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Crypto Tidbits: Dave Portnoy Drops Bitcoin, Tether Supports Ethereum’s OMG Network, DeFi Still Hot

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Another week, another round of Crypto Tidbits.

It’s been quite a week for the Bitcoin market. In the past seven days, the leading digital asset has traded at both $12,500 and $11,400, facing volatility due to crypto market trends and the macroeconomic trends. Bitcoin’s rally earlier this week came on a decisive break of the pivotal $11,900-12,000 resistance; BTC’s ongoing retracement has seemingly been triggered by somewhat of a bounce in the value of the U.S. dollar, along with selling pressure on spot markets.

Ethereum has suffered worse than Bitcoin has, falling to $380 as of this article’s writing. Altcoins, in general, have been hurt more than Bitcoin during this retracement as the altcoin market finally cools off after months of straight rallying.

Chart of BTC's price action over the past seven days from TradingView.com

Analysts remain optimistic about the cryptocurrency market despite the recent technical weakness.

Raoul Pal, the CEO of Real Vision and a Wall Street vet, recently took to Stephan Livera’s podcast to assert that he is macro bullish on Bitcoin due to a flurry of fundamental reasons. This comes shortly after he took to Twitter to say:

“These are all INCREDIBLY BULLISH long-term chart patterns. The probabilities in the charts suggest that Bitcoin is likely set to be the best performing major asset in the world over the next 24 months and by a big margin.”

Bloomberg analyst Mike McGlone is also bullish. He recently wrote that something “unexpected” will need to happen for Bitcoin to stop its ongoing uptrend:

“Bloomberg Intelligence Commodity Primer – Something unexpected needs to happen for #Bitcoin’s price to stop doing what it’s been doing for most of the past decade: appreciating. Demand and adoption metrics remain favorable vs. the #crypto asset’s unique attribute of fixed supply.”

Related Reading: Crypto Tidbits: MicroStrategy’s $250m Bitcoin Purchase, Ethereum DeFi Boom, BitMEX KYC

Crypto & Bitcoin Tidbits

  • Dave Portnoy Sells His Bitcoin After Just Buying It: Dave Portnoy has already folded out of the crypto market despite his recent entrance. On Friday, he posted to Twitter that he has liquidated all his BTC for a slight profit. He claimed that while he was in the green with Bitcoin, he lost money on Chainlink (LINK) and Orchid (OXT).
  • Tether to Move USDT to the OMG Network, Based on Ethereum: Stablecoin provider Tether, closely linked to Bitfinex, will be moving some of its flagship USDT stablecoin to the OMG Network, an Ethereum-based non-custodial, second-layer scaling solutions. This reduces the cost of transactions while increasing the potential throughput and efficiency of transactions: “OMG Network, a trustless, non-custodial, Layer-2 scaling solution for transferring value on Ethereum, is delighted to announce that users will be able to withdraw and deposit Tether (USDt) to Bitfinex via its value transfer layer, helping reduce Ethereum congestion and gas fees with improved transaction speeds,” an announcement from the project read.
  • DeFi Still Hot: Ethereum’s DeFi trend is still hot. There were a number of projects launched this week that had coins that gained millions of dollars worth of value, along with contracts that garnered dozens of millions of dollars worth of cryptocurrency deposits.
Photo by Ales Nesetril on Unsplash
Price tags: xbtusd, btcusd, btcusdt, ethusd, ethbtc
Charts from TradingView.com
Crypto Tidbits: Dave Portnoy Drops Bitcoin, Tether Migrates to Ethereum's OMG Network, DeFi Still Hot

Source: https://www.newsbtc.com/2020/08/22/crypto-tidbits-dave-portnoy-drops-bitcoin-tether-supports-ethereums-omg-network-defi-still-hot/?utm_source=rss&utm_medium=rss&utm_campaign=crypto-tidbits-dave-portnoy-drops-bitcoin-tether-supports-ethereums-omg-network-defi-still-hot

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After exec declares Bitcoin maximalism ‘over,’ XRP price surges

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In a podcast for Lend Academy recorded Nov. 5, Asheesh Birla called Bitcoin (BTC) a “pretty innovative alternative to gold,” but added that 2020 had shown there was room for a lot of tokens in the crypto space.

Birla said that he believed Bitcoin had not “gone after” payments, and because different projects had different use cases, the coin’s overwhelming dominance was no longer a certainty:

“I think that the days when folks believed that there’s only going to be Bitcoin, I think, are over. I think it’s clear that there’s gonna be a lot of digital assets and there’s gonna be a lot more traditional assets that are gonna be tokenized as digital assets.”

The RippleNet GM made the comments when the price of XRP was roughly $0.25. It has since tripled, surging to $0.92 last week before crashing 30% amid a wider market rout.

Despite the lack of movement in XRP at the time, Birla added he was feeling bullish over the crypto space coming back “red hot again” after the 2018 crash.

