Grammy-Nominated Rapper Logic Makes a ‘Big Investment’ in Bitcoin

It’s happening again.

As Bitcoin rallies to make new 2020 highs, reaching closer and closer to its all-time high of $20,000, everyone is paying attention to the crypto king.

Retired rapper Logic, who has two Grammy nominations to his name, shared with his 2.4 million followers on Twitter that he has made a big investment into the digital asset. He didn’t reveal exactly how much.

The crypto community congratulated him and celebrated another bitcoiner in his comments section.

In 2020, the leading digital currency has already turned many skeptics to pro-BTC. Nouriel Roubini, who once called BTC the “mother of all scams,” called Bitcoin a store of value in a recent interview.

Even legendary investor Bill Miller is “strongly” recommending buying Bitcoin despite the digital asset not generating any yield, like gold.

While PayPal integrated Bitcoin and crypto deep into its business just last month, JPMorgan sees BTC as an alternative currency that is in intense competition with gold.

Besides billionaire investor Paul Tudor Jones calling Bitcoin a hedge against inflation, the fastest horse, the digital asset, also found its way into publicly listed companies’ balance sheet as a reserved asset.

We recently reported how mainstream media has started to cover Bitcoin while rapper Kanye West and comedian Kevin Hart dropped the Bitcoin bomb.

Bitcoin has entered another cycle that sees it hitting new all-time highs. With the awareness and adoption increasing vastly, it would be interesting to see just how high we go this time.

Read Original/a>
Author: AnTy

Mt. Gox Rehabilitation Plan Deadline Postponed, Yet Again, for Two Months

It’s been over six years, and Mt. Gox creditors are still not any closer to getting their BTC back.

In the Tokyo District Court’s latest announcement, the rehabilitation plan deadline has been postponed, yet again, from Oct. 15, 2020, to December 15, 2020.

Already this deadline has been changed several times, and yet again, they postponed it to two months later, which brings no relief as this could easily be changed again. According to the order,

“The Rehabilitation Trustee is currently formulating the rehabilitation plan, but as there are matters that require closer examination with regard to the rehabilitation plan, it has become necessary to extend the submission deadline for the rehabilitation plan.”

mt gox rehab plan

The cryptocurrency market continues to await the possible release of 150,000 BTC, currently worth over $1.7 billion, to its former users.

Read Original/a>
Author: AnTy

Bitcoin Comes to the Rescue of Nigerian Protesters as Account Gets Suspended

It’s been more than a week now that people across Nigeria have been protesting against police brutality and demand reform and accountability.

The younger generations are using social media to document the event in real life to amplify their cause and counter false narratives.

The youth-led rallies in several parts of the countries target the federal Special Anti-Robbery Squad (SARS). Authorities have announced that SARS will be disbanded, but the promise is not enough to quell the anger.

Nigerians continue to protest and fight for accountability, calling for an end to police violence and a complete overhaul of the system.

As part of the protests, various organizations have been asking for support. One such activist, the Feminist Coalition Group, which has managed large funds, reported having its accounts suspended.

“For demanding an end to police brutality, we are now under attack! Our bank account has been deactivated, and so has the Flutterwave donation link. Our members lives are also being threatened!” it was written on twitter earlier this week.

Amidst this attack, Bitcoin came to the rescue as the official twitter account of Nigerian feminists fighting against the injustice of SARS through peaceful protests, fundraising, and social media organization shared the option to donate with BTC.

The platform accepts BTC through BTC Pay Server, a self-hosted cryptocurrency payment processor, which is a “free, secure, and censorship-resistant platform.”

Already, over 180 transactions have been made to their addresses and raised about $10,800 (0.94749255 BTC) at the current BTC price.

Twitter CEO Jack Dorsey, a Bitcoin proponent, also mentioned the protest in several tweets and asked people to donate via BTC to support the protest.

“Donate via Bitcoin to help EndSARS,” tweeted Dorsey.

Read Original/a>
Author: AnTy

Kenya Leads Crypto Adoption In P2P Exchange Volumes; Ukraine Tops Global Index: Chainalysis

Chainalysis, a cryptocurrency, and blockchain analysis firm, released it’s latest Global Crypto Adoption Index 2020, showing developing countries are witnessing greater adoption for crypto – Ukraine, Venezuela, and Kenya featured in the top five countries with Russia and China completing the list.

