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Coinbase Cloud Aims to Become the AWS of Crypto, Says CPO

Coinbase wants its Coinbase Cloud division to become the cryptocurrency equivalent of Amazon Web Services (AWS). The infrastructure product of the exchange will “help developers build their applications” at a faster step, said Surojit Chatterjee – Chief Product Officer.

How Does Coinbase Cloud’s Future Look Like?

Established nearly 20 years ago, Amazon Web Services (AWS) – a subsidiary of the e-commerce giant Amazon – is now the company’s main profit engine. It generated more than $13 billion in annual operating earnings in 2020 on a revenue base of nearly $45 billion (64% of its parent firm’s total).

At its core, AWS provides on-demand cloud computing platforms to individuals, firms, and even governments on a pay-as-you-go basis. One of its services includes Amazon Elastic Compute Cloud (EC2), which provides users with a virtual cluster of computers available 24/7 through the Internet. Currently, AWS is the leader in the cloud sector, surpassing its closest competitors Microsoft Azure and Google Cloud.

Having said that, it is no wonder that Coinbase wants one of its infrastructure products to look like AWS, as Surojit Chatterjee – CPO at the exchange – said in a recent interview with Forbes:

“We want to be the AWS of crypto. We are building this whole Coinbase Cloud suite of products that you can think of as crypto computing services to help developers build their applications faster.”

Price swings in the cryptocurrency market occur quite frequently. As such, the exec revealed that Coinbase is seeking to boost trading income by providing subscription services that can withstand the fluctuations. For that purpose, the venue provides staking possibilities, custody options, an e-commerce checkout system, and Visa debit cards to customers.


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The acquisition of Coinbase Cloud (formerly known as Bison Trails) marked another vital step in Coinbase’s transition into a “mature financial system,” he added.

“Crypto is not just buying and selling tokens, it’s building this whole financial system on top of blockchain. We think we can play a big part in leading our customers to the utility phase of crypto from this first phase, which is more investment or speculation driven…our goal is to be the primary financial account of the crypto economy for our customers,” Chatterjee concluded.

Surojit Chatterjee
Surojit Chatterjee, Source: Business Insider

Currently, Coinbase Cloud supports funds, decentralized applications, crypto custodians, and holders. Some of its prominent clients include New York-based fintech capital Current, venture firm Andreessen Horowitz (a16z), and Turner Sports.

Coinbase’s Success in 2021

Arguably the most significant achievement for Coinbase this year was the public listing on Nasdaq in the middle of April. By doing so, it became the first major exchange with a presence on the global marketplace.

Upon listing, a single COIN share peaked at nearly $400, while at the moment of writing these lines, it is hovering around $270.

Without any doubt, the development caused massive excitement in the cryptocurrency space as it might have been one of the reasons for bitcoin’s all-time high price (until then) of nearly $65,000 registered a few days later.

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Uncategorized

Bitcoin Price Analysis and Overview Following BTC’s Worst Day Since May: The Good and the Bad

Bitcoin had seen its worst day since mid-May. Today’s high lies at $53.8K, whereas the low is below $42K. Keeping in mind Bitcoin is currently over 30% below the ATH recorded on November 10, the following analysis and overview will try to address whether or not the bull market is over and where the next significant support, in case $42K breaks down.

Futures Market Sentiment

As explained just three days ago, the futures market was overheated. Now, we can see one of the main driving forces for today’s sharp dip was the huge flush out in the crypto futures market. Open Interest (OI) drastically plunged, ~$3.7B in the last 8 hours.

btcusd-dec4-cq
Data by CryptoQuant.

Mid-Term Technical Analysis

Let’s look at Heikin-Ashi candlestick on Bitcoin’s weekly timeframe while using Bollinger bands. BTC signaled a correction after touching the upper band at $69K (the current ATH from November 10).

For now, Bitcoin had found support by the middle band, along with the 20-week simple moving average (SMP). If bitcoin loses the middle band as support – there will be a possibility to touch the lower Bollinger band.

btcusd-dec4-p1

Onchain Analysis: The Buy/Sell Price Range

The majority of the Bitcoin sold over the past seven days (~ 77%) were the ones who were last moved (likely bought) above the $60K price range. Therefore, the primary sellers were the youngest buyers who sold at a loss.

btcusd-dec4-onchain1

Considering the above, let’s observe the UTXO Histogram, which represents the supply distribution based on the buy price (last move).

