Coinbase Is Still Reporting Stellar (XLM) Having ‘Degraded Performance’

Coinbase Is Still Reporting Stellar (XLM) Having ‘Degraded Performance’

The issue has been several validator nodes on the Stellar blockchain not validating transactions which SDF says is now online while they investigate the root cause for the same.

Cryptocurrency exchange Coinbase reported delays in Stellar (XLM) deposits and withdrawals earlier this week, which continues today. The network status Stellar reads

“Degraded Performance.”

As of April 8, 02:22 PDT, the exchange said, “We’ve been working with the Stellar team to fix the delays of deposits and withdrawals.”

Coinbase is reportedly also planning to roll out a crypto rewards debit card in the U.S. that will pay back 4% in Stellar lumens (XLM), as per The WSJ.

However, it wasn’t just Coinbase that was having issues; many other exchanges like Binance, Bitstamp, and Bitfinex have been dealing with XLM withdrawal issues as well.

The issue turned out to be several validators on the Stellar blockchain were disconnected from the network, causing the transaction issues.

Stellar Development Foundation (SDF) released an official report on the matter, saying, “both the SDF nodes and the public-access Horizon are now back online.”

According to Stellarbeat, which keeps track of the network’s node count, a few nodes are still down.

XLM deposits and withdrawals were paused on centralized crypto exchanges “out of an abundance of caution,” and now SDF is in communication with them, reads the announcement.

Reporting on the incident, SDF said it was early Tuesday morning that the validator nodes temporarily stopped validating transactions. While the SDF node was experiencing downtime, for reportedly at least 10 hours, the network itself remained online, which it said: “is just the way a decentralized network is intended to work.”

Due to sufficient validator redundancy, the network continued to function as normal despite the temporary unavailability of SDF’s infrastructure.

As for what caused this, the team is still investigating what the root problem was and, so far, has narrowed the trigger down to a single ledger and single operation in that ledger.

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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

Bitcoin’s Moon Predictions Make a Comeback, Targeting $25,000 to $500,000

Bitcoin’s price has been on a tear lately, having risen to a new all-time high of almost $19,000 last week, last seen during the peak of the 2017 bull market.

As BTC works on beating an all-time high, the sky-high predictions have made their return.

With Fidelity Investments, JPMorgan Chase, PayPal, and BlackRock embracing the digital asset, the FOMO continues to push the cryptocurrency price higher.

“You suddenly have this nearly perfect backdrop that is not only lending validity to the asset class, but is also really demonstrating its staying power,” said Michael Sonnenshein, managing director at Grayscale Investments. According to him, Bitcoin is,

“once again showing investors no matter how many times it gets challenged, that it has a way of emerging almost stronger or demonstrating its ability to be really, really resilient.”

History doesn’t repeat, but it rhymes

Amidst this bull run, David Grider, the head of digital asset strategy at Fundstrat Global Advisors, has increased his price target to $25,000 by the end of 2021 from $16,500.

Fundstrat co-founder Tom Lee made a had started year-end price target of $25,000 in 2018 only to abandon it after BTC hit its bottom in the bear market at $3,200 in December.

For Grider, “History doesn’t repeat, but it rhymes,” and now “the audience is bigger, the market is bigger, it’s a little more institutionalized — you have different fields of capital coming in.”

Crypto’s resident bull, Mike Novogratz, the founder of Galaxy Digital, known for making some wild predictions just last week, said that BTC would reach $65,000 as Novogratz sees “tons of new buyers” amid “little supply.”

As we reported recently, Tom Fitzpatrick, a strategist at Citigroup Inc., said the flagship cryptocurrency could reach $318,000.

Institutional Momentum Mania

Up 170% YTD and 35% month to date, If all institutions were to assign 1% to 5% allocation to Bitcoin, it could rise “to somewhere in the $400,000 to $500,000 range,” said Catherine Wood, CEO of ARK Investment Management during the Virtual Investing in Tech series of Barron’s.

According to her, this time is different for one big reason – the involvement of institutional investors. A noted booster of disruptive technologies such as Tesla and Bitcoin said the digital asset is “equivalent to the dollar in the fiat currency system. That’s a pretty exalted role.”

However, according to Edward Moya, a senior market analyst at Oanda, “Today’s outlandish calls seem primarily based on momentum mania,” adding, “I doubt institutional traders will allow Bitcoin to only go in one direction.”

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Author: AnTy

Crypto Custodian Anchorage Hits Milestone; Receives a SOC 1 Type 1 Attestation Report

Anchorage, the U.S domiciled crypto custodian, announced that it had obtained a SOC 1 Type 1 report having completed an assessment. This audit was done by Ernest & Young (EY), one of the big four auditors in the world. According to Anchorage’s announcement on Nov 10, the milestone will be a big boost to its value proposition as a digital asset custodian that deals with other institutions, including financial service providers.

