Yearn.finace dwarfing Bitcoin price as DeFi booms

Yearn.finace dwarfing Bitcoin price as DeFi booms

Here’s what it’s essential to know on Monday, August 31, 2020.

Bitcoin value has not been capable of clear a number of resistance zones however it’s nonetheless a protracted approach to go earlier than hitting $12,000. The weekend motion was not capable of rise above the resistance at $11,800. The promoting actions that adopted overwhelmed the bulls leading to a slide below $11,700. In the mean time, Bitcoin is buying and selling at $11,671 amid a constructing bearish stress. As mentioned earlier, holding above $11,600 is vital to the following try and clear the resistance at $12,000.

Ethereum, however, soared to $430 over the weekend. Though the resistance at $430 continues to be intact, ETH bulls have proved that they’ve what it takes to hit new 2020 highs. For now, the value is holding above $420. The pattern is bearish however with the volatility on the lowest degree value actions are more likely to stay restricted.

Ripple as mentioned, has been constant in restoration from the assist at $zero.26. Nonetheless, the hurdle at $zero.29 continues to be in the way in which. XRP is buying and selling at $zero.2831 whereas dealing with a brief time period resistance at $zero.2848 (intraday excessive).

Yearn.finance is the cryptocurrency of the month. Moreover, rallying to a brand new all-time at $38,983, the token, YFI is now the most costly within the crypto market, dwarfing Bitcoin’s $11,663.

The remainder of the cryptocurrency market has began to appropriate upwards following a colorless weekend motion. A number of the most improved within the final 24 hours embody UMA (51%), Ampleforth (20.64%), Aragon (12.95%), Flexacoin (25.92), Zilliqa (13.44%) and Reserve Rights (22.20%).

In response to latest report, Japan-based crypto merchants are vacating decreasing their positions in different cryptocurrencies to pay attention solely on Bitcoin. Information from the Japan and Crypto Belongings Alternate Affiliation (JVCEA) reveals that BTC dominance is at 87%. Furthermore, no token has been capable of obtain a 6% dominance of the full month-to-month quantity. Yuya Hasegawa, a market analyst at bitbank “reckons that Japanese traders” general curiosity in altcoins has been shrinking over time relative to their pursuits in Bitcoin.” He provides that:

Given the expansion within the variety of lively accounts, the overwhelming majority of the newer market members in Japan, notably since final summer season, are more likely to have an interest solely in Bitcoin.

Bittrue and OKEx have plans to launch hybrid providers that can carry forth decentralized finance market into the mainstream centralized ecosystem. Word that, the 2 made the bulletins individually however across the identical time.

As for OKEx, the platform is launching a hybrid aggregator that seeks to assist DeFi lending. The aggregator will initially assist Compound (COMP). OKEx’s plan is to “redefine crypto lending expertise.”

Bitrue hybrid lending service is anticipated to debut within the first quarter of 2021. The alternate additionally plans to launch a brand new DeFi token known as Bitrue Finance Token (BFT). Lenders can have the chance so as to add tokens for liquidity functions as quickly as mid-September. In response to Bitrue:

By offering each CeFi and DeFi merchandise on the identical time, we can fulfill the wants of several types of customers. No matter your most popular time horizon, the yield you wish to obtain, how lengthy you are ready to lock up your cash for, and the way a lot you wish to make investments, there can be a chance so that you can put money into a manner that you just’re most comfy with.

Source: 411-credit.com

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Bitcoin’s Stock-To-Flow Model Is NOT REAL! False Narrative! Cory Klippsten REVEALS TRUTH | News

Bitcoin’s Stock-To-Flow Model Is NOT REAL! False Narrative! Cory Klippsten REVEALS TRUTH | News

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This information is what was found publicly on the internet. This information could’ve been doctored or misrepresented by the internet. All information is meant for public awareness and is public domain. This information is not intended to slander harm or defame any of the actors involved but to show what was said through their social media accounts. Please take this information and do your own research.

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Source: sgbitcoin.com


The BitMEX v CFTC Case: The Good and the Bad For The Crypto Industry

The BitMEX v CFTC Case: The Good and the Bad For The Crypto Industry

Yesterday, the United States Commodity Futures Trading Commissions (CFTC) filed charges against BitMEX and its executive team, pressing both criminal and civil allegations. Its CTO, Samuel Reed, was arrested. The platform’s CEO, Arthur Hayes, and its cofounder Ben Melo are still under the radar.

The news spread quickly throughout Crypto Twitter, and of course, the community reacted with mixed but well-argued opinions.

As soon as the news came out, the nervousness of the markets reacted as expected. Within minutes, BTC crashed, going from just over 10,900 USD to almost touching the $10,400 mark. The drop was drastic but oddly less than what would have been expected on previous occasions.

Beyond that, there is the idea that the fall of BitMEX can impact both the markets and the ecosystem, in general, since it could be a possible warning about the desire of the United States to obstruct trading at a global level.

