Track market-moving stories before they get noisy

Updated May 14, 2024, 5:24 p.m. Published May 14, 2024, 1:00 p.m.

2 min read

Karn Saroya, CEO of Re (Re)The new fund backs low-volatility insurances covering properties, trucking, aviation and workers compensation, excluding catastrophic risks at the start, Re CEO Karn Saroya said in an interview.Re targets to back $200 million in insurance premiums by the end of the year, with another $3 billion in the pipeline.The firm also raised $7 million in a venture capital investment round led by Electric Capital.Re, a real-world asset (RWA) platform specializing in offering tokenized reinsurance, said Tuesday it has opened its first open-ended reinsurance fund using the Avalanche {{AVAX}} network.

First investors of the fund include Nexus Mutual, a crypto insurance alternative provider, with a $15 million allocation and the RWA-focused Vista fund of Ava Labs, an ecosystem developer organization of Avalanche, with a smaller deposit.

The company also raised $7 million in venture capital in its latest fundraising round led by Electric Capital, following a $14 million seed round in late 2022.

Re, which is regulated in the Cayman Islands, focuses on introducing blockchain tech for a traditionally opaque, conservative industry and aims to be a decentralized version of Lloyd's of London, though of as the premier marketplace for insurance.

Reinsurance companies offer protection for insurance firms, collecting premiums to cover certain types of risks. With nearly $1 trillion in premiums annually, reinsurance is a cornerstone of today's financial markets and commerce, Karn Saroya, chief executive officer of Re said in an interview with CoinDesk.

"Reinsurance is the ocean, and insurance companies are the boats floating on the water,” he said.

Bringing these assets to blockchain rails can improve settlements, operational efficiency and create greater transparency of capital reserves, Saroya explained. This is in line with the red-hot tokenization trend, with digital asset firms and global financial institutions such as BlackRock, Citi and Franklin Templeton creating digital versions of old-school investments – often referred to as RWAs – to trade them on blockchains for operational benefits.

Read more: Why Asset Tokenization Is Inevitable

In the beginning, Re's new fund backs more conservative, low-volatility insurances such as property, trucking, aviation and workers compensation, excluding catastrophic risks, Karoya said.

The fund targets to offer up to 23% annualized yield to investors, and is accessible to U.S. accredited investors and any investors outside the U.S. who complete Re's know-your-customer (KYC) process. The minimum lock-up period for deposits is one year, and funds are available for redemptions as collateral is released from the insurance companies.

Investing in the fund is similar to high-yield fixed income, Saroya said, making it attractive to decentralized autonomous organizations (DAO) and ecosystem funds to deploy capital.

Related Assets

12345678910

Table of contents

From a speculative asset to a foundational element, Bitcoin ($BTC) continuously grows in terms of decentralized finance. This continuous evolution urges Babylon Labs and Nexus Mutual to join their efforts to safeguard billions of dollars in staked Bitcoin ($BTC). They aim to protect staked Bitcoin with a product that pioneers slashing protection. Bitcoin ($BTC) has now become a crucial part of financial systems worldwide. So, this alliance strives to provide crypto holders peace of mind, resilience, and trust while participating in staking.

Babylon Labs and Nexus to Reinforce Bitcoin ($BTC) Staking Security Babylon Bitcoin staking protocol holds billions of dollars to protect comparatively imperative assets. Nexus Mutual is renowned as a leader in crypto-based insurance alternatives. The platform now aims to create a bespoke slashing protection protocol. Babylon’s users can directly approach this product, so Babylon Labs plays a significant role in this process. The lab stays ahead in the development of the product, providing technical insights while facilitating connections with potential users.

Nexus Mutual was established in 2019, underwriting more than $5.5 billion in the coverage of digital assets. The platform offered $BTC-denominated insurance products at first. Its collaboration with Babylon Labs aims to strengthen the missions of both firms. Babylon Labs continues to unveil Bitcoin ($BTC) utility by providing secure staking solutions. On the other hand, Nexus Mutual leads in crypto-risk innovations.

