Day: November 16, 2020

Bitcoin Price Continues to Roar Higher, Pushing to $16,750

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Bitcoin has continued to soar higher after our last market update. The cryptocurrency recently traded as high as $16,770, a new year-to-date high and a new multi-year high. Many analysts saw this latest leg higher as notable as BTC moved above $16,600, the level at which John McAfee famously tweeted the following statement: “Bitcoin now at $16,600.00. Those of you in the old school who believe this is a bubble simply have not understood the new mathematics of the Blockchain, or you did not cared enough to try. Bubbles are…

Some loans on Maker are never liquidated, prompting debt auction overhaul

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The Maker community is looking for solutions after an analysis by B.Protocol suggests that it is possible to exploit the liquidation system to create under-collateralized debt.  The researchers created small vaults for $128, just above Maker’s “dust” parameter that defines the minimum size for new vaults. As Maker’s oracles updated to new prices that made these vaults eligible for liquidation, B.Protocol found that the debt remained unclaimed for several hours. While the researchers later closed the bad debt loans on their own, the mechanism could be abused to create a…

The next big crypto market could be fantasy sports, says Messari

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As “digitally native” ecosystems like esports continue to synergize with blockchain technology, industries like fantasy sports could be primed for mass adoption, says digital research firm Messari.  In a newly published report, researcher Mason Nystrom argues that fantasy sports are primed for significant growth due to COVID-19. He also opined that blockchain-based applications could help boost fan engagement in this rapidly expanding market. Nystrom explained: “While the peak culmination of esports and cryptonetworks waits for improvements in emerging technology and 5G connectivity, blockchain-based fantasy sports are poised for consumer adoption.” Citing…

Bitcoin hits new 2020 high at $16.7K —Traders expect bigger breakout

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The price of Bitcoin (BTC) hit a new yearly high at $16,717 on Binance. Following the breakout, traders expect a larger rally to occur in the near term. There are several reasons why analysts expect a prolonged uptrend. First, Bitcoin cleanly broke out of $16,000, taking out the $16,473 peak achieved on Nov. 13. Second, there is a “sell-side crisis” brewing as more BTC gets accumulated than mined. Third, BTC rallied despite indicators showing overbought signals. BTC/USD 1-hour chart. Source: TradingView.com Top analysts were wrong about a Bitcoin correction Earlier…

Blockchain Bites: Data Unions. Hard Forks. And One Citi Analyst’s Case for $300K BTC.

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A Citibank managing director thinks bitcoin could hit $318,000. MIT researchers resoundingly reject blockchain-based voting. And Bitcoin Cash’s latest fork looks set to fail. Top shelf Technical comparison?A Citibank executive published a report predicting that bitcoin could reach $318,000 by December 2021. Using technical analysis, and a comparison to gold markets in the 1970s, Citibank Managing Director Thomas Fitzpatrick said quantitative easing could lead to a breakout price movement for the largest cryptocurrency by market capitalization. ClassicMacro, a pseudonymous Twitter account that surfaced the report, bucked the prediction by saying,…

How OpenDefi Is Bringing Financial Inclusion through Real Assets

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The concept behind OpenDefi is simple. Real assets, such as real estate and gold, can be tokenized to provide fractional ownership to holders. According to a 2018 report by the World Bank, financial inclusion is improving around the world due to the growth of internet access and smartphones. Despite this growth, 30% of the global adult population still does not have access to a bank account or any kind of financial services. This is particularly challenging in developing countries but also provides an opportunity for companies and institutions to work…

COVID-19 popularized decentralization, but blockchain may not catch on

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On Nov. 9, drugmaker Pfizer announced that its COVID-19 vaccine is 90-plus percent effective, and even though it may be premature to proclaim the pandemic’s end — as the virus continues to rage in the United States and Europe — once can at least speculate: Where will blockchain adoption stand when the crisis abates? Some predicted, after all, that the global healthcare upheaval might provide a perfect storm for worldwide blockchain adoption. A Harvard Business Review article from April titled “How the Pandemic Is Pushing Blockchain Forward,” for instance, notes: “The…

Why Bitcoin Thrives (and Why It Won’t Replace the Dollar)

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Bitcoin is the leader of the pack in the crypto space. It has recovered from the disastrous crash of 2018 and is heading back towards the price it reached in December 2017. So what does the future hold for bitcoin? Could it eventually replace the dollar as the global reserve currency, as its loyal supporters claim? Will it eventually crash and die, as Nouriel Roubini has predicted? Or is it destined to remain a speculative asset, spicing up investment portfolios but never being adopted as a main medium of exchange?…

Another mainstream company is seeking approval to invest in crypto

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Investment firm SkyBridge, founded by former Goldman Sachs’ vice president Anthony Scaramucci, is one of the latest companies looking to invest in cryptocurrency. The company is putting together a hedge fund that includes Bitcoin (BTC) investment, according to a United States Securities and Exchange Commission, or SEC, filing from Friday. The prospectus details: “The Company may seek to gain investment exposure to certain Investment Funds or Investment Managers which may enter into derivative transactions, such as total return swaps, options and futures. Investments by the Company and/or Investment Funds may…