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Cryptocurrency

BYDFi Exchange Amid the Meme Coin and Crypto Market Volatility

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The meme coin ecosystem has grown into a billion-dollar market over the years. It owes its meteoric growth to thousands of tokens themed around animals, political figures, celebrities, and other memeable characters.

The meme coin frenzy has a ripple effect on the broader crypto market performance. With a market valuation of $2.2 trillion, the industry remains poised to reach more audiences. However, the ecosystem faces a significant drawback; many users find taping into these crypto-based projects challenging due to regulatory restrictions in their regions.

BYDFi offers a solution to this issue, leveling the playing field for every user regardless of geographical location or regulatory clampdown. This article highlights the exchange’s key features and how they align with the current crypto bull run.

Before we dive in, though, it’s worth noting that BYDFi currently has a limited time offer where traders are able to enjoy zero maker fees.

The period for this special event will be from August 1st until further notice. More details can be found here.

How BYDFi Works

Previously called BitYard, BYDFi was rebranded in 2023, meaning “BUIDL Your Dream Finance.” The crypto exchange embraces a no-KYC policy, implying that users are not mandated to undergo a KYC assessment before accessing the platform. However, users must submit their details to increase their trading capacity to as much as 10 BTC daily.

The exchange’s website reveals that over half a million users use the platform across over 150 countries. These include countries with rigid or hostile crypto regulatory frameworks, like the United States, Canada, and The Netherlands. Furthermore, BYDFi facilitates KYC processes for users living in these regions.

BYDFi’s prominent features include crypto deposits and withdrawals, copy trading, P2P trading, and crypto derivatives trading. The exchange also attracts users to engage in its trading functions to earn BYD points from its native point rewarding system.

BYDFi: A Blend With the Crypto Mania

BYDFi’s impact in the ongoing crypto mania can be felt through these inherent attributes:

No-KYC Policy

At the apex of BYDFi’s perks is its no-KYC policy. This feature aligns with the rising need for crypto-focused platforms to meet investors’ needs. As mentioned earlier, the crypto market has seen impressive growth recently. Still, factors like regulatory clampdown can prevent potential investors from investing in the industry. With BYDFi’s no-KYC implementation, users can overcome the regulatory hurdles tied to their respective locations.

Features Meme coins

The meme coin frenzy partly influences the crypto market’s valuation surge. BYDFi offers a dedicated section for meme tokens under its Spot trading page to keep up with this trend. Among the cryptocurrencies in this section are DOGE, SHIB, PEPE, WIF, DEGEN, ORDI, and others. Users can purchase these tokens and position themselves for profits in the meme coin market.

Advanced Security

Security is paramount in the crypto industry, as weak safety measures have led to the loss of millions of dollars for many projects and users.

BYDFi prioritizes security regarding users’ data and assets. The exchange stores investors’ funds offline in cold wallets. It also features two-factor authentication (2FA) for users to adopt, making it difficult for unauthorized entities to withdraw users’ funds. Additionally, by not enforcing the KYC process, users can decide to remain anonymous while tapping into the crypto market, making them less vulnerable to data theft.

Swift Onboarding Process

Most crypto exchanges mandate users to submit multiple details before completing the onboarding process. Delays are also attributed to credential verification on the part of the crypto exchange requesting the details. BYDFi changes the narrative through its swift onboarding process. Users can register an account and purchase their desired crypto tokens in less than a minute.

Conclusion

BYDFi stands out as a versatile and secure platform aligned with the growing demands of the crypto market. By offering features like a no-KYC policy, advanced security measures, and a dedicated section for meme coins, BYDFi empowers users to navigate the exciting landscape of digital currencies with ease.

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Cryptocurrency

Ethereum Foundation, Whales, and Hackers: What’s Driving the ETH Sell-Off?

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TL;DR

  • Whales, hackers, and the Ethereum Foundation wallets moved over $500M in ETH through large sales and withdrawals.
  • Ethereum transfers rose to 4.6M ETH, nearing the monthly high of 5.2M recorded in July.
  • Staking inflows hit 247,900 ETH, the highest in a month, locking more supply from trading.

Large Withdrawals and Whale Activity

Ethereum (ETH) has seen heavy movement from major wallets over the past few days. On-chain data from Lookonchain shows a newly created wallet pulled 17,591 ETH, worth $81.62 million, from Kraken in just two hours. 

Over three days, two new wallets withdrew a combined 71,025 ETH, valued at $330 million, from the exchange.

One of these wallets, address 0x2A92, has withdrawn 53,434 ETH, worth $242.34 million, in two days. This includes a recent purchase of 30,069 ETH, valued at $138.46 million, during a market drop.

Major ETH Holders Offload Millions Amid Price Rally

In contrast, several separate entities have been disposing of some ETH holdings. A wallet tied to a hacker address 0x17E0 sold 4,958 ETH for $22.13 million at $4,463, securing a profit of $9.75 million. Earlier this year, the same address sold 12,282 ETH at $1,932 and later bought back part of the amount at higher prices.

A different whale sold 20,600 ETH for $96.55 million over the past two days, generating a profit of more than $26 million after holding the position for nine months. 

Meanwhile, an Ethereum Foundation-linked wallet, 0xF39d, sold 6,194 ETH worth $28.36 million in the last three days at an average price of $4,578. 

Recent sales from the same wallet included an additional 1,100 ETH and 1,695 ETH for over $12.7 million combined.

