-off. This essentially depicted a sentiment of declining appetite of whales to sell BTC, which is a positive factor. Hence, there is a strong buying demand from Bitcoin whales

Bitcoin whales scaled

Along the same line, Glassnode’s tweet read,

“An indication that more high-net-worth individuals are entering the space to invest in Bitcoin in expectation of BTC price appreciation.”

Rising Institutional demand

The optimistic activity of BTC whales occasioned with a clear spike in institutional demand for Bitcoin on Bakkt. According to the latest Skew charts, the open interest [OI] in monthly Bitcoin futures on the Intercontinental Exchange’s [ICE] Bakkt platform was surging to levels not seen since mid-August. The figures for OI rose to $15 million on the 9th of October.

skew bakkt bitcoin futures total open interest volumes 1

Open positions on the Chicago Mercantile Exchange’s [CME] Bitcoin futures also bounced back depicting a bullish outlook in the underlying asset’s price action in the coming days. This uptick in two major institutional platforms along with the price surge essentially indicated the strength behind the latest push. Meanwhile, trading volume on both Bakkt and CME has been on a declining trend for the past couple of weeks.

Over the last two months, two multibillion-dollar behemoths made public bulk purchases of Bitcoin. Back in August, it was the publicly-traded business intelligence company, MicroStrategy announced the purchase of 21,454 Bitcoins at an aggregate purchase price of $250 million. This was followed by yet another additional $175 million worth of Bitcoins.

More recently, Jack Dorsey’s financial payments company, Square $50 million BTC purchase further pointed at a big buy signal. These were the significant events for Bitcoin which catalyzed the rise of positive momentum.

Bitcoin Cash, Polkadot, Chainlink Technical Analysis On 9th October 2020

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The grass is greener in the crypto-verse. The entire crypto market was painted green during the time of writing. The global market cap followed suit with a 3.34% increase pushing the number up to $344.84. Bitcoin continued its dominance over the market by 58.5% while its price was seen trying to push past $11K.

Bitcoin Cash [BCH]

Bitcoin Cash [BCH] was seen rising up the price change ladder with a 4.79% increase over the last 24-hours. The altcoin prolonged its stay in the fifth position with its market cap at $4.35 billion. At the time of writing, BCH was trading for $234.98 and the coin had recorded a 6.72% rise over the last seven days.

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The bulls seemed to be getting cozy in the BCH market and the prolongation of their stay could help the altcoin push past $250. With the formation of dotted lines below the candlesticks, the Parabolic SAR indicator eliminated the likelihood of the altcoin enduring a downward breakout. The Relative Strength Index [RSI] was seen recovering from its recent journey to the overbought zone. The RSI marker was above the 50 median highlighting a sellers’ sentiment.

Polkadot [DOT]

With a significant setback, DOT was sidelined by the other coins that performed better over the past few weeks. However, the altcoin jumped to recovery with a 10.48% increase in its price over the last 24-hours. During press time, the fairly new coin was trading at $4.10 while its market cap stayed at $3.5 billion.

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DOT was once again gearing up for a steep fall as bears had taken over the market. The MACD indicator endured a bearish crossover as the signal line was seen above the MACD line. The Klinger Oscillator followed the trial of the MACD indicator and also underwent a bearish crossover.

Chainlink [LINK]

Once again LINK proved to be a top-performing asset as it took over the current bull market with its notable price change. The eighth-largest coin was seen surging by 11.83%, however, the recent setback had pushed the coin below $9. At the time of writing, LINK was trading for $9.62, with the hope of pushing past $10.

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LINK’s plans to go beyond $10 was rather utopian as the bears had commenced their hibernation in the market. The Chaikin Money Flow [CMF] indicator revealed a bearish sentiment as the CMF marker rested below zero. Awesome Oscillator formed red closing bars and sided the bears.

Tron Foundation Announces Opening BTC-TRX LP Mining Pool on SUN Network

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Justin Sun-owned Tron Network has been making headlines in recent days. In the latest development for the Tron ecosystem, the foundation announced the issuance of a total of 1000 Tron-based BTC on the Tron network. The total market cap has reportedly surpassed $10,692,382.

The Founder of the Tron [TRX] blockchain and CEO of BitTorrent [BTT], Justin Sun tweeted

“Issued by JUST Foundation, TRC20-BTC is another masterpiece of TRON-based crypto-asset following the miracle of TRC20-USDT whose total supply has exceeded over 4 billion. All BTC holders may issue TRC20-BTC.”

The Tron-based BTC was whitelisted on the DeFi protocol, JustSwap on the 5th of October. Following this, the foundation further revealed a 14-day LP mining pool for BTC-TRX on Sun.io. The official blog post announced the initiation of a 14-day 1x BTC-TRX LP mining on the same day.