The community was quick to point out the “hypocrisy” of the authorities in going against BitMEX while trying to block the sun with one finger by ignoring a scandal of several trillion dollars laundered through traditional banks:

Others also pointed out that a lot of the major cryptocurrency exchanges engage in similar practices as BitMEX and are likely under the regulators’ radar as well.

What I’m mainly worried about is the fact that pretty much every notable exchange engages in similar practice to BitMex.

It’s Mex today.. what if ByBit, Binance, FTX tomorrow?

Never say never.

— Loma (@LomahCrypto) October 1, 2020

Additionally, Adam Cochran, a well-known crypto commentator, and industry expert outlined that DeFi projects are also likely to be prosecuted in the longer-term if they fail to abide by the Bank Secrecy Act and allow US-based customers.

He argued that while you can’t shut down smart contracts, authorities can easily go after developers responsible for the interface, companies hiring individuals to work on the protocols, and so forth.

However, others claim that what is happening with BitMEX could be good for the ecosystem.

In general terms, BitMEX has a bad reputation of being used to manipulate markets due to its crashes at key price breakouts, its strong leverage, and its lax anti-money laundering policies. In fact, Hayes’ arrogance has put him on the spot in several cases.

He started calling “shitcoins” and “turds” to projects supported by his platform and was accused of mocking his domicile election based on the ease of bribing the authorities.

everything about this is just 🥥 WILD 🌴

CFTC and DoJ charging @BitMEX and key executives. one exec is already in federal custody.

FBI director Sweeney says “they will soon learn the price of their alleged crimes will not be paid with tropical fruit” https://t.co/O08itCctpF pic.twitter.com/jBa7btmvQG

— Meltem Demirors (@Melt_Dem) October 1, 2020

It goes without saying that it’s questionable at best to claim that regulatory conditions in a country are better compared to the US because authorities are “easier to bribe.” A case of the kind could serve as a warning sign for exchanges and other companies to be particularly stringent when it comes to abiding by existing regulations.

Another analyst and crypto proponent pointed out that the BitMEX case is short-term bearish but long-term bullish.

Assume the CFTC & DOJ bring BitMEX down. The absence of BitMEX may then result in US exchanges and OTC desks becoming marets of “significant size”, sharply increasing the odds of the SEC approving an ETF.

Of course, there are also the cautious ones. They prefer to wait and see how events unfold, although they claim that this could potentially be good in the long run.

This stance just reflects how the ecosystem is maturing. It is no longer prone to overreactions, but still, traders need to know what happens in other areas to have a clearer opinion. In this case, a potential lawsuit against BitMEX could have implications not only on the financial field but also at a legal, operational, and even political level.

BitMEX also has its own opinion. Of course, the platform denies breaking any law and published an official post saying it will fight back:

“We strongly disagree with the U.S. government’s heavy-handed decision to bring these charges, and intend to defend the allegations vigorously. From our early days as a start-up, we have always sought to comply with applicable U.S. laws, as those laws were understood at the time and based on available guidance.”

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Source: cryptopotato.com


Ethereum Layer SKALE Mainnet Goes Live with $80M in TVL

Ethereum Layer SKALE Mainnet Goes Live with $80M in TVL

The SKALE Network is a security and execution layer that connects with the Ethereum network and lets developers build their projects faster and with better performance.

Ethereum 2.0 developers are working round the clock to meet deadlines meant to solve existing scalability issues with the existing ether blockchain. Through an announcement on Thursday, SKALE, an “elastic blockchain network” working to support Ethereum-based projects, reported that it has successfully deployed phase two of its mainnet.

Notably, phase 2 of Skale has managed to pull over $80 Million in Total Value Locked (TVL) from over 4,000 users who are spread across 90 countries globally.

“This is an incredible time to be a part of the decentralized web,” said Jack O’Holleran, CEO and co-founder of SKALE Labs. “We are at the start of something very big from an industry perspective. It is amazing to see the SKALE Network become a part of this broader story with a truly decentralized and distributed network launch. Validators and delegators alike have real incentives to participate as SKALE’s economic model pools security in a similar manner to how DeFi projects pool liquidity.”

With the Ethereum ecosystem facing strong competition from Binance smart chain that offers similar services but more scalable than those in the Ethereum network, ether developers are left with no choice rather than work round the clock.

Furthermore, the Defi protocols have been booming globally with total value locked in the ecosystem at the time of reporting at $10.86 billion according to metrics provided by DefiPulse.

The SKALE Network is a security and execution layer that connects with the Ethereum network and lets developers build their projects faster and with better performance.

Currently, Ethereum developers are running several testnets in preparation for the November Phase 0 launch. Some of the testnets include Medalla and Spadina.

As the blockchain activity increases within the Ethereum community, the gas fees are becoming unbearable hence making launching projects on the system very expensive in comparison to launching on Binance.

Onwards, proof of stake is going to be the driving factor in the Ethereum network away from the traditional proof of work that consumes a lot of power and in turn very expensive to run.

SKALE will be incorporating a new approach to make proof of stake a success in the ether community. “The SKALE Network offers a sophisticated and effective approach to Proof of Stake – it uses a large pooled security model (pooled validation model) in conjunction with random node selection and frequent node rotation to enhance network security,” SKALE noted in the announcement.

