Yearn.finance (YFI) has undergone a strong retracement over the past few weeks and months despite fundamental strength in DeFi. The price of the leading Ethereum-based coin has crashed from its $44,000 all-time high set at the end of August to $10,200 now. This means that the asset has slid over 76% from its all-time high. This is not the worst performance a DeFi coin has seen. A number of other tokens pertaining to this space have slid even further than 76%, but Yearn.finance’s decline has been the one garnering the…
Month: October 2020
Analyst Who Predicted September Bitcoin Crash Predicts Rally to $14k
Bitcoin has undergone a strong correction from the highs of $13,850 set earlier this week. At yesterday’s lows, the cryptocurrency traded for $12,900. Analysts think that Bitcoin remains embroiled in an uptrend despite the correction in this market. One historically accurate analyst shared an analysis indicating that the cryptocurrency has a high likelihood of consolidating from here in the weeks ahead. This consolidation should be followed with a breakout toward $14,000, then potentially further gains as we near the end of November. Related Reading: Here’s Why Ethereum’s DeFi Market May…
Ethereum Could Plunge Towards $315 Region if This Level Doesn’t Hold
Ethereum has seen an interesting trend in its price action over the past two weeks. Despite a strong surge in the price of Bitcoin, ETH has been an underperformer. In the past 10 days, BTC has gained approximately 16% while ETH has only gained around 6%. This is a stark difference from earlier this year, when ETH surged dozens of percent while Bitcoin gained a mere 5-10%. Analysts fear that this weakness is a precursor to a strong drop to the downside. Ethereum may be saved by Bitcoin, though. Analysts…
Analysts Flip Bullish as Binance’s Bitcoin Funding Rate Flips Negative
Bitcoin has undergone a strong drop since the highs seen yesterday. The price of the leading cryptocurrency fell from its highs of $13,850 to lows around $12,900. This drop was seemingly a result of the drop in the U.S. stock market. The Dow Jones and the S&P 500 have dropped the largest they have in months, plunging 3% lower amid some uncertainty about fiscal stimulus and the upcoming election. Bitcoin’s price action has scared some investors, so much so that futures markets have begun to show short positioning. This may…
Bitcoin Explodes to $13,600 as Buyers Continue to Rush In
Bitcoin is once again surging higher despite fears the coin was reaching a trend peak. Two hours ago, the cryptocurrency began its latest leg higher, pushing as high as $13,650 on leading digital asset exchanges. In the past 24 hours, BTC is up 5%, having found a short-term bottom in the $12,800 range after yesterday’s stock market retracement. Analysts are mixed about what comes next for the leading cryptocurrency. While many are certain that Bitcoin remains in a long-term bull trend, there are signs indicating a short-term retracement is possible.…
IOTA joins Japanese gov’t on blockchain-based maintenance project
The IOTA Foundation, a non-profit organization behind the IOTA blockchain, is collaborating with Japan’s government on a project targeting industrial infrastructure. The foundation has partnered on a project initiated by major Japanese maintenance companies, Best Materia and IMC, IOTA representatives announced on Oct. 27. The project is funded by the New Energy and Industrial Technology Development Organization, a national research and development agency operating under Japan’s Ministry of Economy, Trade and Industry. According to an announcement, the initiative intends to implement artificial intelligence and distributed ledger technology to risk-based maintenance…
Seven firms in Japan deploy blockchain to digitize trade paperwork
According to an Oct. 26 report by Japanese news agency The Nikkei, seven Japanese companies are preparing to invest in a new trade data management system. Reportedly developed by NTT Data, the platform uses blockchain technology to prevent malicious third-parties from tampering with recorded data. The platform is designed to manage receipts for exporting and importing companies and will also manage letters of credit issued by banks. The new service will also help to process other related documents handled by insurance and logistics companies. As reported, the participating companies include…
Toyota’s IT arm works on digital token pilot with crypto exchange
Toyota Systems, the IT arm of Toyota Motor Corporation, is collaborating with Japanese cryptocurrency exchange DeCurret to develop a branded Toyota digital currency, according to an official announcement on Oct. 26. The large-scale pilot will involve 2,500 employees at Toyota Systems. The platform will feature digital currency payments for benefits. According to the announcement, participating employees will be able to exchange the digital currency for benefits points or gifts from a catalog. Toyota Systems noted that the digital currency cannot be exchanged for Japanese yen. The new pilot uses DeCurret’s…
CertiK releases blockchain with real-time smart contract auditing
CertiK, a software security company active in the blockchain sector, announced the mainnet release of its own custom blockchain, the CertiK Chain. The new blockchain places a heavy focus on security, turning the previously static process of analyzing smart contracts into a real-time safeguarding system. Professor Ronghui Gu, the CEO of CertiK, said, “Gone are the days of reliance on off-chain security analysis, static security audit reports, and unnecessary loss of time and money.” The CertiK Chain is “setting a new industry standard in blockchain security protocols,” he added. The…
Many Investors Expect Bitcoin to Be Seriously Higher in One Month
Bitcoin has undergone a strong rally since the lows seen just two weeks ago. The leading cryptocurrency currently trades for $13,050, far above the aforementioned lows and above the medium-term lows set during the September correction at $9,800. Some have argued that the cryptocurrency is severely overbought. As reported by NewsBTC previously, one trader recently noted that the cryptocurrency’s one-day Fisher Transform indicator is currently at highs not seen since August, May, and February of this past year. As can be seen in the chart, each of the named periods…