Kucoin to Launch a Non-Fungible Token (NFT) Exchange and Trading Services

Kucoin crypto exchange has announced that it is making a debut into the Non-fungible token (NFT) market through Pool-X, the exchange’s liquidity trading platform. According to the announcement, Kucoin will roll out its NFT exchange within the next few months. Meanwhile, the exchange has already opened an NFT deposit service through Dego.Finance NFT assets.

NFT’s gained momentum in the crypto space this year and almost picked up from where the DeFi bull-run topped. Well, it appears that these digital assets could actually cause another market hype, given their value proposition. Basically, NFTs can be leveraged in different industries to store value on a decentralized/blockchain ecosystem. Some of the most compatible niches include artwork, collectibles, and Gamefi.

Kucoin will be among the pioneer centralized crypto exchanges to feature NFT trading; a milestone that the firm touted in the announcement,

“KuCoin’s support on deposit and withdrawal of NFT assets indicates that NFTs will soon enter the centralized trading platform for circulation.

At present, trading NFT assets is difficult for users because many of them are unfamiliar with on-chain transactions.”

Notably, Kucoin opened NFT deposit services on Nov 16 as withdrawals are scheduled to commence on Nov 20. Plans to launch the NFT exchange and NFT trading service have been set for early next year. According to Kucoin’s CEO, Johnny Lyu, the firm has been paying close attention to NFTs despite minimal action at the moment,

“KuCoin is paying close attention to the NFT market. Although NFTs don’t have enough market attention at present, the potential is great.

Moreover, it has many application scenarios in insurance, bonds, options, and other fields. It can even create a virtual real world on the blockchain.”

He highlighted that Kucoin launched the NFT trading board to increase market participation, noting that the exchange will continue to contribute to the NFT space. Stats from NonFungible.com, an NFT data analysis platform, revealed that this space grew by 300% year-on-year to record $230 million in transaction volumes during the first half of 2020.

Kucoin is still recovering from a $280 million hack at the end of September. So far they have recovered close to 84% of the stolen funds, in which they believe they know who the hackers are and are working with local law enforcement to trace and arrest the attacker.

Read Original/a>
Author: Edwin Munyui

MoonBeam Network Aims to Bring Ethereum Developers to Polkadot by Recreating EVM

The MoonBeam Project is making some interesting plans. The project aims to create a custom parachain, one emulating the Ethereum Virtual Machine environment. Should they pull it off, they’d effectively recreate Ethereum (ETH) within the Polkadot blockchain (DOT).

MoonBeam Aiming For Ethereum Emulator

Polkadot developers, and most other interoperability projects, typically need to develop an entirely new blockchain in order to host their respective decentralized apps. The Substrate framework of Polkadot, however, is aiming to simplify the process, seeing as not all DApps need such a monumental level of control over the environment.

MoonBeam stands as the project for Polkadot aiming to become an Ethereum emulator, operating within the same virtual environment powering all the smart contracts within the Ethereum blockchain.

Strong Governance And Cheap Fees

The MoonBeam team further highlighted that developers of Ethereum DApps only need to make minimal code changes in order to maintain the use of developer tools, such as Metamask and Truffle. As this is happening, Polkadot integration would mean easier interoperability for the entirety of the Polkadot ecosystem. This is due to other modules of Substrate still being available, which would allow the implementation of social recovery for wallets, on-chain governance, and other features to be available by developers in ready-made code.

The MoonBeam team claims that it will stand as a more affordable smart contract platform, one with a strong on-chain governance system. This sentiment is often emphasized by the co-founders of Polkadot, with them believing that this stands as a necessity for blockchain systems.

The idea is that MoonBeam will be interoperable with both Bitcoin and Ethereum, and will be thanks to dedicated bridges that other teams have already built.

ETH Seeing Newfound Competition

Even so, the competition within the DApp scalability arena is a fierce one indeed. Multiple layer-one chains actively compute with the layer-two solutions that are already native with Ethereum. Ethereum’s dominance in the smart contract space is largely thanks to the booming DeFi market within the network, but the blockchain has its limitations, as seen in 2020’s Summer.

