Day: September 18, 2020

OKEx CEO slams Binance’s Changpeng Zhao for promoting questionable DeFi projects

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OKEx CEO Jay Hao called out Binance and its CEO Changpeng Zhao for their recent support of certain DeFi projects. He also claimed that Binance Smart Chain, or BSC, is highly centralized, noting that it is wholly controlled by a single team. According to Hao, BakerySwap, built on BSC, collapsed after only 12 hours, leading to protests in China and elsewhere: Source: Twitter. Today’s thread follows up on a series of tweets from September 15, in which the OKEx CEO condemned Zhao and his fellow Binance co-founder, Yi He, for their…

New Binance-Backed DeFi Site Lets You Earn Yield on Bitcoin, Other Non-Ethereum Assets

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Kava Labs has launched its first application: a yield-generating decentralized finance (DeFi) platform for bitcoin (BTC) and other non-Ethereum assets. The product, called Harvest and built on the Kava blockchain, allows users to stake their crypto so it can be lent out to other users. Harvest will initially support deposits of BTC, BNB, BUSD and XRP. Soon, Kava Labs plans to debut automated market makers (AMMs) like Uniswap and robo-advisors like Yearn.Finance on the blockchain as well, said Kava Labs CEO Brian Kerr. Similar to DeFi platform MakerDAO, Kava will…

Paul George Trade Rumors Are Already Swirling

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Paul George, Kawhi Leonard, and Los Angeles Clippers were favorites to win the NBA championship this year. Instead, they lost in the second round to the Denver Nuggets. Kendrick Perkins swears the Clippers will be broken up. That was fast. Paul George has probably barely furnished his LA home before rumors of a Clippers’ breakup have started swirling. But that’s what happens when you’re expected to win an NBA championship and get knocked out in the second round by a pair of NBA newbies. The most logical recourse for the…

Uniswap’s Token UNI Stable Above $5.50 as Negative Funding Rates Soar

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Uniswap’s recently released token – called UNI – has seen massive inflows of investments throughout the past day, with the large buy-side orders far outweighing the relatively small sell orders from users who received 400 tokens via an airdrop. This uptrend has been further perpetuated by multiple exchange listings, with the likes of Coinbase, FTX, and Binance all listing the token within 24-hours of its launch. This has given retail investors unprecedented access to it, which appears to be what is helping to offset the instant sell-side pressure that came about…

Market Wrap: Bitcoin Tests $11K; Uniswap Passes $1.5B Locked

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Bitcoin has lost its market momentum. Meanwhile, the amount of cryptocurrency locked in decentralized exchange Uniswap was nearly doubled on Friday. Bitcoin (BTC) trading around $10,867 as of 20:00 UTC (4 p.m. ET). Slipping 0.42% over the previous 24 hours. Bitcoin’s 24-hour range: $10,812-$11,039 BTC below its 10-day and 50-day moving averages, a bearish signal for market technicians. Bitcoin trading on Coinbase since Sept. 16.Source: TradingView Bitcoin was only able to eclipse the $11,000 level briefly Friday before dropping to as low as $10,812 on spot exchanges such as Coinbase. …

Yearn.Finance (YFI) Flies 15% Percent From Local Price Floor

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Yearn.Finance continues to defy all other DeFi tokens and gravity itself with its unstoppable rise to stardom. The crypto token has bounced over 15% from its local bottom, but a fractal playing out could send YFI flying high to another new record. Yearn.Finance Flips Support As Resistance, Readies Another Rally In technical analysis, there isn’t much more significant than a support and resistance flip. When price action passes through support and confirms it as resistance, it is a sign that the range is in the past, and the market wants…

Price analysis 9/18: BTC, ETH, XRP, DOT, BCH, BNB, LINK, CRO, LTC, BSV

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Bitcoin and altcoins are facing selling near key resistance levels, but for now the possibility of a sharp fall remains low. The U.S. Federal Reserve recently hinted that it could keep interest rates near zero at least through 2023. The Bank of England went a step ahead and said that it could explore options for cutting rates below zero in order to support an economy battered by the coronavirus lockdowns and the upcoming Brexit. In other news, Kraken exchange has become the first digital asset company to receive a charter…

“Unusual” BTC Miner Outflow Could Behind Today’s Bitcoin Price Collapse

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Bitcoin as a cryptocurrency underpinning a blockchain network secured by miners leaves the asset’s price susceptible to sell pressure from the very parties that keep it chugging along. It very well could be BTC miners dumping some Bitcoin for profits or to cover operating expenses that prompted the fall in the cryptocurrency’s valuation today. Are Bitcoin Miners Behind Today’s Selloff And Fall From $11,000? According to a bulletin from CryptoQuant Alerts Beta on Telegram – a tool used to track suspiciously large or notable inflow and outflows of BTC –…

Dow Falls 300 Points as Pelosi Demands $2.2 Trillion Stimulus Package

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The Dow Jones fell 320 points on Friday. Bears took control after Nancy Pelosi destroyed hopes of more fiscal stimulus from Congress. Better than forecast Michigan consumer sentiment shows the U.S. economic recovery is still in motion. The Dow Jones dropped sharply to close the week, as hopes of additional coronavirus stimulus continue to crater in Congress. Better than expected consumer sentiment data could not boost the mood, as investors sold the bounce after weeks of buying the dip. Dow Jones Tumbles as Stimulus Hopes Collapse All three major stock…

Folks, We Have Tragically Lost a Musical Hero in Van Morrison

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Van Morrison is alive and well. Unfortunately, his latest musical offering is little more than a melange of weird COVID-19 conspiracy theories set to melodies. Believe it or not, this is on-brand for him. Fans of classic rock music can rest easy knowing that Van Morrison — he of “Brown Eyed Girl,” “Domino,” and “Into the Mystic” fame — is alive and well. They may not be fans of his latest musical offering, though, which is three songs filled with all the weird COVID-19 conspiracy theories you can shake a…