Network Activity on the Rise

CryptoQuant data shows Ethereum’s total tokens transferred have been climbing since August 9. After ranging between 1 million and 3 million ETH through late July and early August, transfers have risen to 4.6 million ETH, approaching the monthly high of 5.2 million recorded in mid-July. This increase has occurred alongside a price rally from about $3,400 to $4,600.

Ethereum (ETH) Tokens Transferred (Total)
Source: CryptoQuant

Interestingly, staking inflows generally stayed between 20,000 and 80,000 ETH per day over the past month. On August 14, inflows jumped to 247,900 ETH, the highest in the period. 

At the time, ETH was trading near $4,600. Large staking deposits reduce the amount of ETH available for immediate trading, as staked coins are locked for a set period.

Ethereum (ETH) Staking Inflow Total
Source: CryptoQuant

In the meantime, ETH trades at $4,647 with a 24-hour volume of $68.25 billion, down 2% on the day but up 19% over the week.

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Cryptocurrency

Massive DOGE Whale Activity Hints at $1 Breakout

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TL;DR

  • Whales bought two billion DOGE this week, lifting their combined holdings to 27.6 billion coins.
  • A single 900M DOGE transfer worth $208M to Binance drew attention to large exchange movements.
  • DOGE broke key resistance, with momentum building for a possible push toward the $1 price mark.

Price and Market Moves

Dogecoin (DOGE) traded at $0.23 at press time, slipping 4% over the past day but still showing a 2% gain for the week. Daily turnover came in at about $6.18 billion. 

Meanwhile, the broader crypto market saw over $1 billion in liquidations. Hotter-than-expected US Producer Price Index data pushed traders to scale back expectations of a near-term Federal Reserve rate cut. DOGE had roughly 290,500 coins liquidated during the sell-off.

On the two-week chart, analyst Trader Tardigrade notes that DOGE has cleared a downward-sloping resistance line after completing what appears to be a “wave V” in an Elliott Wave sequence. Similar setups in the past, where prolonged declines stayed within falling channels before breaking higher, have been followed by sharp rallies.

Momentum gauges are also turning up. The Stochastic RSI, which had dropped into oversold territory, is now heading higher. Previous reversals from this zone have coincided with sustained upward moves. The current formation points to a possible run that could carry DOGE past the $1 mark.

Heavy Whale Buying and Large Transfers

As reported by CryptoPotato, blockchain data shows large investors have added two billion DOGE in the past week, spending just under $500 million. That brings their holdings to about 27.6 billion coins, or 18% of the supply. The buying streak has prompted speculation within the community. 

Recently, Whale Alert flagged a 900 million DOGE transfer worth about $208 million into Binance. The tracking indicates that it originated from a wallet connected to the exchange, likely as an internal activity. The address involved holds 2.88 billion DOGE, one of the largest balances on the network.

Ali Martinez also reports that transactions above $1 million reached a one-month high, with activity building since early August and peaking as DOGE traded at $0.25.

Sentiment Building

Analyst Gordon described the current setup as “a nice bit of consolidation” before a potential breakout, adding, 

“This will be one of the first coins normies FLOCK to & the pump will be MASSIVE.”

With whale accumulation rising, high-value transfers increasing, and a bullish technical pattern in play, DOGE is positioned for a potential push toward $1 if momentum holds.

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Cryptocurrency

Ripple Price Analysis: XRP at Risk as Key Support Levels Could Trigger Sharp Drop

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XRP has recently entered a consolidation phase after a strong rally earlier this summer, with the price action now hovering around key resistance levels on both its USDT and BTC pairs. Yet, while momentum has slowed, the charts still indicate a generally bullish structure, with multiple key support levels remaining firmly in place.

Technical Analysis

By ShayanMarkets

The USDT Pair

On the XRP/USDT daily chart, the price is currently trading near the $3.10 mark, facing a strong resistance zone around $3.40. This follows a breakout above the $2.70 range in July, which has now flipped into a support area.

Both the 100-day and 200-day moving averages are also trending upward and recently formed a bullish crossover around $2.45, reinforcing the medium-term bullish sentiment. If the $3.40 resistance breaks, a push toward the critical $4.00 range becomes likely.

However, the RSI hovering near the neutral 50 level suggests a lack of strong momentum for now, meaning a short-term pullback into the $2.80 support zone is still possible.

This zone will be key for maintaining the bullish structure. Losing it could open the door for a deeper correction toward the 200-day moving average located around the $2.40 mark. Yet, as long as the price stays above the moving averages, the broader trend remains bullish.

The BTC Pair

Looking at the XRP/BTC chart, the pair has recently pulled back after hitting the 3,000 SAT resistance, with the price currently around 2,600 SAT.

This follows a clean breakout above the long-term descending channel and a successful retest of its upper boundary, which coincided with the 200-day moving average and the 2,400 SAT support zone. This confluence remains a key bullish technical factor, as holding above it could attract renewed buying pressure.

That said, RSI levels around 48 show that momentum has cooled after the sharp July rally, meaning XRP may continue ranging between 2,400 SAT and 3,000 SAT in the near term. A decisive close above 3,000 SAT would likely open the path to the 3,400 SAT zone, while losing 2,400 SAT could shift the bias back toward 2,000 SAT support. For now, the structure still favors the bulls as long as higher lows remain intact.

 

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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