El exceso de apalancamiento provoca una gran volatilidad en los mercados de Bitcoin, por lo que cuando se elimina, las cosas pueden volver a una cierta apariencia de normalidad.

Según el proveedor de análisis en cadena Glassnode, es habitual que los mercados de Bitcoin eliminen el exceso de apalancamiento y eso es exactamente lo que ha ocurrido en los últimos días.

Un gran número de operadores aumentó su exposición al apalancamiento en previsión de la cotización directa de Coinbase la semana pasada. Esto aumentó el riesgo de un apretón largo y las liquidaciones en cascada se habían acumulado en el sistema, empujando el precio de BTC a un máximo histórico de 64.900 dólares el 14 de abril.

El informe señaló que el interés abierto en las bolsas de derivados también alcanzó un nuevo máximo histórico de 27.400 millones de dólares antes de que se cerraran casi 5.000 millones de dólares en contratos de futuros al final del fin de semana.

#Bitcoin ha experimentado una semana volátil, alcanzando ambos nuevos ATHs en $64k antes de vender de nuevo a $52k.

Esta semana analizamos:
– Caída del Hash-rate
– Apalancamiento de derivados
– Sentimiento en la cadena
– Nuevas entradas en el mercado

Leer más en La semana en cadena👇https://t.co/2qQYmTgY48

– glassnode (@glassnode) 19 de abril de 2021

Liquidación del apalancamiento

Glassnode observó que las liquidaciones largas en las principales bolsas que ofrecen derivados, como Binance, BitMEX y OKEx, alcanzaron un máximo de 1.850 millones de dólares, casi el doble del anterior máximo de liquidaciones establecido el 22 de febrero.

„Lo que es notable es la rapidez con la que los derivados del mercado de Bitcoin compensan el apalancamiento excesivo, con todo este evento de liquidación liquidando y compensando dentro de una ventana de una hora“.

Añadió que la tasa de financiación de los contratos de permuta perpetua cayó en territorio negativo, alcanzando un nuevo mínimo del ciclo para este mercado alcista. Cuando la tasa de financiación, que es un mecanismo que los intercambios de derivados utilizan para lograr el equilibrio, se vuelve negativa, significa que la mayoría del mercado está vendiendo Bitcoin en corto, lo que sugiere un aumento del sentimiento de miedo. Añadió el informe:

„Los casos anteriores de tasas de financiación de futuros que se reajustan a cero, o que se vuelven ligeramente negativas, han indicado que se ha producido una descarga significativa de apalancamiento, y suele ser constructiva para el precio en las semanas siguientes“.

Los analistas han sugerido que un apagón y la consiguiente caída de las tasas de hachís también han contribuido a la rápida venta. Es probable que una combinación de factores haya provocado un efecto cascada al activarse los stop loss de los operadores diarios.

Actualización del precio del Bitcoin

Los precios de Bitcoin han seguido bajando, pero a un ritmo mucho más lento, lo que sugiere que la descarga de apalancamiento ha devuelto a los mercados a su estado normal.

Al cierre de esta edición, el BTC se negociaba con una caída del 3,7% en el día, a 55.400 dólares, según Tradingview. Ha estado en retroceso desde el ATH de la semana pasada y parece que se está formando una cuarta corrección con BTC rondando la media móvil de 50 días.

La siguiente zona a vigilar a la baja es el último mínimo de la corrección anterior, que fue de 50.500 dólares, mientras que la resistencia al alza se ha formado ahora en 58.000 dólares.

De dominantie van Uniswap over de Ethereum DEX-sector blijft groeien, waarbij de beurs meer dan de helft van het gecombineerde wekelijkse volume van de sector vertegenwoordigt.

De hoeveelheid onderpand op gedecentraliseerde beurzen nadert een mijlpaal van $ 10 miljard, met Uniswap nog steeds aan de top

Volgens onderzoek van Messari zijn de volumes en liquiditeit op gedecentraliseerde beurzen enorm gestegen in 2021, waarbij het onderpand een mijlpaal van $ 10 miljard nadert .

Onderzoeker Rahul Rai merkte op dat DEX-volumes voor februari enorm stegen tot een record van $ 72 miljard. Dappradar meldt dat Uniswap meer dan de helft van de totale liquiditeit opgesloten heeft in DEXen met een TVL van $ 5,4 miljard.

