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Coinbase-Backed Exchange to Redistribute Seized Venezuelan Funds

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Latin American crypto exchange Airtm has been appointed to redistribute $18 million seized by U.S. authorities to 62,000 healthcare workers. These funds were taken in relation to a corruption case involving Nicolas Maduro, the president of Venezuela.

According to Matt Ahlborg, data scientist at UsefulTulips, Coinbase-backed Airtm is well-known for being a censorship-resistant P2P exchange. He noted that Venezuelan users have long accounted for a significant part of Airtm’s customer database.

Juan Guaidó, recognized by several countries as Venezuela’s rightful leader, also recognized Airtm for their efforts in the fight against government censorship. Guaidó then outlined his own plans for helping to return the seized funds to the country’s healthcare workers.

Social media users report that Maduro’s government swiftly blocked Venezuelan users from accessing Airtm’s website following the news. In response, local activists have created a number of tutorials on how to bypass the government’s censorship of the site. 

Ahlborg commented on the announcement:

“The average user on AirTM isn’t a 1%’er in the West testing out new smart contract protocols on Ethereum, it is a middle to lower class worker in Venezuela preserving their wealth, ten dollars at a time. I saw this with my own eyes working with AirTM in CDMX last year.”

The data scientist praised Juan Guaidó for voicing support for a crypto company, and for backing plans to distribute aid to citizens affected by the crisis.

Source: https://cointelegraph.com/news/coinbase-backed-exchange-to-redistribute-seized-venezuelan-funds

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Bitcoin Claims Crucial Level, But Break Below It Could Lead to $16,000

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  • Bitcoin has been caught within a strong uptrend in the time following its recent selloff, with bulls largely absorbing the inflows of selling pressure
  • After reeling down to lows of $16,400, the cryptocurrency faced a massive rebound that has now led it past $18,000
  • Its present momentum is showing few signs of slowing down, and there’s a strong possibility that further upside is imminent in the near-term
  • One trader is noting that it is now imperative that bulls hold the crypto above $17,700-17,850
  • He notes that a break below this support could cause the crypto to reel down to the $16,000 region

Bitcoin and the rest of the crypto market are currently rallying, with Bitcoin’s recent selloff doing little damage to the market as bulls aim to erase all of the losses.

BTC is now trading back above $18,000 and isn’t showing signs of slowing down. If this level becomes a base of support, it could allow for significantly further growth in the days and weeks ahead.

One trader is now noting that holding above the upper-$17,000 region is critical for the market to move higher.

He notes that a break below this price region could open the gates for a decline down towards $16,000.

Bitcoin Gains Momentum as Bears Falter 

At the time of writing, Bitcoin is trading up just over 2% at its current price of $18,115. This marks a notable surge from its lows of $16,400 set at the bottom of the recent selloff.

The strength seen by the aggregated market as of late does seem to indicate that further upside could be imminent and that this latest selloff was simply another “buy the dip opportunity.”

For this to be confirmed, BTC will need to show signs of stability in the days and weeks ahead.

Trader: BTC Must Hold Above Upper-$17,000 Region for Uptrend to Persist

One trader explained in a recent tweet that Bitcoin needs to hold steady above $18,000 for the market to maintain its momentum.

He specifically points to the upper-$17,000 region as a key area of support, noting that a break below could open the gates for a move down towards $16,000.

“Crucial level to hold is the $17,700-17,850 breaker. If that is lost, I think we’ll see the 16’s again.”

Bitcoin

Image Courtesy of Michaël van de Poppe. Source: BTCUSD on TradingView.

The coming few days should provide some insight into the strength of this ongoing rebound. Any continued uptrend here should allow for significantly further gains in the days and weeks ahead.

Featured image from Unsplash.
Charts from TradingView.

Source: https://bitcoinist.com/bitcoin-claims-crucial-level-but-break-below-it-could-lead-to-16000/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-claims-crucial-level-but-break-below-it-could-lead-to-16000

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Three reasons why DeFi’s performance will overshadow Bitcoin’s soon

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While Bitcoin’s price was rallying on the price charts, DeFi tokens were adding TVL in both BTC and ETH. However, after the price dropped by 8.64%, DeFi’s TVL soon plummeted from $14.35B on 23 November to $12.7B in less than a week. This didn’t mean that DeFi’s rally was over though. In fact, while the top 15 DeFi tokens based on performance included Alpha, Yield Farming DAI, EASY, XOR, and HEGIC, tokens like SUSHI, AAVE, and YFI have offered double-digit returns of over 70%. 