Tron Foundation

Touted as a “masterpiece”, TRC20-BTC is issued by JUST Foundation. It is the DeFi euphoria that has given rise to synthetic assets and as Bitcoin on Ethereum gets traction, the Tron foundation has been spearheading its own Bitcoin-pegged synthetic asset on the Tron Blockchain.

Tron has been making several notable strides to bolster its DeFi efforts. Sun had first teased the launch of synthetic Bitcoin on the Tron blockchain in August this year. The Tron Foundation announced working with top-tier digital payments processor BitGo to introduce tokenized Bitcoins and Etherereum on the Tron blockchain, a month later.

In terms of DeFi, Tron claimes to have an edge primarily due to the crucial factors such as high scalability and low fees offered by the blockchain as compared to its competitor, Ethereum whose perennial problem of network congestion is far from fading away.

Sun has never shied away from admitting that he wanted to build viable infrastructure and cloning Ethereum’s DeFi protocols on the Tron blockchain. Talking about the launch of JustSwap during the recent LA Blockchain Summit, he had asserted,

“We are creating the same kind of DeFi ecosystem as Ethereum. All the Ethereum network products, you can see the same version of Tron products. For example, the MakerDAO on Tron is called JustStable, created by the JUST team. And UniSwap is called JustSwap.”

OKCoin Ventures Into Asia With Its New Office In Singapore

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Asia has been a promising market for technological innovations in almost every other field. As the globe is veering towards digitalization the demand and adoption of cryptocurrencies have recorded a surge. With the intention of expanding and adhering to the needs of the market, several crypto platforms have been venturing into Asia. San Francisco’s OKCoin is the latest cryptocurrency to jump the bandwagon.

OKCoin Rolls Out Asian-Centric Office

In a recent blog post, prominent cryptocurrency exchange, OKCoin revealed that it was venturing into the Asian markets with its latest office in Singapore. Earlier this year, the exchange sought approval from the Monetary Authority of Singapore [MAS] and finally received a thumbs up from the financial regulator. Keeping in mind its interest in the Asian market, OKCoin added support for the Singapore Dollar [SGD] in March 2020.

With its latest venture, the crypto exchange intends to represent itself as a “South East Asia hub” and specifically render to the needs of users from Asia and Oceania. The blog post further revealed that OKCoin’s Singapore exchange would allow users to trade the Singapore Dollar against prominent cryptocurrencies like Bitcoin [BTC] and Ethereum[ETH]. However, the United States Dollar [USD] can be traded against, BTC, ETH, Bitcoin Cash [BCH] Litecoin [LTC], and Ethereum Classic [ETC].

Elaborating on OKCoin’s Singapore takeover, Khairi Azmi, OKCoin Singapore GM revealed that the platform was steering towards making partnerships to pave way for new payment channels to accelerate the “burgeoning industry”. Azmi added,

“It’s an exciting time to lead OKCoin’s rapid expansion into Singapore, with the current macro economic environment setting the stage for the next phase of growth in cryptocurrencies.”

The financial watchdogs of Singapore have garnered an array of appreciation for its interest in regulating the crypto-verse. Lauding the Singapore government and its regulators, Anson Zeall, an OKCoin partner said,

“The Singapore government has taken a practical and proactive approach to regulating cryptoassets by finding the right balance of managing risk without discouraging innovation.The long term benefits for crypto firms is the exciting participation of the greater ecosystem in this country, such as RegTech companies, banks, auditors, compliance and legal firms. ”

It seems like Singapore is heading towards becoming a global leader in the financial technology sector.

Bitcoin, Binance Coin, Litecoin Technical Analysis On 8th October 2020

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Bitcoin along with the rest of the cryptocurrencies bounced back up after a pullback. Over the last day, the global crypto market noted a minor surge of 0.72%. Despite this, Bitcoin’s dominance declined by 0.15% over the same period.

Bitcoin [BTC]:

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Bitcoin [BTC] noted a minor rise of 0.45% over the last 24-hours, pushing its price to $10,640. At the time of writing, BTC held a market cap of $196 billion and a 24-hour trading volume of $37 billion. The crypto appeared to be consolidating in a tight range-bound.

Bears appeared to have gained an upper hand despite the minor positive change. The dotted markers of Parabolic SAR hovering on top of the price candles resisted a potential upward trend by Bitcoin. The RSI continued to tread below the 50-median line depicting low buying pressure in the coin market.

If the negative trend continues, Bitcoin could target its immediate support point of $10,225 while its resistance remained unbreached at $10,811.

Binance Coin [BNB]:

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Binance Coin’s [BNB] attempts to surpass the recent high failed as it noted a decline of 0.55% over the last day, driving its price to $27.26 as it registered a market cap of $3,93 billion and a 24-hour trading volume of $387 million.

The red closing bars of Awesome Oscillator depicted a shift to bearish momentum as it closely mimicked the last price action. Chaikin Money Flow, on the other hand, continued to hover well above the zero-line depicting a strong inflow of capital in the coin market and an overall bullish phase for the coin.

