Month: October 2020

Desperation Among Filecoin Miners Creating a Big Market for FIL Borrowing

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Filecoin miners are paying large investors an annual percentage rate as high as 40% to borrow FIL, the closely-held native token required to participate in the decentralized storage network. This dynamic has created a lending market and is leading to more questions about Filecoin’s economic model.  The lack of liquidity in tokens required to mine on the proof-of-stake storage network is forcing desperate miners to borrow FIL rather than going into the open market to purchase tokens. The token’s price skyrocketed to $114 when the mainnet launched Oct. 15, settling…

Chainlink’s Parabolic Trendline is Intact, But Analysts Fear a Breakdown

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Chainlink has been struggling to gain momentum over the past couple of days, with the ongoing bout of capitulation within the altcoin market, creating far-reaching shockwaves that have impacted LINK. The crypto is now struggling to hold above its $11.00 support level, and some analysts believe that it could be at risk of seeing further losses if this level is broken. That said, while looking towards LINK’s BTC trading pair, the cryptocurrency’s parabolic trendline formed throughout the past few years remains fully intact. A break below this, however, could mark…

Impending pennant breakout sets Bitcoin price back on the path to $14,000

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As the weekend approaches, Bitcoin (BTC) price appears set to close out the month with a remarkably strong performance which has many bulls calling for a new all-time high above $20,000 in the near future.  Traders attribute these lofty estimates to the fact that BTC appears to have flipped $12,000 to $12,500 to support and barring some unexpected price implosion, Bitcoin is on the path to painting a beautiful monthly candle. Crypto market weekly price chart. Source: Coin360 Further ‘bullish’ evidence comes from today’s options and futures expiry which saw…

Earn Bitcoin With Your Phone, Bexplus App Makes Trading Easier and Profitable

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Due to the ongoing lockdown, many of us get to stay home more often. While this is a good opportunity for us to relax, we can’t go to work and have to rely on our savings, which is frustrating and worrisome.  If you have been wanting to find a way to make money during lockdowns or in your spare time, online trading on your phone may be a great option for you. Crypto exchanges make trading more accessible to small investors with little experience or low budgets. This is especially…

Yearn.finance Could Rally to $14,000 Following Sub-$10,000 Dip

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Yearn.finance’s YFI token saw a sharp capitulatory decline overnight that caused it to post some massive losses. This decline briefly sent it below $10,000, which is a level that had not been broken below since weeks before its parabolic move to $45,000 started. This decline has come about amidst a capitulatory bout of panic selling amongst altcoins, as many are trading down 20% or more today while Bitcoin continues consolidating. Part of this weakness may stem from Ethereum’s intense underperformance, as it is now trading below $380 while BTC pushes…

Germany’s central bank is working on a blockchain project, but it’s not a CBDC

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According to a public notice published in the Supplement to the Official Journal of the European Union, Ocean Protocol, a Singaporean non-profit foundation, was hired to create a decentralized network for Germany’s Bundesbank. The central bank said that the Ocean protocol, which is a project of relatively limited renown, was chosen mostly because they were the only possible contractor for the job, citing a “lack of comparable competitors.” Bundesbank detailed in its public notice that the main purpose of the project is to set up a “decentralized network approach, which…

The company that coined the term ‘hash rate’ is not concerned about its recent decline

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Even though the Bitcoin (BTC) hash rate has experienced a sharp decline in recent weeks, the head of research at Blockchain .com, Garrick Hileman is not concerned. Blockchain .com was founded in 2011 by dissenting members of another early crypto start up — Coinbase. It was one of the first providers of Bitcoin analytics, eventually expanding its services to include a non-custodial wallet, exchange, and crypto lending platform. The company also coined the term “hash rate” as a metric that “estimates [the] number of terahashes per second the Bitcoin network…

Market Wrap: Bitcoin Tests $13.6K as DeFi Total Value Locked Dips Below $11B

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Bitcoin capped the week weaker while DeFi crypto locked dipped. The price of bitcoin was able to muster a rise to as high as $13,663 Friday, according to CoinDesk 20 data. However, the world’s oldest cryptocurrency subsequently lost some steam and settled to $13,354 as of press time. Michaeal Gord, chief executive officer for trading firm Global Digital Assets, said he expects the bitcoin market to cool ahead of uncertain fundamentals next week. “I think we’ll probably stay sideways until the [Nov. 3 U.S. presidential] election, with most investors taking…

Ethereum Approaches “Do or Die” Level Against BTC, Analyst Claims

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Ethereum spent most of 2020 outperforming Bitcoin by a large margin, thanks to the burning hot DeFi trend and the related tokens’ reliance on the second-ranked crypto asset. But since things have reversed and Bitcoin has gone on its own individual run, on the ETHBTC trading pair, Ethereum has reached a point of “do or die” according to one crypto analyst. Here are the key levels and factors to look for in the weeks ahead to see if the top altcoin was able to withstand the force of a BTC…

Bitcoin Developers Divided on Specifics of Taproot Activation

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The code for Taproot, Bitcoin’s biggest upgrade in years, is finalized and has been packaged into a forthcoming update. Only, it’s not ready to be deployed yet because Bitcoin developers have differing opinions on the best route to activation. Taproot will enhance Bitcoin’s smart contract capabilities by implementing a new digital signature scheme, Schnorr. Implementing the upgrade requires a “soft fork” of Bitcoin’s code, and there are a few competing proposals for how to activate it. In a bid to expedite implementation discussions, Bitcoin Core contributor A.J. Towns recently surveyed…