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The difficult patch for cryptocurrencies continues as Fantom’s DEI becomes the latest stablecoin to lose its peg to the U.S. dollar.



At the start of the week, Deus Finance’s stablecoin, DEI, according to CoinMarketCap data, dropped as low as 54 cents as it lost its peg to the dollar. 



This marks the continuation of the streak of algorithmic stablecoins losing their pegs, sending ripples of chaos through the entire ecosystem.



Before the de-pegging, DEI had a market capitalization of around $64 million and showed great promise in its growth trajectory. DEI served as a collateral mechanism for third-party instruments on Deus Finance, a Fantom-based protocol for decentralized finance (DeFi). 



Algorithmic stablecoins in disarray



DEI bears similarities with the embattled UST as they are both algorithmic stablecoins. For DEI, the collateral ratio was constantly monitored and regulated through arbitrage bots that ensured the stability of the peg. 



The disillusionment around algorithmic stablecoins most likely led to DEI’s recent slump. 



On Sunday, the asset was trading at $0.97 but apprehensive traders began exchanging DEI tokens for USDC on decentralized exchanges with low levels of liquidity.



As traders frantically exchanged their DEI for other assets, the stablecoin entered a downward spiral that was made worse by developers putting a lid on the redemption mechanism for DEI.



“Our team is working around the clock to restore the DEI peg,” wrote the Deus Finance team. “Mitigation measures were implemented immediately and solutions are being developed for long-term stability.” 



Despite the attempt to allay the worries of investors, some community members have referred to DEI as just “another algostablecoin headed for a death spiral.”



Stablecoins can learn from Hong Kong



Stablecoin issuers might want to look to governments for tips on how to guarantee stability. For nearly 40 years, Hong Kong’s dollar has been pegged to the U.S. dollar despite being a paper currency.



Although it uses arbitrage to maintain the peg, the Hong Kong Monetary Authority uses a pure system by backing the currency with dollar assets and not tampering with interest rates. 



This differs from Terra’s UST as it was largely under-collateralized and interest rates were meddled with. 



Amid the chaos, Tether (USDT) gave investors a scare when it briefly lost its peg but quickly regained it to the relief of traders. 



The largest stablecoin was being traded at roughly $0.95 for a few hours, according to CoinMarketCap. Furthermore, experts have warned players in the space to brace for even stricter regulations for stablecoins after the events of the last week.




The post DEI Loses Peg Days After Terra’s Implosion, but Hong Kong Offers Way Out appeared first on BeInCrypto.


The difficult patch for cryptocurrencies continues as Fantom’s DEI becomes the latest stablecoin to lose its peg to the U.S. dollar.
The post DEI Loses Peg Days After Terra’s Implosion, but Hong Kong Offers Way Out appeared first on BeInCrypto.


beincrypto.com

DEI Loses Peg Days After Terra’s Implosion, but Hong Kong Offers Way Out

Widely followed crypto analyst Michaël van de Poppe says the markets are bouncing back after a rough week, starting with Bitcoin (BTC).
Analyzing the top crypto asset by market cap, Poppe predicts BTC bumping back up to the $34,000 range is possible soon.

“Bitcoin held the crucial level, which is great. 
Looking to see whether it can sustain above $29,700-30,000.
If so, then a test at $32,700 and potentially $34,000 is possible.”
Source: CryptoMichNL/Twitter
The analyst says a continuation is likely for Bitcoin, trading for $30,716 at time of writing, with one caveat.
“Depending on the US markets, but continuation seems likely here for Bitcoin.”
Source: CryptoMichNL/Twitter
Van de Poppe turns his attention to Dogecoin (DOGE), which has been playing dead alongside the rest of the crypto markets for weeks. The crypto analyst says the dog-themed memecoin is finally ready to come up.
“Time to go up for DOGE too.”
Source: CryptoMichNL/Twitter
Looking at Ethereum (ETH)-rival Cardano (ADA), he expects the falling altcoin to bounce back from its next support.
“Well, ADA didn’t hold at $0.68 and is currently down 87%.
The next support around $0.38-0.40 is the one the markets bounced from. 
From here to previous support is already a 2x.”
Source: CryptoMichNL/Twitter
Cardano is trading for $0.57 at time of writing, up 25% over the last 24 hours.
Looking at Ethereum scaling solution Polygon (MATIC), the trader foresees the layer-2 altcoin testing the $1 range if BTC can hold $30,000.
“Would not be surprised if MATIC is going to test $1 in the coming days/weeks if $BTC reclaims $30,000.
In the markets; always we’ll be having opportunities.
The percentage gains and possibilities are unlimited at this point.”
Source: CryptoMichNL/Twitter
Polygon is currently trading for $0.73, up 28% over the last 24 hours.
Van de Poppe looks last at the Fantom (FTM) protocol, a crypto asset that the trader thinks could nearly double in price before hitting any resistance.
“Seems that we’re seeing that relief rally across markets at this point.
For FTM, continuation towards $0.68 seems likely before we hit the first real resistance.
All in all, volatility will remain high, but probably we’re in a new accumulation period.”
Source: CryptoMichNL/Twitter
Fantom is trading for $0.37 at time of writing, up 28% over the last 24 hours.
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Featured Image: Shutterstock/Ormalternative/karnoff/PurpleRender/Mingirov Yuriy
The post Bitcoin and Crypto Markets Pop – Here’s What’s Next for BTC, Dogecoin, Cardano, Polygon and Fantom, According to Michaël van de Poppe appeared first on The Daily Hodl.


