Bitcoin back to $42,000 as short squeeze odds soar with Binance, Polygon, Fantom, LooksRare, Belo, JPM Coin, Chainlink, APENFT, Blockchain news

From the perception of Bitcoin short squeeze odds soaring to China officially labeling the crypto mining industry ‘obsolete’. Here are some highlights from the crypto market.

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Bitcoin News

Data from TradingView shows that BTC has begun to recover after Monday’s sharp drop to the $39,600 region. This is the first time BTC has breached the $40,000 mark since September.

The bulls are focusing their attention on the derivatives market possibly triggering another “short squeeze”.

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BTC Price Chart – 1 hour | Source: TradingView

With interest open near ATH despite the market downturn and sentiment clearly trending further down, a surprise rally could result in tight short positions and provide a “fulcrum” for investors. for the bulls.

As on-chain analytics company, Glassnode, has note that the event came too late. Long positions have been affected almost continuously since the ATH at $69,000 in November and the “squeeze” continues to occur when the market is not expecting it.

“Short traders, who are unaffected by increased risk taking, could become candidates for a short-term squeeze,” the researchers forecast.

This event can also be amplified by the “calm” demand for the spot BTC market and Bitcoin futures open interest leverage at 2% of Bitcoin market cap.

Coupled with the fact that on-chain spending is in oversold territory, this shows that a short squeeze is indeed the logical, likely near-term solution for the market.

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Bitcoin futures open interest leverage ratio chart | Source Glassnode

Three-time NBA champion will receive salary in Bitcoin.

On Monday afternoon, Andre Iguodala, three-time NBA champion and professional basketball player for the Golden State Warriors, announced that he will receive a portion of his salary, estimated at $2.647 million per year, in Bitcoin (BTC).

Additionally, Iguodala added that he will be giving away $1 million worth of BTC to his fans to help increase the adoption of the digital currency. The payments are supposed to be made through the Cash App.

Tin tức Binance

The biggest men’s football championship in Africa – TotalEnergies Africa Cup of Nations (AFCON) has begun. At the same time, Binance has announced Official partnership with Confederation of African Football (CAF) as well as becoming an official sponsor for AFCON 2021 tournament. Binance also became the first crypto and blockchain sponsor for the event.

Veron Mosengo-Omba, general secretary of CAF, said he is “delighted to welcome Binance as the official sponsor of this year’s AFCON tournament.” He said the partnership would “help push African football to the next level”.

News Polygon

Polygon (MATIC), the popular smart contract platform compatible with the Ethereum Virtual Machine, has revealed the timing of its most important upgrade in 2022.

Follow Notification shared by Sanket Shah, head of strategy at Polygon (MATIC), the project is on track for a major update.

Polygon Hermez will see its mainnet version launched in Q2 2022. Its first mainnet version will only be suitable for asset migration and will not be compatible with EVM. The network will be 100% EVM-compatible when Hermez deploys v2.

News Fantom

Andre Cronje was upload series of blog posts, showcasing the features of the upcoming ve(3,3) project on Fantom.

Although Cronje is a prominent member of the Fantom development team, the project doesn’t seem to depend too much on him. Developer Daniele Sestagalli, the head of DeFi markets like Wonderland and Abracadabra, is also involved in this project.

In a series of blog posts last week, Cronje called the project “ve(3,3)”. He describes the project as having “a token that helps balance the emissions of ecosystem participants.”

Users will be able to send a certain amount of tokens to the network in exchange for non-transferable tokens locked in the protocol. In return, they will receive transferable incentive tokens as a reward.

LooksRare News

LooksRare, the recently launched NFT marketplace, says it wants to index all NFT collections on the Ethereum blockchain. The site went live on Monday with a token airdrop.

Users who buy or sell NFTs from eligible collections can earn LOOKS Tokens.

OpenSea users who traded 3 ETH or more between June 16 and December 16, 2021 are also eligible to receive the LOOKS Token airdrop.

News League of Kingdoms

League of Kingdoms (LOKA) will be launched via Binance Launchpad on January 20.

Follow Notification, the League of Kingdoms token sale, backed by Hashed, a16z Crypto, Binance Labs and Sequoia Capital India, will follow the Launchpad subscription format, with user BNB balance recording from 07:00 on 12 December to 07:00 on December 20 (Vietnam time).

LOKA Launchpad hardcap is $4,000,000 (5%). Launchpad price is $0.16.

News Belo

Belo is an Argentinian mobile wallet app founded by Manuel Beaudroit that aims to “create a bridge” between the crypto world and daily life in pesos.

On Monday, the company announced it has partnered with Bitcoin (BTC) payment processor Opennode and the app will support Lightning Network. The Belo app is available for iOS and Android smartphones. It also supports ethereum and several stablecoins pegged to the USD.

