Category Archives: ambcrypto.com

Fiat-backed Stablecoin EURST now available in BitGo Custody

EURST, a fiat-backed stablecoin based on the Ethereum network’s ERC20 token standard, announces today that it is now available for custody in BitGo – BitGo is the leader in custody and security solutions with over $64B in AUC serving over 400 institutional clients and crypto platforms across 50 countries.
Starting on 5th November 2021, EURST is now supported by BitGo. Crypto users can now hold their EURST tokens in safe and reliable custody, as well as to use EURST for daily transactions, and service providers – to integrate the token seamlessly to their already existing ecosystem.
Developed and created by Wallex Trust, EURST enables users to make faster, cheaper, borderless and more secured transactions. Users can easily issue and redeem EURST same-day in a safe and secure way. Each token (1EURST) represents a monetary value of 1 EUR and the assets backing the tokens are held in a secure FDIC insurance eligible account for the benefit of the holders.  
As a stablecoin backed 100% with fiat assets, EURST tackles crypto volatility and reduces the risk of stablecoins gaining monopoly. Being a Euro-based digital asset, the stablecoin can be used as a version of fiat and currency within the crypto ecosystem, facilitate global payments & remittance for merchants and handle OTC Trading, custodial, and Escrow services for investors.
Built to digitize the Euro and reinvent the unpredictable European economy, EURST has a vast array of functions across the platform, all of which fully utilize the power of cryptocurrencies and blockchain technologies to offer a market-leading stable asset.
​​”As one of the fastest-growing and most reliable platforms, we believe that by enabling users and businesses to hold their EURST in BitGo, we will spearhead EURST into the global crypto space. EURST aims to provide the highest level of transparency and reliability to its users, and naturally, we found synergies with BitGo, who are leaders in providing safe and secure custody of crypto assets,” said Simone Mazzuca (CEO and Founder of EURST and Wallex Bank). 
For more information, visit https://eurst.io/
About EURST
EURstablecoin is a fiat-backed stablecoin created by Wallex Trust and based on the Ethereum network’s ERC20 token standard. EURST tokens are and will always be fully backed by an equivalent unit of real currency (US dollars) in a real-time attested and transparent reserve, by Wallex Trust- the primary issuer of EURST tokens.
Token issuance/redemption transactions are recorded on-chain, and all off-chain transactions, as well as reserve balances, will be disclosed to the public at regular intervals, in addition to regular third-party audits. The presence of a physical, real-time audited, and redeemable USD reserve effectively pegs the market value of EURST tokens to the real-time USD value of 1EUR. For more information, visit https://eurst.io/
About BitGo
BitGo is the leader in digital asset financial services, providing institutional investors with custody liquidity, and security solutions. Active in both centralized and decentralized finance, BitGo offers market-leading trading, lending, and borrowing services through its prime brokerage services and acts as the custodian for WBTC, with more than $9 billion in custody and circulation.
In 2020, BitGo launched BitGo Portfolio and Tax, providing clients with a full-stack solution for digital assets. In 2018, it launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets.
BitGo processes approximately 20% of all global Bitcoin transactions and supports over 400 coins and tokens. BitGo’s customer base includes the world’s largest cryptocurrency exchanges and institutional investors and spans more than 50 countries, including qualified custodial entities in Switzerland and Germany. BitGo is backed by Goldman Sachs, Craft Ventures, Digital Currency Group, DRW, Galaxy Digital Ventures, Redpoint Ventures, and Valor Equity Partners.
For more information, visit www.bitgo.com.
Disclaimer: This is a paid post and should not be treated as news/advice.