Looking at the following chart, we can extract possible support levels if the current price further drops. $46.2K (~$47K is where lies the 200-day MA), and $40K are the most vital support levels based on the UTXO Histogram chart.

btcusd-dec4-onchain2

Options Market: OI Put/Call Ratio and Implied Volatility

Call and Put options are the two types of options contracts. A Call option is a right to buy at a future set price, and a Put option is a right to sell.

When traders buy more Puts than Calls, there will be a rise in bearish sentiment. Put Call Ratio (PCR), which measures the ratio of Puts to Calls, is a derivative indicator in the options market that can be used to understand the underlying sentiment in the market.

The following chart shows this ratio based on the Open Interest (OI). We can combine this ratio with Implied Volatility (IV) to get a better result.

IV is the forward-looking indicator. It reflects the risk perception in the market. Data show that PCR increased – rising from 0.43 to 0.53 – over the past month, meaning more Puts traded than Calls. IV also increased like PCR: this indicates that whenever the PCR increases together with a rise in IV, the Put activity increases. This short-term bearish signal likely caused the drop in price from $69k to $53.4K.

btcusd-dec4-oi-expiration

btcusd-dec4-atm

These options traders wanted to hedge their portfolios against bitcoin price drops due to other news like a rejection of VanEck’s spot Bitcoin ETF & the new Omicron variant. Bitcoin price dropped roughly 8% immediately after the WHO warned a new covid-19 variant.

The question is, did the options traders decide that this was the market top? For a better understanding:

First, we can compare the PCR in Deribit at the ATH ($69k), which was 0.46, and the PCR (0.98) at the previous ATH ($64k). As the chart shows, we are still at the low levels of this indicator over the long term.

Second, on behalf of the OI, more Calls (green) have traded than Puts (red) following the May 2021 crash for the upcoming expiries. In other words, based on the above, the bull run is not over yet.

Top Instrument Open interest (OI)

Based on data from Deribit Exchange, Top Instrument Open interest in the last two weeks shows that despite the increased demand for Puts in the short-term, options traders are still bullish in the mid-term. They are interested in trading Call options at strike prices higher than $70K in the upcoming months.

btcusd-dec4-oi

The above analysis was complied by @N__E__D__A and @CryptoVizArt. Data provided by @tsypruyan exclusively for CryptoPotato.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Uncategorized

El Salvador Buys the Dip: Purchased Another 150 BTC Worth $7.3 Million

El Salvador’s pro-bitcoin president updated earlier today that the country has reacted to the recent price crash by purchasing 150 more coins at an average price of just over $48,500.

  • It’s safe to say that El Salvador is the most bullish country on bitcoin as it legalized the primary cryptocurrency earlier this year.
  • Since then, the president – Nayib Bukele – and his administration have used every opportunity to take further advantage of the opportunities in the market, such as planning to utilize the BTC profits to build schools and a pet hospital.
  • Most recently, Bukele announced intentions to build a designated Bitcoin City and buy $500 million more worth of the asset through a special bond.
  • Earlier today, Bukele updated that the country has indeed started to accumulate more coins. This purchase of 150 coins came amid BTC’s price crash as the asset dropped below $50,000 for the first time in two months.
  • With an average price of $48,670, this means that El Salvador spent $7.3 million to purchase the 150 bitcoins.
  • It’s worth noting that bitcoin’s correction continued in the hours after president Bukele announced the latest purchase.
  • The cryptocurrency fell to its lowest price since late September of $42,000. Almost altcoins followed suit with massive double-digit price drops as over $600 billion were evaporated from the market cap at one point.
  • As of now, BTC has reclaimed some ground and stands close to $48,000, but it’s still 15% down on the day.

Featured Image Courtesy of ForeignPolicy

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Uncategorized

Bitcoin Price Flash Crashed to $28.8K on Huobi: Over $2.5B Total Liquidations in 24 Hours

A flash crash transpired on Huobi as BTC went all the way down to $28,800 before recovering just as sharply. At the same time, the liquidations are well above $2.5 trillion on a daily scale as the entire market is deep in the red.

