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Should you buy New Economy Movement (XEM) now?

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New Economy Movement XEM/USD was developed to be a better blockchain when compared to many others and it tries to do this through the usage of two key concepts of proof-of-importance (PoI) as well as harvesting. Many blockchains, for example, use proof-of-work (PoW) or proof-of-stake (PoS). 

This requires a mining device to do the work for the blockchain, where the rewards are allocated to the miners based on their contributions, and New Economy Movement uses harvesting instead of it, which might be a good reason as to why this might be a good time to buy XEM.

Generating XEM in New Economy Movement

PoW leads to a lot of power consumption, and PoS incentivizes cryptocurrency saving instead of spending, as the participants with more coins hold more power.

PoI rewards users that make transactions with others on the network, and conducting more transactions above a minimum size also adds to a participant’s POI score and helps that participant gain a lot more chances to claim a reward. 

In other words, they cannot be mined, and instead, the new coins are produced through what is known as harvesting in order to determine who harvests the next block. Through this method, every time a transaction is initiated, the first computer to see the transaction notifies other users around that transaction while generating a new block.

Whenever a user who has 10,000 vested XEM ends up generating a block in NEM, they get the transaction fees as a reward. This is why you might want to invest in XEM early on, as there will come a point in time where many users will want to vest 10,000 XEM tokens in order to harvest the next blocks.

Should you buy XEM?

On March 17, NEM launched Symbol after 4 years of development, which is the next evolution of the blockchain. In fact, the mainnet officially went live and marked the next chapter for the blockchain. Symbol is intended to be the connection between businesses and the blockchain, developed with interoperability in mind. 

This is when we saw the value of XEM at $0.39. Keep in mind that Symbol has its own token, XYM, which runs in parallel with NEM.

On May 23, 2021, the NEM Group announced that it would enter the NFT space with sports legend Sir Kenny Dalglish and the Manchester City star Riyad Mahrez. 

NEM’s entry into the digital collectibles space is focused on offering a premium product experience aimed to bring fans and supporters closer to the brands that they love. This can, potentially, increase the value of the XEM token over time as more people become interested in it due to this new NFT initiation.

If we look at its history, we can see that XEM had a bullish start which was seen as a good sign. It sat comfortably around the $0.20 mark throughout the beginning of 2021.

On June 14, 2021, XEM is worth $0.16. With the innovations and increase in popularity of XEM we could potentially see it rise to over $0.30 by the end of 2021. However, if it ends up falling below $0.15, it would be seen as a bearish sign as a key support level failed to attract patient buyers looking for an opportunity to buy on a dip.

The post Should you buy New Economy Movement (XEM) now? appeared first on Invezz.

from Cryptocurrency – Invezz

Bitcoin derivatives data shows pro traders ignored today’s $41K pump

Bitcoin price may have pumped 10% to $41,000 but derivatives indicators show top traders aren’t feeling so bullish.

Sometimes all Bitcoin (BTC) needs to pump 10% is a positive remark from someone like Elon Musk.

The Tesla CEO has been pointed to as the culprit for the recent downturn after the company’s May 12 announcement explaining that it would no longer accept Bitcoin payments due to environmental concerns. Musk followed up by saying that he was looking into other cryptocurrencies that required 99% less energy consumption. 

However, on June 13, the situation reversed as Musk reassured the public that Tesla did not sell any additional Bitcoin. The post also said that the electric-car producer would resume taking BTC payments as soon as its Bitcoin mining relied on a minimum of 50% clean energy.

In bear markets, top traders act with caution

While retail investors and algorithmic trading bots jump into action as soon as bullish or bearish signals and news flash, top traders tend to act more with more caution. Those who have been around the crypto markets long enough know that positive news might end up being ignored or severely downplayed in bear markets.

On the other hand, even potentially negative news seems to have little to no impact during bull runs. For example, on Sept. 26, 2020, Kucoin was hacked for $150 million. The following week, on Oct. 1, the United States Commodity Futures Trading Commission charged BitMEX for operating an unregistered trading platform and violating Anti-Money Laundering regulations.

Two weeks later, police reportedly questioned the founder of OKEx, forcing the exchange to suspend crypto withdrawals. Had this series of negative news happened while Bitcoin was flat or in a bearish phase, the price would have undoubtedly have stalled during a bear market.

Bitcoin price at Coinbase in USD, Sept. 2020. Source: TradingView

As shown above, Bitcoin barely had any negative impact in late September and October 2020. In fact, by the end of November 2020, Bitcoin was up 74% in two months. This is the main reason why top traders tend to ignore positive news during bear markets and vice-versa.

