The altcoin market did not register bullish momentum, on an immediate basis, just as the broader crypto market gained strength. Chainlink recorded a 7% gain, while, Sushiwap traded sideways. Lastly, Filecoin rose by 2.8% and it could attempt to retest the $75.56 resistance mark. 

Chainlink (LINK)

Sponsored Links

LINK/USD, TradingView

LINK appreciated 7% over the last 24 hours, as it traded at $28.77. The coin attempted to topple over $29.17 and with a sustained uptrend, it could test the $30.40 level for the third time in a week.

The technicals for Chainlink remained bullish. Relative Strength Index stood at the 60-mark in the bullish territory. 

Awesome Oscillator registered green signal bars, while MACD also noted green bars on its histogram, however, the latter seemed to recede. In the case of a price reversal, the support lines rest at $26.60 and $24.80.

Sushiswap (SUSHI)

SUSHI/USD, TradingView

Sushiswap registered directionless movement as it witnessed range-bound price action, between $13.90 and $14.62. If the prices break on the upside, the alt could attempt to retest the $14.62 resistance level. 

Indicators gave out mixed signals. Awesome Oscillator exhibited red signal bars which underlined possibilities of bearish price action. Correspondingly, MACD registered declining green bards on its histogram, as it approached a bearish crossover.

The next support levels lay at $12.58 and $11.17. Bollinger Bands expanded which underlined a rise in market volatility. 

Filecoin (FIL)

FIL/USD, TradingView

FIL moved up by 2.8% and was trading for $72.41. It also showed signs of consolidation and in case it breaks its rangebound movement on the upside, it can retest the $75.56. Indicators were bullish for the asset. 

Awesome Oscillator noted a buy signal along with the onset of bullish price momentum. MACD also depicted green bars on its histogram.

Chaikin Money Flow stood above the half-line in the positive price territory, after it recorded an increase in capital inflows. If Filecoin moves downward after breaking its consolidation, the support levels are at $70.01 and $63.90. 

Cryptocurrency exchanges are online platforms where you can trade (buy and sell) between cryptocurrencies based on their actual market price. In order to come up with a valuation for a cryptocurrency, investors and market participants determine the demand and supply. This is a similar concept to a stock exchange where shares of companies are bought or sold.

By using a cryptocurrency exchange a person can buy a cryptocurrency and sell it when the price rises to mark a profit. The key is entering and exiting a market at the right time. And just like traditional stock exchanges, crypto exchanges, too, involve transaction charges that are levied on trades done by a trader. In this article, we will cover the types of fees charged by exchanges which are important for investors to understand.

There are in general three types of transaction fees involved in the trading of cryptocurrencies. Investors are advised to know about them.

Exchange fees

This is the first type of fee an investor needs to be aware of when using exchanges. The exchange fee is the amount charged by an exchange in order to complete a user’s buy or sell order. Though most exchanges have a fixed fee, a smart investor must do his own research regarding exchanges that charge the lowest so as to save on the final cost of a transaction.

Another aspect of crypto exchange fees is the Maker-Taker fee model. In this model, the Maker is the trader who provides liquidity to the order books by using limit orders while Taker is a trader who takes away the liquidity through using market orders. Maker fees tend to be cheaper than Taker fees as a reward for participating in an orderbook. Additionally, in his model, exchanges also incentivize traders who trade larger volumes.

The exchange fee is the main source of revenue for cryptocurrency exchanges and remains integral to their business practices and existence.

Related Reading | Cryptowisser Releases Report on Exchanges With Lowest Fees

Network Fees

Network fees are perhaps what makes crypto so unique and legitimizes it as a sound and energy-efficient store of value. Any cryptocurrency network runs on the back of miners for the work they do. A crypto miner is an individual or a group who uses powerful computers to verify and validate transactions by checking that tokens are not spent twice and that all transactions are in real-time and true. This makes mining cryptocurrency a profitable source of income and is gaining popularity throughout the world.

The network fee is charged to investors and payable directly to miners only when investors move their crypto between exchanges and wallets.

It is to be noted here that exchanges have no direct control over the network fees and it is paid directly to the miners/validators of a crypto network for the work they do. The network fees can increase as per demand when the network becomes very busy and crowded.

Related Reading | Bitcoin Mining Museum Opens Its Doors In Venezuela. Is It The First-Ever?

Cryptocurrency Wallet Fees

Cryptocurrencies are stored in a digital wallet. It is like an online bank account where a user can store their crypto safely. A cryptocurrency wallet allows for storing, sending, and receiving cryptocurrencies. In general, wallets do not charge any fee on the deposit and storage of cryptocurrency but charge a fee on withdrawals from the wallet which is basically the network fees. Most wallets are very advanced and even allow systematic buying options for cryptocurrency. Some wallets have also integrated merchant gateways that interact with real-world applications.

All exchanges provide an in-built wallet where users can store their crypto in a single place and there are no charges for storing and deposits.

Related Reading | Wallets: How To Store, Send, and Receive Cryptocurrency

In its entirety, transaction fees and charges play a large role in the functioning of the financial and investment services sector. The funds collected are very crucial for these businesses that have enabled traders and institutions to invest in crypto from the comfort of homes and offices through simple clicks of buttons in digital online platforms. These services are run by teams of dedicated professionals and are at the forefront of the fintech revolution that is slowly replacing traditionally financial institutions. A list of all crypto exchanges as per rank can be found here.

Featured image from iStockPhoto, Charts from TradingView.com

SPONSORED POST

Cryptocurrency and gaming fans must love the emerging new sector, Gamefi. This new category introduces gaming into cryptocurrency projects, giving users the chance to earn tokens while gaming. The relatively new niche is carving out its space in the crypto world and building a community as more innovative projects emerge. 

The latest contender in the scene is Pinkslip- an innovative metaverse that brings together Defi and gaming components. Users get to race to earn tokens, which they can use to stake or race for more. 

Pinkslip has just completed its seed sale and is currently gearing up for its public sale. The sale, expected to happen on the 25th of August, aims to raise 500 ETH. 

What Exactly is Pinkslip?

Pinkslip is an online drag racing game that incorporates NFTs and gaming. The platform will use both the NFT and a native ERC-20 token, which will fuel the ecosystem.

To get started, users must buy any of three NFT tokens; Gold, Silver, or Bronze. These tokens have different chances of winning the drag race. To purchase these tokens, which essentially represent the cars, the user will need $PSLIP. The native token is yet to launch, and users can only obtain the tokens through the presale. However, it will be available in the open markets afterward. 

Besides enabling the drag race, $PSLIP will make it easier for users to earn more tokens through staking. 

Pinkslip Finance will split the revenue from the NFT purchases into two. Half will be used for more research and development, while the rest will go into the staking pool. 

Details on the Upcoming Public Sale

The listing price for the public sale is set at 1 ETH= 7272 $PSLIP. However, this floor price will gradually move up with time. Participants of the sale can spend a minimum of 0.1 ETH and a maximum of 3 ETH. If they manage to raise the target 500 ETH, 12,000,000 $PSLIP tokens will be in circulation. The token has a fixed supply of 30,000,000.

Pinkslip will dip any unsold tokens into the staking pool. 

Partnership with Pincubator

Pincubator.io plays a crucial role in this project. The platform provides incubation for Pinkslip finance. It has recently conducted the seed round in under 24 hours, giving the project a boost into the public sale. 

Pinkslip will move to launch on Uniswap V2 after the sale and use 30% of the amount raised as initial liquidity. 

Related posts
More from author