The Partnership Provides Custom Coverage for a Decentralized Future Through this partnership, Nexus Mutual and Babylon aim to explore expanded Bitcoin Secured Networks (BSNs). This advancement enables customizable protection, improving liquidity and user confidence. Nexus Mutual’s coverage products strive to meet the demands, ranging from individuals staking their Bitcoins to institutions participating at scale.

The Head of Business Development at Babylon Labs, Clayton Menzel, states, “We’re excited about Nexus Mutual’s upcoming slashing protection product and what it could mean for Bitcoin stakers.” He further says, “This collaboration supports our mission of unlocking Bitcoin to secure the decentralized economy.”

The Founder of Nexus Mutual, Hugh Karp, emphasized the statement, stating, “Bitcoin is now a crucial part of the global financial system, and we’re excited to work with Babylon Labs to offer new ways to protect and leverage this digital asset.”

The alliance between Nexus Mutual and Babylon Labs is a significant step towards creating a more scalable and secure environment for Bitcoin staking. This environment will merge the reliability of insurance with decentralized capabilities.

AUTHOR

Crypto journalist with years of experience providing in-depth analysis and news on blockchain and decentralized finance. With a keen eye for detail, Shahzaib delivers insightful articles that explore the latest trends, market movements, and innovations within the crypto and blockchain ecosystem. His work focuses on educating readers while offering expert commentary on the evolving landscape of digital assets, DeFi protocols, and the broader impact of blockchain technology.

Nexus Mutual has transferred $250,000 to reimburse users caught in Arcadia Finance’s $3.5 million exploit, marking one of Base blockchain’s first major insurance settlements. The payout arrives as Arcadia’s own recovery plan remains weeks from implementation.

Summary

Nexus Mutual paid $250,000 to victims of Arcadia Finance’s $3.5 million hack, marking one of Base chain’s first major insurance settlements. The payout offers early restitution ahead of Arcadia’s own delayed recovery plan based on “Recovery Tokens.” On August 4, crypto insurance alternative Nexus Mutual announced it had paid out $250,000 to users impacted by the July 15 Arcadia Finance exploit on Base, where attackers drained $3.5 million in stablecoins through a contract vulnerability.

https://twitter.com/HughKarp/status/1952376806142853294

The smart contract bug allowed funds to be siphoned directly from user accounts, with stolen assets swiftly laundered into wrapped Ether. Nexus Mutual began processing claims in late July after a standard cooldown period, ultimately honoring coverage for eligible users who had purchased protection through OpenCover, a Base-native distributor.

A turning point for DeFi risk mitigation? The Arcadia Finance payout signals a deeper shift in the way decentralized finance is starting to confront its most systemic weakness: the lack of credible recourse when things go wrong. Nexus Mutual has now paid out over $18.2 million across 37 incidents since 2019, according to its public claims dashboard.

The Arcadia settlement joins a roster of landmark payouts including $5 million for the 2022 TribeDAO hack, $2.3 million for Euler Finance’s $197 million exploit, and nearly $5 million when FTX collapsed. These aren’t abstract numbers; they trace the evolution of crypto’s risk management infrastructure through its most chaotic years.

While smaller than other settlements, the Arcadia payout is symbolic. Its timing matters: this is one of the earliest high-profile insurance resolutions on Base, Coinbase’s Layer 2 chain, which has only recently started to see sustained DeFi activity. For affected users, the payout served as a crucial stopgap in the absence of protocol-native compensation, arriving before Arcadia itself was able to mobilize a full recovery plan.

Meanwhile, Arcadia Finance has charted a different course with its Recovery Token (RT) system, a complex mechanism where victims receive USDC-pegged tokens redeemable through staking, fee rebates, or secondary market sales.

Though innovative in its attempt to align incentives, the plan requires users to maintain long-term engagement with the protocol. Some may prefer Nexus Mutual’s straightforward ETH transfers, which impose no lockups or behavioral conditions.

