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Litecoin price falls to $60, what’s next?

The Litecoin price line fell below the $60 level on the 21st of August. Dysangel is a Trading View analyst who believes that the LTC price will rise above the $70 level soon. 1-Day Litecoin price analysis Litecoin price chart by Trading View At the start of the day, the cryptocurrency traded near the $63 […]

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The Litecoin price line fell below the $60 level on the 21st of August. Dysangel is a Trading View analyst who believes that the LTC price will rise above the $70 level soon.

1-Day Litecoin price analysis

Litecoin price chart 1 - 21 August

Litecoin price chart by Trading View

At the start of the day, the cryptocurrency traded near the $63 level. For the day’s highest, the cryptocurrency reached the price of $63.87 US Dollars. The price trajectory depicted bears as it proceeded towards the end of the 24-Hour chart.

Litecoin closed the 21st of August with a price near the $59 level. At the time of writing, the coin’s price was observed at $58.93 US Dollars.

What’s next for Litecoin’s price?

The Trading View analyst Dysangel is of the opinion that the LTCUSD pair may push towards the upside. The analyst drew the technical analysis for the LTCUSD trading pair on its 4-Hour chart.

Litecoin price chart 2 - 21 August

Litecoin price chart by Trading View

The analyst highlighted two accumulation zones for Litecoin from July and August, 2020. In the first accumulation zone from July, the price line stayed between the $40 and $45 levels after which it rose past the $50 level. From the start of August, the LTC price had reached the $60 level.

Litecoin has repeated this trend and the analyst has suggested that it may repeat the upward movement as well, which will lead the LTC price to rise across the $70 price level. If LTC closes above this resistance, the cryptocurrency will turn bullish.

Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.

Blockchain

Acala: DeFi Hub & Stablecoin Platform for Cross-Chain Liquidity & Apps

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Acala is a DeFi platform that supports cross-chain operability through its stable coin aUSD.

During the summer of 2020, the introduction of the COMP token sparked the decentralized finance (DeFi) race with millions of investors pitching into either benefit from yield farming or just being able to take a loan using cryptos.

After COMP, many tokens tried to mimic the success of COMP and jump off the DeFi bandwagon, many succeeded while many failed to catch up. With the majority of tokens operating upon their specialized blockchain, many shortcomings were apparent.

A new blockchain made by an up-and-coming firm could handle so many transactions per-minute until traffic starts to pile up, creating bottle-necks, delayed transactions, and increased transactional fees. This happened over and over again, and even ETH gas prices hit record levels.

As an integrated multichain protocol, like Polkadot, Acala can trade information with other blockchains in the DeFi ecosystem. This allows for Acala to implement bridges to the Bitcoin blockchain, enhances transactional speed and overall efficiency across many chains so that costs are also low.

Acala: The Founders

Acala’s integration into Polkadot was not coincidental, as there are still other multichain protocols out there, but Polkadot is the chain of choice. This is the culmination of years of experience, trust, security, and synergy between the Polkadot eco-system teams, Laminar, Polkawallet, and direct support from Polkadot’s founder.

The team consisted of three brilliant minds, Bryan Chen who had the opportunity to work closely with Dr. Gavin Wood, the founder of Polkadot, Fuyao Jiang the founder of Polkawallet, and Ruitao Su founder of Laminar. They met in Hangzhou, China in 2019, they soon began the development of Acala.

Acala was spearheaded after the project received a large grant by the Web3 Foundation, also run by Gavin Wood, giving the team the much needed monetary and technical support from Polkadot. The grant was used to develop the Acala’s stable coin, which is now known as aUSD.

Acala Network
Acala Network

Stablecoin: Acala Dollar

One of the main selling points of Acala is its stablecoin, Acala Dollar or aUSD.

Unlike 99% of stablecoins in the market that are backed by fiat which could cause a few restrictions such as the ability to be censorship-resistant, go permissionless, and be trustless.

Acala Dollar is backed by different valuable cryptos such as Bitcoin, Ether, and so on, and that allows it to retain its decentralization.

The Acala Dollar prides itself on its ability to be used and transferred freely throughout the Polkadot multichain ecosystem which means any token within the protocol could be turned into Acala Dollar.

With a system-wide presence, the aUSD should be a boon to liquidity in the DeFi ecosystem.

The DeFi hub of Polkadot

The meat of Acala consists of two protocols, Honzon and Homa. These are the core functions that make up the Acala system.

The Honzon protocol is where interoperability comes into play, users could create Acala Dollar by creating a collateralized debt position (CDPs) and they could use any token within the protocol to deposit.

CDPs could also facilitate loans in Acala Dollar and again, could be used in any network that is on the protocol.

