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Crypto Market Update for 21 August 2020: $BTC, $ETH, $LINK, $OMG

This article provides an update on the cryptoasset market, with a particular focus on the following digital assets: Bitcoin (BTC), Ethereum (ETH), Chainlink (LINK), and OMG Network ($OMG). To give you a rough idea of how well the crypto market is doing today, 17 of the top 20 cryptoassets (by market cap) are currently in […]

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This article provides an update on the cryptoasset market, with a particular focus on the following digital assets: Bitcoin (BTC), Ethereum (ETH), Chainlink (LINK), and OMG Network ($OMG).

To give you a rough idea of how well the crypto market is doing today, 17 of the top 20 cryptoassets (by market cap) are currently in the green (i.e. up against USD). All market data used in this article was taken from CryptoCompare around 09:55 UTC on 21 August 2020.

Bitcoin (BTC)

Except for Monday (August 17) when the Bitcoin price reached an intraday high of $12,474, Bitcoin has mostly been trading in the range $11,700–$11,900 for the past week.

Bitcoin’s recent volatility has been so low that Binance Co-Founder and CEO Changpeng Zhao (aka “CZ”) tweeted yesterday that Bitcoin is almost behaving like a stablecoin:

Later on the same day, Tyler Winklevoss, Co-Founder and CEO of digital asset exchange Gemini, said that such low price volatility suggets to him that Bitcoin is getting ready for a big breakout:

Joe Weisenthal, the executive editor of news for Bloomberg Digital, sent out a tweet on Thursday (August 17) that suggested he believes Bitcoin seems to be showing a high positive correlation to gold, thereby supporting the “digital gold” narrative:

Bitcoin is currently trading around $11,791, down 0.01% in the past 24-hour period. Bitcoin’s return on investment (ROI) for the year-to-date (YTD) period is +64.15% vs USD.

Ethereum (ETH)

Over the past 24-hour period, Ethereum has been trading in the range $406.83–$419.09; currently, it is trading around $409.06, down 0.38% vs USD in this period.

Although the Ethereum price only went up 2.75% in the past two-week period, Ether’s return on investment (ROI) for the past 30-day period is +67.14 and its year-to-date (YTD) period is +217.27% vs USD.

Scott Melker, a crypto analyst/trader at TexasWest Capital, remains bullish on Ether due to the huge amount of interest in trading of ERC-20 tokens on decentralized exchanges:

Oj Thursday (August 20), stablecoin issuer Tether moved $1 billion in USDT from the TRON blockchain to the Ethereum blockchain:

Alex Saunders, Founder and CEO of Nuggets News believes that this move by Tether is due to the fact that on Wednesday (August 19), USDT’s integration with Ethereum layer 2 scaling solution OMG Network (OMG) went live.

Chainlink (LINK)

Chainlink’s native token is currently trading around $15.27, down 8.67% in the past 24-hour period.

This means that Chainlink has fallen around 15% since Dave Portnoy, the founder and president of Barstool Sports, bought $50,000 worth of LINK tokens on Thursday (August 13) with the help of the Winklevoss twins. The good news is that LINK is still up 767.61% vs USD so far in 2020.

In the past couple of days, Chainlink has announced two new partnerships:

OMG Network (OMG)

Tether published a blog post on Wednesday (August 19) that announced that the USDT integration with the OMG Network had gone live.

It also mentioned that USDT holders would benefit from this integration since they will be able to make faster payments at a lower cost than with Ethereum but without the need to comprise on security.

Crypto exchange Bitfinex first announced its plan to integrates Tether (USDT) on OMG Network for “faster, cheaper transaction” on 1 June 2020.

Just before Tether and OMG Network announced (around 13:30 UTC on August 19) that the USDT integration had gone live, OMG was trading around $3.319.

Currently, OMG is trading around $6.44, which means that since the announcement, the OMG price has gone up 94.03%, with 72.84% of the gain coming in the past 24-hour period.