What will happen if Bitcoin goes to $150k in the near future

There is enough conversation about Bitcoin being in a “supercycle” doing the rounds in crypto circles. Therefore, despite the recent steep correction, analysts see those gaps closing by year-end. So much so that the anticipation goes beyond the $100k mark that was pegged earlier.
However, Into The Cryptoverse CEO Benjamin Cowen, in a recent interview with Blockworks, expressed nervousness about those price levels. He said,
“Is a trend sustainable if we go up to $150k next month? I don’t think so. “
He explained that a lot of selling pressure, including from the analyst himself, would bring down the market. However, he also added,
“I ultimately do think Bitcoin will hit a million dollars. It’s not going to do it this cycle.”
Explaining further, Cowen recalled that the history of price movements indicates that anytime the market gets that far extended, it goes down as well for a while. On that note, he said,
“If it goes to $150k, in say the next 30 days, we’re basically going to be looking at an extension from the 20-week moving average of over 100%. And that’s basically where we were at the local top in April and May, where we are so far extended.”
Essentially explaining that no new demand will be able to offset the selling pressure that Bitcoin will experience on the back of a quick extension.
With that, according to analyst PlanB, Bitcoin is still on the way to $100k after missing its November trajectory of $98k.
However, a lot might change in the upcoming months as to how Bitcoin cycles are predicted. As per Cowen,
“I think that over time, the crypto space, at least for Bitcoin specifically, the cycles will become harder and harder to discern from one another.”
Moreover, he sees Bitcoin becoming more integrated with the traditional markets over time. In another interview, Avil Felman of BlockTower had also resonated with the thought, stating that institutional funds look at Bitcoin to risk-off when their balance sheet starts going south. Thereby, changing the correlation with BTC and other asset classes.
In a recent analysis by Ecoinometrics, the analyst also concluded,
“If Bitcoin becomes more tame it is likely we’ll see a growing overlap between investors holding traditional tech stocks and the ones holding BTC. That might increase the correlation score between those assets.”
Also, we know that top analysts, including Cowen, expect the volatility of Bitcoin to go down as the market matures. Cowen stated that he doesn’t expect to see a 90% drop in Bitcoin’s value anytime soon. On the other hand, it needs more support for a rally. In this regard, Cowen said,
“I think that in order for Bitcoin to get to $100k, we needed institutional money.”
The support that BTC is anyway steadily accumulating. As per CoinShares’ weekly inflows, Bitcoin recently recorded the largest inflows in the last five weeks. On the back of ETP launches, the inflows totaled US$247 million in the said period.

Assessing 1INCH’s prospects for growth over December

1INCH has seen its own share of ups over the past few weeks. During the initial half of October, this coin rallied from under $2 to $4.5. It briefly consolidated after that for a week and then registered a mammoth green candle on its chart on 27 October. That very day 1INCH was briefly seen exchanging hands around the $7.7 threshold.
The next couple of weeks that followed saw this alt shrink in value. At the time of this analysis, 1INCH was trading 56% lower than its aforementioned local high.
1INCH/USDT || Source: TradingView
Signs of a trend reversal
Well, even though November was quite a dry month for this alt, it might end up changing that narrative in December. The state of most of the alt’s metrics advocated the same.
The Price-DAA-Divergence, for instance, has already started projecting bullish streaks on its chart. Historically, whenever such divergences have occurred, 1INCH’s price has likely rallied. Something similar was observed earlier in October when the alt registered its local peak.
Source: Santiment
Additionally, buying momentum has been picking up pace. The exchange outflows have steeply inclined since mid-November. Interestingly, the same was seen at its multi-week high, at the time of this analysis.
Rising outflows usually indicate the movement of tokens from exchanges to private wallets and cold storage. By and large, the current trend brings to light that HODLers are in their accumulation mode at the moment.
Source: Santiment
What’s more, the number of old users [purple] has gradually inclined since June. In fact, the 1INCH network boasted of more than 80k old users in November. The retention of old users is a good sign on any given day. It highlights their confidence with respect to the network.
The new users [orange] have also risen on the macro level. As of November 2021, the network bragged 116k novel users. When viewed cumulatively, the aforementioned datasets clearly outline 1INCH’s sustained network growth.
Source: Dune Analytics
Shaky long-term prospects
Well, the aforementioned trends do pave way for 1INCH’s short-term rise, but its long-term prospects do not look very bright for now.
The total value locked on 1INCH’s protocol has shrunken during the November-December transition phase. In fact, the current $43 million level is nowhere close to its $2.23 billion February peak.
By and large, the low liquidity means that the overall health of 1INCH’s DeFi and the lending market isn’t that good.
Source: DeFiPulse
Furthermore, 1INCH has been getting quite serious about its DeFi prospects. On 1 December, for instance, the network closed its $175 million funding round. Post that, the project’s co-founder Sergej Kunz, explicitly stated that the main goal of the aforementioned event is to “open doors to DeFi.” Kunz also went on to assert that 1INCH would like to facilitate the entry of institutional players into the DeFi space.
So, if things go as planned, the liquidity on the protocol would inevitably rise. Only when that materializes, 1INCH would be able to retain its value over the long term.

