Connect with us

Blockchain

Bitcoin’s 14% Weekly Increase Eyes the ATH: The Crypto Weekly Market Update

Avatar

Published

on

Ignoring all known rules of gravity, Bitcoin has taken for the skies, and it shows absolutely no signs of slowing down. This week the cryptocurrency is up by another 14% and is currently trading just about 6% below its all-time high of around $20,000 reached in December 2017.

The week started off fairly calmly, and some were even thinking that there is a correction incoming. This wasn’t the case, as right after the weekend, BTC started moving… up. It breached its former high on Wednesday and managed to break that record again today, hitting an intraweek high of around $18,850 on Binance.

The entire market cap reached $520 billion as all major cryptocurrencies are well in profit. Some of the most notable gainers include Litecoin, up 27%, Ripple up 21%, Polkadot, up 18%, and so forth.

It remains very interesting to see whether or not the current rally will go on or if there is a correction looming. So far, however, odds seem stacked in favor of the bulls.

DeFi markets also saw substantial increases over the past seven days. A wide range of tokens, including Sushi, Aave’s LEND, Compound, CRV, Yearn Finance’s YFI, and so forth, are charting double-digit increases throughout the past week.

Elsewhere, Ethereum’s Vitalik Buterin spoke of the upcoming network upgrade, hinting that the transition to proof-of-stake (PoS) might not actually occur for another year. While the ETH 2.0 depositor contract is live and has already seen more than 100,000 ETH going in, the network’s creator said that “less than a year is not realistic” when it comes to the merging.

In any case, this has been a very eventful week, and it’s very exciting to see how the market will shape up in the coming days. After all, we are so close to the all-time high!

Market Data

Market Cap: $521B | 24H Vol: 147B | BTC Dominance: 66%

BTC: $18,600 (+14.54%) | ETH: $508.20 (+8.20%) | XRP: $0.319(+20.84%)

Bitcoin Is Not Jamie Dimon’s Cup Of Tea But Is There More To The Story? The CEO of the large multinational investment bank JP Morgan said that Bitcoin is not his preferred choice, though he would prefer cryptocurrencies that are properly regulated and backed. The billionaire referred to the increasing need for well-structured KYC and AML policies.

Ethereum Founder Buterin Hints at More Delays For ETH 2.0. The co-founder of Ethereum, Vitalik Buterin, said that the network’s transition to the long-awaited proof-of-stake consensus algorithm might not take place for yet another year. He said that it’s not realistic to think that the merge will happen in less than a year.

After Buying Bitcoin at $800 in 2016, Mexico’s Second-Richest Man Doubles Down. Ricardo Salinas Pliego, the second-richest man in Mexico, revealed that he had bought Bitcoin back in 2016 when the price was just $800. He now doubled-down on his praises for the cryptocurrencies, outlining the flaws of fiat currencies in Latin countries.

Last Time Bitcoin Broke $17K The Way To $20K ATH Was Quick. The last time Bitcoin broke the $17K level, it only took it six days to reach its current all-time high value of nearly $20,000 in December 2017. With the way things are going, it’s interesting to see if this time around will be any different.

500,000 BTC Worth $8.5 Billion Currently Owned By Grayscale. Grayscale Investments, the largest cryptocurrency investment fund, has revealed that it holds over half a million bitcoins under management. This represents roughly about 2.4% of the total supply of Bitcoin.

Can Blockchain Technology Eradicate Voting And Election Issues? MIT Says No. According to specialists from MIT, blockchain technology is not a suitable solution for conducting elections. They said that it would compromise the transparency, as well as the sanctity of the electoral process.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Litecoin, and Polkadot – click here for the full price analysis.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

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.

You Might Also Like:


Source: https://cryptopotato.com/bitcoins-14-weekly-increase-eyes-the-ath-the-crypto-weekly-market-update/

Blockchain

YFI’s Andre Cronje Unveils Multi-Purpose DeFi Protocol Deriswap

Avatar

Published

on

Andre Cronje, the brain behind the popular DeFi protocol Yearn Finance and the most expensive cryptocurrency YFI, has unveiled yet another DeFi protocol called Deriswap.

Obsessed With Capital Efficiency

The project focuses on capital efficiency, an aspect of DeFi that Cronje said he is obsessed with. The YFI creator is set to change the current segmented liquidity, which only allows users to choose one of Swaps (Uniswap, Sushiswap, Bancor, etc.), Options (Deribit, Hegic, Opyn, etc.), and Loans (Aave, Compound, DyDx, etc.). 

He described Deriswap as a protocol that combines multiple DeFi services, including Swaps, Options, and Loans, into a capital-efficient single contract. According to the developer, this allows the interaction between two assets that make up the pair. 

For Swaps, Cronje explained that the contract on Deriswap utilizes the standard Uniswap x * y = k. For example, suppose Liquidity Providers (LPs) provide ETH-BTC as liquidity. In that case, the protocol will allow traders to swap BTC and ETH while using the oracle’s time as the weighted average price (TWAP). 

