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Price analysis 6/7: BTC, ETH, BNB, ADA, DOGE, XRP, DOT, UNI, ICP, BCH

Bitcoin and altcoins are likely to remain under pressure for a few days but lower levels could attract buying.

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United States Treasury Secretary Janet Yellen defended President Joe Biden’s latest massive spending package while speaking to Bloomberg. Yellen said it would be “a plus” for society even if it resulted in a higher interest rate environment.

If rates inch higher, traders will explore the best possible options to hedge their portfolios. While gold is down about 2.5% year-to-date, Bitcoin (BTC) is still up 22% during the same period, even after the massive plunge in May.

Bitcoin’s outperformance may not go unnoticed and several institutional investors are likely to make it a part of their portfolio along with gold.

Daily cryptocurrency market performance. Source: Coin360

London-based asset management firm Ruffer booked a profit of more than $1 billion on an investment of $600 million in Bitcoin. Ruffer’s investment director Hamish Baillie in an interview with The Times said the company bought in November and sold its “last tranche in April.” Baillie said institutional investors, including Ruffer, are likely to continue buying Bitcoin.

This suggests that Bitcoin is likely to attract huge institutional interest at lower levels, which may act as a strong floor. The larger the purchases by institutions at lower levels, the higher the price is likely to rally during the next bull phase.

Let’s analyze the charts of the top-10 cryptocurrencies to determine their next possible trending move.

BTC/USDT

Bitcoin dropped to the trendline of the symmetrical triangle on June 5 but the bears could not break this support. The bulls successfully defended the trendline for the past two days and are attempting a rebound off it today.

BTC/USDT daily chart. Source: TradingView

The buyers will have to push the price above the resistance line of the triangle to gain the upper hand. If they manage to do that, the BTC/USDT pair could extend the relief rally to the 50-day simple moving average ($46,784).

A breakout and close above the 50-day SMA will be the first indication that the downtrend could be ending.

However, the downsloping moving averages and the relative strength index (RSI) in the negative territory suggest advantage to the bears.

If the price turns down from the current level or the overhead resistance and breaks below the triangle, the pair could witness panic selling. That may pull the price down to the critical support zone at $30,000 to $28,000.

ETH/USDT

Ether (ETH) turned down from the resistance line of the symmetrical triangle on June 4 but the shallow correction shows the bulls are buying on dips. The price has risen back above the 20-day exponential moving average ($2,743) and the bulls are challenging the resistance line of the triangle.

ETH/USDT daily chart. Source: TradingView

If buyers propel the price above the triangle and the 50-day SMA ($2,918), it will suggest the start of a rally to the 61.8% Fibonacci retracement level at $3,362.72. This level may act as stiff resistance but if the bulls arrest the next decline above the 20-day EMA, it will suggest the downtrend could be over.

Contrary to this assumption, if the price turns down from the current level and slides below $2,550, the ETH/USDT pair could drop to the support line of the triangle. A bounce off this support could extend the stay of the pair inside the triangle.

The first sign of weakness will be a break and close below the support line of the triangle. Such a move could clear the path for a decline to $2,180.53 and then $1,728.74.

BNB/USDT

Binance Coin (BNB) turned down from $433 on June 4 and the bears thwarted another attempt by the bulls to clear the resistance on June 5. This suggests the bears are aggressively defending the $433 level.

BNB/USDT daily chart. Source: TradingView

Although the price traded below the 20-day EMA ($398) for the past two days, the bears could not sink the BNB/USDT pair to the trendline. This suggests that bulls may be regrouping to make another assault at the $433 level.

If buyers succeed in driving the price above this resistance, the BNB/USDT pair could rally to the 50-day SMA ($492) and then to the 78.6% retracement level at $589.04.

Alternatively, if the price turns down from the current level or the overhead resistance and drops below $365, the pair may correct to the trendline. A break below this support will suggest the bears are back in the game.

ADA/USDT

Cardano (ADA) turned down from $1.88 on June 3 but the bulls have not allowed the price to sustain below the 20-day EMA (1.67). This suggests the sentiment is turning positive and the bulls are buying on dips to the 20-day EMA.

