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Metal Purchases Major EOS Block Explorer 

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Blockchain payment solution Metal has announced the purchase of multifunctional EOSIO platform, Bloks.io. According to an official press release, the two companies have signed a binding letter for the acquisition this week. For now, the financial details remain unknown.

Building a Larger Ecosystem

Bloks.io was launched by blockchain development firm EOS. The product was intended to be a simple block explorer, but it soon became a multipurpose platform that supported several networks — including Telos, WAV, and Proton.

Metal claimed that Bloks.io now has over 10,000 daily active users. Its creator, former Ethereum core developer Syed Jafri, will also join Metal’s development team. The payment solution is primarily looking into integrating Bloks.io with Proton, its proprietary blockchain and cryptocurrency platform. Metal launched Proton in April 2020 to act as a public blockchain and smart contract platform for developing consumer apps and facilitating peer-to-peer payments.

As the press release explained, Metal’s objective is to integrate Proton into its Collectibles.io platform as an additional wallet and chain option. Collectibles.io is a separate platform that Jafri also founded. It is a non-fungible token marketplace that runs on the WAX blockchain.

The Bloks acquisition is Metal’s second significant purchase this year, after it purchased blockchain and crypto project Lynx in May. On the company’s plans, Metal chief executive Marshall Hayner said: 

“With the Lynx, Bloks and Metal teams all focused together on the prize of a consumer-friendly crypto payments platform, we have the critical “escape velocity” to bring easy to use crypto to the mainstream.”

EOS Loses Equilibrum to Polkadot

This move also marks the second departure that EOS is witnessing from its ecosystem. This month, Equilibrium, a decentralized finance (DeFi) protocol, announced that it would be moving to the Polkadot blockchain. 

The protocol’s press release explained that the move was necessary given its plans — to create an independent parachain. The new parachain will be connected to Polkadot, and it will feature a utility token known as EQ. besides paying transaction fees on the parachain, EQ will help to govern the protocol’s activities.

Equilibrium began as an analog for top DeFi project MakerDAO on EOS. Speaking with Cointelegraph, Equilibrium chief executive Alex Melikov explained that the Polkadot move would include incorporating a broader product suite.

The move will allow a new lending protocol with support for an interoperable stablecoin, as well as the generalized lending of any asset — in the same manner as platforms such as Aave and Compound. Equilibrium is also planning a synthetic asset platform and a decentralized exchange.

Explaining the choice of Polkadot, Melikhov claimed that Equilibrium was drawn to the company’s focus on performance. He also highlighted the higher level of decentralization and the fact that the number of nodes isn’t limited to a fixed set.

However, the most significant factor to influence the move was interoperability with Ethereum DeFi and other blockchains. Melikhov explained that they plan to keep EOS compatibility, but they wouldn’t be able to build the same technology on a different blockchain. He also hinted that they’d build the core of the new platforms’ technology on Polkadot and share it with other chains.

Source: https://insidebitcoins.com/news/metal-purchases-major-eos-block-explorer

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Analysts Eye New Top of $74,000 as Bitcoin Comes Within 3% of ATH

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In a move adding to the already monumental rally, Bitcoin prices touched $19,400 during late trading on Tuesday, November 24. This is just 3% away from its peak of $20K which came in December almost three years ago.

Since then, the asset has retreated sharply in a $700 pullback to the mid-$18K level where it currently trades. With momentum still in its favor, analysts and traders are eyeing the next possible peak.

CNBC Touts $74K Bitcoin

During the 2017/2018 rally, mainstream media outlets were renowned for spreading fear, uncertainty, and doubt (FUD) over something they really failed to truly comprehend. CNBC in particular came to be known as a counter trade signal as whenever the news outlet predicted a pump, BTC would dump and vice versa.

In its latest edition of Trading Nation, the channel interviewed a couple of traders who both had very positive things to say about the king of crypto.

Founder of TradingAnalysis.com, Todd Gordon, used Elliot Wave theory to measure herd mentality and market sentiment. He added that the fifth wave is just starting now which will result in a new all-time high in 2021. When asked about a price prediction he added;

“I can’t believe I’m going to go out on CNBC and say this, but it’s about $74,000. The Elliott wave goes very well with … Fibonacci multiples. If it does want to fall short, it can go to 61% of that target, which is only at $34,000.”

