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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

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

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
technical analysis altcoins

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  • LEO surges, up 32 percent
  • FOMO likely accelerating LEO demand

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

LEO

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

 

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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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