ADA/USDT daily chart. Source: TradingView

The buyers will now have to push the price above $1.94 to gain the upper hand. If that happens, the ADA/UDST pair could rally to the all-time high at $2.47. A breakout and close above this resistance will suggest the start of the next leg of the uptrend.

Contrary to this assumption, if the price turns down from the overhead resistance, it will suggest aggressive selling at higher levels. That could keep the pair range-bound between the 50-day SMA ($1.56) and $1.94 for a few days.

The first sign of weakness will be a break below $1.33. That could open the doors for a further slide to $1.

DOGE/USDT

Dogecoin (DOGE) had formed a Doji candlestick pattern on June 5 and 6 near the 20-day EMA ($0.37), indicating indecision among the bulls and the bears.

DOGE/USDT daily chart. Source: TradingView

If bears sink the price below $0.35, the DOGE/USDT pair could drop to the neckline of a large head and shoulders pattern. A breakdown and close below the neckline will be a huge negative as that could increase the possibility of a drop to $0.10.

However, the moving averages are flat and the RSI is just below the midpoint, indicating a few days of range-bound action. If the price turns up from the neckline, the pair could rise to $0.47 and remain stuck between these levels for a few days.

A breakout and close above $0.47 will be the first sign of strength. It will clear the path for a northward march toward $0.59.

XRP/USDT

XRP’s price is getting squeezed between the 20-day EMA ($1.03) and $0.88 for the past few days. The downsloping moving averages and the RSI below 44 indicate advantage to the bears.

XRP/USDT daily chart. Source: TradingView

If the price turns down from the current level or the 20-day EMA and breaks below $0.88, the XRP/USDT pair could drop to $0.79 and then to the May 23 low at $0.65.

This negative view will invalidate if the bulls propel the price above $1.10. If that happens, the pair could rally to the 50-day SMA ($1.23) and then to the downtrend line.

This is an important resistance to watch out for because a break above it will suggest the downtrend is over.

DOT/USDT

Polkadot (DOT) has been trading inside an ascending channel for the past few days. The altcoin is attempting to bounce off the trendline of the channel and rise above the overhead resistance at $26.50.

DOT/USDT daily chart. Source: TradingView

If that happens, the DOT/USDT pair could rise to the 50-day SMA ($31.68) and then to the resistance line of the channel. If the price turns down from the resistance line, the pair may continue to trade inside the channel.

However, if the bulls thrust the price above the channel, the momentum could pick up. That will also suggest an end to the downtrend.

Conversely, if the price turns down from the 20-day EMA or the 50-day SMA, it will suggest that traders are selling on rallies to the moving averages. A break below the trendline of the channel will increase the possibility of a drop to $18.41 and then to $15.

UNI/USDT

Uniswap (UNI) turned down from the 20-day EMA ($27.64) on June 4 but the bulls did not allow the price to drop below $25. This suggests a positive sentiment because traders are not waiting for a deeper correction to buy.

UNI/USDT daily chart. Source: TradingView

If buyers thrust the price above the 20-day EMA and the overhead resistance at $30, the UNI/USDT pair could rise to the 50-day SMA ($32.79). This level may again act as a stiff resistance.

However, if the bulls arrest the next decline at the 20-day EMA, it will suggest the sentiment has turned positive. That will enhance the prospects of a rally to the 78.6% retracement level at $38.15.

This bullish view will invalidate if the price turns down and plummets below $21.50. Such a move will suggest the bears have overpowered the bulls.

ICP/USDT

Internet Computer (ICP) is struggling to rebound off the $103.71 support for the past two days, which indicates a lack of buyers even at these levels. This increases the likelihood of a break below the support.

ICP/USDT daily chart. Source: TradingView

If that happens, the ICP/USDT pair could drop to the all-time low at $86.01. This is an important support to watch out for because if this level cracks, the pair could extend its decline to $60.

The negative view will invalidate if the price turns up from the current level and rises above $120. That will indicate strong buying at lower levels. A break above $136.60 could open the door for a rally to $168.

