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Pionex Review: Complete Exchange Overview

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There are many traders out there who are interested in using trading bots, and others who are already using them with success. The issue with bots is that they can be difficult to configure and add to your trading if you don’t have the know-how. But one exchange is fixing that by offering built-in bots!

That exchange is Singapore-based Pionex, and they have 12 different trading bots that can be added to your account, with no experience needed on your part. You simply set the bot to be trained and let it run, generating profits in many cases as it does so. Honestly, the performance reported by many users from the Pionex bots is truly impressive.

Pionex Logo

The world’s 1st cryptocurrency exchange with built-in robots. Image via Pionex blog.

So, if you’ve ever thought of running with the bots and were scared away by the complexity, come back and give the Pionex bots a try.

The broker was only launched in 2019, so they aren’t too well known yet, but they are already doing over $30 million in daily trade volume. Given the success of their bots it’s pretty likely they won’t remain unknown for long either.

Pionex will give you the tools you need to automate your crypto-trading. All you need to do is head over to their website, open an account, deposit and let the bots run. If you have more questions though you’re at the right place as the remainder of this article will dive deeper into what Pionex is, what they do, and how they do it.

Pionex Summary

It’s not surprising that in a technologically focused field like cryptocurrencies traders have turned to technological solutions to their trading. This is creating increased popularity for automated trading, or “bot trading” as it is also called.

There are several platforms that have begun to use API keys to allow automated trading to occur 24×7. This has been a relief for traders who use technical signals since it means they are no longer glued to their computer screens, watching each tick of the markets.

The biggest problem with trading bots has always been the complexity involved. Even if you can’t program them yourself you do need to have some background in programming in order to monitor the bot and make changes to its code if markets shift. And then there was the cost of buying or renting the bots from their creators. In some ways it was simply more trouble than it was worth.

Choose a Bot Pionex

So many different bots to choose from. Image via Pionex blog

Pionex has changed all that when they launched in 2019 with free, built-in trading bots. They provide the bots, and they provide them for free. All you pay is the small trading fee, just as you would at any exchange when trading manually.

Better still, it isn’t just one or two bots to choose from. It isn’t even six bots. No, Pionex offers twelve different trading bots, all operating on different algorithms and targeting different market conditions.

And unlike others who might charge hundreds of dollars for just one bot, Pionex offers all twelve of their bots absolutely free. All you pay is the 0.05% trading fee. Which is a pretty low fee compared with other brokers who don’t offer free trading bots.

The broker connects with Binance and Huobi for liquidity too, so you won’t have to worry about your bot crashing and burning due to a lack of liquidity. In fact, Pionex is one of the largest Binance brokers.

Regulation and Security

The team behind the Pionex Exchange is the BitUniverse team. BitUniverse is an all-in-one crypto auto-portfolio and trading bot App and the most popular crypto portfolio App in South Korea, Indonesia, and Taiwan.

Thanks to the size and reach of this company Pionex has been able to achieve regulation, giving all its clients the peace of mind knowing there’s oversight on the broker’s activities.

Pionex MSB License

Pionex is the 1st cryptocurrency exchange with in-built trading bots to get MSB license. Image via Pionex blog.

Traders can rest easy knowing that Pionex is regulated in both Singapore and in the U.S. In April 2020, Pionex was granted the U.S. MSB (Money Services Business) License by the U.S. Treasury Departments Financial Crimes Enforcement Network (FinCEN).

It’s the same license that Binance, Huobi, and multiple top exchanges have received. Pionex is the first cryptocurrency exchange with in-built trading bots that has been granted this U.S. MSB license.

Pionex Trading Bots

Pionex is the very first exchange that’s focused exclusively on trading with bots, so let’s start by taking a look at the twelve different bots. We know this is the meat of the matter!

