{"id":277301,"date":"2021-06-17T19:44:40","date_gmt":"2021-06-17T16:44:40","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/mirror-protocol-silently-rallies-30-overnight-despite-crypto-market-slump\/"},"modified":"2021-06-17T19:44:40","modified_gmt":"2021-06-17T16:44:40","slug":"mirror-protocol-silently-rallies-30-overnight-despite-crypto-market-slump","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/mirror-protocol-silently-rallies-30-overnight-despite-crypto-market-slump\/","title":{"rendered":"# Mirror Protocol silently rallies 30% overnight despite crypto market slump"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a33787026505\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a33787026505\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/mirror-protocol-silently-rallies-30-overnight-despite-crypto-market-slump\/#Mirror_Protocol_V2\" >Mirror Protocol V2<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Mirror Protocol silently rallies 30% overnight despite crypto market slump <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Mirror Protocol (MIR) emerged as one of the best performing tokens in the cryptocurrency market on May 17, even as its top trading rivals Bitcoin (BTC) and Ether (ETH) struggled to find direction after a depressive previous daily session.<\/p>\n<p>The MIR\/USD exchange rate surged by up to 26.71% to reclaim its two-week high of $4.974. The pair&#8217;s move uphill came as a part of a broader upside correction that started on Wednesday after the Federal Reserve revealed its intention to hike benchmark interest rates by the end of 2023. <\/p>\n<p>Bids for MIR\/USD were as low as $3.971 ahead of the Fed announcement. The pair trended near the weekly low even hours after the US central bank&#8217;s hawkish signal. Meanwhile, Bitcoin (BTC), Ether (ETH), XRP, and other high-cap tokens fell against the U.S. dollar.<\/p>\n<p>MIR started rallying in the late U.S. session on Wednesday, shortly after Gemini announced support for a new set of decentralized finance (DeFi) projects, including Mirror Protocol. As of 1102 New York time Thursday, MIR was up 31.82% from its previous session&#8217;s low of $3.971.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/e8efea8d-60fa-4e0c-b374-55d893b1dd4c.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Mirror Protocol rallies after Gemini announces support for its MIR token. Source: TradingView.com<\/em><\/figcaption><\/figure>\n<p>The dramatic jump in MIR prices accompanied higher volumes, indicating the vitality of the token&#8217;s uptrend in the short term. Meanwhile, MIR also spiked wildly against Bitcoin \u2014more than 27% on a 24-hour adjusted timeframe \u2014 hinting that traders decided to park their BTC proceeds in the Mirror Protocol market as the flagship cryptocurrency reacted negatively to the Fed&#8217;s rate hike plans.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Mirror_Protocol_V2\"><\/span>Mirror Protocol V2<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Traders also picked their bullish cues for MIR from the Mirror Protocol testnet launch on Tuesday.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"> the testnet for the imminent launch of V2 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/mirror_protocol?ref_src=twsrc%5Etfw\">@mirror_protocol<\/a> is not affecting the price of <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24MIR&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$MIR<\/a> at all<\/p>\n<p>THIS IS NOT ALPHA <\/p>\n<p>The 30% increase in a few hours is probably nothing <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/QhCYMbd3sl\">pic.twitter.com\/QhCYMbd3sl<\/a><\/p>\n<p>\u2014 Peter The Terran  (@in_Kauto) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/in_Kauto\/status\/1405530563516059652?ref_src=twsrc%5Etfw\">June 17, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In detail, Mirror Protocol is a Terra-blockchain-based protocol to create synthetic assets called Mirrored Assets (or mAssets). These fungible tokens mimic the price behavior of traditional and digital financial assets. Therefore, traders can use Mirror to gain exposure in conventional markets without holding the actual stocks, commodities, and whatnot.<\/p>\n<p>Messari, in its February analysis, compared the vision of Mirror Protocol to that of Robinhood, a popular retail stock brokerage <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a> that intends to democratize finance for people across the globe. But Mirror Protocol, with its advantage of being a DeFi project, can eliminate several inefficiencies related to centralized services like Robinhood.<\/p>\n<p>&#8220;By tokenizing assets on a blockchain, the information for all historical transactions of an asset become public and immutable, removing the need for trust between parties located in the same physical area,&#8221; Messari researcher Ty Young <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/messari.io\/article\/can-mirror-be-robinhood-2-0\">wrote<\/a>.<\/p>\n<p>The early enthusiasm helped Mirror Protocol become one of the trendiest DeFi projects after its launch in December 2020. In May 2021, the project had accumulated more than $2 billion in total value locked. It currently holds about $1.79 billion.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/ec397ced-4c87-4693-86b6-7afb7f19c125.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Mirror Protocol statistics. Source: DeFi Llama<\/em><\/figcaption><\/figure>\n<p>V2, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/forum.mirror.finance\/t\/mirror-v2-updates\/1077\">first introduced in April 2021<\/a> for a governance vote, expects to bring a new set of features to Mirror&#8217;s emerging protocol. They include governance participation incentives, new MIR-enabled collateral options, and the whitelisting of pre-IPO assets.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">1\/ The Mirror V2 Testnet is live! <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/7u4UGR6yBY\">https:\/\/t.co\/7u4UGR6yBY<\/a><\/p>\n<p>Mirror V2 builds on the best of V1, incorporating invaluable community feedback to deliver a number of innovative key features. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/pnSgdeeYBs\">pic.twitter.com\/pnSgdeeYBs<\/a><\/p>\n<p>\u2014 Mirror Protocol (@mirror_protocol) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/mirror_protocol\/status\/1404701513369284608?ref_src=twsrc%5Etfw\">June 15, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The next level of resistance for MIR lurks near its May 24-June 6 price ceiling of $5.2.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/mirror-protocol-silently-rallies-30-overnight-despite-crypto-market-slump\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Mirror Protocol silently rallies 30% overnight despite crypto market slump &#8221; Mirror Protocol (MIR) emerged as one of the best performing tokens in the cryptocurrency market on May 17, even as its top trading rivals Bitcoin (BTC) and Ether (ETH) struggled to find direction after a depressive previous daily session. The MIR\/USD exchange rate&#8230;<\/p>\n","protected":false},"author":1,"featured_media":277302,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDYvN2QxMjEwNWEtZjkwZS00MjdhLWFhYTYtMmM4ODVlODVlNGJiLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,88119,75302,74937,74938,74939,75150,73785],"class_list":["post-277301","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-altcoin-watch","tag-altcoins","tag-bitcoin-price","tag-ethereum-price","tag-market-analysis","tag-market-update","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/277301","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=277301"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/277301\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/277302"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=277301"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=277301"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=277301"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}