BCH/USDT

Bitcoin Cash (BCH) is currently trading between the downtrend line and the support at $616.04. The downsloping 20-day EMA ($747) and the RSI in the negative zone suggest bears have the upper hand.

BCH/USDT daily chart. Source: TradingView

If the price dips below the $616.04 support, the bears will try to pull the price down to the May 23 support at $468.13. This is an important support to watch out for because if it cracks, the decline could extend to $400.

Conversely, if the price turns up from the current level and breaks above the 20-day EMA, it will suggest buyers are attempting to make a comeback. The BCH/USDT pair could then rally to the 50-day SMA ($930).

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/price-analysis-6-7-btc-eth-bnb-ada-doge-xrp-dot-uni-icp-bch

Blockchain

6 Gold-Backed Cryptocurrencies To Consider In 2021

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One of the criticisms against cryptocurrencies is they’re not backed by any stable asset. Skeptics say they have no value, which has time and again expressed their doubt in digital currencies. The fact that cryptocurrencies, specifically Bitcoin, have increased their value exponentially since they first came out more than a dozen years ago doesn’t affect these financiers’ opinion about them.

Risk-averse financers believe the cryptos’ volatility and their lack of regulation from any authority like central banks are enough reasons not to invest in them. Uncertainty about their long-term viability has proven to be the main reason why many investors avoid digital money.

But what if cryptocurrencies are backed by something as stable and valuable as gold?

Gold-Backed Cryptocurrencies

Gold has always been regarded as a stable and safe commodity to invest in. It’s a haven asset, a store of value that has continually proven its worth throughout history. Its purchasing power has remained constant through the years, and inflation doesn’t affect it much compared to hard currencies.

Gold is steady, unchanging, and solid. It’s the asset people invest in if they want to preserve their wealth by buying shares in mutual funds, gold Exchange Traded Funds (ETFs—a stock certificate that can be traded), or physical gold like gold coins and gold bullions, which they can get from traders like Oxford and others.

Cryptocurrencies, on the other hand, are the epitome of volatile assets. Bitcoin’s prices, in particular, had swung by as much as 20% almost 50 times since 2010. To be fair, Bitcoin’s prices had also appreciated by more than 800,000% in almost the same period. Still, most finance managers see investing in cryptos as betting on something extremely risky.

However, a new type of cryptocurrency has emerged, one that’s backed by gold. Stablecoins are a new batch of cryptos ‘pegged’ to a commodity with a real, stable value—one that’s not prone to violent price swings.

Overview Of Gold-Backed Cryptocurrencies

Cryptos backed by gold have inherent value, something which Bitcoin and the rest don’t have. Their value is connected to the price of gold on the stock market; so when gold’s market price moves, the price of these cryptos follows as well.

These gold-backed digital coins are released with a value equal to gold. A gram of gold, for example, is equivalent to one coin. The gold that’s used to back stablecoins is kept by a trusted third party, and this independent party is authorized to trade with other holders of stablecoins.

With stablecoin’s price tied to the price of gold, it’s virtually assured that its value won’t go below gold’s market price, making it stable. Also, the gold-backed cryptos can surpass gold’s value. This feature makes stablecoins attractive to conservative investors who wouldn’t consider investing in cryptocurrencies.

Evaluating Gold-Backed Cryptocurrency

When it comes to gold-backed digital money, you’d want to be certain it’s indeed backed by gold and it’s in a secure place. Additionally, you should be able to trade it whenever you want or have it redeemed for actual gold you can hold, and not just gold ETFs.

To validate, have it verified by an independent, third-party auditor. If the trader provides an audit report or other documentation, you could check its authenticity by contacting the auditor to confirm every detail. You can also accept in good faith that the coin is genuinely backed by gold based on the issuer’s reputation, which could mean you’d previously dealt with the issuer and they’ve earned your trust.

When you’ve established that the gold is there, you can verify the gold tallies with the number of stablecoins in circulation. You can check the transaction on the blockchain for information regarding the number of coins and the amount of gold held.

