Hi everyone,
In this article I will show a quick overview of some interesting cryptocurrency news that flow around the internet today.
Jed McCaleb, co-founder of XRP and founder of XLM has sold of 1 billion XRP and has another 4,7 billion left to sell !
This news article is hard to ignore, because it kind of sums up XRP the last two years. Ripple is holding a lot of XRP in escrow and they have co-founders that hold a lot of XRP. Jed McCaleb is one of these people that still hold a lot of XRP and wants to sell them. He is currently the founder of Stellar Lumens (XLM and he probably owns a lot of this coin as well). He agreed on a deal with Ripple to limit his sells and normally this expires in 2020, so this could mean we would see an increase of selling pressure this year of XRP, since Ripple has a lot of XRP in escrow that they release every month (supply increases) and Arthur Britto is also a co-founder that holds a lot of XRP. Who knows when he wants to sell his XRP ? To keep it short XRP has a lot of supply in the market and as long as the demand is not holding grounds, the value of the coin will go down. It is good to follow this altcoin to see how it develops this year and if it can keep up with other altcoins and Bitcoin.
Bitcoin transactions are hitting a 5-month high !
Bitcoin recently had a milestone of 500 million transactions and had a 5-month high on the 5th of February. Transactions in Bitcoin are rising recently and the hash rate has been on a rise as well. This is very good news for the fundamentals of Bitcoin and shows that interest is growing in the space. Altcoins are on a good run as well and open interest on BitMex is over a billion dollars which is high as well. Generally when open interest is high on BitMex, a big move is coming soon. Will this be to the upside or to the downside ? Let me know in the comments section what you think. Lately we are seeing quite some bullish news in the market and it seems to reflect on the crypto market. This is great news because in 2018 and 2019 good news did not do much for the market and it was clear we were in a down trend. This time around I really believe we are in a beginning stage of a bull market for altcoins (don’t think about 10x or 100x just yet, have patience !) and for Bitcoin. There is a lot of development going on and most of it seems to be good news.
DeFi milestone of locked up money is 1 billion dollar now !
Decentralized Finance is a hot topic lately and it seems to be growing well. It has hit a milestone of 1 billion recently and seems to be growing further. Here you will find a graph showing big growth :
Maker is the major player in the DeFi business, followed by Synthetix network and Compound.
Traders can now short BNB on Binance with 50x leverage !
Apparently traders can short BNB (Binance coin) on its exchange Binance with up to 50x leverage. This should start on the 10th of February and I find this very interesting since it is their own coin. I do not know what to think of this. Obviously their should be a way to short BNB, since you can short a bunch of coins nowadays on Binance, but I would be careful if I was you. It is often known that exchanges can see what traders are trading on their platform. This means that if they see too much shorting on BNB, they will make a short squeeze and it will mean you will get liquidated as a shorter and lose money. It is their own coin so they have an interest in this coin not to let it go down in value too much.