The interim report from Chainalysis focuses on four significant parameters to rank the 154 countries that took part in the survey. The metrics to measure crypto adoption include on-chain cryptocurrency received weighted against the purchasing power parity (PPP) per capita, on-chain crypto sent out (transferred) weighted against the PPP per capita, and several on-chain deposits weighted by the number of internet users.

Finally, the overall p2p exchange activity weighted by both the number of users and PPP per capita. The index ranks the countries using all the metrics with those closest to one with the most incredible crypto adoption.

Ukraine and Russia top crypto adoption rankings

A glance at the top 10 ranked countries shows a disparate difference in the levels of development across all countries except for Russia, which ranked highly in all four sectors. Ukraine, Russia, and Venezuela grab podium positions according to the Global Crypto Adoption Index by Chainalysis.

https://assets.website-files.com/5a95e929b010650001bae4c6/5f56ad462ca666de9c20cb51_Screen%20Shot%202020-09-07%20at%205.59.14%20PM.png

Despite the three not leading in any of the factors mentioned above, the total index score favors the countries. Ukraine ranked fourth in both the on-chain crypto value received and retail value transfers, while China dominated the two factors. Vietnam (ranking tenth) also ranked highly on these metrics.

Kim Grauer, head of research at Chainalysis, Ukraine, and Russia, top the charts due to their underlying innovativeness and tech native population. The latter country also has a vast network of digital payments and e-payments already, which makes the transition to crypto a bit more seamless, she said.

Notwithstanding, the adoption growth in Ukraine and Russia can both be attributed to the current COVID-19 global pandemic that has shrunk both economies. In a bid to make additional sources of income, citizens in the country are turning to crypto for a solution.

Retail investors are pulling their weight in crypto

According to Michael Chobanyan, founder of Ukraine’s first crypto exchange, Kuna, retail investors (less than $10,000) are pushing the adoption rates in Ukraine in search of better investment tools. A lack of a stable stock market exchange, financial systems failure, and an expensive real estate investment – all collude in growing the retail crypto space, he said.

In a differing tone, Grauer said Venezuela adopted cryptocurrency as a need rather than it being a “cool technology.” The hyperinflation in the country is causing plenty of citizens from South American to turn to Bitcoin (BTC) as “a stable store of value.”

The three states, alongside Kenya, showed strong growth in retail crypto adoption while in China (in fourth) and the U.S. (in sixth), crypto adoption is led by big money players and institutions.

“Looking at the share of the transfers greater than $100,000, we noticed that over the past year, the share of the overall activity in North America that is professional has been growing.”

Kenya leads the P2P volumes metric

Another surprise on the list is East African powerhouse, Kenya, which emerged fifth on the Global Crypto Adoption Index ahead of heavyweight economies such as the U.S., Nigeria, and all of Western Europe. Despite performing poorly in three of the four categories, Kenya leads the world in peer-to-peer crypto exchanges trade volume weighted by its number of internet users and PPP per capita.

The East African state has seen rapid growth in P2P exchanges growth volume in 2020 as Paxful and LocalBitcoins pushed for Bitcoin adoption. P2P exchange volume ranking, however, overlooks the prevalence of regulated, centralized exchanges across other states, unfairly pacing more weight to developing countries. Kenya and Venezuela top the P2P rankings but did not manage to make the top ten on any other ranking metric.

Explaining the rankings, Grauer stated no one ranking metric catapulted any country to the top. The report concludes that cryptocurrency adoption is happening globally – only 12 of the 154 countries scored zero on the index. Additionally, developing countries have high numbers of retail investors as P2P exchanges play a crucial role in enhancing crypto adoption in these countries.

Read Original/a>
Author: Lujan Odera

Curve Fork Swerve Finance (SWRV) Locks in over $400 Million within a Day of Launch

After the Uniswap forks, it’s time for another hot DeFi project, Curve, a stablecoin-to-stablecoin DEX.

Curve’s clone Swerve Finance is an unaudited decentralized finance protocol that has over $410 million locked within 12 hours of its launch and a volume of $55.4 million.

The protocol aims to be “100% community-owned and governed,” allowing users to generate SWRV tokens with these deposits.

“It’s a simple 33,000,000 supply owned entirely by you, the community of liquidity providers and users. If you provide liquidity to Swerve, you get ySWRV tokens, which can be staked in the Swerve DAO to earn $SWRV.”