Converting Gold-Backed Stablecoins To Physical Gold  

Gold-backed digital coins can be redeemed for physical gold if it’s what you want. The process may vary, but typically, you have to get past the Anti-Money Laundering (AML) and Know Your Customer (KYC) procedures first. The bullion or gold coins would then be shipped to your specified mailing address.

You can also redeem your stablecoins for gold derivatives instead of physical gold. Gold derivatives are financial contracts whose prices follow gold market prices. These can also be exchanged for physical gold.

Some Pros And Cons Of Digital Gold Coins

These digital gold coins aren’t without risks, however. While cryptos have blockchain technology as a public ledger where anyone can verify each transaction, gold-backed stablecoins aren’t as transparent when it comes to the actual gold. Verifying the gold in stablecoins isn’t as cut and dried. So, selecting which coin to buy would require a bit of investigating to ensure the gold is indeed yours.

They also aren’t immune to volatility, although not as dizzying as Bitcoin’s level. They’re subject to their market forces, so there may be times when these cryptos aren’t as stable as gold. However, they’re much easier to store than the actual metal. And if you want to liquidate a few assets, these digital gold coins are easier to sell than actual gold.

Keep in mind also that unscrupulous people could just be flat-out lying about some gold-backed cryptocurrency project they’re offering. Scammers are everywhere in the world of finance. But with some traders, you’d have to ultimately rely on trust, so tread carefully.

There are also some fees you’d incur. Additional fees regarding custody for the actual gold are usually passed on to investors. Moreover, while tokens are easier to sell than gold, both the liquidity and availability of these digital gold coins could sometimes be limited.

Digital gold coins or tokens may be the next stage for gold investments. And if you’re interested in dipping your toes into the world of gold and cryptocurrencies, read on to know your options.

Gold-Backed Cryptocurrencies Worth Considering

This concept of gold-backed investments was first launched in 1996. It was known then as E-gold years before Bitcoin was even a twinkle in the eye of its purported father, Satoshi Nakamoto. But it ran into legal issues and was beset by cybercrimes, and these problems proved to be too much to hurdle. It was eventually canceled in 2009.

However, some ideas won’t simply die; they just evolve. And now, technologies like blockchain made it possible for digital gold coins to rise again, albeit in a slightly different format. There are many digital gold tokens available today, but it’s a caveat emptor situation: ‘Let the buyer beware.’

However, a few coins could be worth watching. Here are a few gold-backed cryptocurrencies to consider in 2021:

  1. Meld Gold

Managed by the cryptocurrency platform Algorand, this digital gold token offers a streamlined type of gold trading through the use of blockchain. It has a solid team connected to its platform, ensuring a smooth and reliable transaction for traders. It allows you to trade in real-time, minimizing the risks for investors of volatilities that could happen during a slow transaction.

Meld Gold’s backing is also audited by independent third-party auditors to ensure authenticity, and its platform offers investors their wallets to store the coins. Meld Gold is equal to a gram of gold.

  1. Perth Mint Gold Token (PMGT)

Since this is backed by the Perth Mint in Western Australia, the gold’s purity and weight are guaranteed by the government. Additionally, the Perth Mint also issues digital gold certificates through an app called GoldPass. One PMGT is equal to an ounce GoldPass certificate, which is equal to an ounce of pure gold.

A GoldPass certificate backs each token, and they have a 1:1 ratio. You can also redeem the certificates and you can have your gold delivered right to your doorstep. What’s great is PMGT doesn’t have any fees. Neither storage nor transaction nor management fees is charged to investors. It’s one of the most economical gold assets as well as an excellent alternative to conventional gold products.

Investors of PMGT don’t have to wait for monthly audits to verify their token’s gold. Perth Mint publishes the balances of GoldPass accounts so they can be verified in real-time. 

  1. PAX Gold

A PAX Gold token is equivalent to a fine troy ounce of one gold bar, which is secured in its platform’s storage. It offers not only low trading fees but also fast transactions. The token’s minimum investment is quite low, so investors of all shapes and sizes can take part in the project.

Regulated by the New York State Department of Financial Services, PAX Gold’s assets are stored in vaults that are the most secure in the world. The bullion is also checked by a team of third-party auditors to ensure everything’s legitimate. Investors could also redeem their PAX Gold tokens for the actual yellow metal.

