$1.2 Billion Liquidated on Binance, Taking the Lead like Always, on Bitcoin’s Drop to Nearly $50k

$1.2 Billion Liquidated on Binance, Taking the Lead like Always, on Bitcoin’s Drop to Nearly $50k

Binance, which leads in Bitcoin futures volume is accounting for nearly 50% of all the liquidations. The exchange has a default setting of 20x leverage and offers up to 125x, which has been used by 20% of traders in the past.

The price of Bitcoin tumbled to about $50,300 on most of the cryptocurrency exchanges during the latest sell-off.

As of writing, the leading digital currency is trading around $51,500, but it is yet to be known if the market has bottomed or, as we have seen this entire week, BTC would fall further to a new lower level.

Still, there is nothing to be worried about as of yet, as the last two pullbacks were 31% and 26%.

Meanwhile, in the past 24 hours, a whopping $2.44 billion and 328,306 traders have been liquidated, as per Bybt. These liquidations now surpass the level seen on March 14, which sent us to $53,150 the day after hitting the all-time high of nearly $62,000.

Today’s liquidation of both longs ($2.23 billion) and shorts ($190.36 million), however, hasn’t reached the level of Feb. 22nd and is far off from the day before that.

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Source: Bybt.com

Out of these $2.44 billion liquidated, about $28 million belongs to Bitcoin traders and $3.91 million to Ethereum ETH -0.04% Ethereum / USD ETHUSD $ 1,595.51
-$0.64-0.04%
Volume 29.07 b Change -$0.64 Open $1,595.51 Circulating 115.2 m Market Cap 183.8 b
5 h Coinbase Selected By Meitu For $90 Million Crypto Purchase and Custody 6 h $1.2 Billion Liquidated on Binance, Taking the Lead like Always, on Bitcoin’s Drop to Nearly $50k 6 h Theta Mainnet 3.0 Delayed Till June; Devs Needs More Time for Elite Edge Nodes & TFUEL Staking
. Another whopping $1.18 million and $1.03 million belong to Filecoin FIL 5.21% Filecoin / USD FILUSD $ 91.17
$4.755.21%
Volume 2.89 b Change $4.75 Open $91.17 Circulating 60.52 m Market Cap 5.52 b
5 h Decentralized Cloud Storage, Filecoin Integrates Chainlink for Bidirectional Smart Contract Support 6 h $1.2 Billion Liquidated on Binance, Taking the Lead like Always, on Bitcoin’s Drop to Nearly $50k 1 w Grayscale Launches Investment Trusts for LINK, Filecoin, Decentraland, BAT, & Livepeer
and Polkadot DOT 1.43% Polkadot / USD DOTUSD $ 29.94
$0.431.43%
Volume 3.42 b Change $0.43 Open $29.94 Circulating 923.31 m Market Cap 27.64 b
6 h $1.2 Billion Liquidated on Binance, Taking the Lead like Always, on Bitcoin’s Drop to Nearly $50k 3 d Solana (SOL) is ‘Uniquely Positioned’ to Snatch Market Share from Ethereum & ETH Killers, says VC 6 d “Dark Horse”: BNT Burn Is Around the Corner As A Swiss Bank Embraces Bancor
, respectively.

Interestingly, like always, Binance leads in liquidations accounting for nearly 50% of all the liquidations at $1.2 billion, out of which $1.1 billion were longs.

Bitfinex and Deribit traders remain to be level-headed, with their funds accounting for a mere 0.12% and 0.83% of the total exchange liquidation share, respectively.

These liquidations could be in part related to Binance managing $38.16 billion volume in Bitcoin futures in the past 24 hours compared to Bitfinex and Deribit’s $70 million and $2.56 billion, respectively, as per Skew.

Another reason could be the high leverage offered on Binance. While leverage is available up to 125x on crypto perpetual contracts, the default is also 20x.

As we shared before, Binance reported in December 2019 that within its first two months of its futures operations, on average, over 60% of traders use 20x or higher, and 21% of traders use the maximum 125x leverage.

Leverage is extremely popular in crypto and tends to exacerbate Bitcoin’s moves both on the upside and downside. Traders and industry experts have time and again advised people to refrain from using leverage in the crypto space, which already enjoys high volatility.

