Day: September 4, 2020

Sub-$10K Bitcoin price caused $653M open interest drop, largest since March

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Bitcoin (BTC) futures open interest just had its most extensive daily reduction in five months. Yesterday’s 11% drop move caused more liquidations than May 9 when BTC plunged 12.5% to $8,600. BTC futures open interest in USD terms. Source: Skew Skew data shows total open interest down by $653 million, reaching $4 billion on Sept. 3. That figure includes perpetual (inverse swaps) and futures with set expiry on OKEx, CME, Binance, and remaining derivatives exchanges. Yesterday’s move was the largest daily drop since the horrendous $1 billion cascading liquidation on…

Public companies, private markets, crypto offerings and you, Aug. 28–Sept. 4

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Editor’s note It is a cruel twist of fate that during the first hiatus week in Law Decoded’s existence, the SEC put out long-awaited updates to accredited investor qualifications. Upon reading the news, your faithful and ever-vigilant policy editor put down his phone, cast a wistful eye upon the sun’s reflection dancing in the midground of the Atlantic Ocean. Bracing himself with a deep quaff of Corona, he thought ‘Not today.’ Before the sorrow of not being the one to bring the news to you could overwhelm him, he grabbed…

Yellow Card CEO reminisces about losing his life savings on LocalBitcoins

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In his college-aged days, Chris Maurice, the CEO of African crypto exchange Yellow Card, said he put his life savings into Bitcoin (BTC), finding it stolen shortly after.  “Bitcoin was about $200 at the time, and I decided basically I was just going to dump my entire savings account into into it,” Maurice told Cointelegraph in an interview. Maurice said he had approximately $5,000 in his savings back then, with which he bought roughly 21 BTC. “I was holding it all on LocalBitcoins, because that was the wallet that I used…

Price analysis 9/4: BTC, ETH, XRP, LINK, BCH, DOT, LTC, CRO, BNB, BSV

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A dead cat bounce from Bitcoin and altcoins’ critical support levels may attract further selling that could result in lower levels over the next few days. The Nasdaq, S&P500 and Dow all corrected sharply on Sep. 3 and opened today with additional downside, suggesting that traders are rushing to the exit. Bitcoin (BTC) and several other major altcoins have also witnessed a strong bout of profit booking that has pulled down the total crypto market capitalization from $394 billion on Sep. 2 to about $339 billion today. Even gold, which…

Orchid

Orchid (OXT), an Ethereum (ERC-20) compliant token, is used to pay for services on the Orchid network, a decentralized, peer-to-peer marketplace for virtual private network (VPN) providers. Orchid users purchase bandwidth with OXT and node providers receive OXT as rewards for supplying bandwidth. Anyone can become a node or bandwidth provider by staking OXT. Nodes are then randomly selected based on the amount of OXT they have staked and by user-selected parameters such as price and location. Orchid gives users control of their privacy by restricting a website from seeing…

Fashion house Alexander McQueen joins blockchain trend with new label

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While the concept of decentralization has been demonstrated within collaborative sectors like the gaming industry, where participants are given a voice, it’s notable that a major fashion house has decided to use blockchain and its underlying values to give creative collaborators freedom of expression.  On Sept. 3, Alexander McQueen launched a new technology-driven label called MCQ. The brand is a first of its kind, as it’s backed by a blockchain-based platform that enables both designers and consumers to securely register and trade clothing. Moreover, the MCQ label isn’t controlled by…

Even Bitcoin Fundamentals Are Hinting At a Significant Correction Ahead

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Bitcoin just had its largest 48-hour pullback since May 2020, back when the asset’s halving took place. The drop in price has the cryptocurrency now trading below a key fundamental level. A deeper dive into other Bitcoin fundamentals may be hinting that a more severe correction that may have only just started. Here’s what the cryptocurrency’s underlying network metrics are saying about what’s about to come in terms of price action across the crypto market. Bitcoin Energy Value, Production Costs, and Hash Ribbons Potentially Signal Deep Downside Technical analysis across…

Migration of $180 million worth of SUSHI from UniSwap to SushiSwap has been approved

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The SushiSwap community just approved a move from Uniswap to its own native platform, which is being built as a fork of Uniswap’s project. Almost 87% of the vote were in favor of the migration. Currently, there is close to $180 million worth of liquidity in the ETH/SUSHI pair on Uniswap. The SushiSwap’s total value staked has grown from zero to $1.4 billion in a matter of days. This would place the recently launched DeFi project behind Uniswap and tied with Maker and Aave. Like many other DeFi projects, it was launched with…

Blockchain Bites: Tether’s Dispute, Buterin’s Fix and 3 Reasons for Bitcoin’s Sell-Off

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Tether disputes allegations of market manipulation brought in court, Vitalik Buterin issues a proposal for Ethereum’s high gas fees and Voatz weighed in on whether a longstanding federal law over computer access is overly broad. You’re reading Blockchain Bites, the daily roundup of the most pivotal stories in blockchain and crypto news, and why they’re significant. You can subscribe to this and all of CoinDesk’s newsletters here.  Top shelf Tether disputesTether and affiliate exchange group iFinex have called for a market manipulation lawsuit to be dismissed because plaintiffs, they say, cannot prove $3 billion…

Money Reimagined: Defanging FAANG – CoinDesk

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Most people would be happy to have World Wide Web creator Sir Tim Berners-Lee’s wealth, which is reportedly somewhere between $10 million and $60 million.  Yet, Berners-Lee’s net worth pales into insignificance against that of Amazon founder Jeff Bezos, who last week became the first person ever to be worth more than $200 billion.  There’s something wrong with this picture. The inventor of an information system that transformed the world has earned from it a tiny sliver – no more than 0.03% – of that which has flowed to someone…