  • As reported earlier, bitcoin, and the entire cryptocurrency market, went through one of its worst crashes in recent history. BTC plummeted by $16,000 in a day from around $58,000 to an intraday low of $42,000 on Bitstamp and most exchanges.
  • However, other trading venues saw even more dramatic price drops. Such was the case with the BTC/USDC trading pair on Huobi, where bitcoin dropped all the way down to $28,801, as the picture below shows.
BTC/USDC on Huobi. Source: TradingView
BTC/USDC on Huobi. Source: TradingView
  • Such events are known as flash crashes, in which the price of the underlying asset drops significantly lower on one (or more) exchanges compared to most and recovers immediately.
  • As it happened in previous times that CryptoPotato reported, the price of BTC recovered just as quickly as it fell.
  • Separately, the aforementioned market dump, which caused massive double-digit price nosedives for almost all coins, resulted in severe pain for leveraged traders.
  • According to data from CoinGlass (formerly known as Bybt), the total liquidations are above $2.5 billion on a daily scale. In the past 4 hours alone, the liquidations are over $1.5 billion.
  • The number of traders liquidated is just shy of 400,000, and the largest single liquidation order was worth $28 million and transpired on Bitfinex.
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Uncategorized

Bloodbath: Bitcoin Crashed to $42K, Altcoins See Double-Digit Slumps (Market Watch)

Bitcoin went through one of its worst crashes as it dumped by $16,000 in a matter of hours to a two-month low of $42,000. Most altcoins are deep in red with double-digit price losses, and the market cap went down by $600 billion at one point.

Bitcoin Dumps to $42K

A lot can change in the cryptocurrency market in a day. Just until 24 hours ago, the most bearish case that was made for bitcoin was that it couldn’t breach $59,000 decisively, despite the three attempts in a week.

However, as the asset was preparing for another leg up towards that particular line, the bears came to play big time. The primary cryptocurrency started dumping in value hard. Firstly, it plummeted to $51,000, which was an $8,000 daily price drop, but that was not the worst.

Hours later, BTC found itself dipping to $42,000 (on Bitstamp), which became the lowest price point since late September.

After this massive $16,000 crash in a day, BTC has reclaimed some ground, but it’s still 17% down on the day as it sits around $47,000.

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Its market capitalization, which was near $1.1 trillion yesterday, is now down to well below $900 billion.
Somewhat expectedly, the 24-hour liquidations have skyrocketed to $2.5 billion following this enhanced volatility, with 400,000 traders liquidated.

BTCUSD_2021-12-04_10-09-08
BTC/USD, Bitstamp. Source: TradingView

Altcoins See Nothing but Red

As it typically happens when BTC dumps hard, so do the altcoins. Ethereum, for example, went from a daily high of $4,670 all the way down to $3,500. After this massive dump, ETH has now stalled below $3,900 and is 15% down on the day.

The situation with the rest of the alts is similar, if not worse, as double-digit price drops are evident left and right.

Some of the examples include Binance Coin (-13%), Solana (-18%), Cardano (-20%), Ripple (-26%), Polkadot (-25%), Avalanche (-15%), Terra (-20%), Dogecoin (-25%), and Shiba Inu (-15%).

With almost all lower- and mid-cap alts also in such an adverse state, the cumulative market cap of all assets dumped from above $2.6 trillion to just over $2 trillion on CoinMarketCap. As of now, it’s around $2.2 trillion, which still means a $400 billion decline in a day.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Uncategorized

Whale Buys 28 Billion SHIB for $1.2 Million as Price Stalls

Yesterday, pseudonymous ETH whale “Gimli” bought 28 billion SHIB for $1.2 million. Gimli has a months-long history of stacking the infamous memecoin, which is now the 13th largest crypto by market cap.

Stacking SHIB

WhaleStats – a Twitter account analyzing the movements of the richest 1000 ETH wallets – called attention to the transaction yesterday. Apparently, Binance sent exactly 28,236,296,316 SHIB to Gimli for $1,204,823.

With the latest purchase, Gimli now holds a whopping 1,281,667,671,716.74 SHIB for $53,977,897. That’s more than Binance holds on its exchange: 531,107,299,855.73 SHIB valued at $22,367,776.

Buyers should be wary on that front. Though SHIB is a crypto token, it is far from decentralized. According to data from Coincarp, the top 20 SHIB addresses alone control 70% of token supply. 

WhaleStats ranks Gimli as the 246th largest ETH address. His address is 25% composed of SHIB, which is even greater than his ETH balance. The whale has been making large and regular purchases of the token since June, and has gained some notoriety for it. 


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Shiba Inu’s Rise

SHIB is a spinoff memecoin known as the “Dogecoin killer.” Though Dogecoin was originally created as a joke, it has cemented itself as a top 20 cryptocurrency. Shiba Inu is now amongst its ranks, with a near $23 billion market cap. It even briefly surpassed its parent dog-coin after surging back in October. 

As one might expect, both DOGE and SHIB are highly speculative, even amongst other cryptocurrencies. They are heavily impacted by short-term market sentiment – especially when influenced by Dogecoin enthusiast Elon Musk. 

