MoonPay Raises $400 Million in Second Round Funding, Valuation Now at $3.4 billion

MoonPay Raises $400 Million in Second Round Funding, Valuation Now at $3.4 billion

US-based crypto payment startup, MoonPay has completed a $400 million capital injection raise bringing the total valuation of the company to $3.4 billion, a blog post from The Information reads. The funding aims to enhance the features of the platform and boost the global adoption of cryptocurrencies.

This funding round was co-led by venture capital firm Tiger Global Management and Coatue Management aiming to grow the user acquisition rates.

MoonPay launched in 2019 with a simple aim to increase cryptocurrency adoption across the globe. With a team of just two young entrepreneurs — co-founders Ivan Soto-Wright and Victor Faramond — the company set out to create a simple and secure software solution that would enable people from all over the world to participate in the “biggest digital revolution since the internet” the company’s blog reads.

The platform allows users to use their credit and debit cards to buy crypto assets or other digital assets on marketplaces such as OpenSea, Bitcoin.com, Abra, ZenGo, Spot, and Trust Wallet.

Last month, MoonPay partnered with the crypto wallet provider Blocto to provide a fiat on-ramp to the Flow blockchain and easier access to NFT marketplaces. Earlier in the month, the company announced a strategic partnership with Bitmart exchange allowing users to better optimize the trading experience.

Read Original/a>
Author: Lujan Odera

MetaMask Active Monthly Users Grow 400% Thanks to Mobile App And ‘DeFi Revolution’

With a growth of more than 400% in the last year, crypto wallet MetaMask has reached the milestone of one million monthly active users on both mobile and desktop apps combined.

According to Talia Knowles-Rivas, Head of Marketing, Developer and Consumer Products at ConsenSys, the recent launch of MetaMask Mobile played an “important role” in bringing new users.

USA, India, Nigeria, and the Philippines are the top four countries in mobile users’ volume.

Just a couple of months back, the popular Ethereum wallet’s open-source code was taken over by ConsenSys.

On the Back of DeFi Boom

Over the last twelve months, significant growth in the adoption of Web3 games, DAOs, and the rapid consumer uptake of DeFi products and services further accelerated this growth curve.

“This 2020 curve parallels the trend in DeFi adoption, indicating that new users are coming to MetaMask specifically to participate in the decentralized finance revolution,” noted Knowles-Rivas.

image1

Instead of buying and storing ETH, MetaMask’s new phase of growth is powered by much more than just that. It was actually driven by providing the ability to invest, sell, lend, and borrow and use the popular DeFi protocols like Uniswap, Curve, Yearn, Aave, and Maker.

In the past few months, the Decentralized Finance (DeFi) sector has exploded into popularity, with more than $10 billion locked in it.

With most of the DeFi projects asking users to connect their wallets and MetaMask being the wallet provider the most used on them, it makes sense that just like DeFi bloom, activity on MetaMask also exploded.

With Metamask, users can not only purchase and store ETH but also browse DeFi protocols and exchanges and connect their wallets directly to start trading.

Be Careful!

MetaMask allows one to run Ethereum decentralized applications (Dapps) without running a full Ethereum node. As such, the DeFi boom especially helped in achieving this milestone.

But amidst this, one user, who professionally stops hacks from happening, shared the incident of getting hacked for $40,000 secured through his Metamask and Ledger.

He advised people to wake up and secure their funds as there are so many different easy to get hacked.

With the hackers always on the lookout to steal funds, to minimize the risk of getting your MetaMask hacked, secure it with hardware wallets like Ledger or Trezor, revoke access to apps used, and change wallets regularly.

Read Original/a>
Author: AnTy

Ethereum Becoming Unusable Due to Being Super Slow or Insanely Expensive

  • Ethereum price is holding just fine as ETH slowly makes its way towards $400. Currently trading around $388, the digital asset has seen an increase of 62% in the past month.
  • Investors continue to be bullish on this uptrend as more and more traders go long on the crypto asset.

The ever increasing ETHUSD longs have reached $700 million in notional volume, spiking 10.5% in the past ten days, and 127% in the past three months.

However, Ethereum’s daily active addresses have hit a 67-day low, closing out at 351.3k addresses transactions on the network. The last time Ether’s DAA was this low was on June 7th.

This is possible because of the ever-increasing network fees.

The network fees are going insanely high as such more than 42% of the miner revenue is currently deriving from the network fees. And it makes sense that the hashrate of the Ethereum Network has also grown to November 2018 high.

On-chain transaction fees on Ethereum that first outpaced Bitcoin in June have extended this gap to $1 million a day now.

The second-largest network is working at full capacity with the gas used nearing all-time highs, which have been making new records every other day. But all this usage is making the network too slow to use or too costly.

The average fee per transaction on Ethereum had reached $7.43, the highest since 2015, when the network was launched. Median transaction fees, which stayed below historic highs of $3, have also gone up to $3.89, as per Blockchair.

It was in mid-July when transaction fees started to soar on the network coinciding with the surging activity in the DeFi world.