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Author: AnTy

Cryptocurrency Exchange, Coinbase, Hires Goldman Sachs for IPO Plans

San Francisco-based cryptocurrency exchange Coinbase has hired Goldman Sachs Group to lead the preparations for its stock market listing, reported Reuters, citing a person familiar with the matter.

Coinbase revealed that it has confidentially applied with the US Securities and Exchange Commission (SEC) to go public.

As we reported, a cryptocurrency company to list on the stock market is huge news for the industry. Messari valued the company at $28 billion following this announcement, raised from the $8 billion valuations it got during its last funding round.

Coinbase has been rumored to go public for a long time now, and it started making plans for the listing in July.

Founded in 2012 by CEO and board director Brian Armstrong and board director Fred Ehrsam, Coinbase has raised $525 million to date.

Coinbase’s filing comes after multiple startups, including Airbnb, DoorDash, Wish, Roblox, and Affirm, have filed to go public or have already gone public this year.

The crypto market is in full bull mode, with Bitcoin hitting yet another all-time high yesterday above $24,000. Armstrong wrote in a blog post cautioning newcomers to cryptocurrency,

“While it’s great to see market rallies and see news organizations turn attention to this emerging asset class in a new way, we cannot emphasize enough how important it is to understand that investing in crypto is not without risk.”

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Author: AnTy

IOHK to Roll Out ‘Smart Contract Free’ Tokenization On Cardano Blockchain

IOHK, the lead developer of Cardano, announces the introduction of “smart contract-free” solutions for native tokens. The move aims to provide a cheaper, more efficient, and less complex platform for decentralized apps (DApps) than Ethereum’s ERC20 and ERC 721 tokens.

In a press release to BEG’s desks, Input Output Hong Kong (IOHK) announced a new interoperability feature on Cardano’s blockchain that allows native ‘non-smart contract’ tokens on the platform. This follows the Goguen upgrade’s launch that allows the development and tokenization of assets using Cardano’s ledger.

This solution will allow other tokens to run on Cardano, opening a gateway to “unprecedented levels of interoperability for blockchain projects,” the statement further read.

The new solution is expected to roll out in the first quarter of 2021 on the Cardano mainnet, with the pre-production environment expected to launch in a few days.

In a blog post by Tim Harrison, Marketing and Communications Director at IOHK, the new solution differs from the non-native user tokens offered on Ethereum, i.e., ERC20 non-fungible ERC 721 tokens. Tokens built using the ERC20 or ERC 721 standards differ fundamentally from the Ethereum native token, Ether, the post explains.

The lack of native tokens makes the process of tokenization “inherently inefficient” as the developers need to write up custom code to build on Ethereum. This adds gas costs (needed to pay to execute the code), a layer of complexity in development, and increases the chances of bugs in the system.

With Cardano’s native tokenization solution, the unnecessary step of creating custom code for user-defined tokens will be dropped, allowing “third party tokens to operate on Cardano as if it was custom-designed blockchain for them.”

Notwithstanding, the tokens will behave similarly to Cardano’s native ADA cryptocurrency to enjoy the benefits of speed, security, and the platform’s cheap transactions. However, unlike ADA, native tokens can be destroyed and minted, while ADA is the only token used for fees, rewards, or incentives.

This is expected to enhance the overall interoperability of assets across blockchains. In particular, Cardano has taken a step forward in challenging Ethereum in the decentralized finance (DeFi) space, recently announcing its first-ever DeFi project on it. Furthermore, IOHK releases over $250,000 in its Project Catalyst fund to incentivize DeFi projects building on its blockchain.

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Author: Lujan Odera

China Planning to Legalize Digital Yuan; Forbids Yuan-backed Digital Tokens

China continues to lead in developing its central bank digital currency (CBDC) as it now considers giving it a legal foundation in an upcoming law revision, reported South China Morning Post.

In the past few weeks, the trial of the digital yuan in the real world took place through the giveaway of 50,000 digital “red packets”— a series of trials have been conducted in Suzhou, Shenzhen, Chengdu, and Xiongan — and now the central bank is also addressing all the problems that emerged in the pilot tests.

