Due to Increased Demand, Social Trading Platform Firm eToro Now Supports DOGE

Bitcoin may have brought cryptocurrencies to the limelight, but altcoins seem to be enjoying media attention in recent weeks.

The unprecedented surge in the value of small-cap cryptocurrencies has brought an influx of investors who have called for their listing on popular trading platforms.

The latest is meme-based cryptocurrency Dogecoin (DOGE) which enjoyed great fame following its bullish run in April.

In a few weeks that saw Dogecoin post over 300% increase in value, calls have continued to grow for the meme token to be listed on major crypto exchanges in the US.

The first response is coming from popular brokerage company eToro.

eToro US Lists DOGE

Israeli online brokerage firm eToro announced the listing of parody-based cryptocurrency Dogecoin on its U.S platform.

The listing will see Dogecoin join a host of other popular digital assets like Bitcoin (BTC), Ethereum (ETH), as well as, BCH, XRP, TRX, ETC, ADA, DASH, LTC, EOS, MIOTA, XLM, NEO, XTZ, ZEC, LINK, and UNI on the eToro US platform.

The brokerage firm with over 20 million active global users noted that this step was taken due to growing client demand for the meme coin to be listed.

eToro’s decision comes at a point in time when it witnessed remarkable rallies. It’s known as one of the most highly sought-after digital currencies.

It has also received backing from popular figures like Tesla’s Elon Musk and Shark Tank investor Mark Cuban.

Both men have contributed immensely to the continued success of Dogecoin.

At one point, Musk described DOGE as his favorite crypto.

This saw the price of the digital asset climb 20% with a further 10% when he confirmed his appearance on the popular tv show Saturday Night Live.

Cuban has been quite vocal too.

He has spent the better part of 2021 talking about cryptocurrencies and their potential to revolutionize the financial landscape.

In a recent tweet, he compared Bitcoin and gold as stores of value, noting that both are more or less financial religions in how they are used.

He also noted that BTC is easy to trade, create, and store with minimal delivery issues.

Also, Bitcoin allows for the transfer of value domestically and cross-border in contrast to gold which he said can be a hassle.

He also spoke on the decentralized platform Ethereum, which he said is far better, cheaper, and faster in authenticating financial transactions in a trustless manner through smart contracts than conventional financial institutions.

Cuban did not forget to speak about DOGE in his series of tweets. According to the billionaire investor, Doge may become a usable currency if more companies accept the digital coin in exchange for products and services.

Businesses Jumping on DOGE

Top on the list of companies adopting Dogecoin is NBA franchise Dallas Mavericks. The Mavs have since accepted Dogecoin as a form of payment for tickets and online merchandise. The solution was done in partnership with crypto payment provider BitPay.

Other businesses jumping on the Doge train have been consumer electronics company Newegg, Air Baltic, and Canada-based internet service provider EasyDNS.

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Author: Jimmy Aki

Ethereum Targeting October for The Merge through Scaling Project ‘Rayonism’

Ether is enjoying a lot of momentum with prices aiming for fresh ATH as interest for the cryptocurrency gains interest from retail and institutions alike, as seen in the volume recorded by CME ETH futures, inflows into Ether funds, and four ETH ETFs gaining traction.

This has been ahead of the London upgrade that will involve EIP-1559 aiming to burn the ETH paid in gas fees, making it a deflationary crypto asset, all ready to come in July, a tentative date set in the last dev meeting.

Besides this reduction in ETH supply, the transition of the second-largest network from PoW to PoS is of significant importance. It will help the network remove the scalability issue.

Phase 0, the beacon chain, has already been launched in December, and almost 4 million ETH has been deposited so far in ETH 2.0.

During the ongoing ETHGlobal’s Scaling Ethereum event, a virtual hackathon that also involves summits, the devs talked about the need to move away from the centralized staking, especially crypto exchanges, and onto more decentralized options.

The developers working on Ethereum are targeting October 2021 for the Merge, which will swap the actual consensus layer from proof-of-work to proof-of-stake.

Though a bit optimistic, Ethereum virtual Hackathon hosting between April 16th and May 14th is working on the Merge. It has been given the name of Rayonism, a project that is taking the research and engineering efforts of the Eth1-Eth2 Merge and Sharding and building testnets around the ETHGlobal Scaling Hackathon.

If the Merge gets delayed due to the Shanghai upgrade, it can then come by Q1 of 2022.

During the Summit, it has been shared that the code changes for the Marge are expected to take weeks and not months, with much of the work needed to be done with testing and auditing.

Once the Merge is complete, a cleanup fork will take place, which will enable the withdrawal of the locked ETH.

