Crypto News July 20: Bitcoin is forming a downtrend due to increased selling pressure with news from Polygon, Grayscale, Blockchain, EMOGI, Binance, Bifrost, Dogecoin, Lithium Finance
From the perception that the pressure to sell Bitcoin is mounting to the announcement by Binance Australia that it will stop providing derivative products. Here are some highlights from the crypto market.
CryptoQuant CEO warns of a catalyst that could increase bitcoin’s selling pressure as the top cryptocurrency is currently trading below the $ 30,000 region.
Ki Young Ju displays the percentage of whales on exchanges, an on-chain indicator that tracks the activity of large investors by dividing the top 10 BTC transactions by the total amount of BTC sent to the exchanges.
$ BTC The pressure to sell seems to be high.
– Ki Young Ju (@ki_young_ju) July 16, 2021
According to Ki Young Ju, that ratio is hovering at levels suggesting that BTC will form a downtrend.
The pressure to sell from BTC appears to be high. Whales send BTC to exchanges. When this indicator is consistently above 85%, the market is usually in a downtrend.
According to the analytics firm, the amount of BTC making its way onto the exchanges has hit a five-month high of 28,700 BTC. Among them is the US-based crypto exchange Coinbase, which is where the majority of BTC goes.
CryptoQuant added that BTC inflows into exchanges increased sharply on July 16, suggesting whales are preparing to “sell” their Bitcoin holdings. In addition, the BTC reserves on all crypto exchanges have seen an increase.
Bitcoin Reserve all Exchange exploded two hours ago
– CryptoQuant.com (@cryptoquant_com) July 19, 2021
Whales collect large amounts of BTC
A collection of Bitcoin whale wallets unexpectedly amassed tens of thousands of BTC over the weekend after being inactive since December 2018.
According to BitInfoCharts, all wallet addresses from 89 to 106 are synchronized with the exception of rank 90. accumulation Raised a total of 28,377 BTC valued at $ 841.85 million on July 17th and 18th.
All 17 previous wallets were exactly 8,000 BTC before piling more at the end of the week. Four wallets simultaneously received large amounts of BTC on July 18. Four other addresses were also collecting BTC at the same time on July 17, and three other wallets were collecting BTC at the same time later that same day. .
Bitcoin network vulnerable to attack
Analyst Live Lambo expresses his criticism of Bitcoin. He said that if the rewards for Bitcoin mining tend to go to zero and daily usage stays the same, it will cost about $ 191 million to break the security of the Bitcoin network and there will be no quick fix .
Any state can attack Bitcoin with its FIAT coins.
When the rewards for Bitcoin mining tend to zero, when the daily demand for network usage remains as it is today …
It would cost ~ $ 191 million to break the security of the Bitcoin network. And there wouldn’t be a quick fix.
Any state could attack Bitcoin without even diluting its FIAT currency. pic.twitter.com/yUJSrxM2h7
– ILiveInLambo ️????️ (@LiveLambo) July 19, 2021
Binance Australia, a subsidiary of the world’s largest cryptocurrency exchange in Australia, has announced the discontinuation of all of its derivatives products.
The news was shared by Wu Blockchain when some investors were notified that the exchange may suspend margin products and futures contracts for new customers.
Some investors informed WuBlockchain that Binance Australia no longer offers future functions to new residents. pic.twitter.com/Z2OJr57l0G
– Wu blockchain (@WuBlockchain) July 19, 2021
Binance has taken legal action against crypto futures trading and margin trading services for offering high leverage.
Previously, the US-based CFTC also investigated Binance.US, whether it was offering its customers leveraged trading services in violation of the measures taken by the regulators.
Ethereum (ETH) infrastructure developer Polygon has created a new subsidiary to advance its work in blockchain games and non-fungible tokens (NFTs) and provide insights into the company’s long-term growth strategy.
The newly founded Polygon Studios have three main goals: To make Polygon a leading provider in decentralized gaming; create a brand that will attract developers and investors to their NFT ecosystem; and make Polygon the best project in the transition to Web 3.0.
