Connect with us

Blockchain

QuickSwap (QUICK) gains 420% as Polygon’s (MATIC) L2 network attracts new liquidity

Low fees and high yield opportunities briefly pushed QUICK price above the $1,000 mark as the Polygon-based layer-two solution sees adoption from new blockchain projects.

Avatar

Published

on

As the Ethereum network progresses along the slow, steady path toward Ethereum 2.0 and the full transition to proof-of-stake, layer-two solutions have arisen as the best solution to the current challenges associated with high gas fees and network congestion.

One layer-two solution that has emerged as a top choice for decentralied finance projects and traders is Polygon, which over the past week, has seen its price of its MATIC token climb toward new highs due to a surge in activity on its QuickSwap decentralized exchange (DEX).

MATIC/USDT 4-hour chart. Source: TradingView

Data from Cointelegraph Markets and TradingView shows that after hitting a low of $0.34 on April 25, the price of MATIC rallied 161% over the next three days to reach a new all-time high at $0.897 on April 28.

QUICK rockets higher

While the rise of Polygon has been thoroughly covered by Cointelegraph, the project’s main DEX, QuickSwap, has thus far been overshadowed by the more active exchanges on the Ethereum mainnet, like Uniswap and SushiSwap.

The sudden uptick in trading volume for MATIC over this past week HAS resulted in a significant increase in demand for QUICK. The led to a 420% increase in QUICK price from $189 on April 25 to a new all-time high at $977 on April 27 as the exchange token’s trading volume reached $18.9 million in a 24-hour period.

QUICK/USD 1-hour chart. Source: CoinMarkeCap

Activity on the exchange was relatively flat throughout the month of April until new partnerships on Polygon reflected investors increasing bullish sentiment.

Demand for Polygon-based tokens has been on the rise thanks to a growing list of big-name projects that have bridged to the layer-two solution, including a March 31 announcement from DeFi lending platform Aave.  After Aave announced that it would launch on the Polygon network, the amount of AAVE locked in the platform surpassed $1 billion. 

Multiple nonfungible token (NFT) projects including OpenSea and Decentraland have also migrated to Polygon and are available on the QuickSwap DEX, further helping to boost activity on the platform.

Liquidity and volume on QuickSwap reached new record highs on April 27 as the 24-hour volume on the DEX surpassed $190 million, and the total liquidity is now above $287 million.

QuickSwap liquidity and 24-hour volume. Source: QuickSwap

As DeFi activity begins to rise again and a growing number of analysts begin to predict that a new altcoin season is in the works, the Polygon ecosystem and its QuickSwap DEX could pull in more liquidity, especially if Ethereum users choose to use the MATIC bridge to shift over to a layer two-based, low-fee environment.

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, and you should conduct your own research when making a decision.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/quickswap-quick-gains-420-as-polygon-s-matic-l2-network-attracts-new-liquidity

Blockchain

Launch of Crypto Trading Team by Goldman Sachs

The cryptocurrency trading team formed will be a part of global currencies The memo is penned by Goldman Sachs partner Rajesh Venkataramani.

Avatar

Published

on

Table of Contents

Rate this post

U.S. banking giant Goldman Sachs has announced the details of the cryptocurrency trading team. According to a staff memo, the trading group is buying and selling futures on CME group and non-deliverable forwards.  

Goldman Sachs Forms Crypto Trading Team

The cryptocurrency trading group formed will be a part of Goldman’s global currencies and emerging markets division. The memo is penned by Goldman partner Rajesh Venkataramani. The first report of the memo came on Friday. 

According to Rajesh Venkataramani, the team will be part of Goldman’s global currencies and emerging markets (GCEM) unit. His official statement reads,

“I am pleased to announce the formation of the firm’s cryptocurrency trading team, which will be our centralized desk for managing cryptocurrency risk for our clients. The Crypto trading team will be a part of Global Currencies and Emerging Markets (GCEM), reporting to me, within the firm’s Digital Assets effort led by Mathew McDermott.”

Derivatives of The Trading Group

The announcement affirmed that Wall Street is allowing cryptocurrencies as a mode of payment. The adoption of digital currency seems to be on a continuous hike. Recent news from the rivalry, Morgan Stanley chose to offer its wealth management clients access to Bitcoin funds in the recent past months.

The derivatives of the Trading group facilitating investors to take note of Bitcoin future prices. In order to not to deal with the physical asset, the contracts will be settled in hard cash, which it “is not in a position to trade,” according to the memo.

The launch of the Digital Assets dashboard by Goldman this Thursday will allow its traders access to crypto market data and news.

Venkataramani says,

“The newly formed team has already traded Bitcoin-backed non-deliverable forward contracts and CME Group’s Bitcoin futures.”

Last month, Goldman Sachs CEO David Solomon mentioned that,

“He was expecting a big evolution in the cryptocurrency space when it comes to regulations.”

