🗞 Daily Crypto News, February, 2nd💰

Welcome to the Daily Crypto News: A complete News Review, Coin Calendar and Analysis. Enjoy!

🗞 Market Wrap: Bitcoin Trading Tepidly at $33.7K While SushiSwap Eats Raw Market Share

Bitcoin is taking a break, staying in a tight trading range with lower than average volume compared to the past month. Meanwhile, alternative cryptocurrencies and decentralized finance are stealing the spotlight.

Bitcoin (BTC) trading around $33,782 as of 21:00 UTC (4 p.m. ET). Gaining 2.5% over the previous 24 hours.

Bitcoin’s 24-hour range: $32,341-$34,715 (CoinDesk 20)

BTC above the 10-hour and the 50-hour moving average just slightly on the hourly chart, a sideways-to-bullish signal for market technicians.

Bitcoin spot trading volumes on major exchanges were at $2.6 billion Monday as of press time on the eight major venues tracked on the CoinDesk 20. That’s much lower than frenzied $4.8 billion average the past month, but well within earshot of the three-month average of $2.7 billion.

SushiSwap eating up DEX market share

SushiSwap is making gains in trading volume market share for decentralized exchanges, or DEXs, hitting an all-time high of over 23% of the entire market as of press time, according to data aggregator Dune Analytics.

SushiSwap is a “fork” of reigning DEX by volume Uniswap, meaning that Uniswap’s smart contract code was used to create the rival exchange. Peter Chan, head of trading for OneBit Quant, says both SushiSwap and Uniswap are benefiting from cryptocurrency price gyrations to better position themselves in the market. “They both experienced huge growth in volume lately, most due to increased market volatility,” Chan told CoinDesk.

🗞 Markets Flip as XRP, Dogecoin Price Collapse After Weekend Surge

Pump and dump schemes have caused a collapse in the prices of XRP and Dogecoin.

Other projects report strong gains including Ethereum, Cardano and Uniswap.

Stock markets bounce back after brutal week, but some are concerned a bubble is forming.

The pump and dump schemes are back. The schemes, which involve groups of investors coordinating their buying, and subsequent selling are running riot with projects like XRP and Dogecoin.

Ripple’s XRP, currency which had surged over the last three days, collapsed by 42% in the past 24 hours.

The sudden surge attracted newbie investors like Kiss frontman Gene Simmons who bought into the pump, he revealed in a Tweet yesterday. Debate ensued on Twitter over Simmons’ omission, with some suggesting he’d been left ‘holding the bag’ a term for investors caught out by pump and dump schemes-after the price collapses.

Dogecoin investors faced a similar fate yesterday (Gene Simmons also bought Doge) as the meme coin dropped by 13.6% in the past day. After reaching highs of $0.037 on Sunday, the project has been steadily declining, racking up two straight days of losses.

🗞 IBM Blockchain Is a Shell of Its Former Self After Revenue Misses, Job Cuts: Sources

IBM has cut its blockchain team down to almost nothing, according to four people familiar with the situation.

Job losses at IBM (NYSE: IBM) escalated as the company failed to meet its revenue targets for the once-fêted technology by 90% this year, according to one of the sources.

“IBM is doing a major reorganization,” said a source at a startup that has been interviewing former IBM blockchain staffers. “There is not really going to be a blockchain team any longer. Most of the blockchain people at IBM have left.”

IBM’s blockchain unit missed its revenue targets by a wide margin for two years in a row, said a second source. Expectations for enterprise blockchain were too high, they said, adding that IBM “didn’t really manage to execute, despite doing a lot of announcements.”

A spokesperson for IBM denied the claims.

“Our blockchain business is doing well, thank you,” Holli Haswell, a director of public relations at IBM, said via email. “We have realigned some leaders and business units to continue to drive growth – we do that every year.”

No more TV commercials

In the past several years, IBM has pushed ahead with a series of blockchain networks built on Hyperledger Fabric. Big Blue’s major blockchain networks are FoodTrust, a farm-to-supermarket tracking system backed by Walmart; and TradeLens, a shipping container logistics blockchain backed by Maersk. IBM has also added the Trust Your Supplier network and previously had a go at payments via World Wire.

🗞 Grayscale may jumpstart the next phase of the Bitcoin bull run tomorrow

Bitcoin (BTC) may have traded sideways for much of last month thanks to Grayscale, but the status quo will soon change.

According to data from on-chain analytics resource CryptoQuant, the price premium of the Grayscale Bitcoin Trust (GBTC) just hit its lowest since April 2019.

Grayscale lock-up ends Wednesday

Grayscale has made the headlines frequently this year thanks to record BTC purchases and record demand, but despite the inflows, BTC/USD has not continued to gain.

As February begins, the Trust’s purchase premium is at around $6.50, having previously been as high as $40 over the course of its existence. This historically coincides with meandering price direction, while large premiums equal large upside moves for Bitcoin.

“This voids enables premiums to shrink again just like the nine times before,” the article continued, correctly predicting the price behavior for the second half of January.

“And it'll keep shrinking until the next unlocking. Because of this I expect price to either consolidate or sag.”

No sag for Grayscale investment

Grayscale meanwhile continues to expand its offerings as institutional interest broadly shows no signs of slowing for either Bitcoin or altcoins.

🗞 Daily Crypto Calendar, February, 2nd💰

Chainlink (LINK)

"... @BiKiEnglish and $LGCY will be adding two more strategic pairs. $LINK / $USDL and $DOT / $USDL will be added..."

Helium (HNT)

"Learn more and join us for a special episode of The Uplink on February 2nd..."

Stacks (STX)

AMA with the Turkey Chapter Leads.

Harmony (ONE)

"... Now we are launching a new 1-month liquidity mining campaign for Harmony on Hive account@kucoincom with a total reward pool of USDT 5,000!"

Wabi (WABI)

Wabi product, tech and features updates and announcements. Twitter Hive account@wabitoken.

Crypto.com Coin (CRO), Theta Network (THETA), Theta Fuel (TFUEL)

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