From here, the team will move to sharding, which is expected to make the network scale up to 25x, which the community has long been waiting for as very high usage of the Ethereum network has made it accustomed to congestion and high fees.

Parallel to sharding, the key execution layer upgrade will be statelessness along with state expiry that will enable much higher gas limits and scaling on L1. Finally, the focus will be on zkSync 2.0 and StarkNet to make native execution on shards easier.

So, all the major upgrades to the Ethereum network are all planned out with developers working on making them a reality, and it is driving the ETH prices higher, which is currently trading above $2,500.

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Author: AnTy

Uniswap Reaches 1 Million Users; UNI has Highest Distributed Supply Among Major DeFi Assets

Popular decentralized exchange Uniswap is enjoying increasing volume in 2021, just like the centralized exchanges.

Ever since November 2020, the weekly volume on the platform only went higher, starting from just under $2 billion through the month to climb above $3.50 billion towards the end of December. January saw these numbers rising past $5 billion only to have a record $8.2 billion in the Feb. 21-27 week.

Things are currently slowing down to $5 billion weekly volume, as the cryptocurrency market consolidates in the macro backdrop of the rising USD index, smaller users trying cheaper alternatives like Pancakeswap on Binance Smart Chain (BSC), and NFT mania capturing the attention.

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Interestingly, while DEX Uniswap is managing about $1 billion in daily trading volume, its valuation is only $32 billion. Compared to this, Coinbase does $2.5 billion with a valuation of $100 billion.

“Now, let’s think about a fair price for UNI,” commented DeFi.

Just past weekend, UNI joined the top 10 cryptocurrencies list as the price hit a new high. As of writing, at a price of $32, UNI has a market cap of $16.71 billion.

But while on Uniswap, the fees are 0.30%, Coinbase charges a hefty up to 4%, which can rise further after the markup. During high volatility, both the exchanges recorded higher volume and increased fees paid by users.

The big difference is in their users; Coinbase, which was launched in 2012, revealed in its filing with the SEC that it had 43 million verified retail users in Q4 2020. The company also reported 7,000 institutions and 115,000 ecosystem partners.

Meanwhile, in November 2018 launched Uniswap has just reached 1 million users, as per Dune Analytics.

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While Uniswap has a long way to go, the growing DeFi ecosystem can speed up things.

Just last week, as UNI’s market cap surged to a new all-time high on Sunday, UNI active addresses also increased 4.3% week-over-week, and transfers increased by 10%.

The governance token of the dominant DEX further had a massive 470.3% increase in adjusted transfer value after it spiked to over $4.9 billion, from a daily average of less than $1 billion, on March 5th.

The DeFi token also has a relatively high SER, The Supply Equality Ratio inspired by the 20:20 Ratio – a traditional wealth inequality metric that compares the average income of the richest 20% of society to the poorest 20%.

Among the major DeFi assets, UNI has the highest distributed supply with SER of more than 0.002, likely due to its initial airdrop to platform users, as per Coin Metrics. AAVE, whose SER increased significantly since the start of the year, and COMP also have relatively high SER, just under 0.001.

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Author: AnTy

Grayscale Recording Inflows “Unlike Ever Before;” Meanwhile Largest Gold ETF Yet to See Any

Bitcoin is enjoying a wild rally, having surged more than 20% since yesterday this too, while average BTC fees being just above $4.

Trading above $23,000 with $11.27 billion in ‘real’ volume, the market is euphoric with greens.

Bitcoin’s market cap has reached above $430 billion today, adding more than $70 billion since yesterday.

This is all the result of the factors at play in this bull market that we haven’t ever seen before in terms of “investment banks writing research highlighting bitcoin superiority to gold,” said Michael Sonnenshein, Managing Director of the largest crypto asset manager Grayscale Investments.

We also saw prominent investors like Paul Tudor Jones, Stanley Druckenmiller, BlackRock CIO, and many others coming out supporting this asset class and corporations like Square and MicroStrategy adding bitcoin to their balance sheet as a reserve asset.

As Sonnenshein shared in his interview with CNBC, Grayscale is currently seeing flows that “are now probably up 6x what they were last year.”

Elaborating on the type of investors that are buying GBTC at over 34% premium to Bitcoin price and ETHE at nearly 210% premium to Ether, Sonnenshein said these “investors that are putting capital to work are unlike any of the investors we’re seeing ever before.” He said,

“It’s some of the world’s largest investors and the allocations that they’re making are bigger than we’ve ever seen before and their time horizon for this is generally something over the medium to longer-term.”