READ  DC Bar Association Allows Crypto Payments for Lawyers

#CME Group #Goldman Sachs Forms Crypto Trading Team #Goldman Sachs Group Inc #Morgan Stanley

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/launch-of-crypto-trading-team-by-goldman-sachs

Continue Reading

Blockchain

A Popular Analyst List Out The Assets To Keep An Eye On, In May

top 10

The post A Popular Analyst List Out The Assets To Keep An Eye On, In May appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Altcoins That May Hit New ATH in May! Since the past fortnight, many large and small market cap gems rallied high forming a new milestone. However, the Altcoin season is believed to have initiated with the jump in the Ethereum price. A popular analyst and the Managing Partner at MoonrockCapital, Simon Dedic, lists out 5 …

Avatar

Published

on

Altcoins That May Hit New ATH in May!

Since the past fortnight, many large and small market cap gems rallied high forming a new milestone. However, the Altcoin season is believed to have initiated with the jump in the Ethereum price.

Advertisement header-banner-ad

A popular analyst and the Managing Partner at MoonrockCapital, Simon Dedic, lists out 5 cryptocurrencies that may form new ATH in May 2021. 

The analyst predicts Ethereum price will hit $5000 whereas BNB price may also rally to hit $1000 levels by the end of May 2021. 

Also Read: Top Altcoins to Watch This Month!

 Altcoin Season Underway!

The altcoin season is said to have started as most of the top 100 cryptocurrencies are now a billion dollar asset. Moreover, many of the altcoins have even surpassed their previous ATH and formed new highs in the recent rally. 

As the Bitcoin dominance rate kept sliding, the Altcoin space has strengthened itself to manifest a growing dominancy and extended user adoption. Additionally, Ethereum price is expected to keep the bullish momentum intact to propel high. As most of the altcoins are expected to surge with the ETH price flow jumping towards the north. 

Collectively, the altcoin season is expected to go parabolic as most of the altcoins are expected to discover new highs. No doubt analyst Simon listed the coins to have a watch in the currency month. Yet there are many other promising projects with strong fundamentals, and may also rally towards new high.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://coinpedia.org/altcoin/altcoins-to-consider-in-may/

Continue Reading

Blockchain

SEC Chairman Says Crypto Markets Need Regulations to Prevent Fraud

Avatar

Published

on

SEC chairman Gary Gensler said on Friday that greater protection for investors is required in cryptocurrency markets. 

Gensler is no stranger to the cryptocurrency world. The former Goldman Sachs investment banker has long been viewed as a strong candidate to take the SEC chairman role.  

Gensler was sworn in a few weeks ago as Joe Biden’s choice for the next head of the SEC. During Obama’s presidency, Gensler was in charge of the Commodity Futures Trading Commission (CFTC) and was in charge of regulating derivatives.

What makes this particularly interesting is that he will become the first crypto and blockchain expert to hold the highly regarded position. A former MIT professor, he taught a course entitled “Blockchain and Money” and believes the two are a “catalyst for change.” Gensler stated at his SEC nomination hearing:

Bitcoin and other cryptocurrencies have brought new thinking to payments and financial inclusion. But they’ve also raised new issues of investor protection that we still need to attend to.”

Despite his support and optimism, the new SEC chairman also expressed concern about the protections investors are not getting in the crypto asset market. Gensler understands the attraction of bitcoin and other coins, but worries investors are taking on more risk than necessary

“It’s a digital, scarce store of value, but highly volatile,” Gensler says. “And there’s investors that want to trade that, and trade that for its volatility, in some cases just because it is lower correlation with other markets. I think that we need greater investor protection there.”

He believes that as long as technology continues to change the way consumers interact with markets, regulations to protect said consumers have to keep pace. 

He went on to say that he believes BTC is a “speculative” store of value and that the Securities and Exchange Commission should remain “tech neutral” when looking at innovations in markets. 

The new chairman believes there needs to be an official authority for a regulator to oversee digital currency exchanges.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Share Article

Matthew De Saro is a journalist and media personality specializing in sports, gambling, and statistics. Before joining BeInCrypto, his work was featured on Fansided, Forbes, and OutKick. With a background in statistical analysis and a love of writing, he takes an outside-the-box approach to reporting news.

Follow Author

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://beincrypto.com/sec-chairman-says-crypto-markets-need-regulations-to-prevent-fraud/

Continue Reading

Blockchain

The Magnificent Seven: TEL, ETC, QTUM, DOGE, OMG, EOS, LSK — Biggest Gainers, April 30 – May 7

Avatar

Published

on

BeInCrypto looks at the seven altcoins that increased the most over the past seven days, from April 30 to May 7.

These altcoins are:

  • Telcoin (TEL) – 420%
  • Ethereum Classic (ETC) – 295%
  • Qtum (QTUM) – 118%
  • Dogecoin (DOGE) – 100%
  • OMG Network (OMG) – 99%
  • EOS (EOS) – 90%
  • Lisk (LSK) – 74%

TEL

TEL has been moving upwards since April 23. In a span of 13 days, it increased by 1,000%, leading to an all-time high price $0.049. Since then, the token has decreased slightly.

