Huobi poured millions into Defi investment and research projects to drive the decentralized finance growth and even hired a former Wall Street executive as we are reading more in the upcoming altcoin news.
Huobi established a new DeFi division to help drive the growth via the new investment and research branch. Former Wall Street executive Sharlyn Wu joined the firm to lead Huobi Defi labs and the division will start with millions of dollars to put into investments. Huobi poured millions in research in the new division focused on decentralized finance investment, research, and incubation. DeFi refers to non-custodial projects such as lending protocols, decentralized exchanges, and stablecoins. Huobi Defi will start the investment funds according to a press release and aim to help boost the growth of the market.
The Singapore-based company added Sharlyn Wu and its new Chief Investment Officer to lead the Defi division as Wu led the blockchain investment as the Managing Director at China Merchant Bank International and before to that spent ten years at UBS:
“Over the past two years, we have witnessed the birth and exponential growth of DeFi. The width, depth, and speed of innovations are unparalleled in human history. It is exciting to see the power of permissionless economy unleashed at global scale. However, there are still many problems to be solved at theoretical and technical level.”
Wu further explained that these benefits of DeFi as efficiency and transparency compared to the current finance system along with eliminating the human errors on decisions saying that crypto is a perfect system for finance:
“There is also a lot of investor education to do in order to bring crypto and DeFi to mainstream users. As DeFi is still in its infancy, it needs collective efforts from the global community to build and grow the space together.”
Huobi DeFi Lab will start a new team of four research and investment professionals will announce a new investment branch and the startups that it will incubate. CMBI invested in a wallet Bitpie and the blockchain public network Nervos and Wu leadership. Huobi’s entry and investment into the Defi system come at a time in which the market is skyrocketing setting new benchmarks every day. Earlier this week, the Defi market cap neared $9 billion.
Tokens such as Band and Chainlink and Nest are now leading the Defi charge and Uniswap which has seen a 15-fold traffic surge during the boom. There is a growing fear that fast expansion is actually fuelling a bubble before the 2017’s ICO bubble.
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Litecoin (LTC) Price Analysis: Bulls Eyeing Upside Break Above $48
- Litecoin price is slowly recovering and trading above the $45.00 resistance zone against the US Dollar.
- LTC price is now trading above $46.20 and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $45.85 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair is likely to continue higher if it clears the key $47.30 resistance zone in the near term.
Litecoin price is currently showing positive signs above $45.00 against the US Dollar, similar to bitcoin. LTC price could rally if it clears $47.30 and $48.00.
Litecoin Price Analysis
In the past few sessions, there was a steady rise in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC price formed a support base above the $43.00 level and started a decent upward move.
There was a break above the key $45.00 resistance level to start the current recovery wave. Moreover, there was a break above a major bearish trend line with resistance near $45.85 on the 4-hours chart of the LTC/USD pair. The pair is now trading above $46.20 and the 55 simple moving average (4-hours).
A high is formed near $47.14 and the price is facing a major hurdle near $47.30. There was a minor downside correction below $46.00 level. The price dipped below the 23.6% Fib retracement level of the recent wave from the $41.65 low to $47.14 high.
However, the price remained well bid above the $45.00 support and the broken bearish trend line. It also remained above the 50% Fib retracement level of the recent wave from the $41.65 low to $47.14 high.
The price is currently rising and approaching the key $47.30 resistance level. A clear break above the $47.30 and $48.00 levels is must for a sustained upward move. The next key resistance is near $50.00, above which the price could rally towards the $52.00 and $52.50 levels.
Conversely, the price might fail to continue higher above $47.30 or $48.00. An initial support on the downside is near the $45.00 level and the 55 simple moving average (4-hours).
The next major support is near the $44.40 level, below which the bears are likely to aim a test of the key $42.80 support level (a multi-touch zone).
Looking at the chart, litecoin price is clearly recovering and trading above the $45.00 resistance zone. Overall, the price is likely to continue higher if it clears the key $47.30 resistance zone.
4 hours MACD – The MACD for LTC/USD is slowly gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently above the 50 level.
Key Support Levels – $45.00 and $42.80.
Key Resistance Levels – $47.30 and $48.00.
President Maduro: Venezuela Seeks Opportunities To Use Cryptocurrency For Global Trade
- Venezuela’s cryptocurrency story continues as the country’s President Nicolas Maduro has presented new use cases.
- A recent report informed that the South American nation is studying the possibility of using digital assets in trades alongside the national Petro.
- President Maduro has presented new anti-sanctions law in the Constituent National Assembly. In a recent speech, he asserted:
“The anti-sanctions law is the first response to give new strength to the use of petro and other cryptocurrencies, national and global, in domestic and foreign trade, so that all cryptocurrencies of the world, state and private, could be used. This is an important project that is under development.”