With a new demand established, many players are aiming to capitalize on it, such as MoonBeam and Polkadot, thus providing an alternative platform for users to leverage. Other big names in this growing new niche are as follows: Binance Smart Chain, Solana, Cosmos, and the Near Protocol.

As it stands now, Moonbeam has yet to determine a concrete launch date, since it depends on the Parachain auctions of Polkadot going live. The general consensus is this will happen around the first quarter of 2021, but nothing can be stated as a hard fact.

It won’t be long before Ethereum will need to compete against other big names for supremacy within the smart contract arena. Ethereum will be the top player for some time, but historically, technology groups such as this need to upgrade itself constantly, lest it fall on the wayside faster than anyone could predict.

With any luck, an increase in competition will ultimately benefit the consumer of these projects. Ethereum suffered from a massive influx of traffic driving the gas fees through the roof, so a bit of a load off its system wouldn’t be the end of the world.

Read Original/a>
Author: Ali Raza

Bitcoin in Re-Accumulation Phase, Volatility Hits Two-Year Low

Over the weekend, the price of Bitcoin started moving north, making its way from around $10,400 to above $10,700. Trading in the green currently, but the ‘real’ volume at just $824 million is not providing confidence.

While volume on spot exchanges is low, institutional interest in Bitcoin has been “flashing strong since the 27th of July, the day it went through $10k.”

Also, just a small percentage of greens have been enough to carry the rest of the crypto market up with it. In a rare bout of gains, XRP spiked over 8%.

This positive performance across the markets is the result of President Donald Trump’s recovery after contracting coronavirus.

BitMEX Narrative

The market is trying to recover from the BitMEX incident last week. As a result of criminal charges on the popular derivatives platform, more than 45,000 BTC have been pulled from the exchange.

Bitcoin balance on BitMEX has fallen to 120,000, a decline of 27%.

The day the news of criminal charges from CFTC came, the exchange saw the largest negative net flow to date, as 44,000 BTC were withdrawn. Almost 30% of them were transferred to Binance and Gemini in equal amounts.

Open interest, meanwhile on the exchange that crashed 24% remains at 43k BTC, around $456 million — levels not seen since May 2020.

image1

Besides BitMEX, another narrative at the top of the market’s agenda is the volatility the market participants will be subjected to in the coming weeks ahead of the US elections.

Getting Too Comfortable?

Bitcoin’s 180-day volatility has dropped to its lowest since November 2018, reaching a 23-month low, indicating the market has been mostly unfazed by the unsettling news of BitMEX. Denis Vinokourov of Bequant noted,

“Implied vol remains well contained and even the skew profile, for both Bitcoin and Ethereum, shows signs of stabilization. The market is very crowded, and it is difficult to see how this will change, especially as the entire liquidity provision is dependent on cheap liquidity (Bitcoin) and yield offerings by DeFi platforms (with Ethereum as the backbone).”

During these last couple of weeks, Bitcoin weathered the several negative news that otherwise would have crashed the digital asset’s price — first KuCoin hack losing $281 million customer funds then BitMEX, and the next day the news of Trump testing coronavirus positive. Trader and economist Alex Kruger said,

“It’s been impressive how little bitcoin has moved during this whole Trump ordeal, as well as during the Bitmex-CFTC news. Vol sellers getting too comfortable.”

This could also mean that bitcoin is in re-accumulation mode. Analyst Cole Garner notes,

“Binance with a 2800 BTC sellwall at $11k. Unstoppable force meets the immovable object. Welcome to re-accumulation.”

Read Original/a>
Author: AnTy

Bitcoin Re-Entering the ‘Intense Historical Trading’ Area Following a Strong Uptrend

Bitcoin is back at near $11,000.

The leading digital currency has been making its way upwards since the mid of last week. Today, to mark the starting of a new week, Bitcoin went as high as $10,985, re-entering the $10,800 to $11,000 area of intense historical trading.

With the move, BTC has broken through its 30-day moving average — indicative of a strong uptrend and “that large funds are willing to actively purchase on the market.”