  • GRID Bot (Grid Trading Bot) — The GRID Bot is the original trading bot from Pionex that looks to profit from normal market fluctuations. Users set a range for the bot and it works to buy low and sell high within the specified range.
  • Spot Futures Arbitrage Bot – Thanks to the perpetual futures market in crypto there is often the chance to profit from arbitrage trades that capitalize on the difference between the price in the futures market and the spot price of the crypto. The Spot Futures Arbitrage Bot targets earnings of 15-50% APR with an extremely low risk arbitrage strategy.
  • Infinity Grids Bot — Because the GRID Bot is best for sideways markets it’s possible that profits will be missed if the market begins trending. That’s where the Infinity GRIDS Bot comes in handy. It works in a similar manner to the GRIDS Bot, but has no upper range limit.
  • Leveraged Grid Bot — Combining the GRID Bot with margin loans is how the Leveraged Grid Bot amplifies the results you would get from the original GRID Bot. Leverage is available as 1.2x, 1.5x, 2x and 3x, which increases the potential profits you can earn as your bot trades 24×7.
  • Margin Grid Bot — The Margin Grid Bot allows you to lend out your BTC or USDT and earn additional yield while also profiting from the GRID Bot strategy.
  • Reverse Grid Bot — The Reverse Grid Bot is used to increase your holdings as price falls. It will sell coins when price reaches highs, and then average back into the position as price retreats. It compliments the GRID strategy by increasing your total coin holdings.
  • Leveraged Reverse Grid Bot — The Leveraged Reverse Grid Bot works in exactly the same way as the Reverse Grid Bot, however it adds leverage to super-charge trading results. Traders can choose from 1.2x, 1.5x, 2x and 3x leverage to amplify trading results.
  • Smart Trade Bot — The Smart Trade Bot will allow you to get in on market trends and collect profits without exposing your account to excessive risks. It combines buying and selling concurrently with fixed or trailing stops to limit the market risk.
  • Trailing Sell Bot – Avoid selling too early in a pumping market. The Trailing Sell Bot lets you place a trailing stop on all your orders, limiting the potential losses if the market suddenly reverses.
  • Trailing Buy Bot – The best tool for buying the dips. The Trailing Buy Bot will continue adding to your position as price falls, and then stop buying once a bottom is reached and price snaps back and begins heading higher.
  • DCA Bot (Dollar-cost averaging) — The Dollar-Cost Averaging Bot allows you to set a recurring buy at intervals. Purchases are made based on time rather than price, which gives you a better average price over time. Pionex lets you choose one of the following 5 time intervals for the DCA strategy: 10 minutes, 1 hour, 1 day, 1 week and 1 month.
  • TWAP Bot — The TWAP Bot is an excellent way to buy or sell large quantities of crypto without influencing the market price. Whales often use this strategy when they are loading or unloading their bags. Basically the TWAP Bot is a way to execute one large order as many smaller orders over a given period of time.

As you can see each of the bots offered by Pionex have different objectives and different uses. As the market conditions change it can also be helpful to change the trading bot being used as each works best in different market conditions. Below you can see the types of returns that are possible.

Pionex Leaderboard

The annual yields from these bots are nothing short of amazing. Image via Pionex.com

Also take note that the leveraged bots don’t just magnify profits, they will also magnify any losses, so please use them with caution and discretion.

Liquidity Aggregated Engine

Pionex is able to run its bots 24×7 because it is the first exchange that is aggregating the liquidity from both Binance and Huobi Global. By combining the liquidity from these two leading global exchanges Pionex is able to ensure it can always match the orders the bots need to continue performing.

According to the CTO of Pionex roughly 60% of the Binance and Huobi orders are aggregated and available to Pionex bots and traders. The reason it isn’t 100% is there are always some fake orders on the order books. But even 60% of the liquidity from these two brokers is enough to ensure the automated trading bots from Pionex can perform properly.

Low Pionex Trading Fees

Because Pionex is a market maker for Binance and Huobi Global (and one of their largest customers) it benefits from extremely low trading fees from the two exchanges. That’s how Pionex can offer trading fees of only 0.05% for all trades. And still provide traders with free trading bots while enjoying the immense liquidity from Binance and Huobi.

In addition to the trading fees there are withdrawal fees, but those are basically the network fees for each coin. The withdrawal fee differs from coin to coin, but you can see the full fee schedule here.

Pionex Fees

Pionex has some of the lowest fees around. Image via Pionex.com

And those who are whales can benefit from the Pionex market maker program. Anyone with over 150,000 USDT (or equivalent in other crypto) deposited at Pionex can apply for the program, which grants 0% maker fees. Taker fees remain at 0.05%.

Note that it is only possible to apply for the program from the 1st to the 10th of each month. Accounts are then reviewed on the 1st of each month to see if they are qualified for the program. To apply send your Pionex account and contact information (WeChat, LINE, Telegram, Facebook) to service@pionex.com, and say you want to apply to be a Market Maker.

Pionex Assets

Pionex is more than just a broker with trading bots. They also support regular manual trading, which is still attractive given their low fees. And you can choose from more than 120 different cryptocurrencies and hundreds of trading pairs.

