Day: August 12, 2020

Bitcoin Price Above $11.5K as Key BTC Price Metric Suggests $12K Retest

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Today Bitcoin (BTC) price rebounded from its recent low at $11,125 on Aug 11 to $11,617. This suggests traders are turning optimistic as key data show a significant amount of liquidity for BTC until $12,000. Cryptocurrency daily market performance snapshot. Source: Coin360 As BTC price rallied, many major altcoins surged in tandem. Chainlink (LINK), which has seen strong gains all week, recorded a 19.6%gain. Meanwhile DeFi-related tokens like including Compound (COMP), Maker (MKR), Aave (LEND), and Cosmos (ATOM), saw gains ranging between 20%-50%. XBT/USD 4-hour chart. Source: TradingView Reasons traders…

Crypto Exchange Bitfinex Is Down Right Now

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Bitfinex has been offline for at least two hours as of this writing, and the exchange has no confirmed time when it will be up and running again. According to an Aug. 12 tweet posted by the exchange, Bitfinex officially halted trading as of 20:25 UTC. The status page is still online, and states the exchange is investigating issues with reduced performance on the platform.  “The cause has been identified and we are working to restore trading activities,” Bitfinex said in an update tweet. “All funds are safe.” We are…

Coinbase to Offer Bitcoin-Backed Loans to US Customers

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Coinbase will allow U.S. retail customers to borrow fiat loans against as much as 30% of their bitcoin holdings in the fall, the San Francisco-based exchange announced Wednesday.  Coinbase is one of the largest and most regulated crypto exchanges to get into the lending business, and the exchange is setting conservative parameters on the product, capping credit lines at $20,000 per customer and offering an interest rate of 8% for bitcoin-backed loans with terms that are a year or less. Customers will not need to fill out an application or…

Yam Suffers Technical Outage Following Scam Accusations

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Yam finance (YAM), the latest fad in the crypto space, recently warned the public of a technical bug affecting the ecosystem.  “We have found a bug in the rebasing contract,” the project said in an Aug. 12 tweet. “All funds in staking contract are safe, as this is an unrelated part of the protocol,” the project added, also noting participants’ Yam token holdings remain unaltered.  As the decentralized finance, or DeFi, crypto boom continues, something called yield farming has come into the spotlight. Yield farming is essentially the latest passive income…

Bitcoin and Gold Correlation Reaches Record High 70%, Bolstering BTC’s Store of Value Credentials

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The prices of bitcoin and gold have reached a monthly average correlation of 70%, an all-time-high, according to data analytics firm Skew. The previous peak of just under 60% was reached earlier on in the second quarter of 2020. Skew said the rising correlation supports the idea that bitcoin (BTC) is a store value, particularly at a time of economic turmoil. “Bitcoin/Gold 1 month correlation reaching new all-time highs, giving momentum to the store-of-value narrative for BTC in these ‘money printer go brrr’ times,” the London-based company said, in a…

Malaysian Crypto Miners Were Caught Stealing Electricity From the State

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Malaysian police arrested four cryptocurrency mining operators after discovering that they were stealing electricity from the state-owned power firm, Sarawak Energy Berhad, or SEB. According to Malay Mail, authorities spent two days cracking down on four shophouses, believed to be housing cryptocurrency mining centers. The shophouses were located in the cities of Jalan Tun Ahmad Zaidi Adruce, Jalan Pahlawan and Jalan Tunku Abdul Rahman. According to the investigation, the thieves stole over $59,000 per month from the power company. The Electrical Inspectorate Unit, or EIU, from the Sarawak Ministry of…

Chainlink (LINK) Explodes to Fresh All-Time Highs as Analysts Eye Further Upside

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Chainlink’s price has posted an incredibly intense rebound following yesterday’s dip. This has allowed LINK to post massive gains today, with it currently being the best performing major cryptocurrency as its buyers push it to fresh all-time highs. The crypto is now navigating up towards $16.00 – marking a massive rally from its daily lows of $12.00 that were set during the recent selloff. Analysts are now noting that they expect this strength to persist in the near-term, and even carry it higher in the days and weeks ahead. While…

Market Wrap: Bitcoin Rebounds to $11.5K; Ethereum’s Gas Woes Worsen

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Bitcoin is making up for lost gains after hitting a one-week low. Over on Ethereum, the fee situation continues to be problematic for traders. Bitcoin rebounded Wednesday, making gains from a 24-hour low of $11,119 on spot exchanges like Coinbase, a price point not seen since Aug. 5.  Constantin Kogan, partner at crypto fund-of-funds BitBull Capital, sees a sideways market where the price of bitcoin could go either way.  “If sellers take control of the market, it is likely that BTC will be seen at $11,390 per coin. However, there is…

Matic Network Positions Itself as the Go-To Platform for Gaming dApps

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Activity on the Matic Network has gone into overdrive of late. The project recently finalized Phase 1 of its mainnet launch by adding third-party staking validators into the mix. The list of external validators available so far includes Infosys, Chain Guardians, Biconomy, and Torus. Current available staking validators. (Source: wallet.matic.staking) The firm recently tweeted that an additional 25 external validators will come on board during Phase 2. As well as that, Matic recently completed Deployment Week. This refers to the reveal of five dApps over a five day period. The…

Google Ads is Failing to Protect People From Crypto Scams

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Users of the Uniswap decentralized exchange could be at risk thanks to a new Google ad. “URGENT WARNING FOR ANYONE USING UNISWAP,” crypto influencer and YouTuber, BitBoy, said in an Aug. 11 tweet.  Tagging Google’s Twitter accounts, he added: “Google you should be ashamed. Whoever runs GoogleAds is FAILING MISERABLY. On YouTube where scammers get ads through and now on your own platform.” According to BitBoy, entering a Google search for “UniSwap” returns an advertisement link as one of the first results at times.  “When you click that ad, it…