Basically, the SOC 1 Type 1 report entails assessing a company’s support ecosystems to ensure robust financial reporting mechanisms and internal operating systems. In the case of Anchorage, E&Y also looked into the control of private keys; an area where Anchorage’s Head of Compliance Jennifer Lee, expressed confidence on,

“What sets the Anchorage report apart is a heavy emphasis on our ability to prove exclusive control, confidentiality, and availability of private keys.”

The SOC 1 Type 1 report is not a walk in the park; this approval is only granted after the attestation of a qualified third party such as E&Y. With Anchorage receiving this report, the crypto custodian has further increased its mark of excellence as a financial services provider. Per the announcement blog, they were confident of this position but are now better placed with a formal confirmation by E&Y,

“Completing this examination and being granted the SOC 1 Type 1 report more formally signifies something we have long known: the controls and processes Anchorage has developed are world-class and meet a truly rigorous standard.”

In the future, the firm plans to complete SOC 1 Type 2 assessment, which is more rigorous and done over time than a one-time review. Anchorage also indicated that it would retain E&Y to be its third-party auditor in the type 2 evaluation, as it strives to increase standards in compliance reporting and support for internal systems. Cryptocurrency exchanges Gemini and Coinbase have also completed these assessments.

Notably, this crypto custodian has quite a bullish fundamental year, expanding into the burgeoning Decentralized Finance (Defi) niche. The firm’s collateral management services have also grown significantly through a major partnership with Silvergate bank to provide crypto-pegged loans to institutional clients. With a SOC 1 Type 1 report, Anchorage is optimistic about creating a more trustable crypto custodial ecosystem.

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Author: Edwin Munyui

Bitcoin Rally Makes Winklevoss Twins Billionaires Again, But ‘Real Euphoria’ Isn’t Here Yet

Bitcoin is had a great week, having seen an increase of more than 20% in its price.

Up 115.23% YTD, not only the digital asset, climbed to the level (almost $16,000) not seen since early January 2018, but it has now also run up above $10,000 for over 100 days.

With the leading digital currency back in the game, bitcoin holders, investors, and traders are having a great time.

These gains have made the Winklevoss twins billionaires yet again. Tyler and Cameron Winklevoss, the founders of crypto exchange Gemini, bought $11 million worth of BTC in 2013, who briefly became billionaires when BTC soared to its peak of $20,000 in December 2017.

According to the Bloomberg Billionaires Index, each of the brothers, who also own other cryptos including Ethereum, is now worth about $1 billion.

“The price of Bitcoin is being driven by all of the money printing and uncertainty in the world right now,” said Tyler Winklevoss, the CEO of Gemini, the exchange that recently got its application for an electronic-money license approved from the Financial Conduct Authority, to expand into the UK market.

Back in August, the twins predicted that the Bitcoin price would reach $500,000 because “inflation is coming,” and while money stored in banks will get run over, money stored in bitcoin “will run the fastest, overtaking gold.”

There’s lifetime wealth to be created.

The crypto market has started to show signs of a crypto bubble with altcoins also flying as Bitcoin takes a breather after breaking important price levels these past few days.

Amidst this, Robert Leshner, co-founder of Compound Finance, advised those that haven’t experienced one yet to make a plan to take money off the table and stick to it, “regardless of regret you’ll temporarily feel.”

He further ticked off the dos and don’ts, including not taking on debt and always paying off that has been taken, using a hardware wallet to protect funds, and saving for taxes.

Leshner also advised not to shill or get friends or family to buy crypto or let people on the internet convince you to buy assets. And if something seems too good to be true, then it probably is, so just go get fresh air and remember that the tide turns quickly.

But despite these gains, we are nowhere near the top. Bitcoin has a long way to go, not to mention that we haven’t even broken the previous high.

As Ari Paul, co-founder of crypto investment firm BlockTower Capital, said, “We haven’t seen even a hint of real euphoria in crypto yet. That happens when lifetime wealth is created. For the vast majority of crypto investors, they’re just cheerleading to recover old highs (which remain pretty far away for almost everything but BTC).”

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Author: AnTy

Altcoins & DeFi Back in the Game as Bitcoin Consolidates

After having a run-up of over 20% this week, Bitcoin is taking a breather.

On Thursday, the leading digital asset went to nearly $16,000 after starting the month just above $13,000. This started in October when BTC traded around $10,000 and got into action towards the end of the month.

Now, we are trading under $15,330, at the time of writing, in the red with $2.51 billion in ‘real’ trading volume.

But while Bitcoin is consolidating after scoring a 34-months high, this is a good time for the depressing altcoins to finally do something.

