• bitcoin
    Bitcoin(BTC)
    $0.00 4.63%24H
  • ethereum
    Ethereum(ETH)
    $0.00 7.65%24H
  • binance-coin
    Binance Coin(BNB)
    $0.00 8.29%24H
  • usd-coin
    USD Coin(USDC)
    $0.00 -0.04%24H
  • cardano
    Cardano(ADA)
    $0.00 5.58%24H
  • chainlink
    Chainlink(LINK)
    $0.00 7.66%24H
  • bitcoin-cash
    Bitcoin Cash(BCH)
    $0.00 5.04%24H
  • stellar
    Stellar(XLM)
    $0.00 4.19%24H
  • vechain
    VeChain(VET)
    $0.00 7.84%24H
  • tezos
    Tezos(XTZ)
    $0.00 5.65%24H
  • eosdac
    eosDAC(EOSDAC)
    $0.00 3.34%24H
Crypto Currency Bazaar 4u: Today’s Latest Worldwide News on Cryptocurrency Market delivered to the last minute, Live Crypto Price Data and Indexes, Crypto Investment & Finance opportunities & Blockchain projects, Global Crypto Classifieds
  • INVESTMENTS
    • Crypto General
    • Masternodes
    • Mining Projects
    • NFTS Investments
    • Invest In ICO
    • Exchanges
    • Staking Yeild Farming
  • WORLD
  • USA
  • CANADA
  • JAPAN
  • UK
  • UAE
  • INDIA
  • MORE
    • BRAZIL
    • AUSTRALIA
    • EL SALVADOR
    • CENTRAL AMERCIA
    • SOUTH AMERICA
    • AFRICA
    • EUROPE
    • ASIA
    • OCEANIA
    • ICO
  • Login
  • BLOCKCHAIN
  • BITCOIN
  • ETHEREUM
  • NFTS
  • ALTCOIN
  • MINING
  • VIDEOS
  • LIVERATES
  • SHOP
  • CLASSIFIEDS
  • ADVERTISE
  • SUBMIT PRESS RELEASE
HealthNews
No Result
View All Result
Home INDIA

Synthetix launches sXAG markets as internet traders begin pumping silver

CB4U by CB4U
January 3, 2022
in INDIA
0
Synthetix launches sXAG markets as internet traders begin pumping silver
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

The metal gained over 11% in the past day, setting an eight-year high price. Meanwhile, synthetic crypto assets platform Synthetix launched the sXAG token, an ERC-20 issuance that tracks the prices of the shiny metal.

Internet traders fuel silver rally

Who said people on social media couldn’t influence markets? The latest price surges in a number of assets are proving otherwise.

Last week saw the stock of GameStop surge skyward to over $450 at one point, up hundreds of percent from the stock’s low of under $2 in May 2020. Much of that run came from WallStreetBets, a subreddit focussed on the US stock and options market.

Silver is +11% tonight and just traded 8 year highs. Had never imagined a social media traders’ campaign could do this. #silversqueeze pic.twitter.com/GwJHu49k2i

— Alex Krüger (@krugermacro) February 1, 2021

Then, on the crypto side, came the surge in meme coin Dogecoin. Social influencers on Twitter and TikTok shilled the joke token to their millions of followers cumulatively, which led to a price surge of over 800%—from under $0.007 to over $0.08.

Now, the internet’s greatest traders are out for silver. The precious metal made the rounds on several online forums, Twitter accounts, and internet groups, and broke out of its eight-year highs last night. The surge even meant that all silver-related stocks on the US markets themselves moved upwards.

The #silversqueeze is going to tell us just how bullshit the Silver and precious metals markets are.

— Cameron Winklevoss (@cameron) January 31, 2021

Some silver brokering sites even went offline as customers rushed in to purchase their part of the shiny metal. As per Economics Times, the prices of spot silver surged by nearly 7.4% in Asia to over $29 an ounce. The move meant silver traders were up over 15% on their investment since last week.

