Day: October 17, 2020

OKEx Incident Could Push More Crypto Users to Defi Protocols

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Quick take: OKEx has halted all crypto withdrawals One of the exchange’s private key holders is currently with authorities regarding an investigation Crypto outflows from OKEx are at zero The current incident is a reminder to crypto users that storing funds in CEXs is risky because they don’t own their private keys DeFi could benefit as a result of the OKEx incident The crypto-verse has been hit hard by the news of OKEx halting all withdrawals after one of its private key holders is cooperating with Chinese authorities regarding an…

OKEx’s OKB Crypto Slides Another 20% as Fears Around Exchange Fester

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Earlier this week, it was revealed that OKEx had frozen all crypto withdrawals from its platform over concerns about a private key holder. OKEx is a leading crypto-asset exchange that processes a material percentage of the spot and futures volume in the industry. OKEx said that one of its private key holders was working with a public security bureau. He had been out of contact since he started working with the bureau, so they could not process withdrawals. As a result of this news, the price of OKEx’s native OKB…

Prominent ICO Filecoin (FIL) Dives 30% as Short Exposure Explodes

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Yesterday, after years of waiting, Filecoin (FIL) finally launched, Funded by legendary venture capital companies like Sequoia Capital, Andreessen Horowitz, and Union Square Ventures, the project is a blockchain-based data storage and data recovery network. Users can pay FIL to store their files on secure storage miners, which facilitate the network. The project, like many other hyped-up coins, launched at absurd valuations. The cryptocurrency quickly spiked above $100 on the exchanges that supported it, meaning it had a fully-diluted market capitalization in excess of $200 billion — yes $200 billion.…

Sharp Bitcoin price move brewing as BTC volatility falls to a 16-month low

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Bitcoin (BTC) options aggregate open interest has increased to $2 billion, which is 13% below the all-time high. Although the open interest is still heavily concentrated on Deribit exchange, the Chicago Mercantile Exchange (CME) has also reached $300 million. In simple terms, options derivatives contracts allow investors to buy protection, either from the upside (call options) or downside (put options). Even though there are some more complex strategies, the mere existence of liquid options markets is a positive indicator. For example, derivative contracts allow miners to stabilize their income which…

Yearn.finance (YFI) Invalidates Bullish Market Structure; Analysts Eye Further Losses

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Yearn.finance used to be the darling of the DeFi sector, with investors pouring massive sums of capital into the YFI token while largely looking towards it to become one of the largest and most widely used platforms within the decentralized finance ecosystem. The sentiment surrounding the Yearn project began to shift a few weeks ago, however, after the founder lured investors into an experimental smart contract project he was developing that resulted in 50% of their funds being lost. Although he didn’t directly encourage users to manually call the contract…

Bitcoin Likely to Break Below $11,000 Before Next Uptrend: Analyst

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Bitcoin has been caught within a prolonged consolidation phase throughout the past few days and weeks, with buyers and sellers both being unable to take control of its near-term trend. This has done little to offer investors with insight into where it may trend next, and its close correlation to the U.S. stock market makes it likely that it will continue lacking a trend until either the election is finished or a second round of stimulus is passed through. This could be incredibly bearish for altcoins, as they have been…

Where Does Bitcoin Fit in the Global Reserve Currency Game?

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On this “Speaking of Bitcoin” episode, join hosts Adam B. Levine, Andreas M. Antonopoulos, Stephanie Murphy, and Jonathan Mohan for a look at the past, present and future of global reserve currencies In the beginning there was the global reserve currency (U.S. dollars,) national currencies like the Japanese Yen, alternative currencies like Ithaca hours and just one cryptocurrency, Bitcoin. But what a difference a decade can make, today there are thousands of cryptocurrencies, many created by enthusiasts who have ideas on how to make something even better than Bitcoin, but also currencies…

Will the dollar’s weakness result in Bitcoin finally breaking $12,000?

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Historically, a weaker United States Dollar leads to strength across other “safe haven” assets. By analyzing the correlation, such momentum and conclusion can also be drawn with Bitcoin (BTC) and the USD. Bitcoin has gained in 2020 as the U.S. Dollar Currency Index (DXY) has been having a tough year. But will this momentum continue in the coming months? Let’s take a closer look at the charts. Bitcoin has to hold the $11,000 support level to avoid a CME gap test at $9,600 BTC/USD 1-day chart. Source: TradingView The triangle…

Coinbase Custody Reveals Coins Up For Potential Support

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Coinbase Custody, a subsidiary of the Coinbase cryptocurrency exchange has announced a set of coins and digital assets it is set to provide custody support for provided regulatory approved in defined jurisdictions permit. As revealed by the company, the announcement for the coins is in its bid to expand on its custody coin listings, a move to solidify its position as the leader in the industry. The journey through the events and activities in the cryptosphere most times is best experienced with an individual or a veteran with trusted experiences…

Bitcoin’s Creator vs. Bezos: Satoshi Nakamoto’s Uphill Climb to Surpass the Amazon Founder’s Net Worth

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Jeff Bezos is the world’s richest man, but someday if bitcoin crosses a certain valuation then Satoshi Nakamoto will be the wealthiest if he/she or they are still alive. Today, Satoshi Nakamoto, is the 157th richest person worldwide, and the crypto asset will have to cross six digits in order to surpass the Amazon founder’s net worth. In 2020, the founder of Amazon has a whopping 175 billion and he’s currently the richest person on earth today. According to the real-time billionaires’ tracker, a data set that measures the net…