Day: November 10, 2020

Why Yearn.Finance Surged 21% in 1 Day Amid Strong DeFi Resurgence

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Yearn.finance (YFI), the darling of the decentralized finance (DeFi) market, has surged 21% on the day. It is continuing to show strong momentum following a DeFi marketwide resurgence. There are several reasons behind the recovery of YFI. First, the project has announced major product updates and partnerships. Second, the DeFi market’s rebound is causing major tokens to rally. Third, YFI was extremely oversold in the recent pullback. The 1-hour price chart of Yearn.finance (YFI). Source: YFIUSDT on TradingView.com YFI Sentiment Strengthens as Price Rises Amid High Profile Yearn.Finance Product Launches…

Binance.US Joins Silvergate Exchange Network (SEN)

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Catherine Coley said that Binance.US has successfully integrated its API with SEN and conducted tests with some of its clients. Binance.US has joined the instant settlement network Silvergate Exchange Network (SEN). SEN allows its digital currency and institutional investor Binance clients to transfer US dollars 24 hours a day, including weekends. Also, the Silvergate network allows its clients to transact between their Silvergate accounts and accounts with other Silvergate clients.  Binance.US Joins Silvergate Exchange Network (SEN) According to a CoinDesk report, the CEO of Binance.US, Catherine Coley, the company’s corporate clients…

Blockchain-based agri-commodity trading to tap world’s largest wheat market

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Following two years of pilot testing, a blockchain trade and financing platform for global agricultural trading has seen its commercial rollout from Swiss developer Cerealia SA. The launch follows extensive prelaunch trial implementation with firms from Algeria, Brazil, Dubai, Japan and Ukraine. In November 2018, Cointelegraph reported on the platform’s early use to conduct a pilot transaction of Black Sea wheat from the Russian port city of Novorossiysk.  Cerealia told reporters that it has sought to address the need for a fast trading platform in the global Russian wheat market and…

Ex-Microsoft Dev Gets 9 Years in Prison Over $10M Theft Involving Bitcoin Mixing

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A former software engineer at Microsoft received a nine-year prison sentence Monday for an elaborate multi-million dollar criminal scheme involving bitcoin and digital gift cards. Ukrainian citizen Volodymyr Kvashuk, 26, was sentenced in the U.S. District Court in Seattle for 18 federal felonies related to his scheme to defraud Microsoft of more than $10 million. This marks the first case of its kind in the U.S., according to a press release by the Department of Justice. Kvashuk was involved in the testing of an online retail sales platform for Microsoft…

Bitcoin Cash hits record lows vs. Bitcoin days before hard fork

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Altcoin traders continue to feel the pain as Bitcoin (BTC) gains, with Bitcoin Cash (BCH) hitting new all-time lows.  Data from Cointelegraph Markets and other sources shows that as of Nov. 10, BCH is worth less in BTC terms than ever before. Bitcoin Cash plunges to new BTC lows At press time, BCH/BTC traded at 0.017 BTC, comfortably beating its previous record low of 0.0245 BTC seen in December 2018. The hard fork of Bitcoin has seen little attention this year, as investors focused on Bitcoin and then the decentralized…

Chainlink (LINK) Close Above $13.1 Could Trigger Sharp Rise

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Chainlink (LINK) seems to be following a nice uptrend above $12.00. There are high chances of more gains once the bulls manage to clear the $13.10 and $13.50 resistance levels. Chainlink token price is trading in a positive zone above the $12.00 support against the US dollar. The price is facing hurdles near $13.10, but it is well above the 100 simple moving average (4-hours). There was a spike above yesterday’s highlighted contracting triangle with resistance near $12.80 on the 4-hours chart of the LINK/USD pair (data source from Kraken).…

$100K Bitcoin: S2F Author Confident With His Model, Suggests Six-Figure BTC Price by 2021

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Not too long ago, the author of the controversial bitcoin stock-to-flow (S2FX) price model said that the model was “perfectly on track.” On Sunday, November 8, the S2FX creator known as “Plan B” reiterated his belief in the model and told his Twitter followers that he has “no doubt whatsoever” that the S2FX trend is correct. This weekend the stock-to-flow (S2FX) author dubbed “Plan B” tweeted about his model and how he still believes in the S2FX trend. Plan B’s popular editorial called “Modeling Bitcoin’s Value with Scarcity” has caught…

Ethereum Holds Strong at $440, Why The Bulls Remain In Driver’s Seat

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Ethereum corrected lower below $440, but it remained stable above $435 against the US Dollar. ETH price is likely to gain momentum if it clears the $460 resistance zone. Ethereum is holding the ground above the $440 and $435 support levels. The price is showing positive signs above the $440 support and the 100 hourly simple moving average. There is a key connecting bullish trend line forming with support near $440 on the hourly chart of ETH/USD (data feed via Kraken). The pair could rise steadily towards $460 or $475…

Celsius reports it’s doubled its crypto holdings to $2.2B in six months

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Crypto lending and borrowing platform Celsius has announced that it now holds more than $2.2 billion in digital assets under management (AUM). According to a Nov. 9 release, Celsius has more than doubled its net crypto holdings six months after first surpassing $1 billion in June. The platform has attracted more than 215,000 total users worldwide in total. Excluding its AUM, Celsius’s balance sheet now includes cash and its native CEL tokens worth more than $680 million. Celsius offers a centralized alternative to decentralized finance (DeFi), dubbed ‘CeFi’ by much…

UK drafting stablecoin regulations and researching a CBDC

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The Treasury Department of the United Kingdom has revealed it is drafting proposals to regulate private stablecoins, while also researching central bank digital currencies (CBDC) as an alternative to cash. In an announcement published on Nov. 9, U.K. Treasury Chancellor Rishi Sunak noted the forthcoming regulatory proposals alongside other goals for the country’s financial services industry — including a review of the U.K.’s listings regime and support for green finance. “New technologies such as stablecoins – privately-issued digital currencies – could transform the way people store and exchange their money,…