“I don’t see the traditional venture capitalists as interested as they were in 2017,” he said. “But in my mind I couldn’t be happier in terms of innovation in the space.”

Both Ripple co-founder Chris Larsen and CEO Brad Garlinghouse have recently expressed frustration at the lack of regulatory clarity for Ripple in the United States. Last month, SBI Holdings CEO and Ripple board member Yoshitaka Kitao said that the blockchain-based payments may be considering relocating its headquarters to Japan. Larsen believes authorities in the U.S. have a “regulation through enforcement” policy and are “woefully behind” in preparing for the cryptocurrency-based next generation of a global financial system.

At the time of publication, the price of XRP is $0.61, having dropped 3% in the last 24 hours.

Source: https://cointelegraph.com/news/after-exec-declares-bitcoin-maximalism-over-xrp-price-surges

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Why DeFi Flash Loan Attacks Will Keep Happening: Chainlink CEO

Sergey Nazarov told Decrypt that hackers will continue to target DeFi protocols unless they reconsider the way they get data.

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In brief

  • Over $100 million was lost when hackers targeted a number of DeFi projects.
  • They were able to manipulate prices and walk away with the money because the DeFi protocols get their data from one source, which is risky.
  • The founder of top DeFi project Chainlink told Decrypt that this will continue to happen unless DeFi projects get their data from a number of sources.

Chainlink founder and CEO Sergey Nazarov has said that hackers will continue to come after DeFi protocols unless they change the way they get their price information. 

His comments on the Decrypt Daily podcast, published Friday, come after DeFi protocols lost over $100 million in a string of flash loan attacks that attacked Compound ($89 million), Harvest Finance ($34 million) and Cheese Bank ($3.3 million). 

The projects were hit by hackers who manipulated the price of stablecoins held in the protocols because they misappropriated DeFi protocol Curve as a price oracle. 

Hackers were able to target the projects because they all relied on Curve Finance’s data on the price of crypto held in its liquidity pools. 

Nazarov said on the podcast that all the attacks were “related to using a single centralized exchange as a price source”—and that these kinds of attacks will keep happening, even if protocols start getting their data from two or three sources. 

“I think it’s a serious concern that both developers of these protocols should look into.” 

Nazarov said that Chainlink has been resistant to problems because it uses multiple data sources—getting data from “hundreds of exchanges.”

For DeFi protocols to avoid problems in the future, they will have to think about how they source their data, he said. 

Since the attacks, decentralized exchange Curve Finance warned DeFi projects to use Chainlink, which uses a decentralized oracle network (it gets data from one blockchain to another safely, so it can’t be manipulated.) 

It looks like the hottest new DeFi projects will have to step their game up when it comes to security or millions more will be lost.

Disclaimer

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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PayPal CEO Dan Schulman Talks About the Value Proposition of Bitcoin

In a recent interview, PayPal President and CEO Daniel Schulman, talked about the value proposition of Bitcoin. As you may remember, on October 21, PayPal announced “the launch of a new service enabling its customers to buy, hold and sell cryptocurrency directly from their PayPal account, and signaled its plans to significantly increase cryptocurrency’s utility […]

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In a recent interview, PayPal President and CEO Daniel Schulman, talked about the value proposition of Bitcoin.

As you may remember, on October 21, PayPal announced “the launch of a new service enabling its customers to buy, hold and sell cryptocurrency directly from their PayPal account, and signaled its plans to significantly increase cryptocurrency’s utility by making it available as a funding source for purchases at its 26 million merchants worldwide.”

Schulman’s comments during an interview last Monday (November 23) with Andrew Ross Sorkin on CNBC’s pre-market news and talk program “Squawk Box“.

Sorkin started the interview by asking the PayPal CEO how he values Bitcoin.

Schulman replied:

“I think all forms of money are based on trust and and set values that come from that trust.

“I think if you take a step back, especially with the pandemic, you’ve seen the use of cash decline precipitously. Something like forty to seventy percent of consumers no longer want to handle cash and just like every industry is digitizing right now, that is also happening in the financial services world.

“There’s no question that people are flocking to digital payments and digital forms of currency, and one of the things that we looked at and we talked to regulators around the world, central banks around the world, and it became clear to me that it’s a matter of not if but when and how you’ll start to see more and more central banks issue forms of digital currencies, and I think you’ll have more and more utility happen with cryptocurrencies.

“One of the things that we allow is not just making it easy to buy, sell, and hold cryptocurrencies, but very importantly 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.”

Sorkin asked the PayPal CEO about JMorgan Chase CEO Jamie Dimon’s recent comment that once Bitcoin’s market cap becomes much bigger, it will get regulated.

Schulman answered:

“Well, I think it’s foundational that we work hand in hand with regulators. I mean our move into the crypto space happened because we worked hand in hand with New York Department of Financial Services — received the first Conditional BitLicense to go and do this.”

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