Polygon announced the launch of a new gaming and NFT studio to further develop the network. The introduction provides support and infrastructure for #blockchain Game developer with the aim of attracting artists and investors to the network #NFT Ecosystem.@ 0xPolygon pic.twitter.com/ZS4W7P4uRQ
– PutOneScene (@putonescene) July 20, 2021
Through an initiative called Polygon Gaming Studio, the company aims to help developers create and promote decentralized games. In the meantime, Polygon NFT Studio will help brands and intellectual property owners create markets and custom digital collections.
Grayscale Investments, the world’s largest digital currency asset manager, and CoinDesk Indexes, a subsidiary of CoinDesk Inc., announced today announced launches Grayscale Decentralized Finance (DeFi) Fund and CoinDesk DeFi Indicator.
Grayscale DeFi Fund offers investors exposure to industry leading DeFi protocols through a weighted portfolio designed to track the CoinDesk DeFi indicator. Of this, Uniswap will account for 49.95% of Grayscale’s new DeFi fund.
The large US investment bank JPMorgan is on the rise recruitment Employees who work in the blockchain space by posting a variety of new positions and working in multiple JPMorgan offices around the world including in the US, Singapore, India, Hong Kong, UK and other countries.
JPMorgan is currently recruiting multiple positions in its global blockchain development effort. These positions include software developers, engineers, marketing officers, and blockchain-focused auditors.
According to the post On the blog on July 20th, the EMOGI development team, the official partner of the IOST Foundation, announced the launch of a new disruptive NFT marketplace called Revival.
The team says the Revival NFT Marketplace is a home for all artists and believes that all artists, big and small, can showcase their amazing work to the world.
According to Kusama’s announcement on Tuesday, Bifrost has received the support of around 1,000 actors who have participated in the Kusama Staking (KSM) to support the platform that will become the fifth Kusama Parachain. In total, Bifrost banned 136,817 KSM, which is now worth $ 20 million.
Welcome to the c @bifrost_finance!
After winning the fifth Parachain auction, Bifrost is now listed as my sixth Parachain. About 1,000 network participants have locked KSM in order to really add Bifrost to yours.https://t.co/KQow7VYqbs
– kusama (@kusamanetwork) July 20, 2021
Winning the 5th Parachain auction is an important milestone for Bifrost as it is preparing to go live on Parachain with all the additional functionalities, accompanied by the rental of Parachain locations on the network.
Popular deodorant spray maker for men, Ax, is preparing to launch a limited edition Dogecoin (DOGE) body spray called “Dogecan”.
– AXT (@AXE) July 19, 2021
The Ax Dogecan is being given away for free and consumers are encouraged to register on the company’s website to receive the product. However, the advertising campaign seems to only apply to US customers.
Lithium financial news
Lithium Finance (LITH) announced IDO on Polka Starter
Lithium Finance will be accordingly Action LITH IDO listed on Polkastarter at 7:00 p.m. and on Uniswap at 8:00 p.m. on August 5th (Synthetic Team time).
The whitelist will be open from July 22nd through July 29th with an IDO hardcap of $ 200,000 and an IDO price of $ 0.006.
Arsenal FC launches fan tokens
Arsenal FC, in partnership with Socios, is introducing fan tokens that allow fans to influence club decisions and access team-related content.
We’re introducing official Arsenal fan tokens created by our new global partner @socios ????
– Arsenal (@Arsenal) July 19, 2021
According to an announcement by Chiliz, the Socios platform’s proprietary blockchain, on Monday, the partnership makes Socios the primary digital hangout for Arsenal’s fan base.
Chiliz said that by having the AFC fan card, Arsenal fans have “numerous opportunities to stay in touch with the club,” including the “ability to influence the club through a series of promotions.” Interactive polls with different choices for every season. ”
Signature Bank adds $ 6.14 billion in interest-free deposits in the second quarter
The New York-based Signature Bank has additionally $ 6.14 billion in unearned deposits in the second quarter as the number of customers using digital currencies showed signs of growth, up from $ 3.77 billion in the first quarter.
Analysts tend to track the growth of interest-free deposits, which represent customer deposits in the digital currency market.