Bitfinex’s LEO Spikes 32%, Passes IOTA on Crypto Leaderboard

LEO surges, up 32 percent
FOMO likely accelerating LEO demand

Bitcoin: After Breaking Above $9k, Analysts Expect Several Years of Positive Price Action
Wednesday June 19, 2019

Several days ago, Bitcoin incurred a massive influx of buying pressure that sent it surging past its previous resistance levels that existed around $9,000. In the time since, however, BTC’s bulls have not been...

The post Bitcoin: After Breaking Above $9k, Analysts Expect Several Years of Positive Price Action appeared first on 12bitplay - Bitcoin Play.

The tokenization of BitFinex through the sale of LEO tokens was an opportunity for investors to draw maximum benefits from a liquid exchange. At the time of writing, LEO is up 32 percent week-to-date.
LEO Price Analysis
Fundamentals
Desperate times call for desperate measures. That’s the adage that BitFinex’s owners, iFinex Limited, heeded, quite literally. Faced with insurmountable pressure upon the damaging revelation that the exchange used part of Tether Limited’s fund to fix a deluge, the management settled for an Initial Exchange Offering (IEO).
The objective was quite clear and brazen: crowdfund $1 billion in USDT from private investors. That meant tokenizing the exchange through the Unus Sed LEO tokens. Hardly surprising, Justin Sun was said to be among one of those who had made applications for consideration.
However, reports had it that he pulled out, it was apparent that opportunity seeking billionaires couldn’t leave this lying. Of the many investors who kept decided to keep it low key, the outspoken “china’s BTC billionaire” Zhao Dong, notified the community of BitFinex’s plans:
“Leo tokens are intended to be the utility token at the heart of the iFinex ecosystem. Token holder will experience immediate benefits across iFinex trading platforms, products, and services including LEO holders’ taker fees will be reduced by 15 percent overall crypto-to-crypto pairs (including crypto to Stablecoin. Taker fees…reduced by an additional 10 percent overall crypto pairs. For traders with an average >$5,000 USDT in LEO tokens in their account during the previous month…etc.”
Candlestick Arrangement

Multi-Billion Dollar Crypto Firm: Bitcoin Finding Use as Hedge for Global Crisis
Sunday June 16, 2019

Throughout its short history, Bitcoin (BTC) has been seen as anything but centralized, sovereign, and censorable. The crypto asset was created by a pseudonymous individual, is secured by a global group of miners, and is backed...

The post Multi-Billion Dollar Crypto Firm: Bitcoin Finding Use as Hedge for Global Crisis appeared first on 12bitplay - Bitcoin Play.

Considering the benefits, it was highly anticipated that the coin sold out in minutes, gifting BitFinex the much-needed liquidity. However, for investors, LEO prices sunk. Upon listing on May 20th, LEO prices dropped from $2.49 to $1.025 before closing at $1.07.
Even though it was seven percent in the green, investors were shaken. Presently, LEO on a recovery path, adding 96 percent and changing hands at $1.96 against the greenback. As a result of this, LEO’s market cap is $ $1,959 million surging 32 from week-to-date.
Technically, hype alone will shore LEO as investors don’t want to miss another BNB moment. Therefore, even though prices could react at $2.15 or the 78.6 percent Fibonacci retracement, bulls will likely prevail in the long term. Thus, for the savvy trader, every dip is another buying opportunity. Stop limits at $1.55 could be the safety net just against there is an unexpected liquidation.
Technical Indicators
Noteworthy, trading volumes are increasing. That is buoying bulls, which is positive. Breaks above May 20th high at $2.15 should ideally be with high trading volumes exceeding 3.95 million of June 10th.
Chart courtesy of Trading View. Image Courtesy of Shutterstock
 
The post Bitfinex’s LEO Spikes 32%, Passes IOTA on Crypto Leaderboard appeared first on NewsBTC.

A Boon for Bitcoin? Italian Government Proposes Tax on Savings in Held in Bank Safes
Wednesday June 12, 2019

The Deputy Prime Minister of Italy has proposed a new tax on cash and other valuables held by citizens at banks. If actually imposed, the measure could drive people towards Bitcoin as a way...

The post A Boon for Bitcoin? Italian Government Proposes Tax on Savings in Held in Bank Safes appeared first on 12bitplay - Bitcoin Play.

You may also like...