No Deriswap Token Yet

He notes that Deriswap uses the Black Scholes option pricing model to quote options. While Futures are an extension and simplification of Options, Loans are an extension and simplification of Futures. To get a loan, the user will pay a premium and collateral to access the borrowed assets. 

Lastly, the markets (loan, futures, and options) can be tokenized via Non-Fungible Tokens (NFT) to create secondary markets. 

As with many DeFi protocols, it is expected that Deriswap will have a token, and maybe with a limited supply. As a result, DeFi degens are hoping to dive in early. However, the protocol is currently under audit; hence, there’s no official Deriswap token yet. 

Cronje Continues To Explore DeFi

Since YFI’s success, Andre Cronje has become a prominent player in the DeFi ecosystem. The developer is always exploring and “experimenting” with DeFi products, even though some cost investors money due to exploits

Despite the recording failure with Eminence protocol, Cronje’s last project Keep3r Network was quite different as Keep3r’s KP3R token rallied more than 2000%, with the price moving from $10 to over $200 within a few days.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/yfis-andre-cronje-unveils-multi-purpose-defi-protocol-deriswap/

Continue Reading

Blockchain

Inevitable: Ethereum Classic’s Latest Hard Fork Called Thanos Scheduled for November 29th

Avatar

Published

on

Less than two months after its latest network upgrade, Ethereum Classic plans to undergo another one on November 29th. Dubbed Thanos, the new hard fork will enhance security while maintaining its compatibility with Ethereum.

Thanos Is An Inevitable ETC Network Upgrade

The Ethereum Classic team would like to quickly forget the summer of 2020. In the span of one month, the network was subject to three separate 51% attacks.

The Ethereum Classic Core developer team and Ethereum Classic Labs decided to counteract the growing securities issues by implementing the Modified Exponential Subjective Scoring (MESS) solution on October 2nd.

MESS went live on the Mordor Testnet after passing “rigorous stress tests and simulated attacks.” It aimed to prevent attacks by making large block reorganizations up to “31x more expensive, removing any profit motive.”

However, the ETC Cooperative and Cardano developer IOHK published a report disputing the claim that the MESS update will provide “robust security.” Moreover, it argued that there’s “no guarantee that further attacks will not succeed.”

The latest response from the ETC developer team and ETC Labs has tapped the Marvel Universe for its name – Thanos.

The statement described the upgrade as an “important milestone for ETC as the network continues to drive innovations that will support existing miners and attract new ones while continuing to maintain compatibility with Ethereum.”

The Next Logical Step

According to the announcement, the Mordor Testnet activation occurred on block 2,520,000 – on October 18th, 2020. The ETC Mainnet activation is expected to take place at block 11,700,000 – around November 29th, 2020.

Consumers need to upgrade their node software to a fork compatible version to Core-geth v1.11.16 or later to ensure the success of the hard fork.

Founder and Chairman of Ethereum Classic Labs, James Wo, believes that the Thanos network upgrade will enhance the security while helping ETC to “distinguish itself and increase functionality for its users.”

“The Thanos hard fork is the natural next step for the network, reducing the DAG size to help cultivate a more distributed and healthy mining ecosystem, increasing hash rate, and allowing miners to continue mining ETC and for new miners to join the ecosystem.” – Wo added.

Featured Image Courtesy of SideShow

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/inevitable-ethereum-classics-latest-hard-fork-called-thanos-scheduled-for-november-29th/

Continue Reading

Blockchain

PayPal CEO: 28 Million Merchants Will be Able to Use Cryptocurrency for Transactions in 2021

Avatar

Published

on

It is now a well-known fact that payments giant PayPal is knee-deep in the Bitcoin market. In today’s interview with CNBC, CEO Dan Schulman explained his rationale behind the world’s top cryptocurrency value. He also elucidated on why his company is placing giant buying bets on BTC.

The Utility Surrounding Bitcoin And Cryptocurrencies Is What Imparts Them Value

Upon being asked to explain the inherent value of bitcoin, PayPal CEO Dan Schulman immediately said that BTC and the aggregated class of crypto assets derive value from their utilities.

Mr. Schulman pointed out a scenario where dependability on cash has dropped 40 – 70 percent due to the ongoing coronavirus pandemic. Central banks, he said, will eventually go digital, converting paper fiat into their electronic counterparts.

The above will, in turn, bolster the utility aspect of cryptocurrencies in a significant way, in the words of the PayPal boss. Also, the company will allow the usage of crypto as a funding source for 28 million merchants on its platform.

“Early next year we’re going to allow cryptocurrencies to be a Funding Source for any transaction happening on all 28 million of our merchants and that will significantly bolster the utility of cryptocurrencies”

Lastly, Schulman pointed out the recipe for the success of cryptocurrencies. He said that the key is in working as a team with regulators.

Square, PayPal, Grayscale Rapidly Lapping Up All Available BTC

As reported by CryptoPotato, Pantera Capital attributed the latest face-melting bitcoin rally to PayPal and Square’s aggressive buying spree.

