Cryptocurrency exchange Platform, Kucoin has entered into a strategic partnership with polygon, a blockchain scalability platform, to provide users with the best experience.
Kucoin disclosed that it chose the Polygon ecosystem as the basis for its KuCoin Wallet because the blockchain platform offers the ability to reduce transaction fees and increase transaction processing speed which will enhance users’ experience.
It further revealed that polygon’s attractiveness to the newest and most advanced developers potentially enables the Kucoin wallet to integrate them into its infrastructure.
Investors King understands that KuCoin Wallet’s integration of one of the most advanced and booming blockchains into its operation may be the wallet team’s desire to gain its share of the hot wallet market. By working to improve its product with the help of such powerful partners, KuCoin hopes to increase its wallet’s user base.
Speaking on Kucoin’s partnership with Polygon, the head of Kucoinwallet Jeff Haul said “We are excited to work with Polygon, which has been dedicated to building a thriving ecosystem and continuously expanding its technical capabilities.
“With its scalability, speed, and low network fees, we attempt to provide the best experience for our users. Also, Polygon PoS has emerged as a hub for some of the most important Web3 projects.
“With Polygon as one of our partners, we can integrate more innovative Web3 features in the future to make users explore the Web3 world in a comprehensive way.”
Launched in 2017, with its headquarters in Seychelles, since its operations, Kucoin has grown to become one of the largest global exchanges by trade volume, which currently has over 10 million users and a presence in more than 200 countries.
The user-friendly platform offers users with low trading and withdrawal fees, coupled with a vast selection of altcoins and 24/7 customer support.
It uses many security measures, including micro-withdrawal wallets, industry-level multilayer encryption, dynamic multifactor authentication, and dedicated internal risk control departments which oversee day-to-day data operations according to strict security standards.
Bitcoin Bulls Run Amok: Short Traders Hit with $90 Million Loss Amidst Unstoppable Surge
The relentless surge in Bitcoin’s prices has left short traders reeling as highly leveraged futures bets against the cryptocurrency incurred losses totaling $90 million on Tuesday alone.
This follows an additional $70 million in short liquidations on Monday, contributing to Bitcoin’s remarkable climb from $39,000 to $44,000 this week.
According to data from CoinGlass, most of these liquidations transpired on major crypto exchanges, including Binance, OKX, and Huobi.
The substantial liquidation figures have the potential to signal either a local top or bottom in a significant price movement, providing valuable insights for traders looking to strategically position themselves.
The surge in trading volumes, up by 25% in the past week, coupled with the growth in open interest from $17.2 billion to $20.2 billion since the beginning of December, underlines the increased market activity around Bitcoin.
Several factors are contributing to Bitcoin’s recent growth. Optimism is swirling around the potential approval of a spot exchange-traded fund (ETF) in the U.S., with traders factoring in anticipated rate cuts, buoying riskier assets like technology stocks and Bitcoin.
Additionally, the possibility of sovereign adoption is gaining traction as leaders in major economies express a Bitcoin-friendly stance.
Over the weekend, a notable group of traders committed to a $200 million BTC futures position, emphasizing the sustained demand for exposure to Bitcoin.
Amid continuous updates and changes in spot ETF applications, some industry observers foresee Bitcoin prices surpassing the $48,000 level in the coming weeks, further intensifying the cryptocurrency’s bullish momentum.
Dogecoin (DOGE) Rides Bitcoin Surge, Gains Over 10% in 24 Hours
The cryptocurrency market is witnessing a resurgence of risk appetite as more investors jump on unconventional choices such as Dogecoin (DOGE), Shibacoin, Memeland, etc.
In the past 24 hours alone, DOGE has surged by over 10% to $0.10 a coin for the first time since April following Bitcoin’s climb from $38,000 to $44,000.
This surge, coupled with the rising price, validates the upward trajectory of DOGE, signaling growing investor interest.
Funding rates on various exchanges have also experienced a substantial surge, hitting an annualized 50% or more.
These rates, reflecting a steep premium in perpetual futures relative to spot prices, indicate a prevalent bullish sentiment among investors.
It underscores their collective optimism, suggesting a belief that prices are poised for further upward momentum.
Joke cryptocurrencies like DOGE have historically exhibited high-beta characteristics, closely mirroring Bitcoin’s movements but often with greater intensity.
Investors are advised to exercise caution and monitor DOGE’s potential for extreme bullish action relative to Bitcoin, serving as a potential indicator of speculative exuberance typically observed in the latter stages of a widespread bullish trend.
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