Ripple CEO: ‘Jumped the Gun’ Predicting Banks Would Start Using ODL

While Ripple jumped the gun in predicting a spectacular 2019, this year, which was expected to be a challenging one, is actually doing well, said Ripple CEO, Brad Garlinghouse.

“We aren’t going to grow as fast this year as we thought. However, we’re still getting two production financial contracts a week,” said Garlinghouse in an interview with The Scoop.

“Obv jumped the gun when I predicted 2019 was the year banks would use ODL,” Garlinghouse said on Twitter.

It was recently revealed that Ripple had bought $46 million worth of XRP for the first time in the Q3 of 2020, as such increasing the price of the cryptocurrency.

XRP is currently trading at $0.272, up only 40% YTD, still down more than 93% from its all-time high.

The company, which already owns about half of the digital asset’s supply, made the purchase to support “healthy markets.”

It stated in its quarterly report that Ripple might continue to purchase XRP to support its newly launched product, Line of Credit, that allows its ODL customers to buy XRP on credit from the company.

The report also revealed that Ripple sold $35.84 million worth of XRP to its ODL customers in Q3 but again, no programmatic sales were made.

During the interview, Ripple CEO said the non-transparent regulatory is keeping the company from reaching its potential and that there isn’t a “level playing field” for all the digital assets.

“Bitcoin was the only one with the hall pass,” he said, adding Ripple is “fighting with one hand tied behind our back.”

For some time now, Ripple has been considering moving out of the US to a country that has more regulatory clarity. Already, it has opened a new regional headquarters office in Dubai International Financial Centre.

“Once banks have regulatory clarity, there’s little doubt in my mind that they’ll use these technologies,” tweeted Garlinghouse.

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Author: AnTy

Bitcoin Miners Accelerating their BTC Selling Signals Strong & Bullish Market

Today, the price of Bitcoin has jumped over $16,100 for the first time since early January 2018.

The bulls have come charging as the total aggregate open interest (OI) hit another record high.

“The bullish bias continues to ensure steep and favorable term structure for spread traders. The bulls were also in full force in the options market where the skew and the implied vol smile continues to show bullish market positioning, helped on by the contained nature of volatility,” noted Denis Vinokourov of Bequant.

Now that the velocity is improved, miners’ rolling inventory (MRI) is also currently strong.

According to this metric, which shows the year on year percent change in inventories held by miners, miners have started selling BTC again. During the bear markets in 2014 and 2018, there has been lower selling pressure.

But now they are back to selling, which Charlie Morris of ByteTree says is “bullish.”

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Bitcoin annual change in inventory held by miners since 2013

Selling more BTC than produced by miners has been going on for the past three months, but over the weeks, it has been gaining momentum, and currently, the one-day MRI is 140.40%.

“Miners once earned 50% of Bitcoin’s market cap! At that time, they had a huge influence on Bitcoin price. Today, higher miner selling pressure actually signals a strong market,” noted crypto exchange Bitstamp.

Keep On Mining

As we reported, the Bitcoin hash rate has recovered and is already near its all-time highs as miners switch to colder places now that China’s rainy season has ended.

After a dramatic correction, the estimated number of terahashes per second the Bitcoin network continues their recovery, which has been helped by a huge adjustment lower in the mining difficulty last week.

BTC Mining Difficulty 2020
Source: CoinWarz

The mining difficulty is expected to adjust lower once again but at a more measured pace of -6%. However, this may change with only just over 4 days left until the next adjustment.

Amidst this, publicly-traded mining company Hive Blockchain purchased and deployed 1,240 MicroBT WhatsMiner M30S machines already. This largest single purchase doubles the firm’s aggregate hash rate.

Hive’s shares, which had $1.8 million net income in Q1, gained about 490% YTD thanks to the BTC price jump.

Another publicly traded Bitcoin mining company Riot Blockchain reported over $2.4 million in mining revenue, an increase of 42% from 2019 during the same period.

After increasing its hash power in Q3, the company is further planning to expand its mining operations. Currently having a mining capacity of 556 peta hash per second (PH/s), Riot has four purchase agreements with mining manufacturer Bitmain for a total of 16,600 S19-Pro machines that are expected to be delivered and deployed through the end of Q2 2021.