For example, Dogecoin copycats soared when the Tesla CEO revealed his new pet dog – a Shiba Inu. On the other hand, SHIB tanked after Musk announced that he didn’t personally own the meme coin. 

This week, SHIB has seen relatively mild price action. However, it did manage to get listed on Kraken late last month. 

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Uncategorized

$100M Liquidated in 10 Minutes As Bitcoin Dipped to $51K

Bitcoin’s slump continues after experiencing a sharp price decline over the last few hours. The dip caused over $200 million worth of long positions to get liquidated.

  • Earlier today, Bitcoin briefly reached $57.5k at 8:44am EST, after stagnantly trading within the $56-57k range.
  • The price suddenly fell afterward, dropping hundreds of dollars by the hour. According to BitStamp, Bitcoin fell to $51.5k. Binance Futures even saw the price drop below $51k.
  • Since then, the price has recovered slightly, trading at $53,372 at the time of writing. $53k is approximately the $1 trillion market cap level for Bitcoin.
  • There were major consequences, however. Data from glassnode shows that $112.4 million worth of long positions were liquidated within ten minutes. Coinglass shows $221 million liquidated in the last 4 hours. That’s the largest liquidation Bitcoin has seen since early September.
  • Bitcoin’s fall seems to correlate with the stock market. The NASDAQ ended in deep red today, with a near 2% drop after a very bad week.
  • On-chain metrics continue to favor a mid to long-term bullish outlook for Bitcoin, in the form of an extended bull market.
Bitcoin 24hr Price. Source: Tradingview
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Uncategorized

Bitcoin Miner TeraWulf Eyes NASDAQ Listing Following a $200 Million Fund Raise

TeraWulf – an American bitcoin mining company – raised around $200 million in debt and equity financing from a group of individual and institutional investors. As a result, the firm expects to achieve a mining capacity of 6 exahash per second or 200 megawatts by the second part of 2022.

Furthermore, TeraWulf eyes public listing on Nasdaq through a business merger with the tech company IKONICS Corporation.

TeraWulf Aims High

As part of the $200 million financing, TeraWulf entered into an approximately $123.5 million three-year senior secured term loan. The bitcoin miner also signed agreements with investors to buy newly issued shares of the company’s common stock for an aggregate purchase price of $76.5 million.

“TeraWulf’s ability to raise private capital underscores the attractiveness of bringing a new paradigm for cryptocurrency mining to the public markets,” said Paul Prager, Chairman and Chief Executive Officer at the company.

He added that his firm aims to become bigger than any other public bitcoin mining organization. TeraWulf also intends to produce BTC powered by “100% zero-carbon energy.”

Earlier this year, the entity revealed plans to become a Nasdaq-listed public company through a business combination with IKONICS Corporation (IKNX). The merge is supposed to be completed later this month, after which TeraWulf will enter the global marketplace under the symbol “WULF.”


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Some of the giants in the field, such as Riot Blockchain and Marathon Digital, already have their shares traded on Nasdaq. The former trades under the ticker “RIOT,” while the latter under “MARA.”

Griid Infrastructure Has The Same Intentions

A few days ago, Griid Infrastructure – another American bitcoin mining company – and the blank check firm – Adit EdTech Acquisition Corp. (ADEX) – announced their merger. As a result, the latter will acquire Griid Holdco LLC – a newly formed holding organization and parent of Griid. Upon finalizing the transaction, the new entity expects to be listed on the New York Stock Exchange (NYSE).

The newly formed company will have a combined value of about $3.3 billion and will trade as “GRDI.”

Similar to TeraWulf, Griid is also orientated towards green bitcoin mining. Throughout its history, it has secured low-cost power pipelines focusing on carbon-free generation partners. David Shrier – CEO of the company – stated:

“Griid’s combination of a large pipeline of low-cost, carbon-free power, distinctive access to next-generation ASIC’s, and market-leading execution position them to generate attractive profitability and growth.”

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Uncategorized

BlockchainCom Taps NFT Realm With Beta Version of its New Marketplace

Blockchain.com outlined plans to launch a marketplace exclusively focussed on NFTs to cater to the rising demand and fortunes that have attracted the attention of well-known individuals from different fields. With this move, the Luxembourg-based company is the latest one to dip its toes into the NFT market.

It joins the list of crypto giants such as Binance, Coinbase, and FTX.US, which have announced the launch of new NFT-focussed wings.

