Day: August 12, 2020

Price Analysis 8/12: BTC, ETH, XRP, LINK, BCH, BSV, LTC, ADA, XTZ, BNB

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As Bitcoin price slowly regains momentum, many altcoins have been rewarding traders by rallying to new all-time highs. On August 11 MicroStrategy, the world’s largest publicly traded business intelligence company, announced that it had ditched fiat currency and built its primary treasury reserve with Bitcoin (BTC).  The company’s CEO Michael J. Saylor believes that the coronavirus pandemic and the stimulus measures enacted to counter it will cause “a significant depreciating effect on the long-term real value of fiat currencies and many other conventional asset types.”  Saylor further explained that Bitcoin…

CWV Partner on China’s Blockchain Blueprint

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Back in July, the Beijing government released its first blockchain application blueprint concerning government services in China.  According to Neo Wang, managing partner at public blockchain CWV, this application fell far short for people interested in contributing to the initiative. He told Cointelegraph China that the bar for public chains to collaborate with government service blockchain applications was too high to overcome. Wang’s comments came during an interview during the Great Bay Area International Blockchain week on August 8. Wang explained, “the compliance threshold of these applications is high, and…

Ethereum DeFi’s “Yam” Protocol Encounters First Bug; User Funds Secure

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Ethereum’s Yam Finance protocol has been the hottest crypto project of the past 24 hours. As reported by NewsBTC previously, the unaudited protocol managed to garner $400 million worth of value in under 24 hours, with investors throwing boatloads of capital at the project. The token of the protocol, YAM, is behind this exponential explosion in activity and value in the DeFi space. Unfortunately, it was just revealed that Yam’s developers found a bug in one of the contracts pertaining to the protocol. Fortunately, though, the funds of users should…

Maker (MKR) Jumps 40%, But Technicals Suggest a Corrections Is Imminent

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The DeFi market sector is booming. A glimpse at CoinMarketCap’s DeFi token rankings shows that the top 10 altcoins by market cap within this space are positing massive gains, except for Dai since it is a stable coin. Among all of these surging cryptocurrencies tokens is the decentralized governance token Maker, which is up over 30% in the past 24 hours.  Maker Surges Over 40% in the Last 24 Hours. (Source: CoinMarketCap) Despite the significant bullish impulse that MKR has gone through, different on-chain and technical metrics suggest it is…

Newly Launched DeFi Token Serum Surged 1500% within 12 Hours

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Since the launch, SRM’s trading volume has exceeded $350 million in the first twelve hours. The Serum token is native to the Serum DEX. The DeFi sector continues to soar as a new token Serum rose 1500% only 12 hours after listing. The token is native to the Serum decentralized exchange, and launched on the 11th of August. Presently, the price of the SRM token is nearly $1.8, a surge from its launch price of $0.11. Binance announced the listing of Serum in a press release, which catalyzed the token price.…

Compound (COMP) Explodes By 35% Intraday, But What’s Fueling The DeFi Token’s Rise?

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Compound (COMP) one of the primary DeFi tokens that sparked the start of the crypto market’s hottest trend in years, is suddenly booming once again. The altcoin token has sharply risen by 35% intraday, as part of an ongoing over 90% climb so far in August. But what’s driving the sudden resurgence in the DeFi token, and will gains in the cryptocurrency continue to compound? Yield Farming, And The Unstoppable Decentralized Finance Trend Compound’s launch on Coinbase in late June set the crypto market afire with a new buzzword: yield…

What Chainlink’s Plasm Integration Means for Its Future as a Parachain

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Plasm, a smart contract protocol built on Polkadot’s Substrate framework, has integrated Chainlink’s (LINK) price feeds. Interestingly, the oracle project itself will likely soon become a Polkadot parachain. Polkadot has a modular design wherein various parachains serve particular use cases. Its mainnet does not have smart contracts, but Plasm hopes to fill this void. Plasm CEO, Sota Watanabe, told Cointelegraph that they intend to use Chainlink’s data oracles for Plasm’s Lockdrop — a token distribution mechanism pioneered by Edgeware. In order to receive Plasm’s tokens, a user needs to lock…

Blockchain Bites: Avanti’s New Money, DeFi Deepens and ‘How Much Ether?’

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Caitlin Long has a new take on money. Russia wants to de-anonymize crypto. And Coinbase wins in court. Here’s the story. ‘Cash equivalent’CoinDesk’s Nathan DiCamillo breaks down how Avanti Financial intends to issue its programmable cash equivalent called Avit. This blockchain-based “commercial bank money” can be exchanged for dollars but is not pegged to it like a stablecoin. It’s also not a security token, or a digital representation of an investment that’s expected to generate returns. Issued on Blockstream’s Liquid, Avanti CEO Caitlin Long said it will likely be treated…

Hong Kong’s Greater Bay Area to Launch China’s Digital Yuan

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China’s digital yuan, also known as the digital currency electronic payment, or DCEP project, will be rolled out for testing at Hong Kong’s Greater Bay Area in the coming weeks, local news agency the Southern Daily reports on Aug. 12. The Greater Bay Area, or GBA, is a megapolis consisting of nine cities including Guangzhou, Shenzhen, as well as Hong Kong, and Macau. A major financial and tech hub in Asia, the GBA has a combined population of over 69 million people and GDP of around $1.5 trillion. He Xiaojun,…