SnapEx Trading Platform Officially Relaunches with 90% Less Fees

SnapEx Trading Platform Officially Relaunches with 90% Less Fees

SnapEx, a fast-evolving crypto contract trading platform, launches its Real account trading environment for all users with a 90% reduction in trading fees (for a limited time only). Users can also start depositing and withdrawing in USDT-TRC20. This comes after two weeks of releasing its Demo account trading environment for beta testing, in preparation for […]

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BadgerDAO (BADGER) and Rarible (RARI) are launching on Coinbase Pro

Starting Today, Wednesday October 13, transfer BADGER and RARI into your Coinbase Pro account ahead of trading. Support for BADGER and RARI will generally be available in Coinbase’s supported jurisdictions with certain exceptions as indicated in each asset page here. Trading will begin on or after 9AM Pacific Time (PT)Thursday October 14, if liquidity conditions are met.

One of the most common requests we receive from customers is to be able to trade more assets on our platform. Per the terms of our listing process, we anticipate supporting more assets that meet our standards over time. Most recently we have added trading support for Function X (FX), Jasmy (JASMY), Wrapped Centrifuge (WCFG), Avalanche (AVAX), Adventure Gold (AGLD), Braintrust (BTRST), Rari Governance Token (RGT) XYO Network (XYO), DerivaDAO (DDX), DFI.money (YFII), Radicle (RAD), COTI (COTI), Axie Infinity (AXS), Request (REQ), TrueFi (TRU), Wrapped Luna (WLUNA) and Harvest Finance (FARM).

Starting Today, Wednesday October 13 we will begin accepting inbound transfers of BADGER and RARI to Coinbase Pro. Trading will begin on or after 9AM Pacific Time (PT) Thursday October 14, if liquidity conditions are met.

Once sufficient supply of BADGER and RARI is established on the platform, trading on our BADGER-USD, BADGER-USDT, BADGER-EUR, RARI-USD, RARI-USDT and RARI-EUR order books will launch in three phases, post-only, limit-only and full trading. If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules.

We will publish tweets from our Coinbase Pro Twitter account as each order book moves through the phases.

BadgerDAO (BADGER) is an Ethereum token that powers Badger DAO, a decentralized autonomous organization (DAO) focused on bringing Bitcoin into the decentralized finance (DeFi) ecosystem on Ethereum and other blockchains. BADGER is primarily used to govern the direction of Badger DAO and its products.

Rarible (RARI) is an Ethereum token that powers Rarible, a community-owned marketplace for creating, selling, or collecting NFTs. RARI can be earned by using the platform and can be used to curate content and vote on platform upgrades.

BADGER and RARI are not yet available on Coinbase.com or via our Consumer mobile apps. We will make a separate announcement if and when this support is added.

You can sign up for a Coinbase Pro account here to start trading. For more information on trading BADGER and RARI on Coinbase Pro, visit our support page.

Please note: Coinbase Ventures may be an investor in the crypto projects mentioned here, and additionally, Coinbase may hold such tokens on its balance sheet for operational purposes. A list of Coinbase Ventures investments is available at https://ventures.coinbase.com/. Coinbase intends to maintain its investment in these entities for the foreseeable future and maintains internal policies that address the timing of permissible disposition of any related digital assets, if applicable. All assets, regardless of whether Coinbase Ventures holds an investor or Coinbase holds for operational purposes, are subject to the same strict review guidelines and review process.
This website contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of Coinbase, Inc., and its affiliates (“Coinbase”), and Coinbase is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. Coinbase is not responsible for webcasting or any other form of transmission received from any Third-Party Site. Coinbase is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by Coinbase of the site or any association with its operators.

Crypto is a new type of asset. Besides potential day to day or hour to hour volatility, each crypto asset has unique features. Make sure you research and understand individual assets before you transact.

All images provided herein are by Coinbase.


BadgerDAO (BADGER) and Rarible (RARI) are launching on Coinbase Pro was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

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Avalanche (AVAX) is launching on Coinbase Pro

Starting Today, Wednesday September 29, transfer AVAX into your Coinbase Pro account ahead of trading. Support for AVAX will generally be available in Coinbase’s supported jurisdictions with certain exceptions as indicated in each asset page here. Trading will begin on or after 9AM Pacific Time (PT) Thursday September 30, if liquidity conditions are met.

Please note: Coinbase Pro only supports C-Chain Avalanche (AVAX) tokens. C-chain Avalanche addresses start with ‘0x’. Sending Avalanche on P-chain or X-chain or any other assets to a Coinbase Pro wallet will result in permanent loss.