Miners are simply bullish and expect the price of Bitcoin to continue to rise in the next year.

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Author: AnTy

4,000 ETH Worth $1.6 Million Deposited at Binance Right Before the 4.5% Drop in Price

Over the weekend, the crypto market enjoyed a green sweep across the board.

Bitcoin jumped past $14,000, marking a 34-months high on the 12th birthday of its whitepaper. Following BTC, altcoins also recorded some gains, with ETH going back above $390.

However, today, Bitcoin’s price went down from about $13,800 to as low as $13,200. A fall of more than 4% in the price of BTC has altcoins in red too.

One potential reason for this decline could be another China-based exchange, Huobi being under investigation. However, the team assured its users that “assets are safe, and everything is fine.”

Corrections are to be expected after BTC rallied from $10,580 to the highest close ever. Although market participants believe this bull cycle is nothing like 2017 because the crypto space is maturing, adoption is rising, and infrastructure is improving; pullbacks happen all the time. So did nine times, of about 30%, in 2017.

Meanwhile, the second-largest cryptocurrency Ethereum (ETH) started the day on a bullish note as it moved past $400 only to get down to the $382 level, back to the weekend level before it started moving up.

Interestingly, before the breakdown, 4,000 ETH, worth $1.6 million, were deposited at the leading cryptocurrency exchange Binance.

At the time of writing, ETH/USD has been trading at just above $385.

“Surprise surprise, eth/btc rekt, since losing that key 31k sat support and now in the 27k sats zone, however still thinking it goes a bit lower before i’ll be looking for any bottoms. Getting close now but BTC still king for now IMO,” noted one trader.

Ethereum usually leads the cryptocurrency rallies, but this time, Bitcoin is outperforming the altcoins.

As we saw with year-to-date returns, ETH recorded 192.5%, while BTC only returned 85% YTD. But this month, the momentum shifted, and Bitcoin made a new 2020 high and then broke the 2019 high as well. BTC is up 26.63% in the past 30 days, while ETH’s returns have been only 10.5% during the same period.

“There’s a lot of ETH bearishness recently,” noted quant trader Qiao Wang.

“I’m also of the view that ETH will underperform BTC in the next bull cycle. But only slightly. And I want to explore arguments for why this thesis may be wrong, i.e., why ETH could outperform BTC.”

According to Wang, a significant percentage of the population does not get the “digital gold” narrative, and they are more comfortable with the “tech platform” that ETH represents.

“Most of this new inflow from tech people is likely going to be in ETH because ETH is the best index play,” said Wang adding, “it also takes a lot less money to move ETH than to move BTC given their relative size.”

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Author: AnTy

UMA Goes Live on Coinbase.com and Apps While Loopring (LRC) Surges on Coinbase Pro Listing

The price of LRC jumped 38% on the news that Coinbase Pro was listing Loopring.

The self-custodial Ethereum layer two solution, Loopring, will be supported in all of the San Francisco-based cryptocurrency exchange’s supported jurisdiction, except for New York state.

Today, Coinbase announced that on the coming Monday, users can transfer their LRC into the Coinbase Pro account ahead of trading.

The cryptocurrency, however, won’t be available on Coinbase.com or the exchange’s mobile apps yet.

LPC trading on Coinbase Pro will begin at 9 AM Pacific Time (PT) Tuesday, September 15.

In response, the 52nd largest cryptocurrency by market cap of $296 million jumped to $0.2875 and is currently trading at $0.253.

The zkRollup exchange and payment protocol recently saw traction after the DeFi mania pushed the fees on the Ethereum network to sky-high.

It’s zkRollup currently has more than 5000 accounts, but Loopring is “just getting started” as it says, “Layer 2 will bring Ethereum to the world, and the world to Ethereum.”

Keep those Altcoins, better yet, DeFi Tokens Coming

Coinbase, much like any other exchanges in the crypto space, has taken to list altcoins, and lately to capture the ongoing decentralized finance craze, DeFi tokens as well.

Celo (CGLD), Numeraire (NMR), Band (BAND), Compound (COMP), Maker (MKR), and OmiseGo (OMG) have been recent additions along with supporting additional European and UK order books.

Just this week, UMA-USD and UMA-BTC order books got into a full-trading mode.

