Here’s Why We Have Our Eye on Ethereum
Market Meditations | December 18, 2020
So far in 2020, Ethereum returns are +402% (compared to Bitcoin’s +218%). This combined with Eth2 and the latest news that CME will launch Ethereum futures products seems bullish. In today’s letter, we provide you with the essential tools and knowledge for Ethereum trades. Looking for comprehensive price action, detailed technical analysis, fundamental analysis on futures and Eth2? Subscribe to unlock this exclusive coverage.
Here’s Why We Have Our Eye on Ethereum
Coinbase, With Bitcoin Soaring, Files in Preparation for Landmark Public Offering. The news that everyone knew would happen is finally here. Coinbase, the U.S. cryptocurrency exchange, is getting ready to go public and filed preliminary documents with the U.S. Securities and Exchange Commission (SEC). Coinbase’s IPO has been speculated on for months and now comes just days after bitcoin broke towards new highs, positioning itself as Wall Street’s most accessible bet yet on cryptocurrency. Coinbase was valued around $8 billion in private markets in October 2018, a number that has likely increased a lot given the exponential growth the industry has seen since then. Read more.
Defi Lending Protocol Warp Finance Attacked, Lost $7.7 Million Worth of Stablecoins. Yet another flash loan attack in the decentralized finance (DeFi) space. Popular community project Warp Finance was victim of an attack that resulted in a loss of $7.7m worth of stablecoins. In a tweet, the project explained that it “was exploited with a complex flash loan attack which allowed the user to borrow more than their collateral value resulting in a loss of stablecoin lender funds”. The team plans to recover approximately $5.5m that is still secured in the collateral vault which will be distributed to users who experienced a loss. Warp is expected to post a detailed analysis of the attack and next steps “in the coming days.” Read more
Compound Releases White Paper for New Cross-Chain Protocol. Decentralized finance money market protocol Compound has released a whitepaper detailing Compound chain, a new tool that could bring more assets into the protocol from numerous ledgers. In other words, users will be able to borrow and lend cross-chain assets from different blockchains like Polkadot and Tezos in the Compound Chain, which will have its own native token called CASH that will be used to pay for transaction fees. A limited testnet implementation is expected to be released in early 2021. Read more.
New Options Allow Bitcoin Traders to Bet on Rally to $100k. Call and put options at the $100,000 strike price expiring on Sept, 24 2021 went live on Derbit yesterday. Whilst not many trades have taken place just yet, it is noteworthy that the strike price is so high and expiration not so far away. If you need a recap on cryptocurrency options, Monday’s article covers them for free. Traders usually buy deep out-of-the-money calls during strong bull runs. That’s because they are relatively cheap and gain significant value amid a continued rally in the spot market. Read more.
#33 Nicholas Merten: Founding Digifox, Making An Impact and Humility As An Entrepreneur.
Nicholas Merten (@Nicholas_Merten) is a crypto Youtube influencer and entrepreneur. He is the founder of popular Youtube channel DataDash which currently has 362k subscribers. Nicholas also founded a startup called Digifox, which…
The Art of Getting into a Trading Position
Spotting a market trend or coming up with a trading strategy is extremely exciting. You have taken a view on a coin, say ethereum to continue our earlier example, and the technicals and fundamentals support your view. The temptation might be to go charging toward the current market price but this isn’t always the best way to open a trade.Let’s take a moment to consider the art of getting into a trading position.
Disclaimer: The content in this newsletter is for informational purposes only. Nothing in this email is intended to serve as financial advice. I am not a financial advisor. Every investment and trading move involves risk. Do your own research when making a decision.