Currently, BTC is trading around $10,900 in the green with about $1 billion in ‘real’ trading volume.

“Weekly close looks good and don’t know why people continue to be overly bearish. Bitcoin got a short term pullback, and -20% is nothing unusual. Bitcoin continues to uptrend, and for the third week in a row has closed above the support zone of $9900 to $10,175,” noted trader Josh Rager, adding “$11ks next.”

As for the futures market, the Bitcoin futures curve has widened, albeit modestly, although “given the uncertain macro theme further upside remains somewhat uncertain,” said Denis Vinokourov of London-based broker.

The strong move came following the bullish weekend not only for BTC but also altcoins like KNC, REN, LINK, LEND, and ZRX, which according to Santiment, experienced similar factors like MVRV ratio in the ‘bounceback’ zone, ‘blood in the streets,’ ongoing accumulation, declining crowd interest, and strong fundamentals.

And today, a positive move in BTC price has the altcoins getting green again. Among the top cryptos, Cardano (ADA), with early 11% gains, and Polkadot (DOT) with 8.42%, are leading.

Today’s top gainers include Hegic (46%) and Swipe (40%), while Orion Protocol (76.5%) and Pixie Coin (62%) are the biggest losers.

Becoming Less Volatile

The third quarter is coming to an end this week. September did what it has been doing all those years and ended the month at a loss of -6.7%.

Interestingly, this month, bitcoin has been less volatile than Tesla. In Sept. bitcoin moved less than 1.25% in absolute value 52% of the days, unlike 6% of Tesla.

While the volatility of bitcoin continues to drop, investors are slowly moving to bot trading to capitalize on the price swings. Chinese brokerage service Pionex which has a monthly trading volume of $5 billion on its online brokerage platform, has over 80% of its 100,000 users running a trading algorithm.

The startup with Shunwei Capital and ZhenFund among its backers makes about $3 million by charging a 0.05% fee per transaction. The Singapore incorporated company has 80% of its trades fulfilled by the order books on Binance and Huobi.

“Trading bots let users overcome their humanity flaws and become a rational investor,” said founder Chen Yong.

Read Original/a>
Author: AnTy

Switzerland Passes Blockchain Legislation Unanimously; Will Take Effect Early 2021

  • Switzerland has finally approved legislation for blockchain and digital assets, making it one of the major financial hubs to have a formal regulatory reference point for the upcoming crypto market.
  • The country’s parliamentarians voted unanimously for the ‘Blockchain Act’ that had been passed earlier in summer.

According to a report by the international unit of Swiss Broadcasting Corporation, SWI, this legislation on DLT’s and blockchain is likely to come into effect at the beginning of 2021. The milestone will open up doors for Swiss crypto-savvy investors to participate in the latest tech, including decentralized finance (DeFi); companies will also be able to tokenize shares within the law amongst other assets.

These new blockchain-oriented laws for Swiss crypto companies define several events and the probable course to follow, should such situations arise. Given the new dynamics underpinning crypto ecosystems, some underlying laws on bankruptcy and security trading have been amended to accommodate the digital assets.

The legislation goes to the extent of providing clarity on trading security tokens as well as due diligence procedures by service providers. The clarifying is an effort to curb money laundering and terror financing activities that appear to be thriving in crypto networks. Speaking to Decrypt, Urs Bolt, a leading Swiss FinTech influencer, noted that the new laws would be a big boost for the country’s burgeoning crypto space. He commented,

“Overall, it will create one of the most favorable regulatory environments in the world. It will allow the financial center to lead in the digital asset space and hopefully attract new business into CryptoValley.”

Interestingly, this latest legal advancement comes just after Switzerland’s Canton of Zug decided to accept tax payments in crypto. The town, which has earned a nickname ‘Crypto Valley’ due to the high blockchain and crypto activity, said that residents can now pay their taxes in Bitcoin (BTC) and Ethereum (ETH) via QR codes; the initiative will roll out in Q1, 2021.