When PayPal went live, volume started exploding. The increase in itBit volume implies that within four weeks of going live, PayPal is already buying almost 70% of the new supply of bitcoins. PayPal and Cash App are already buying more than 100% of all newly-issued bitcoins.

Such is the buying pressure from these financial services heavyweights that it’s causing an acute BTC shortage in the market. Due to the pre-programmed supply mathematics. Which in turn is pushing bitcoin (BTC) prices up.

As per Pantera Capital in a previous report,  the firm estimated that Cash App was picking up 40 percent of all the newly produced bitcoins that miners. Add to this the additional 70 percent BTC supply that PayPal is buying. This results in a 110 percent shopping activity. This, in turn, is creating a net 10 percent shortage.

Also, top institutional investment focused bitcoin and crypto investment fund Grayscale recently logged its best quarter with its stash size growing to 500,000 BTC. This accumulated buying activity explains why prices of the flagship cryptocurrency found their north star and are on their way to reclaiming the previous all-time highs.

Featured image courtesy of LAPM Journal

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/paypal-ceo-28-million-merchants-will-be-able-to-use-cryptocurrency-for-transactions-in-2021/

Continue Reading
Blockchain3 days ago

Bitcoin Suisse to Deposit Nearly 100,000 ETH to Ethereum 2.0

Blockchain3 days ago

Bitcoin supply shortage is due to overwhelming PayPal support

Blockchain3 days ago

US Government to Use USDC Stablecoin to Bypass Venezuela’s Maduro

Blockchain4 days ago

Bitcoin Is the Biggest Big Short

Blockchain5 days ago

“The Great Reset” Close to Overtaking Ethereum in Searches

Blockchain4 days ago

HEX Dumps Amid 24-hour LiveStream

Blockchain3 days ago

Why this Ethereum DeFi coin has surged 400% in two days

Blockchain3 days ago

Ethereum 2.0 Deposits Near 200,000 ETH

Blockchain5 days ago

Elastos Network Selected by World Economic Forum to Accelerate Blockchain Adoption

Blockchain4 days ago

How to Invest in DeFi (The Sequel)

Blockchain4 days ago

Companies Like PayPal Are Adopting Crypto Quicker Than Ever

Blockchain4 days ago

Simon Peters: $20,000 is next target for Bitcoin

Blockchain3 days ago

DeFi Protocol Pickle Finance Hacked For $20 Million

Blockchain3 days ago

Cardano on schedule to deliver Goguen, reveals Hoskinson

Blockchain4 days ago

CorionX to be listed on BitMart Exchange

Blockchain5 days ago

The Complete Case for $100K Bitcoin

Blockchain3 days ago

The Long Arm of Justice: How Far Can the DoJ Really Go in Prosecuting Foreign Actors?

Blockchain3 days ago

Argentina and Brazil Get Their Own Stellar Stablecoins

Blockchain4 days ago

Chainalysis Becomes Newest Crypto Unicorn After $100M C Funding

Blockchain3 days ago

SushiSwap’s SUSHI Continues Ascent, Rallies 10% on $1B in Deposits

Blockchain3 days ago

Is current Bitcoin trend a Bull trap – $20K beckons extended BTC/USD rally

Blockchain5 days ago

News of News For Bears and Bulls

Blockchain4 days ago

Market Wrap: Bitcoin Hits $18.8K as Total Crypto Locked in DeFi Passes $14B

Blockchain3 days ago

Uniswap User Loses $20,000 With a Fake Google Play Store App

Blockchain5 days ago

Bitcoin and Ether Market Update November 19, 2020

Blockchain3 days ago

3 Reasons Why Analysts Think Bitcoin Will Move Higher After Rally to $18,800

Blockchain4 days ago

BlackRock’s Rick Rieder Says Bitcoin Could Replace Gold

Blockchain3 days ago

Bitcoin’s 14% Weekly Increase Eyes the ATH: The Crypto Weekly Market Update

Blockchain4 days ago

Navigating through the challenges of Blockchain Tech to fast track development of the FinTech Market

Blockchain3 days ago

Bitcoin’s 14% Weekly Increase Eyes the ATH: The Crypto Weekly Market Update

Blockchain3 days ago

US Regulator Seeks End to Bank Deplatforming of ‘Disfavored’ Industries (Like Crypto)

Blockchain5 days ago

In this bull run, why are price rallies of Bitcoin and ETH not the same?

Blockchain3 days ago

Uniswap User Loses $20,000 With a Fake Google Play Store App

Blockchain1 day ago

Crypto.com Launches Visa Cards for Canadians

Blockchain4 days ago

Poker players now request more cash out in Bitcoin

Blockchain1 day ago

Chainlink Likely to See an Impulse Higher as Bulls Break Key Range

Blockchain2 days ago

XRP Surges 30% Higher—and Analysts Think There’s Upside to Come

Blockchain2 days ago

Bitcoin’s 14% Weekly Increase Eyes the ATH: The Crypto Weekly Market Update

Blockchain3 days ago

Uniswap User Loses $20,000 With a Fake Google Play Store App

Trending