With “no questionable pre-mining,” which means the team members or early investors won’t be allocated any tokens, Swerve refers to Curve’s token CRV’s forced launch last month.

Swerve’s launch, however, wasn’t issue free either as the protocol launched with a bug, now addressed, that prevented users from interacting with contracts.

Curve Finance was launched in January 2020 and is one of the most popular DeFi projects with more than $1 billion of total value locked (TVL). After Uniswap, it is the second-most popular DEX and fourth-largest project in the DeFi world.

This project allows consumers to trade between stablecoin with the lowest slippage thanks to high liquidity allowing users to lose less marginal profit. While growing, the protocol continues to face grievances in the form of control over the project and unfair voting rights.

Yearn Finance creator Andre Cronje found Swerve Finance’s design “very intriguing” stating, “What Swerve did was add a proxy pattern, so the implementation is the copyright curve contract. But the storage is Swerve. This abides by the copyright, but also allows a full feature fork. Both from a legal and technical perspective, this is really smart.”

SWRVE token is currently trading at $12.16, already losing 66% of its value from the all-time high of $39 hit earlier in the day, as per CoinGecko.

Read Original/a>
Author: AnTy

Tezos (XTZ) Launches Delegated, Pre-Funded, Self-Sustaining Harbinger Price Oracles

Tezos has announced Harbinger — it’s very own oracle to deliver signed price feeds based on market data from multiple crypto exchanges to its network.

With Harbinger, Tezos is expecting the algorithmic stablecoins, lending platforms, and insurance products to kick off the new use cases.

Initial versions of the contracts are already deployed on mainnet and CarthageNet.

It’s not surprising that the network is delving deep into oracle as oracle projects have been having a lot of attention and gains in the crypto market. The crazy growth of Chainlink (LINK) is evidence of how much traction the decentralized off-chain data feed providers are getting.

Other popular oracles in the market are Band Protocol (BAND) and Augur (REP).

Take on the DeFi World

Now, Tezos, a liquid-proof of stake crypto network, is ready to make the most of the decentralized finance (DeFi) world through its oracle.

Oracles are critical to the fast-growing DeFi space, which has a total value locked (TVL) surpassing $7 billion, in order to have trusted price feed.

In its official announcement, Tezos announced that in Harbinger, “an account that pays for fees to update the price oracle can be delegated and pre-funded with tez,” much like staking.

This, it says, will enable the development of “self-sustaining” price oracles where the block rewards for participating in PoS consensus offset the fees required to keep the oracle data current.

“Having a reliable feed for on-chain price data is critical for DeFi lending platforms. Harbinger is an important building block for the decentralized finance ecosystem on Tezos,” said Robert Leshner, founder of Compound.

After taking inspiration from MakerDAO in StakerDAO, this latest one is based upon Compound’s Open Price Feed.

Harbinger is a set of tools and reference contracts, allowing anyone to become a ‘poster’ who retrieves prices from ‘signers,’ which are crypto exchanges to deploy a price oracle on the Tezos network, which then publishes cryptographically signed prices.

Moreover, Tezos smart contracts use callbacks to receive data to avoid reentrancy attacks.

In the meantime, the 13th largest crypto by market cap of $2.5 billion, XTZ is falling alongside the broad crypto market, trading at $3.43.

Also Read: Is the DeFi Craze Killing Tezos? XTZ’s Main Selling Point “Staking” Is Losing Appeal

Read Original/a>
Author: AnTy

62k Bitcoin Options Expiring This Week with Institutional Investors Short-term Bearish

As we enter into the last week of August, it’s time for bitcoin derivatives to expire.

This week, 62,000 BTC worth about $730 million of Bitcoin options will be expiring on Friday.

June’s $1 billion bitcoin derivatives expiry was a non-event for the price of the digital asset. Now, it’s to be seen how the market will fare this time.

As we reported, open interest on bitcoin options has grown six-fold since the beginning of 2020 to $2 billion, last seen around July expiry.

Given that about a third of these will expire, it isn’t expected to have much of an impact on the market.

Deribit, which accounts for 80% of the bitcoin options market, has 46.6k BTC to be expired this week, but about 60% of them are out for the money and have no intrinsic value, as such reducing the selling pressure further.

When it comes to bitcoin futures, which will also be expiring this week, the open interest on them climbed to its all-time high of $5 billion last week.

The point worth noting is that CME data shows “institutional investors are short-term bearish.”

