1. Market Wrap: Bitcoin Bumps to $38.6K While DeFi Exchanges Hit $50B
Analysts believe Elon Musk’s shout-out to crypto pushed bitcoin’s price upwards at a time when decentralized exchanges are experiencing record amounts of trading volume on the Ethereum network. Excessive fees could damp that, however.
Bitcoin (BTC) trading around $34,616 as of 21:00 UTC (4 p.m. ET). Climbing 5.9% over the previous 24 hours.
Bitcoin’s 24-hour range: $31,984-$38,566
BTC well above the 10-hour and 50-hour moving averages on the hourly chart, a bullish signal for market technicians.
2. Elon Musk-Prompted Bitcoin Price Surge Causes Liquidation of $387M in Shorts
For Elon Musk, whose hatred for short-sellers blazes hot enough to reforge Mjölnir a dozen times over, the millions in losses suffered by shorts after the Tesla CEO changed his Twitter bio to “Bitcoin” must make it feel like Christmas and his birthday rolled into one.
That one word bio caused the price of bitcoin to spike to a 10-day high of $38,020 and sparked $387 million worth of short liquidations on major exchanges including Binance, Bitfinex, BitMEX, ByBit, Deribit, FTX, HuobiDM and OKEx.
The crypto market leader is trading at $37,390 at press time, representing a more than 15% gain from the low of $32,000 seen during the European morning session.
3. After GME, Dogecoin and Bitcoin, Chinese Traders Are Betting What Will Pump Next
Rallies in GameStock (NYSE: GME) shares as well as dogecoin (DOGE) and bitcoin (BTC) are piquing the betting interest of traders in China as much as they are in the United States.
On Weibo, the popular social media platform in China, the highly active crypto community is speculating on which cryptocurrency will be next to get a major pump after dogecoin and bitcoin jumped in recent days.
“Were it not that Ripple was struggling with its lawsuit, the next token being pumped by the retailers in the U.S. could have been XRP,” according to one Weibo account holder with nearly 40,000 followers. “Many newcomers to crypto only look at prices and names, and they do not care how many times this particular token has taken away people’s money or whether it is highly centralized.”
4. Voyager Reports Multiple ‘Service Disruptions’ After Encouraging Users to Trade Dogecoin
Crypto trading platform Voyager has gone off-line several times since Thursday due to “immense ongoing volume,” after its official Twitter account sent out multiple tweets encouraging users to buy and trade dogecoin (DOGE) on its app.
“We’re still working to stabilize our scalability, and performing system upgrades,” according to a tweet from Voyager. “We just wanted to keep you updated as we work to get the system back online. We apologize for the inconvenience.”
At press time, Voyager’s support team sent out at least four emails to its users addressing the service disruptions since the platform’s first tweet on Thursday about dogecoin (DOGE, -35.89%). In that first tweet the trading platform asked users to tell their friends about Voyager with a link to guidance of how to buy and trade the skyrocketing cryptocurrency.
5. Aave’s Founder Angel Invests to Grow DeFi’s Head Start on the Banks
Stani Kulechov used to think angel investing would distract him from leading his company, Aave, one of the top money markets in decentralized finance (DeFi).
Attention on Aave proved to be well spent: This time last year, Aave only had a few million dollars worth of crypto in it; since then it has risen to become the second largest DeFi project on Ethereum, with over $3 billion in crypto committed to its smart contracts.
Nevertheless, over the last year, Kulechov also invested in something like three-dozen projects. Clearly, his stance on angel investing has changed.
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January 30, 2021