Rai voegde eraan toe dat geautomatiseerde marktmakers ondanks hun succes voor hun eigen uitdagingen staan:

„Een aantal inherente problemen, zoals tijdelijk verlies (IL), kapitaalefficiëntie, slippage, gaskosten, snelheid en blootstelling aan meerdere tokens, houden ze tegen.“

Volgens Dune Analytics groeit de dominantie van Uniswap over de door Ethereum aangedreven DEX-sector, waarbij de beurs ongeveer $ 6,5 miljard aan wekelijkse handel of 62,2% van de gecombineerde handel in Ethereum DEXen host.

Maandelijks volume van door Ethereum aangedreven DEXen: Dune Analytics

Rivaal DEX SushiSwap, die eind augustus 2020 werd uitgezet als een Uniswap-vork en grote plannen heeft voor 2021 , staat op de tweede plaats qua volume – met $ 1,6 miljard aan wekelijkse handel of 15,2% van de totale handel in de sector.

Curve Finance staat op de derde plaats in termen van marktaandeel met 6,2%, met $ 647 miljoen aan handel in de afgelopen zeven dagen.

DeFi-aggregators groeien in een ongekend tempo , met volumes tot nu toe dit jaar die die van heel 2020 al in de schaduw stellen. De 1inch-beurs is momenteel top in termen van volumes met iets meer dan $ 1 miljard in de afgelopen zeven dagen, volgens Dune Analytics .

Het gecombineerde volume van de sector voor maart bedroeg al $ 44,3 miljard – meer dan oktober en november 2020 samen.

President Biden has temporarily halted all government bills, including a controversial FinCEN crypto law.

On his first day as the new US president, Joe Biden stopped several planned bills, including the controversial law regulating so-called self-managed crypto wallets, which was introduced by Treasury Secretary Steven Mnuchin shortly before the end of the Trump administration.

This emerges from an official memorandum from the White House addressed to several federal agencies, including the Financial Crimes Enforcement Network (FinCEN), which reports to the Treasury Department and which submitted the relevant bill.

The crypto industry welcomes this step, including crypto lawyer Jake Chervinsky, who works as general counsel for compound finance and writes :

“We fought hard and deserved to take a deep breath. Janet Yellen is not Steven Mnuchin. I am optimistic. “

The bill in question was submitted on December 18 by FinCEN under the aegis of Finance Minister Mnuchin . If the law were to be passed, banks and financial service providers would be obliged to collect, store and pass on the data of customers who interact with private crypto wallets.

The draft was therefore heavily criticized by the crypto industry and parts of the financial industry , including Twitter boss Jack Dorsey, who is also the managing director of the large American payment service provider Square. Dorsey thinks that this information should not be obtained for cryptocurrencies, as this is also not collected for transactions in local currencies.

In addition, the critics counter that for many crypto projects it is almost impossible to obtain such information, since automatically processed smart contracts do not record this data

President Joe Biden has appointed Janet Yellen as the new Treasury Secretary, but she has already dampened the joy of the crypto industry at the departure of Mnuchin by saying this week that cryptocurrencies are used „primarily for illegal activities“. Nevertheless, crypto lawyer Chervinsky sees the change of office as positive:

“First, everyone is better than Treasury Secretary Mnuchin, who hates crypto with body and soul. Second, although Dr. Yellen is not yet a crypto fan, I assume that she is open minded, will listen and will take into account the provisions of the law. That’s good. „

Biden has also made Gary Gensler the new head of the US Securities and Exchange Commission. The former chairman of the supervisory authority for derivatives trading is considered open-minded towards digitization and blockchain .

The token has lost more of its value than the former trading giant Enron.

The XRP’s market cap has fallen nearly $ 130 billion since its all-time high in 2018

The decline in the cryptocurrency project is therefore comparable to the collapse of large financial institutions.

According to Josh Frank of the crypto-focused research firm The TIE, the project is experiencing a similar breakdown as some of the biggest corporate scandals and disasters in recent history.

At its peak, XRP’s market cap was around $ 140 billion in January 2018. This recently slipped below $ 10 billion. The loss is estimated to be $ 130 billion in less than three years. That makes XRP’s „collapse“ the third largest after Washington Mutual’s $ 327 billion bankruptcy and the 2008 breakdown of investment giant Lehman Brothers, with a loss of $ 691 billion.