Оновлено 11 груд. 2025 р., 1:28 пп Опубліковано 19 лист. 2025 р., 6:32 дп Перекладено AI

2 min read

Inside the Lloyd's of London insurance market. (Lloyd's of London)Summary

Капітал, виділений через Symbiotic, тепер може забезпечувати традиційні мережі з підтвердженням долі (PoS), одночасно страхуючи покриття Nexus.Партнерство вирішує структурний розрив у покритті ризиків DeFi: відсутність масштабованої та прозорої інфраструктури перестрахування.Децентралізований страхувальний протокол Nexus Mutual, інтегрувався з протоколом страхування та ефективності капіталу Symbiotic для створення шару перестрахування, що генерує дохід, з метою страхування ризиків децентралізованих фінансів.

Співпраця з Symbiotic запроваджує новий клас андеррайтингових сховищ, узгоджених із тривалістю покриття Nexus, що дозволяє здійснювати перерозподіл капіталу в режимі реального часу та швидке врегулювання претензій, повідомляється в пресрелізі у середу.

Капітал, розподілений через Symbiotic, тепер може забезпечувати традиційні мережі з підтвердженням ставки (PoS), одночасно підтримуючи страхове покриття Nexus, що допомагає масштабувати альтернативного провайдера страхового покриття без впровадження централізації чи неефективності, характерних для старих моделей, йдеться у релізі.

«Протягом багатьох років ринки ризиків на ланцюгу стикалися з проблемами масштабування через фрагментацію капіталу в ізольованих пулах», — сказав Міша Путятін, співзасновник Symbiotic. «Запроваджуючи композиційну інфраструктуру перестрахування, ми відкриваємо можливості масштабованих, бездозвільних ринків ризиків, де капітал нарешті може працювати на кількох рівнях екосистеми. Це не просто покращення ефективності, це те, що нарешті дасть змогу нам досягти масштабу»

Nexus Mutual прагне вирішити критичний дефіцит страхових потужностей у криптоіндустрії, дозволяючи учасникам вкладати активи у синдикати, подібно до того, як працює ринок Lloyd’s of London, за що вони отримують Токени NXM. Ці токени потім використовуються для покриття певних ризиків у обмін на прибутки, які, за словами засновника Nexus Mutual Г'ю Карпа, можуть сягати близько 25%.

Партнерство вирішує структурну проблему у покритті ризиків DeFi: відсутність масштабованої та прозорої інфраструктури перестрахування. Для Nexus Mutual це відкриває двері до додаткового попиту на андеррайтинг, що дозволяє протоколу розширювати покриття серед протоколів і класів активів без збільшення резервів.

«Оскільки інституційне впровадження DeFi продовжує зростати, інвестори все частіше звертаються до Nexus Mutual із проханням покривати ризики у ще більшому масштабі», — сказав Г’ю Карп, засновник Nexus Mutual. «Співпрацюючи з Symbiotic, ми забезпечуємо, щоб наші рішення з покриття на блокчейні відповідали потребам будь-якого інституційного інвестора чи протоколу.»

12345678910

Nexus Mutual Integrates Symbiotic for DeFi Insurance Alternative

PANews reported on May 27th that a16z crypto published an article on the X platform stating that not all tokenized assets truly and equally exist on-chain. Bonds are by far the largest class of tokenized assets, with a market capitalization of $15.2 billion, but only about 5% of this supply is used in DeFi. The situation is similar for precious metals: while they are on-chain, most are simply idle. Smaller categories are different. 84% of the supply of reinsurance tokens is deployed in DeFi, compared to 33% for private lending. This makes sense: these categories with the highest DeFi usage were built for DeFi from the beginning, for example, through protocols like Nexus Mutual and Maple Finance. Many practices now referred to as "tokenization" are actually closer to digitization: simply transferring records to the blockchain without unlocking any new functionality. This is important because one of the core value propositions of on-chain financial systems is composability.