People leaving Ethereum is ‘just never going to happen,’ says Solana co-founder

2021 saw a significant proportion of developers shifting from Ethereum to rival blockchains. Primarily, because the Ethereum network continued to fight high gas fees and congestion. Well, one network that hugely benefitted from this situation was Solana. Its meteoric rise over 2021 positioned it as one of the main Ethereum-killers.
Solana’s native token Sol reached a new all-time high in early November. Furthermore, at the time of writing, the token registered a 10% ROI over the past week. Also, it had a 24-hour trading volume of over $3.6 billion, at press time.
Curiously, an interesting question that comes up here is – with a plethora of similar protocols already in the market, how exactly is Solana distinguishable from Ethereum? Well, it’s because developers like to have minimally extractive and super fast settlement layers when it comes to deploying DeFi protocols, according to Solana co-founder Anatoly Yakovenko.
Speaking at a recent podcast, the developer commented,
“What we’re building is a really really fast, high-performance execution layer but settlement is a feature of that thing too.”
To give a gist, settlement layers support other blockchain ecosystems by providing security and immutability to transactions happening on protocols built on top of it. Since it is incorruptible and always available. Ethereum currently acts as the settlement layer for many networks, given its unhinged position in the industry.
During the Unchained Podcast, Solana’s co-founder Raj Gokal stated that Ethereum’s upper hand comes purely from its first-mover advantage and market hold. However, the disadvantage stems from its delayed shift to Proof of Stake consensus. He further added,
“As long as those two designs have different purposes and functions that they’ll both continue to be valuable.”
However, with Solana’s eyes on overtaking Ethereum’s use cases, it is yet to be seen how long this co-existence between the network lasts. Earlier this year, Neon Labs had announced the deployment of an Ethereum Virtual Machine (EVM) on Solana. Mainly, in order to allow users to benefit from Solana’s low transactions fees.
When asked whether this would make Ethereum users abandon ship and jump to their network, Solana’s Co-Founder Anatoly Yakovenko argued that “people leaving Ethereum is just never going to happen,” adding,
“The benefits of EVM and Solana are that you can start building new applications on Solidity, running any VM that cannot take leverage and participate in the broader Solana ecosystem.”
Moreover,  Yakovenko suggested that Solana had a long way to go before outdoing Ethereum. According to him, developers who have already established dApps on Ethereum but want to deploy on Solana,
“…don’t have to fork their development team and spread its focus over two different languages to be able to franchise their brand to any new chain where users are being acquired.”
Well, one example of the same is the Brave wallet, which has recently partnered with Solana. It is going to default to the network for cross-chain and native DApps for its wallet and swap interface. Another is Crowny, which is an app rewarding shoppers for various interactions with brands. It is set to be deployed on Solana next week.

Up by 71%, LUNA makes big gains, but will they sustain over coming days

Terra’s native token LUNA which stands only 2 spots below the top 10 list, became this week’s biggest gainer of the entire top 100 cryptocurrency list. While a lot of aspects factor in for this, the bigger concern only remains in the interest of investors.
LUNA in 7 days…
The altcoin has been consistently increasing since the end of November, charting an everyday rise of 14% and 15%. This led to the altcoin recovering all of November’s losses while in the process also marking a new all-time high within 3 days and still continues to do so. 
LUNA price action | Source: TradingView – AMBCrypto
Trading at $66.2 at the time of this report, the alt became the biggest gainer of the week among the top 100 coins in the crypto market.
Now whether or not this is organic, is yet to be confirmed since trading volumes, which were at their highest in 2 months, do correspond with the rally. 
LUNA total trading volume | Source: TokenTerminal
However, the transaction stats represented by the total revenue from transactions still remained at their average levels.
LUNA total revenue | Source: TokenTerminal
But almost 7.5 million LUNA has been burned this last week, which is proof that the demand for UST is increasing, thus the rise could be organic.
A possibility behind the price rise could be the 25% increase in TVL in the Anchor protocol which also pushed Terra’s TVL to shoot up by 40%.
At $12.7 billion, the chain is slowly closing the $1.1 billion gap between it and Avalanche after the latter overtook it and placed itself in the #4 position.
And there is actually a good chance that it might achieve it since LUNA’s social presence is fairly strong. The network is maintaining its development consistently as just today, cross-chain transfers of $UST between Terra and Fantom became available via the Anyswap network.
LUNA social volumes | Source: Santiment – AMBCrypto
In any case, LUNA investors might still need to watch out, given the market is in a state of fear and LUNA’s volatility is also on the  rise.