Pionex Trading Pairs

There are literally hundreds of pairs to choose from with amazing yields. Image via Pionex.com

And just look at those annualized yields!

How to use a GRID Bot on Pionex

The GRID Bot is the original trading bot from Pionex and it remains the most popular as well. In order to keep this article from going too long we’ll look at how the GRID Bot is set up and configured. For instructions on setting up the other 11 trading bots have a look at the Pionex Blog.

While there are several other platforms that offer trading bots (3Commas, Bitsgap, TradeSanta, etc.), Pionex was the first and all the others have copied the UI/UX used by Pionex. So, once you know how to add and configure a GRID Bot at Pionex you can probably figure out how to configure bots elsewhere as well. But why bother when Pionex offers so many free trading bots, and such low trading fees?

Using the GRID trading bot is fairly straightforward and begins with logging into your Pionex account, or creating one if you don’t already have one. It’s also possible to log in using your BitUniverse credentials if you have an account over there. If you do need to create an account it’s pretty quick and easy. As you can see the registration form will take less than 30 seconds to complete.

Pionex Registration Form

Simple fast registration process. Image via Pionex.com

If you want to increase your deposit and withdrawal limits later you can complete the KYC process, but it isn’t necessary. Once your account is created you can deposit and get started. Pionex accepts deposits in BTC, USDT, ETH, and 36 other cryptocurrencies as of January 2021.

Now let’s set up our first GRID trading bot.

Log in and select Grid Trading Bot from the list of trading tools.

Grid Trading Pionex

Setting up our first GRID Trading bot. Image via Pionex.com

Pionex lets you to choose one of the 2 types of Grid Trading Bot: “Use AI Strategy” and “Set Myself”.

If you choose “Use AI Strategy”, Pionex AI Advisor will suggest a set of parameters for you. The parameters were calculated from back-testing the last 7-Days. You’ll see the recommended Price Range and Profit per Grid as preview.

All you’ll need to do, is to use the slider to choose how much of your funds you want to use for the Grid Trading Bot. Note that the minimum you can set is 35% and that requires 350 USDT. Once you have done that simply click CREATE and the bot will start trading and generating a passive income for you.

If you choose “Set Myself”, you’ll need to input 4–5 parameters: Upper Limit Price, Lower Limit Price, Number of Grids, Amount Per Grid, and Stop-loss Price (Optional). If you know what you’re doing you can really dial things in using the manual approach. If you don’t want to be bothered the AI strategy has an expected annualized return of over 130% (as of Jan. 22, 2021). That’s pretty darn good for a set it and forget it bot.

Grid Strategy Pionex

It takes less than 1 minute to set up one of the automated bots at Pionex. Image via Pionex.com

One the bot is created it will show up at the bottom of your dashboard. You’ll be able to see the total profit and the daily profit in real-time at a glance at any time. You can also click on the DETAIL button at the far right to go to the Bots Details screen, which is loaded with information.

Bots Detail

Easy access to all your bot details right from the dashboard. Image via Pionex.com

How the “AI Strategy” Grid Bot Works

  1. First the bot looks at the volatility of the coin over the prior seven days. It uses this to set the upper and lower limits for the range that will be used for the GRID bot strategy.
  2. Next it splits the amount that you’ve allocated to the trading pair chosen. Call this hypothetical pair XXX/YYY. Half your investment will go to XXX and half will go to YYY.
  3. Then it sets up a grid of limit buy and sell orders within the range already specified. Those are the trade triggers.
  4. As price increases the bot sells XXX when the trigger levels are reached, taking profits in YYY on the way up. Once price reverses the bot will buy YYY while selling XXX. The bot will continue doing this for as long as price remains within the range set by the AI.

How Grid Bot Works in Set Myself Mode

The Set Myself mode allows you to set all the parameters yourself. This means you are able to change the upper and lower limits of the range, the number of grids used, and the distance between the grids.

For those with the appropriate knowledge and skills this allows for the trader to make adjustments based on their own knowledge. Note that when working in manual mode the distance between grids must be larger than the size of the commission times two for the bot to trade profitably.

Monitor your Performance

The detail screen gives you all the information regarding your trading bots, both the automatic bots and the ones you’ve created manually. It also allows you to look at Place Orders, Transactions, the Parameters used in each bot, and Release Profit. This last allows you to take any profits generated by your trading bot.

Pionex Bots Details

All the data and information you need at a glance. Image via Pionex.com

Pionex Mobile Apps

Pionex makes its trading platform available as a web-based app, but it also has both Android and iOS based versions of the platform. Plus the broker follows the mobile-first rule, which means any new features and updates are released first to the mobile apps before the web-based app is updated.