With Belo, users only need one peso to start depositing and buying cryptocurrency in a way that is accessible and accessible to everyone over the age of 13, regardless of their purchasing power.

News JPM Coin

CBB has conducted a test of JPM Coin, allowing ABC Bank to implement real-time payments for Aluminum Bahrain (ALBA).

The Central Bank of Bahrain (CBB) has complete successfully tested JPMorganm’s JPM Coin, a digital currency designed to make payments using blockchain technology.

Bahrain’s central bank revealed it is committed to improving the customer experience for secure and efficient payment services. To achieve its mission, the financial institution completed the JPM Coin test by JPMorgan Chase. This is the first test of its kind for the US bank’s blockchain product.

News Chainlink

Chainlink price has been hovering near the $29 to $30 area for the past two days. While the price has formed a bullish signal, broken through the Cloud area, and completed an ideal bullish setup on the daily chart, the weekly Ichimoku chart shows why buyers are having a hard time moving. move above the $30 range.

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Price chart LINK | Source: TradingView

The weekly Senkou Span A, Senkou Span B and 61.8% Fibonacci retracement are in the $30 region. Those three prices create an area of ​​short-term resistance, preventing Chainlink price from moving higher. However, the Kumo Twist is likely to happen next week. Kumo Twists are often thought of as periods of time that can create reversal bottoms or tops in the market.

If the bulls can close on a daily or weekly basis at $29, that will likely create enough momentum to push Chainlink price to the $35 region in the near term.

Crypto.com News

Crypto.com’s native token CRO has been in a downtrend for four weeks in a row, as two of the exchange’s ads have been banned by the UK’s advertising regulator.

The regulator has criticized exchanges for taking advantage of investors, failing to present the associated risks in advertising for their products and services.

Analysts at the YouTube channel, Business with Brian, believe that CRO could continue its downtrend. Crypto.com price has been losing continuously for the past 30 days. Analysts note that a trend reversal signal is likely if the market confirms a bottom at $0.45.

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CRO Price Chart | Source: TradingView

Despite the sharp drop in CRO, on-chain and off-chain data on the Cronos blockchain reveals that the majority of holders are now profitable.

News APENFT

KuCoin Notification supports APENFT (NFT) Airdrop Program for holders of TRON (TRX), WINk (WIN), BitTorrent (BTT) and JUST (JST). The seventh APENFT (NFT) airdrop has been completed.

A snapshot of the seventh airdrop for holders of TRON (TRX), WINk (WIN), BitTorrent (BTT) and JUST (JST) was taken at 07:00:00 on December 10, 2021 (UTC+8) .

KuCoin has completed the distribution of APENFT (NFT) tokens to holders of TRON (TRX), WINk (WIN), BitTorrent (BTT) and JUST (JST) according to the ratio:

  • TRX: NFT = 1: 6.54299633
  • BTT: NFT = 1: 0.50504545
  • JST: NFT = 1: 33.66969697
  • WIN: NFT = 1: 0.16757496

Blockchain News

Indian financial services giant, Axis Bank, has issued a financial contract between two businesses in the country using a government-backed blockchain platform called Secured Logistics Document Exchange (SLDE).

SLDE was developed and released by the Indian Ministry of Commerce and Industry on July 28, 2021 to serve as a digital document exchange platform, using a blockchain-based secure protocol for security and authentication. real data.

Follow Notification Officially, Axis has issued a letter of credit, a financial contract guaranteeing payment under conditions, between ArcelorMittal Nippon Steel India and Lalit Pipes & Pipes Ltd.

With SLDE, the Department of India aims to improve transparency in auditing, capital and logistics services.

Other news

China officially labels the crypto mining industry ‘obsolete’

China’s top economic planning agency has officially Labeling “outdated” for the cryptocurrency mining market, reinforcing the government’s efforts to phase out the industry entirely.

Obsolete labels refer to technologies that will be banned from seeking investment and need to be phased out in China over a certain period of time, according to business consulting firm Dezan Shira & Associates.

However, the agency has not set an official time to proceed with the complete elimination of the industry.

Tesla car owner mines cryptocurrency using energy from car

A recent report from CNBC shared about a new cryptocurrency mining method that electric vehicle users are currently using.

Siraj Raval shared his journey and method of using Tesla Model 3 to mine cryptocurrency.

Raval connected the graphics processors or GPUs to the Tesla ‘parts’, to run these machines on the car’s batteries.

Basically, with this approach, Raval does not have to pay for the electricity associated with his cryptocurrency mining, but only the electricity costs to charge the Tesla battery.

This practice puts owners at risk of voiding the car’s warranty, but Raval claims it’s worth it as he made up to $800 a month last year from the act.

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Viet Cuong

Bitcoin Magazine

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