Today, UMA is launching at Coinbase.com and its iOS and Android apps, which means users can buy, sell, convert, send, receive, or store UMA on the platform.

This Ethereum-based open-source protocol allows developers to design and create their own synthetic assets and financial contracts with the goal of creating universal market access (UMA).

A DeFi token with a market cap of $906 million that sits at 25th spot, UMA has also started gaining momentum as it trades at 16.81% with nearly 4% gains.

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Author: AnTy

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

The 13th largest cryptocurrency by market cap of $2.8 billion jumped to its all-time high at $4.5 just last week. But this week, bitcoin’s fall had Tezos (XTZ) dropping nearly 25% to now trade at $3.89, a level first hit in late February 2020 only.

Many traders have been expecting XTZ to mimic LINK’s growth, which has been hitting new highs every other day and is up 585% YTD.

But trader and economist Alex Kruger feels the craze of yield farming is killing the main selling point of XTZ – staking.

The yield farming has made DeFi the hot spot of 2020 with APR sometimes as high as 1000% compared to less than 10% reward on XTZ staking. Also, DeFi tokens are seeing much higher gains, ‘astronomical’ percentage of increases actually.

Trader CL has shared similar opinions as he said, “There’s basically nothing to speculate on, and i think it trades at a pretty high speculation premium. If someone wants to be exposed to directional risk and have yields from holding it, theres many other better coins.”

Recently, Tezos celebrated its 2nd anniversary shortly after hitting 1,000,000 in blocks. The network has successfully completed its three upgrades governed by on-chain voting during this time. It is now on its way to introduce zk-snarks (sapling), validator, and governance extensions.

Tezos is the first supported and most traded staking blockchain on top exchanges. Crypto exchanges like Coinbase and Binance were the ones that initiated custodial staking services that have resulted in securing 25% of the entire Tezos network.

For a long time now, the percentage of Tezos circulating supply that is being staked is stuck at 80%.

Tezos Custodial Staking Trends
Source: Blockwatch Data

Custodial growth has slowed recently but still spiked 8% month over month with Binance seeing 42% of that growth in July.

Binance’s XTZ bakery is running over capacity, which isn’t anything new but is a chronic problem. Exchange’s capacity is only about 41 million XTZ much lower than Kraken’s more than 300 million XTZ capacity.

Meanwhile, non-custodial staking is seeing interest, which spreads across 120+ public staking services and 250+ private attacking operations. In the past three months, new delegators recorded the strongest growth adding 7,500 delegators with the lowest churn rate of 7%.

“The majority of new users are small investors. In fact, accounts between 1 and 1000 TEZ grew by 10% (+6,200) in July, suggesting that everybody who invested in Tezos also staked,” stated Alexander Eichhorn, founder of Blockwatch Data.

In the meantime, a growing number of entities are working on DeFi, and although Tezos’ learning curve is steeper, “a linear increase” is seen in deployed contracts. Because Tezos smart contracts are hard to upgrade, most developers deploy a new version.

Overall activity on Tezos blockchain is steadily growing, and gas usage has also reached its all-time high, which can be attributed to regular spending transactions and higher delegation activity.

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Author: AnTy

Binance & Huobi to Let Traders Short Dogecoin’s Delirious Gains, Bitfinex Jumps on Board Too

This week, the coin that ignited the altcoin rally is Dogecoin, which has jumped 130% in less than four days.

The 27th largest cryptocurrency soared to $0.0053 today, a level last seen in October 2018. Currently, DOGE is trading at $0.0045, still up 26% in the past 24 hours, but has started to turn red by 3.17% in the past hour.

DOGE, however, is still off 75% from its all-time high of $0.00182 hit in early January 2018.

These gains came after zoomers made it their mission to pump the coin with a target of $1. The zoomers went on Tik Tok, a popular video-sharing social networking application, to advertise DOGE.

The semi-viral videos on the platform pushed the young investors who use Robinhood to jump into the cryptocurrency. There have been millions, over eight million “Dogecoin” tags, and more than 300k posts about the “Dogecoin challenge” on the app.

“Let’s all get rich. Dogecoin is practically worthless. There are 800 million TikTok users. Once it hits $1, you’ll have $10,000. Tell everyone you know,” one such Tik Tok user James Galante told his followers.