The median gas price that has spiked to 41.39 Gwei, with average gas price at 223.68 Gwei, has been because of decentralized exchange Uniswap V2, most popular stablecoin Tether (USDT), and DEX aggregator 1inch which have been the top gas guzzlers, as per Etherscan.

Other prominent gas users include Chainlink that continues to hit new ATH, Curve DEX that is seeing explosive growth, and just launched, collapsed, and is on to launch another version, Yam.

All the activity has pushed the pending transactions on the network to reach 176,431; this congestion further drives the fees higher.

While Ethereum developers are working on reducing fees and scaling the network, the solution remains months away.

Read Original/a>
Author: AnTy

Ethereum Gas Price Hasn’t Been This High Since its Launch

The price of Ether is back to making its way to $400 level as it hovers around $391 in the green with just $840 million trading in the past 24 hours.

The second-largest digital asset is up 200% YTD and about 290% since March sell-off. Santiment noted,

“ETH holders have been euphoric for good reason… Ethereum is at +2.78 deviations above its neutral resting position when it comes to weighted social sentiment, which is easily an all-time high.”

But what’s not good for Ethereum is the extremely high transaction fees that have been rising throughout 2020.

Ethereum’s average transaction fee has spiked more than 3,636% since the beginning of this year, as per Ycharts.

According to Etherscan, on August 10th, a record of 9,332 ETH in transaction fees was paid, except for on two occasions on June 10 and 11 due to a couple of transactions that paid million dollars in fees.

The average gas price has also skyrocketed surging to 118.33 Gwei, recording an increase of 915% since earlier this year. Trader and economist Alex Kruger noted,

“High demand is driving Ethereum gas prices up. The 30-day average gas price has recently reached levels only seen in the summer of 2015, right after Ethereum launched.”

Ethereum network is working at full capacity, with the daily gas used continuing to surge to new highs in 2020.

From 37.2 billion on January 1st, gas usage has reached 77.8 billion on August 10th. Since late June, it has been keeping above 70 billion.

This growth has been the result of ever-increasing stablecoin supply and the exploding DeFi space.

This past week, however, Ethereum saw a temporary slowdown in its growth with ETH active addresses about even for the week while transactions grew by just 0.9% week-over-week. According to Coin Metrics, transfers on the network declined by 1.4%.

But this week, the market is yet again active as Glassnode noted, 1.2 billion USDT, an all-time high, was transferred on Ethereum within a single hour, yesterday. In this quarter, the supply of stablecoins has been further gaining momentum, already surpassing $12 billion.

As for the DeFi sector, another record of $4.74 million has been locked in this space with an all-time high 4.51 million ETH also locked.

Read Original/a>
Author: AnTy

Second Half of 3-Yr Bull Market: Ether’s Crazy Run has 90% of its Supply in Profit

This past weekend, the price of Ether went past $400 to as high as about $420, a level last seen in July 2018. This huge move has been in line with bitcoin, which surpassed $12,000 only to crash 12%, which had ETH falling back to $360. Ethereum, however, had both a bigger percentage of a move up and a move down.

These gains, meanwhile have a good majority of ETH supply in profit.

The unprecedented amount of volatility over the weekend saw $1.1 billion worth of futures positions of over 70,000 traders getting liquidated across all exchanges.

Almost $400 million was liquidated on both OKEx and Huobi separately, followed by $164 million on BitMEX and $86 million on Binance. Most of the liquidations, about $647 million, were from Bitcoin’s futures, and $165 million of liquidations came from Ethereum.

According to Spartan Black of crypto hedge fund, The Spartan Group, the activity over the weekend has the market “entering into the second half of this three-year bull market which started in Jan 2019.”

When it comes to Ether, its rally was led by the “optimism around the impending launch of ETH2.0 phase 0 later this month,” he said.

Much anticipated ETH 2.0 will be more technically complex because it deals with validators, shared Ethereum co-founder Vitalik Buterin in an interview with Unchained podcast. He also said, “negative emission is not far from the range of possibility for Ethereum (ETH).”

Ethereum transaction fees have been skyrocketing in 2020 as the network runs at full capacity. He noted how in the last few weeks, it has been between 2000 and 5000 ETH per day, which, if expanded to a year, goes between 700,000 to 1,700,000 ETH a year, “which is higher than issuance with proof of stake.”

Interestingly, 31% of all ETH gas fees come from MLMs, while USDT accounts for 96% of stablecoin gas payments, reported Binance research. Much of this can also be attributed to DeFi, and Uniswap protocol accounts for 47% of DEX gas payments.

Additionally, the massive rally in DeFi tokens over the last few months also enticed the new capital flowing into crypto, which is now rotating back into liquid large caps such as BTC and ETH. This means the small and mid-caps will suffer until Bitcoin and Ethereum run their course.

The primary reason behind Defi’s popularity is yield farming, which is lending cryptocurrency to get interest and sometimes fees, which rises significantly in response to price increases.

A record $4.1 billion total value is currently locked in DeFi, which was $3 billion just two weeks ago and $2 billion two weeks before that; its market cap also hit $8 billion last week.

Thanks to these drivers, Ethereum has hit a market cap of over $43 billion, the highest level in the past two years.