Featured Image by “WorldSpectrum” via Pixabay.com

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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The Changes Continue: Facebook’s Libra Has Been Rebranded To Diem

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  • Facebook shook the world last year after announcing plans to introduce a “single global digital currency” dubbed Libra. However, the social media giant’s efforts were quickly scalded by global regulators as the project received massive blowback.
  • Facebook didn’t give up on its idea. Instead, the company decided to rebrand its two main products. Firstly, the Calibra wallet became Novi, and today, Reuters reported that the Libra name had been changed to Diem (meaning ‘day’ in Latin.) 
  • Stuart Levey, CEO of the Geneva-based Diem Association behind the digital coin, confirmed that the name change comes as a direct consequence of the regulatory hurdles. He noted that “the original name was tied to an early iteration of the project that received a difficult reception from regulators. We have dramatically changed that proposition.”
  • The Diem currency would operate as a signal dollar-backed digital coin. Although Levey failed to specify the timing of the launch, recent reports suggested that it may arrive as early as January 2021. 
  • Levey further explained that the Novi team has already begun building a digital wallet that will eventually hold Diem coins. Apart from waiting for approval from Swiss regulators to launch, the Diem Network is also in talks with US federal and state watchdogs. However, Levey didn’t disclose the nature of those negotiations. 
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Source: https://cryptopotato.com/the-changes-continue-facebooks-libra-has-been-rebranded-to-diem/

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Coinbase Faciliated MicroStrategy’s $425M Bitcoin Purchase Without Moving The Market

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The leading US-based cryptocurrency exchange Coinbase assisted in MicroStrategy’s massive purchase of $425 million worth of BTC. The platform pledged to help other large firms diversify their portfolios with bitcoin in the future as well.

Coinbase Involved In MicroStrategy’s BTC Purchase

The NASDAQ-listed business intelligence firm made the news on two occasions earlier this year as it announced the total purchase of 38,250 bitcoins. At the time, this sizeable amount equaled about $425 million.

However, the entity that helped broker the deal remained unknown until today. The San Francisco-based crypto exchange Coinbase announced that it was “selected as the primary execution partner for MicroStrategy’s $425 million purchase of Bitcoin.”

The community speculated on how such a considerable amount didn’t move the markets as the price of BTC remained relatively still back then. Coinbase explained that this was the company’s intention in the first place:

“Using our advanced execution capabilities, leading crypto prime brokerage platform, and OTC desk, we were able to buy a significant amount of bitcoin on behalf of MicroStrategy and did so without moving the market.”

Furthermore, the exchange noted that its system takes a single large order and breaks it into many small pieces that are executed across multiple trading venues. This type of smart order routing reduces the trade’s impact on the market and assists in disguising the overall trade size.

This also helped MicroStrategy to get a better price for its BTC purchase as Coinbase’s trading team “achieved an average execution price that was less than the price at which the buying started.” The post highlighted that this strategy ultimately saved 1% (or about $4.25 million) for the NASDAQ-listed company.

More Large Companies To Come?

MicroStrategy’s purchase kicked off a wave of large companies and prominent individual investors who expressed willingness to get in bitcoin as well.

Jack Dorsey’s Square followed with a $50 million BTC allocation. More recently, the Wall Street giant Guggenheim Partners filed a document with the SEC to purchase about $500 million worth of bitcoin for one of its funds.

Coinbase asserted that more firms will look to BTC to hedge or diversify their excess cash. Consequently, the large US exchange will “look forward to helping more corporate companies and institutions looking to diversify their capital allocation strategies with crypto.”

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Source: https://cryptopotato.com/coinbase-faciliated-microstrategys-425m-bitcoin-purchase-without-moving-the-market/

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Hackers Using Monero Mining Malware as Decoy, Warns Microsoft

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Crypto-jacking is giving nation-state hackers a decoy for their more malicious attacks, warned Microsoft in a Monday report.

The company’s intelligence team said a group called BISMUTH hit government targets in France and Vietnam with relatively conspicuous Monero mining trojans this summer. Mining the crypto generated side cash for the group, but it also distracted victims from BISMUTH’s true campaign: credential theft.

Crypto-jacking “allowed BISMUTH to hide its more nefarious activities behind threats that may be perceived to be less alarming because they’re “commodity” malware,” Microsoft concluded. It said the conspicuousness of Monero mining fits BISMUTH’s “hide in plain sight” MO.

Microsoft recommended organizations stay vigilant against crypto-jacking as a possible decoy tactic.

Source: https://www.coindesk.com/hackers-using-monero-mining-malware-as-decoy-warns-microsoft

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