As these factors nudge MATIC toward greener pastures, $2.7 looks imminent

MATIC has quite smoothly rallied over the past 40-odd hours. On 1 December, this alt’s opening price reflected a value of $1.7. By the end of the day, it, however, managed to cross the $2 threshold.
On 2 December, the alt started trading around the same $2 mark but went on to breach $2.2 quite quickly. At press time, MATIC was seen exchanging hands around the same level.
Well fertilized environment
The grass in Polygon’s environment is currently quite fresh and green. The number of active users on the network, for instance, has steadily been climbing up of late. For four successive weeks, Polygon has recorded more than 300k active users.
Now, it is quite obvious that users are the biggest driver of transactions. As expected, the rise in the number of users has simultaneously been accompanied by a rise in the number of daily transactions. In just the past 7-days, the same has witnessed a 10.39% rise, making 4.16 million the second highest peak in the last two months.
Source: Twitter
The total value locked up on Polygon’s bridges has additionally been on the rise. As per data from Dune Analytics, Polygon’s cumulative TVL has spiked up by 6% over the past week and reflected a value of more than $5.4 billion, at the time of writing.
In fact, the same has grown at a much faster pace when compared to other Ethereum bridges including Ronin, Avalanche, Arbitrum, Fantom, and Boba. This essentially means that MATIC is one of the most liquid protocols at the moment.
Source: Dune Analytics
Polygon’s protocol revenue has, in turn, spiked up by 16% over the past 7-days. It, interestingly, created a new ATH of $93.8k/day for the first time this week. With that, MATIC’s network has now been able to successfully register double-digit growth figures for three-consecutive weeks straight.
Source: Twitter
Other tangents
Well, Polygon has gradually been trying to establish itself as a premium gaming solution. Pegaxy, a racing game built on Polygon, has single-handedly managed to escalate the state of the network’s metrics over the past month. The same was highlighted in a Twitter thread by Simran, an analyst at Polygon.
Further, just a day back, ETP issuer 21Shares announced that it’s listing a MATIC-centric product on Euronext exchanges in Paris and Amsterdam. This development, to a fair extent, aided MATIC’s price rally further.
What’s more, the network has been faring quite well on the NFT-front. November was a stand-out month for Polygon on OpenSea.
Source: Twitter
Well, Polygon’s expanding ecosystem along with the aforementioned developments do paint a colorful picture for MATIC. Thus, over the course of next few days, market participants can expect this token to advance towards its May highs of $2.7.

Over 10,000 Bitcoin sold in panic selling bout, but investor confidence undeterred