The number of leveraged funds longs has fallen 10.6% from their all-time high in the last two weeks, while the number of leveraged funds shorts rose 10.3%.

“This trend, reflecting net shorts, shows a lack of institutional confidence in Bitcoin’s short-term price growth,” notes OKEx.

The Bitcoin futures market is actually in contango with 3-months futures contracts at a 9% annualized premium.

However, the Bitcoin futures price at CME currently is at the same level as the spot market, unlike last week, which has been trading at over 1% premium.

This week has another major event, bigger than the expiration of the derivatives happening. The macroeconomic event coming this Thursday is Federal Chairman Jerome Powell’s speech about the inflation target at the Jackson Hole Forum, which is expected to affect bitcoin, gold, and the stock markets.

While BTC started on a positive note today to reach $11,800, the market sentiment remains of “extreme greed,” which has been ruling the market through this month.

The yellow metal also spiked 1.5% only to move back down to $1,940; meanwhile, the US Dollar index is uptrending.

S&P 500, on the other hand, is enjoying the gains by opening higher and continuing to make new highs — currently up over 1% from the ATH hit in February. Nasdaq also hit a new peak, a whopping 16.5% higher than pre-March crash levels.

Read Original/a>
Author: AnTy

Bible Inspiration: Latest DeFi Experiment Triggers Supply Cut Whenever it Hits ATH

After YFI, YAM, and BASED, it’s time for the Bible itself.

The latest token in the DeFi town this week is inspired by the Bible story “where humanity builds a tower so high that they challenged God’s divinity.”

This token is called “Tokens of Babel” (TOB).

Launched by Bill Drummond, a pseudonym for a developer or group of developers, the goal of the project is to return cryptocurrency to its “cypherpunk roots.”

“Cryptocurrency has the potential to become a liberating force in society, or yet another way for the rich and powerful to exploit the average citizen,” reads the official website.

The idea is to fight against the urge to become corrupt crypto magnates and end corporate fascism.

This “experiment” protocol is an Ethereum-based trading game that burns tokens whenever a new all-time high is made.

The protocol is operated by an on-chain Oracle and a Rebaser for anyone to activate the rebase, which makes it “truly a decentralized game.”

Every 24 hours, “on a fixed time schedule,” the rebase occurs if the value of one TOB token exceeds its historical all-time high — 1% of the total supply is burned from all TOB holders wallets, an event that can happen two times within a day.

At the time of writing, TOB has been trading at $8.85 up 13% but lower than the ATH at $11.49 from yesterday.

It is the exact opposite of Antiample (XAMP), which decreases its supply when the value of the token decreases. XAMP is trading near its ATH at $0.0316 but over 700% higher than its all-time low on August 1st.

The total supply of this token is 4,012,101 TOB, with 5% of the supply airdropped to all Antiample (XAMP) holders two weeks after the launch of TOB. 15% of TOB supply is also allotted to the developer fund, which has eight months vesting period.

Right after the launch, TOB-XAMP has been the highest volume pair on Uniswap. From $14.8 million volume over the weekend, TOB-XAMP volume has now fallen 84% to just about $2 million.

Liquidity meanwhile has risen from about $739k to $985k after 500 Ether value was placed into the initial liquidity pool.

According to the website, “Up to 400 Ether can be used to fund future projects, but only ever 20% or less of total liquidity.”

Read Original/a>
Author: AnTy

The Curious Case of the New Bubble in the ‘DeFi’ Town of Crypto

As in 2017, Initial Coin Offerings (ICO) was the craze in the crypto industry, in 2020, it’s decentralized finance (DeFi) that is rocking the world of crypto enthusiasts.

This year, DeFi has grown at a fast pace, with a record $3.5 billion value locked in this sector. Also, 4 million ETH are locked in these protocols.

Many argue that DeFi space is highly risky, which as we saw with numerous DeFi hacks this year, holds true. But at the same time, it is in its early stages, with innovations taking place every day. It is actually up to the community if it will be the start of something truly decentralized.

When it comes to decentralization, amidst the DeFi frenzy has emerged a new bubble “YFI” — a “completely valueless 0 supply token.”

The latest DeFi token that boasts of 1,000% yield as a result of a rapid spike in demand, but still yEarn has previously delivered annual returns of about 10% constantly for its lending pool.

