Day: August 29, 2020

Chainlink Acquires Blockchain Oracle Solution From Cornell University

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Chainlink has acquired Cornell University’s privacy oracle solution DECO for an undisclosed amount. This is Chainlink’s second acquisition to date, according to an announcement made by the firm on Saturday. DECO was co-created by Ari Juel, former chief scientist at digital security firm RSA, who will also join Chainlink Labs as part of the deal under the same title. Moreover, Chainlink CEO Sergey Nazarov and Juels have begun drafting a second Chainlink white paper, according to a phone interview with the pair. The duo authored the original Chainlink white paper…

Yearn.finance (YFI) Jumps 30% Towards Bitcoin’s All-Time High Price of $20k

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Yearn.finance (YFI), one of the hottest crypto assets in the Ethereum decentralized finance space, has seen an extreme price performance in the past day. The asset has gained approximately 30% in the past 24 hours as per data from Coin Market Cap. This is an outperformance of Bitcoin’s 1% gain and Ethereum’s 1.7% move higher. While YFI currently trades at $18,200 as of this article’s writing, it peaked earlier today just shy of $20,000. Chart of YFI’s price action over the past 10 days from TradingView.com What’s especially notable about…

Tether’s (USDT) Daily Trade Vol. Eclipses BTC’s, MarketCap Hits $13b

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Last updated:August 28, 2020 Quick summary: Tether’s daily trade volume has eclipsed Bitcoin’s. Similarly, Tether’s 7-day average transfer value has flippened BTC’s. USDT’s market cap has now hit $13 Billion hinting that Tether could eventually edge out Ethereum This year, the stablecoin of Tether (USDT) has continually broken records. To begin with, in mid-July, Tether’s market capitalization hit the $10 Billion mark. In the process, USDT briefly edged out XRP from the number 3 spot on Coinmarketcap. Furthermore, this year saw many analysts predict that USDT’s daily transaction volume would…

Free Market Family: Goldbug Peter Schiff Asks the Bitcoin Community to Gift Crypto to His Son

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The American libertarian, economist and financial commentator Peter Schiff has been criticizing bitcoin for years, as he believes “bitcoin has no real value.” However, on Thursday Schiff asked the crypto community to give some bitcoin to his 18-year old son Spencer for his birthday and explained that his son “won’t lose his” wallet. The Bitcoin community is well acquainted with Peter Schiff the economist and gold bug who has been knocking bitcoin for years. Every few days, Schiff has something to say about the cryptocurrency and it’s never anything positive.…

Fed Decision Regarding Interest Rates to Direct Focus to Crypto

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The Federal Reserve Chairman Jerome Powell made a shocking announcement during yesterday’s widely watched speech, in which he noted that the Fed will be allowing inflation to start running past 2%. This had far-reaching implications, influencing the price of assets like gold, crypto, and equities. Although high inflation is overtly positive for Bitcoin in the near-term, investors faded the move, with the crypto rallying as high as $11,600 before losing its momentum and plunging down to lows of $11,150. This decline was fleeting, as bulls have since erased virtually all…

Bitcoin price shakes off $157M BTC futures expiry — Is $12,000 next?

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Today’s Bitcoin (BTC) futures expiry was lackluster both in terms of price impact and volume. Open interest dropped by a mere $157 million, barely moving from its $5 billion mark.  As CoinTelegraph correctly predicted yesterday, this most recent CME Bitcoin futures expiry was irrelevant. Some $125 million worth of August contracts were set to liquidate today, although preliminary data indicates less than $40 million were not rolled over for the upcoming months. Total open interest, USD million. Source: Bybt.com & CoinTelegraph The chart above shows the total open interest change…

Here’s How Low Cardano (ADA) May Plunge Before Starting Its Next Uptrend

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Cardano (ADA) has been struggling to maintain its momentum in recent weeks, with the hype surrounding the launch of the Shelley mainnet upgrade beginning to fade. This has had dire implications for ADA’s price, which has been struggling to maintain the intense uptrend that it has previously been caught within. Analysts are noting, however, that the cryptocurrency is finally nearing what is being described as the “sweet spot” that may ultimately allow it to reverse its multi-week descent and begin forming a new leg higher. One analyst is specifically looking…

Visa Exec Says ‘Opt Out With Bitcoin’ Slamming Fed’s Policy Change Toward Inflation

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On Thursday, 17 top Federal Reserve officials explained that the committee plans to let inflation run hotter than usual, or above the benchmark 2% rate for a duration of time. Fed Chair Jerome Powell’s speech was considered a “major policy shift” and a number of economists commented on the central bank’s move. Senior director of policy at Visa, Andy Yee, said Powell’s inflation statements were historical and people should “opt out with bitcoin.” According to the U.S. Federal Reserve, the central bank will be allowing inflation to run up higher…