As of writing, GBTC holds just above 569k BTC, worth more than $12 billion, representing just over 3% of Bitcoins’ circulating supply, while their Ether stash represents 2.58% supply at 2.94 million ETH worth $1.84 billion.

Unlike all the flows that Bitcoin sees currently, gold has yet to recover from all the outflows it started recording last month. Kevin Rooke noted,

“The world’s largest gold ETF sold 8.3% of its gold so far in Q4 (100+ tons), and hasn’t seen any inflows in 17 trading days. November 19th was the last day the NAV of GLD actually went up, almost a month ago.”

However, the price of gold did manage to uptrend some on the back of declining USD, and Federal Reserve Chairman Jerome Powell vowing that they will keep up with its massive monetary stimulus.

Climbing to $1,890, the bullion still recorded 22.32% returns in 2020 compared to Bitcoin’s 223%.

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Author: AnTy

Chinese State Media: BTC Bull Market Can Cause Long-Term Downward Pressure on Gold

In 2020, China has repeatedly been pointing out the bull run the largest digital asset is enjoying, and yet again, before the year is over, it went at it again, but this time, it took one step further.

Over the weekend, CCTV, China’s state media’s Bitcoin coverage, involved its bull market, causing downward pressure on the precious metal.

Bitcoin getting airtime on the state media is significant in itself, but it is more so when compared with the traditional safe-haven asset, which has high demand in the country.

Interestingly, when it comes to global gold demand that includes jewelry, technology, bars, coins, and ETF, China, along with India, accounts for the highest, 24% each.

“It’s truly incredible if you think about it. A decade ago, we started printing a digital ledger, which today is still less than 1 terabyte that’s sucking the life out of an element on the fucking periodic table that has existed since the dawn of universe…” noted analyst Qiao Wang.

The CCTV report quoted JPMorgan’s report predicting a major shift in crypto and gold markets as digital assets become increasingly popular as an investment asset class.

“The adoption of bitcoin by institutional investors has only begun, while for gold, its adoption by institutional investors is very advanced,” wrote JPMorgan strategists earlier this month while noting that money poured into the Bitcoin fund since October year while moving out of gold.

According to the strategists, the trend that started this year is only going to continue in the long run as more institutional investors jump on the Bitcoin bandwagon.

“If this medium to longer-term thesis proves right, the price of gold would suffer from a structural flow headwind over the coming years,” wrote JPMorgan’s strategists at the time.

In its latest report, the banking giant said Bitcoin adoption by institutional investors achieved another milestone with MassMutual’s $100 million BTC purchase that could see an additional $600 billion in Bitcoin demand.

Back in Sept., CCTV also reported that cryptocurrency is the best-performing asset of the year has surpassed other investment classes like gold and US stocks.

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Author: AnTy

XLM Records Impressive Volume; Co-founder says Team Is Making Stellar ‘Useful for Real People’

Much like the rest of the cryptocurrency market, Stellar has also been enjoying the gains this past month.

With nearly 113% gains in the last 30-days, XLM is currently trading at $0.175, which brings its year-to-date performance to over 289%.

In the last 60 days, Stellar’s trading volume has surged by a whopping 517% on the back of numerous fundamental developments, noted eToro.

Recently, Germany’s Bankhaus von der Heydt (BVDH) launched a Euro stablecoin on the Stellar network. The EURB stablecoin is a fully regulated one but won’t be openly traded on exchanges due to strict KYC requirements.

BVDH managing director Philipp Doppelhammer said EURB’s first use case will be for “cross-border money transfers” for blockchain payments company SatoshiPay’s customers.

This came after earlier this week, German private bank Hauck & Aufhäuser announced its first crypto fund, the HAIC Digital Asset Fund I that will include Bitcoin (BTC), Ethereum (ETH), and Stellar (XLM). This fund will be launching on Jan. 1, 2021.

The Dollar Savings Project

Stellar co-founder Jed McCaleb, who was also behind the Mt. Gox exchange, recently appeared on The Pomp Podcast where he talked about the idea behind the 13th largest cryptocurrency which is to

“make this interoperable layer where all these things can communicate with each other, not just in financial networks but different currencies.”

McCaleb further explained,

“It just allows you to use any currency at any financial institution and seamlessly and effortlessly send anybody else in the world.

That’s kind of the goal and the way we do that is by leveraging this innovation that Bitcoin came up with which is this distributed ledger that everyone can see but no one can change arbitrarily.”

Stellar launched about six years ago and currently one of the big things the team is working on is the dollar savings app “which is a consumer app that allows people in places with really high inflation like say Argentina to be able to save their money in dollars,” said McCaleb.