  1. Digix

Digix is gold-backed crypto with a value of a gram of gold bar per coin. Like other legitimate stablecoins, Digix’s gold bars are all verifiable. Moreover, its platform is accredited by the Bullion Association, which means its assets are covered by insurance in case of theft.

Their gold assets are stored in Canada and Singapore, and you can check these at their website. Their certificates, which are also proofs of purchase, are viewable by anyone visiting their site. This makes it easy for anyone to check their gold assets.

You can also redeem your Digix coins for the actual gold if you want. A one-percent fee, called a recast fee, is levied. Signing up on their platform is relatively straightforward and only takes a few minutes, unlike some platforms that ask for a myriad of verification details.

  1. GSX

GSX is backed by precious metal, not just gold. If you’re an investor, you can have a choice of precious metal to back your stablecoins. Like other above-board stablecoins, GSX has third-party auditors, and they also offer physical gold redemption for your coins. What’s more, as an investor, you can receive annual bonuses to show appreciation for investing in them.

  1. Tether Gold (XAUt)

Tether is known as the largest issuer of US Dollar-backed stablecoin. Their gold-backed stablecoin called XAUt is equal to a fine troy ounce of gold contained in a London Good Delivery gold bar. Tether’s gold assets are held in a vault located in Switzerland.

Token holders can check the serial numbers of their token’s assigned gold bars through Tether’s site. They also let investors redeem their coins for cash or gold; and yes, they can also deliver your gold if your coins are worth a full bar. You can then redeem a number of coins equivalent to a full gold bar.

For example, their bars from the London Bullion Market Association (LBMA) can weigh up to 430 fine troy ounces of gold. You can redeem 430 tokens if they’re allocated to a full gold bar. If you’ve redeemed your tokens for a full gold bar, then either you can take possession of it or you can ask TG Commodities Limited, the issuer, to sell the gold for you.

 

Final Thoughts

Cryptocurrencies are viewed by many financers as having no inherent value. They also think investing in them is equivalent to gambling at long odds. They don’t think that Bitcoin and others are a wise long-term investment. But now that cryptocurrencies have emerged and backed by something as valuable, tangible, and stable as gold, investors are turning to this new type of cryptos that promise to be unwavering, especially in this age of uncertainty.

However, in buying gold-backed stablecoins, you should tread carefully as there are stablecoin projects out there that are outright scams. There are ways of determining the fake from the real. There are many genuine digital gold coins out there, and some are admittedly more exciting than others. As a rule of thumb, always be informed about your transactions.

The ones listed here are just a few of the coins worth considering. If you want to invest in cryptos without the head-spinning, stomach-churning price swings of Bitcoin, this form of cryptocurrency might be for you. But as always, do your research and don’t be led by your emotions when investing your money.

 

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Blockchain

Hedge Funds Plan to Allocate 7% of Portfolios in Cryptocurrencies by 2026: FT Survey

A survey with 100 hedge funds concluded that CFOs plan to allocate over 7% of their portfolios in bitcoin and other cryptocurrencies by 2026.

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Large hedge funds expect to increase their cryptocurrency holdings to 7% in five years, a recent survey conducted by the Financial Times concluded. This comes after the increased involvement from prominent names like Stan Druckenmiller, Paul Tudor Jones III, SkyBridge Capital, and more.

Hedge Funds to Increase Crypto Holdings

It’s safe to say that 2020 was Bitcoin’s breakout year in terms of institutional adoption. The COVID-19 pandemic and the financial catastrophe it caused ultimately highlighted BTC’s merits over most traditional investment tools, which attracted corporations and institutions that steered clear of it up until that moment.

According to a survey by the FT, this will only increase in the next five years. Following a survey among officers from over 100 global hedge funds, the paper concluded that “executives expect to hold an average of 7.2 percent of their assets in cryptocurrencies in five years’ time.”

Although the current holding numbers are unknown, the publication concluded that such an allocation would “represent a large increase” in funds put in various digital assets.

