Day: November 10, 2020

Why Uniswap’s UNI Could be Just a Week Away from “Price Discovery”

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Uniswap’s UNI governance token has been rocketing higher alongside the aggregated DeFi sector throughout the past few days, once again surmounting $3.00 as buyers aim at it seeing further upside in the mid-term. The cryptocurrency is one of the DeFi “blue-chips” that has been seeing immense momentum as of late and is widely viewed as a benchmark for the rapidly emerging sector. A couple of catalysts for potential UNI upside in the months ahead could be implementing version 3 of the AMM or passing a governance proposal that directs platform…

Bitcoin whale clusters signal $14.9K is the crucial level for BTC to hold

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New data from Whalemap suggests that in order to maintain bullish momentum Bitcoin price needs to hold above the $14,914 level. Whale clusters, like the bubbles shown on the chart below, form when high-net-worth investors purchase Bitcoin and do not move them. This indicates that whales accumulated BTC at that level and suggests that it will likely remain as a support area in the event of a correction. As such, in the near term, it is crucial for Bitcoin to remain above $14,914 for a prolonged period. It would signify…

Argentina’s Parliament will see a new bill presenting a framework for crypto

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Argentine congressman Ignacio Torres plans to present a bill addressing cryptocurrencies to the Argentine Parliament. Cointelegraph en Español spoke with Efraín Barraza, Operations Manager of Athena Bitcoin in Argentina, and Alberto Vega, CEO of Bithan, who collaborated on the draft and who are looking to discuss a legal framework for crypto in Argentina. Both Barraza and Vega remarked that their interest is to have a conversation and debate about blockchain technology and cryptocurrencies in Argentina, so that they do not get left behind, and considering that other countries are already…

Nearly $360M in Bitcoin Moved to Ethereum in October Despite DeFi Cool Off

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Ethereum is still the most popular off-chain destination for bitcoins (BTC) as the total supply of tokenized BTC reached 150,000 BTC ($2.05 billion) at the end of October, up 21% since September. Growth has slowed significantly, however, since the decentralized finance (DeFi) craze that peaked near the end of Q3. Roughly $360 million worth of bitcoins was tokenized in October, significantly less than the $737 million tokenized in September, according to data from Dune Analytics analyzed by CoinDesk. The primary reason for the slower growth was a steep decline in…

Stanley Druckenmiller Owns Bitcoin, Calls It Attractive Store of Value

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Billionaire investor Stanley Druckenmiller has revealed that he owns bitcoin, calling it an asset class that has a lot of attraction as a store of value and could be a better investment than gold. Stan Druckenmiller Owns Bitcoin Stanley Druckenmiller revealed on Monday that he owns bitcoin and explained why it could be a better investment than gold. The famed investor founded Duquesne Capital in 1981 and closed the fund in August 2010. He managed money for George Soros as the lead portfolio manager for the Quantum Fund until 2000.…

OCC’s Brian Brooks testifies to the importance of crypto before US Senate

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As part of his statement to the U.S. Senate Committee on Banking, Housing and Urban Affairs, acting Comptroller of the Currency, Brian Brooks, prepared a whole section on crypto assets, including specific mention of stablecoins.  “Today, roughly 60 million Americans own some type of cryptocurrency, with a total market cap of nearly $430 billion,” Brooks said, adding: “These figures clearly illustrate that this payment mechanism is now firmly entrenched in the financial mainstream. Cryptocurrency has become a popular mechanism for sending and receiving payments for goods and services because transactions post in real…

Multisig Wallets Can Keep Your Coins Safer (If You Use Them Right)

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In traditional business, “key person risk” refers to when a company relies too much on one individual to succeed. Cryptocurrency businesses are prone to a very literal version of this risk when handling funds. The most infamous example may be QuadrigaCX, whose customers have been waiting nearly 3 years to recoup $115 million worth of deposits since the death of founder Gerald Cotten, the sole possessor of the cryptographic keys to the exchange’s wallet. Fortunately, multisignature cryptocurrency wallets offer a built-in way to manage this sort of risk. Multisignature wallets…

Yearn.finance (YFI) Outperforms DeFi Sector as Powerful Uptrend Persists

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Yearn.finance’s YFI has been caught within the throes of an intense uptrend throughout the past few days, with its recent lows of $7,500 looking more and more like a long-term bottom as money keeps flowing into the altcoin market. In particular, DeFi tokens have seen immense strength throughout the past few days, with the blue-chip tokens all rallying in tandem. Bitcoin and Ethereum have been consolidating concurrently with this explosion in the DeFi sector, which signals that investors may largely be rotating capital away from the larger digital assets and…

Bitcoin is peerless thanks to early distribution, CoinMetrics analysts argue

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Thousands of different cryptocurrencies have arisen in the since Bitcoin’s (BTC) 2009 genesis block. Even though newer assets come with different technology and new bells and whistles, Bitcoin still has an upper hand in a key category, according to a November report from crypto data firm Coin Metrics.  Due to its relatively older framework, people sometimes compare Bitcoin to early, outdated versions of other technological innovations, such as dial-up internet, the report explains:  “Too often, these are part of deliberate marketing strategies pushed by proponents of emerging cryptoassets that reportedly succeed…