„It’s sad and unfortunate that the biggest losers in XRP history are private investors who have lost unimaginable amounts of money,“ Frank told Cointelegraph. „The founders of Ripple have dumped their tokens for years, making hundreds of millions of dollars.“

The US Securities and Exchange Commission Ripple, CEO Brad Garlinghouse and co-founder Chris Larsen wants because of the implementation of an „unregistered, continuous supply of digital securities“ for their XRP sales sue .

Since this news became public, the token price has fallen rapidly

Crypto exchanges like Coinbase, Bittrex, OKCoin, Bitstamp, OSL, Beaxy and CrossTower later announced that they would suspend trading with XRP or take the token off the platform entirely. This created additional sales pressure.

Institutional actors are also gradually distancing themselves from XRP. The Grayscale Investments website now states that the „XRP Trust’s private placement is currently closed“. A Twitter user claimed that the company was also no longer processing pending applications for the XRP Trust.

At press time, XRP is $ 0.21 after falling more than 65 percent in the past 30 days.

Après avoir atteint un sommet de 19 918 dollars le 1er décembre, Bitcoin a complètement stagné pour se consolider entre les fourchettes de 18 000 et 20 000 dollars. Hier, un plus bas de 17 610 $ a été enregistré, mais un rebond rapide au-dessus de 18 000 $ a rapidement été enregistré sur les graphiques. En ce qui concerne son prix, le marché des produits dérivés du CME traverse actuellement une période de désarroi.

L’intérêt ouvert de la CME pour ses contrats à terme réglés en espèces a complètement stagné depuis le 24 novembre. Après avoir atteint près d’un milliard de dollars sur les graphiques, l’intérêt ouvert s’est consolidé dans la fourchette actuelle, tandis que les volumes d’échange ont laissé entrevoir une baisse de l’activité après l’expiration du contrat en novembre.

En outre, il a également été observé que les traders de détail ont également réduit leurs positions courtes. La baisse des positions courtes n’a pas suggéré une tendance haussière à la hausse puisque ces positions n’étaient peut-être qu’un arbitrage entre le marché au comptant et le marché à terme.

De même, le marché des options sur les bitcoins du CME semble également perdre de son dynamisme. Selon les données, la moitié des options d’achat étaient déjà dans l’argent pour le mois. Le fait surprenant est que malgré les rendements, les traders n’étaient pas disposés à prendre plus de risques sur les graphiques.

Pour comprendre la différence, le mois dernier, seulement 30 % des positions étaient vers la fin du mois, mais en décembre, 74 % des positions étaient déjà sur le mois proche.

Le trading au comptant est-il actuellement sous les projecteurs de Leverage Trades ?

Tant que la tendance haussière a duré, les opérations à effet de levier ont été extrêmement rentables. Cependant, depuis la dernière semaine de novembre, la reprise s’est quelque peu ralentie. L’activité à effet de levier étant en baisse, l’activité au comptant concernant Bitcoin a repris sa part de marché.

L’accumulation par les institutions et le hodling ont été des traits communs sur le marché, mais maintenant il y a aussi un sentiment de tenir Bitcoin longtemps hors des bourses. Ainsi, les gens sont maintenant plus enthousiastes à l’idée de détenir des bitcoins pendant une longue période, car une enveloppe de confiance existe autour d’eux, concernant l’absence de déclin massif.

Pour la relance du marché de l’effet de levier, Bitcoin devra peut-être franchir le seuil des 20 000 dollars. Une nouvelle valorisation à un niveau record placerait l’actif dans une région commerciale invisible, où les opérateurs essaieraient de pousser la valorisation aussi haut que possible.

Toute reprise des contrats à terme et des options dépend d’une telle situation, sans quoi un autre effondrement massif devrait se manifester dans les prochaines semaines.

The story of 1inch – Decentralized finance is often presented as a monetary Lego. Thus, some protocols have managed to take advantage of the interoperability of the Ethereum network. Among them, we find 1inch, the DEX aggregator which always allows to obtain the best rates on the market.

What is 1inch?

1inch is an aggregator protocol for decentralized exchanges . To put it simply, 1inch references many decentralized exchanges and other sources of liquidity. When a user wishes to make a trade, 1inch redirects him to the DEX with the best rate , while optimizing gas costs .