One of the most common requests we receive from customers is to be able to trade more assets on our platform. Per the terms of our listing process, we anticipate supporting more assets that meet our standards over time. Most recently we have added trading support for Adventure Gold (AGLD), Braintrust (BTRST), Rari Governance Token (RGT) and XYO Network (XYO), DerivaDAO (DDX), DFI.money (YFII), Radicle (RAD), COTI (COTI), Axie Infinity (AXS), Request (REQ), TrueFi (TRU), Wrapped Luna (WLUNA), Harvest Finance (FARM) Fetch.ai (FET) Paxos Standard (PAX) and Polymath Network (POLY), Clover Finance (CLV), Mask Network (MASK), and Rally (RLY).

Starting Today, Wednesday September 29, we will begin accepting inbound transfers of AVAX to Coinbase Pro. Trading will begin on or after 9AM Pacific Time (PT) Thursday September 30, if liquidity conditions are met.

Once sufficient supply of AVAX is established on the platform, trading on our AVAX-USD, AVAX-USDT and AVAX-EUR order books will launch in three phases, post-only, limit-only and full trading. If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules.

We will publish tweets from our Coinbase Pro Twitter account as each order book moves through the phases.

Avalanche (AVAX) describes itself as an open, programmable smart contracts platform for decentralized applications. AVAX is used to pay transaction fees and can be staked to secure the network. Avalanche is compatible with Solidity, Ethereum’s programming language, and can be used to deploy custom private or public blockchains as “subnets.”

AVAX is not yet available on Coinbase.com or via our Consumer mobile apps. We will make a separate announcement if and when this support is added.

You can sign up for a Coinbase Pro account here to start trading. For more information on trading AVAX on Coinbase Pro, visit our support page.

###
Please note: Coinbase Ventures may be an investor in the crypto projects mentioned here, and additionally, Coinbase may hold such tokens on its balance sheet for operational purposes. A list of Coinbase Ventures investments is available at https://ventures.coinbase.com/. Coinbase intends to maintain its investment in these entities for the foreseeable future and maintains internal policies that address the timing of permissible disposition of any related digital assets, if applicable. All assets, regardless of whether Coinbase Ventures holds an investor or Coinbase holds for operational purposes, are subject to the same strict review guidelines and review process.
This website contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of Coinbase, Inc., and its affiliates (“Coinbase”), and Coinbase is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. Coinbase is not responsible for webcasting or any other form of transmission received from any Third-Party Site. Coinbase is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by Coinbase of the site or any association with its operators.

Crypto is a new type of asset. Besides potential day to day or hour to hour volatility, each crypto asset has unique features. Make sure you research and understand individual assets before you transact.

All images provided herein are by Coinbase.


Avalanche (AVAX) is launching on Coinbase Pro was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

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3 reasons why Enzyme Finance (MLN) is up 92% in a week

Enzyme price doubles in a week after major exchange listings and big-name DeFi partnerships lead to a 2,000% increase in 24-hour trading volume.

Decentralized finance (DeFi) has emerged as one of the most promising real-world applications of blockchain technology, capable of reshaping the face of the global financial markets and transforming the way the average person manages their money. 

One DeFi focused project that has been gaining attention over the past week as the mainstream world slowly opens itself to the possibilities of DeFi is Enzyme Finance (MLN), a protocol focused on on-chain asset management that allows users to “build and scale vaults based on the investment strategies of their choice,” according to the projects website.

Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $65 on June 30, the price of MLN has surged 92% to an intraday high at $125 on June 5.

MLN/USDT 4-hour chart. Source: TradingView

Three reasons the price of MLN has surged in July include several new exchange listings that helped increase token liquidity and trader access, a new partnership with Yearn.finance, and a rise in the amount of value locked on the protocol.

Trading volume spikes after new exchange listings

Exchange listings have long been a source of sudden jumps in price and trading volume, especially during sideways trading markets like the cryptocurrency ecosystem is currently experiencing.

This trend held true for Enzyme on July 5 as the announcement that the MLN token would begin trading on Binance, the most active crypto exchange in terms of volume, led to a 55% spike in the price of MLN to a high of $125. The 24-hour trading volume also surged by more than 2,000% to $148 million.

Enzyme’s listing on Binance was further bolstered by the token’s addition to the cryptocurrency exchange Gate.io, with both listings coming roughly one month after the project began trading on Coinbase, the largest cryptocurrency exchange in the United States.

DeFi partnership attracts attention

A second source for the spike in momentum seen for Enzyme was the July 5 announcement of a collaboration between Enzyme and Yearn.finance.