Ether that has been silent during Bitcoin’s run-up finally scored above $465, a level not seen since July 2018, which in part was because of the announcement about ETH 2.0 finally coming in December. For the launch of Beacon Chain, the core of ETH 2.0, ETH deposits have started flowing in too.

While almost everything is enjoying gains, it is yet again the DeFi party, which seems to have finally capitulated.

After dominating the Q2 and exploding in Q3, the decentralized finance sector topped out in September. While the total amount locked in the sector tried to keep up, the price of DeFi tokens took a severe beating.

CRV actually went down 99% from its high while the majority of them dropped 75% to 95%.

But now, the DeFi tokens are being exciting once again, especially YFI. The DeFi darling that went above $40,000 crashed to $7,500 on Thursday and has been looking hideous this week when the volume shot up, and YFI price started trending up.

As a matter of fact, in just two days, it gained over 118% of its value back. As of writing, YFI has been trading at $14,200.

“YFI pushed +33% in an hour. No news. Just a monster buyer/s. This is how potential trend reversals look like,” noted one trader.

Other notable gainers include SOL (+35%), Aave (+30%), SNX (+27%), SRM (+24%), and CRV (+20%).

“Do not underestimate the power of what may seem like superfluous narratives in this space. There’s a reason alts have been pulling the same for years; it works,” said trader Hsaka. “AAVE continues to be the DeFi leader with the largest % change in OI too.”

And these gains can be seen reflected in the record DeFi TVL at $12.48 billion, as per DeFi Pulse.

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Author: AnTy

Bitcoin Enters “Hodlers’ Sweet Spot,” Relative Unrealized Profit Points to “Plenty of Room to Grow”

Bitcoin has been having a wild day, having hit $15,300 today with the volume going to $4.3 billion.

The fall in the USD index to May 2018 level also pushes BTC higher, just like gold, which is near $1,950.

For the leading digital asset, there isn’t much resistance standing between here and the all-time high of $20,000.

As one trader noted, “that was the last major resistance until ATH,” while another adds to the hopium with “BTC 20K now doable in 2020. 25K-30K in 2021, all possible.”

According to the world’s largest money manager BlackRock as well, crypto is a useful addition to a balanced portfolio besides cash, emerging markets, and some risky assets that offer an effective hedge today.

And there’s still “plenty of room to grow” based on Bitcoin’s relative unrealized profit despite the digital asset already being up more than 107% YTD.

During the previous cycles, the global tops were hit when the metric had a reading of 0.8. Last year’s local top at $13,900 was hit at 0.64. This time, currently, BTC is at around $15,250 and the metric has only a reading of 0.53.

BTC Relative Unrealized Profits
Source: Glassnode

Strong Fundamentals

With the latest jump in price, near-record addresses are active on the Bitcoin network.

Yesterday, a total of 1.17 million addresses were active, and there have been only nine days in BTC’s entire history when the network saw more activity.

Only 600 addresses were short of hitting the record set on December 17, 2017, when Bitcoin made an all-time high.

When it comes to other fundamentals, over 64% of Bitcoin addresses holding BTC for over a year, up 20.6% over the last 12 months. Also, the number of BTC addresses with a balance managed to increase by 15.9% throughout the last 33 months at 33.03 million, as per IntoTheBlock.

Since January 2018, when we last hit the price that BTC is currently at, the hash rate of the network actually increased by 744%, demonstrating “the value miners see in Bitcoin, but also the value Bitcoin obtains from its miners.”

The Bitcoin hash rate, which dropped for the past couple of weeks, going under 100 Th/s due to the rainy season being over in China and many miners switching off and seeking new hosting facilities which are now seeing a 25% increase in revenue, is also back at 128 Th/s.

This happened after Bitcoin had the second biggest negative difficulty adjustment this week, which was nine years after the biggest one in October 2011.

With this, the unconfirmed transactions were also down at 30k from the high of 150k last week. Naturally, the average bitcoin transaction fees are around $8, which surged above $13.

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Author: AnTy

YFI Continues to Tank, Wiping Out All the Gains It Made Since August

YFI is not having a good day.

As a matter of fact, the popular DeFi token didn’t have a good week or month either.

Falling out of the top 50 coins, YFI is currently trading around $8,500 down 12.50%, slightly up after falling under $8,445 today.

In the past seven days, YFI has actually been the biggest loser among the DeFi tokens with 32% losses. Meanwhile, in the past 30 days, YF’s price went down 55%.

“YFI is the worst performing coin of the last 7 days among the top 100 coins. That’s quite an achievement,” commented trader Alex Kruger on this downslide.

YFI is the same coin that leveled the price of Bitcoin in mid-August only to hit $20,000 before BTC, which is currently under $14,000.