Per David Miller, executive director at Quilter Cheviot Investment Management, hedge funds are “well aware not only of the risks but also the long-term potential” of bitcoin and other cryptocurrencies.


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However, analysts from the consulting company Oliver Wyman argued that digital asset purchases still “remain limited to clients that have a high-risk tolerance, and, even then, investments are typically a low proportion of investable assets.”

Who Bought In?

While some institutions contemplate on whether or not they should buy or increase their crypto holdings now, others have already done so.

Perhaps it all started with the billionaire hedge fund manager – Paul Tudor Jones III. He was among the first to openly praise BTC after the COVID-19 pandemic because he considered it a proper safe haven instrument against the rising inflation in the US.

He allocated up to 3% of his portfolio in BTC at the time but said he wants to have 5% in the primary cryptocurrency just recently. Stan Druckenmiller, another legend of the legacy financial markets, echoed his words shortly after.

Anthony Scaramucci, the founder and CEO of SkyBridge Capital, was next. He and his organization came on board in late 2020 through a Bitcoin Fund with an initial multi-million dollar investment.

It’s also worth highlighting that US banks, some of the biggest critiques until recently, have also expressed interest in entering the space. Some, like BNY Mellon, have revealed plans to launch cryptocurrency custodians. Others, like Morgan Stanley, will enable their institutional clients to receive BTC exposure through several funds.

Goldman Sachs filed for a Bitcoin ETF, while JPMorgan is reportedly developing an actively managed BTC fund.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/hedge-funds-plan-to-allocate-7-of-portfolios-in-cryptocurrencies-by-2026-ft-survey/

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Blockchain

Hedge Funds Plan to Allocate 7% of Portfolios in Cryptocurrencies by 2026: FT Survey

A survey with 100 hedge funds concluded that CFOs plan to allocate over 7% of their portfolios in bitcoin and other cryptocurrencies by 2026.

Published

on

Large hedge funds expect to increase their cryptocurrency holdings to 7% in five years, a recent survey conducted by the Financial Times concluded. This comes after the increased involvement from prominent names like Stan Druckenmiller, Paul Tudor Jones III, SkyBridge Capital, and more.

Hedge Funds to Increase Crypto Holdings

It’s safe to say that 2020 was Bitcoin’s breakout year in terms of institutional adoption. The COVID-19 pandemic and the financial catastrophe it caused ultimately highlighted BTC’s merits over most traditional investment tools, which attracted corporations and institutions that steered clear of it up until that moment.

According to a survey by the FT, this will only increase in the next five years. Following a survey among officers from over 100 global hedge funds, the paper concluded that “executives expect to hold an average of 7.2 percent of their assets in cryptocurrencies in five years’ time.”

Although the current holding numbers are unknown, the publication concluded that such an allocation would “represent a large increase” in funds put in various digital assets.

Per David Miller, executive director at Quilter Cheviot Investment Management, hedge funds are “well aware not only of the risks but also the long-term potential” of bitcoin and other cryptocurrencies.


ADVERTISEMENT

However, analysts from the consulting company Oliver Wyman argued that digital asset purchases still “remain limited to clients that have a high-risk tolerance, and, even then, investments are typically a low proportion of investable assets.”

Who Bought In?

While some institutions contemplate on whether or not they should buy or increase their crypto holdings now, others have already done so.

Perhaps it all started with the billionaire hedge fund manager – Paul Tudor Jones III. He was among the first to openly praise BTC after the COVID-19 pandemic because he considered it a proper safe haven instrument against the rising inflation in the US.

He allocated up to 3% of his portfolio in BTC at the time but said he wants to have 5% in the primary cryptocurrency just recently. Stan Druckenmiller, another legend of the legacy financial markets, echoed his words shortly after.

Anthony Scaramucci, the founder and CEO of SkyBridge Capital, was next. He and his organization came on board in late 2020 through a Bitcoin Fund with an initial multi-million dollar investment.

It’s also worth highlighting that US banks, some of the biggest critiques until recently, have also expressed interest in entering the space. Some, like BNY Mellon, have revealed plans to launch cryptocurrency custodians. Others, like Morgan Stanley, will enable their institutional clients to receive BTC exposure through several funds.

