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Announcing The Road to Metamorphosis II and DecentralHacks



Earlier this year, we conducted the first phase of our Metamorphosis journey. The Road to Metamorphosis: a virtual summit featuring in-depth discussions on cryptocurrencies and blockchain technology from world-renowned experts.

What was originally planned as a physical event, eventually became an online experience due to constraints related to the COVID-19 outbreak. With a 5000+ member strong community behind us, we decided to move ahead with the event taking place online.

The event was a phenomenal success, with talks from revered crypto-icons like Emin Gün Sirer, founder and CEO of AVA Labs, Bobby Ong, co-founder of CoinGecko, and Nicolas Cary, co-founder and president of, among many others.

Moving the event online also made it possible for more users to attend the event, creating even more interaction and community engagement than we’d initially hoped for. The Road to Metamorphosis gave attendees the opportunity to build their network, connect with thought leaders in the space, and interact with industry leaders and CXOs from top companies. 

Attendees also received a certificate of participation issued on the blockchain by Octaloop in collaboration with Bloque Labs.

Today, we’re proud to announce the second phase of our journey: The Road to Metamorphosis II. And it’s bigger and better in every way.

The Road to Metamorphosis II

We have a lot in store for you this time around. Our main event will consist of talks from top crypto and blockchain experts from all around the world, to share their opinions on The Future of Money. These include discussions on topics like DeFi, IoT, payments, CeFi, and much more.

We also have plans for interviews with Indian blockchain start-ups, panel discussions, quizzes, and DecentralHacks, a week-long hackathon. And yes, there will be a lot of prizes for winners.

Speaking of prizes, we have several notable sponsors this time around, including GitHub and its learning platform, GitHub Education, and a crypto financial intelligence service P2P crypto-exchange CXIHub has also partnered with us for this event, along with blockchain scaling solutions, MATIC.

Other partners include Harmony.One, a fast and open blockchain for decentralized applications, cryptocurrency price tracker and data aggregator, CoinGecko, and a blockchain-powered Internet in which you have complete control of your digital assets, Elastos!

DecentralHacks Hackathon

DecentralHacks is a community-driven hackathon that spans over an entire week and encourages developing blockchain-centric solutions that can affect social good, especially in fields like FinTech, healthcare, and education. The event will take place from August 21 to 28, and will be conducted entirely online.

Whether you’re a novice or a veteran developer, a student or a master, DecentralHacks is the perfect opportunity for you to demonstrate your skills and witness the competitive yet welcoming blockchain developer community at its best. 

With over $10,000 in prizes up for grabs, including Track Prizes for the Healthcare, Education, FinTech, and Open Innovation categories, it’s a tough deal to turn down.

The hackathon will be held in two phases: the ideation phase and the development phase

The ideation phase will take on the first three days of the hackathon, where teams will have to create a presentation discussing their idea, the vision behind it, and how it could benefit society today. The development phase will take place over the remaining days, involving the actual development of the product as discussed during the ideation phase.

Our goal with DecentralHacks is to foster an environment conducive to blockchain development and encourage more users to try their hand at it. India is a brilliant testing ground for blockchain applications, and with over 1.5 million engineers being produced in the country every year, perhaps we can leverage this revolutionary technology to improve the lives of over a billion people.

Watch this space

When we started Octaloop, we had a very straightforward agenda: create a thriving community for blockchain developers and enthusiasts to network and flourish. We also wanted to make sure the public was well informed and up-to-date about cryptocurrency regulation.

While the road has been rough over the last couple of years, the Supreme Court’s recent positive response toward regulating cryptocurrencies has been just the right spark to reinvigorate blockchain-based startups and exchanges to arrive back onto the scene. With years of experience maintaining an active community in the country, there’s even less reason to stop now.

From arranging meetings in coffee shops to hosting India’s biggest blockchain meetup and building the nation’s biggest crypto-conference, there is still much to be done. But this is only the second phase of our Metamorphosis, and what’s to come ahead is truly beautiful.

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BTC Price Analysis: September Monthly Candle Likely Close In Red, How Bad Is It For Bitcoin?



September has never been a particularly great month for Bitcoin’s price historically, and this year has cemented that fact.

Assuming prices will remain where they are at the close, Bitcoin prices will be down 7.5% from the monthly open. Last year during September, the asset fell 13.5% and the year before that it was down 5.96%.

In spite of this, however, the leading crypto could possibly end the quarter with the second-highest close ever if it can stay above $10,590 – according to data from Skew.

While it’s highly unlikely we’ll see it break the current all-time high from Q4 of 2017 at $13,660 this time around, we are about to enter into one of Bitcoin’s better-performing months which might just give us that new yearly high we’ve all been hoping for.

Bitstamp BTC/USD 4-Hour Chart

bitcoin price
BTC/USD chart via Tradingview

BTC Price Levels to Watch in the Short-term

On the 4-hour BTC/USD chart, we can see that Bitcoin’s price still remains inside the rising channel (orange) and has recently returned to the lower channel support at $10,680 following a sharp rejection at the weekly open resistance ($10,780).

This particular price point is also being reinforced by the 200-EMA, which will make this level even more difficult to break in the short-term.

The median line of the channel (dashed white line) will now likely act as a temporary resistance as bullish traders attempt to recover from the dip.

Looking further down, if selling momentum continues to rise over the next few candles we could see BTC get kicked out of the channel. In that event, the $10,570 level may create a reaction as it has acted as both a support and resistance in the last 9 days. Right under that, we also have the much-larger channel support (yellow) which should halt any further decline (for now).