Where does 1inch come from?

Since the start of 2019 , decentralized exchange platforms have succeeded in conquering more and more users. Indeed, these have long been neglected by users because of their lack of practicality, their complex use and their disappointing results.

Thus, this growing adoption has mainly been driven by the emergence of numerous Automated Market Maker (AMM) type platforms . Unlike decentralized order book exchanges , AMMs offer new ways of trading cryptocurrency, via liquidity pools .

In practice, it is the proliferation of these platforms that gave the idea of 1inch to its founders Anton Bukov and Sergej Kunz . The project finally materialized during the ETHNewYork hackathon , which took place in May 2019 .

Subsequently, the craze around decentralized exchanges has continued to increase throughout 2020 . As a result, the 1inch protocol has also benefited from this wave of new users and has positioned itself as the number 1 aggregator .

Team, audits and funding

Initially, 1inch was a project led by its two co-founders, Anton Bukov and Sergej Kunz . Subsequently, our two associates were able to federate around them a team of developers, such as Petr Korolev, Mikhail Melnik and “Kirill” .

Since its creation, the 1inch protocol has been audited on numerous occasions, by companies such as Chainsulting or PepperSec . It is notably thanks to these audits that 1inch has been able to gain the trust of the DeFi community .

In August 2020 , the protocol led to a fundraiser of $ 2.8 million , in which big names such as Binance Labs participated. More recently, the platform again raised $ 12 million through a successful second round.

Chi Token and Mooniswap

The 1inch project does not stop at the eponymous protocol. Thus, in May 2020 , the protocol launched the “Chi” token which is part of the “gas tokens” family .

In practice, “gas tokens” are a way of tokenizing gas . This token allows users to buy gas when its price is low. The gas is thus “stored” in the form of the Chi token . The latter can then be used during a transaction at a time when the costs would be higher.

“GasToken is a more liquid form of gas because it can be purchased and stored at times when gas is cheap and released (spent / burned) when gas is expensive.”

Facebook’s controversial Libra project has been renamed Diem.

The head of the Diem association says this rebranding is part of efforts to appease regulators.

Diem plans to launch his dollar-backed stablecoin in January 2021.

Libra, the digital currency backed by Facebook, is undergoing a new phase of rebranding to alleviate lingering regulatory issues.

Since its announcement in mid-2019, regulators have spoken out against Libra, saying the project could upset global monetary policy control protocols.

Indeed, the emergence of Bitcoin Storm was likely the catalyst for more serious thinking about central bank digital currencies (CBDCs).

Libra seeks to please regulators with name change

According to Reuters , the rebranding of the Libra project takes place by changing its name to “Diem”, a Latin word meaning “day”. Thus, the Libra Association, based in Switzerland, will henceforth be known as the Diem Association.

Regarding the name change, Stuart Levy, CEO of the Diem Association, noted that this is part of the project’s efforts to simplify its goals for regulators. He added :

The original name was linked to a first iteration of the project which received a difficult reception from regulators. We have radically changed this proposition.

The Diem project has indeed undergone significant changes following a broad movement of rejection by regulators around the world. Starting from a “Facebook coin” backed by a host of fiat currencies, the Diem will instead issue individual types of stablecoins, each pegged to a specific national currency.

As previously reported by BeInCrypto, Diem plans to launch one of its coins (a token equivalent to a dollar) in January 2021 .

However, this plan is conditional on obtaining regulatory approval from the Swiss Financial Market Supervisory Authority (FINMA). Diem has already applied for a payment authorization to FINMA in September 2019.

The name change of Diem is the second of these actions for the project. Last May, Facebook renamed its wallet, initially called Calibra, to Novi.

Regulators are strongly against private stablecoins

According to Mr. Levi, Diem is not severing ties with Facebook despite the name change. Facebook’s association with the project remains one of the major reasons for the regulatory backlash against this digital currency.

In a recent article, Christine Lagarde, President of the European Central Bank (ECB) , doubled down on the perceived dangers of large technology-based payment projects. According to the ECB official, private stablecoins pose greater risks than Bitcoin (BTC) for financial stability.

Biden will die ehemalige Fed-Vorsitzende Janet Yellen als Finanzministerin gewinnen

Es wird erwartet, dass die ehemalige Fed-Vorsitzende Janet Yellen als Finanzministerin in der Biden-Administration nominiert wird.

