Ethereum crashed as low as ~$85 during March’s capitulation drawdown, crushing the hopes of investors in the asset. But due to a recovery in the price of Bitcoin and in most global markets, ETH has surged higher. From those lows, the asset is now up by around 350%, recovering to $385 as of this article’s writing. At the local highs, Ethereum traded for $440, with bulls managing to wrest the asset much higher than it was before. With this recent move, ETH’s macro bear market structure was broken. Ethereum has…
Month: August 2020
Bitcoin ‘maximalists’ accused of ‘shilling’ an SEC-cleared token
On August 24, INX launched a tokenized initial public offering or IPO which was cleared by the SEC. The company describes its mission as bringing “regulated digital asset opportunities to institutions and retail investors”. The following day, several crypto influencers tweeted what appeared to be promotional statements about the company and its token. Stefan Jespers, known as WhalePanda on Twitter, compared the INX token to Binance’s BNB: Source: Twitter. A similar sentiment was voiced by Jameson Lopp, the CTO of Casa and a self-proclaimed cypherpunk: Both Jespers and Lopp are considered…
US Rep. Darren Soto is excited about the recent USPS blockchain voting patent
The United States Postal Service, or USPS, recently filed a patent for a mail-in voting system that utilizes Blockchain and other technologies for verification. Responding to an inquiry from Cointelegraph, U.S. Representative for Florida’s 9th district, Darren Soto, voiced his excitement about this prospective development. “I think it’s a great idea,” Soto told Cointelegraph. “I’m real excited that the post office is working on this issue,” he explained. “It’s something that was a pleasant surprise for many in congress,” the congressman added, noting the necessity of patent filing in line…
John McAfee Clarifies He Is Still Part of Ghost’s Ecosystem
Several days ago, technology pioneer and crypto advocate John McAfee departed his own privacy-focused asset, Ghost. He has since clarified, however, that he did not leave the endeavor entirely. “I have not abandoned the Ghost privacy ecosystem, only the GHOST privacy coin,” McAfee told Cointelegraph in an email following his exit. “The ecosystem is centered on our Ghost cell phone service,” he explained, noting that the service will continue. McAfee seemingly left the endeavor in a huff on Aug. 19, stating “I am abandoning the the Ghost project” His tweet…
Australian exchanges delist privacy coins amid Chainalysis integration
Pressured by external forces, two Australian exchanges have begun to delist a number of privacy coins including Monero (XMR) and Bytecoin (BCN). On August 24, YouTuber Alex Saunders tweeted a screenshot of what appears to be an announcement from the Australian exchange, Coinspot. This announcement seemed to suggest that several privacy coins were going to be delisted by August 31: Source: Twitter. Another Twitter user alleged that CoinSpot was not the only one planning to delist privacy coins, claiming that Swiftx, another Australian exchange, was planning to do the same. On…
Blockchain tech’s multipurpose role in driving global advancement
Since the advent of blockchain technology in 2008, we have seen an ongoing sense of fortune, and several industries have been, and still are, grateful participants. The enormous boom will undoubtedly cause many other businesses to come aboard this train and completely step up their operations. Food industry Blockchain tech in the food industry will make the process of food production, distribution and storage completely transparent. The decentralized ledger system will provide easy access to vital information about the food product you are buying, from when it was grown to…
Book review of Don Tapscott’s collaborative ‘Supply Chain Revolution’
Author Don Tapscott’s latest book Supply Chain Revolution highlights opportunities for transformation that blockchain can bring to what the book calls a $50 trillion supply chain industry issue. Tapscott, who is also co-founder of the Blockchain Research Institute, told Cointelegraph that Supply Chain Revolution is the second book in the series being produced by the BRI, noting that over 100 companies agreed to make their research publicly available to interested readers. While the first book in the series introduced blockchain technology as a whole, the second and third books go…
Apple (AAPL) Shares Price Over $500 Ahead of 4-for-1 Stock Split
Apple (APPL) shares kept rising and on August 24, the stock gained for the fifth straight trading session after Morgan Stanley analyst Katy Huberty expressed an increasingly bullish view on Apple’s prospects. Apple Inc (NASDAQ: APPL) shares keep rising. On August 24, the stock gained for the fifth straight trading session after Morgan Stanley analyst Katy Huberty predicted an increasingly bullish view of Apple’s prospects. The Morgan Stanley analyst raised the price target for AAPL stock to $520 from $431 in a note to clients. This new target is the…
Despite a $13k+ price tag, YFI is one of the cheapest DeFi tokens by price-to-sales
Messari believes that Yearn.Finance’s YFI token is one of the least expensive in the DeFi space, according to its price-to-sales multiple. The metric is calculated by dividing a token’s market capitalization by its annualized yield. In YFI’s case, its capitalization at the time of calculation was $390 million. According to Messari, its annualized sales stood at $21 million. Dividing the two numbers, we get approximately 20x. For reference, the same ratio for CRV, another popular DeFi token, is 1568x, making it 78 times more expensive according to this ratio. DeFi…
Two DeFi projects with $1.2B in TLV have major governance issues
Curve Finance is currently the third largest DeFi protocol, with a total value locked, or TVL, of $1.1 billion. Recently the community realized that the project’s founder, Michael Egorov, had leveraged over 71% of the voting power, ultimately leading to backlash from the community. Andre Cronje, the founder of popular DeFi protocol yEarn.Finance, tweeted: Source: Twitter. The protocol’s next vote is scheduled for August 28. While Egorov’s share has gone down somewhat, he still controls over 50% of the vote at press time. YFValue was launched last week with a congenital…