Pionex Mobile

Pionex has a mobile-first mindset. Image via Google Play Store.

The Pionex apps have an outstanding design, and traders will find them to be both simple and intuitive. They are also highly rated by users, with the iOS version on the Apple Store rated 4.8 stars out of 5, while the Android version available on the Google Play Store is rated 4.5 out of 5 stars.

Education at Pionex

While there is no general educational section at Pionex, they do provide detailed information and education regarding their own tools and bots.

So you can learn how to configure and use any of the twelve trading bots easily at the Pionex Blog, but if you are looking for general information regarding technical analysis of charts, or if you need news and alerts you’ll need to look elsewhere.

There’s also an extensive FAQ section powered by Zendesk, and you can find the answers to many common questions there. Again, these are questions specific to Pionex, and if you need basic trading education you’ll need to look elsewhere.

Pionex Customer Service

Pionex only offers customer support via Telegram and email. While that might discourage some users, online reports are that customer support is quite good. When we tested the support channels by emailing with some basic questions we did receive a quick response. That’s likely because support is being provided by the parent company BitUniverse. Looking around the Telegram channel it looks more like a forum thread for traders than a support channel.

Pionex Customer Service

Not many options for reaching customer support, but no one seems to mind. Image via Pionex.com

Maybe we are old fashioned, but we really would like it if there were a way to directly contact support. A telephone number would be excellent, but even an online chat app would be preferable to the current Telegram/email support.

Conclusion

Perhaps the most impressive part of Pionex is the ability to use their out of the box AI bots to make a profit. And that the bots offered are completely free, with Pionex keeping just a small trading fee.

In fact, when Pionex launched in 2019 they did so with a promotion using the phrase “Users keep the profits, we take the loss.” That’s right, they were taking any losses suffered for users running their bots in automatic mode. Now that’s confidence in your product.

If automated trading is your thing then you really do need to check out Pionex. We think it will end up as your top choice for bot trading. Not only are the bots free to use, and profitable to boot, they are also just so darn simple to use. There’s no more need to worry about setting up API keys or dealing with their unstable performance.

Pionex is a true simple solution to automated trading. You can honestly have an account registered, a deposit made, and a GRID trading bot set up within minutes.

You’ll also appreciate the low fees at Pionex. And they do allow for manual trading, so if you don’t want to use the trading bots you can still take advantage of the low trading fees being offered.

Those new to automated bot trading will really enjoy the performance of these trading bots, and the lack of expensive subscription fees and high trading fees. Give it a try and see if you’re not soon hooked.

Warning ⚡️: Trading leveraged futures products is incredibly risky. Make sure that you practice adequate risk management

Pionex Ratings

7.9 Pionex Ratings

Pros

  • Customer Support
  • MSB License
  • Advanced Platform

Cons

  • Fees
  • Limited Asset Coverage

Source: https://www.coinbureau.com/review/pionex/

Blockchain

Here Are the Top Small-Cap Altcoins That Will Beat the Market, According to Crypto Trader Tyler Swope

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Canadian company Neptune Digital Assets Corp. is partnering up with Link Global Technologies to engage in crypto mining operations.

Neptune and Link Are Hooking Up to Mine Crypto

As the price of bitcoin has exploded in recent months, the prospects of mining crypto are suddenly looking rather positive. The higher the price of a certain coin, the more profitable it is to mine, so right now, one can assume that anyone extracting new coins is making a nice living for themselves. It seems like Neptune wants to get a piece of the action.

Link Global is set to provide the firm with the power, facilities and rack space it needs to house its whopping 1,500 ASIC mining machines. It is estimated by Neptune that as many as 0.7 bitcoins will be produced each given day, though at press time, details are scarce regarding the company’s scaling operations and initial mining deployment.

Cale Moodie – the CEO of Neptune – commented in a recent statement:

The economics of bitcoin mining have changed drastically in the past months, and as such, we see this as another accretive revenue stream for shareholders. The partnership with Link enables us to rapidly move into bitcoin mining with the ability to scale as quickly as our resources allow. We intend to operate a low cost and highly profitable mining operation using the expertise and turnkey setup of Link along with Neptune’s ASIC miners. As always, Neptune is committed to maintaining low overhead while adding digital assets to our balance sheet. We are rather excited to scale this operation to add maximum value for our shareholders.

