Day: October 23, 2020

Bitcoin Could Be Just One Week Away From A New Monthly All-Time High Close

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Bitcoin is just over one week away from the October monthly close, taking place on Halloween night. Although the night is known for candy, scarces, and tricks, if the leading cryptocurrency by market cap can close above $14,000, investors will be in for one heck of a treat. Bitcoin October Monthly Candle Close Could Result In New All-Time High Bitcoin price is trading well above $12,000 after a $1,000 intraday candle earlier this week that sent the cryptocurrency to a new 2020 high. The top-ranked crypto asset, however, failed to…

Anonymous devs behind a DeFi yield farm could steal $1B in 12 hours

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Harvest Finance, a decentralized finance project that succeeded in attracting over $1 billion in funds locked has an admin key that gives its holders the ability to mint tokens at will and steal users’ funds. As noted by auditing companies PeckShield and Haechi, the governance parameters are not set by a contract with clearly defined rules. An admin key, presumably held by the anonymous developers behind the project, could be used to arbitrarily mint new FARM tokens. This power could allow the governance key holders to create an unlimited number…

Blockchain Bites: China’s Tether Crackdown, CME’s Bustling Bitcoin Markets, Kin’s ‘Active Development’

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Chinese officials are cracking down on tether trades. The CME bitcoin futures exchange is heating up, signalling institutional interest. And Kik’s kin token will continue development following a $5 million SEC settlement.  Top shelf Ripple, across the pondRipple CEO Brad Garlinghouse has given more insight on the company’s possible move away from the U.S., saying the legal status of the XRP cryptocurrency is key. Talking to CNBC Friday, Garlinghouse said his blockchain payments infrastructure company could potentially relocate to London, where the nation’s regulator “clarified” that XRP is not a security and is used…

Social Volume Surrounding Bitcoin Suggests Its Uptrend is About to Slow

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Bitcoin’s intense multi-day uptrend is slowing as the cryptocurrency reaches $13,000. A confluence of positive news regarding BTC’s adoption amongst corporations helped drive this recent push higher, but it remains unclear how long this uptrend will last. Bears have been ardently trying to stop the cryptocurrency from breaking above $13,000. Each time it reaches this price region, it sees heightened selling pressure that slows its ascent. If this selling pressure continues persisting in the near-term, it could spark a retrace that causes the benchmark cryptocurrency to cut into its recent…

Ripple Plans to Relocate to Japan Amid Unfavorable Regulations in the U.S.

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Ripple is planning a Japan move due to poor U.S. regulations. Other considered locations include the UK, UAE, Singapore, and Switzerland.  Blockchain payment services company Ripple Labs Inc may relocate to Japan from the U.S. due to a lack of regulatory clarity. Apart from Japan, the company has also shortlisted some other countries for relocation. Notably, Japan is the most likely country that Ripple may move to if the blockchain firm leaves the U.S. Ripple Eyes Japan as Potential Destination According to a Bloomberg report, the relocation plan was revealed…

SoftBank Group Set to Pay an Interim Dividend of 22 Yen per Share

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SoftBank announced on Friday that its shareholders will receive an interim dividend of 22 yen per share. News outlet Reuters indicated that the company reached the decision after it underwent a series of asset sales that stabilized its finances. SoftBank Group Corp (TYO: 9984) has a market capitalization of around $131.64 billion. Its shares at the time of writing had a 52 week range of $12.20 and $34.54. Notably, during the coronavirus pandemic SoftBank shares rose approximately 56.45% year to date. In addition, they jumped approximately 10.56%, 15.02% in the past…

Bitcoin Businesses on the Mend: Report Shows 57% of Crypto Execs Expect the Industry to Accelerate, Companies Are Hiring

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Digital Currency Group (DCG) recently published the firm’s “State of Crypto 2020” report which polls more than 150 portfolio crypto companies. According to the study, 75% of the respondents believe the value of their business has grown this year, while 50% of the startups have seen outperforming start-of-year projections. The state of the cryptocurrency industry is growing according to Digital Currency Group’s (DCG) latest report. The study surveyed over 150 DCG portfolio companies’ executives in order to “quantify sentiment and provide qualitative analysis of operational trends in the crypto community.”…

Why low latency is important for cryptocurrency exchanges, explained

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In the volatile world of cryptocurrency, latency becomes even more important than ever before, as prices can move swiftly in a matter of seconds. Furthermore, extremely low latency will be essential in bringing institutional money into these platforms. The digital nature of cryptocurrency, not to mention the hype and uncertainty that surrounds the majority of the space, can lead to substantial volatility in crypto markets. Only a few seconds can make a huge difference in how successful a strategy is. More than ever, traders need to know that their trades…

New Firm Plans Largest Bitcoin Mining Firm in Russia

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MineSpot, a company previously unknown in the crypto mining industry, said it is opening a 160-megawatt mining venue in the middle of Siberia that would be the largest mining farm in Russia. The venue is located near the Boguchany Dam in East Siberia, in the town of Kodinsk. It will occupy the building and land of a boiler house that used to serve the dam construction site by providing heat to workers building the dam. The construction of the dam, initiated during the late Soviet era, was completed in 2015;…

Ethereum On Track To Complete $1 Trillion in Transactions in 2020

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The Ethereum network is well poised to be the first cryptocurrency network to process US$1 trillion in transactions by the end of 2020. The potential of the Ethereum network to hit this milestone was revealed by the cryptocurrency market data aggregator Messari who noted that the network’s 30-day rolling daily average for Ethereum transaction volume is currently at $7 billion. Should the momentum be sustained, Messari believes that the network will eventually process up to US$1 trillion in transactions this year. As stated by Messari’s Ryan Watkins, “Ethereum’s progress has…