These gains have put Dogecoin and, by extension, the crypto market in the limelight with the mainstream media covering this wild swing just like it happened during the 2017 crypto rally.

Making the Best of this Frenzy!

Now, cryptocurrency exchanges want more than a share of this pie. They are here to make the most of this frenzy by allowing people to be long or short this “joke currency.”

The leading spot cryptocurrency exchange Binance announced that it will launch DOGE/USDT perpetual contract with up to 50x leverage. It was only a year back that Binance listed Dogecoin, which was created in December 2013.

The trading for this contract will open tomorrow at 2020/07/10 09:00 AM (UTC). But this isn’t going well with the crypto community.

“They are launching to steal your money. Run, Doge holders run,” wrote one user.

Another exchange is Huobi that is planning to launch the Dogecoin futures, but no date is announced yet.

“Huobi Futures will only list quality cryptocurrency that has a high-level market cap to ensure user’s safety. Our community always comes first. #dogecoin,” announced Ciara Sun, Head of Global Business and Markets and Vice President at Huobi.

Meanwhile, Bitfinex is taking this opportunity to list Dogecoin as MDOGE (MegaDogecoin) with a conversion rate of 1 million, 1 MDOGE = 1000000 Dogecoin. Three trading pairs will go live: MDOGE will be traded with US Dollars (DOG/USD), Tether (DOG/UST), and bitcoin (DOG/BTC).

The deposits for the crypto will open tomorrow at 7:30 AM UTC, and trading and withdrawals at 8:30 AM UTC the same day.

With altcoins going into a rally mode, no one wants to miss the opportunity to make some profits, and for crypto exchanges no matter the price goes up or down, the user gains or losses, it will only help them rake in big fat revenue.

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Author: AnTy

Vitalik Buterin Celebrates Ethereum Layer 2 Scaling; Only ‘Refinement & Deployment’ Left

LRC token jumped 14% today to trade at $0.054.

In 2020 so far the 97th largest cryptocurrency recorded 144% gains but despite that, it is still down 98% from its all-time high.

The ongoing gains have been the result of the monthly update released by the team that the Loopring Exchange has settled over one million trades. Since its launch two months ago, it has traded $14 million in volume through only 1,600+ users.

The most interesting piece of information is that the exchange only paid about 50 ETH for this which means each trade cost only $0.1, thanks to zkRollup.

Zero-knowledge proof (zkRollup) is deployed for layer 2 that increases scalability by processing mass transfer into a single transaction.

“We believe Loopring Exchange and Loopring Pay will become the killer features in our mobile app.

Our users will not be restricted by Ethereum’s ever-rising gas price and congestion, but still enjoy Ethereum’s security guarantees and everything else it offers.”

Loopring Pay, a zkSNARK-based layer-2 fast transfer service is to be released this week for an invite-only beta testing for Loopring Wallet.

It will enable its users to transfer Ether and ERC20 tokens without on-chain Ethereum transactions or gas fees. The transfer fees are reportedly “negligible” thanks to zkRollup. It will also be integrated into Loopring Wallet.

“This is sorely needed on Ethereum right now, as transfers of stablecoins, especially USDT, are among the biggest gas guzzlers,” reads the update.

Interestingly, today, Bitfinex also announced the largest stablecoin by market cap Tether will be integrated into the OMG Network (formerly known as OmiseGo) which will reduce transaction confirmation time and fees because Ethereum is “vulnerable to severe network congestion” under heavy demand.

Ethereum network is already over 90% at capacity and throughout May, it has also been experiencing a very high gas price. Not to mention, ETH 2.0 is still nowhere near its release.

But Ethereum co-founder Viatlik Buterin took to Twitter to shout out to the likes of Loopring, Matic Network, Omise Network, and others that are working on Ethereum’s L2 scaling.

Matic Network’s mainnet is now live with an initial set of validators. The mainnet has also already produced over 43,000 blocks.

“While everyone wasn’t looking, the initial deployment of ethereum’s layer 2 scaling strategy has *basically* succeeded. What’s left is refinement and deployment,” Buterin said.

Although these systems are by and large limited to payments and DEX, these sections are a large part of Ethereum activity.