Widely followed crypto analyst Michaël van de Poppe says the markets are bouncing back after a rough week, starting with Bitcoin (BTC). Analyzing the top crypto asset by market cap, Poppe predicts BTC bumping back up to the $34,000 range is possible soon. &#8220;Bitcoin held the crucial level, wh...

dailyhodl.com

Bitcoin and Crypto Markets Pop – Here’s What’s Next for BTC, Dogecoin, Cardano, Polygon and Fantom, According to Michaël van de Poppe

Popular crypto analyst and trader Michaël van de Poppe is laying out his predictions for four altcoins in the wake of an extended crypto market correction.
In a new strategy session, Van de Poppe tells his 165,000 YouTube subscribers that looking at past cycles can be a good barometer for what might be on the horizon.

The analyst starts by discussing the price history of decentralized oracle network Chainlink (LINK), noting,
“[In the] previous cycle we’ve had a big run previously and then a long-term accumulation before we started to run back down or before we started to have another rush into Chainlink.
Big run in 2019, Chainlink was one of the big gainers during that period. Big drawdown too, in which we retest this order block [between $1.50-$2.00] before we start to run again.
We did not really test this level [between $1.50-$2.00]… Yes, we did during the March 2020 crash, but we didn’t really test this entire block which was obvious to retest and to actually get entries from. But as you can see in this example, we do not retest there.“
Van de Poppe says LINK is following a similar pattern now to how it was trading in March 2020.
Chainlink is up more than 10% on the day and changing hands for $12.08.
Moving on to decentralized crypto exchange Uniswap (UNI), the chart guru notes that the altcoin has followed the trend of many altcoins during the past year of major price increases followed by a series of drops.
At time of writing, Uniswap is rallying in a big way, up 16.26% and priced at $7.84.
Next up is the supply chain management blockchain VeChain (VET), which the trader notes has been on a good run lately.
“VeChain is also having a good run… And if we’re looking back from the previous run we’ve also had this explosion and then a retest of the previous high and this entire block right. A retest of this block leading towards expansion and continuation, so if you’re looking at the price action in itself the sideways accumulation a retest of the previous high took place here right so in this assumption it doesn’t make sense to go beneath that actual previous high…
I would definitely start accumulating already and the conclusion can be said that we are down 85% and we’re getting into that interesting zone here [$0.03 to $0.04].”
VeChain is also surging, currently up 14.82% with a price tag of $0.053.
Van de Poppe concludes his altcoin deep dive with enterprise-grade blockchain platform Fantom (FTM), saying that investors looking for an entry point should note its periods involving consolidation or sideways accumulation.
Fantom is in the green by 11.51% and valued at $0.84.

I
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Featured Image: Shutterstock/bima aldisa
The post Here’s What’s Next for Chainlink (LINK), Uniswap (UNI), VeChain (VET) and Fantom (FTM), Says Top Crypto Analyst appeared first on The Daily Hodl.


Popular crypto analyst and trader Michaël van de Poppe is laying out his predictions for four altcoins in the wake of an extended crypto market correction. In a new strategy session, Van de Poppe tells his 165,000 YouTube subscribers that looking at past cycles can be a good barometer for what mi...

Here’s What’s Next for Chainlink (LINK), Uniswap (UNI), VeChain (VET) and Fantom (FTM), Says Top Crypto Analyst

A widely-followed cryptocurrency analyst is expressing bearish sentiment on two Ethereum (ETH)-competing altcoins.
Pseudonymous crypto analyst Capo tells his 263,800 Twitter followers that the prices of two layer-1 platforms could fall by over 50% from the current levels.

Starting with Fantom (FTM), Capo says that the native token of the smart contract-enabled blockchain is flashing bearish signals when paired against Bitcoin (BTC).
Capo says that against the US dollar, FTM could drop to at least $0.35 in a three-wave corrective move based on the Elliott Wave Theory. The theory states that the main trend of an asset moves in a five-wave pattern while a correction occurs in a three-wave pattern.
“FTM 
Pair against BTC keeps looking bearish as fuck, and it broke the major support like butter.
Main target updated: $0.30 – $0.35.”
Source: CryptoCapo_/Twitter
Fantom is trading at $0.7943 at time of writing.
Next up is Solana (SOL). On a chart bearing no caption, Capo illustrates a bearish scenario for SOL by depicting the native token of the Ethereum competitor falling by around 49% to 55% from the current price to between $40 and $45. Solana could then stage a strong recovery after hitting the level last reached in August of 2021, according to Capo.
Source: CryptoCapo_/Twitter
Solana is trading at $88.69 at time of writing.
Capo also doubles down on an earlier “capitulation incoming” warning by saying that the crypto markets will decline further as Bitcoin and altcoins are all flashing bearish signals.
“BTC trend is bearish from the one-hour time frame to one-week time frame. 
Altcoins broke major support levels and most of them made new lows, confirming that the February-April bounce was indeed a correction.
Leverage ratio is at all-time high.
Capitulation is getting more and more likely, and we could see 50-60% drops soon.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.