As for Homa, it powers the liquid staking feature within Acala, it lets users stake the DOT token and receive the liquid DOT or L-DOT which could be used to generate more Acala Dollars or to easily transfer and trade across the Polkadot platform.

What is Acala?
What is Acala?

Your Turn to Take Control

As a truly decentralized platform, power is given to the investors.

The existence of Acala’s native token or ACA is not without a purpose. It could be used as a regular token on a blockchain, to settle fees, trade, so on and so forth. But what makes ACA special is that it gives users voting rights and the power to have a voice on important protocol decisions.

Karura on Kusama

Kusama is essentially a similar version of Polkadot with virtually the same code. From an outside perspective, Kusama may seem as if it is a test-net for Polkadot, but it’s fully-fledged features and the community may say otherwise.

Kusama usually gets the newest features to experiment with, and if it works, it will be implemented onto Polkadot.

With Polkadot receiving Acala as its DeFi hub, it is only fair that the Kusama community deserves the same, and Karura is the answer. As previously stated, Karura will be exactly like Acala code by code.

Karura will also enjoy staking liquidity, where users could stake the native token KSM to receive liquid KSM or L-KSM and is capable of performing any DeFi function similar to L-DOT.

Kusama
Polkadot Team Announces Kusama “Canary Network” for Experiments

Users on Kusama could also enjoy cross-chain liquidity by bridging, therefore removing any additional ETH in fees associated with wrapped tokens but rather, use the token on hand to settle those fees.

Aside from Karura being capable of performing basic DeFi applications such as making a loan, trading on the decentralized exchange, and earnings from yielding, it is also an open governance platform where the community will vote upon future changes of the network.

For now, Polkadot and Kusama will be operating side by side with each other and so will Acala and Karura respectively. The future of the platform is for the two systems to interact with each other and become interoperable with one another.

What is a PLO?

PLO, or Parachain Lease Offering in simple terms is a way for the Polkadot network to lease a Parachain in their ecosystem, a parachain will most often be developed as a blockchain.

As there are limited amounts of parachain in a protocol, these leases will allow developers to bid for a chance to lease a spot and let the market demand determine what price it should be for a leasing period of two years.

After integration with Acala, Karura will then host its PLO which is scheduled to happen in Q4 of 2020. This will be very exciting for developers who are interested in the Polkadot and Kusama protocols as Kusama encourages risk-takers and “enabling rapid progress and growth”.

So if your startup wishes to move and grow fast, this could be the place for you.

More to Come!

As of the time of writing, Acala has already laid out its plans for 2021 with more exciting features such as the inclusion of a Council Governance, enabling cross-chain asset Bitcoin, which could happen during Q1, full EVM and smart contract support, support for more cross-chain assets for Q2 and for Q3, enabling liquid democracy.

Acala is Well Designed and Has Support

Though investors around the world had all encountered hardship during the dreaded year of 2020, it is undeniable that it is the most exciting year for the Polkadot ecosystem. With Acala being the leader of decentralized finance, investors on the protocol now have more opportunity to somewhat make back what they have lost during the pandemic.

Better yet, it has also been an exceptional year for the Kusama community. With the introduction with Karura, hand in hand with Acala, the future for this family of blockchain in 2021 will not only be filled with opportunities for developers but also filled with profitability to investors as well.

If you want to learn more about the Acala ecosystem, or any of its features, just click here for more information!

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Source: https://blockonomi.com/acala-guide/

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BTC Slips Below $17,000 As Bitcoin Whales Are Ready for the Dump

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Bitcoin bulls should take a moment of caution as this might not be the right time for accumulation. As per the latest reports, Bitcoin Whales have accelerated depositing of their BTC holdings to exchanges. Meaning, we can possibly see heaving selling, and dumping in the short term.

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Bitcoin is already facing selling pressure as the BTC price corrects another 5% slipping below $17,000. At press time, Bitcoin is trading at a price of $16,886 with a market cap of $313 billion. Cryptocurrency on-chain analyst and CryptoQuant CEO, Ki-Young Ju, has given a red alert.

As per the data from Glassnode, the number of Bitcoin Whales (investors holding over 1000 BTC) has reached an all-time high. The total number of Bitcoin whales worldwide is over 2000 as per the Glassnode data.

There’s been a steady rise in the number of Bitcoin Whales over the last few years, and more so in 2020. It looks like when the BTC price tanked during the March 2020 correction, whales accumulated in big numbers. Note that despite sizeable institutional participation this year, Bitcoin whales still dominate the BTC ownership and price movement as of date.