Die ehemalige Vorsitzende der Federal Reserve, Janet Yellen, soll die nächste Leiterin des US-Finanzministeriums werden.

Der designierte Präsident Joe Biden beabsichtigt, den langjährigen Ökonomen als Nachfolger von Finanzminister Steven Mnuchin zu nominieren, wenn Biden im nächsten Jahr sein Amt antritt, berichtete das Wall Street Journal am Montag. Jeder Kandidat müsse laut Crypto Bank vom US-Senat bestätigt werden.

Yellen wurde als einer von drei Spitzenkandidaten gesehen, die die Nominierung erhalten sollten, sagte die Washington Post, zusammen mit Federal Reserve-Gouverneur Lael Brainard und dem ehemaligen Fed-Vizevorsitzenden Roger Ferguson. Yellen leitete die US-Zentralbank zwischen 2014 und 2018, in einer Zeit relativ niedriger Inflation.

Während sie in der Vergangenheit gesagt hat, dass sie kein großer Fan von Bitcoin ist (BTC, -0,75%), ist Yellen aktenkundig, dass sie der Meinung ist, dass die US-Finanzregulierungsbehörden die Entwicklung von Blockchain- und Kryptowährungsprojekten zulassen sollten, da die Fed und andere Regulierungsbehörden im Jahr 2015 möglicherweise „begrenzte Autorität“ über digitale Währungssysteme haben werden.

Wie steht sie dazu?

Zwei Jahre später sagte sie, Blockchain sei eine wichtige „neue Technologie, die Auswirkungen auf die Art und Weise haben könnte, wie Transaktionen im gesamten Finanzsystem gehandhabt werden“. Dennoch war sie weniger an Bitcoin selbst interessiert und sagte, dass 2018 nur wenige Transaktionen mit Bitcoin durchgeführt werden könnten und die Mehrheit davon ihrer Ansicht nach illegal sein könnte.

Innerhalb der Krypto-Gemeinschaft ist sie auch für eine Anhörung im Jahr 2017 bekannt, bei der Christian Langalis „Bitmünze kaufen“ auf einen Notizblock schrieb und ihn während ihrer Aussage in eine Kamera hielt.

Das berüchtigte „Bitcoin kaufen“-Schild hinter der damals geförderten Vorsitzenden Janet Yellen, als sie auf dem Capitol Hill aussagte

Als Finanzminister könnte Yellen mitbestimmen, wie einige der Finanzaufsichtsbehörden an die Kryptotechnik herangehen. Das Financial Crimes Enforcement Network (FinCEN), das Office of Foreign Asset Control (OFAC), der Internal Revenue Service (IRS) und das Office of the Comptroller of the Currency sind allesamt Büros, die in den Zuständigkeitsbereich des Finanzministeriums fallen.

Es ist unklar, wie Yellen den Krypto-Raum derzeit sehen könnte.

Bitcoin has never been worth so many roubles.

Amid the rally in the cryptomime markets, the Bitcoin (BTC) secured another milestone by reaching a new all-time record against Russia’s national currency, the rouble.

According to data from the largest CoinGecko cryptomaniac tracking site, Bitcoin broke another historical high against the rouble, crossing its previous historical high of about 1,157,000 roubles. According to CoinGecko, Bitcoin was worth over 1,160,000 at 16:00 UTC.

Alterbank distributes Bitcoin for free in Brazil on Blue November Promotion

BTC / RUB price table. Source: CoinGecko

Bitcoin reaches US$ 14,7 thousand – 3 reasons for this rally to surpass the historical maximum

Bitcoin’s new maxim comes amidst a great recovery in the cryptomorphic market, with Bitcoin exceeding US$ 14,700 for the first time since early January 2018 this morning. The high continues to gain momentum, as Bitcoin is beating $15,000, according to data from CoinGecko.

As the rouble has weakened against the dollar, the new record is not only based on Bitcoin’s massive growth. The previous maximum Bitcoin Profit against the rouble was recorded in 2017, when Bitcoin reached its record of $20,000. At the time, the US dollar cost around 59 roubles. After a big drop against the rouble in the middle of the US presidential elections, one dollar is now worth about 77 roubles.