Over the past year, as bitcoin’s price has increased tenfold, so have the number of miners entering the industry. As a result, many new reports have been initiated claiming that bitcoin energy usage has reached an all-time high, and mining operations are now using more electricity than most countries.

In addition, the industry itself appears to be garnering mixed results. On the one hand, we are seeing many crypto and crypto mining stocks shoot up alongside the price of bitcoin. At the same time, we are also seeing many regions say “no” to future mining projects, a big one being China’s Inner Mongolia region.

Shutting Things Down Early?

This was a real shock for many industry heads given how big mining has been within the area for some time. Inner Mongolia is known for low energy costs, and thus it plays host to many crypto extraction businesses. However, earlier in the week, a statement was issued that the Inner Mongolia region would be closing all mining companies to conserve energy and prevent further environmental pollution.

Neptune provides its customers with a crypto portfolio consisting of some of the world’s top digital tokens, along with proof of stake assets and associated blockchain networks.

Tags: Bitcoin Mining, LINK, Neptune Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
The Easiest Way to Way To Trade Crypto.
Check out Nord
Make your Money Grow with Mintos
Source: https://www.livebitcoinnews.com/neptune-digital-assets-corp-is-ready-to-mine-some-crypto/

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
The Easiest Way to Way To Trade Crypto.
Source: https://coingenius.news/here-are-the-top-small-cap-altcoins-that-will-beat-the-market-according-to-crypto-trader-tyler-swope/?utm_source=rss&utm_medium=rss&utm_campaign=here-are-the-top-small-cap-altcoins-that-will-beat-the-market-according-to-crypto-trader-tyler-swope

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JPMorgan Has Reportedly Told Some Clients How Bitcoin Could Be Useful

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Canadian company Neptune Digital Assets Corp. is partnering up with Link Global Technologies to engage in crypto mining operations.

Neptune and Link Are Hooking Up to Mine Crypto

As the price of bitcoin has exploded in recent months, the prospects of mining crypto are suddenly looking rather positive. The higher the price of a certain coin, the more profitable it is to mine, so right now, one can assume that anyone extracting new coins is making a nice living for themselves. It seems like Neptune wants to get a piece of the action.

Link Global is set to provide the firm with the power, facilities and rack space it needs to house its whopping 1,500 ASIC mining machines. It is estimated by Neptune that as many as 0.7 bitcoins will be produced each given day, though at press time, details are scarce regarding the company’s scaling operations and initial mining deployment.

Cale Moodie – the CEO of Neptune – commented in a recent statement:

The economics of bitcoin mining have changed drastically in the past months, and as such, we see this as another accretive revenue stream for shareholders. The partnership with Link enables us to rapidly move into bitcoin mining with the ability to scale as quickly as our resources allow. We intend to operate a low cost and highly profitable mining operation using the expertise and turnkey setup of Link along with Neptune’s ASIC miners. As always, Neptune is committed to maintaining low overhead while adding digital assets to our balance sheet. We are rather excited to scale this operation to add maximum value for our shareholders.

Over the past year, as bitcoin’s price has increased tenfold, so have the number of miners entering the industry. As a result, many new reports have been initiated claiming that bitcoin energy usage has reached an all-time high, and mining operations are now using more electricity than most countries.

In addition, the industry itself appears to be garnering mixed results. On the one hand, we are seeing many crypto and crypto mining stocks shoot up alongside the price of bitcoin. At the same time, we are also seeing many regions say “no” to future mining projects, a big one being China’s Inner Mongolia region.

Shutting Things Down Early?

This was a real shock for many industry heads given how big mining has been within the area for some time. Inner Mongolia is known for low energy costs, and thus it plays host to many crypto extraction businesses. However, earlier in the week, a statement was issued that the Inner Mongolia region would be closing all mining companies to conserve energy and prevent further environmental pollution.

Neptune provides its customers with a crypto portfolio consisting of some of the world’s top digital tokens, along with proof of stake assets and associated blockchain networks.

Tags: Bitcoin Mining, LINK, Neptune Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
The Easiest Way to Way To Trade Crypto.
Check out Nord
Make your Money Grow with Mintos
Source: https://www.livebitcoinnews.com/neptune-digital-assets-corp-is-ready-to-mine-some-crypto/

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
The Easiest Way to Way To Trade Crypto.
Source: https://coingenius.news/jpmorgan-has-reportedly-told-some-clients-how-bitcoin-could-be-useful/?utm_source=rss&utm_medium=rss&utm_campaign=jpmorgan-has-reportedly-told-some-clients-how-bitcoin-could-be-useful

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Neptune Digital Assets Corp. Is Ready to Mine Some Crypto

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Canadian company Neptune Digital Assets Corp. is partnering up with Link Global Technologies to engage in crypto mining operations.

