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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

iFinex Buyback Could Spur Another Wave of Leo Demand, Price Up 8.2%

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

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Created by industry experts and meticulously reviewed
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Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

  • Leo adds 8.2 percent
  • The public open to tracking iFinex repurchase of Leo coins

Behind a surging coin, iFinex plans to open up to the public its buyback program. In an initiative called the UNUS SED LEO Transparency Initiative, the public will track how the parent company would purchase Leo from their gross revenue. Meanwhile, Leo is up 8.2 percent from last week’s close.

Leo Price Analysis

Fundamentals

There is noticeable progress. It all has to do with BitFinex and their effort of improving transparency. Through an initiative that will allow the public to track iFinex buying back and “burning” of Leo tokens, they hope the exchange’s reputation will improve. That is even if it is in slightest margins.

The initiative dubbed the UNUS SED LEO Transparency Initiative is no doubt a way of instilling confidence in an exchange struggling to accusations of commingling with Tether Limited funds to stay ashore.  Through an announcement, BitFinex said this initiative is around a “real-time token burn redemption mechanism,” adding that:

“Token burn mechanism will see iFinex and its affiliates buy back UNUS SED LEO from the market, at market rates and on a real-time basis, equal to a minimum of 27% of consolidated gross revenues of iFinex (exclusive of Ethfinex), until no more tokens are in commercial circulation.”

The announcement coincides with developing news that the exchange is stepping up its KYC and AML rules implementation. A user recently took to Twitter, sharing with the community an email from the exchange asking him to share additional details of his account. That, in the email, includes details and explanations of his objectives and activities.

Candlestick Arrangement

Leo BitFinex

At the time of writing, Leo is three positions away from the top 10. Surging 8.2 percent from last week’s close, the asset is at 13th. Behind this resurgence is the fear of missing out (FOMO) that could even supersede candlestick arrangements.

However, a standout in all this is the performance of an asset that is rallying at the back of solid fundamentals and drives from the issuing company. Presently, May 20 bar overshadows these bullish sentiments. The bar is wide-ranging with decent trading volumes.

Despite a divergence between trading volumes and price, bulls will likely drive prices above May 20 highs. Optimism is because of the iFinex buyback program. Therefore, even if prices falter, support could be at $1.75 or worse $1.5 before buyers flow back.

Overly though, fundamentals mean loading is present on every dip in smaller timeframes. In that case, fitting stops would be at $1.75 and $1.5.

Technical Indicators

June 10 bar leads this trade plan. It has high trade volumes of 3.9 million versus 1.3 million. Any close above its high at $1.98 could spark demand as buyers momentum drive Leo towards May 30 high of $2.5

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

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