Blockchain.com’s NFT Marketplace is Coming Soon

The platform revealed working on an NFT marketplace, but it’s yet to disclose a release date. However, it revealed that users will be able to purchase, sell, and store non-fungible tokens through the Blockchain.com wallets in the next few weeks.

Apart from announcing the opening of a beta list for the new platform, the official blog post also cited challenges in adoption and the market’s complex and unintuitive nature. Consequently, the platform aims to make assessing the NFT market as easy as entering the cryptocurrency market.

Its announcement reads,


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“Over the last ten years, we’ve helped tens of millions of people access crypto by providing an easy way to buy, sell, swap, store, and earn crypto. Now we want to make it easy for people to access the exciting, new NFT market.”

Besides, Blockchain.com recently announced the acquisition of SeSocio, which is an Argentinian-based crypto investment platform, as it aims to expand its footprint across South America. Additionally, the firm earlier completed a $300 million Series C funding round to drive its valuation to $5.2 billion.

OpenSea Takes the NFT Crown

The NFT sales volume has amplified to a whopping $10.7 billion in the third quarter of 2021. As a result of the ongoing frenzy, the market figures have increased over eightfold from the previous quarter. Despite a minor slump in NFT trading volume in September, the figures are back on track.

The market is heating up as it continues to witness a strong sales volume on the leading NFT marketplace OpenSea. As a matter of fact, CryptoPotato recently reported that the trading volume figures for the platform have multiplied ten times since mid-August and recently surpassed the coveted $10 billion mark.

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Uncategorized

Bitcoin Price Failed at Critical Resistance, Was $69K the Cycle’s Top? BTC Analysis & Overview

Bitcoin’s price action continues to be shaky in the short term, but that might largely be attributed to headwinds caused by the newfound COVID variant.

Despite the recent bearishness, the on-chain metrics and the mid-to-long-term technicals continue to favor extended bull market and show no real signs of worry.

This analysis was compiled by analysts GrizzlyBTClover and CryptoVizArt to CryptoPotato.

Mid-Term Technical Analysis

Bitcoin is moving up inside the uptrend channel on the daily timeframe, and the formation of higher highs and higher lows confirms its bullish bias.

With the recent upside move (~70% from the bottom of the channel), the market has experienced a 20-day correction. Considering the mentioned structure, the current bullish rally is likely to continue because of the difference between waves A and B. Wave A moved with a gentler slope than wave B and reached the top of the channel, while wave B moved with a steeper slope in a shorter time.

On the other hand, the red candles in wave B are weaker than wave A and the depth of the correction of wave B was less than wave A. These all point to a strong uptrend move. Assuming Bitcoin completes its last uptrend wave in the same manner as the past and moves towards the top of the channel, BTC prices may reach 90K.

img4
Chart by TradingView

Short-Term Technical Analysis

As the next step, it’s important to look at lower timeframes to examine the mid-term trend’s reliance. The price has been struggling with the downtrend line (blue line) and crossed it a few hours ago, but this breakout hasn’t yet been confirmed (turned into a fakeout). A reversal move is confirmed when the price crosses its short-term downtrend line and forms a higher high.

As a result of the formation of a higher high at 60,000$, a continuation of the uptrend looks probable. Bearish selling pressure is indicated by upper shadows towards $60K on this timeframe. But, first, the bulls will have to break this line, and on the other hand, hold the next critical support level of $56K and the past week’s low at $53K.

img5

Supply/Demand Analysis

Looking at the rate of change in All Exchange Reserves, it’s possible to estimate the supply & demand strength in the market.

As illustrated, the long-term trend confirms a continuous reserve depletion across all exchanges. The current declining trend started mid-July when the market bounced back from ~30K support level. Since then, the price action has been driven up by the supply shock.

img1
Chart by CryptoQuant

Profit/Loss Realization: Was $69K the Cycle’s Top?

The market saw a 23% dip after recording the new ATH of $69K in late November. The main concern was if this ATH was the cycle top.

To shed some light, we can compare the intensity of profit realization at the new ATH in late November ($69K top) and the previous ATH in April ($64K). The image below presents the weekly profit/loss intensity as a percentage of the realized cap. The recent rally to the $69K has not experienced an intensive profit realization like 2021 Q1.

img3
Chart by CryptoQuant

Risk Analysis

The Mayer Multiple is a multiple of the 200-day moving average and the price. This metric uses the historical price values and estimates if the market price is statistically overheated, fair, or undervalued. The current price is slightly higher than its 200-MA ($46K) and in the low-risk zone. Based on the existing market structure, the high-risk zone is between ~$80-110K.

img2
Chart by Glassnode

Chart by TradingView

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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