Coronavirus Has Put Bitcoin’s Safe Haven Narrative to the Test

The price of Bitcoin (BTC) suffered a tremendous crash on March 12, falling from almost $8,000 to stabilize at around $5,000, a loss of about 40% in the span of less than two days. This happened in the context of a global sell-off in all equity markets, where United States stock market indices such as the Dow Jones Industrial Average and the S&P 500 lost around 10% in a single day — a substantial loss for traditional markets. Some were quick to decree the end of the narrative that Bitcoin…

Bitfinex Lists New Cross-Chain DeFi Token to Drive DEX Liquidity

Major crypto exchange, Bitfinex, continues to drive decentralized finance, or DeFI, adoption by announcing support for a new cross-chain DeFi solution. Bitfinex exchange plans to list pTokens (pBTC) — a new token that aims to unlock cross-chain DeFi liquidity by connecting Bitcoin (BTC) to any blockchain. The token is pegged 1:1 to Bitcoin and is compatible with the Ethereum (ETH) and EOS DeFi ecosystems to date. Bitfinex to streamline liquidity flows between centralized and decentralized exchanges Bitfinex CTO, Paolo Ardoino, told Cointelegraph that the platform expects to add support for…

Block.one Launches ‘Coding for Change’ Virtual Hackathon

Blockchain software publisher, Block.one, announced on April 24 that the EOSIO Virtual Hackathon “Coding for Change” will officially launch on May 1, 2020. The primary purpose of the virtual hackathon, which will last until June 1, 2020, is to collect blockchain-based solutions that help solve new challenges in the post-pandemic world. The organizing company highlights that these types of initiatives are intended to serve as support for those communities that have been affected by the COVID-19 crisis. The belief is that blockchain technology will play an essential role in providing…

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Bitcoin Price Is Showing All 3 Crucial Signs of a Classic Bull Trap

The Bitcoin price increased by more than 10% in a 24-hour span, rising from $7,020 to $7,770 on both spot and futures exchanges. But, BTC is showing all three signs that the upsurge was a bull trap. Negative futures funding rate before the rally, altcoins failing to front-run Bitcoin, and the BTC price running into a multi-year resistance level all point toward the recent price spike being a fakeout. Futures funding rate was negative before Bitcoin rally On Binance Futures, the funding rate of Bitcoin dropped to as low as…

Central Banks — A Bad Influence on Decentralized Finance

Philip Coggan, a British business journalist and news correspondent who writes for The Economist, once mentioned, “Modern money is debt and debt is money.” Few would disagree with this claim. Yes, the vast majority of money circulating today — so-called broad money — represents a specific type of credit–debt relationship. This relationship is at the heart of today’s sovereign monetary authorities, the central banks under which almost all economic activity takes place. But the modern economic reality we have internalized is a breeding ground of confusion for innovators in the…

Coinbase-Backed Securitize Launches Compliance Tool for P2P Transactions

Securitize, a digital securities platform backed by major cryptocurrency exchange Coinbase, has announced a new tool that assures that secondary market transactions of digital securities are compliant with regulations. According to an April 22 blog post, Securitize Instant Access streamlines the creation of compliant peer-to-peer transactions by investors in private securities. To ensure that transactions meet the necessary requirements, Securitize uses smart contracts on the Ethereum blockchain. To initiate a transaction, investors privately create an indication of interest to sell their digital securities with a web link, which can be…

Crypto Banks Answer the Call Amid Coronavirus-Fueled Economic Decline

As 2020 staggers on, the scourge of the coronavirus is showing no sign of relenting any time soon. Since the reality of the pandemic took hold, it has revealed itself to be a black swan the likes of which have never before been seen. Cryptocurrencies suffer from volatility in the best of times, and markets have spent most of the last two years in the red. But companies, markets and entire economies all over the world are tanking. So, is cryptocurrency’s notorious Achilles’ heel affecting its banking and payments sector?…

Analyzing the Cryptocurrency Mining Profitability of a New ASIC Mining Rig

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