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Bybit publishes reserve wallet addresses

  • Bybit’s largest asset wallet holdings total $1.9 billion, according to details from blockchain analytics firm Nansen.

Bybit has become the latest crypto exchange to publish information about its assets reserves, as calls for more transparency in the industry increase following FTX’s collapse.

On 16 November, Bybit announced it was revealing the user asset wallets, with portfolio data shared by blockchain analytics platform Nansen showing total assets were around $1.9 billion. 

According to the Nansen dashboard, Bybit’s largest reserve wallets are in Bitcoin, Tether (USDT), Ethereum (ETH), and USD Coin (USDC).

As well as releasing the wallet addresses of its largest users, Bybit founder and CEO Ben Zhou said the exchange was working on proof of reserves solutions.

“We are also exploring new custody solutions to allow users to view their own balance on chain or 3rd party custody. Bybit guarantees 1:1 reserves for all users and we made sure during this special period all users withdrawals are processed in a timely manner,” Zhou tweeted.

As CoinJournal highlighted a few days ago, Zhou believes the whole crypto industry has an obligation to “do right” by customers. 

Bybit’s announcement of their wallet reserves sees it join other exchanges in providing some measure of transparency at a time the industry is reeling from the FTX implosion. A spreadsheet compilation by crypto journalist Colin Wu shows Bybit has joined crypto exchanges such as Binance, OKX, KuCoin, Bitfinex and Huobi in this initiative.

The post Bybit publishes reserve wallet addresses appeared first on CoinJournal.

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Prospects of a Global VPS: Cloudzy’s Ace in the Hole

With its new cryptocurrency payment options, Cloudzy could be on a path to becoming a globalised VPS service.

 

Cloudzy, the New York-based tech company and one of the leading holdings in the VPS industry, announced today that their new cryptocurrency payments are a step towards the goal of making a globalised VPS service a reality. 

Cloudzy already had cryptocurrency payment options implemented as part of its anonymous VPS package; however, whereas many companies would suffice to have multiple crypto payment options, Cloudzy is on a mission to improve and tune its payment apparatus as much as possible through updates and optimisations. 

The end goal, of course, is to have a fully global VPS service that can provide its packages to users from all around the world. In other words, with Cloudzy, if you have an internet connection, then you can also have a VPS connection. 

This is great news for aspiring developers and business owners that are looking to branch out and represent themselves internationally but simply do not have the technical means of making a payment happen. 

There are also a lot of existing Cloudzy clients that pay with conventional means but prefer fewer fees and no middleman in their transactions. With the greater implementation of Cryptocurrency payment solutions as part of the global VPS project, these users can also start paying with crypto for their subscription services.

“The Cloud technology itself is a decentralized one, so, we as a company do understand the benefits of incorporating similar technologies that also follow this model. Cloudzy, as a collective, understands the need for a globalized VPS, and our recent step towards more integration of crypto payment options is part of the effort to make our services available to all users regardless of where they’re from. We hope this step proves effective so we can follow up with more efforts to protect our user base’s privacy and right to services.” Said Hannan Nozari, the CEO and Founder of Cloudzy, on the prospect of a global VPS service by Cloudzy.

Cloudzy is a leading VPS service company based in Brooklyn, New York. You can learn more about their global VPS project here.

The post Prospects of a Global VPS: Cloudzy’s Ace in the Hole appeared first on CoinJournal.

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Uniswap is showing bullish signs, but how far can it go?

Uniswap (UNI/USD) trades with weekly gains of 8%. Only a handful of cryptocurrencies have posted gains in the past week. A drop below the key support of $5.6 after the FTX collapse was quickly followed by a sharp recovery. That helped bulls to recapture the key level, with UNI trading at $5.8 as of press time.

The gains in Uniswap coincide with rising trading volumes post-FTX saga. On Monday, Ethereum transactions on the decentralised crypto exchange hit $1.21 billion. The volume represented an increase of over 80% in a day. The rising volumes indicated that traders were deploying their digital assets on alternative DEX platforms after the FTX collapse. Attraction to DEX platforms like Uniswap could support the native tokens, at least in the short term.

Meanwhile, new users on Uniswap’s Web App reached the highest in the year. A total of 55,550 Daily New Transacting Wallets were reported on November 15. Uniswap Labs attributed the milestone to the growing demand for self-custody wallets. Apparently, the growth in self-custody wallets has been attributed to a mass exodus of investors from centralised exchanges. 

Uniswap retreating to the support after a strong recovery post-FTX dip

Uniswap found support at $4.8 after the accelerated selloff a week ago. The monthly high was set at $7.7 in previously building bullish momentum.

UNI/USD Chart by TradingView

The key technical level for UNI is $5.6. The cryptocurrency is correcting to retest the support zone after the recent breakout. The MACD indicator shows that momentum is still weak. However, momentum is improving, although bears are in control.

Should you buy UNI now?

UNI price recovery above $5.6 makes it attractive and likely to find higher levels. We should watch for bullish signals at the support as the token retests the level. The next targets for the cryptocurrency are $7 and $7.8.

On the flip side, if bulls fail at the $5.6 level, a continuation of the bear momentum could force UNI lower. The next levels to watch for the cryptocurrency will be $4.8 and $4.1.

Where to buy UNI    

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy UNI with eToro today

Capital.com

Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.

Buy UNI with Capital.com today

The post Uniswap is showing bullish signs, but how far can it go? appeared first on CoinJournal.

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Is Solana facing a catastrophic breakout from an inside-bar pattern?

It’s an indecision moment as Solana trades at an oversold level of $13. The cryptocurrency has formed multiple pin bars at the level, indicating indecision in the market. A potential breakout to the downside could see SOL claim a single-digit price.

CoinMarketCap data shows that SOL has lost more than 25% in a week. The loss is among the highest among the cryptocurrencies in the top 100 bracket. Concerns that the Solana ecosystem has a huge exposure to the collapsed FTX and Alameda have been fueling the bear market. Alameda is believed to hold 50.5 million SOL worth $708 million. Amid the exposure, Solana founder Anatoly Yakovenko has maintained that the investment is unaffected.

SOL remains under the mercy of bears, who are increasingly active at the $13 price level. Here is the price outlook:

SOL is under pressure at $13 even as the price hits oversold levels

Technically, SOL is creating a support zone at $13. However, a likely bullish reversal looks unlikely as the token trades with weakening momentum. The formation of multiple inside bars at the crucial level suggests that buyers and sellers match the effort. 

SOL/USD Chart by TradingView

Turning to the RSI shows that SOL is oversold. An attempted recovery has been muted, with a further slip of the RSI reading to 29. The MACD indicator underlines a weak and worsening momentum.

Which way is SOL?

An inside-bar pattern can break on either side. An upside breakout will confirm a bullish reversal for SOL. However, a quick sell-off for SOL could occur if the breakout occurs to the downside. In such a case, the SOL price could touch $10 or below. 

With the weak sentiment, a bearish breakout carries a higher chance. Investors should be cautious about buying SOL at this level.

Where to buy SOL

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy SOL with eToro today

Capital.com

Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.

Buy SOL with Capital.com today

The post Is Solana facing a catastrophic breakout from an inside-bar pattern? appeared first on CoinJournal.