The recent crypto market slump has driven massive trade volumes on centralized exchanges, but peer-to-peer (P2P) trading platforms actually saw a sharp decline in activity. Latin-America was the only region to buck the trend. The top region for P2P trade, the United States, posted a 42% slump in peer-to-peer volume this week — plummeting from $23.4 million to nearly $13.6 million. Sub-Saharan African has been the second-largest region for P2P trade after North America for much of 2020. It saw P2P volume fall 32%, from roughly $12.9 million to $8.7…
Day: September 8, 2020
Crypto Attacks and What They Mean for Open-Source Value
Human ingenuity finds a way around limitations. Sometimes these limitations are obstacles in the way of progress and creative thinking comes up with new paths. Sometimes these limitations are a lack of knowledge, and experimentation pushes the boundaries of the possible. And sometimes the limitations are rules, which a few believe don’t apply to them and which some take as a motivating challenge. We see examples of the above every minute of our daily lives. It’s in the race to find a vaccine, the diplomatic posturing over privacy, the anguish…
Ethereum Above 100 SMA Could Trigger A Sharp Relief Rally
Ethereum is recovering higher and trading above the $335 resistance against the US Dollar. ETH price is likely to accelerate higher if it clears the $360 level and the 100 hourly SMA. Ethereum is slowly recovering above the $335 and $340 resistance levels. The price is still facing a major resistance near $360 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $351 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a sharp…
Exchanges suffer as Chinese users chase DeFi gains
Despite the recent sell-off quickly wiping $2 billion from the total value locked in the decentralized finance (DeFi) sector, Chinese demand for DeFi appears to be growing. Daily searches for ‘DeFi’ on the popular Chinese social media platform WeChat spiked to a new all-time high on September 2 of nearly 900,000 — nearly doubling the previous record of 500,000. On September 7, Chinese journalist Colin Wu reported that many local exchanges were suffering from liquidity issues amid wholesale withdrawal from customers looking to cycle funds into DeFi protocols. Wu posted…
Bitcoin Could Recover Above $10,500 As Double Bottom Pattern Emerges
Bitcoin price retested the $9,900 zone against the US Dollar. BTC seems to be forming a double bottom pattern near $9,900 and it could start a decent increase above $10,500. Bitcoin bounced back above $10,200 after it retested the $10,000 and $9,900 levels. The price is now trading nicely above $10,300 and the 100 hourly simple moving average. There was a break above a key declining channel with resistance near $10,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to continue higher…
Blockchain powered ‘Smart Brain’ to govern China’s new ‘Aerospace City’
Singapore-based blockchain data firm CyberVein has become one of 12 firms participating in the construction of China’s Hainan Wenchang International Aerospace City. Construction commenced last month, with the site previously hosting a satellite launch center. Described as “China’s first aerospace cultural and tourism city,” it will be a hub for the development of aerospace products and support services intended for use in Chinese spacecraft and satellite launch missions. The 12 million square-meter facility will host the country’s first aerospace super-computing center, and will focus on developing 40 technological areas including…
Despite Ethereum & Altcoin Crash, DeFi is Going Viral in China
After a parabolic rally, Ethereum’s decentralized finance (DeFi) is starting to go semi-viral on China. This comes after months of a number of commentators noting on Twitter that DeFi hasn’t been appealing to Chinese investors due to a lack of Chinese education and user interfaces. Analysts are optimistic that the introduction of new markets into the decentralized finance space will spur even more growth, both in terms of these protocols and in the values of coins like Ethereum. Related Reading: Here’s Why This Crypto CEO Thinks BTC Soon Hits $15,000 DeFi…
Was Tim Draper’s support of BCH the result of a hack?
Tim Draper, a famous American venture capitalist and serial cryptocurrency investor, might not have promoted Bitcoin Cash after all. A hacker appears responsible for a Sept. 4 tweet from Draper stating that he had recently purchased Bitcoin Cash (BCH) that personally thanked Roger Ver. Though the account “Draper” used to tag the Bitcoin.com founder was a Ver imposter profile, the BCH proponent still thanked him for the push the same day. After the tweet was deleted, OpenNode co-founder João Almeida confirmed on Sept. 6 that Draper’s account had been compromised.…
Crypto Exchange Volumes Show Investors are Flooding into the Market
Throughout August, the crypto markets witnessed some turbulence. While Bitcoin was primarily stable between $11,000 and $12,000, smaller altcoins saw immense volatility, with the growth of the DeFi industry leading many to see parabolic momentum. Ethereum played a large role in this, as the demand for the blockchain’s network had a ripple effect that positively impacted its price. Eventually, ETH rallied as high as $490 before it lost its momentum and decline to lows of $320. The entire market has been struck by inflows of selling pressure in recent weeks,…
The number of active DAOs is up 660% since 2019
The growth of active decentralized autonomous organizations (DAOs) is accelerating, increasing from 10 last year to around 76 today, according to DeepDao founder and CEO Eyal Eithcowich. DeepDAO provides insights and analysis into decentralized autonomous organizations, with the platform recently launching a new interface allowing users to better probe the health and wealth of DAOs. The platform’s data shows that a large assets under management (AUM) figure does not necessarily indicate the health and good governance of a DAO. For example, mStable is the top-ranking project by assets under management…