Bitcoin investors are not alien to FUDs. However, this time it seems like the reason they reacted the way they did, was probably due to some sort of trigger. In response, thousands of Bitcoins were sold off by the investors. But the situation is not as dreadful as it might appear to be.
The new variant of Bitcoin FUD
The ongoing COVID Omnicron worry combined with the general market FUD led a lot of investors to sell off their holdings to prevent any losses. As it is, in November, over 3 million addresses experienced absolute losses owing to the price fall.
Now, as Bitcoin trades in red again today, after yesterday’s stabilization, it appears that the investors might have made a hasty call.
Yesterday over 10,242 BTC worth $575 million were sold off in 24 hours. This selling makes sense and was anyway expected since the beginning of December wasn’t particularly great.
Bitcoin exchange flows | Source: Santiment – AMBCrypto
But the problem is that this selling wasn’t organically motivated. This selling took place particularly due to FUD as yesterday the mention of COVID, pandemic, etc. witnessed tremendous uptick. The search was mentioned significantly more times than it did back in March when COVID was at its peak.
Bitcoin Covid search volumes at peak | Source: Santiment
This sudden rise in FUD also led to the Bitcoin market slipping into the levels of fear for a second consecutive week. And as a result, once again, the recovery of the 8.82% drop of November 26 did not see recovery.
Bitcoin fear and greed index | Source: Alternative
It is noteworthy that the 10k BTC sold also included some old coins as CDD shows 40.9 million days destroyed yesterday.
Bitcoin CDD | Source: Glassnode – AMBCrypto
But the LTH selling was just a FUD-induced spike as it was the first spike since October. Besides on a macro scale, investor confidence is actually improving as fewer coins are being spent presently.
Bitcoin ASOL | Source: Glassnode
That said, thanks to an equally high demand, most Bitcoin sold is being bought off, with only a marginal amount still remaining in exchanges’ wallets.

Attention aplenty for Web 3.0, Metaverse though industry leaders not unanimous

Many industry voices believe that Web3 is set to change the face of the internet as we know it. And so, funds are constantly flowing into the space. Recently, South Korea-based Hashed raised $200 million to support Web3 investments.
In the context of Web3, entrepreneur and crypto commentator Balaji Srinivasan also shared his thoughts.

Web3 offers the prospect of shared prosperity outside the state.
— Balaji Srinivasan (@balajis) December 1, 2021

On that note, OpenAI CEO Sam Altman recently noted that average returns in the 2020s would be worst than seen in the 2010s. But, Web3 technology could potentially beat that trend, he added. However, Altman opined that most VCs will miss it, adding,
“Also, let me just simp for a second and suggest that web3 might still have 2010s-like returns.”
An opinion that DOGEfather Elon Musk vehemently disagreed with, thereby reflecting his lack confidence in Web3.
But, when we talk about Web3, we can say that Metaverse is the hottest topic in the space. Grayscale, in its November report, had stated that Metaverse has the potential to become a trillion-dollar industry by 2022. It had also noted,
“…the Metaverse is at the forefront of this Web 3.0 internet evolution.”
However, Ben Gilbert, Managing Director of PSL Ventures is not convinced with the current version of the Metaverse or Web3. He recently tweeted,

It feels weird that so many are grouping “web3” with “metaverse”.
I am not convinced the metaverse will be user-owned or decentralized if it is developed by Meta, Microsoft, Apple, etc. (which is where $10B’s are being spent to develop it!)
— Ben Gilbert (@gilbert) November 14, 2021

With that, it is noteworthy what Cardano founder Charles Hoskinson had to say about the two. In a recent interaction, he had stated,
“Web 3.0 is not just a thin layer, but it’s also a vertical, where you actually have this Metaverse that lives above it.”
And when it comes to Metaverse, even Bank of America strategist is bullish on the space. As per Insider, BoA’s Haim Israel called metaverse a massive opportunity for the crypto space, saying it is where,
“…we’re going to start using cryptocurrencies as currencies.”
But, Solana co-founder Raj Gokal fail to understand the hype. He recently tweeted,
“I worry that the metaverse is overhyped (industry-wide). I haven’t seen this much hype in mainstream media over an unreleased product or category of products, maybe ever. to deliver, we will need a cohesive-yet-open experience across many platforms.”