It is quite noteworthy that Switzerland joins its neighbors Malta and Liechtenstein, which had already enacted comprehensive legislation for blockchain-related tech. However, the country’s position on a CBDC remains unclear despite global hype and China’s debut of its digital yuan.

Read Original/a>
Author: Edwin Munyui

Kraken Returns to Japan; Subsidiary Payward Asia Granted Crypto Exchange Permit

Kraken crypto exchange is making a return into the Japanese market, two years after it exited this space owing to regulatory hurdles at the time. According to the firm’s announcement on September 8, Kraken’s crypto trading services will now be offered again to Japanese clients through its local subsidiary, Payward Asia Ltd.

This progress follows the approval of Payward Asia to operate a crypto exchange under Japan’s Payments Services Act. Notably, this entity is also part of Japan’s crypto self-regulatory Association; Japan Virtual Currency Exchange Association (JVCEA). With this regulatory foundation, Kraken stated that it is now confident of its re-opening business in the booming Japanese crypto market. The announcement reads,

“Kraken feels 2020 is the best year to restart the business in Japan because of the healthy market environment among other reasons.”

The exchange has scheduled mid-September as the target launch date with five crypto assets set to feature initially; Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Bitcoin Cash (BCH) and XRP. Consequently, prospective Japanese users have been guided to open new accounts with Payward Asia Inc. so as to be able to leverage its crypto-crypto and JPY-crypto trading services. This includes previous users of Payward Japan K.K as the exchange noted there will be no transfer functions.

Kraken’s re-entry into Japan comes barely two months since it was licensed by U.K’s financial watchdog, the Financial Conduct Authority (FCA), to offer Crypto Facilities which are basically ‘Kraken Futures’. This milestone gave exposure to sophisticated institutional investors in Europe who previously could not access licensed crypto derivative markets. Jesse Powell, the exchange’s co-founder and CEO, was particularly enthusiastic about the move,

“This particular license means that a sophisticated class of investors, limited by their own requirements to interface with a regulated venue such as an MTF, will now have access to crypto derivatives in Europe for the first time. More participants means more liquidity and a better experience for everyone.”

Read Original/a>
Author: AnTy

Decentralized Finance Drives Ethereum to Eat Up $675 Million Worth of Bitcoin

Ethereum is making bitcoin more and more scarce as it continues to eat up the largest digital currency.

Today, the second-largest digital asset is leading the market, surging to a new 2-year high. Also, Ethereum miners are raking in 3x more transaction fees than bitcoin as the cost to transact on the network skyrockets to a new all-time high.

Now, over $674 million worth of Bitcoin, 59,378 BTC, has been moved to Ethereum this year, thanks to the DeFi mania. In the DeFi sector, yield-bearing opportunities have people putting in lots of money, which will continue to increase as such options continue to rise.

Source: Btconethereum.com

Stablecoins have already migrated to Ethereum en masse; now bitcoin is drawn by the allure of Ethereum’s booming DeFi ecosystem.

Also Read: Ethereum Network Needs ‘Drastic Increases in Scalability’ to Tackle the Skyrocketing Fees: Vitalik Buterin

“With only 0.3% of all bitcoin on Ethereum and DeFi booming, the opportunity for decentralized bridges between the two chains is hard to ignore,” noted Messari.

Source: Messari

A good chunk of this BTC contribution comes from wBTC, which has BitGo, the undisputed leader in bridging bitcoin to Ethereum. In this wrapped Bitcoin token’s case, users simply send their BTC to BitGo, which custody’s it on their behalf and, in turn, mints BTC pegged ETC-20 tokens on Ethereum (wBTC).

These BTC-pegged tokens can be used in various DeFi protocols for different purposes, such as lending and liquidity provision. Currently, $444 million in wBTC has been minted on Ethereum, as per Btconethereum.com.

A total of 97% of wBTC is cloaked in smart contracts; 37% as collateral in Maker CDPs, 21% in providing lending liquidity in Aave, 15% are acting as liquidity on DEX Curve, and the remainder on other DeFi protocols including Compound, Balancer, and Set.

