Category: Cryptocurrency News

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The pensioners of the state-owned oil company of Venezuela, PDVSA, have started receiving a Christmas bonus in petros (PTR), the first national cryptocurrency launched back in 2018. The petro, which is backed by Venezuelan oil and other resources, can be traded in local exchanges for these pensioners to access fiat currency, as the reach of […]

Hey, I just bought 50$ worth of USDT ERC-20, which was a mistake ( I wanted BEP-20 ) I paid Simplex 55$ and got 48$ (I think I paid fees here) – but my wallet says transaction fees of 100$ (wt???)??? But I haven't paid 100$ in gas fees, I dont even have ETH in…
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This week marks week 4 for CoinQuest! The play-to-earn crypto games I've come across didn't get me excited, so I'm building the game that I would want to play myself. The game is hosted on xDai, and every week the top players get airdropped prizes, with updates coming in daily, come stop by and leave…
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I thought it was a hack, too. It still might be, but the account that funded it has made 83,000 transactions today. That seems significant. I wrote up a post on Medium, but Im just dumping it here to avoid link spam. I could be misunderstanding something and end up looking dumb, but I'll take…
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On the 4th anniversary of the exchange, CoinEx has launched the “Meet the CoinEx Team” anniversary celebration together with its global partners as a gesture to thank and give back to users. In Nigeria, CoinEx has hosted the “Festival of Love” charitable event. On December 20, to celebrate its 4th anniversary, CoinEx held the “Festival of Love” charitable event at Uniuyo Teaching Hospital, Nigeria. Orok Godspower, one of the exchange’s Nigerian Partners represents CoinEx donated 700 care packages to children in the hospital on behalf of CoinEx. For the kids, these are heart-warming gifts. CoinEx contributes to charitable causes and offers a helping hand through real actions. On the same day, Orok also went to the University of Uyo for the Festival of Love, which featured lotteries, games, creative dancing, and quiz contests. By encouraging the locals to follow the exchange’s SNS account, produce songs about CoinEx, and answer quizzes for rewards, the event helped them learn more about CoinEx and become new users. At the end of the event, all users present received a 4th-anniversary gift package from CoinEx, and the game winners got custom-made CoinEx gifts like T-shirts and hats. With joint efforts by the Nigerian partners and CoinEx, the Festival of Love was a great success. Other than the offline charitable event in Nigeria, which was a great success, CoinEx also held a meet-up in Minneapolis MOA, US on December 21. Since its inception in 2017, CoinEx has always been trying to build a global presence for its products. The Nigerian Partners are key to this globalization strategy. Apart from marketing promotions, CoinEx has also been doing its part to contribute to charitable causes worldwide. The Festival of Love held at Uniuyo Teaching Hospital fully demonstrates the exchange’s commitment to its social responsibilities. Furthermore, the event also brought more attention to the health sector in Nigeria and improved the recognition of CoinEx among local users. During the last four years, CoinEx has always put users first while serving a global audience. Along the way, the exchange has experienced many surprising changes and advancements. CoinEx now supports 16 languages, offers over 400 first-rate token services, and lists nearly 100 contract markets and almost 800 spot markets. Meanwhile, over 6 billion CET have been burnt. These solid advancements are all backed by joint efforts made by CoinEx and Nigerian users around the world. In the future, CoinEx will keep offering more user-friendly, more stable trading environments and services for its global users in a world full of both opportunities and challenges. We look forward to meeting more users in Nigeria.

On-chain data shows Bitcoin leverage ratio has hit a new all-time high (ATH). This may mean that a price correction could soon follow. Bitcoin Leverage Ratio Reaches New Highs, Correction Incoming? As pointed out by an analyst in a CryptoQuant post, the BTC leverage ratio has made a new ATH recently. This increases the possibility of a correction happening soon to flush out all the excess leverage. The “all exchanges estimated leverage ratio” is an indicator that estimates how much leverage is used by Bitcoin investors on derivatives exchanges, on average. There are two related metrics here. The first is the “open interest,” which measures the total amount of futures contracts currently open in the market. And the other is the “exchange reserve” that tells us how much BTC is stored in derivatives exchange wallets. The value of the leverage ratio is calculated as the open interest divided by the exchange reserve. With the help of this metric, it becomes possible to tell whether investors are currently taking low risk or high risk. When the value of the indicator rises, it means investors are taking on more leverage. High values of the metric may mean the market is currently over-leveraged, which could lead to higher volatility in Bitcoin. Related Reading | Quant Explains How Large Bitcoin Leverage Ratio Can Help Turnaround Price On the other hand, low values of the indicator imply there isn’t much leverage in the market right now. Here is a chart that shows the trend in the BTC leverage ratio over the past few months: Looks like the indicator has recently hit a new ATH | Source: CryptoQuant As you can see in the above graph, the Bitcoin leverage ratio has been on the rise lately. Just recently the metric also achieved a new all-time high. Related Reading | Growth Of Bitcoin ETFs & Other Instruments Doesn’t Support Supply Shock Narrative The quant believes that such high values of the ratio may mean that a correction in the price of the coin could soon come, wiping away all the excess leverage with it. BTC Price At the time of writing, Bitcoin’s price floats around $50.9k, up 11% in the last seven days. Over the past thirty days, the crypto has stacked 6% in losses. The below chart shows the trend in the price of BTC over the last five days. BTC’s price surged up a few days ago, but has since moved sideways | Source: BTCUSD on TradingView Bitcoin has established a footing above the $50k price level in the past few days, but it’s unclear at the moment when the coin might retest higher levels. If the leverage ratio is anything to go by, another correction might soon wipe away this recovery instead. Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com