Crypto tumbles, then gets a lift
MOVERS
8am EST 20th April 2021
Crypto: Biggest price rise
DOGE
6.92
Equities: Biggest price rise
NFLX
1.06
Bitcoin
$54,897.17
Crypto: Biggest price loss
STORM
-14.86
Equities: Biggest price loss
ROKU
-2.54
XRP
$1.26
Crypto: Biggest vol increase*
BTCO
1,256.28
Equities: Biggest vol increase*
NFLX
-17.04
Tesla
$716.82
*Volume bought in USD over the past 24 hours on the Uphold platform
WHAT'S UP
Proof Of Staking Domination – Latest League Table Crowns Cardano
As the Dogecoin (DOGE) community tries to co-opt cannabis celebrations that occur annually today, yield farmers will be content to commemorate billions in crypto marking DeFi festivities that happen year-round.
StakingRewards crunched data on the most dominant proof-of-stake blockchain networks in terms of staked capitalization.
No. 1 is Cardano, which currently has roughly $26.4 billion worth of ADA allocated to securing the network.
Not far behind is Polkadot with $22.7 billion worth of DOT locked.
Solana is third, with $9.4 billion in capital staked.
Eth2 has merely its maiden "beacon chain" as a testing ground (with PoS only just now taking hold in this Ethereum parallel universe) and it still ranks as the fourth-largest staked asset with $8.2 billion.
The yield-farming sector continues to attract users who stake crypto to earn interest as a reward for helping to maintain PoS blockchains (Cointelegraph).
WHAT'S DOWN
Bloodletting Widespread, But Starts To Abate
Most digital assets were running red all morning; although the bloodletting eased up right before our eyes as news spread that Venmo added a crypto app.
Bitcoin and Ethereum each fell 2.4% over 24 hours as of Tuesday 7:15 a.m. (EST). Tandem cliff diving was a stunt pulled off by Polkadot (DOT) and XRP which fell 5.5% and 5.4%, respectively. Litecoin lost 4.6%. Even DOGE was down.
WHAT'S NEXT
Traders Fascinated By Area $58K
Bitcoin held its ground above $57,000 for most of Monday after enduring a roughly 15% correction on Sunday, with some $5 billion worth of BTC derivatives-positions getting flash-eviscerated. Some traders called Monday a relief rally.
On Tuesday morning (EST), in the darkest hours before the dawn, BTC relieved itself of a chunk of market cap, falling below $54,000.
But then came the cavalry – breaking news of a new Venmo crypto app – and at last check BTC was roughly $56,000.
Analysts at Whalemap say they have spotted whale-wallet volume happening around $58,000. If BTC does not reclaim $56,274 and continues to decline, they said, it would mean whales are not adding to their existing positions.
FOCUS
Crypto With Friends
On Tuesday, PayPal said it added a crypto button for its 77 million Venmo users (Decrypt).
"Customers will have the ability to buy and sell crypto using funds from their balance with Venmo, or a linked bank account or debit card," said the company in a statement announcing the news.
The button will let users instantly buy as little as $1 worth of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), or Bitcoin Cash (BCH), and send it to friends on the app.