According to the media report, The People’s Bank of China (PBoC) published a draft law on Friday that would give the Digital Currency Electronic Payment (DCEP) system a legal status.

For the first time, it included the digital yuan, which was also defined as part of its sovereign fiat currency.

As per the draft law, issuing yuan-backed digital tokens by any party or any plans to replace the renminbi in the market would be forbidden.

DCEP, meanwhile, will be allowed to be circulated and converted like coins and physical banknotes.

“Its centralised management will be good to fight against cryptocurrencies and global stablecoins and prevent their erosion of currency-issuance rights,” Mu Changchun, head of the central bank’s digital currency research institute, said on Sunday at the Bund Summit in Shanghai.

The central government has already made clear that DECP won’t replace cash, but there are some domestic concerns related to its convertibility, privacy, and safety. Mu touched on these potential pitfalls as he said,

“The PBOC will also face anti-counterfeit issues in the digital era, and we must lower the cost.”

He further added that the central bank would be asked: “to coordinate the construction of digital currency application scenarios for the purpose of identification.”

A digital yuan product suitable for those senior citizens that don’t use smart terminals is also in development.

As for the threat the government-led project poses to private mobile tools like WeChat Pay and Alipay, Mu said they are just electronic wallets while the DCEP is the money inside them as such “not competitors.”

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Author: AnTy

ConsenSys to Lead Phase Two of Hong Kong and Thailand’s Cross-Border CBDC Project

ConsenSys has been awarded the contract to lead phase two of the cross-border payments ‘CBDC’ project between Hong Kong and Thailand. Dubbed project ‘Inthanon-LionRock,’ the initiative follows successful research by the central banks of both jurisdictions, which found an additional value case in building a cross-border CBDC.

According to the press release by ConsenSys, they will work alongside industry giants Forms HK and PriceWaterhouseCoopers (PWC) towards implementing the second phase. Notably, the project has been in the works since May 2019 when the Bank of Thailand (BoT) and Hong Kong Monetary Authority (HKMA) signed a memorandum of understanding to dig deeper into the value proposition CBDC’s.

With ConsenSys now in the picture, the joint CBDC between Thailand and Hong Kong will move past the research phase to a more practical era. ConsenSys has since been tasked with building a proof-of-concept (PoC) cross-border corridor to enable Hong Kong’s Lionrock and Thailand’s Inthanon networks to interact seamlessly. The press release reads,

“Using its enterprise Ethereum stack, ConsenSys will test solutions that prioritize scalability, security, and interoperability.”

This is not the first time ConsenSys works collaboratively with a particular authority towards designing and developing a CBDC. The blockchain software technology firm has, in the past, worked with the South African Reserve Bank and Monetary Authority of Singapore to create decentralized payment networks. ConsenSys Hong Kong Director, Charles d’Haussy, noted that they are thrilled to take on a new initiative in a similar line,

“ConsenSys is thrilled to lead this implementation of CBDC for cross-border payments. We are humbled to work on the development of Hong Kong’s financial infrastructure.”

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Author: Edwin Munyui

ChainLink Partners With Crypto.com to Integrate Price Feeds Into Its DeFi Wallet

  • Crypto.com has revealed that it has inked a deal that will lead to the integration of Chainlink’s price feeds with its decentralized finance (DeFi) wallet product.

On Monday, the wallet and payment card provider based in Hong Kong, stated that Chainlink’s Price Reference Data has been directly integrated with its DeFi wallet which will give its clients ready access for its price feeds.

The addition of Chainlink’s price feeds into Crypto.com’s DeFi wallet is in line with the latter’s expansion program towards booming spaces. According to Eric Anziani, Crypto.com’s chief operating officer, the partnership will add more value to its customers. Anziani explained:

“I would say with the partnership with Chainlink is kind of our first integration with a DeFi protocol, it brings value to our customers in terms of providing transparency in the prices that we’re giving them in our DeFi wallet and also making sure our ecosystem token CRO can be integrated into the external protocol by building a price feed for CRO specifically thanks to the Chainlink architecture.”

According to a press release shared with Bitcoin Exchange Guide, the firm will start with its native token in receiving the decentralized price feed, CRO/ETH but plans are underway for the addition of CRO/USD. Anziani clarified that the firm will kick off with DeFi tokens, however plans are underway to utilize Chainlink’s price feeds for the rest of the tokens within its ecosystem.