Unlike BitGo’s centralized solution, decentralized custodian networks RenVM and Keep Network have also emerged.

RenVM had over $162 million worth of BTC locked, and it has facilitated about $400 million in volume between chains. Meanwhile, Keep Network that was launched in May, had to pause the user deposits after a vulnerability was found in its codes a few days after the launch.

“This presents an interesting quandary for bitcoin. While it clearly has more utility after being converted onto the Ethereum blockchain, its underlying value ostensibly comes from the 68 TWh of power that go into securing the Bitcoin blockchain each year,” noted Glassnode.

Read Original/a>
Author: AnTy

Bitcoin & Gold Crashes as S&P 500 Races towards All-Time High

After making a bullish start of the week, by surging past $12,000 only to drop, bitcoin is continuing its descent. The largest digital asset has gone down to under $11,300 in red by 2.76% while managing $2.2 billion in ‘real’ trading volume.

These losses came despite the bullish news of billion-dollar Nasdaq-listed MicroStrategy becoming the first publicly-traded company to buy Bitcoin. The company purchased $250 million worth of BTC as a reserve asset in its search for yield and an inflation hedge.

However, digital gold is not alone in running the streets red. The precious metal is also falling; gold has been having a rough couple of days.

The Driving Force

After surging to its all-time high of $2,075 on Friday, the yellow metal has been on a pullback. Today, the spot price of bullion went down as low as $1,937 and is currently trading around $1,945.

“This is a rates driven correction. The bond market is in charge,” said trader and economist Alex Kruger. “Bond prices => yields => dollar => metals.”

Rates are the primary driving force behind not only those moves that involve the dollar but also for gold, he said.

“This is all BTC bearish. With a little luck can have some proper wicks lower to get some fills,” Kruger added.

This makes sense given that the one-month correlation between bitcoin and gold has spiked to an all-time high of 68.9% on August 7th, as per Skew. This has been exactly opposite of what’s going on with the one-month correlation of bitcoin and the S&P 500, which has fallen to 23.6% from ATH of 78.8% in early July 2020.

So, it’s no wonder that today’s equities market is enjoying gains, outpacing previously flying tech stocks. As yields went up, there has been a “rotation from tech to “epicenter” stocks,” akin to what has been seen in the Dow and small caps as well.

Equity Markets to ATH

S&P 500 is nearing its all-time closing high from February, just 0.38% down from the ATH, after White House officials and top Democratic lawmakers indicated on Monday that they were ready to resume talks on the new coronavirus aid package.

President Donald Trump also suggested he was considering a tax reduction for “middle income” earners. Moreover, Trump is closing the gap on Joe Biden’s presidential election opinion polls, which is working in the market’s favor.

On the coronavirus front, the number of new cases in the US has fallen 18% over the past 14 days. Meanwhile, Russia has registered the world’s first COVID-19 vaccine, said President Vladimir Putin today.

Bitcoin’s Time to Come

A combination of fresh hopes for another stimulus package and signs of pandemic spread slowing are boosting the stocks.

Even the bubbling tensions between the US and China, reignited by a dispute over TikTok, might not affect the markets much as Goldman Sachs analysts expect an estimated 1.2% decline in SPX for an unexpected $10 billion increase in US tariffs on China.

In contrast with bitcoin, the US Dollar has also recovered somewhat, currently at 93.43 from the lows of 92.50 from last week, last seen over two years back.

However, BTC is holding firm above $11,000; up 60.32% YTD and new highs could come soon too.

“Bitcoin’s 4 Year Cycle suggests that it will be in 2021 where we will see peak euphoria and a new All-Time High for BTC,” said analyst Rekt capital. “In 2021, simply holding Bitcoin will be the most optimal investing strategy.”

Read Original/a>
Author: AnTy

Ethereum Gas Price Hasn’t Been This High Since its Launch

The price of Ether is back to making its way to $400 level as it hovers around $391 in the green with just $840 million trading in the past 24 hours.

The second-largest digital asset is up 200% YTD and about 290% since March sell-off. Santiment noted,

“ETH holders have been euphoric for good reason… Ethereum is at +2.78 deviations above its neutral resting position when it comes to weighted social sentiment, which is easily an all-time high.”