Goldman Sachs filed for a Bitcoin ETF, while JPMorgan is reportedly developing an actively managed BTC fund.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/hedge-funds-plan-to-allocate-7-of-portfolios-in-cryptocurrencies-by-2026-ft-survey/

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Blockchain

Solanax Launches Private Token Sale, IEO Starts on June 28

[PRESS RELEASE – Please Read Disclaimer] Solanax, a Solana-based DeFi protocol is currently conducting a private token sale that ends on the 25th of June. They are also aiming to proceed with an initial exchange offering (IEO) that is set to commence on the 28th of June. Solanax went live recently with their automated market […]

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[PRESS RELEASE – Please Read Disclaimer]

Solanax, a Solana-based DeFi protocol is currently conducting a private token sale that ends on the 25th of June. They are also aiming to proceed with an initial exchange offering (IEO) that is set to commence on the 28th of June.

Solanax went live recently with their automated market maker (AMM) and decentralized exchange (DEX) platform on the Solana Blockchain. Regarding the launch, the team said, “SOLANAX are attempting to eliminate centralized intermediaries and pave the way for full decentralization, censorship-resistant, and safe trading within the Solana ecosystem and beyond”

Introducing Solanax

Solanax is a decentralized exchange built on top of the Solana blockchain that leverages the exciting features of the fastest-growing blockchain. The project resolves a long-standing problem with scalability and transaction throughput in DEXes, driving the adoption of DeFi products and services.

Solanax also allows peers on the Solana blockchain and beyond to trade directly between themselves without intermediaries through self-custody or non-custodial wallets.

SOLD Token Distribution

Solanax will distribute at least 20 million $SOLD tokens before getting listed on a centralized exchange. The project currently offers crypto enthusiasts and investors a chance to get a hold of their native token through their private sale which ends on the 28th of June. In this sale, Solanax is offering 10 million tokens at $0.1 per token, considering a three-month vesting period, or $0.15 per token without a vesting period. The private sale aims to raise at least $1 million.

In the subsequent IEO that launches on June 28th, another 10 million SOLD tokens will be distributed in multiple rounds with a target of at least $2 million from the offering. The private sale and IEO will distribute a combined 25% of the total tokens.

Solanax Features

Solanax is unlike any other DEX in the crypto space. The protocol’s versatility powered by Solana builds a trader-first DEX design, where trading features are optimized for investors to buy, sell and transfer crypto assets seamlessly. Solanax is the ultimate CEX-killer, offering at-par if not better features that traders look out for in a crypto exchange.

Listed below are some of the notable features/experiences that set Solanax apart:

  • Hassle-free trading with high liquidity across Solanax, as investors are incentivized to provide liquidity to low-volume assets while maintaining high liquidity in popular assets.
  • Rapid and seamless transaction settlement powered by Solana’s high transaction throughput.
  • Very low transaction fees for swapping SPL tokens.
  • Open-source Liq and DeFi protocol. There are several ways people will be able to earn rewards.
  • Plans for cross-blockchain Bridge implementation via Wormhole / Binance Bridge / Solanax Token Converter
  • Runs on the more powerful and highly scalable Solana blockchain.
  • Fully decentralized, censorship-resistant with a secure hybrid consensus model

Apart from the aforementioned features, the platform will offer unmatched flexibility for traders to access digital assets on the Ethereum blockchain. In this ecosystem, developers can convert ERC-20 tokens into SPL tokens compatible with the Solana ecosystem, then deploy the tokens to decentralized apps (dApps) like Solanax.

The team has reserved 40% of the 80 million total supply of $SOLD for platform incentives. These include staking and liquidity mining rewards. Solanax DEX also has a farming platform where traders can stake LP tokens and earn farming rewards. The aim is to increase use cases and incentives on the platform to make this ecosystem a community-based decentralized exchange. To be a part of the community while the project is in the early stages, be a part of the IEO and the private sale using the information given below.

Contact

Website

Private Token Sale: email – sales AT solanax.org

Twitter

Telegram

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/solanax-launches-private-token-sale-ieo-starts-on-june-28/

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