The 3-month futures premium is neutral

A futures contract seller will usually demand a price premium to regular spot exchanges. This situation is not exclusive to crypto markets and happens in every derivatives market because in addition to the exchange liquidity risk, the seller is postponing settlement and this results in a higher price.

The 3-month futures premium (basis rate) usually trades at a 5% to 15% annualized premium in healthy markets. When futures are trading below the regular spot exchange price, it signals a short-term bearish sentiment.

Huobi 3-month Bitcoin futures basis. Source: Skew

As shown above, the future basis has been below 11% since May 20 and flirting with bearish territory on multiple occasions as it tested 5%. The current level indicates a neutral position from top traders.

The options skew is no longer signaling fear

The 25% delta skew compares similar call (buy) and put (sell) options side-by-side. It will turn positive when the protective put options premium is higher than similar risk call options.

The opposite holds when market makers are bullish and this causes the 25% delta skew indicator to enter the negative range.

Deribit Bitcoin options 25% delta skew. Source: laevitas.ch

The above chart confirms that top traders, including arbitrage desks and market markers, are currently uncomfortable with Bitcoin price as the neutral-to-bearish put options premium is higher. However, the current 7% positive skew is far from the 20% exaggerated fear seen in late May.

Derivatives markets show no evidence of top traders getting excited about the recent $40,000 hike. On the bright side, there is room for leverage buyers to mount positions. Stronger upswings usually occur when investors are least expecting, and the current scenario seems to be a perfect example.

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.

Bitcoin Remittances to El Salvador Surge 300% Ahead of BTC Becoming Legal Tender

Bitcoin Remittances to El Salvador Jump 300% Ahead of Law Making BTC Legal TenderBitcoin remittances to El Salvador jumped more than fourfold in May from the previous year, according to data from blockchain analytics firm Chainalysis. Last week, El Salvador passed a bill making bitcoin legal tender in the country alongside the U.S. dollar. The monthly bitcoin transfers of under $1,000 to El Salvador totaled $1.7 million in […]

RNN Episode 164 – RAP is Back!

After a long year, the first major show is back and that show is RAP! Join me for several interviews from the floor, apologies up front as my audio is a little loud but had a headphone failure and was talking too loud! Listener Coupon Codes: Marine Depot 10% off your order REEFNEWS Reef Kinetics – $50 off ReefBot RKLOVES Show Watch 2021 Reef-A-Palooza Orlando May 15/16 New York – June 26/27 California August 21/22 Chicago October 16/17 MACNA – September 3, 2021 – September 5, 2021 Aquashella- Orlando June 12/13 Chicago August 14/15 Dallas October 30/31 Powered By: Fritz Aquatics: www.fritzaquatics.com ReefBreeders: www.reefbreeders.com Sicce: www.sicce.com/en/ Media Partners: ReefHacks: https://reefhacks.com Reefs.com: https://reefs.com/ Bahama Llama Coral: https://www.youtube.com/c/BahamaLlamaCoral Reef2Reef: www.reef2reef.com Main Topic: 008 – a practical guide on how to effectively attack and win at a Frag Show! We tell you how to plan, what to bring, and what to do once you are home with all your new buys! Outro: Please like our Facebook and Instagram pages as well as subscribe to the Podcast Reef News Network: www.reefnewsnetwork.com Reef News Road Trip: https://bit.ly/2LZfoKd . Instagram: ReefNewsNetwork Hashtags to follow #ReefNewsNetwork , # , #nation Listener Calls: Go to: www.reefnewsnetwork.com click the tab on the right side of the page to leave us a voicemail. Reviews/Ratings: Reviews and Ratings help us reach new heights and continue to produce quality content, let us know how we are doing.

The post RNN Episode 164 – RAP is Back! appeared first on Reefs.com.

Ethereum, Stellar Lumens, VeChain Price Analysis: 14 June

Even though Bitcoin climbed back above $39,000 after a jump of 8% in a single day, not all coins witnessed a surge in value. Alts such as Ethereum, Stellar Lumens and VeChain saw limited gains within

The post Ethereum, Stellar Lumens, VeChain Price Analysis: 14 June appeared first on AMBCrypto.

Why this market veteran is a fan of Cardano and Polkadot?

Altcoins, as a whole, have seen an unprecedented amount of development and adoption over the past year. Altcoin market dominance rose from an almost negligible share to above 55% in the present time.

The post Why this market veteran is a fan of Cardano and Polkadot? appeared first on AMBCrypto.