Day: August 20, 2020

5 National Currencies That Bitcoin Is Absolutely Crushing in 2020

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Data from a pseudonymous analyst compared the performance of Bitcoin (BTC) against global currencies since the start of 2020. The data shows that BTC has increased by anywhere between 50% to 128% against the world’s major currencies. The performance of Bitcoin against various global currencies. Source: DriftwoodPalace The analyst said: “Update on the bitcoin price in various currencies and on various time frames. Lets start with YTD, the price is up from 57% in the EU to 100% plus in Argentina, Brazil, SA, Russia, Turkey etc (prices are based on…

This South Korean City is Spending Millions to Turn People Into Blockchain Experts

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Daegu, the fourth-largest city in South Korea, recently announced their plans to allocate over $6 million towards blockchain and artificial intelligence education. According to Up Korea, Daegu’s officials aim to solve what they consider a “serious shortage of resources in the core technologies of the 4th industrial revolution.” The city’s government plans to bring talented individuals to Daegu from other regions by offering courses in blockchain, AI, and other big data sectors. Daegu’s ICT Innovation Square will oversee these free blockchain courses over the next three years. Up Korea clarified…

Dangers of DeFi Hype Surface Following One-Hour Crypto Scam

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The DeFi craze may finally be getting out of control. The crypto community has been in support of the thriving trend, even welcoming to experimentation and accepting of outright worthless tokens. But now that the trend is turning toward scams, it may be time to more closely consider the potential pitfalls of DeFi. A new scam popped up recently, and within one hour pulled the rug on investors and made off with funds. The situation highlights exactly why this pause in crypto market profits was needed and put an end…

XRP Reels to Key Support; Loses Position as 3rd Largest Crypto to Tether

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XRP has been trading in close tandem with Bitcoin and Ethereum in recent weeks, which has exposed it to significant selling pressure throughout the past few days. Analysts are now widely noting that the cryptocurrency could be well-positioned to see further weakness in the near-term if it stays below a crucial support level that its bulls were ardently defending. The break below this level overnight seems to be a grave sign for its near-term outlook, suggesting that is buyers may be losing their strength. Where it trends next will likely…

The Most Pro-Bitcoin Politicians in the US

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Whether fighting for reduced taxes for staking or regulatory sandboxes for tokens, these politicians break the mold when it comes to digital assets. Our main discussion is a look at the politicians on both sides of the aisle who are pro-digital currencies and, especially, pro-bitcoin. Featuring: Original

Farmers Could Soon Be Hedging Their Risks With Decentralized Weather Data

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Arbol, a platform that allows farmers to hedge weather risks, is integrating Chainlink data oracles. Arbol’s CEO, Siddhartha Jha, told Cointelegraph that the company uses blockchain technology to solve a problem that affects billions of people around the world: “It’s crazy that so much of the world’s livelihood, it’s about two to three billion people, they estimate, is affected by weather day to day.” Farmers are likely the hardest hit by weather unpredictability. For many, severe weather conditions can lead to the loss of their livelihood, or even starvation. Although farmer…

Market Wrap: Bitcoin Breaks $11.8K; BTC in DeFi Doubles in August

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Bitcoin’s price is trending up while August has been a hot month for the cryptocurrency in decentralized finance. Bitcoin is on the uptrend, going as high as $11,891 with buyers outnumbering sellers in the market Thursday. ”This is similar to what we saw on Sunday, Aug. 9 – a quick move from $11,500 to $12,000 and then back to $11,300,” said John Willock, CEO of crypto asset manager Tritum. “Maybe we’ve got $13,500 in the next phase up in the coming days,” he added.  David Lifchitz, chief investment officer for…

New Issuance of Tether Slows Down Bitcoin Price Growth

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Chainalysis contends that the new issuance of Tether (USDT) may dampen Bitcoin’s (BTC) bull run. In a weekly Market Intel newsletter, company’s chief economist Philip Gradwell said: Newly issued Tether arriving at exchanges can be used to buy Bitcoin just as much as existing Tether can be. But making this distinction shows that in the current market, fiat would be driving Bitcoin buying to an even greater extent if there had not been new Tether issuance arriving at exchanges, shown by the difference between the yellow and pink lines. Source: Chainalysis…

Bitcoin (BTC) Held by Exchanges Drop to a 20-Month Low Despite Price Pullback

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The Bitcoin price might have pulled back from $12,473 of Aug 18 to below $12,000 but parallel news indicates that there are more holders that it was a few weeks ago. Seeking to capitalize on the current bull run — which is so far intact, the number of BTC held at non-custodial wallets is at a 20-month high as per a tweet posted on Aug 20 pointing to low selling pressure. Bitcoin Holding Flows with Price A majority of Bitcoin holders are sensitive to prices. Driven by the need to hold…

Hunan’s Government Has Chosen a Company to Build New Blockchain Infrastructure for the Region

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Conflux Network, a permissionless blockchain project, announced that it has been endorsed by government officials from the Chinese province of Hunan on August 19. The company was previously endorsed by the Shanghai Municipal Government for similar reasons. Hunan province, located in south central China, is a rapidly-growing hub for science and technological innovation. The government has tapped Conflux to create what they are calling a “Key Laboratory of Blockchain Infrastructure and Applications of Hunan.” This will be a training and research lab at Hunan University focused on developing the province’s…