PayPal Driving Adoption

Mark Tepper, president and CEO of Strategic Wealth Partners, also commented on the trading show stating that before PayPal and other large corporations stepped in he treated Bitcoin like any other speculative investment, owning a small enough amount.

“The thing that’s always held me back from being an outright bitcoin bull has really been this lack of widespread adoption. But … adoption’s happening and those users, those PayPal and Square users, they’re buying more bitcoin than what’s actually hitting the market on a daily basis,”

He added that Bitcoin could be the Tesla of 2021, stating that it could possibly reach $100K by the end of next year. That certainly fits in with other models and predictions such as stock-to-flow which also predicts triple figures within the next year or so.

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Source: https://cryptopotato.com/analysts-eye-new-top-of-74000-as-bitcoin-comes-within-3-of-ath/

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Coinbase Pro To Disable Margin Trading From December Citing CFTC Guidence

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  • The Coinbase Chief Legal Officer Paul Grewal published a post earlier informing customers that the popular exchange will seize offering margin trading.
  • Clients will not be able to place margin trading orders starting from 2 p.m. PT on November 25th, 2020. At the same time, the platform will cancel all open limit orders.
  • The San Francisco-based exchange will disable the margin trading feature fully at the end of November, “once all existing margin positions have expired.”
  • According to the statement, the decision aims to comply with guidance introduced by the US Commodity Futures Trading Commission (CFTC) earlier this year.
  • Back in March 2020, the federal commodities regulator published a 35-page document with its views on how it will regard “actual delivery” of cryptocurrency assets. The guidance provides rules on when a customer has legally taken control of a digital asset, including acquisition through a margin or leveraged product. The document reads:
  • · (1) a customer securing: (i) possession and control of the entire quantity of the commodity, whether it was purchased on margin, or using leverage, or any other financing arrangement, and (ii) the ability to use the entire quantity of the commodity freely in commerce (away from any particular execution venue) no later than 28 days from the date of the transaction and at all times thereafter; and

  • · (2) the offeror and counterparty seller (including any of their respective affiliates or other persons acting in concert with the offeror or counterparty seller on a similar basis) do not retain any interest in, legal right, or control over any of the commodity purchased on margin, leverage, or other financing arrangements at the expiration of 28 days from the date of the transaction.

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Source: https://cryptopotato.com/coinbase-pro-to-disable-margin-trading-from-december-citing-cftc-guidence/

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VanEck Europe Launches A Bitcoin-Backed ETN Listed On Deutsche Börse

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  • Founded in 1955, VanEck is among the world’s largest investment management firms. Its European branch, VanEck Europe, announced today the official release of an ETN, physically-backed by Bitcoin.
  • The statement came from the company’s digital asset director – Gabor Gurbacs. He noted that releasing such a service has been a “top priority for VanEck.”
  • The ETN will be listed on the Frankfurt-based exchange Xetra. Its price performance will reflect the MVIS CryptoCompare Bitcoin VWAP Close index, directly linked to Bitcoin’s movements.
  • This became possible after MV Index Solutions officially granted access to VanEck Europe to use MVBTCV as an underlying index for the Bitcoin ETN.
  • Apart from being fully collateralized, Gurbacs revealed several other features that will attract investors. Those include “negligible premium/discount to NAV, transparent holdings and prices, investor protections, and professional management by VanEch Europe.”
  • Gurbacs also asserted that VanEck is “committed to support Bitcoin and financial innovation.”
  • Martijn Rozenmuller, Head of Europe at VanEck, outlined that Bitcoin is an “excellent way to contribute to the diversification of a portfolio” because of its low correlation to other asset classes. He added that with the release of the Bitcoin ETN, VanEck will enable its clients to “benefit from the performance of bitcoin.”
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Source: https://cryptopotato.com/vaneck-europe-launches-a-bitcoin-backed-etn-listed-on-deutsche-borse/

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