But what’s not good for Ethereum is the extremely high transaction fees that have been rising throughout 2020.

Ethereum’s average transaction fee has spiked more than 3,636% since the beginning of this year, as per Ycharts.

According to Etherscan, on August 10th, a record of 9,332 ETH in transaction fees was paid, except for on two occasions on June 10 and 11 due to a couple of transactions that paid million dollars in fees.

The average gas price has also skyrocketed surging to 118.33 Gwei, recording an increase of 915% since earlier this year. Trader and economist Alex Kruger noted,

“High demand is driving Ethereum gas prices up. The 30-day average gas price has recently reached levels only seen in the summer of 2015, right after Ethereum launched.”

Ethereum network is working at full capacity, with the daily gas used continuing to surge to new highs in 2020.

From 37.2 billion on January 1st, gas usage has reached 77.8 billion on August 10th. Since late June, it has been keeping above 70 billion.

This growth has been the result of ever-increasing stablecoin supply and the exploding DeFi space.

This past week, however, Ethereum saw a temporary slowdown in its growth with ETH active addresses about even for the week while transactions grew by just 0.9% week-over-week. According to Coin Metrics, transfers on the network declined by 1.4%.

But this week, the market is yet again active as Glassnode noted, 1.2 billion USDT, an all-time high, was transferred on Ethereum within a single hour, yesterday. In this quarter, the supply of stablecoins has been further gaining momentum, already surpassing $12 billion.

As for the DeFi sector, another record of $4.74 million has been locked in this space with an all-time high 4.51 million ETH also locked.

Read Original/a>
Author: AnTy

Bakkt Bitcoin Physical Delivery at its Lowest in 2020 in Contrast to Trading Volume & OI

Bitcoin is immensely bullish with price making big splashes and the number of active bitcoin addresses (7-day average) surpassing 1 million, the largest addresses recorded since January 2018.

These active addresses jumped while the price of bitcoin is making its way back to $11,400 after it plunged to about $10,350 over the weekend within half an hour of hitting a new 2020 high of $12,112.

This volatility resulted in $1.1 billion worth of futures positions of over 70,000 traders getting liquidated across all exchanges on Sunday.

However, “despite the aforementioned volatility in the market, the futures curve was again seen following a contango term structure, indicating leverage interest, with the selloff likely used as an opportunity to re-establish longs at better levels,” said Denis Vinokourov of Bequant.

The price action in the bitcoin market is helping Intercontinental Exchange-backed Bakkt gain institutional investors’ interest back.

As we reported, last week, twice in a row, the platform made new all-time highs in trading volume.

On July 28, Bakkt bitcoin futures reached a new record high of 11,509 contracts, which was an increase of 85% from their last record-setting day. That day, the largest cryptocurrency broke above $11,000.

The next day, Bakkt broke into yet another new all-time high with 11,706 Bitcoin Futures, worth over $125 million.

Open interest on Bakkt has also made good progress, going from $3.7 million on July 16 to $24 million on July 31st, as per Skew.

In complete contrast to all the excitement trading volume and open interest is enjoying, the physical delivery of BTC, a facet that differentiates Bakkt from its counterparts, fell. The exchange had its lowest physical delivery in 2020.

“The amount of BTC futures contracts held to expiry crashed down 74% in July, to 58 BTC. This is the lowest amount held to expiry so far in 2020,” noted Arcane Research.

Just last month, Bakkt had the third-highest delivery at 221 BTC — 293 BTC in March and 230 in January are the two biggest months since its launch in September 2019. The only time with less than these futures contracts were held to expire was in the first three months, October, November, and December at 15, 17, and 8 BTC.

Meanwhile, bitcoin options remain a disappointment as for more than a month now, $0 has been traded in Bakkt bitcoin options, and the same is the case for its OI. Its competitor CME, however, recorded $60 million in bitcoin options on July 28th and $275 million in OI on July 30th.

Read Original/a>
Author: AnTy