Bitcoin Heading for $14,000 And Possibly Even Lower

Just before Wednesday’s market crash, CNBC’s Brian Kelly had already warned of possible correction and Bitcoin going all the way to $12,000. Kelly noted that massive movement in the altcoin space has triggered the FOMO and attracted speculative investors.

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Kelly noted that the surge in newly created BTC addresses is also a sign of caution. He said: “Whenever you get that big of an address growth implied, that is a caution sign”. Another popular market analyst Peter Brandt said that a 37% correction from the top is on the cards.

One of the major factors preventing BTC to cross its all-time high of $20,000 is that post that level, Bitcoin will enter a price discovery mode. Above $20,000, there’s no historical data to suggest how BTC will show its movement. Analysts think that after crossing its ATH, Bitcoin can settle anywhere between $25,000 and $100K. Thus, BTC bears and sellers are aggressively defending their position and interest while not letting it move past $20,000.


To keep track of DeFi updates in real time, check out our DeFi news feed Here.

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Author: Bhushan Akolkar




Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

Source: https://coingape.com/btc-slips-17000-bitcoin-whales-ready-dump/

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To Chainlink? That’s the DeFi Question: Exploring the Recent Compound Liquidations

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On Thursday, November 26th, the price of the Dai stablecoin (ordinarily ~$1 USD) exploded up to $1.30 on Coinbase as traders tried to snag up funds en masse to pay back, and thus keep afloat, their DeFi lending positions.

Yet this Dai price spike, combined with an acutely falling ETH price, pushed some Dai positions on DeFi lending protocol Compound into being undercollateralized and thus capable of being liquidated.

This dynamic played out because Compound’s Dai markets centrally rely on Coinbase’s Dai price feed, which skewed upward compared to other exchanges during this episode because many of Coinbase’s users were uniquely piling into Dai all at once.

This sequence of events led to more than $100 million worth of liquidations on Compound, which in turn led to considerable debate around the Ethereum ecosystem as to whether Compound messed up by overly relying on a single oracle of if the whole incident was just an unfortunate possibility panning out in the young DeFi arena.

Manipulation or Not?

In the wake of the Compound liquidations, people quickly started started positing that the underlying Dai price spike on Coinbase was the result of manipulation, i.e. a price oracle manipulation attack.

However, it’s not clear at all that an attack was the culprit. Evidence suggests that organic trading and liquidation activity led to the Compound liquidations, as some Ethereum users pointed out on social media.

Strength in Numbers?

Much of the complains levelled at Compound over the last 24 hours have to do with the fact that the DeFi protocol was overly reliant on a singular price feed, Coinbase’s.

Yet this isn’t exactly the case: Compound’s price oracle also incorporates time-weighted average prices (TWAPs), i.e. price oracles, from leading decentralized exchange for further assurances. As Uniswap creator Hayden Adams commented on Thursday:

“From what I’ve heard, the compound liquidations would have been much worse without the addition of [Uniswap] TWAPs to the Compound oracle … While the Coinbase oracle price spiked, Uniswap TWAPs did not increase much, causing the most extreme prices to be rejected.”

This is certainly validating for Uniswap’s TWAPs, but it also highlights that Compound’s price oracle performance was further strengthened by such multi-dimensionality. And for the folks who critiqued Compound for its latest major liquidations, that was the crux of the matter: that Compound would have been even better served by using many price oracles rather than less than few.

Chainlink’s Nazarov Chimes In

Chainlink is the premier decentralized oracle solution in DeFi today, and its price feeds already power an impressive range of DeFi projects. That includes lending protocol to Aave, which generally works somewhat similarly to Compound but relies instead on Chainlink’s decentralized oracles.

Aave’s worth highlighting here, then, because its Chainlink-powered Dai markets didn’t experience a raft of liquidations like Compound’s did. That’s on account of Chainlink bundling a range of price feeds rather than just relying on one.

On the news, Blockonomi reached out to Chainlink co-founder Sergey Nazarov to see what he thought the latetst Compound liquidation episode represented for DeFi. In a statement shared with Blockonomi, Nazarov noted:

“We predicted this exact exploit more than a year ago, spoke publicly about this attack vector at multiple conferences, and issued a public advisory for the wider developer community. During this specific exploit, the Chainlink network performed as expected thanks to its extensive decentralization at both the node and data source levels, returning an accurate global price for these assets. Throughout this exploit, combined with high gas prices, DeFi smart contracts consuming data from the Chainlink network remained unaffected and accurate in the proper operation of their protocols.”

In the very least, then, this Compound incident should have more than a few DeFi projects doubling down on defense by exploring how to integrate with Chainlink’s oracle tech.

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Source: https://blockonomi.com/chainlink-compound-liquidations/

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