Solana, Chainlink, Enjin coin Price Analysis: 2 December

After a substantial sell-off, most cryptos touched their multi-week lows on 28 November. Now, as the bulls try to negate the selling pressure, Solana and Chainlink registered double-digit gains over the past four days. 
Enjin coin, on the other hand, after defying the market trend, registered a 24.6% weekly loss.
Solana (SOL)
Source: TradingView, SOL/USD
SOL relished an upswing trajectory from mid-October until early November. It rallied by over 85% from 12 October to 6 November. With this upturn, the altcoin struck its ATH on 6 November. 
Then, the price steadily declined in a descending channel as bulls failed to counter the sell-off. During the downfall, SOL lost over one-fourth of its value until it touched its one-month low on 28 November. 
However, at press time, SOL traded at $225.01 after noting a 23.8% 4-day gain. This upswing led to a down-channel breakout as the bulls breached the $215-mark (immediate support).
The RSI favored the bulls after moving near the 62-mark after almost a month. Also, the DMI flashed a bullish bias. However, MACD hinted at their slightly decreasing strength in the near term.
Chainlink (LINK)
Source: TradingView, LINK/USDT
The alt upturned after noting a monstrous 62.08% ROI from 12 October to 10 November. With this, the bulls hit the six-month high on 10 November at $38.31. Since then, bears triggered a downfall as the price moved between the descending channel (yellow).
During this sell-off phase, LINK lost over 40% of its value. Consequently, it touched its eight-week low on 28 November. Thereafter, the bulls attempted a revival by marking an 18% rally from 28 November to 1 December. But the price action obliged the trend as it bounced back from the upper line of the ascending channel.
At press time, LINK traded at $24.72 after noting a nearly 6% 24-hour loss.
The RSI showed a bearish advantage after a sharp plunge. Furthermore, bearish readings on the DMI reaffirmed the pullback. However, the Squeeze Momentum Indicator flashed black dots, hinting at a squeeze phase with low volatility. Now, the bulls will have to ensure support at the lower channel to prevent an up-channel breakdown.
Enjin Coin (ENJ)
Source: TradingView, ENJ/USDT
Unlike most cryptos, ENJ steadily oscillated in an ascending channel since late September. ENJ registered an exceptional gain of over 250% from 30 September to 25 November. Consequently, ENJ attained its ATH on 25 November after a sustained bull rally.
Since then, the price returned within the bounds of the channel as bears retaliated. As a result, the alt noted a nearly 24.6% decline over the past week and traded at $3.374 at press time.
The RSI was southbound and stayed below the half-line for the past seven days. Also, the DMI and AO visibly preferred the selling strength. Nonetheless, the ADX displayed a weak directional trend.

Bitcoin Capital launches actively managed Bitcoin, Ether ETPs on SIX Swiss Exchange

Ever since the first cryptocurrency-backed exchange-traded products were launched in the European market in 2018, asset managers have been getting increasingly creative with the kind of exposure they provide to investors. Earlier today, Bitcoin Capital AG announced the launch of two new ETPs on the SIX Swiss Exchange, which will be pioneers in providing the active management of these products.
The FiCAS Active Bitcoin ETP (BTCB) and FiCAS Active Ethereum ETP (ETHB) will be actively managed by crypto asset manager FICAS AG, according to a press release. Investors from Switzerland, Liechtenstein, and the European Union (excluding Hungary) will have access to these products.
The statement also noted that active management will help the products “counter negative price fluctuations” and eventually overcome the market cap of the two largest cryptos, Bitcoin and Ether. This is intended to attract a wider range of cryptocurrency investors by reducing the risk factor behind these investments.
Bitcoin Capital AG’s Chairman Dr. Luca Schenk opined that crypto assets will soon be part of the diversification strategy of many investment portfolios, adding,
“The two new products with the most relevant cryptocurrencies as underlying may, through their active management, improve the overall portfolio risk by reducing underlying volatility.”
Bitcoin Capital AG is a family office and FiCAS AG subsidiary based in Zug, Switzerland. It had earlier launched the actively managed Bitcoin ETP “Bitcoin Capital Active ETP” on the SIX Swiss Exchange.
The reduction of risk exposure is indeed one of the primary factors behind the increased demand for crypto-backed ETPs worldwide and their increased acceptance by several regulators.
After a green light from Australian regulators, Zurich-based 21 Shares has entered a partnership with ETF Securities today to introduce spot Bitcoin and Ether ETFs to Australian investors, subject to final regulatory approvals.
Top asset manager Fidelity will also be launching a BTC spot ETF for the Candian market soon, as reported by Eric Balchunas yesterday. He also noted that this “will easily be the biggest asset manager to date with a bitcoin ETF.”
Even with all of the innovation and acceptance, along with Bitcoin recurrently reaching new all-time price highs in recent months, the American Securities and Exchange Commission (SEC) has remained reluctant toward allowing any crypto spot ETFs to be launched in the country.
While this irked many investors in the country, it also led asset managers like those mentioned above, to shift their focus on more enthusiastic and accepting markets.