Blockchain technology is disrupting every sector of the global economy with its limitless opportunities and innovative products. Decentralized finance is one of the sectors that has been trying to shake the traditional financial ecosystem. The multitude of DeFi applications emerging all over the fintech space has provided solutions, such as lending, staking, exchange of derivatives, among others. The current craze is justified, as DeFi attempts to build an alternative to the rigid banking systems. Also, government regulation (or lack thereof) and a flawed financial infrastructure have allowed DeFi projects to…
Day: September 6, 2020
DeFi project SUSHI gets new ‘master chef’ in an unprecedented move
SushiSwap (SUSHI), a fork of Uniswap created by the controversial developer “Chef Nomi,” has been handed over to FTX CEO Sam Bankman-Fried on Sep. 6 in an unexpected takeover. The decision happened after SUSHI fell from $9.5 to $1.13 in just five days. SUSHI 4-hour price chart. Source: TradingView.com Creator controversially sold around $13m of dev funds, causing a market crash The handover of the project to the reputable SBF comes after Nomi reportedly withdrew 20,039 ETH and 2,558,644 SUSHI from the dev fund. The capital in the dev fund…
KuCoin Celebrates 3rd Anniversary with New Spotlight, KuChain Updates and Porsche 911 Giveaway
On September 5, 2020, at the Global Blockchain and Crypto Finance Summit, Johnny Lyu, KuCoin Global CEO, announced in his keynote speech that the 3rd-anniversary celebration of KuCoin officially started. During the 3rd anniversary celebration, KuCoin will launch a series of campaigns with very exciting prizes, including a Porsche 911, iPhone, KuCoin merchandise, token rewards, and more! In addition, KuCoin’s 8th Spotlight project, the Velo Protocol, will be launched during the 3rd-anniversary celebration. Velo is an open financial protocol that aims to build a decentralized settlement network that allows partners…
Electrum Bitcoin wallet still plagued by known crypto phishing attack
Two Electrum software wallet users have recently reported the loss of large sums of Bitcoin (BTC). One victim described the disappearance of 1,400 BTC, totaling $14,595,000 at press time, while another claimed 36.5 BTC, worth $380,512, as stolen. The events appear connected to a long-standing phishing scam affecting Electrum users since 2018. “Users need to be careful when dealing with their own keys, particularly when they are holding the keys to a wallet with a large amount of cryptocurrency as it makes them attractive to hackers,” Jason Lau, the chief…
Ethereum Is In Steep Downtrend And Technicals Suggest Crucial Breakout Pattern
Ethereum is down over $150 from the $490 swing high against the US Dollar. ETH price could continue to move down if it breaks the key $300 support zone. ETH price is back in a bearish zone below the $400 and $350 support levels against the US Dollar. It traded to a new multi-week low at $309 and settled below the 100 simple moving average (4-hours). There is a crucial bearish trend line forming with resistance near $340 on the 4-hours chart of ETH/USD (data feed via Kraken). The pair…
Bitcoin Below $10,000 Could Start A Medium-Term Downtrend: Here’s Why
Bitcoin price declined over 15% in the past few days and it tested $10,000 against the US Dollar. BTC must stay above $10,000 to avoid more losses and a medium-term downtrend. Bitcoin is trading well below the main $10,800 and $10,500 support levels. The price even spiked below $10,000 and settled below the 100 simple moving average (4-hours). There is a steep bearish trend line forming with resistance near $10,250 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair is likely to start a recovery…
‘Bitcoin Beats Gold on Every Single Measure,’ Says Macro Strategist Raoul Pal
Global Macro Investor CEO Raoul Pal has explained why he believes bitcoin is better than gold in every way. He proclaims that bitcoin is “the hardest form of money” and “the best reserve asset and best collateral asset ever seen.” Bitcoin Is ‘the World’s Best Trade’ Macro strategist and former hedge fund manager Raoul Pal shared some analysis from his monthly global macro investment report early this week. The report is exclusively for Global Macro Investor clients. This month’s core focus is on bitcoin, particularly how the cryptocurrency compares to…
Bitcoin and Gold Should “Hold Up” if Stocks Unwind
Bitcoin has slid lower as legacy markets have undergone a strong correction over recent days. This was evident when BTC crashed around 8% when the S&P 500 slid by around 3% in a single trading session. The leading cryptocurrency seems primed to move lower if stocks continue to drop. But according to a macro analyst, if stocks slip lower, gold and Bitcoin may be able to hold up well. Related Reading: These 3 Trends Suggest BTC Is Poised to Bounce After $1,000 Drop Bitcoin Could Hold Up If Stocks Drop: Macro…
Ethereum Posts Massive Losses as Likelihood of a Recovery Decreases
Ethereum has been one of the worst-performing major altcoins throughout the past few days, with the cryptocurrency plunging from weekly highs of $490 to lows of $330 that were set earlier today. The cryptocurrency now appears to be at risk of seeing even further downside, as it lost the support it was attempting to establish at $350 and is currently in the process of sliding lower. If it breaks below its recent lows of $330, the crypto may soon see a massive influx of selling pressure that sends it reeling…