As for moving these into rollups and plasmas, there is an adoption challenge as it would require the users to have wallets where their coins are stored in either of them. He said,

“Look forward to the future of ethereum scaling! (Including sharding supercharging all of these techniques 100x further down the line).”

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Author: AnTy

Altcoins Teetering on the Edge of Capitulation, But When Does Alt Hype Cycle Begin?

Bitcoin has been on a tear lately, just last night BTC/USD jumped above $10,000. But this time, gains in bitcoin are not spilling into altcoins.

While Bitcoin is up 5.25%, Ether, Litecoin, BNB, and BSV, are recording less than 3% gains while XRP is in the red.

As we reported, XRP recently hit a new low in the BTC market but for trader DonAlt this is where he is “on the lookout for buys.”

“Almost a year later we’re finally hitting my target area. This game is more of a patience game than anything else,” he said.

But not for veteran trader Peter Brandt, who is warning people that “XRP is a manipulated market & a dead end.”

As for Bitcoin and Ethereum, he is “super bullish” on these two top cryptocurrencies.

Monero (XMR) with 9.03% and NEO 7.33% gains are performing better than other top altcoins. Down the line, 0x (ZRX) 25.33%, Komodo (KMD) 25.32%, OmiseGo (OMG) 13.09%, Holo (HOT) 11.98%, and ICON (ICX) 11.43% are others leading the market gains.

ZRX, the 48th largest cryptocurrency’s price, is enjoying an uptrend just like its daily active addresses (unique address transacting) which are up a whopping 86% and has been growing since mid-April.

Overall, the crypto market has added more than $10 billion to its market capitalization today.

When Does Altcoins’ Hype Cycle Begin?

While Bitcoin has recovered all the losses from the March sell-off and is currently at mid-February levels, altcoins are still down between 14% to 34%.

With the bitcoin block reward halving next week, it makes sense that money is flowing out of altcoins as right now BTC is the center of attention and as such rallying strongly.

Besides strong network fundamentals, the news of macro investor Paul Tudor Jones buying bitcoin as a hedge against the inflation further fueled this rally. Analyst Rekt Capital said.

Bitcoin’s dominance is also on the rise while,

“Altcoin Dominance is reflective of market-wide shedding in valuation in Altcoins as investors chase the exponential Bitcoin rally ahead of the bitcoin halving.”

“Once the immediate Bitcoin Halving hype dies down, Altcoins will have reached their local bottoms.”

A similar opinion is echoed by trader DonAlt who says the altcoin market is on the verge of capitulation after the BTC pump didn’t translate into the altcoin appreciating, which is the “worst thing” for an altcoin holder.

“We’re teetering on the edge of market-wide altcoin capitulation and I couldn’t be more excited about it,” said DonAlt.

The hype cycle for altcoins is expected to be in quarter second of 2020 after they retrace to “attractive prices.”

With the odds of Bitcoin’s surge above $10,000 “increased exponentially,” another trader and economist Alex Kruger says, “Alts should follow, either with a bang or without.”

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Author: AnTy

Ripple Price Jumped 24% Despite Co-founder Jed Mccaleb Selling 1.8M XRP A Day in April

In April, the price of XRP jumped from $0.174 to just under $0.23 along with the rest of the market after bitcoin’s price rallied. The digital asset ended the month with about 24% gains.

However, XRP still lost the third position, yet again, to the most popular stablecoin Tether (USDT) whose market cap has surpassed $8 million, over 33% in just two weeks.

Interestingly, XRP’s gains came despite Ripple co-founder Jed McCaleb selling 1.8 million XRP a day in April (about $400,000 worth of XRP) as per the report of The Crypto Associate.

“Ripple co-founder sells 54 million XRP. No one will ever sell 54 million BTC,” tweeted Urdi Wertheimer.

McCaleb made $12 million from the sale of XRP last month.

Does it really affect the price?

McCaleb received about 9 billion XRP as part of his compensation for his role at the San Francisco-based fintech startup Ripple.

The former Ripple CTO also sold 19 million of his XRP in February and the same as this time, the price of XRP spiked over 27% that month.

