Day: October 7, 2020

Bitcoin News Roundup for Oct. 7, 2020

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With BTC steady and central bank digital currencies getting closer, CoinDesk’s Markets Daily is back for your latest crypto news roundup! New bitcoin addresses have spiked this month, with one industry exec pointing to traders moving funds off the legally troubled BitMEX exchange. Others disagree. An official for China’s central bank unveiled usage statistics of state-backed digital currency trials held in three Chinese cities. How the firm helping lead Estonia’s central bank digital currency research is approaching a mass-market crypto coin. The central bank warned citizens and residents they use…

Bitcoin Stability Could Help Launch Altcoins Higher in Q4

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Bitcoin’s price action has been creating significant fear amongst investors, with analysts and traders widely expecting it to see downside once its ongoing consolidation phase ends. This fear is clearly seen while looking towards BTC’s funding rates, which are extremely negative at the moment as demand for short positions rockets higher. Much of this sentiment is rooted in the news-based weakness that has come about as of late, with developments surrounding the CFTC’s pursuit of the BitMEX co-founders, coupled with macro instability in the traditional markets, leading investors to grow…

As Ethereum Starts to Choke, Will DeFi Move to New Platforms? 

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Just as Bitcoin was a spark for the cryptocurrency movement, it seems that Ethereum is likely to take a similar role in the history of DeFi. Decentralized finance is undoubtedly the biggest hit of 2020, with $12 billion in total value locked looking like a realistic target for 2020. Over recent months, several dApps have topped the charts on DeFi Pulse. Compound, Aave, and Uniswap have recently taken the number one spot, pushing the previously-dominant Maker down the rankings. However, as the funds have poured into DeFi, the sheer weight…

Elon Musk Set to Secure Another $3 Billion as Tesla Hits New Milestote

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Yesterday, Tesla hit a new milestone of $250 billion in its six-month average stock value. As a result, Musk is poised to secure his fourth payment tranche. Tesla Inc (NASDAQ: TSLA) CEO Elon Musk is set to receive another $3 billion as the company is set to hit a new milestone in stock market value. Upon the release of the Tesla third-quarter report, Musk may secure his fourth tranche according to his milestone pay package deal from his 2018. Since his first tranche worth $700 million was received in May,…

From blockchain bridges to DeFi transfers

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Today, paying for purchases in cryptocurrencies no longer seems like something out of the ordinary. Many online stores accept Bitcoin (BTC) and other coins along with traditional currencies, while in some cafes, cryptocurrency holders can even pay using point-of-sale terminals. However, there is one thing that distinguishes traditional financial systems from cryptocurrencies: advanced interoperability. Thanks to interoperability, cardholders can make payments anywhere in the world without worrying about device compatibility and currency conversion. Crypto interoperability An owner of a crypto wallet can only dream of this, but a sign hanging…

Coinbase’s ‘Mission’ Violates the Spirit of Bitcoin

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Coinbase CEO Brian Armstrong recently sparked a firestorm by announcing his company would now be “apolitical.”  In a memo posted on Medium, Armstrong argued that political divisions were undermining productivity, and Coinbase should remain laser-focused on its mission. The company then offered severance packages, giving employees until Wednesday, Oct. 7 to send a form signaling their interest. Staying at Coinbase would indicate you are on board with the company’s new direction, Armstrong wrote. Emily Parker is CoinDesk’s Global Macro Editor. Twitter CEO Jack Dorsey pushed back on the memo, pointing…

Lyn Alden: Bitcoin Correlations Depend on What Phase It Is In

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Bitcoin has multiple long-term and short-term variables that affect its price, and many folks debate what its major correlations are, if any. It turns out, the same factors that affect bitcoin’s price – real rates of inflation, monetary and fiscal policy and market exuberance – also partially determine what assets bitcoin is correlated to. Over the long run since its launch, increasing user adoption, ever-strengthening security and the widening network effect have propelled Bitcoin’s market capitalization to greater and greater heights. Those are the long-term variables.  Lyn Alden is the…

South Korea Central Bank Plans to Test National Digital Currency in 2021

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As the central bank of South Korea seeks to complete the pilot tests of its national digital currency, it has not announced any information regarding partnerships with major commercial business enterprises yet. South Korea’s Central Bank intends to begin a pilot test of the distribution and circulation of its forthcoming national digital currency next year. The Bank of Korea (BOK) plans to carry out the pilot testing program until December 2021 with the circulation and distribution test as the final stage of the three-phase Central Bank Digital Currency pilot program.…

AdEx Network Goes Live on Mainnet with Chainlink Oracle Integration

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AdEx collaborated with Chainlink primarily thanks to its high-quality decentralized blockchain network that incorporates dependable data. AdEx Network, a blockchain protocol developed during the 2017 crypto bubble to address issues in the advertising industry, has announced plans to go live on mainnet with Chainlink oracle integration. According to the press release, the platform is going to use the ADX-USD price feed provided by Chainlink’s decentralized oracle network for the AdEx Network loyalty pool and governance system. Its Notable Success AdEx protocol was developed to fill the gaps in the advertising…