The most interesting thing about this token by yEarn protocol (previously called iEarn) is that it started with $0 value but overnight skyrocketed to $2,500, driving $150 million of deposits, as ‘farming it’ yielded a whopping 1,000% annual returns for some traders.

Yearn Finance Chart
Source: CoinGecko

“Those of you in the old school who believe this is a bubble simply have not understood the new mathematics of one of the most fairly distributed project launched since BTC,” said analyst CL.

A yield aggregator, yEarn, redirects users’ deposits to lending markets with the best rates.

Unlike other projects where teams keep the majority of the token and in result voting power, the entirety of this protocol is in the hands of the community even though yEarn founder Andre Cronje shared In its official announcement that they want to give up control over its governance token “mostly because we are lazy.”

Yet another interesting aspect of this token is its supply, which the community is voting to cap at 30,000. These YFI tokens are distributed to those who deposit funds to yEarn pools, which soared by $150 million in just three days after the distribution first started.

The flow of money into its liquidity pool on the Curve DEX had the volume of yCurve surpassing $100 million.

Interestingly, yEarn’s unconventional approach has led the community to propose relocating tokens back to the founder. “If this proposal passes then it would be the one of the most legendary stories in crypto,” said analyst Qiao Wang.

Even the control of YFI has been put in a multi-signature wallet, which requires 6 out of 9 participants to agree on changes, and the founder Cronje is not a member of it.

Read Original/a>
Author: AnTy

Has 2020 Really Been a Bad Year for Bitcoin Amid Global Economic Turmoil?

“It’s been a disappointing year for Bitcoin,” writes Bloomberg editor, Joe Weisenthal in his Monday newsletter.

2020 continues to be a tragic year, the world struggling with the coronavirus pandemic, its economic impact, and protests worldwide. In March, COVID-19 triggered a sell-off in the global markets as investors sought the safety of cash.

Bitcoin wasn’t immune to that sell-off either and crashed as low as $3,800 on the majority of crypto exchange and $3,600 on BitMEX. But since then, the leading cryptocurrency has recovered over 135%.

But Weisenthal argues that bitcoin is making a general trend of lower highs. “Despite the extraordinary market volatility, it hasn’t surged to new heights,” he said. And this question if an economic crisis can really be a boom for bitcoin.

He also points out how bitcoin has been basically following the S&P 500 throughout this period of volatility. During the March sell-off, bitcoin’s correction with equities jumped to all-time high. Although it dwindled since then, Federal Reserve Chairman Jerome Powell’s remarks yet again fueled this correlation.

So, does it really provide diversification to a portfolio, further questions the editor. According to analyst Mati Greenspan, the correlation will only increase from here because,

“the more big money is involved, the more managers of large portfolios will see it within the context of the traditional markets and use it as a tool to hedge their investments.”

What happened to “digital gold” and “halving” narratives?

Moreover, the “extraordinary” expansion of the Fed’s balance sheet hasn’t led to inflation or currency collapse as many bitcoiners predicted so what would exactly “catalyze a Bitcoin boom?”

Historically, halving has led the bitcoin rallies but this time it “went without much impact,” said Weisenthal.

He further questions bitcoin’s “digital gold’ argument which is supposed to separate it from other cryptos in a crisis but bitcoin moved roughly in line with Ethereum this year and “did not exhibit any special safe haven properties.”

But even if we look at gold’s performance during this period, it also experienced a massive sell-off along with bitcoin and other asset deposits being a traditional safe haven asset and continues to move up and down.

Millennials ditching bitcoin?

Now, it looks like millennials have found the alternative to cryptocurrencies and getting “their thrills elsewhere.” Locked in their homes during the pandemic with stimulus money and the internet at their disposal, they have discovered the stock market via platforms like Robinhood. He said,

“To the degree that people were putting money into Bitcoin because they liked volatility and action, there’s a new competitor on the block for those dollars.”

And the competitors are bankrupt companies. In the past few weeks, these young people have taken to invest in stocks of companies filing for bankruptcy, one of which (Hertz) has gotten permission to issue its worthless stocks.

Weisenthal believes the “crisis may yet be good for Bitcoin,” but only if “we get infringements on privacy that create new demand for payments that can’t be blocked.”

The narratives may get debunked but market participants aren’t really bothered about bitcoin’s bullishness in the long term as demand for the world’s leading cryptocurrency only continues higher while its supply is limited.

Read Original/a>
Author: AnTy