Binance Token Delistings Signal Shift in Crypto Exchange Standards

Sujha Sundararajan

Author

Sujha Sundararajan

Part of the Team Since

Jun 2023

About Author

Sujha has been recognised as 🟣 Women In Crypto 2024 🟣 by BeInCrypto for her leadership in crypto journalism.

Has Also Written

Last updated: 

June 3, 2024

Binance, the world’s largest crypto exchange, is ceasing support and trading on all spot and margin pairs for four altcoins.

Starting June 17, Binance announced that it will delist altcoins including Waves (WAVES), OmiseGo (OMG), Wrapped NXM (WNXM) and NEM (XEM).

The exchange noted that these altcoin removals come in line with its periodical review of each digital asset. This ensures whether tokens continue to meet a high level of standard and industry requirements, Binance’s blog post read.

“When a coin or token no longer meets these standards or the industry landscape changes, we conduct a more in-depth review and potentially delist it. Our priority is to ensure best services and protections for our users while continuing to adapt to evolving market dynamics.”

Some of the factors evaluated during the periodical review includes token’s trading volume and liquidity, network stability and safety. The exchange also evaluates whether the token shows evidence of any fraudulent conduct, regulatory requirements, among others.

Further, Binance said that deposits of these altcoins will not be credited to user accounts after June 18. Additionally, it will not support withdrawals of these four tokens after September 18, 2024.

Following the delisting, WAVES token saw a sharp plunge of 25%, with the token currently trading at $1.67. The altcoin’s trading volume has jumped over 1340% as investors readjusted their holdings.

Binance Halts Cash Payments for P2P Trades in India
In the meantime, Binance’s India arm has stopped cash payment option for peer-to-peer trades.

The announcement to halt cash payments has affected local traders, who used Indian rupee (INR) option to avoid tax regulations.

Purushottam Anand, founder of Bengaluru-based blockchain firm Crypto Legal told Economic Times that P2P cash transactions expose parties to serious physical and financial risk, irrespective of whether any exchange is involved or not.

“There have been cases where traders have been physically assaulted and forced to transfer their virtual assets or hand over cash during physical meetings,” he added.

Key NotesGalxe's $50M fund seeks to revolutionize blockchain ecosystems by supporting decentralized projects.The fund was backed by venture capital companies like HashKey Capital and DAO5, supporting Galxe's vision for decentralized innovation.Galxe has added an additional $5 million in grants to bolster innovation. Galxe, a leading Web3 identity and rewards platform, has announced the launch of a $50 million ecosystem fund to accelerate innovation within its newly upgraded Gravity blockchain.

According to an announcement on Tuesday, this initiative, known as the Gravity Ecosystem VC Alliance, seeks to support developers and projects in building high-performance decentralized solutions while expanding the capabilities of the blockchain’s ecosystem.

A $50M Boost for Blockchain Developers The Gravity Ecosystem VC Alliance was established to provide funding, resources, and strategic backing for developers aiming to create scalable and efficient applications on the Gravity blockchain. Prominent investors, including HashKey Capital, DAO5, Draper Dragon, and Spartan Group, supported the new initiative.

Galxe’s co-founder, Charles Wayn described the initiative as a vital step toward supporting innovative projects that align with the platform’s mission.

“We wanted to start to build out the ecosystem and allow more developers to come over and build here. The advantage of building on Gravity is that you get instant access to the 1 million daily active users of Galxe,”  Wayn told Cointelegraph.

To complement the ecosystem fund, Galxe has also allocated an additional $5 million in developer grants to encourage further innovation. These grants aim to attract developers looking to capitalize on Gravity’s robust technical infrastructure and vast community of 31 million users.

Introducing Grevm 1.0 In addition to the ecosystem fund, Galxe has introduced Grevm 1.0, an open-source parallel Ethereum Virtual Machine (EVM) to upgrade Gravity. The new blockchain solution was developed using the Rust programming language to offer a simplified and more efficient alternative to traditional EVMs.