Why DeFi is set to outperform BTC returns by end of 2020

Source: Twitter

Apart from double-digit returns, there have been several recent developments in DeFi over the past week, with each of these developments suggesting that the price rally may have just started. Here are some facts, 

  • Saffron Finance and Barnbirdge are leading the charge in a risk tranch-based category of DeFi investment
  • Yearn has announced a merger that takes it a step closer to being a DeFi mega-bank
  • Also, DeFi liquidations soared to a record $92M on 27 November 2020 and Compound was the hardest hit

DeFi’s rally has also been supported by its inverse correlation with Bitcoin. Further, despite its high correlation with BTC, ETH’s price has sustained itself above the $500-level, something that could be bullish for DeFi going forward. In fact. Anton Chashchin, Commercial Director at CEX.IO Loan, told AMBCrypto, 

“The traditional markets have been considered a safe harbor for investors to build their portfolios and reach their financial goals. But after the COVID-19 outbreak, institutional as well as retail investors have been looking for new solutions to protect their wealth from inflation and decentralized finance (DeFi) has been one of them.”

He added,

“Data from Dune Analytics reveals that since the beginning of October the total value locked in decentralized applications rose nearly 28% to hit a record high of over $14.4 billion. Meanwhile, the number of users shot up by 62% since then to reach nearly 1 million and requests from institutional investors are increasing by roughly $30 million per week.”

The aforementioned increase in demand and trader interest in DeFi may be another driver behind its double-digit gains. Additionally, it can also be argued that volatility and network momentum drops in Bitcoin’s market may turn heads towards the DeFi space. Why DeFi is set to outperform BTC returns by end of 2020

Volatility of DeFi tokens || Source: Coinmetrics

The supply shortage narrative may not be enough for Bitcoin’s price rally. Price volatility and network momentum is key to driving the cryptocurrency’s price to its ATH. However, both metrics have dropped of late, based on data from Woobull charts. On the contrary, DeFi may be shifting gears to replace BTC as the top-performing asset in December 2020 in light of all the aforementioned developments, the rapidly increasing volatility, and demand. 

Source: https://eng.ambcrypto.com/three-reasons-defi-bitcoin

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Ripple Sells Significant Portion of Its Stake in Payments Giant MoneyGram

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Ripple is selling a substantial portion of its stake in MoneyGram for the first time since placing its initial investment in the money remittance giant in June 2019.

According to a document filed by Ripple on November 27th at the U.S. Securities and Exchange Commission (SEC), the fintech startup owns 6.23 million shares of MoneyGram with a warrant to purchase more shares to the tune of 5.95 million.

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The document reveals that Ripple authorized an undisclosed financial entity to sell four million of its shares in MoneyGram.

After selling, Ripple will still own at least 2.23 million MoneyGram shares and will reserve the right to purchase an additional 5.95 million shares of the remittance giant.

Ripple and MoneyGram entered into a partnership in June 2019 for foreign exchange settlements and cross-border payments. As part of the deal, Ripple made a $50 million commitment to MoneyGram, which it completed in November 2019.

MoneyGram has used Ripple’s services to settle cross-border payments in Mexico, Europe, Australia, and the Philippines in seconds, says MoneyGram CEO Alex Holmes.

“Our partnership with Ripple is transformative for both the traditional money transfer and digital asset industry – for the first time ever, we’re settling currencies in seconds.”

Valued at $10 billion, San Francisco-based Ripple is emerging as one of the fastest-growing fintech companies in the world. The company owns over half of the total supply of the crypto asset XRP. At time of publishing, XRP’s total market cap is $27.8 billion, according to CoinMarketCap.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Source: https://dailyhodl.com/2020/11/29/ripple-sells-significant-portion-of-its-stake-in-payments-giant-moneygram/

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