Featured Image: Shutterstock/LongQuattro/diversepixel
The post Crypto Trader Warns 50% Drop Will Slam Two Ethereum Rivals, Predicts Massive Capitulation Incoming appeared first on The Daily Hodl.


A widely-followed cryptocurrency analyst is expressing bearish sentiment on two Ethereum (ETH)-competing altcoins. Pseudonymous crypto analyst Capo tells his 263,800 Twitter followers that the prices of two layer-1 platforms could fall by over 50% from the current levels. Starting with Fantom (FT...

Crypto Trader Warns 50% Drop Will Slam Two Ethereum Rivals, Predicts Massive Capitulation Incoming

[PRESS RELEASE – Tampa, United States, 28th April 2022]
Fantom and Pocket node runners can now earn POKT for servicing Fantom traffic from applications, tools, services, and protocols
Pocket Network, a relay infrastructure middleware protocol that provides limitless blockchain bandwidth from a globally distributed network of 44k+ full nodes to applications in Web3 across 45 blockchains, including Ethereum, Polygon, Solana, Fuse, Avalanche, and Harmony, today announced it is adding support for Fantom Blockchain, the highly scalable blockchain platform for DeFi, crypto dApps, and enterprise applications.
Officially supporting Fantom within the Pocket Network enables developers to mint Fantom RPC endpoints for their applications directly from the Pocket Portal, enabling node runners to, for the first time, earn $POKT for servicing Fantom traffic from applications, tools, services, and protocols.
“Centralized RPC providers are often susceptible to single points of failure that can bring down service,” said Michael O’Rourke, Co-Founder and CEO of Pocket Network. “After successfully whitelisting support for the Fantom network with the 0049 Relay Chain ID, we’re proud to announce that Pocket Network is bringing decentralization to Fantom and, for the first time, providing incentives and rewards for node operators.”
Adding Pocket Network support for Fantom blockchain brings true decentralization to Fantom’s remote procedure call (RPC), allowing Pocket’s middleware protocol to decentralize the RPC layer and provide a second layer of full-node incentives via its native blockchain protocol cryptocurrency $POKT, a utility token. As with most centralized blockchains, applications are limited by a certain number of requests per day.
Pocket Network solves this by offering load-balancing built-in at the protocol layer to provide an extra layer of redundancy that centralized RPC providers can’t replicate. Thanks to Pocket Network, a pool of highly-available Fantom nodes are ready to serve Fantom applications (and RPC aggregators), performing hundreds of millions of relays daily.
“Having Pocket Network’s decentralized RPC on Fantom brings us one step closer to a future built on censorship-resistant and decentralized infrastructure,” said Michael Kong, CEO of Fantom Foundation.
“Prior to now, there were no full-node incentives on Fantom––only Fantom validator nodes could earn $FTM rewards for validating blocks and maintaining consensus,” said Alberto Jauregui, Ecosystems Developer at Pocket Network. “Supporting Fantom not only provides a resilient and reliable RPC service for developers but also creates an extra stream of income in the form of POKT for full-node runners while making the Fantom network more robust at the same time. It’s a win-win for Fantom applications and nodes, demonstrating their dedication to building the infrastructure for a more democratic and efficient future, true to the maxim of decentralization.”
For more information on Pocket Network, visit https://www.pokt.network/.
About Pocket Network
Pocket Network, a blockchain data ecosystem for Web3 applications is a platform built for applications that use cost-efficient economics to coordinate and distribute data at scale. It enables seamless and secure interactions between blockchains and across applications. With Pocket, the use of blockchains can be simply integrated into websites, mobile apps, IoT, and more, giving developers the freedom to put blockchain-enabled applications into the “pocket” of every mainstream consumer. For more information visit pokt.network.


[PRESS RELEASE &#8211; Tampa, United States, 28th April 2022] Fantom and Pocket node runners can now earn POKT for servicing Fantom traffic from applications, tools, services, and protocols Pocket Network, a relay infrastructure middleware protocol that provides limitless blockchain bandwidth fro...

Fantom price	$0.429294
Low - High 24H	$0.360378 - $0.452688
Market cap	$1.09B
Volume 24H	$801.72M
All time high	$3.46 -87.72% October 28th 2021
All time low	$0.001902 22224.56% March 13th 2020
Genesis date	N/A

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