The Grevm 1.0 seeks to provide a better foundation for developers compared to existing solutions.

The Gravity network boasts impressive technical capabilities, including 1 gigagas per second throughput, sub-second transaction finality, and robust Proof-of-Stake (PoS) security.

The protocol launched its Alpha Mainnet in August 2024,  marking a strategic shift away from centralized infrastructure. During the transition, Galxe moved its core applications — such as Passport, Quest, Compass, and Identity Protocol — on-chain.

Galxe provides developers with a decentralized framework to build and grow their projects independently. The full mainnet is scheduled for launch next year.

A Vision for Interconnected Innovation Gravity’s infrastructure supports seamless integration across 70 interconnected blockchains, enabling developers to build applications that cater to a wide array of use cases. Additionally, its native token, G, facilitates uniform payment for gas fees across these networks, simplifying user interactions and improving accessibility.

The blockchain also has its own native SDK dubbed “Gravity SDK”, currently under development. According to Galxe, the open-source toolkit will enhance developer capabilities by providing a streamlined framework for creating decentralized applications.

Xia has high ambitions for the SDK, noting that it is being developed to outperform existing solutions like the Cosmos SDK by offering greater flexibility and efficiency.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

Blockchain News, Cryptocurrency News, News

Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.

Chimamanda U. Martha on X

As blockchain networks grow and serve more users, their scale—measured by the volume of transactions and participants—can both solve and create challenges.

Blockchains running programs that automate agreements, like smart contracts, often face significant challenges, especially those with large, active user bases. Too many users are trying to do things simultaneously, and the Ethereum Virtual Machine (EVM) at its center simply can’t do all the transactions the ecosystem wants in quick succession, one after another. Limited space on the blockchain can also increase competition for inclusion in blocks, driving up transaction fees during times of heavy use.

If there’s one thing that stops a growing platform from keeping its users happy, it’s slow and expensive transactions on its applications. Web3 distribution platform Galxe, one of the crypto world’s busiest platforms with over 31 million users, sought to address these common issues when designing its own tailor-made blockchain, Gravity.

In August 2024, Gravity introduced its Layer 1 Blockchain with the launch of its alpha mainnet: a proof-of-stake (PoS) blockchain and smart contract platform, built specifically to cater to the needs of the Galxe community’s 31 million-strong user base.

What is Grevm 1.0?Grevm 1.0 is an open-source, parallel Ethereum Virtual Machine (EVM) runtime that is “the technological core” of Gravity, facilitating almost 800,000 daily transactions running on Galxe’s ecosystem. It’s based on revm, an EVM written in the programming language Rust.

What makes Parallel EVMs different from conventional EVMs is that they provide a way to run multiple transactions or smart contract operations simultaneously, rather than sequentially, which can help avoid performance bottlenecks during periods of very high demand.

How does Grevm work?Grevm uses an algorithm inspired by BlockSTM, a type of parallel execution engine, to run its smart contracts. BlockSTM was put together by a team of researchers from Aptos, Mystem Labs, UCL, Chainlink Labs and MIT in 2022. BlockSTM is inspired by an academic approach in computer science known as Software Transactional Memory (STM).

Galxe’s team enhanced BlockSTM using data derived from its simulation results. Grevm also uses Asynchronous I/O in its algorithm, a design feature that enables programs to do other tasks while waiting for input or output tasks to finish, instead of pausing and waiting.

According to Galxe, incorporating Asynchronous I/O, a feature not present in the vanilla version of BlockSTM, allows it to perform better in many circumstances, such as when high latency is present.

What's so special about Grevm?Galxe’s benchmark testing indicates that Grevm is the fastest current open-source parallel EVM implementation to date.

