Day: September 10, 2020

DeFi tokens rebound with 19% bounce in 24 hours

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After a bloody week for decentralized finance (DeFi) projects that saw numerous tokens plummet by up to 50%, the DeFi sector has rebounded by 19% in one day. Ether is also up 11% over the past 24 hours. According to Messari, 32 of 37 DeFi tokens are up today, posting gains of between 3% and 39.6%. Top 10 DeFi tokens by 24-hour performance: Messari Swerve (SWRV) tops the daily charts, followed by Yearn Finance (YFI) with a 37.6% gain, Loopring (LRC) with 29.9%, Aave (LEND) with 29.4%, and SushiSwap (SUSHI)…

Ethereum Rallies 10%, But The Bulls Still Need To Clear This Hurdle

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Ethereum started a strong recovery wave above the $350 resistance against the US Dollar. ETH price is up over 10%, but it must still break the $370 resistance for upside continuation. Ethereum gaining traction above the $340 and $350 resistance levels. The price is now well above the 100 hourly simple moving average, but it is facing hurdles near $370. There was a break above a major bearish trend line with resistance near $340 on the hourly chart of ETH/USD (data feed via Kraken). The pair must surpass the $370…

Whale vault gobbles up virtual real estate for development in The Sandbox

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The Whale non-fungible token vault has become the second-largest holder of virtual land in The Sandbox game — and its owner plans to become a virtual real estate developer. WHALE tokens represent fractional ownership in The Vault — the private NFT collection of the prominent crypto investor and social media profile ‘WhaleShark_Pro.’ It has garnered a $16 million market cap despite holding just $1 million worth of NFTs, suggesting many speculators believe WhaleShark’s collection of rare tokens is likely to grow in value significantly. Blockchain intelligence firm Messari estimates that…

Future Tesla S&P 500 inclusion may lead to Bitcoin price rally — Analysts

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On Sept. 9 the price of Tesla stock surged 10.92% after undergoing a 21% plunge earlier in the day. Coincidentally, the price of Bitcoin (BTC) also soared by nearly 5% in the past 24 hours. XBT/USD 4-hour chart. Source: TradingView.com In the past several days, the correlation between Bitcoin and stocks has increased once again. Data from Skew shows the 1-month correlation between Bitcoin and the S&P 500 surged from 18% to around 55%. What’s behind the Tesla dump and Bitcoin pump? The price of Tesla likely declined due to…

Bitcoin Near Key Inflection Zone, $10,500 Holds The Key For Next Rally

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Bitcoin price remained well supported above $9,900 and $10,000 against the US Dollar. BTC is currently recovering and approaching a major breakout zone at $10,500. Bitcoin is trading higher, and it surpassed the $10,200 resistance zone and he 100 hourly simple moving average. It is facing a major hurdle near the $10,450 and $10,500 levels. There is a key rising channel forming with support near $10,300 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a strong upward move if it closes above…

Chinese authorities charge six people over $5.8B PlusToken ponzi scheme

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Six of the 109 individuals recent arrested by Chinese authorities in connection with the $5.8 billion crypto Ponzi PlusToken have been charged. The defendants Chen Shaofeng, Luu Jianghua, Lu Jianghua, Lu Qinghai, Jin Xinghai, Wang Yin, and Zhang Qin were charged by prosecutors in Xiangshui County and Yancheng City on September 7. The authorities said they were “suspected in organizing and leading criminal pyramid schemes.” Official announcement of PlusToken scammers’ prosecution: 12309.gov.cn 109 individuals suspected of involvement with PlusToken were arrested in late July, including 27 persons believed to be…

Bitcoin Was Shilled in Front of Millions of Viewers: Joe Rogan Podcast

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Bitcoin has faced a strong correction over the past few days that has brought it over 20% below its year-to-date highs. Even still, the leading cryptocurrency has been garnering traction in the mainstream. This much was made clear just recently when Adam Curry, a media personality and podcaster, took to the Joe Rogan Experience. While he was not the first to have mentioned Bitcoin on the show, Curry talked extensively about why Rogan (and his viewers/listeners) should own some BTC. Related Reading: Here’s Why This Crypto CEO Thinks BTC Soon Hits…

Pandemic Will Speed Bitcoin Adoption, Says DBS Bank Economist

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“A pandemic-led acceleration of adoption.”  That’s how Singapore-based DBS Bank describes the current state of digital assets in its quarterly report on cryptocurrencies published in August. It’s interesting to hear such an observation from a respected multinational bank and its chief economist, Taimur Baig. However, there have lately been murmurings about certain large financial institutions – particularly in places like Singapore, Switzerland and Germany – fielding a new wave of demand for crypto, filtering through from smaller private banks and wealthy clients. On the subject of cryptocurrencies like bitcoin (BTC),…

Banks failing to identify up to 90% of suspicious crypto transactions

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Financial institutions worldwide have reported 134,500 suspicious transactions concerning virtual currencies in the past two years — but that’s just the tip of the iceberg according to a report published by blockchain forensics firm CipherTrace. The report says the Financial Crimes Enforcement Network (FinCEN) has seen a major increase in suspicious transaction reports from institutions since publishing its May 2019 Advisory on Illicit Activity Involving Convertible Virtual Currency (CVC). Despite this, CipherTrace asserts that many financial institutions have developed inadequate “home-grown” systems for identifying cryptocurrency-related accounts and transactions, that simply…

The Number of Bitcoin “Wholecoiners” Just Hit a Fresh All-Time High

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Bitcoin investors have been accumulating the digital asset at a rapid pace throughout the past several days and weeks, with the cryptocurrency seeing massive inflows of capital in August while its price remained somewhat stagnant between $11,000 and $12,000. This trend is elucidated by the massive upticks in exchange volume seen throughout the month, pointing to the injection of new capital and new investors into the market. It is important to note that data regarding the number of addresses holding over 1 BTC shows that investors have been accumulating to…