Neptune and Link Are Hooking Up to Mine Crypto

As the price of bitcoin has exploded in recent months, the prospects of mining crypto are suddenly looking rather positive. The higher the price of a certain coin, the more profitable it is to mine, so right now, one can assume that anyone extracting new coins is making a nice living for themselves. It seems like Neptune wants to get a piece of the action.

Link Global is set to provide the firm with the power, facilities and rack space it needs to house its whopping 1,500 ASIC mining machines. It is estimated by Neptune that as many as 0.7 bitcoins will be produced each given day, though at press time, details are scarce regarding the company’s scaling operations and initial mining deployment.

Cale Moodie – the CEO of Neptune – commented in a recent statement:

The economics of bitcoin mining have changed drastically in the past months, and as such, we see this as another accretive revenue stream for shareholders. The partnership with Link enables us to rapidly move into bitcoin mining with the ability to scale as quickly as our resources allow. We intend to operate a low cost and highly profitable mining operation using the expertise and turnkey setup of Link along with Neptune’s ASIC miners. As always, Neptune is committed to maintaining low overhead while adding digital assets to our balance sheet. We are rather excited to scale this operation to add maximum value for our shareholders.

Over the past year, as bitcoin’s price has increased tenfold, so have the number of miners entering the industry. As a result, many new reports have been initiated claiming that bitcoin energy usage has reached an all-time high, and mining operations are now using more electricity than most countries.

In addition, the industry itself appears to be garnering mixed results. On the one hand, we are seeing many crypto and crypto mining stocks shoot up alongside the price of bitcoin. At the same time, we are also seeing many regions say “no” to future mining projects, a big one being China’s Inner Mongolia region.

Shutting Things Down Early?

This was a real shock for many industry heads given how big mining has been within the area for some time. Inner Mongolia is known for low energy costs, and thus it plays host to many crypto extraction businesses. However, earlier in the week, a statement was issued that the Inner Mongolia region would be closing all mining companies to conserve energy and prevent further environmental pollution.

Neptune provides its customers with a crypto portfolio consisting of some of the world’s top digital tokens, along with proof of stake assets and associated blockchain networks.

Tags: Bitcoin Mining, LINK, Neptune Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
The Easiest Way to Way To Trade Crypto.
Check out Nord
Make your Money Grow with Mintos
Source: https://www.livebitcoinnews.com/neptune-digital-assets-corp-is-ready-to-mine-some-crypto/

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
The Easiest Way to Way To Trade Crypto.
Source: https://coingenius.news/neptune-digital-assets-corp-is-ready-to-mine-some-crypto/?utm_source=rss&utm_medium=rss&utm_campaign=neptune-digital-assets-corp-is-ready-to-mine-some-crypto

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Bitcoin’s Next Price Top Between $75K and $306K, says Kraken Research

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Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week

Bitcoin traders worry as price remains pinned below $50,000

After reaching lows of $43,500 last Sunday, Bitcoin staged a comeback, managing to hit $52,000 on Wednesday. There was optimism that the correction was over and that BTC would now have the chance to return to all-time highs.

Alas, the best-laid plans of mice and men often go awry. Fast forward to this weekend, and Bitcoin is once again struggling to break above $50,000 — a psychologically important milestone. Now, the nerves are starting to set in.

A drop below recent lows of $46,000 could open the door to further downward movement, endangering a bull run that’s been in place for almost a year… at least in the short term. Pseudonymous trader Rekt Capital believes BTC could bottom between $38,000 and $45,000 if this level fails to hold.

Traders are now beginning to speculate that Bitcoin may continue to trade sideways for now. A gloomy macroeconomic picture dominated by rising bond yields and a pullback in tech stocks certainly isn’t helping matters.

Then again, there’s always a metric that shrugs off the gloom… suggesting everything is fine. Glassnode’s Reserve Risk indicator suggests that BTC’s rally is still in the early to middle stage — even after this week’s pullback. Great. Nothing to worry about, then.

Analyst tells Tesla to dump Bitcoin for buybacks as shares plunge

Tesla is now coming under pressure to sell off the $1.5 billion it holds in Bitcoin. Since the electric vehicle maker announced its crypto buy-in, TSLA shares have fallen by a stomach-churning 30.8%.