For transactions that are fully parallelizable, Galxe claims that Grevm can be 4.13× faster than sequential execution, running at up to 26.50 gigagas/s. When Galxe simulated a high latency environment of 100 μs, it was found to run 50.84x faster than sequential execution, with 6.80 gigagas/s throughput.

This leap in performance is attributed to both the use of parallelized execution and the integration of asynchronous I/O operations—enabled by parallelism—which further amplifies the speedup by efficiently overlapping I/O operations.

In practice, Galxe explained that Grevm’s ability to handle computations in parallel will “elevate” DeFi protocols and dapps running on Gravity’s network, by allowing them to execute multiple transactions in parallel, minimize latency, and boost throughput.

Who's building on Grevm and Gravity? Galxe Quest is a platform for building and engaging Web3 communities. Using a no-code solution, it allows numerous projects to create reward-based loyalty programs. Optimism, Arbitrum, Base and over 6,500 other Web3 projects use it to provide users with freebies like loyalty points and complementary NFTs. Galxe Passport is a digital identity product that allows users to securely store their identity information and use it across hundreds of supported applications. Galxe Score evaluates users based on their on-chain activities, project participation, and overall engagement in the Web3 community, providing a comprehensive view of their presence and reputation. Symbiosis is a cross-chain automated market maker (AMM) and decentralized exchange has integrated Gravity into its platform, which allows users to bridge assets between Gravity and over 35 blockchain networks. What is Gravity’s G token?The Gravity blockchain uses G as its native utility token, following a token migration from GAL in July. G is used to pay for gas fees on the network and to make payments on apps like Galxe Quest, Galxe Passport, and Galxe Score. G also grants users a variety of opportunities to participate in deciding the future of the Gravity network.

Users can stake their tokens to secure the network and participate in future governance decisions, deciding the future of the blockchain.

Where can you buy Gravity's G token?G can be purchased via major exchanges such as Binance, OKX, Upbit, and KuCoin. It’s also traded on decentralized exchanges (DEXs) such as Uniswap.

On Binance, you can buy G directly using USD; other exchanges offer trading pairs with Tether (USDT), USD Coin (USDC), Wrapped BNB (WBNB), or Wrapped Ethereum (WETH).

What does the future hold for Grevm?Grevm’s successor, Grevm 2.0, is pegged for release in early Q1 2025. The second iteration of Grevm will focus on refining parallel transaction processing to increase efficiency and precision. With continued testing and enhancements, Galxe expects that Grevm 2.0 will enable faster, more scalable solutions within Gravity’s ecosystem.

Grevm 2.0 will introduce fully Asynchronous I/O as well as “finer-grained” transaction-level concurrency, allowing related transactions to run in parallel once their dependencies are resolved.

Discover Grevm 1.0 here, or explore how Gravity is empowering projects to build scalable decentralized solutions with its $50 million initiative here.

Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.

Top 5 Crypto Airdrops Worth Checking Out This Week

Messari Highlights Galxe’s Leading “Super App”

5 Key Token Unlocks Set to Impact the Crypto Market in February

Solana (SOL) Continues To Face Downside Pressure With Bearish Indicators

The Story Behind Charles Wayn and His Web3 Identity Push

Top 3 Crypto Airdrops For the Third Week of April

Table of contents

Galxe, a top Web3 platform for identity and credential infrastructure, has officially integrated with an Arbitrum-based DeFi-native L3 Superposition. The partnership is poised to considerably improve the DeFi infrastructure by merging the strengths of Galxe and Superposition. The platform revealed this joint effort in a recent social media post.

Galaxy and Superposition Integrate to Advance Decentralized Infrastructure The partnership leverages Galxe’s resilient tools for on-chain identity and the cutting-edge trading architecture of Superposition. The Arbitrum ecosystem-based Superposition operates as an advanced L3 protocol to exclusively facilitate DeFi applications. It delivers a suite of new features taking into account an on-chain order book, account abstraction, as well as permissionless and shared liquidity tools. The respective tools intend to streamline consumer experience while offering cost-efficient and rapid transfers to traders and developers.