Read Original/a>
Author: AnTy

How Much New Inflow Bitcoin Needs to Stay at this Price Level?

  • For the last 2.5 years, $400 million of new investment each month kept BTC price at $7,000, after halving it would require just $200 million
  • With the spread of the coronavirus slowing and volatility coming down, investors looking for the next trade

In yet another green start of the day, Bitcoin jumped 5.16% to trade at $7,148. In the past week, the world’s leading cryptocurrency recorded gains of 12.60%.

Following Bitcoin, altcoins pumped even harder this time, with Stellar (XLM) up 16.60%, ZEC 9.17%, Ethereum 8.94%, IOTA 8.84%, EOS 7.44%, and Monero 7.03%. In total, $12 billion were added to the market cap today.

Source: Coin360

Bitcoin would need just $200 million a month

In an interesting and uplifting tweet, popular analyst PlanB shared that in order to maintain the price at $7,000 since October 2017, Bitcoin has had about $400 million in new cash inflow every month. Assuming all trading is zero-sum game, for the last 2.5 years, 30d x 24h x 6blocks x 12.5btc x $7k, fresh flow of $400 million investment was made.

After the halving in May that would cut down the bitcoin rewards in half from the current 12.5 BTC to 6.25 coins, we would only need $200 million per month to keep the price at $7,000 level.

If this $400 million per month stays the same, then we would rocket, said PlanB. Although not all of the Bitcoin mined were sold, “if we assume the % sold the same before and after the halving, the logic still stands.”

Also, it may sound simple but doing so is difficult because it means HODLing until next halving and not trading, being scared by the high volatility, and falling prey to altcoins, said the analyst.

But of course, it won’t all stop here, as he noted that in 2012-2016, the inflow was $30M and then throughout 2008-2012 it was $1 million. “So I expect it to increase at least an order of magnitude, say $1B+,” said PlanB.

Investors now looking to hedge inflation

We have been already seeing retail buying the dip and institutions are also jumping in, given the large number of transactions happening on-chain again.

Commentators are also expecting a trillion-dollar stimulus to push the bitcoin prices up. According to Anthony “Pomp” Pompliano “Over the next two years, I think that it will have hundreds of percent of appreciation, given the quantitative easing and the volatility it brings,” and his personal view is of bitcoin hitting $100,000 before December 2021.

Binance CEO, Changpeng “CZ” Zhao is of similar opinion who said QE, depression, and central banks printing money would work in crypto’s favor. Once this money starts flowing in, “most prices are gonna go up very dramatically and I think cryptocurrency will go up much more proportionally higher,” he said.

As we are seeing today, Bitcoin and gold both are looking for a breakout. The precious metal is up sharply at $1,642 per ounce.

“Since the beginning of this crisis cash has been the main benefactor in the markets as investors sold off just about anything with value in order to avoid the rapid sell-offs,” said analyst Mati Greenspan. “Now that the spread of the virus seems to be slowing and volatility is coming down, it’s time to look for the next trade.”

While the Fed will be deploying new swap lines, the Japanese government is also out with their stimulus measure of just under $1 trillion, an unprecedented 20% of their GDP. According to Greenspan, investors may have gotten hold of their cash and are likely to be looking to put it back to work. And this time, they are “looking to hedge inflation.”

Read Original/a>
Author: AnTy

Bitcoin Cash Price Prediction: Long-term (BCH) Value Forecast – July 13

Bitcoin Cash (BCH) Up 72.3 Percent and Slightly Over-valued, May Correct but Trend is Clear
  • On the upside, if the $400 price level holds, the bulls will make an upward move to retest $480 resistance level.
  • The coin’s price is below the EMAs which suggest that price is likely to continue its fall.

BCH/USD Long-term Trend: Bearish

  • Resistance levels: $480, $500, $520
  • Support levels: $300, $280, $260

The price of Bitcoin Cash was in the bullish trend zone. From the price action on June 25, the bulls were resisted after testing the $480 price levels. The BCH market was on a downward correction to the low at $400. The support level at $400 was well supported as the bulls make an upward move to break the EMAs and retest the $480 overhead resistance level.

The BCH price fluctuates below and above the $400 price level. Presently, the BCH price is ranging below the 12-day EMA and the 26-day EMA which indicates that price is likely to fall. On the upside, if the $400 price level holds, the bulls will make an upward move to retest $480 resistance level.

The coin’s price is below the EMAs which suggest that price is likely to continue its fall. The price fell and it is approaching the low of $280 price level .The stochastic is in the oversold region but above the 20% range which indicates that the price of is in a bullish momentum and a buy signal.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

[Domain Disclosure] The crypto-community content sourced, created and published on BitcoinExchangeGuide should never be used or taken as financial investment advice. Under no circumstances does any article represent our recommendation or reflect our direct outlook. We b-e-g of you to do more independent due diligence, take full responsibility for your own decisions and understand trading cryptocurrencies is a very high-risk activity with extremely volatile market changes which can result in significant losses. Editorial Policy \ Investment Disclaimer

Read Original/a>
Author: Azeez Mustapha