McCaleb, who is also the founder of the now-defunct infamous Mt. Gox and Ripple’s competitor Stellar Lumens (XLM) said earlier this year, “date shows there is no impact on the market (of his XRP sell-off) and I don’t see any reason why that will change.”

This was after a report from Whale Alert that tracks top blockchains analyzed McCaleb’s XRP sales activity as “insignificant” compared to XRP’s total trading volume per day but added that the “economic power and consequences of whales cannot be ignored.”

Whale Alert also stated at that time that at the rate McCaleb is selling his XRP, it would take him 20 years to sell all of it while acknowledging his settlement agreement with Ripple, to be expired sometime in 2020, that limited his selling activities.

A Quiet Quarter

In its first quarter of 2020 report, Ripple, the owner of more than half of XRP’s total supply, revealed that it sold $1.75 million in over-the-counter but zero XRP through exchanges, the second time.

It also talked about the success of its ODL that leveraged XRP digital asset, the USD transaction value jumped by 294%.

Ripple’s partner MoneyGram that is compensated to use its digital asset however, recently divulged that Q1 was a “quiet quarter” in terms of Ripple partnership.

During the earnings call, MoneyGram chairman and CEO Alex Homes said this partnership is “transformative for both the traditional money transfer and digital asset industry,” which allows them to settle currencies in seconds.

“This initial success encourages us to expedite expanding our use of On-Demand Liquidity,” he said.

The company has a variety of new services in the pipeline that will be rolled out later this year, he added.

Although it is a “good partnership,” Holmes said Ripple continues to work on its product and how they want to target various markets.

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Author: AnTy

Analyst says Another Altcoin Drop will be a Buy the Dip Opportunity

In April, the world’s leading cryptocurrency jumped over 40% but so did altcoins. Though this time they didn’t outperform BTC’s spike by a wide margin, there was still a substantial uptrend.

“Alts not only held up well, but have bounced back stronger in many cases,” noted analyst Ceteris Paribus.

Ethereum rebounded well with a spike of 61%. The network also recorded more than one million smart contracts since March 12th.

In March overall, the smart contacts deployed on the network were an all-time high, 75% higher than the previous record set in October 2019.

However, a large amount of these contacts were either empty or related to GasToken, reported Arcane Research. These could be used to deploy contacts when gas prices are low only to destroy and get refunds when gas prices are high.

Even filtering these contacts out, March was still a record-breaking month, only beaten by November/December 2018.

Altcoins starting to look good

“Alts starting to drift off while BTC shows strength. Alts not recovering on BTC pullbacks. Alts starting to drift off while BTC shows strength & not recovering on pullbacks,” said analyst DonAlt.

Altcoins are only a good buy for either short-term trades or during mass panic and according to him, panic hasn’t hit yet.

“If BTC fuckery (be it up or down) leads to an altcoin drop in the next weeks to months I think that altcoin dip is one to buy. I’m patient but some of this stuff is starting to actually look good on a large timeframe for the first time in ages,” added the analyst.

Among the top 25 cryptos, Stellar (81%), Tezos (79%), Chainlink (76%), Cardano (69%), Cosmos (45%), Tron (41%), and ETCETC (40%) led the rally this month.

Interestingly, this week, two hottest altcoins, Chainlink and Tezos came together. Chainlink’s decentralized pricing oracle will be providing the Tezos community projects with real-time data.

With this integration, Tezos projects can pull from active pricing feeds for different assets to build projects.

“I think it’s going to be used a lot for DeFi, maybe some decentralized insurance. But from what I can tell, there’s a lot of interest in having DeFi on Tezos. And having a good oracle mechanism is basically now a prerequisite for having a well functioning DeFi application,” said Chainlink CEO Sergey Nazarov.

All indexes ended April with gains of over 30% but small caps increase the most with a 335% gain. In the past month, the market cap excluding bitcoin rose by $22 billion.

Down the line, other big performers include Hyperion (423%), Digibyte (23%), Hive Token (99%), Zilliqa (65%), Kyber Network (58%), Enjin Coin (56%), Zcash (49%), and Matic (47%).

Kyber Network particularly is getting attention as the network’s planned upgrade will allow KNC token holders to earn staking income. As such, the number of addresses with KNC has increased by 15% since early January, as per IntoTheBlock.

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Author: AnTy