Day: October 16, 2020

Bitcoin in a Precarious Position Following OKEx-Induced Selloff

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Bitcoin’s price action has been incredibly lackluster throughout the past few days and weeks Bulls and bears have both reached an impasse, which comes despite there being a flurry of both bullish and bearish news Throughout the past few weeks, bulls have been able to dodge any sustained declines resulting from news surrounding the CFTC’s charges against the BitMEX co-founders as well as a $150m KuCoin hack Bullish developments surrounding companies like Square buying BTC has helped negate the impacts of these bearish events Another potentially impactful event that is…

#EndSARS Activists Are Using Bitcoin to Battle Police Brutality

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As protests surge through Nigeria in response to police brutality, one enclave of protestors has turned to bitcoin as a financial lifeline during turbulent times.  The Feminist Coalition’s bank account was shuttered this month after its involvement in the End SARS protests came to light, according to a person familiar but unaffiliated with the group who asked to be identified as Emma (a pseudonym). End SARS is a movement in Nigeria to abolish the Special Anti-Robbery Squad (SARS), a subdivision of the police force with a track record of abusing…

Analyst: 2021 a Perfect Time For Ethereum, Decentralized Exchanges to Boom

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The third quarter of 2020 has seen the strong resurgence of decentralized finance (DeFi) on Ethereum. With it, the demand for decentralized exchanges (DEXes) surged, causing Uniswap to briefly overtake Coinbase Pro at one point. Heading into 2021, Ethereum and decentralized exchanges would likely perform even better, quant trader Qiao Wang said. Two Reasons an Ethereum and Decentralized Exchange Take Off in 2021 is Likely From July to September, DeFi and decentralized exchanges saw a massive spike in demand. The frenzy around yield farming, which mostly revolves around staking various…

On-Chain Data Finds OKEx Holds $2.3 Billion Worth of Bitcoin

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According to the researchers at Glassnode, OKEx holds $2.3 billion worth of Bitcoin. The report comes after the exchange temporarily suspended withdrawals on October 16. In a public statement, OKEx said that one of the persons holding a private key to the exchange’s wallet is cooperating with investigators. The statement reads: “One of our private key holders is currently cooperating with a public security bureau in investigations where required.  We have been out of touch with the concerned private key holder.  As such, the associated authorization could not be completed……

Foreign Crypto Exchanges Like Paxful, Binance to Pay 1.5% Tax Under Kenya’s New Regulations

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The Kenya Revenue Authority (KRA) has clarified that its planned digital service tax (DST) will be applicable to cryptocurrencies at a rate of 1.5% on gross transaction value, local media reported. In August, the agency announced new rules for the taxation of what it calls “digital marketplaces.” However, with oblique definitions on such key terms, it has not been clear who exactly will be taxed under the new regulations that come into force on Jan 1, 2020. Now, KRA tax expert Nixon Omondi has appeared to set the record straight.…

Blockchain-Based Game Chainmonsters Taps Into Flow Blockchain

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Explaining the choice of the Flow blockchain as the backbone of its project, Max Weber, the CEO of B-Side Games, praised the consumer and developer-centric nature of Flow. Chainmonsters, a blockchain-based game created by B-Side Games has tapped into the scalable power of the Flow blockchain. This move comes ahead of its Kickstarter Campaign scheduled to begin on October 20th. Blockchain-based games are becoming commonplace in the crypto sphere as of today and most with the ultimate goal of attaining mass adoption. In addition to the adoption drive, global integration…

Researcher Explains Why Curve (CRV) and Yearn.Finance (YFI) Are Falling

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Curve and yearn.finance are among the few decentralized finance projects that have interesting yield farming products to offer. Their volumes have shot upwards due to consistent community involvement. Nevertheless, the price of their governance tokens is reflecting the boom. Anil Lulla, co-founder/COO of Delphi Digital – a New York-based digital asset research firm, attempted to provide a potential explanation behind the said divergence. In his latest article, titled “Do Vested Rewards Work,” Mr. Lulla dug into the very token distribution models of Curve and yearn.finance. Curve is down about 90…

First Mover: OKEx Private Key Snafu Sends Bitcoin Lower as China DeFi Rises

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Bitcoin (BTC) fell 2% Friday, the most in three weeks, after the market was spooked by the announcement that the cryptocurrency exchange OKEx had suspended withdrawals because founder Mingxing “Star” Xu was reportedly taken into police custody.  The executive is the holder of a private key needed to authorize withdrawals, and that became impossible since he was out of touch, the exchange wrote in a notice published early Friday morning. Officials with OKEx, which is based in Malta but led by Chinese executives, said the issue involved a personal matter, not the exchange, and shouldn’t affect ongoing business. …

Tether (USDT) Dominates with Transaction Volume of Over $600 Billion

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Tether (USDT) staged an unprecedented run in the last 30 days to a 20% increase in volume to reach the cumulative transaction volume of the stated amount. Tether (USDT) has emerged as one of the most engaging digital currencies recording a cumulative transaction volume of over $600 billion, putting it in a better position to rub shoulders with Bitcoin. Tether (USDT) staged an unprecedented run in the last 30 days to record a 20% increase in volume to reach the cumulative transaction volume of the stated amount. The positive run…

Miniso Raises $608 Million in U.S. IPO, MNSO Stock Jumped in Debut

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In its IPO prospectus, Miniso explained that it is working on how to leverage the latest technology to put it ahead of competitors. Miniso Group Holding Limited, a company co-founded by Chinese young entrepreneur Ye Guofu and Japanese designer Miyake Junya in Tokyo (Japan) in 2013, raised $608 million through IPO in the United States. Miniso, which is backed by Tencent Holdings Ltd and Hillhouse Capital field to go public with the U.S. SEC through the New York Stock Exchange under ticker MNSO. The company’s 30.4 million American depositary shares debuted…