Day: September 12, 2020

DeFi mainstreaming impossible until DEXs integrate layer 2, experts say

boss

The rapid growth of the decentralized finance sector (DeFi) took a shock after the recent 17.5% drop in Bitcoin (BTC) price. However, it is likely that the DeFi sector will continue to grow as Bitcoin recovers, especially as users continue to look for high-yield strategies as a means to earn interest on their Bitcoin and crypto holdings. If the sector continues to grow as it did in the first half of 2020, the Ethereum network will find itself between a rock and a hard place. In recent times, the network…

Why Ethereum DeFi’s Yearn.finance (YFI) Just Surged to New All-Time High

boss

Ethereum’s DeFi darling, Yearn.finance (YFI), has surged 15% in the past 24 hours as buyers finally step in. This comes after the coin corrected 50% in the span of a week due to weakness in Bitcoin and Ethereum. The coin just reached a new all-time high just shy of $44,000 and now trades at $43,600. Chart of YFI’s price action over the past day from TradingView.com Related Reading: CNBC’s “Mad Money” Host Jim Cramer Is Finally Buying Bitcoin Why YFI Is Rallying YFI is rallying due to a number of fundamental…

Bitcoin Reclaims Crucial Technical Support as “Smart Money” Flips Long

boss

Bitcoin is showing some intense signs of strength today, with the cryptocurrency’s price rallying towards its recent highs of $10,500 while the aggregated market also sees some strong momentum. Because BTC has yet to break above $10,500, its near-term outlook still remains somewhat unclear. However, a continuous show of strength could be enough to boost it higher, with a firm break above this level potentially sending it rocketing significantly higher in the days and weeks ahead. Ethereum’s ongoing break above $380 may also create a tailwind that helps lift the…

Gemini to accept deposits in PAX Gold, Amp and Compound

boss

Crypto exchange Gemini will begin accepting deposits in PAX Gold (PAXG), Amp (AMP) and Compound (COMP) with trading to start Sept. 15. Gemini will offer US dollar trading pairs for PAXG, AMP, and COMP via its ActiveTrader platform and API connections. The exchange will also offer trading and custody support for 12 cryptos and custody for 13 cryptos. Gemini co-founder Tyler Winklevoss tweeted the addition of PAXG, COMP and AMP shows the exchange’s commitment to DeFi. The #DeFi revolution is upon us. @Gemini is now accepting deposits for $AMP @amptoken,…

Here’s Why An Analyst Thinks the Ongoing Bitcoin Rally Is “The Real Deal”

boss

Bitcoin has begun to press higher despite weakness in legacy markets. The price of the leading cryptocurrency is currently at $10,470 despite reaching lows of $9,800 earlier this week; also, altcoins have begun to surge, suggesting that this is once again a buyer’s market. BTC is moving above pivotal support levels during this slight rally. While some think this is an upward fakeout, there are signs that this may be the start of a rally that takes Bitcoin back to $11,000. Here’s why. Related Reading: CNBC’s “Mad Money” Host Jim Cramer…

Tokenized whiskey fund buys first 1,000 barrels of Kentucky bourbon

boss

A fund launched in March with the aim of tokenizing up to $20 million worth of whiskey has announced its first successful investment round and the purchase of its first tranche of Kentucky bourbon. Wave Financial Group announced Sept. 11 that its Kentucky Whiskey 2020 Digital Fund had bought an initial 1,000 barrels from the Wilderness Trails distillery. Investors are expected to benefit from the spirit’s price appreciation during the aging process of around five to six years. As Cointelegraph previously reported, the value is expected to increase from around…

Bitcoin whale cluster at $10,570 is the most important level right now

boss

According to Whalemap, an on-chain analysis firm that focuses on Bitcoin (BTC) whale activity, short-term clusters are present at $10,570. Whale clusters are shown at $10,570 and $11,288 for Bitcoin. Source: Whalemap Whale clusters form when whales accumulate Bitcoin and do not move the BTC. Areas that have large amounts of unspent BTC become an area of interest, typically a resistance level. Analysts at Whalemap explain: “Bubbles show locations where unspent bitcoins were accumulated. The larger the bubble, the more unspent bitcoins are located there. P.s. Unspent means these bitcoins…

Renault tests blockchain platform for parts compliance

boss

Luxury carmaker Groupe Renault tested its blockchain project aimed to ease compliance certification of vehicle components.  The project, Extended Compliance End-to-End Distributed, or better known as XCEED, grew out of Renault’s partnership with other companies to develop a blockchain supply-chain solution by sharing data. It’s built on the Hyperledger Fabric network and deployed in collaboration with IBM. XCEED tracks and certifies regulatory compliance of vehicle components.  Renault tested XCEED in its Douai plant and processed over a million documents with 500 transactions processed per second.  XCEED shares compliance Information between…

Ethereum Fractal From 2019 Says 2020 Top In Crypto Could Be In

boss

Ethereum is at a pivotal, make or break it moment. While Bitcoin has set a higher low, Ethereum’s higher high implies things are a lot more bullish for the altcoin. But could a fractal matching the trajectory of the 2019 crypto rally and top hint that the top for the year is in for altcoins? Top Altcoin’s Higher High Could Be 2020 Top If Patterns Repeat Litecoin’s halving took the industry out of bear market lows and help to begin the long thaw out of the extended crypto winter. Although…

A Malaysian company is developing a blockchain-based app for charities

boss

Malaysia-based company IBF Net said it is seeking to implement blockchain technology in Islamic charities. According to a press release on its blog, blockchain technology will enhance the confidence of existing donors. It will also encourage new donors to give their zakat, a payment made under Islamic law for charitable giving, and sadaqah, or voluntary charity. The product, called RecurPay, will be on the Tezos platform and facilitate recurring and automatic small payments.  IBF Net said blockchain technology would create a framework that will allow the donor to ensure that…