Known more for his purchases, Justin Sun has now turned to selling. According to on-chain analysis platform Spot On Chain, Sun executed sales on June 10th involving Aave (AAVE), Maker (MKR), Compound (COMP), and Liquity (LQTY).

The data reveals that Sun transferred $11.2 million worth of AAVE, $9.3 million worth of MKR, $245,000 worth of COMP, and $217,000 worth of LQTY to the cryptocurrency exchange Binance.

Why is Justin Sun Selling?

In recent months, Sun has been consistently buying large amounts of altcoins and holding tens of millions of dollars worth of them. It is highly likely that he is taking profits to hedge against potential market downturns.

With upcoming inflation data from the U.S. expected this Wednesday and Thursday, Sun appears to be approaching the market cautiously. If the data turns out unfavorable, it could trigger market declines, which Sun seems keen to avoid.

This week, the U.S. Consumer Price Index (CPI) and interest rate decision will be announced on Wednesday, followed by the Producer Price Index (PPI) data on Thursday.

By staying informed about Justin Sun‘s trading strategies and the potential market impacts of upcoming U.S. economic data, investors can better navigate the volatile cryptocurrency landscape.

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Liquity’s upgraded protocol aims to increase competition in the DeFi yield race and plans to go live in the third quarter. The new stablecoin BOLD will co-exist with Liquity’s existing LUSD stablecoin, allowing investors to use liquid staking derivatives of ETH as collateral to provide liquidity or leverage.

The planned upgrade of decentralized finance (DeFi) lending platform Liquity (LQTY) will include an over-collateralized stablecoin that uses ether (ETH) liquid staking tokens as backing assets and allows user-determined interest rates for loans. According to the protocol, this will be a first in DeFi.

“Current protocols either rely on slow and potentially incompatible human management to adjust interest rates or lack a targeted way to use interest payments to increase demand for stablecoins,” notes the white paper published Tuesday. “Liquity V2 will change this.”

Details of the new version are scheduled to launch at the end of the third quarter, while new yield-earning strategies and ROI will help DeFi native stablecoins weather the crypto winter in 2022 and 2023. For example, Aave and Curve introduced their own stablecoins last year, with Ethena’s “synthetic dollar” generating returns from USDe, bitcoin (BTC) and ETH futures, attracting $2.3 billion in deposits.

Liquity is known as a stablecoin lender that allows users to get loans in over-collateralized LUSD stablecoins at 0% interest by depositing ETH into the protocol. In May 2021, at the peak of the previous crypto bull market, the total value locked (TVL) on the protocol exceeded $4 billion. It’s currently at around $700 million, according to DefiLlama data.

The new stablecoin, BOLD, will co-exist with LUSD. It will allow borrowers to borrow ETH and liquid staking ETH derivatives by depositing them as collateral and set their preferred interest rate, and plans to repay most of the revenue from borrowing fees into the stability pool and secondary markets promoted by the protocol.

The idea behind allowing borrowers to set loan rates is to align incentives: The more borrowers are willing to pay, the more revenue they contribute to the protocol, and that revenue is paid out to BOLD holders in stability and liquidity pools.

“LUSD is great for its decentralized capabilities, but it lacks the flexibility to adapt to changing market conditions such as rising or falling interest rates,” Samrat Lekhak, head of business development and communications at Liquity, said in an interview on Telegram. “During periods of positive interest rates, it implies the need for a constant source of return for the stablecoin, which BOLD provides.”

Liquity plans to implement the protocol by the end of the third quarter of this year, Lekhak said.

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The support of 34,000 dollars for Bitcoin works well but the wicks being thrown under seem to hit the strong support. If we see clear closings below this support point in 4-hour intervals, we could see pullbacks in Bitcoin.

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The Latest Status in Cryptocurrencies – October 27

‣ Bitcoin (BTC) The BTC/USD parity is trading at the level of 34175 dollars with a decrease of 0.03% at the time of writing. For BTC, resistance levels are in the range of 36000 dollars – 39800 dollars, while support levels are in the range of 31000 dollars – 30200 dollars.

‣ Ethereum (ETH) The ETH/USDT parity is trading at the level of 1792 dollars with a decrease of 0.65% at the time of writing. For ETH, resistance levels are in the range of 1885 dollars – 1960 dollars, while support levels are in the range of 1815 dollars – 1789 dollars.

‣ Tomo (TOMO) The TOMO/USD parity is trading at the level of 1.97 dollars with a decrease of 4.97% at the time of writing. For TOMO, resistance levels are in the range of 2.00 dollars – 2.29 dollars, while support levels are in the range of 1.50 dollars – 1.34 dollars.