- The news comes after Maduro suggested last year that his country could adopt cryptocurrency payments.
- Additionally, Venezuela signed a new tax agreement this summer that enabled the nation to start collecting taxes and fees in the Petro.
- A study reported by CryptoPotato revealed that digital assets already play an essential role in the country’s struggling economy. Venezuela’s intensifying financial crisis has catalyzed significant interest in cryptocurrencies as people seek opportunities to escape the devaluating national currency.
- The Bitcoin peer-to-peer volume exemplifies the growing interest in the primary cryptocurrency within the country. As per data from coin.dance, the BTC P2P volume on LocalBitcoins has been continuously surging in the past several months.
Leader That Allowed Scams: TRON’s Justin Sun Responds to Claims by Ex-Employees
Yesterday The Verge published an elaborate article portraying a picture of Justin Sun’s leadership at BitTorrent post the peer-to-peer file-sharing site’s acquisition by the TRON foundation.
Sun later responded to the ‘false-claims’ made by TRON/BitTorrent’s ex-employees in the article with ‘An Open Letter to Anyone Who Cares to Read’ on Medium.
Claim: Megalomaniac Leader; Response: True Libertarian
In the supposedly expose piece, author
Refuting the above portrayal of his leadership, Sun, in his response, stated that he has devoted his entire life ‘to being a responsible, global citizen’. Adding to this, Justin said that is a true champion of libertarian principles for a significant portion of his life.
I have devoted myself to being a responsible, global citizen throughout my entire life, spending significant portions of my personal and professional life to activities promoting universal values of respect, liberty, equality, and kindness.
The TRON and BitTorrent chief impressed further on his ‘global’ approach to things. He explained that the TRON Foundation harbors a ‘global team of talented contributors and developers’. And that he takes ‘pride in working’ with this global community to make TRON ‘one of the greatest decentralized blockchain protocols’.
Claim: Freedom Suppressor; Response: Upholder Of Human Rights, Individual Values
Dunaway reportedly engaged in conversations with folks who are/were associated with the TRON brand and the work culture. From what he gathered, Justin enforced a draconian company culture, with employees officially following the ‘9-9-6’ norm.
According to the article, TRON’s HR had Slack replaced with its Chinese counterpart DingTalk. The communication platform had an in-built surveillance mechanism that would use ‘Apple Health to count people’s steps’. Also, DingTalk used to ping employees literally all the time.
To this, Sun responded by saying that he has left no stone turned in, establishing a work culture that respects.
diversity and individuality through a culture that cherishes fundamental human values freedom of speech, user privacy, intellectual property protection, kindness, a diversified working environment, and compliance with legal standards.
Justin went on to comment that TRON and BitTorrent operate with a ‘globally collaborative team’. One that upholds and respects the ethos of cross-culture teams. Sun claimed that the folks at TRON folks have ‘worked hard’ to create a collaborative work culture. One that values freedom of speech and individual privacy.
Claim: Suppressed Criticism, Allowed Scams; Response: No Control Over Protocol Functioning
The Verge piece mentioned that ‘decentralization’ was just a facade for what was happening behind the curtains. Justin Sun and his core officials exercised strict control over content moving about and within the TRON network.
This involved allegedly paying a Redditor to ‘erase negative posts’. Which later drew the ire of the community.
Free speech is part of the ideology of decentralization, where ideas flow without gatekeepers. Tron started deleting any post it wanted.
The article also claimed that TRON’s administration team was silent and allowed the perpetration of scams on the network. While this happened, scammers and the scammed continue to grow in numbers while the management did nothing to interfere.
Justin, in his Medium post, said that he and the entire TRON administration team function sans control. Even though the team at TRON works to upgrade the platform, they do not exercise any censorship/regulation.
…we have no control or discretion over what applications use the protocol, what data is transmitted, or how its community members use it.
Sun went to add that he and his team are proud of TRON and BitTorrent’s achievement over the years. He went to quote that both have collectively ‘served 2 billion users around the world. These include ‘numerous enterprises, universities, and governments’.
Lastly, the TRON and BitTorrent boss struck down all claims made by ex-employees Lucasz Juraszek, Richard Hall, and Cong Li. Justin declared that the TRON foundation’s legal counsel has submitted all the requisite proofs and evidence pieces to the court. “We believe the decision will speak for itself”, he said.
BTT and TRX’s price didn’t seem to undergo any correction following the release of the bitterly scathing Verge piece. On the contrary, BTT is actually up 2.3% in the last 24 hours.
Featured image courtesy of QZ.com
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