Day: October 29, 2020

Declining DEX volumes reflect DeFi investors shift to Bitcoin — Data shows

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All eyes are set on Bitcoin (BTC) as the digital asset continues to trek to a new 2020 high. Meanwhile, the hype around decentralized finance projects continues to die down, especially as token prices plummet. Data shows that trading volume for decentralized exchanges (DEXs) is dropping rapidly, further signaling the decline of the DeFi sector. The recent hack of Harvest Finance saw volumes across DEXs boom for one day, especially Uniswap and Curve. According to media reporting and Harvest investors, the hacker executed a flash loan exploit that used millions…

Fidelity Digital Extends Bitcoin Custody Services to the Asian Market

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Crypto custody in Asia is about to see a further expansion as Fidelity Digital Asset Services (FDAS) extends its services to the region. Fidelity Partners with Stack Funds to Offer Crypto Custody According to Bloomberg, Fidelity Digital is set to offer crypto custodial services to high-net-worth individuals and entities in Asia. The move is the result of a partnership with Singapore-based cryptocurrency firm Stark Funds. As part of the collaboration, FDAS will provide secure crypto custody services with monthly audits and insurance coverage for wealthy Asian cryptocurrency investors. With stock…

Bitcoin price spikes 5% to $13.5K shortly after ECB stimulus announcement

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The price of Bitcoin (BTC) increased from $12,920 to $13,600 in four hours, recording a 5% rally. The uptrend coincides with positive developments from the European Central Bank, or ECB, and optimistic job data from the United States. BTC/USD 1-hour chart. Source: TradingView.com Macro factors favor Bitcoin rally Throughout the past week, BTC has continuously rallied despite negative macro factors. The U.S. stock market was in a steep decline, and the number of COVID-19 cases across the U.S. and Europe rose sharply. The perception of Bitcoin as a safe-haven asset…

Bitcoin adoption could reach 90% by 2030, investment firm founder claims

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With the recent influx of mainstream financial players into the blockchain space, how long will it take for corporate allocation of Bitcoin to become the norm? Brian Estes, founder of investment firm Off The Chain Capital, thinks 10 years.  “I think in 2029, 2030, when 90% of U.S. households and people in the United States use cryptocurrency and Bitcoin, then I think it becomes a stable part of the economy, and not just the U.S. economy, but I think the world economy,” Estes told Cryptox in an interview.  Estes’ rationale is based…

Audius, the ‘Decentralized Spotify,’ Is Moving Part of Its Service to Solana Blockchain

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Decentralized music app Audius announced Thursday that it will migrate its content management system over to Solana’s high-speed blockchain from an Ethereum sidechain operated by the POA Network that runs on a set of trusted validators. Audius occupies a similar space to popular music players like Pandora or Spotify, but it allows artists to set their own terms for sales. It also lets other developers make use of its underlying content. Audius reports strong recent growth in users, currently boasting 800,000 active users and over 150,000 tracks available for streaming.  …

Bitcoin-Friendly Wyoming Grants Avanti a Bank Charter 

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Avanti Bank and Trust have successfully secured a bank charter from the Wyoming State Banking Board, making it the second entity to attain such a feat in the United States, according to a press release on October 28, 2020. Avanti Obtains US Bank Charter Barely one month after Kraken crypto exchange secured a bank charter that will enable it to function as a fully regulated U.S. bank, Avanti Financial Group, Inc. a firm that claims to be focused on bridging the gap between traditional financial systems and the crypto space,…

Harrowing Figure Highlights How There Isn’t Enough Bitcoin To Go Around

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Bitcoin is a financial revolution in the making, for numerous reasons. But one of the attributes that give it the most value, is its digital, hard-coded scarcity. With just a 21 million BTC supply to ever exist, it is the hardest form of money on the planet. However, according to one expert in the field, Willy Woo, the supply is actually a lot closer to 17 million. Because of this, the amount of BTC spread across the rapidly growing population evenly is minuscule, highlighting just how rare the cryptocurrency really…

Microstrategy CEO Personally Owns $240 Million in Bitcoin — Company’s BTC Profit Eclipses Other Earnings

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Following a $425 million bitcoin purchase by his billion-dollar company, Microstrategy CEO Michael Saylor reveals that he personally owns about $240 million in bitcoin. Meanwhile, his company’s bitcoin gains have outperformed the company’s other earnings. Microstrategy and Its CEO Are Both Bitcoin Hodlers The CEO of the billion-dollar company Microstrategy, Michael Saylor, has revealed his own bitcoin holdings. His company, Microstrategy, recently bought $425 million in bitcoin as its primary Treasury reserve asset. Saylor, who has been outspoken about bitcoin ever since his company decided to make the cryptocurrency its…

How Is It Going and What Is The Future Of?

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Ethereum-based lending protocol Aave is migrating from its LEND tokens to AAVE tokens as a part of the Aavenomics proposal, allowing AAVE holders to control the Protocol. The exchange rate within the migration initiative is set at 100:1, i.e. for 100 LEND tokens a user gets 1 AAVE token. So far since the launch of the migration on October 2, 85.93% of the total LEND circulating where transferred to AAVE. Photo: Aave What is Aavenomics? Aavenomics is a decentralization initiative of the Aave protocol. This decentralization initiative will implement core…

Bitcoin Transaction Fees Rise to 28-Month High as Hashrate Drops Amid Price Rally

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The cost of doing transactions on bitcoin is surging while the network suffers its worst congestion in nearly three years. As of Wednesday, the mean fee per transaction, or the average transaction cost, was 0.00086764 BTC, the highest since June 2018, according to data source Glassnode. In dollar terms, the average transaction fee was $11.66.  Average fees in bitcoin terms have increased by 573% in the past 12 days alongside the cryptocurrency’s price rally from $11,200 to $13,800.   “Bitcoin mempool [memory pool] is back in focus in the wake of…