These are the efforts where the team is working on making Stellar useful for real people with another big B2B payments corridor between Nigeria and Europe that “we’re helping it foster,” he added.

McCaleb, who is also the former CTO of Ripple, recently sold 29.5 million XRP worth about $135 million in a single day.

Between 2014 and 2019, he sold 1.05 billion XRP, as per Whale Alert. In 2020, he sold another 375 million XRP at a total of $75 million up to August 3.

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Author: AnTy

Last Obstacle: Bitcoin Price Near its ‘Loftiest Point’ Since January 2018

While the stock market continues to feel the heat of the elections, the bitcoin market is enjoying a red-hot rally. Analyst Mati Greenspan in his daily newsletter Qutamm Economics wrote,

“This sort of bullish action at a time when stocks are showing increased volatility only adds to the narrative that bitcoin can be seen as a safe haven to hedge increasingly larger portfolios.”

With the latest upwards move, the digital currency was on its way to break the 2019 high of $13,900, just millimeters away from its “loftiest point” since January 2018, before tumbling about 4% to just under $13k.

Last night, bitcoin’s price went nearly to $14,000, a level the market loudly believes is the only resistance to the $20,000 all-time high. Greenspan said,

“Note that between the levels of $14,000 and $20,000, there is insufficient price data to single out any specific points of resistance. Yes, there’s still a possibility of a large retracement. $14,000 is a large point of resistance, and we’re still watching that upward channel.”

Seen as the “last boss” before hitting the peak, it’s not to say there won’t be any hiccups along the way, which quant trader Qiao Wang believes “will be buying opportunities for those don’t own enough yet.”

Today, BTC price retraced under $13,000, up about 90% YTD while managing the ‘real’ trading volume of over $ 3 billion. In October, the leading digital currency had increased by almost 30% in value.

With this latest retracement, already BTCs are happening with NFL athlete Russell Okung jumping right on that.

Supply-side liquidity crisis to blow it up

In the past few days, the news of PayPal allowing its customers access to cryptocurrencies, Singapore’s biggest bank DBS soft launching its fiat-to-crypto exchange, and JPMorgan’s JPM Coin making its first payment since announcing its development in 2019 is leading to increased interest from institutions. As Nic Carter of Coin Metrics told Bloomberg,

“This rally seems to be more driven by allocators with larger balances getting involved, rather than a flurry of retail investors.”

Not to mention Fidelity Investments launching a Bitcoin fund, Square making a $50 million investment in the digital currency, and MicroStrategy making it a part of its Treasury.

“It seems that there is more excitement and that crypto will be used more often,” said Edward Moya, a senior market analyst at Oanda Corp. “The world seems poised for a digital currency.”

In the short-term with the US Presidential election next week, volatility is expected. Things are expected to get “very noisy” not only because of high odds of a contested election but with Europe in the process of lockdown as well.

Still, it won’t take BTC long to burst through $14,000, as it is known for its explosive moves. Sven Henrich, the founder of NorthmanTrader, is also targeting $17,000 per coin. Jake Chervinksy, General Counsel at Compound Finance, noted,

“Bloomberg analysts think BTC might hit $14,000 by . . . the end of the year? That long? Try next week. After all this time, legacy finance types still have no sense of BTC’s face-melting volatility. The coming “supply-side liquidity crisis” will blow them all away.”

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Author: AnTy

Bitcoin Overtakes Disney & Netflix After Beating BoA to Become 23rd Largest Asset by Market Cap

Bitcoin is enjoying a bullish this week as the price sets a new 2020 high.

As the leading digital currency surpassed $13,000 for the first time since early June 2019, Bitcoin’s market cap also jumped to $230.5 billion.

Bitcoin’s market cap is on an uptrend ever since the March sell-off, which resulted in it going under $100 billion. But now, we are on a level not seen since mid-January 2018, as per Bitinfocharts.

At the peak of the 2017 bull run in December, Bitcoin recorded a market capitalization ATH of nearly $325 billion.

If Bitcoin’s market cap breaks this high, it will put the digital asset at 16th place, replacing Mastercard based on market cap, 7 spots above its current place while beating the likes of PayPal, JPMorgan Chase, and Home Depot.

Currently, Bitcoin is at 22nd place by market cap, overtaking Coca-Cola, Netflix, Intel, Disney, Salesforce, and Verizon, as per Asset Dash.