‣ Liquity (LQTY) The LQTY/USD parity is trading at the level of 1.84 dollars with a decrease of 8.88% at the time of writing. For LQTY, resistance levels are in the range of 2.48 dollars – 2.97 dollars, while support levels are in the range of 1.73 dollars – 1.34 dollars.

‣ Bluzelle (BLZ) The BLZ/USD parity is trading at the level of 0.22 dollars with a decrease of 5.04% at the time of writing. For BLZ, resistance levels are in the range of 0.26 dollars – 0.28 dollars, while support levels are in the range of 0.21 dollars – 0.17 dollars.

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Bitcoin, while still trying to exceed $ 28,000, has the potential to form a doji candle formation at these levels before the weekly close. This may indicate the possibility of ending the rise trend coming from the $15,000 level. Therefore, seeing a candle close above $27,430 could be a positive development to prevent this negative situation. Alternatively, Bitcoin can nullify this potential doji candle formation by testing the nearest support levels.

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The Latest Status in Cryptocurrencies – October 8

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Last night, we mentioned that shorts transactions were increasing and should be watched out for. In a short time, Bitcoin showed an increase up to the level of $27,800. As long as our support level is not broken, we can see an upward movement in Bitcoin if we exceed the $28,500 level we have determined as resistance.

The Latest Status in Bitcoin and Cryptocurrencies

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In recent days, Bitcoin failed to exceed the $28,500 level after a sharp increase. There was not enough buying pressure in this increase, so there were pullbacks afterwards. As of now, Bitcoin is using the $27,260 level as support. If the $27,500 level is exceeded, there is likely to be another movement.

The post The Latest Status in Cryptocurrencies! – October 4 appeared first on Coin Engineer.

After the rise in Bitcoin yesterday, we observe a formation of a short-term descending triangle. If this formation breaks upwards, we can see an increase up to $27,500. However, if there is a downward break, declines to $26,400 may be possible.

‣ Important Developments Today:

• Ripple Will Celebrate Victory.
• Annual Inflation Rate in the European Region to be Announced at 15:30. (Expectation %4.60 – Previous %5.20)
• Last day for the users having asset loss at FTX exchange to present their proofs.

Latest Status in Cryptocurrencies – September 29

‣ Bitcoin (BTC) BTC/USD pair is trading at 27,072 dollars, up 0.11% at the time of writing. BTC Resistance levels are between 26,800 dollars – 28,200 dollars, while support levels are between 25,400 dollars – 25,000 dollars.

‣ Ethereum (ETH) ETH/USDT pair is trading at 1678 dollars, up 1.53% at the time of writing. ETH Resistance levels are between 1694 dollars – 1731 dollars, while support levels are between 1550 dollars – 1465 dollars.

‣ Dydx (DYDX) DYDX/USD pair is trading at 1.95 dollars, up 1.35% at the time of writing. DYDX Resistance levels are between 2.01 dollars – 2.06 dollars, while support levels are between 1.92 dollars – 1.86 dollars.

‣ Solana (SOL) SOL/USD pair is trading at 20.16 dollars, up 0.90% at the time of writing. SOL Resistance levels are between 20.55 dollars – 22.0 dollars, while support levels are between 19.35 dollars – 18.60 dollars.

‣ Liquity (LQTY) LQTY/USD pair is trading at 0.93 dollars, up 3.20% at the time of writing. LQTY Resistance levels are between 1.01 dollars – 1.10 dollars, while support levels are between 0.90 dollars – 0.87 dollars.

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Before the announcement of the FED interest rate decision at 9:00 PM, the symmetrical triangle formation observed in Bitcoin could potentially rise to levels around $27,800 if there is an upward breakout. However, if this formation experiences a downward breakout, we could target levels around $26,600.

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The Latest Status of Cryptocurrencies

‣ Bitcoin (BTC) BTC/USD pair is trading at $27,234 with a 0.02% decrease. The resistance levels for BTC are in the range of $26,800 to $28,200, while the support levels are in the range of $25,400 to $25,000.

‣ Ethereum (ETH) ETH/USDT pair is trading at $1,638 with a 0.37% decrease. The resistance levels for ETH are in the range of $1,694 to $1,731, while the support levels are in the range of $1,550 to $1,465.

‣ Bluzelle (BLZ) BLZ/USD pair is trading at $0.202 with a 3.30% decrease. The resistance levels for BLZ are in the range of $0.235 to $0.257, while the support levels are in the range of $0.195 to $0.164.

‣ Liquity (LQTY) LQTY/USD pair is trading at $0.84 with a 3.76% increase. The resistance levels for LQTY are in the range of $0.87 to $0.92, while the support levels are in the range of $0.81 to $0.77.

‣ Storj (STORJ) STORJ/USD pair is trading at $0.39 with a 6.77% decrease. The resistance levels for STORJ are in the range of $0.42 to $0.50, while the support levels are in the range of $0.33 to $0.29.

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