Altcoin News, Binance, Blockchain News, Cryptocurrency news, Ethereum News

Source: crytonow.com

Author: adminhttps://crytonow.com


Bitcoin Forecast and Analysis September 28 — October 2, 2020 • PumpMoonshot

Bitcoin Forecast and Analysis September 28 — October 2, 2020 • PumpMoonshot

Bitcoin BTC/USD ends the trading week at 10690 and continues to move within the correction and the upward channel. Moving averages indicate a bullish trend. Prices pushed up from the area between the signal lines, which indicates pressure from the buyers of the asset and the potential continued growth of the asset’s quotes. At the moment, we should expect an attempt to develop a correction and test the support area near the level of 9635. Where can we expect a rebound and continued growth in the Bitcoin exchange rate with a potential target above the level of 14285.

An additional signal in favor of the growth of BTC/USD quotes in the current trading week September 28 — October 2, 2020 will be a rebound from the lower border of the ascending channel. The second signal will be a rebound from the support line on the relative strength index (RSI). Cancellation of the Bitcoin growth option will be a fall and a breakdown of the 8285 area. This will indicate a breakdown of the support area and a continued fall in BTC/USD quotes with a potential target below the level of 6345. Confirmation of the development of an upward trend will be a breakdown of the resistance area and closing of quotations above the level of 11705.

Bitcoin Forecast and Analysis September 28 — October 2, 2020 assumes an attempt to support the support area near the level of 9635. Then, the cryptocurrency will continue to grow to the area above the level of 14285. An additional signal in favor of the Bitcoin rate rise in the current trading week will be a test of the support line on the relative strength. Cancellation of the growth option for Bitcoin cryptocurrency quotes will be a fall and a breakdown of the 8285 area. In this case, we should expect a continuation of the fall with a target at 6345.

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Source: www.pumpmoonshot.com

Author: by PumpMoonshot


A Strengthening Renminbi Casts Further Bullish Spells on Bitcoin

A Strengthening Renminbi Casts Further Bullish Spells on Bitcoin

A robust exchange rate policy by the Chinese leaders has prompted the renminbi to log its best quarter in 12 years. And it may help Bitcoin surge as well.

The onshore renminbi added approx 4 percent in the three months ending September 30, its best since 2008. Meanwhile, its offshore counterpart gained more than 4 percent, signaling further weakening of the US dollar against the euro and other major currencies.

China’s preference for a weaker renminbi has inversed in the wake of the coronavirus pandemic. The second-largest economy is now looking to develop the domestic consumption market. Analysts, including Essence Securities Chief Economist Gao Shanwen, said that yuan, a unit of the renminbi, would appreciate further.

“In the future, the yuan will enter a longer process of appreciation,” he said. “Maybe it will start soon.”

Timothy Moe of Goldman Sachs also sees the renminbi strengthening to 6.5 per dollar in the next 12 months. The chief Asia-Pacific equity strategist credited the US dollar’s “structural period of weakening” for boosting yuan’s demand in global markets, calling it a “loss of US exceptionalism.”

Mansoor Mohiuddin, the chief economist at the Bank of Singapore, said in his latest op-ed that China’s growing trade imbalance with the US made the renminbi a de-factor indicator to gauge the dollar’s strength. In retrospect, if China’s currency rise, then it signals that the US economy is attracting fewer capital inflows.

The Chinese Yuan strengthens against the US dollar. Source: TradingView.com

The signs are already on the horizon. In the last 18 months, the Chinese government has increased its efforts to allow more foreign institutions to pour money into its domestic market. The coronavirus pandemic has further accelerated those inflows, given the rising yields on 10-year Chinese government bonds.

In contrast, the US 10-year Treasury is returning lower yields due to the Federal Reserve’s near-zero interest rate policy.

“It does look as if Chinese government bond yields will stay higher than developed markets’ bonds,” said Mr. Mohiuddin, citing the lower size of monetary stimulus provided by the Chinese government against the coronavirus pandemic.

That expects to create further downside pressure on the US dollar.

Analysts at Morgan Stanley predict that the renminbi’s share in the global reserve currency circuit could increase from 2 percent to 10 percent in the next decade. Meanwhile, with the US fiscal deficit rising, people anticipate a stronger bearish bias in the US dollar market.

Sitting as a bystander of the so-called currency war is Bitcoin, a decentralized cryptocurrency that also serves as a hedge against falling traditional markets. Its exchange rate against the US dollar surged by 200 percent amid the pandemic, much higher than the renminbi.

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BTC/USD is trading upwards towards $11,000 in a choppy session Thursday. Source: TradingView.com

Bitcoin is likely to benefit from a stronger renminbi, given the Chinese currency keeps building downside pressure on the US dollar. Investors with huge exposure in the greenback may choose the scarce cryptocurrency to park their funds.

Read further: MicroStrategy Stock Jumps 9% Following Bitcoin Investment; Red Flags Ahead?

Source: crytonow.com

Author: adminhttps://crytonow.com


Yearn.finace dwarfing Bitcoin price as DeFi booms


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