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Day: November 24, 2021
Salvadoran Ambassador to US: Bitcoin Challenges Your Authority
By approving bitcoin as legal tender and announcing plans to build a “Bitcoin City,” El Salvador is one step ahead of everyone else in pushing the mainstream adoption of bitcoin, and that seems to be a threat to other countries, including the United States, according to Milena Mayorga, El Salvador’s ambassador to the U.S. Source
SHIB Slumps as Large Holders Take Profits
Data from blockchain data firm Santiment shows similar trends. So-called whale transaction counts, or the number of SHIB transactions valued more than $100,000, have been rising since the beginning of November. Active deposits, or the amount of daily unique addresses to deposit SHIB to centralized exchanges, have also been increasing. Source
Bitcoin Held Support at $53K; Faces Initial Resistance Around $60K
The relative strength index (RSI) on the daily chart is almost oversold, similar to what occurred in late-July and September, which preceded near-50% price rallies. Still, buyers will need to break above the $60,000-$65,000 resistance zone in order to yield upside price targets. Source
El Salvador: Who Needs the IMF When You Have Bitcoin?
Christopher Nolan’s third Batman film, “The Dark Knight Rises,” is generally considered the weakest entry in the series, in part because it’s so easily read as a celebration of neoliberal authoritarianism. The film’s plot has the villain, Bane, take over Gotham City, wipe out all financial ledgers and reign over a kind of mega-Occupy movement. To fight back, Batman engages in a series of moral compromises that he justifies as, more or less, necessary exceptions to defend a more broadly just system. This article is excerpted from The Node, CoinDesk’s…
One million ETH worth have been burned since the implementation of EIP-1559 in August
In a Twitter post published Wednesday, blockchain research firm CryptoRank revealed that over 1 million Ether (ETH) worth $4.24 billion had been burned since the introduction of the EIP-1559 protocol in August as part of the London hard fork. The EIP-1559 protocol reformed the Ethereum fee market, modifying the limit for gas fees and introducing a burn feature that takes a portion of transaction fees on the blockchain out of circulation, to be canceled permanently. Notable decentralized applications responsible for token burn contributions include popular nonfungible tokens, or NFTs, platform…
Price analysis 11/24: BTC, ETH, BNB, SOL, ADA, XRP, DOT, DOGE, AVAX, CRO
Bitcoin and most major altcoins are struggling to find bullish momentum, a possible signal that prices could continue to erode. Bitcoin (BTC) and most major altcoins continue to be pinned below their respective overhead resistances, indicating that bears are selling on rallies. According to Ki Young Ju, CEO of on-chain analytics firm CryptoQuant, “whales are depositing Bitcoin to exchanges.” Curiously, the outflows from the exchanges have also continued and due to this, the reserves are still hovering close to their lowest levels since mid-2018. In a somewhat contradictory report, Glassnode…
How to Scale the DeFi Derivatives Market
However, in the derivatives market this is more challenging. In response, several different protocols have been created. One solution is the creation of on-chain perpetual liquidity, through a virtual liquidity machine to create a constant product that can supply long and short liquidity. This model eliminates liquidity provider risks by cutting out the role of the liquidity provider (LP) altogether. But in doing so, it transfers the risk from the LP to the protocol. Source
Ethereum Has Burned More Than a Million ETH Over the Last 3 Months – Technology Bitcoin News
111 days ago, the Ethereum network implemented the London hard fork upgrade which added a mechanism (EIP-1559) that changed Ethereum’s fee rate to a new scheme that makes the crypto asset ether deflationary. Since then 1 million ether has been burned or the equivalent of around $3.8 billion worth of ethereum using today’s exchange rates. Over a Million Ether or $3.8 Billion Burned to Date The second-largest crypto asset in terms of market capitalization, ethereum (ETH) has an overall valuation today just above $500 billion. Ethereum’s market capitalization represents 18.8%…
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