Day: August 14, 2020

Ethereum Price Hits 2-Year High as ETH Futures Open Interest Tops $1.5B

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Today the price of Ethereum’s Ether (ETH) hit a two-year high according to data from crypto trading terminal Crryptowatch. Despite the breakout to $445, open interest on ETH futures remains steady at a new record high of $1.5 billion. ETH-USD 4-hour chart. Source: TradingView.com The record high open interest on ETH futures hints that traders remain bullish and further gains could be seen over the coming days. In recent months, Ethereum has seen strong momentum due to the explosive growth of the Decentralized Finance sector. The demand for Ether led…

Crypto Insiders Aware Tokens Are Worthless, Speculate Anyway

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The crypto market has taken a strange turn in recent weeks. What started out as a perfectly sustainable trend of rapidly growing DeFi projects, has turned into a weird world of worthless assets. Rather than new money coming in, as one economist points out, it is crypto insiders who know better that are buying these worthless tokens, ready to gamble and speculate anyway. Is decentralized finance turning into a mini-bubble that’s ready to pop, or is this free-market experimentation at its finest? Growing DeFi Trend Reaches Experimental Phase, Free Market…

Why Traders Expect XRP to See an Explosive Rally Despite Stalling Uptrend

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XRP has been seeing mixed price action in recent weeks. The cryptocurrency was able to post some massive gains just a couple of weeks ago, but its momentum has since stalled after it faced a firm rejection at $0.33. From the point forward, the crypto has been drifting lower ever since, eventually tapping lows of $0.27 before finding some support. The cryptocurrency is now starting to show some signs of life as its buyers attempt to propel it past its heavy resistance at $0.30. This level has catalyzed multiple rejections…

First Litecoin-Native Visa Debit Card Is Being Launched

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The first Litecoin (LTC) native Visa debit card is being launched by BlockCard.  Charlie Lee told Cointelegraph this is their second attempt at the endeavour as the previous one failed: “We previously worked with LitePay on a debit card but that failed when LitePay went out of business.” Lee also drew a distinction between this Litecoin-native debit card and other crypto cards that support the currency: “There are other crypto debit cards available today that support Litecoin, but they only support funding with LTC. This card is natively LTC, so…

Market Wrap: Bitcoin Bounces to $11.8K as Ether Option Traders Go Bearish

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Bitcoin is up Friday while ether options traders are overwhelmingly bearish. “Crypto has had a good run for about three weeks in a row, since late July,” said David Lifchitz, chief investment officer for quantitative trading firm ExoAlpha. “There is a current resistance level of $12,500 for bitcoin, which looks pretty normal as markets, even crypto, cannot go up in a straight line day after day.” Indeed, over the past month, bitcoin reached a high of $12,130 before dipping. That signaled a retrenchment will be likely before a move to further…

Here’s What Analysts Think Is Next After Ethereum Shoots 12% Higher

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It’s been an explosive past few days for Ethereum. After consolidating under $400 for a number of days, the leading cryptocurrency shot higher on Thursday and then continued its ascent into Friday. As of this article’s writing, ETH is up 12% in the past 24 hours. It trades at $444, surging decisively past the previous year-to-date high set at the start of this month. Bitcoin is following suit, rallying a handful of percent as Ethereum continues to outperform the market leader. Here’s what analysts think comes next for ETH after…

Strength Indicator Shows Most Explosive Momentum Since 2017

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XRP’s recent rally has taken a pause, leaving crypto investors scratching their heads wondering which way the altcoin will turn next. Will it fall deeper into the throes of the bear market, or will the asset finally repeat the performance that took it to over $3.50 per token? If a strength measuring tool is any indicator of what’s to come, Ripple may be looking at a repeat of its crypto bubble breakout setting a new record all-time high. XRP Rally Pauses, Will Bears Regain Control, Or Are Altcoin Bulls Fully…

Germany’s Federal Ministry of Finance Puts Digital Security Adoption at Core of Blockchain Strategy

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Germany’s Federal Ministry of Finance (BMF) and the Federal Ministry of Justice and Consumer Protection (BMJV) have introduced a bill that highlights the adoption of digital securities as a crucial element of Germany’s blockchain strategy. Germany’s official blockchain strategy will feature the adoption of digital securities at its core according to a new draft bill introduced by the German policymakers at the BMF and DMJV. As translated from the official summary, the draft bill said, “The adaptation of the legal framework to new technologies, specifically blockchain technology serves to strengthen…

Grayscale Investments Enjoys Its Best Week Ever After National Ad Blitz

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Grayscale Investments had its best fundraising week in history following an ad blitz on a number of major television networks. According to the company’s CEO Barry Silbert, Grayscale netted $217 million in investments in the days following the campaign.  The firm’s Bitcoin Trust Fund was the biggest contributor to the success, adding  14,422.01411512 Bitcoin (BTC) at a value of $167,932,466, according to an SEC filing. The firm is currently holding 409,131 BTC, essentially removing it from circulation. Meanwhile, Galaxy Digital took out a full page ad in the Financial Times…

How Long Is the Arm of the Law? August 7-14

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Every Friday, Law Decoded delivers analysis on the week’s critical stories in the realms of policy, regulation and law.  Editor’s note DeFi has stolen the show lately. Spectacular rises and falls of unaudited tokens named after meme-able foods changing hands via ascendant liquidity pools have left many of us unimaginative observers mostly blinking. In this area, I can offer no particularly hot takes beyond the line that keeps coming to me: “This does not end well.” Chalk it up to some midwestern assumption that money you make too quickly is…