Mining stocks went up in Australia and China, the report said, with one Money Metals, an online exchange for precious coins and bullion, even said there was an “Extreme Demand Alert” for the shiny metal, restricting orders to between $1,000 and $10,000 per customer.

As such, one Kyle Rodda, an analyst at brokerage IG Markets in Melbourne, said that the silver rally was fueled by the Reddit crowd:

“The Reddit crowd has turned its sights on a bigger whale in terms of trying to catalyze something of a short squeeze in the silver market.”

He, however, provided no further evidence of the exact subreddit or Reddit posters driving the rally.

A disinformation campaign?

Despite the popular opinion, some critics said that the silver rally was not being driven by the retail crowd at all. “On Twitter, everyone is saying WallStreetBets is going after Silver next. On WallStreetBets, there are only 3 posts on Silver in about the top 50, and they’re all warning everyone to stay away,” said Nathaniel Whittemore, a podcast host, and macroeconomist.

“Someone is orchestrating a serious disinformation campaign,” he added.

On Twitter, everyone is saying WallStreetBets is going after Silver next.

On WallStreetBets, there are only 3 posts on Silver in about the top 50, and they’re all warning everyone to stay away.

Someone is orchestrating a serious disinformation campaign. pic.twitter.com/49BkX5BIIL

— Nathaniel Whittemore (@nlw) January 31, 2021

The surge, however, made clear that retail investors could indeed still move markets, despite the popular opinion that only institutions and hedge funds were able to do so. Wonder which asset is going to be pumped in this way next.

Silver is now on Synthetix

Silver’s move skyward saw markets for sXAG, an ERC-20 version of silver on the Ethereum blockchain, go live on Synthetix.

The token’s prices are powered by Chainlink oracles, and allows anyone in the crypto/DeFi space to get price exposure to silver without needing a traditional brokerage account or paying crazy spreads on bullion. “Synthetix also supports sXAU (gold) and sOIL (Brent Crude Oil) as well as a number of forex currencies like GBP and AUD,” said Synthetix founder Kain Warwick in a tweet.

This allows anyone in DeFi to get price exposure to silver without needing a traditional brokerage account or paying crazy spreads on bullion. Synthetix also supports sXAU (gold) and sOIL (Brent Crude Oil) as well as a number of forex currencies like GBP and AUD.

— kain.eth (@kaiynne) February 1, 2021

Warwick said that various arbitrage opportunities and upcoming proposals would make markets like sXAG one of the most liquid synthetic markets in the world.

Quadency

CryptoSlate Newsletter

Featuring a summary of the most important daily stories in the world of crypto, DeFi, NFTs and more.

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Advertisement Banner
Previous Post

Moneygram partners with Stellar (XLM) after Ripple snub last year

Next Post

Ex-Google CEO now strategic advisor at Chainlink

CB4U

CB4U

Next Post
Ex-Google CEO now strategic advisor at Chainlink

Ex-Google CEO now strategic advisor at Chainlink

Discussion about this post

RECOMMENDED

GensoKishi Online Has Announced BNB Chain Bridge and Listing on a Japanese Crypto Exchange – Press release Bitcoin News

GensoKishi Online Has Announced BNB Chain Bridge and Listing on a Japanese Crypto Exchange – Press release Bitcoin News

2 months ago
Crypto mining profitability varies wildly based on location

Crypto mining profitability varies wildly based on location

11 months ago

DON'T MISS

Solana Woes Worsen in $320 Million (120K wETH) Wormhole Bridge Hack

4,000 ETH ($7.5M) Compromised Following Latest DeFi Exploit

May 28, 2023
Jimbos Protocol hacked for $7.5M, JIMBO price drops 40%

Jimbos Protocol hacked for $7.5M, JIMBO price drops 40%

May 28, 2023
Will $DOGE Price Hit $0.082 or $0.065?