BNB found its immediate resistance at $31.15 while its support stood untested at $22.75

Litecoin [LTC]:

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Litecoin [LTC] was being traded at $46.45 after a surge of 1.41% over the last 24-hours. At the time of writing, the coin recorded a market cap of $3.048 billion and a 24-hour trading volume of $2.36 billion.

Closely following Bitcoin’s price action, the silver crypto was also observed to be consolidating while exhibiting bullish patterns. Both Klinger Oscillator, as well as MACD, projected a bullish phase for the coin in the near term. If the bulls gain traction and manage to defend the current level, it could push the price closer to its overhead resistance of $50.78 while its immediate support level stood at $42.93.

Cardano, Chainlink, XRP Technical Analysis On 1 October 2020

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While Bruce Banner turning green and transforming into the Incredible Hulk is often perceived to be scary, the crypto-verse turning green is rather beneficial for the industry. During the time of writing, the entire market seemed to be on an upward trajectory. The global crypto market cap followed the trail as it stood at $350.75 billion with a 1.85% daily increase.

Cardano [ADA]

ADA the tenth-largest cryptocurrency veered under the crypto spotlight with a 33.09% increase in price over the last seven days. The daily increase the altcoin recorded was 5.52% which further pushed its price to $0.1028. ADA beat Litecoin as its market cap stood at $3.2 billion.

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The ADA market was dwelling on the positive side as strong bullish sentiment was witnessed. The MACD indicator went through a bullish crossover in September and seems to be clasping tight to the bullish fervor in the market. The Klinger Oscillator also underwent a bullish crossover and highlighted potential push through $0.105 which has been a critical resistance zone.

Chainlink [LINK]

After a brief setback, LINK took over the price change region by exhibiting significant increases over the last few days. While the altcoin was trading at $10.22 a 23.9% increase was noted over the last seven days. The market cap of LINK was recorded at $3.58 billion saving the coin a spot in the eighth position.

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A sense of diverse sentiments was sensed in the LINK market. The Awesome Oscillator indicator formed green closing bars highlighting the presence of bulls in the market. However, the Relative Strength Index [RSI] chose to display a neutral sentiment. The RSI marker was at 50 median with no prominent buyer or seller activity.

XRP

While the community hopes to see XRP go beyond $1, the altcoin continued trading at $0.243. The coin endured a notable price change over the last seven days of 9.74%. XRP still remained below Tether in terms of market cap. During the time of writing, the coin’s market cap was at $11 billion.

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It seems like XRP was going to stay below the dollar for some more time as the key indicators pointed out the same. Forming dotted lines above the candlesticks, the Parabolic SAR indicator prevented the chances of an upward breakout. Reposing below zero, the Chaikin Money Flow Indicator also revealed a bearish sentiment in the XRP market.

Binance’s Stablecoin hits a milestone of $500 Million Supply

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Stablecoin supply has now exceeded the whopping $200 billion mark. With this, the market noted more than 300% year-to-date rise for stablecoins. A sharp rise was first triggered by the significant decline in the price of cryptocurrencies following the Black Thursday market crash.

Interestingly, it is not just the big names such as Tether and USDC that saw a huge influx. Smaller and relatively newer stablecoins also considerable traction. In the latest development, Binance’s stablecoin BUSD was currently sitting at a market cap of $504 million. This was first observed by the Founder and CEO of the Malta-based crypto firm, CZ who tweeted,

https://twitter.com/cz_binance/status/1311514658914758656

Binance had partnered with Paxos Trust Company in September 2019 to launch a USD-denominated stablecoin, BUSD after receiving a green signal from the New York State Department of Financial Services [NYDFS].

skew main usdbacked stable coin contenders market cap usd

The rise of smaller cap stablecoins such as BUSD can also be directed to the increasing in user interest with DeFi. Generally, stablecoins are used by DeFi yield farmers to accept crypto stocks from various decentralized platforms such as Uniswap, Aave, and Curve which have been popping up in ever greater numbers this year. What has further added to the popularity is their offerings of larger and larger yields in the competition to attract locked funds.

Binance Chases DeFi

The cryptocurrency exchange has continued to grow its offerings in the DeFi space with new product launch almost every day. Hence, it is possible that BUSD may become a larger player in the stablecoin and the wider DeFi space which has largely been dominated by USDT.

Binance recently unveiled its new decentralized Binance Smart Chain which acts as a “bridge” between its DeFi and CeFi offerings. Since then the platform has continued to expand its footprint in the space. These developments were occasioned by huge BUSD inflows into Binance exchange over the past couple of weeks demonstrating a high potential buying power.

Binance’s Launchpool platform also provided a new venue allowing its users to farm assets such as BUSD. Additionally, first project on the platform was revealed to be Bella protocol where users will be able to stake their BNB, BUSD, and ARPA tokens.