Cryptomaniac mining attracts major renewable energy producers in the world

The Russian rouble is not the only fiduciary currency facing new Bitcoin highs of all time amid the crypt rally and rising inflation. According to businessman and market commentator Alistair Milne, the price of the Bitcoin reached a new record in seven national currencies, such as those of Brazil, Turkey and Argentina in October 2020. On October 22, Milne predicted that Bitcoin will soon reach a new record in local currencies of Russia and Colombia.

New CVM director appointed by Bolsonaro has his eye on Bitcoin and cryptomoedas

CVM appoints new director who will drive sandbox and claims to be ‚on the lookout‘ for Bitcoin

The Securities and Exchange Commission, CVM, announced this week that it has a new director, lawyer Alexandre Costa Rangel.

The new director was appointed by the President of the Republic, Jair Bolsonaro and had his appointment approved by the Senate and will serve until 12/31/2024.

Mercado Bitcoin and Vasco da Gama announce unprecedented partnership that will token players‘ right to sell

Rangel is a lawyer, graduated from the Law School of the State University of Rio de Janeiro (UERJ), and founder of Costa Rangel Advogados.

He has also worked for 19 years with capital markets and corporate law, gathering professional experience in the public and private sectors.

He began his career as a trainee at the CVM’s own college, from 2002 to 2004.

He was also legal advisor to the National Financial System Resources Council (CRSFN), from 2008 to 2010.
Bitcoin

The new director of CVM is also „on the lookout“ for the Bitcoin and cryptomoedas market.

CVM releases rules for sandbox that can allow crypto, tokens and trade robots

Thus, even when he was sabotaged by the Senate, when questioned by Senator Izalci Lucas (PSDB-DF) pointed out that both he and the CVM are monitoring the cryptoactive market.

The senator had shown concern about cyber risks related to electronic currencies, such as bitcoins, and wanted to know Rangel’s position on the matter.

In response, the sabatado said that the CVM recognizes the growth of digital currencies and has sought to control the market.

„The cryptoactives go through a heated moment, only in 2020 we had an increase of around 70% in these investments. It is still an initial form [in Brazil], but the CVM has looked very carefully at these cores of responsibility and reinforced the duty of diligence imposed on these authorized Brazilian service providers. There is a control historically very well exercised,“ he said.

• Bitcoin was stable at $13,800 in the period following its rejection, with bulls gaining some momentum as the crypto currency flashed and continued to show signs of strength.
• Although BTC currently shows no obvious signs of weakness, the Altcoins have capitulated in recent days and weeks, with many of them suffering huge losses.
• Analysts now conclude that Altcoins may be in the process of forming medium-term lows. One trader comments that the risk of losses on smaller tokens is currently „extremely limited“.
• This means that today’s fierce Altcoin sales may have led many of them into oversold territory – meaning that a strong rally in recovery is imminent.

Bitcoin has recently been able to attract significant investor and financial attention due to its apparent strength.

This has been largely at the expense of the Altcoins, which have been caught in a relentless downward trend that has led investors to incur heavy losses.

There is a possibility that a further downward trend may be imminent if BTC continues to gain dominance over the market, but one analyst is not too convinced of this possibility.

He notes that the downtrend of the Altcoins is now limited – and adds that he expects the most likely scenario to be an upward breakout in the near future.

Bitcoin struggles for momentum – Altcoins continue sell-off

Bitcoin has been in a firm consolidation phase in the last few days and, after the rejection at $13,800, traded in the lower range around $13,0000. However, the bulls have slowly pushed BTC up since this rejection.

It is now being traded enormously higher at its current price of $13,750, while the rest of the market is drifting down. This strength has been brutal for old coins – especially for newer coins, which have come into focus with the DeFi bull run.

Analyst: Altcoin downtrend limited after sell-off

The last few weeks have been brutal for Altcoins, many of which have declined by 50% or more as the focus has shifted to Bitcoin.

However, one investor does not expect this trend to continue for much longer. He now notes that the downward trend of Altcoin is extremely limited.

„I could definitely be wrong, but I think that the downward trend of Altcoins is indeed limited from here. I still believe that it is going up. Although the lion’s share of my exposure has recently been BTC, I still hold a handful of alts that are dear to me and I am optimistic about Altcoins“.

While the overall future market trend depends somewhat on Bitcoin, it appears that the recent intensive sales of Altcoin could be followed by serious upside potential.