Filecoin (FIL) was sold after delivering a grayscale-driven bumper rally

Filecoin (FIL) was sold after delivering a grayscale-driven bumper rally

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Due to traders’ profit-taking, Filecoin fell before falling to its previous record high ($273.57).

FIL market outlook

This FIL/USD exchange rate Despite hitting the second-highest US$239.94 on the same trading day, it still fell 2.82% on Thursday’s close. In the case of lower bids, traders began to secure profits at the highest local level, resulting in a 22.65% drop before the end of the trading session.

Filecoin has stabilized near $180 after its recent rebound. Source: FILUSD on TradingView.com

Friday was slightly better because Filecoin tried to rebound briefly.This coin After retesting the recent high of $239.94, we successfully floated above the new support area near $180. The recovery after the overnight sell-off appears to be part of the upward trend in the overall U.S. stock market. Altcoins market.

Further reading: TA: Ethereum has raised 2K USD again, why the bull hasn’t completed it yet.

The price action shows investors’ continued trust in the Filecoin ecosystem. Usually, it is a platform that allows users to sell their excess digital space on an open platform. Storage providers and users use FIL tokens to conduct transactions on their blockchains.

At the same time, the upper limit of FIL’s supply is limited to 2 billion tokens. About 600 million of these foreign investments remain in Filecoin’s parent company Protocol Labs (with 6-year linear vesting), its team and investors (also with 6-month to 6-year linear vesting). At the same time, Filecoin has allocated about 2.5% of the total 600 million FIL to fund its fundraising or ecosystem development.

The rest of the FIL power supply is stored on the Filecoin protocol for trading, so as to ensure that the token has specific practicality and long-term value.

Institutional accumulation brings retailers

Grayscale Investments Introduced Filecoin Trust A series of similar encryption-enabled services were launched in March. In retrospect, the company enabled institutional investors to gain exposure to the FIL market without having to purchase or manage tokens. This prompted Grayscale to increase its FIL reserves, reflecting the institution’s interest in the Filecoin project.

Grayscale Filecoin Trust increased FIL holdings. Source: ByBt.com
Grayscale Filecoin Trust increased FIL holdings. source: ByBt.com

Two weeks after its launch, Grayscale Filecoin Trust increased its reserves by 45,550 FIL. The company continues to hold it, showing that there is no specific selling pressure from institutions. This shows that the latest FIL plunge has surfaced from the retail market.

China’s fintech reporter Wu Blockchain (Wu Blockchain) Say The demand for FIL tokens comes from the mainland.

“China is crazy about Filecoin, with its 24-hour growth of more than 30%, reaching a maximum of $236. FIL’s 24-hour trading volume on China’s largest exchange, Huobi, reached $24.2b, almost the second ETH$8.8b Bitcoin$ 7.8b Three times the trading volume. Binance FIL’s short-selling leveraged token FILDOWN plummeted by 53%, with a turnover of US$3.4 billion, indicating that Binance has a large number of FIL short liquidations.”

photographer Kale on No splash





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