Gary Black, the former CEO of Aegon Asset Management, tweeted that Tesla would generate “positive momentum” if it bows out of crypto, adding: “Highly unlikely, but shareholders would be very supportive.”

Bitcoin’s price correction has also been hurting MicroStrategy — the business intelligence firm that owns more than 91,000 BTC. MSTR’s share price has tumbled by 52.8% in less than a month.

The company doesn’t seem too worried, though. MicroStrategy bought another 205 BTC this week in a $10-million spending spree that coincided with the latest dip.

While the software company began putting its existing assets into BTC in 2020, back when Bitcoin traded at about $10,000, its latest purchases have yet to break even.

Kings of Leon is releasing an album as an NFT

Buckle yourselves in… we’ve got so much NFT news to get through. One of the more attention-grabbing headlines this week came when Kings of Leon announced it is releasing its eighth album in the form of a nonfungible token.

Three types of NFTs are on offer, with the rarest offering front-row seats to Kings of Leon concerts for life, a personal driver and the chance to hang out with the band before shows.

Frenzied activity in the NFT sector doesn’t end here. The rarest Pepe of them all — “Homer Pepe” — went under the hammer for 205 ETH this week… that’s worth $323,000 at the time of writing. Meanwhile, an NFT made up of 100 individual pieces from 100 different artists sold out within minutes on Rarible.

Aavegotchis — NFTs inspired by the Tamagotchi devices that were oh so trendy in the late 1990s and early 2000s — were snapped up in under a minute. And as sales on NBA Top Shot continue to go through the roof, the executive chairman of the sports merchandise company Fanatics, Michael Rubin, said: “It’s almost a frenzy happening right now.”

If all of this wasn’t crazy enough, an original artwork by Banksy has been burned and turned into an NFT. Ironically, the piece is called “Morons” and depicts buyers at an art auction bidding on a piece emblazoned with the words “I can’t believe you morons actually buy this shit.”

Tether hit with 500 BTC ransom demand, but says it won’t pay

Still dusting itself off after a showdown with the New York Attorney General, Tether is really struggling to catch a break right now.

This week, hackers threatened to release sensitive company documents that supposedly belonged to Tether… unless they were paid a 500-BTC ransom — a staggering sum worth $23.8 million at the time.

Tether announced what was happening on Twitter and declared: “We are not paying.”

The deadline has now passed, but what remains unclear is whether the extortionists are attempting a simple cash grab, or whether it’s all part of a greater effort to undermine Tether and the rest of the Bitcoin ecosystem.

“Either way, those seeking to harm Tether are getting increasingly desperate,” the company added.

No crypto ban in India: Finance minister predicts “very calibrated” stance

There’s been another dramatic twist in the “will they, won’t they” saga of India’s planned crypto ban.

On Saturday, Indian Finance Minister Nirmala Sitharaman said reports that the government is pursuing a blanket ban on cryptocurrencies are overstated. She stressed that regulations won’t be as “severe” as previously reported and that the authorities were determined to take a “very calibrated” stance.

The comments will no doubt come as a relief for crypto businesses and investors in the world’s second-most populous country following years of uncertainty.

At one point, India was considering introducing jail terms of up to 10 years for anyone caught dealing in cryptocurrencies — along with a hefty fine. The country’s central bank also introduced a ban that stopped banks from offering services to crypto businesses, causing several to collapse. Those restrictions were sensationally overturned by the Supreme Court last year.

Sitharaman’s latest remarks are at odds with a Bloomberg report last month that claimed crypto assets would soon be completely banned in India.

Winners and Losers

At the end of the week, Bitcoin is at $48,445.86, Ether at $1,607.45 and XRP at $0.46. The total market cap is at $1,484,740,419,357.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Chiliz, Enjin Coin and Flow. The top three altcoin losers of the week are Cardano, 1inch and Stellar.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis

Most Memorable Quotations

“You should look for relative strength when others are weak. Global macro sold off yesterday and BTC did not give a donkey.”

Kyle Davies, Three Arrows Capital co-founder

“Bitcoin is holding up against the macro spectacularly well.”

Lex Moskovski, Moskovski Capital CEO 

“The fact that Bitcoin continues to show strength even with GBTC acting like a resistance band holding it back is very encouraging and shows to me that the overall story, that of accelerating adoption, is still intact.”

Chad Steinglass, CrossTower head of trading

“I think there’s going to be tremendous value created, but also there’s so many people getting into it, I don’t think everyone’s going to be successful.”