Anziani also explained that the expansion is not intended to take advantage of the current hype, but is driven by the basic belief that each person is entitled to have the control of their money, identity as well as data and the blockchain tech-based firms should lead towards this achievement.

Speaking on the recent controversy surrounding top exchanges listing the much-hyped SUSHI token, Anziani explained that his firm’s clients trust that Crypto.com has solid due diligence protocols before a new asset is listed which informed the firm’s decision not to list it.

Crypto.com rolled on its wallet at the start of this year touting it as a user friendly wallet to capitalize on the buzz around DeFi space.

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Author: Joseph Kibe

Aave & Synthetix Dominate FTX’s DeFi Index; Replacing Maker & COMP

  • Aave (LEND) continues to lead the decentralized financial (DeFi) sector, accounting for the highest 17.82% share of the marketplace.
  • This dominating DeFi lending protocol, which has a total locked value (TVL) of $1.52 billion, is now the second most weighted digital asset in the derivatives platform FTX’s DeFi Index.

FTX’s DeFi perpetual contracts were launched in mid-June with Compound (COMP) and Maker (MKR) having the dominant position with 20% share each, which has now fallen to 11.2% and 6.1%, respectively.

It makes sense, given that while COMP and Maker were hot at the beginning of this DeFi craze but now as the market grows, other projects are gaining strength.

While Maker saw the biggest reduction in its weightage in FTX’s DeFi Index, Kyber Network (KNC), 0x (ZRX), Augur (REP), and Bancor (BNT) also recorded a lower end single-digit decrease.

Meanwhile, emerging projects like Kava, Loopring (LRC), and REN registered a jump in their weightage.

However, the biggest gainer has been Synthetix (SNX), the 6th largest DeFi project with just over $745 million in deposits, as per analyst Ceteris Paribus.

Together LEND and SNX account for 46.6% of FTX’s DeFi Perpetual contracts.

Since the launch of the DeFi futures contract in mid-June, LEND and SNX are the biggest gainers while Maker has actually suffered losses.

The DeFi PERP is currently trading at $2,607 with a volume of $3.2 million, up from around $1,200 level it was at during the launch but down from nearly $3,500 high on Sept. 1st.

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Author: AnTy

Another Fork of the Fork? Bitcoin Cash Upgrade Coming in November

Bitcoin ABC and its lead developer Amaury Sechet are forking Bitcoin Cash now, according to BCH proponent Roger Ver.

“Bitcoin ABC and @deadalnix have announced that they are forking away from #BitcoinCash on Nov 15th. We wish them good luck with their new coin and thank them for the free airdrop to all BCH holders,” tweeted Ver.

Ironically, November 15th is also the day when Bitcoin Cash (BCH) was hard forked into Bitcoin SV (BSV) back in 2018.

However, it is just an upgrade, as a month back, Sechet published an update about Bitcoin ABC where he talked about making primary improvements such as a new Coinbase Rule and change to the Difficulty Adjustment Algorithm to the blockchain.

“The addition of this new rule represents a significant step. […] node implementations, have developed a financial reliance on powerful interests such as mining corporations, venture capital funds, and angel investors,” read the blog.

Ver’s reaction came following Bitcoin ABC’s 0.22.1 release, which will activate the new coinbase rule, diverting 8% of all newly minted BCH to a development fund on Nov. 15.

Cointext CTO Vin Armani, who sees a split to be a more desirable outcome than infighting, says the most important thing about the event is that “there will finally be a Bitcoin network, with the roadmap necessary to become peer-to-peer cash at a global scale, that doesn’t include vocal and influential humans who believe you can fund such a project with donations.”

He further shared that the vocal people in the council have cryptographically proven that they are major miners and holders in the network, and their incentives are aligned with increasing the value of the network. If these influential people get “overthrown,” it will be by those with an even greater stake.

In the Bitcoin Cash network, Bitcoin ABC has 533 nodes (42%), while BCHN’s 126 nodes represent just a 10% share in the network’s 1,260 total nodes.

Bitcoin Unlimited (BU) implementation that has the largest share 44%, with 565 nodes, however, is opposed to the coinbase rule. And if BU and BCHN come together, they can reject the November upgrade.