Over the short-term, we should wait until BTC prints a new higher high above $10,780 and the daily open at $10,839 before assuming the intra-week trend has turned bullish.

Total market capital: $348 billion

Bitcoin market capital: $198 billion

Bitcoin dominance: 57.0%

*Data by Coingecko.


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Cryptocurrency charts by TradingView.


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Bitcoin Mimics Wall Street and Climbs Above $10,800 as Altcoins Rejoice (Market Watch)



Despite briefly dipping to $10,660, Bitcoin has slightly increased in value since yesterday and trades above $10,800. At the same time, Ethereum has spiked by about 2% to above $360, while more volatility is evident from lower and mid-cap altcoins.

Bitcoin To Above $10,800

After an unsuccessful attempt to conquer $10,800 yesterday, Bitcoin headed south and bottomed at about $10,660. However, the bulls intercepted the brief price dip and didn’t allow further declines.

Just the opposite, BTC started accelerating again and reached its intraday high of $10,850 (on Binance). Although the asset has decreased slightly, it’s still about 1% up on a 24-hour scale, and it hovers around $10,800.

From a technical standpoint, Bitcoin has to overcome the first resistance at $10,840 before heading towards the psychological level at $11,000. Alternatively, the primary cryptocurrency could rely on $10,680, and $10,570 as support in case of a price breakdown.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Bitcoin’s increase seems to be a correlation with the US stock market. The S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average all closed yesterday’s trading session with about 1% gains.

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However, gold demonstrated untypically high volatility. The precious metal spiked from $1,880 to $1,900, dropped back down and repeated the move once again in a matter of hours. On a 24-hour scale, though, gold has decreased by about 0.5%.

Ethereum Rises Above $360, Cardano Back To Top 10

Ethereum has finally increased above $360 after a near 2% jump. Ripple and Bitcoin Cash marked minor gains and are situated approximately at the same levels as yesterday – $0.241 and $228, respectively.

The most impressive performer from the top ten is Cardano. By increasing with 5% to over $0,10, ADA has actually surpassed Coin for the coveted 10th spot.

Cryptocurrency Market Overview. Source:
Cryptocurrency Market Overview. Source:

Monero is the only top 20 coin that has surged by a double-digit percentage. XMR has jumped by 12% and trades at $110. On a weekly scale, Monero is up by 25%.

Further double-digit price increases come from lower and mid-cap altcoins. DigiByte leads by a 16% surge, Maker (13%), Zcash (11%), Swipe (11%), DFI.Money (11%), Algorand (10.5%), and Zilliqa (10%) follow.

On the other hand, The Midas Touch Gold has lost the most value since yesterday – 15%. THETA (-7%), Hyperion (-6.5%), Energy Web Token (-5.5%), and Uniswap (-4.5%) follow.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Ethereum Founder Recommends L2 Solutions for ETH Payments




Ethereum co-founder Vitalik Buterin has suggested that more people should use ETH for payments opting for Layer 2 solutions to avoid hefty gas fees.



In a response to a tweet suggesting that payments platform Square refusing to support crypto payments was ‘dumb’, Ethereum co-founder Vitalik Buterin has highlighted the benefits of supporting the digital asset as a payment method.

He stated that using ETH for payments would also add support for other crypto assets including MKR, UNI, wBTC, and any other stablecoin.

Naturally, there was quite a reaction from the crypto community considering that transfer fees have skyrocketed in recent months making Ethereum slow and expensive to use.

The DeFi farming frenzy, driven by yield jumping ‘degens’ (degenerate farmers), has resulted in massive demand being placed on Ethereum which has driven network fees through the roof.



September has witnessed the highest gas fees on record with several spikes taking the average cost into double figures. At the time of writing, average transaction fees had fallen to around $3 according to, but that is still way too high for the average user.

Ethereum fees
Average tx fees –

Buterin responded with a suggestion to use Layer 2 options such as zkSync, Loopring, or the OMG Network. Matter Labs launched the L2 payments gateway zkSync to mainnet in mid-June this year, with the claim that it enables ‘PayPal-scale’ throughput for dApps or wallets.

Ethereum zkRollup exchange and payment protocol Loopring launched a Layer 2 token swap DEX in mid-September for high speed, low-cost token exchanges. Meanwhile, the OMG Network, which launched in 2017 to provide Plasma scaling for Ethereum, integrated the Tether stablecoin in August to facilitate cost-efficient payments.

There are other options such as the Matic Network but Buterin did not mention them in this dialogue.

When ETH 2.0?

The real scaling for Ethereum will come when Serenity Phase 1 is launched but that is still at least a year away. Beacon Chain, or Phase 0, must be rolled out first and the good news is that it could be before the end of 2020.

Testing for Beacon Chain is entering the final stages now with around 65,000 validators operating on the Medalla testnet. A further testnet called ‘Spadina’ was recently run as a ‘dress rehearsal’ for ETH 2.0 genesis but it failed due to client issues and low participation. Another testnet called ‘Zinken’ has been planned for launch on Oct. 12.

Until Phase 1 is ready, these Layer 2 solutions are the only viable options for avoiding heavy gas fees.

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Author: Martin Young

Martin has been writing on cyber security and infotech for two decades. He has previous forex trading experience and has been covering the blockchain and crypto industry since 2017.


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