TEL has already moved above the 1.61 Fib projection of waves 1-3, indicating that wave five has extended.

If it decreases, the closest support levels are found at $0.026 and $0.021, respectively. They are created by the 0.5 and 0.618 Fib retracement levels.

TEL Parabola
Chart By TradingView

ETC

ETC began a massive upward movement on May 3, culminating with an all-time high price of $176, reached on May 6. This amounted to an upward movement of 292%.

The high was made right at the 3.61 external Fib retracement of the entire previous decrease, measuring from the all-time high. Afterwards, ETC decreased slightly since and is currently trading at $139.

If the current upward movement extends, the next resistance area would be found at $207, the 4.61 external Fib retracement.

ETC Parabola
Chart By TradingView

QTUM

QTUM has increased considerably this week. However, unlike TEL & ETC, it is nowhere close to reaching its all-time high. 

To the contrary, it is still below the $43-$53 resistance area, which is created by the 0.5 – 0.618 Fib retracement levels. 

While QTUM is likely to reach it, a rejection would be expected once it does, at least in the short-term.

QTUM Upward Move
Chart By TradingView

DOGE

DOGE has been moving upwards since April 23, when it had reached a low of $0.159. As a result, it managed to reach a new all-time high price of $0.696 on May 5, which amounted to an increase of 336%.

The high was made just above at the 1.61 external Fib retracement resistance, found at $0.627, causing a rejection. 

However, DOGE bounced once more after the rejection. 

If the movement extends, there is a confluence of resistance levels found near $0.90.

DOGE Move
Chart By TradingView

OMG

OMG has increased considerably this week, managing to reach a new yearly high of $15.35. Still, unlike ETC, the token is nowhere close to reaching a new all-time high. 

To the contrary, it has just reached the 0.5 Fib retracement level when measuring from the entire downward movement. Consequently, the entire $14.40-$17.75 area is likely to provide strong resistance.

Afterwards, if OMG manages to clear it, it is likely to move towards a new all-time high price.

OMG Movement
Chart By TradingView

EOS

EOS increased considerably this week, managing to break out above the long-term resistance area found at $8. Previously, it had been trading below this level since August 2019. 

As a result, it has managed to reach a high of $13.65, just between the 0.5-0.618 Fib retracement levels. However, it was rejected once it did, and is currently trading near $11.

EOS Breakout
Chart By TradingView

LSK

LSK has been moving upwards since April 23, when it was trading at a low of $3.14. Today, it managed to reach a new all-time high price of $11.50, amounting to an increase of 271%. 

The high was made just above the 1.61 external Fib retracement level of the previous drop. This is the first significant resistance level.

Therefore, if LSK manages to clear it, the next resistance area would be found at $14.57.

LSK All-Time High
Chart By TradingView

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Share Article

Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo.
In 2019, he decided to focus full-time on cryptocurrencies and trading.

Follow Author

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://beincrypto.com/tel-etc-qtum-doge-omg-eos-lsk-biggest-gainers-april-30-may-7/

Continue Reading
SaaS4 mins ago

SaaS4 mins ago

SaaS4 mins ago

SaaS4 mins ago

SaaS4 mins ago

Aviation22 mins ago

United Airlines Uses The Crisis To Diversify Latin American Network

AR/VR1 hour ago

First VR Film Shot Aboard ISS Available On Oculus Venues

Blockchain2 hours ago

Launch of Crypto Trading Team by Goldman Sachs

SaaS2 hours ago

SaaS2 hours ago

SaaS2 hours ago

SaaS2 hours ago

SaaS2 hours ago

Energy2 hours ago

Grâce à son excellente performance, Risen Energy remporte 3 prix de l’industrie

Aviation2 hours ago

Allegiant Air Is Not Concerned About Breeze Airways

Esports3 hours ago

Resident Evil 2: The Board Game Discounted 32%

Esports3 hours ago

New Cyberdark Trap Card, more reprints announced for Cyber Style Yu-Gi-Oh! OCG Structure Deck

Esports3 hours ago

TSM streamer Mayumi shares ‘disturbing’ texts from doorman who obtained her private info via apartment registry

Esports3 hours ago

The 10 best Dota 2 wallpapers

AR/VR3 hours ago

Oculus Quest Might Be Getting Android Apps

AR/VR3 hours ago

Space Explorers Episode One Streaming For Free Until May 10 On Quest And Rift

Techcrunch3 hours ago

Daily Crunch: A huge fintech exit as the week ends

Private Equity3 hours ago

This Dream Job Will Pay You to Gamble in Las Vegas on the Company’s Dime

Business Insider3 hours ago

COVID-19 coverage dominates as National Newspaper Awards winners are announced – Globe and Mail’s Tom Cardoso named Journalist of the Year

Business Insider3 hours ago

COVID-19 coverage dominates as National Newspaper Awards winners are announced – Globe and Mail’s Tom Cardoso named Journalist of the Year

SaaS4 hours ago

SaaS4 hours ago

SaaS4 hours ago

SaaS4 hours ago

SaaS4 hours ago

Trending