Day: October 28, 2020

‘Game changing’ blockchain program tracks mangoes in Australia

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Following a 2.5 year-long pilot program, an Australia mango producer is scaling up its use of blockchain technology for supply chain traceability. According to the Cooperative Research Centre for Developing Northern Australia, or CRCNA, the organization partnered with leading Australian mango producer Manbulloo and traceability software company Trust Provenance to test a supply chain management program across their supply chain and distribution centers in Queensland and the Northern Territory. The project, which kicked off in 2018, employs sensors placed in mango crates to track the movement of the sweet fruit…

Bitcoin Futures Funding Rate is Going Negative Even as Price Skyrockets

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The funding rate of the Bitcoin (BTC) futures market is turning negative as the price of BTC surges. The trend indicates that short contracts are getting squeezed as the dominant cryptocurrency rises. The term short squeeze refers to a scenario where traders are increasingly betting against Bitcoin but BTC goes up. As BTC increases, short holders then adjust their positions, buying up their positions to avoid liquidation. The market buying from short contract holders then turns into buyer demand, further pushing BTC up. The monthly price chart of Bitcoin. Source:…

‘Hyperinflation’ DeFi coins hit the hardest in crash: Report

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Many high inflation decentralized finance tokens are still correcting despite Bitcoin’s push to new yearly highs. Research by IntoTheBlock suggests that DeFi token prices and protocol metrics have diverged significantly since September. Total value locked has dropped around $1 billion over the past few days but remains near its all-time highs. Token prices are still in the red, however, and many have slumped over 50% from their previous highs. The report claims that this divergence is likely due to a shift to a risk-off environment as investors have decided to…

Bitcoin Could Be Setting Up for an Ideal Short Opportunity

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Bitcoin is currently caught in an intense updraft that has allowed its price to gain some serious momentum throughout the past couple of weeks. This ongoing rally first began when news broke regarding Square purchasing $50 million worth of Bitcoin to hold on their balance sheets as a reserve asset. Shortly thereafter, PayPal also announced its foray into the crypto market, introducing a new service that allows users to buy, sell, and pay for items using Bitcoin, Ethereum, and a few other digital assets. This corporate adoption shifted investor sentiment…

Bitcoin Brings Investors 16x Returns Over The S&P 500

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Bitcoin has for several months now, captured the crown for 2020 as the most profitable mainstream asset of the year. Whatever the reason is behind the unstoppable momentum, the recent divergence between crypto and stocks, and even precious metals, has the leading cryptocurrency by market cap reaching over 16x times the return of the S&P 500, and nearly four times the return of gold. Bitcoin Reaches 90% ROI During Rockiest Year On Record 2020 has been a wild ride of a year. Missle strikes in Iran and tensions between the…

It’s “Thin Air” For Bitcoin If Price Crosses $14,000 on a Macro Basis

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Bitcoin has undergone another massive leg higher over the past day. After bottoming at $12,800 yesterday, the cryptocurrency has surged higher towards $13,800. The coin currently trades for $13,700 as it attempts to stabilize after the daily candle close. Analysts are getting ready for fireworks as Bitcoin nears the pivotal $14,000 resistance level. $14,000 has long been an important level for Bitcoin, marking the highs almost perfectly during 2019’s surge to the upside in the summer. Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom Bitcoin Expected…

Awesome interactive NFT artwork shows effects of sponsoring kids

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A former baseball player has created a non-fungible token, time-sensitive artwork piece that allows crypto holders to donate Bitcoin to enable two African American boys to fulfill their dreams. According to a representative for the artist, former Tampa Bay Rays player Micah Johnson, marketplace Async Art will be making NFT artwork available starting on Oct. 29. The NFT is programmed to show the effects that Bitcoin (BTC) donations will have on the two children, represented by a door opening wider with each passing year. Each year on the boys’ respective…