The integration with Galxe permits Superposition to utilize seamless decentralized identity validation, reputation-building, and credential issuance capabilities. This could significantly serve in providing relatively sophisticated use cases dealing with DeFi. They include Sybil-resistant airdrops, identity-associated governance engagement, and access to diverse financial products.

Driving Permissionless Innovation, Scalability, Interoperability, and Privacy As per Galxe, Superposition’s integration aims to enhance scalability, interoperability, and privacy. With this, Superposition reaches a robust community of users and developers to redefine the DeFi future. The mutual endeavor signifies the shared commitment of both the entities to permissionless innovation as well as open ecosystems. It also underscores a promising move to further evolve the overall Web3 infrastructure.

AUTHOR

Umair Younas is a cryptocurrency-related content writer linked with this work since 2019. Here, at Blockchainreporter, he serves as a news and article writer. He is a crypto, blockchain, NFTs, DeFi, and FinTech enthusiast. He has strong command over writing authentic reviews about brokers and exchanges and he has collaborated with our education team to write educational content as well. He has a dream to raise awareness among people about digital currencies. His works are well-researched and brimmed with information hence they provide fresh insights. Stay tuned to his posts if you want to stay up-to-date with the crypto-verse.

Onyxcoin Price Prediction: 290 Million Whale Buying Gives Critical Hint 

XCN Price Is Up 116% But Young Holders’ Rising Profits Present A Threat

Two Supply Walls Block A 50% Onyxcoin Price Rally — Can Whales Break Through?

Onyxcoin Holders Sold in Panic, But Technical Charts Show Breakout Potential

Onyxcoin’s Month-Long Price Crash To Deepen Amid 40% Surge in Holder Exodus?

Onyxcoin [XCN] has rallied 4.4% in 24 hours and 27% over the past week. The token price gains came after a multi-week retracement from $0.013 to $0.0046.

At the beginning of the year, the altcoin 217% within a week, rallying from $0.0041 to $0.013.

It spent the rest of January and the first week of February retracing this sizeable move.

At the same time, Bitcoin [BTC] and the wider crypto market also saw a downturn in momentum.

The past week has been bullish for Bitcoin and many altcoins. This shift in short-term sentiment might have brought attention and capital to XCN. Can the bulls keep the rally going?

Warning signs from volume indicators Source: XCN/USD on TradingView The A/D indicator maintained its steady decline in recent months. The CMF was still at -0.06 despite the price bounce. Both the indicators showed that there has been no sustained buying pressure driving the past week’s rally.

This was a warning to swing traders that Onyxcoin might not be able to keep going higher. High buying pressure in the coming days would change this cautious outlook toward a more bullish view.

The price action perspective offered a more encouraging signal for buyers. The strong rally in January and the subsequent retracement were part of a healthy market.

Onyxcoin even saw a month of consolidation near the $0.005 lows before the recent breakout.

A strong rally, a sizeable retracement and consolidation before the next move is more reliable. The coin has spent time at the lows, confirming them as a steady demand zone.

The $0.0068-$0.0075 levels are the next resistances to watch out for.

Short-term XCN price trajectory Source: XCN/USD on TradingView In the short-term, a retracement toward $0.0057-$0.00545 was possible.

This conclusion was drawn based on the short-term Fibonacci retracement levels. The MACD formed a bearish crossover on Sunday, signaling that momentum has slowed down.

Such a retracement would offer swing traders an opportunity to go long. This idea would be invalidated if XCN falls back below the $0.005 level, which would mean the momentum has faded.

Final Summary Onyxcoin spent the past two months in a deep retracement phase, but has built up steam to attempt a recovery. A short-term retracement toward $0.00545 is possible before the upward momentum continues.

Onyxcoin (XCN) Momentum Builds: Will the $0.0050 Zone Act as a Launchpad or Stabilise?

[Trade] Market Support for Onyxcoin(XCN) (KRW, USDT Market)