Through this partnership, Yearn vaults are now available on the Enzyme protocol, which allows portfolio managers on the Enzyme app to utilize yield farming strategies available on Yearn as part of their overall investment strategy.

Yearn.finance is quickly becoming one of the most expansive and cross-integrated DeFi platforms in the DeFi space and the Enzyme integration is yet another step in this direction.

Value locked in the protocol doubles

The third source of momentum for Enzyme Finance can be found looking at the project’s total value locked (TVL), which more than doubled in June from $40 million to a high of $110 million, according to data from DeFi pulse.

Total value locked in Enzyme Finance. Source: DeFi Pulse

The source of the sudden rise in TVL can be traced back to a collaboration between Enzyme Finance and Unslashed Finance, which invested 4,000 Ether (ETH) into yield strategies on Enzyme in order to “buffer up their capital base for insurance.”

Zooming out meanwhile, the DeFi sector has shown some resiliency during the market-wide downturn of the past few months and has begun showing signs of life as the market heads into July.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Data fails to conclude that Bitfinex shorts are depressing Bitcoin price

A significant surge in Bitfinex short contracts is being attributed to Bitcoin’s current downturn but there are other major factors at play.

One of the most common errors traders make when analyzing cryptocurrency markets is taking an exchanges’ bid and ask data and traded volumes at face value. When doing this type of analysis, the trader has to exclude the trading venues mentioned on multiple ‘fake trading volumes’ reports, like the one Bitwise published in March 2019.

There’s really no way to know if the top exchanges inflate their volumes by granting special access and zero fees for market makers.

Even the exchanges themselves have no way to know if a group of users are related or conducting multiple transactions among themselves to inflate prices or volumes. There are hundreds, if not thousands of influencers, pump and dump chat rooms, trading apps, and the like.

Therefore, not every wash trade or transaction between related entities has been brainstormed by the exchange or the crypto projects with a foundation or marketing team.

As Philip Gradwell, chief economist of Chainalysis, explained:

“If you want to get serious money into crypto, you have got to build up their confidence that there are actually good trading venues […] If you’re an exchange and you have good incentives to report real volume, you may actually get institutional money coming in, but if you don’t have those incentives, they’ll stay away.”

Investors usually speculate that these unethical practices happen only at exchanges located on remote islands. However, the U.S. Commodity Futures Trading Commission fined Coinbase after an employee “self-traded” to create the illusion of volume and demand for Litecoin (LTC) before Sept. 2018.

In case you’re wondering, decentralized exchanges (DEX) have also been used for ‘wash trading’ activity as there are barely any impediments, apart from network gas fees.

Bitcoin price at Coinbase, USD (left) vs. Bitfinex BTC Margin Shorts (right). Source: TradingView

Take notice how the 22,000 Bitcoin margin short increase at Bitfinex initiated as the price dropped below $34,000 and remained at a steady pace while Bitcoin continued to plunge.

The hourly price candles at Coinbase show a descending pattern that perfectly matches Bitfinex’s margin short activity. However, it is worth noting that Bitcoin’s $2.5 billion monthly options expiry took place at 8 am UTC, roughly one hour before the price action highlighted above.

Furthermore, the CME futures expiry occurred at 3 pm UTC, potentially involving 12.6k Bitcoin contracts worth $412 million. However, there is no reason to believe that derivatives expiries directly relate to the Bitfinex margin short increase.

One must analyze spot exchanges’ volumes to understand whether Bitfinex played a significant role in the Bitcoin price correction initiated in the early hours of June 25.

Bitcoin spot exchanges aggregate volume. Source: Coinalyze

Hourly volume candles from the past four days clearly show a significant hike in Bitfinex’s market share starting at 9 am UTC on June 25. The movement lasted for seven hours but mostly dissipated shortly afterward.

Traders might as well have been spooked by a similar move earlier this month, when Bitfinex margin shorts increased to 25,000 BTC, right before the price initiated a one-week plunge down to a $28,800 low on June 22.

Such events may or may not result in a profitable trade for bears, usually making a heavy impression on traders. After all, not everyone has the margin required to short 22,000 Bitcoin, worth $726 million.

In short, there is a clear indication that the market downturn had little relation to derivatives expiry, as the Bitfinex spot volumes spike coincided with the margin shorts increase. However, once the pressure disappeared, Bitcoin could recover the $32,000 support, which might be enough to motivate buyers.

Weekends usually display lower volumes so it will be interesting to see how cautious investors are in the face of this mammoth short seller.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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