This is the same coin that surged past $44,000 in mid-September to its all-time high, and since then, it has only been going down.

image1

Some are still calling for more pain ahead for this DeFi darling, with one trader saying “capitulation around the corner,” targeting $7,500.

When it comes to the Yearn.Finance protocol, the amount of funds locked in it is also on a decline, which started around the same time the price of the token started crashing.

From about $952 million on Sept. 1st, the TVL in Yearn.Finance went down to almost $330 million on Oct. 28. Currently, it is trying to make it back to $400 million, as per DeFi Pulse.

The amount of Ether locked in the project has also fallen to a mere 55.4k ETH from over 323k in early Sept. besides 51 million DAI and less than 2 BTC.

Amidst this, today, its team announced the integration of Yearn yVaults into Frontier’s interface, which means “users can now seamlessly Track and Manage their vault positions with Frontier Mobile interface.”

Meanwhile, the project creator Andre Cronje is busy with the latest project, Keep3r Network, whose token KP3R is currently trading around $130, down 27% in the past 24 hours. The token hit its ATH the day after its launch at $366.

After all, last month, he had explained that Yearn is more than just him. The project now has its own team, which is “far more skilled and capable than I am,” he had said.

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Author: AnTy

Unlike The Price of Bitcoin, These Fundamentals Already Hit New All-Time Highs

Bitcoin is having its moment, as the price of the digital asset rallies above $13,000. Yesterday, BTC price almost broke the 2019 high; on Bitfinex, it actually made a new 34 month high.

We are still 36% away from hitting a new all-time high, but we are only six months into Bitcoin third halving, while historically, it has been within 1.5 years of each previous halving that the price hit a local peak.

But while the crypto-asset price is yet to hit a new high, many bitcoin fundamentals are already there, signaling “BTC is poised for takeoff.”

The number of addresses with at least $100 worth of Bitcoin hit a new all-time high of 9.74 million last week. Similarly, addresses with $10 worth of BTC have hit a new ATH of 17.6 million, and a new high of 3.6 million addresses also have $1000 worth of BTC. While a single person or entity can control multiple addresses,

“the trend suggests that the amount of BTC holders is increasing, which is a positive signal for BTC’s long-term adoption.”

image1

Also, the number of addresses with a holding period of fewer than 30 days reached a new record, indicating “new money is flowing into Bitcoin.” IntoTheBlock noted,

“The “traders” in October sums 3.38 million addresses that in aggregate hold 1.94 million BTC.”

Never has the percentage of BTC supply held for at least one year higher than the current 62.5%. This is bullish for the digital asset, especially because it peaked historically when the price was at local lows.

Meanwhile, BTC’s velocity, which measures the number of times an average unit of supply has been transferred in the last year, is at its lowest since 2011. Coin Metrics stated,

“A decreasing velocity suggests BTC is trending towards being used as a store of value as opposed to a medium of exchange.”

Amidst this, bitcoin supply is increasingly moving off of centralized exchanges, which could signal more and more investors want to custody their own BTC.

Other factors making records involve Tether recording its largest on-chain volume ever as a total of $15.1 billion USDT moved on Monday in 235.34k transactions.

Bitcoin subreddit that started 2020 with 1.1 million members has now also reached 1.7 million.

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Author: AnTy

Coinbase Pro to Pass the Rising Network Fees Onto The Customer During Withdrawals

The launch of UNI, the governance token of Uniswap DEX, is having a big impact on the Ethereum network. The good thing is the price of Ether spiked to $393 today and is currently trading above $385. But it also resulted in congesting the network even more as a new all-time high of 1.32 million transactions were recorded on it.

Uniswap mania is making the network unusable as it puts further upward pressure on the already elevated fees, which had miners’ combined revenue set a new record, $938,000 in one hour yesterday. Denis Vinokourov of prime broker Bequant noted,

“As such, while the smaller and less efficient market participants may be struggling, the larger firms that are able to capitalise on inefficiencies and as indicated earlier, miners are making the most of the latest surge.”

In the light of increasing fees, Coinbase Pro also announced that from now, it would “pass along network fees directly to our customers.”

The gas fees that are paid directly to crypto miners to process transactions and secure the network has been historically absorbed by the exchange itself on behalf of its customers.

But “as crypto has begun to gain broader adoption in applications like DeFi, payments and other projects, networks have gotten busier,” which means longer wait times and higher fees “as users compete to get their transactions confirmed faster.”

Although the exchange does not change network fees for crypto transfers from one Coinbase account to another and Coinbase pro account still has no fee, “Coinbase Pro will charge a fee based on our estimate of the network transaction fees that we anticipate paying for each transaction,” it said.

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Author: AnTy