Day: October 4, 2020

Bitcoin options open interest sets new high sparked by rising liquidity

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Open interest for Bitcoin options hit their all-time high of $2.14 billion on Sept. 24, a day before a huge quarterly expiry of 89,100 contracts — i.e., 47% of existing options contracts at the time. Options are derivative contracts that give the holder the right (though not an obligation) to purchase or sell an underlying asset at a predetermined price, also known as the “strike price.” Observing the OI trends before every monthly and quarterly expiry, there are spikes just before the date of expiry, and they have been incremental…

Trust Wallet Burns 89B TWT, TWT Available on Binance Smart Chain Now

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Trust Wallet moved its TWT tokens to Binance Smart Chain, a move it claims to provide more strength to TWT while simultaneously leveraging the Binance ecosystem. In a surprising move, the Trust Wallet project backed by Binance Smart Chain announced its new token burn on Saturday, October 3. The project announced that it will be burning 89 billion native TWT tokens worth a whopping $2.3 billion. The total supply for TWT tokens is 90 billion. However, the supply of the circulating tokens was less than 1%. Hence, Trust Wallet reduced…

Distributed Technologies in the Logistics Sector: Benefits, Real-life Use Cases, and Pitfalls

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Logistics and blockchain can be combined to make great improvements in the logistics field. Both carrier and receiver can get a lot of benefits from this synergy. This post explains what advantages does blockchain bring to logistics and how it can be implemented into the niche. Advantage of blockchain in logistics Before the goods get into end-users’ hands, they travel long distances and pass through a number of employees. A complicated route makes it hard for companies to ensure transparency in all processes and track all manipulations with the cargo.…

Painful Housing Market Slump? Not in Recession-Proof Asia

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China, Singapore, and Seoul’s housing market demand is continuing to surge, defying the pandemic-induced economic slump. Singapore, in particular, is seeing a consistent increase in demand all-around, even in the suburbs. UBS analysts believe global housing prices are nearing bubble levels, but strategists see major catalysts for home prices in 2021. The financial markets are struggling as the fear around resurging COVID-19 cases, and the negative economic outlook intensifies. But the much-anticipated housing market crash is not coming. In fact, across major cities in Asia, there is a housing boom.…

Ethereum Price Action Suggests A Firm Case For Drop Towards $310

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Ethereum topped near the $370 resistance and declined sharply against the US Dollar. ETH price is showing bearish signs below $355 and it might continue to move down. ETH price started a fresh decline after it failed to clear $370-$375 against the US Dollar. The price is now trading below the $355 support and the 100 simple moving average (4-hours). There was a break below a major ascending channel with support near $355 on the 4-hours chart of ETH/USD (data feed via Kraken). The pair could correct higher, but upsides…

Kucoin CEO Says Exchange Hack Suspects ‘Found,’ $204 Million Recovered

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According to the Kucoin exchange CEO Johnny Lyu, the trading platform has recovered $204 million in crypto assets since October 1. The exchange executive says the hacking suspects have been “found” and the “police are officially involved” in order to take action. On September 25, 2020, the crypto community found out that the Kucoin exchange was hacked for a great number of assets. Estimates say 1,008 BTC was stolen, along with 14,713 BSV, 26,733 LTC, 9,588,383 XLM, Omni and EOS based tether (USDT) worth $14 million, $153 million of ether…

Bitcoin Closes Below 100 SMA, Indicators Suggest Larger Decline To $10K

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Bitcoin failed to surpass the $11,000 resistance and started a fresh decline against the US Dollar. BTC is now well below the 100 SMA (H4) and it could decline further towards $10,000. Bitcoin failed once again to clear the $10,950 and $11,000 resistance levels. The price is now trading well below $10,750 and the 100 simple moving average (4-hours). There is a key connecting bullish trend line forming with support near $10,330 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair could correct higher, but…

Gold Is Poised to Retake a Crucial Support—and That’s Bullish for Bitcoin

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Bitcoin has seen muted price action over the past few days after plunging from the $10,900 weekly highs as a result of negative new regarding BitMEX. Gold may soon be primed to retake a crucial support level on a medium-term scale, which may help to boost BTC after the aforementioned correction. Related Reading: Ethereum Transaction Fees Surge to All-Time Highs After Uniswap Launch Bitcoin Primed to Move Higher as Gold Looks to Retake Key Level One top cryptocurrency trader recently shared this chart below, which shows that the price of…

DeFi craze propels Uniswap monthly volume to $15.3B, surpassing Coinbase

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Data from Dune Analytics shows that in the month of September Uniswap decentralized exchange processed $15.371 billion in volume. In the same period, reports indicate that Coinbase processed $13.6 billion. Monthly decentralized exchange volume. Source: Dune Analytics The significant spike in Uniswap’s volume can be attributed to two major factors. First, the explosive growth of decentralized finance (DeFi) and yield farming of governance tokens caused decentralized exchanges to thrive. Second, the launch of Uniswap’s governance token UNI led to a frenzy on the platform. June marked the start of a…

$8M Worth of ‘Sleeping’ Bitcoin Rewards from 2010 Moved the Day Before ‘Black Thursday’

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Over a half a million dollars worth of bitcoin from a May 2010 coinbase reward was transferred to Bitfinex on October 1. A parser recorded the old coins being spent and since mid-February 2020, roughly 33 so-called ‘sleeping bitcoin addresses’ from ten years ago have been spent to-date. Interestingly, 20 out of the 33, 2010-issued rewards moved this year were spent the day before ‘Black Thursday.’ Earlier this week, the software program, Btcparser, recorded an old coinbase reward from 2010 getting spent on Thursday, after the 50 bitcoins sat dormant…