Just before this week, Bitcoin had entered the top 30th place flipping Bank of America but this week’s gains of 16.6% thanks to PayPal announcing support for the flagship cryptocurrency has it flying. Jake Chervinksy, General Counsel at Compound Finance said,

“Bitcoin’s value has increased extraordinarily since its price last peaked in 2017. We’ve spent 3 years building mature market infrastructure, resolving regulatory issues, & gaining legitimacy & adoption in mainstream circles. Price will reflect all of this work sooner or later.”

The digital asset still has a way to go. The top spot sits Apple with a whopping over $2 trillion market cap followed by three other trillion dollar brands Microsoft, Amazon, and Alphabet.

For Bitcoin to enter into the trillion-dollar category, the price of each BTC must spike to about $54,000. And to replace Apple to become the biggest asset, Bitcoin’s price needs to jump past $100k. But as Dan Tapiero, co-founder of 10T Holdings, notes,

“It’s still so early for bitcoin. Still at the birth of a new global asset class.”

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Author: AnTy

These 2 DeFi Forks Take a Harsh Beating As The Originals Reclaim Their Dominance

Up until the mid of last week, Curve clone Swerve was enjoying a record $942 million in deposits, or total value locked (TVL), as per Debank.

But today, the protocol has just $69 million of funds left in it, suffering a loss of 92.6%. It took less than half of the days for Swerve to lose $873 million than it took to gain these funds.

But what exactly was behind this crash? Two words: Incentive rewards.

Over the weekend, SWRV issuance was reduced to 9 million SWRV per year from the previous two weeks. With this new chapter, the users fled the scene, and the price of SWRV lost the bulls. It is currently trading at $1.9, after having been on a downtrend since Sept. 9 high of $7.

On Sept. 19, the volume on the platform was at its highest at $220.6 million, which also tanked to $25 million the next day.

“Swerve’s liquidity was just mercenaries searching the highest yield,” said Ryan Watkins of Messari. “Forking is easy, building is hard.”

On the other hand, the original DEX Curve is the third-largest DeFi project currently with a TVL of $1.26 billion, which over the weekend, nearly hit a new record. The volume on the platform also continues to grow, registering $419 million the same day Swerve tanked, which means Curve has taken back all the liquidity from its fork.

Although SushiSwap isn’t experiencing as much loss as Swerve, things aren’t better for this Uniswap copycat, either.

Since hitting $1.58 billion record TVL at the beginning of September, the crypto deposits on the platform have been on a downtrend, hitting $453 million today. The same is the case for its volume, which has continually decreased to $41 million from the high of $265 million on Sept. 10.

This DEX is also set to lock up SushiSwap rewards for six months to decrease circulating supply and further hard cap the supply at 250 million tokens.

The original Uniswap, meanwhile, was all the rage this week with the launch of its governance token UNI. This helped the protocol become the largest DeFi project with $2 billion in TVL.

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Author: AnTy

BoE Governor Calls for Setting Global Standards for Stablecoins, Instead of Playing Catch Up

Stablecoins have been enjoying tremendous growth, and DeFi mania has only been pushing it further, so much so that these USD-pegged coins have been adding $100 million per day since mid-July.

“DeFi yields/interest rates are clearly a vacuum sucking in a lot of stablecoins,” shared Coin Metrics co-founder Nic Carter.

Source: CoinMetrics

As such, it makes sense these coins will continue to be under the increased scrutiny of regulators, which first came under their radar after Facebook unveiled its Libra stablecoin last year.

Now, Bank of England Governor Andrew Bailey is saying that financial regulators must avoid playing catch up with them. Bailey said in a speech to the Brookings Institution,

“If stablecoins are to be widely used as a means of payment, they must have equivalent standards to those that are in place today for other forms of payment types and the forms of money transferred through them.”

Calling for a clear G20 mandate for standard-setting bodies to clarify or refresh standards, he said existing regulatory standards must be examined and updated as necessary in the light of stablecoins. He said in the prepared speech,

“Regulators of global stablecoins must, and are, working with other regulators in other jurisdictions to ensure that they are appropriately regulated and gaps in coverage, opportunities for regulatory arbitrage, do not emerge.”

Any stablecoin which is based on the pound and launched in Britain should meet standards that are applied to banks, Bailey said. Also, the issuer of the stablecoin needs to be based in the country, he added.

“If a sterling retail stablecoin wishes to operate at scale in the UK, then we will strongly consider the need for an entity to be incorporated in the UK.”

Meanwhile, central banks have taken to work on their own state-owned digital currencies. China is already in the testing phase of its DC/EP, and Japan is also making digital yen its priority while both the BOE and US Federal Reserve have taken a cautious approach towards launching their central bank digital currency.

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Author: AnTy