Cryptocurrency News Roundup for September 7, 2020

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It was only a matter of time until the crypto exchange heavyweights introduced their own solutions alongside the burgeoning decentralized finance (DeFi) market.

Huobi, for example, set a precedent by unveiling its plans to join the yield farming mania earlier in August. Now it’s Binance’s turn to follow suit, albeit from a different entry point as compared to its Singapore-based peer.

The exchange announced Sunday the launch of a new platform dubbed Launchpool that enables users to farm new assets. It will kick-start proceedings with the Bella Protocol, an inaugural offering that comes loaded with automation and a one-click design to attract new DeFi users.

As a bonus, users on the platform will also be entitled to subsidized gas fees. More on that and other big stories from the day in the Monday edition of BeInCrypto’s cryptocurrency news roundup:

Binance ‘Brings the DeFi Experience’ with New Yield Farming Platform

Binance officially made a fully-fledged entry into the realm of DeFi on Sunday by rolling out a new platform dubbed Launchpool. The inaugural project for Launchpool will be the Bella Protocol.

By participating in Launchpool, users will be able to stake BNB, BUSD, or ARPA tokens into separate pools to farm $BEL tokens over 30 days. This will begin on Sept 9, 2020, at 00:00 AM (UTC), and Binance will subsequently list the $BEL token at 6:00 AM (UTC) on Sept 16, 2020.

Reaction to the news was mixed. One Twitter user replied,

If Binance is to be taken seriously, it needs to come clean on how it listed SUSHI, how much it made in fees & margins, & how much its trading team made betting against its customers.

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Bitcoin Manages to Hold Above $10,000, But is the Correction Complete?

The Bitcoin price decreased considerably last week, creating a bearish engulfing candlestick and closing -12.30%. The price has fallen back to the $10,100 support area, which had previously been acting as a resistance between September 2019 and July 2020.

The level is also very close to the long-term descending resistance line that the price had broken out from this past July.

Technical indicators are leaning bearish. The MACD has given a bearish reversal signal, and the stochastic RSI is in the process of generating a bearish cross.

  • Bitcoin is trading inside the long-term $10,100 support area.
  • The price has created a short-term double-bottom.
  • BTC looks to have completed wave 4 of a bullish five-wave impulsive formation.

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XRP Wrestles With Support, Hoping for a Reversal

The daily chart shows that besides being in a support area, the price has also found support at the 200-day moving average (MA). The same MA has previously acted as resistance before the breakout.

While technical indicators do not confirm a reversal, they show that the market is extremely oversold and at its lowest level since the March crash.

On lower time-frames such as the six-hour, there is already considerable bullish divergence in both the RSI and the MACD, while the stochastic RSI has made a bullish cross.

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Bitcoin Bank ‘Mode’ Eyes $52M London Stock Exchange Listing

A new report by The Telegraph sheds light on e-payment service Mode’s plans to launch a $52 million listing on the London Stock Exchange (LSE). The company hopes to raise an initial $10 million from a private equity sale ahead of the listing.

Mode, backed by Twitter co-founder Biz Stone operates a Bitcoin banking mobile app available across the world except in the U.S. The platform allows customers to purchase BTC via credit card or bank transfers.

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LINK Bounces Strongly After Market-Wide Crash

The short-term Chainlink (LINK) charts show that the price may not give an opportunity to enter at $10. After generating considerable bullish divergence, the price initiated an upward move that is still ongoing.

At the time of writing, it was trading very close to the $12.20 minor resistance area and a short-term descending resistance line. A breakout above both would likely take the price towards $13.8, and afterward at the longer-term descending resistance line near $15.

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ZCash (ZEC) Crash Spells Trouble for the Long-Term Trend

The long-term ZCash (ZEC) chart reveals a similarly bearish outlook. The price has fallen below the $75 area, which had previously acted as resistance. This makes the July rally above this area a likely deviation above the range high, which was followed by a rapid decline.

Likewise, technical indicators are bearish. The MACD has crossed into negative territory, the stochastic RSI is in the process of making a bearish cross, and the RSI is decreasing.

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Shilpa is a network engineer and management graduate who is deeply passionate about artificial intelligence and blockchain technology. She has been associated with several leading science & tech publications throughout her career as a journalist and columnist. Full-time foodie, semi-skilled musician, wannabe novelist.

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