Day: July 19, 2020

Analyst Fears a Drop as Ethereum Deposits Spike to Multi-Week Highs

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Like Bitcoin, Ethereum (ETH) has flatlined over recent weeks in an extremely tight range. For the leading altcoin, this range has been approximately $230-245. Bears may soon gain the upper hand as the on-chain and technical analysis case for Ethereum has purportedly flipped bearish. This comes at a pivotal time for Bitcoin, which is expected to see a macro breakout in the coming week or two. Related Reading: BTC Just Confirmed a Signal That Preceded Historical 5,000% Rallies Ethereum Deposits Spike, Making An Analyst Fearful of a Drop According to data…

New Standard to Avoid Ethreum Contract Size Limitation Developed

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As Ethereum contracts can hit the maximum contract size limit of 24KB when there are too many functions and too much code, a new standard has been developed to help combat it.  Programmer Nick Mudge revealed in his blog post on July 10 that although Vitalik Buterin’s insistence on using “proxy contracts” could be the potential solution to the limitations, a standardized proxy contract called Diamond Standard he created could be the icing on the cake. Proxy contracts are contracts that can stay small by borrowing functions from other contracts. …

CZ Shares Thoughts on Judging Token’s Success

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Top cryptocurrency exchange Binance’s CEO revealed his thoughts on token economics to explain how finance in the emerging new crypto industry works.  According to Binance’s blog post on July 18, Changpeng “CZ” Zhao pointed out that it makes more sense to convert fiat currency to crypto such as Bitcoin and Binance’s native token BNB. Since the conversion fee on exchanges is substantially cheaper than what credit cards would charge.  Holding and burning are good for the token economy Zhao pointed out that if a team holds its own tokens, they…

Missing Wirecard Exec Found in Belarus; Russia’s FSB Involvement Suspected

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Jan Marsalek, the former chief operations officer of Wirecard who went missing after his supposed trip to the Philippines last month to chase the missing 2 billion Euro in the company’s books, has been located in Belarus.   Marsalek reportedly entered the Philippines via Manila before flying to Cebu City and then to China in June. Philippine authorities said there was no footage of Marsalek arriving in the city nor were there records of a flight leaving Cebu for China.  Forged traveling tracks According to investigative reporting website Bellingcat, the former…

Institutional Investors Are Turning Their Attention to Decentralized Finance

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The decentralized finance sector has been steadily growing and has begun to see the fruits of its labor. But while there is much hype surrounding DeFi projects and applications, particularly during Bitcoin’s (BTC) uncharacteristic lack of volatility, there is still a long way to go.  The technology is still in its early stages, yet even as issues of usability, scalability, interoperability and lack of regulatory clarity continue to exasperate the space, the promise of DeFi is undeniable, and its value is impossible to ignore. DeFi’s unstoppable growth in 2020 Thus…

Nexo Finance Accused of Being Behind Zeus Capital and Chainlink Short

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Nexo Finance has been accused of being behind the suspicious asset management firm that sought to short Chainlink (LINK) after social media users saw Zeus Capital’s source code pointing to its website.  Twitter users found a connection between Zeus Capital, who days ago called Link “crypto’s Wirecard,” and Nexo Finance on the Zeus Capital website. Embedded within the Zeus website source code were several instances of Typeform links connected to Nexo’s website. Typeform, which lets users create forms, is also used by Nexo on its own site to let users…

Investigators Stay Silent as Inside Job Rumors Emerge

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On July 11, fraudsters hacked into digital payment platform Cashaa’s over-the-counter desk, which serves Indian customers, and stole 336 Bitcoin (BTC), worth approximately $3.1million. Although Cashaa stated that there have been no users affected by this hack, they did put a hard stop on all crypto-related transactions for 24 hours to understand the incident better. Cashaa is a United Kingdom-based crypto-friendly bank that deals with Bitcoin OTC operations and works with major traditional and crypto exchanges in India. According to an official statement, the incident took place with an OTC…

The Origins of the World’s Oldest Bitcoin Metric, Explained

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The concept of bitcoin days destroyed (BDD) was introduced in 2011, two years after the creation of the world’s first cryptocurrency, bitcoin. People were already beginning to create blockchain metrics to measure on-chain transaction activity and value. Once the first cryptocurrency metric was created, BDD was quickly followed by a plethora of other unique metrics including unspent transaction output (UTXO), market value to realized value (MVRV) and spent output profit ratio (SOPR). Despite the sophistication of cryptocurrency data and analysis since 2011, BDD remains a fundamental metric to understanding and valuing…

Chainlink Utility Drives LINK Price, but a Correction Could Be Coming

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Chainlink’s token, LINK, is once again among the most talked-about altcoins, having surged over 370% year-to-date. In July alone, the now ninth-largest crypto by market cap has gained close to 80%, with blockchain analytics firm Santiment identifying LINK as its top-ranked emerging cryptocurrency. Amid the price gains for LINK has come talk of a new altseason, especially for altcoins related to the currently booming decentralized finance market. As the DeFi market continues to experience significant growth, the need for decentralized oracles for smart contract protocols, like the type offered by…

Bitcoin (BTC) Futures Trade Volume in a State of Constant Decline

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Quick take: The daily Bitcoin futures trade volume is constantly decreasing.  One reason for the decline could be the summer season in the Northern hemisphere providing traders with activities to do other than trading.  Bitcoin is once again battling to maintain levels above $9,100.  The daily trade volume of Bitcoin (BTC) futures across all derivatives platforms has been declining in the past few months. This fact was highlighted by the team at Unfolded via the following tweet. Bitcoin futures daily volumes has been declining for a several months pic.twitter.com/RiUHQfWg82 —…