Day: July 30, 2020

Zeus Capital Reportedly Offers Influencers 5 BTC for LINK FUD

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Zeus Capital is reportedly offering prominent members of Crypto Twitter payment to spread unfavourable news about Chainlink, which hit a new record high price recently. Zeus Capital came to prominence recently after releasing a report claiming LINK was a scam and then heavily promoting negative news about Chainlink via Twitter ads. According to a screenshot posted to Twitter by ‘The Wolf of All Streets’ Scott Melker on July 29, Zeus Capital reached out to him asking them if he’d be willing to post an analysis of Chainlink (LINK) to social…

Diginex’s Equos Set To Become First Crypto Exchange Listed in US

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Blockchain-powered financial services company Diginex launched its new Equos digital asset exchange on July 30. The exchange will initially host crypto asset spot trading, with plans for “perpetual swaps, dated futures, options, and other derivatives products” to soon follow. The platform will support USD and the USD Coin (USDC) stablecoin at launch.  The spot exchange is licensed under an exemption to the Singapore Payment Services Act, with Diginex having also applied to become a ‘Major Payment Institution’ with the country’s regulator. The platform will also facilitate interoperability with Diginex’s hot…

Fidelity Calls Bitcoin an ‘Aspirational’ Store of Value and an ‘Insurance Policy’

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Fidelity Digital Assets, subsidiary of multi-trillion dollar investment firm Fidelity Investments, views Bitcoin (BTC) as an “aspirational store of value” and an “insurance policy” against a troubled financial system according to a new report. Fidelity holds over $8 trillion in assets and its digital assets arm launched in October 2018. Bitcoin is an “aspirational store of value” The report, Bitcoin Investment Thesis: An Aspirational Store of Value, notes that Bitcoin meets the basic test for being considered a store of value but hasn’t achieved that status yet: “Many investors consider…

Bitcoin Tops $11,000 Reigniting Interest in India

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A resurgent bitcoin is rekindling Indian interest in cryptocurrencies with reports suggesting many dormant holders are back to trading. A report in Livemint is also attributing the piqued interest to a recent Indian supreme court decision to overturn a prohibition that barred banks from dealing with cryptocurrency exchanges. The ban was imposed by the Reserve Bank of India (RBI) in April 2018. Nischal Shetty, founder and CEO of Wazirx, a cryptocurrency exchange in India, says they are witnessing a renewed excitement. Shetty said bitcoin’s price, which breached the $11,000 mark…

More Ether Holders Are in Profit Than There Are BTC Addresses in Total

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With Ethereum’s recent price rise above $300, there are now more ETH addresses in profit than the total number of addresses holding any amount of Bitcoin. Blockchain statistics indicate that the total number of ETH addresses in the green is 31.86 million, whereas the total number with a Bitcoin balance at all is 30.83 million.   ETH holders in the green The last time Ethereum was priced above $300 was a year ago, and on-chain metrics have improved vastly since then. The findings, as first reported in The Defiant, indicate that…

Bitcoin Transaction Fees Surge as Demand for the Network Rockets Higher

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Demand for the Bitcoin network is beginning to take off, with the crypto’s ongoing price rise being the likely suspect behind this sudden uptick. This has resulted in the cryptocurrency seeing a massive spike in its transaction fees, which have nearly reached the yearly highs that were set just after the mining rewards halving event took place in May. Bitcoin’s hash rate has yet to decline and is still sitting right around its all-time highs. The high fees coupled with strong prices are making BTC mining increasingly lucrative, which could…

Bitcoin Is a Better Hedge Against USD Than Gold

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Since Black Thursday, Bitcoin (BTC) has become a better hedge against the U.S. dollar than gold. At the same time, its correlation with the S&P 500 Index reached unprecedented highs. Correlations chart. Source: Coinmetrics. Diverging paths after Black Thursday Since the disintegration of the Bretton Woods system in 1971, investors have looked to gold as a hedge against fiat. Gold has consistently exhibited a negative correlation with the dollar with some very rare exceptions, while Bitcoin and the dollar have been uncorrelated with each other until recently. U.S. Dollar Index…

There’s a $15 Million Bitcoin Sell Wall Stopping $11,500 From Breaking

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Bitcoin is pushing higher after correcting as low as $10,600 on Tuesday. As of the time of this article’s writing, the asset trades for $11,200 — a price point nearly 20% higher than that seen seven days ago and one 3% higher in the past 24 hours. Analysts believe that this small rally is a precursor to a break of the ongoing consolidation to the upside. Yet according to order book data shared by a trader, Bitcoin may have trouble resolving higher as it faces strong resistance. Related Reading: Crypto Tidbits:…

Coinbase Offers DAI Holders 2% Interest

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U.S. crypto exchange Coinbase is now offering a way for users in six countries holding Dai to earn up to 2% back from rewards. According to a July 29 post on the Coinbase blog, Dai (DAI) holders in the United States, U.K., Netherlands, Spain, France, and Australia are now eligible to earn 2% annual percentage yield (APY) through its new program Dai Rewards. Coinbase said it would distribute payments daily to customers with at least $1 of Dai in their accounts, with initial rewards paid within five business days. The…

Nearly 93% of the Bitcoin Supply is Profitable; Why This Could be Bad for BTC

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Bitcoin’s intense uptrend throughout the past week led its price to highs of $11,400 before it lost some momentum and declined slightly. This latest uptrend has made it so that BTC is less than 45% below its all-time highs. It now appears that the benchmark cryptocurrency is poised to see some further upside, as its technical strength has been mounting as it consolidates above $11,000. There is one set of on-chain data that seems to spell trouble for Bitcoin. Currently, 93% of the circulating token supply is profitable. Historically, when…