Michael Rubin, Fanatics executive chairman

“It’s early stages, but in the future, I think this will be how people release their tracks: When they sell a 100,000 at a dollar each, then they just made $100,000.”

Josh Katz, Yellowheart CEO

“I think Reed Hastings is a very innovative guy and has a lot of creative thinking, and I think he still controls the reins at Netflix, and so I think that might be the next big one to fall.”

Tim Draper, serial investor

“What we are seeing built with crypto today is just proof of concept. As tech continues to get better/cheaper/faster there will be new applications and maybe even something that supersedes what we know as crypto today.”

Mark Cuban, billionaire

“I see HOMERPEPE as the most important NFT in art history because its headline-making sale in 2018 influenced so many of the original crypto artists to believe we could put our art to work building both a market and belief around this new technology.”

Matt Kane, artist

“Is Bitcoin a currency? Property? An asset? Maybe all of the above, I’m going in with a 3% portfolio allocation.”

Kevin O’Leary, Shark Tank investor

“Bitcoin has returned almost 200% (so nearly tripled your money), every single year for 10 years, *compounded*.”

CaseBitcoin

“We’re sending a clear message to the entire industry that you either play by the rules or we will shut you down.”

Letitia James, New York Attorney General

“Those seeking to harm Tether are getting increasingly desperate.”

Tether

“There are a host of risks and obstacles that stand in the way of Bitcoin progress. But weighing these potential hurdles against the opportunities leads to the conclusion that Bitcoin is at a tipping point.”

Citi

Prediction of the Week

Bitcoin price is going to “infinity” — Kraken CEO

Hodler’s Digest has been home to some pretty sky-high Bitcoin price predictions over the years — $500,000 here, $1 million there. Determined not to be outdone, Kraken’s CEO has gone nuclear… predicting that BTC will be worth “infinity.”

Jesse Powell believes that, one day, humanity will simply give up pricing Bitcoin in U.S. dollars — telling Bloomberg that a $1-million price tag in 10 years’ time is reasonable.

Research from the company he runs is perhaps a little more realistic. Kraken’s latest analysis suggests Bitcoin could next top out somewhere between $75,000 and $306,000.

FUD of the Week 

BitMEX’s Arthur Hayes and Ben Delo negotiate surrender to U.S. authorities

The former CEO of the crypto derivatives exchange BitMEX is in negotiations to surrender to U.S. authorities next month.

Arthur Hayes and fellow executives are accused of violating the Bank Secrecy Act by the U.S. Department of Justice and the Commodity Futures Trading Commission.

Transcripts from a virtual court hearing suggest he’s going to surrender to the U.S. in Hawaii on April 6 — six months after he went on the run.

McAfee faces crypto-related fraud charges from NY court

Criminal charges are piling up for John McAfee. The crypto advocate and internet security pioneer has now been accused of fraud and money laundering conspiracy crimes. Allegations relate two schemes where cryptocurrencies were “fraudulently promoted” to investors.

Prior to today’s news, McAfee already faced charges from U.S. governing bodies for tax evasion and initial coin offerings that he allegedly advertised for compensation without properly informing the public. 

After going on the run from the U.S. government in 2019, McAfee was arrested in Spain in October 2020.

Dev says $31 million Meerkat Finance exploit was a “test” and funds will be returned

Alarm bells rang this week when Meerkat Finance, a decentralized finance protocol based on Binance Smart Chain, lost BNB worth $31 million — hours after it had launched.

The team initially claimed it had been the victim of an exploit but then deleted all its social media channels. Due to the nature of the breach, some believe that a “rugpull” scam had taken place.

But there might be some good news on the horizon for the victims of the exploit, which is one of the largest in DeFi’s short history. A Meerkat Finance developer posted in a newly created Telegram channel and revealed the exploit was a “trial” testing users’ greed and “subjectivity” — adding that the team was preparing to refund all victims.

Best Cointelegraph Features

DeFi who? NFTs are the new hot stars on the crypto block

NFTs are taking over from where DeFi left off, and data suggests asset tokenization will dominate 2021.

Crypto Pepes: What does the frog meme?

Cointelegraph Magazine talks to BarnBridge founder Tyler Ward, who has inadvertently created a Pepe the Frog NFT meme craze.

Pricing the hype: Crypto companies valued at billions as market booms

Crunching the numbers: Analysts and industry experts weigh in on crypto firms like Coinbase and Kraken being valued in the billions.

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Source: https://cointelegraph.com/magazine/2021/03/06/bitcoin-nerves-tesla-dump-nft-insanity-02280306

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