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Author: AnTy

Ethereum Classic Core Developer, ETC Labs, Onboards CipherTrace to Investigate 51% Attacks

Ethereum Classic’s lead development team, ETC Labs, is investigating the recent 51% hack after hiring Kobre & Kim, an investigations firm to lead its legal proceedings. The firm will also use blockchain analysis firm, CipherTrace services, who will work together with U.S. authorities to pursue criminal charges on the perpetrators of the $5.7 million hack.

In a press release this Friday, the core development and accelerator organization of the ETC blockchain stated they would also be working on better security systems after multiple 51% attacks in the past 20 months or so.

Terry Culver, the CEO of ETC Labs, rightly termed the hack as “manipulating a public blockchain to steal,” further stating there will be severe consequences.

“Together, we will cooperate with stakeholders and agencies in the United States and wherever else the investigation leads to analyze the transactions and to identify the responsible parties with the knowledge and motive to carry out these attacks,” Culver said.

“We are determined to protect the integrity of the ecosystem.”

The blockchain has been a victim of 51% attacks in the recent past – facing two successive attacks on July 31st and August 5, losing upwards of $5.5 million in a double spend. According to the statement, the second attempt was similar to the first as the hackers reorganized 4,236 blocks after probably buying hash power from Nicehash DaggerHashimoto, also used previously.

Hashing similar tones to Culver, CEO of ChipherTrace, Dave Jevans said,

“We are proud to help solve this pivotal case, which represents more than a major theft because it is an attack on the integrity of a major blockchain.”

Ethereum Classic has shown resilience in the past after facing 51% hashing power attacks. In January 2019, the blockchain suffered a reorganization attack but little changed on the market, as ETC only lost 6% following the attack. ETC currently trades at $6.84 on Coingecko charts, a sharp 17% fall from highs achieved on August 2, days before the second attack.

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Author: Lujan Odera

Coinbase Custody and IOHK Partner to Provide Institutional-Grade Staking For Cardano’s ADA in Q4

IOHK, the lead developer of Cardano blockchain, and Coinbase Custody, the institutional-grade custodian launched by Coinbase Inc., announced a partnership to allow users to stake their ADA tokens. Along with staking, the partnership also allows assets to remain safely locked in a cold storage wallet.

In the announcement emailed to us on Friday, the staking-custody service offered by Coinbase, a first of its kind, will be rolled out in the latter stages of the year when the staking service on Cardano blockchain goes live.

This service will ensure that users of ADA on Coinbase will be able to reap the rewards on Cardano’s proof-of-stake (PoS) network while keeping the digital assets secure in the cold wallet storage facilities. The statement reads:

“Agreements like these are essential to driving widespread adoption of cryptocurrencies, as they allow institutional and large investors to safely and securely manage their funds while also keeping in line with regulatory requirements.”

This is also expected to sway the regulators’ view on the use of cryptocurrencies without the worry of a security breach, which previously provided a barrier to digital assets being widely adopted.

Speaking on the partnership with IOHK, Sam McIngvale, Head of Product, Coinbase Custody, said the exchange tested the Cardano staking testnet protocol with over a thousand stake pools sampled. Sam concluded,

“We are pleased to have been selected as the custodian, and we’re proud to be a full-service, regulated, comprehensively-insured, and 100% offline staking provider in crypto.”

Cardano’s founder and CEO at IOHK, Charles Hoskinson, was equally pleased with the partnership stating the aim is to include the unbanked population and provide a gateway to financial investments to people who have previously were neglected. On the custody- staking services, Hoskinson said:

“This custody agreement allows us to offer the same secure storage solutions that can be found in traditional finance to ADA holders, without sacrificing what makes Proof of Stake blockchains special – being able to participate in the network.”

Cardano’s native token, ADA, is on a sustained rise since the announcement of the launch of the Shelley-era in the coming weeks. IOHK has already deployed the Shelley node on the Cardano mainnet, signaling everything is ready for the hard fork.

The token currently places seventh on Coinmarketcap charts with a total market capitalization of $2.6 billion after an 8 percent surge in price the past 24 hours.

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Author: Lujan Odera