Will $DOGE Price Hit $0.082 or $0.065?

May 28, 2023
Crypto Wallet DEBACLE WORSENS? Bitboy Ledger CTO Interview

Crypto Wallet DEBACLE WORSENS? Bitboy Ledger CTO Interview

May 28, 2023
Crypto Currency Bazaar 4u: Today’s Latest Worldwide News on Cryptocurrency Market delivered to the last minute, Live Crypto Price Data and Indexes, Crypto Investment & Finance opportunities & Blockchain projects, Global Crypto Classifieds

The Cryptocurrency Bazaar 4U was founded in 2020 for providing the most trusted information for the Crypto enthusiasts covering a broad range of news about blockchain technology, cryptocurrency assets, emerging fintech trends in the decentralized space, and other related wide array of information surrounding this emerging technology.Our team provides the most up-to-date and accurate news from different sources in this space comprising of unbiased news, in-depth analytics, detailed cryptocurrency price charts, and insightful opinion pieces is the basis of our editorial content.

POPULAR POSTS

Solana Woes Worsen in $320 Million (120K wETH) Wormhole Bridge Hack

4,000 ETH ($7.5M) Compromised Following Latest DeFi Exploit

May 28, 2023
Jimbos Protocol hacked for $7.5M, JIMBO price drops 40%

Jimbos Protocol hacked for $7.5M, JIMBO price drops 40%

May 28, 2023
Will $DOGE Price Hit $0.082 or $0.065?

Will $DOGE Price Hit $0.082 or $0.065?

May 28, 2023

Categories

  • AFRICA
  • ALTCOIN
  • ASIA
  • AUSTRALIA
  • BITCOIN
  • BLOCKCHAIN
  • BRAZIL
  • CANADA
  • CENTRAL AMERCIA
  • CRYPTO GENERAL
  • EL SALVADOR
  • ETHEREUM
  • EUROPE
  • EXCHANGES
  • ICO
  • INDIA
  • INVERST IN ICO
  • INVESTMENTS
  • JAPAN
  • MASTERNODES
  • MINING
  • MINING PROJECTS
  • NFTS
  • NFTS INVESTMENTS
  • OCEANIA
  • SINGAPORE
  • SOUTH AMERICA
  • STAKING & YEILD FARMING
  • UAE
  • UK
  • Uncategorized
  • USA
  • VIDEOS
  • WORLD
  • CONTACT US
  • DISCLAIMER
  • PRIVACY POLICY
  • ABOUT US
  • CLASSIFIED
  • ADVERTISE
  • SUBMIT PRESS RELEASE

© cryptocurrencybazaar4u.io

No Result
View All Result
  • BLOCKCHAIN
  • BITCOIN
  • ETHEREUM
  • NFTS
  • ALTCOIN
  • MINING
  • VIDEOS
  • LIVERATES
  • SHOP
  • CLASSIFIEDS
  • ADVERTISE
  • SUBMIT PRESS RELEASE

© cryptocurrencybazaar4u.io

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoin
    Bitcoin(BTC)
    $0.00 4.63%24H
  • ethereum
    Ethereum(ETH)
    $0.00 7.65%24H
  • binance-coin
    Binance Coin(BNB)
    $0.00 8.29%24H
  • usd-coin
    USD Coin(USDC)
    $0.00 -0.04%24H
  • cardano
    Cardano(ADA)
    $0.00 5.58%24H
  • chainlink
    Chainlink(LINK)
    $0.00 7.66%24H
  • bitcoin-cash
    Bitcoin Cash(BCH)
    $0.00 5.04%24H
  • stellar
    Stellar(XLM)
    $0.00 4.19%24H
  • vechain
    VeChain(VET)
    $0.00 7.84%24H
  • tezos
    Tezos(XTZ)
    $0.00 5.65%24H
  • eosdac
    eosDAC(EOSDAC)
    $0.00 3.34%24H