Day: August 16, 2020

Onchain Data Shows $449M Worth of Bitcoin on ETH Eclipses Offchain Competitors

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Onchain analytics show the number of bitcoin (BTC) held on the Ethereum blockchain has been multiplying at an extremely fast rate since the end of May. On Sunday, August 16 there’s approximately 38,021 BTC on Ethereum or roughly $449 million stored in synthetic bitcoin protocols like Wbtc, Renbtc, Sbtc, and more. During the last two months, news.Bitcoin.com has written a few comprehensive articles that explain how the Ethereum blockchain has become Bitcoin’s (BTC) sidechain. Despite the years of efforts from Blockstream Liquid supporters and the Lightning Network (LN) enthusiasts, Ethereum…

These 2 On-Chain Signs Suggest Ethereum’s Long-Term Trend Is Positive

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Ethereum has been on a remarkable rally over the past few weeks. Since the start of July, when the asset was trading closer to ~$220, ETH has literally doubled. It trades just shy of $440 as of this article’s writing, flat in the past 24 hours. Although some see this move as an impulsive surge that isn’t sustainable, on-chain metrics show that Ethereum is in a good spot. They add to the positive technical signals ETH has formed over recent months. Related Reading: Crypto Tidbits: MicroStrategy’s $250m Bitcoin Purchase, Ethereum DeFi…

Why Bitcoin May See an Explosive Rally Despite Recent $12k Rejection

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Bitcoin and the entire cryptocurrency market have been seeing some rather mixed price action in recent weeks. Although the benchmark digital asset currently remains caught within a prolonged consolidation phase within the upper-$11,000 region, it has been facing multiple rejections at $12,000 that have hampered its near-term outlook. The latest rejection at this level took place overnight, with its price subsequently reeling as low as $11,700. The buying pressure here was enough to stop it from seeing any further downside. Although it has yet to post any clear trend, analysts…

Former Florida Tax Collector Used Public Funds for Blockchain Company

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A former Florida tax collector was found to have used public funds to set up a blockchain company. In a report from the Orlando Sentinel, former Seminole County tax collector Joel Greenberg billed the Tax Collector’s Office $65,860 to buy computer servers for a company he was setting up called Government Blockchain Systems LLC. Greenberg then reportedly returned the money in a series of checks.  Greenberg allegedly billed the Tax Collector’s Office for 20 servers in September 2019, and the next day, the public office cut a check to Government…

The Surprisingly Sunny Outlook for Crypto Hedge Funds

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Every epic tale needs a tragic hero, and one of the top candidates for that role in this century’s dramatic passage so far has to be the hedge fund manager. Toppled from their masters-of-the-universe pedestal in the early 2000s, they now eke out meager gains, dodge investor recriminations about fees and occasionally attempt to stay relevant by explaining to the rest of us where the current confusion is taking the global economy. True, there are some formidable brains and admirable initiatives among the former kings of finance. But so far, after…

Bitcoin’s Big Advertising Blitz and ‘Doctor Who’ on Blockchain

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Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week.   Top Stories This Week Bitcoin bulls stampede toward $12,000 as Ether hits a two-year high Once again, Bitcoin bulls have set their sights on cracking $12,000. It’s a battle fraught with risk, as multiple rejections at this stubborn level of resistance could be seen as a bearish signal. Others disagree and say repeated retests heighten the chances of success. There are fears that we could be heading for a correction —…

Litecoin Could Soon Outperform Bitcoin By At Least 45%: Here’s Why

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Against Bitcoin, Litecoin has not performed well since the highs of 2017 and 2018. As of this article’s writing, the price of LTC in Bitcoin terms is 0.0053 BTC — again, far from all-time highs. Analysts believe that LTC is set to outperform Bitcoin, though. They cite technical trends that show Litecoin is breaking higher against Bitcoin for the first time in months, even years. Related Reading: Crypto Tidbits: MicroStrategy’s $250m Bitcoin Purchase, Ethereum DeFi Boom, BitMEX KYC Litecoin Is On the Verge of Outperforming Bitcoin: Analysts  A founder of crypto…

OKEx Creates a Milestone by Listing Four Prominent DeFi Projects in One Week

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The second week of August 2020 has been one of the most exciting weeks for the DeFi ecosystem, following the list of four prominent tokens on global crypto spot and derivatives exchange OKEx. The latest DeFi token to be listed on the platform is Curve Finance’s CRV governance token which became available for spot trading against USDT on August 14th, at 4 AM followed by extension of support for BTC and ETH an hour later. The remaining three DeFi tokens listed on OKEx in the past week include Aave (LEND),…

31% of Blockfolio Users Say Know Nothing of DeFi

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Despite an increasing number of Decentralized Finance (DeFi) projects, people are still unsure what DeFi is exactly, a poll conducted by portfolio tracker Blockfolio showed.  The poll, conducted over its Signal product, asked the level of involvement users have around DeFi. It received 8,897 votes, with 31% of respondents answering they don’t know what DeFi is or have no involvement at all. Those who said they are curious and want to learn about DeFi numbered at 39%. Only 10% of respondents said they have high-farming yields and 19% are new…

BTC, ETH, EOS, XTZ, ATOM

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This week Warren Buffett made waves throughout financial media as reports that Berkshire Hathaway sold several bank stocks and purchased shares in Barrick Gold were made public thanks to the company’s latest quarterly shareholder filing.  This purchase is significant because Buffet has been a strong critic of gold, however, in the current economic conditions, he appears to have changed his view and sought safety in the asset. Bitcoin advocate Max Kaiser believes that several fund managers are now likely to increase their allocation to gold, which could boost its price…