Day: September 14, 2020

Bitcoin market cap will match JPMorgan’s if the $16.5K CME gap closes

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The sentiment around Bitcoin (BTC) has become noticeably positive after the breakout above $12,000 in August. If this momentum continuously strengthens over the medium term and BTC hits $16,500, it would equal JPMorgan’s market cap. Earlier today MMCrypto, an on-chain analysis firm, outlined major financial and tech conglomerates’ valuations relative to BTC’s potential price. At the following price points, Bitcoin would equal the market caps of the respective companies: BTC market cap share of top companies at various prices. Source: Twitter If Bitcoin price were to reach $18,324 it could…

China’s Blockchain Services Network Now Under Major Development Alongside “Digital Fujian” Project in the Province

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China’s national Blockchain Services Network has been in development in China’s Fujian province, recently along with its 20 main blockchain projects as part of the “Digital Fujian” program.  These blockchain projects include the technical transformation in the industrial and commercial service industries, as well as a few major agricultural sectors. The blockchain construction projects also include the fields of government, public welfare services, industrial and agricultural production, including the blockchain application service platform.  According to Chen Ronghui, the director of the DIgital Office of Fujian, “Digital Fujian,” has the advantages…

Has Bitcoin Confirmed A Bullish Retest Of “Meme” Downtrend Line?

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Bitcoin price may be at among its most critical moments in its short just over a decade history. The cryptocurrency has over the last several days retested the all-important “meme” downtrend line extending from all-time high as resistance turned support. After successfully holding, the bullish retest could be confirmed, and the last dip before Bitcoin’s next bull run could already be behind us. Has Bitcoin Confirmed A Bullish Retest Of The “Meme” Downtrend Line? Bitcoin price has spent three years trapped within a downtrend. This downtrend was capped off by…

FATF hints at Binance as example of an exchange avoiding regulation

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A new report by the Financial Action Task Force, or FATF, details a series of red flags that can help identify illicit activity involving cryptocurrencies. Among them are a general set of guidelines involving exchanges in jurisdictions with weaker regulations, where Binance is seemingly singled out for often moving to avoid stronger regulatory oversight. The report, published on Sept. 14, lists a variety of red flags for spotting money laundering or terrorism financing, grouped by categories. Most red flags cited are commonly seen in traditional finance as well: young or…

Blockchain Bites: Big Bitcoin Bets, SushiSwap Drops, bZx Attacked

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Hackers hit DeFi protocol bZx again, derivatives traders have placed bets bitcoin will hit $30,000 by year’s end and the latest twist in the SushiSwap saga. Top shelf Hacked againDecentralized finance (DeFi) protocol bZx is the victim of yet another hack – this time costing nearly $8 million. On Sunday, an unnamed attacker apparently tricked bZx into minting iTokens, an interest-earning token that allows users to redeem crypto in the protocol’s lending pools, cashing them out for nearly 220,000 LINK tokens, 4,507 ETH, 1.76 million USDT, 1.4 million USDC and 670,000 DAI, CoinDesk’s Paddy Baker reports. Early this year, attackers…

CEO CZ Wants More DeFi Projects on Binance Smart Chain

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To justify his stance on the suitability of the Binance chain for projects, CZ stated that the platform recently attained the milestone of 10% of Ethereum volume in terms of usage. The CEO of Binance Changpeng Zhao wants more smart contract projects to move to the Binance Smart Chain platform. This can be deduced from a tweet made by the man fondly known as CZ within the crypto circle. He made the tweet while discussing with another user, adding that the Binance chain is not really a competitor but could…

OPEC Revised Outlook on Oil Demand in 2020 and 2021

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As the coronavirus pandemic persists, the OPEC trimmed outlook on oil demand in 2020, and the first six months in 2021. The Organization of the Petroleum Exporting Countries (OPEC) has revised its 2020 and 2021 outlook for oil demand. According to the organization, the pandemic’s negative effect on the Asian region’s oil demand may extend to June next year. According to a monthly report released on Monday, OPEC trimmed its outlook for global oil demands to a daily average of 90.2 million barrels in 2020. The new outlook is 400,000…

Bitcoin News Roundup for Sept. 14, 2020

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As some bitcoin options traders bet on new all-time highs and another DeFi protocol is attacked, CoinDesk’s Markets Daily is back for your latest crypto news roundup! The Deribit exchange has seen a spike in investors buying the $36,000 December call option despite the market placing low odds on a new record high this year.  An attacker found a way to mint unbacked iTokens that they could then redeem against other cryptos held in lending pools for DeFi lender bZx. An Iranian free trade zone is proposing locally mined cryptocurrency…

Here’s What Bitcoin’s Strong Weekly Close Says About Its Present Outlook

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Bitcoin posted a strong weekly close yesterday afternoon, which is what allowed the cryptocurrency to see an overnight upswing that has led it past multiple crucial levels. While speaking about the digital asset’s price action, one analyst observed that its strong weekly close may continue acting as a launchpad for further upside, noting that bulls were able to defend a crucial support level for two consecutive weeks. Further adding to the fire that has driven BTC higher today is strength seen in the stock market. BTC has once again grown…

1Inch Exchange Co-Founder Disputes Claims bZx Attackers Stole $8m in DeFi Exploit

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DeFi lending protocol bZx suffered another attack last night, the second in seven months. This time, faulty code was blamed for an exploit that allowed hackers to duplicate assets, or increase their iTokens balance without the appropriate collateral. Reports are circulating that hackers stole cryptocurrencies worth $8 million. But Anton Burkov, Co-founder of 1inch Exchange, analyzed the relevant DeFi explorer, removing duplicate items, as well as bZx “admin drainages”, to conclude those reports are greatly exaggerated. According to Burkov, the amount lost to the duplication exploit is closer to $1.7…