BNB Flying to Achieve $100 Bln Market Cap Ahead of Coin Burn & Amidst ‘BSC DeFi Summer’

Is BNB setting the stage to replace Ether as the second-largest digital asset or acting as another funnel for ETH DeFi?

BNB is enjoying an explosive rally, hitting new highs every day.

Today, BNB went to nearly $640. Binance CEO Changpeng Zhao, meanwhile, is doing all he can to send it even higher as he reminded his 1.4 million followers on Twitter that BNB burn is coming in a few days.

“When you burn coins, they are taken out of circulation forever. It increases the value of the remaining coins,” tweeted CZ.

BNB is now the third-largest cryptocurrency with a market cap of $92 billion, while competitor Ethereum sits at second place with $250 billion.

Some people are now questioning if BNB can replace ETH. ETH -0.28% Ethereum / USD ETHUSD $ 2,144.39
-$6.00-0.28%
Volume 21.71 b Change -$6.00 Open $2,144.39 Circulating 115.44 m Market Cap 247.56 b
2 h Keep Network to Launch An Updated Bitcoin to Ethereum Bridge, tBTC Protocol V2 9 h Topps Launching its Flagship Baseball Card Collection in NFTs in Partnership with MLB 10 h BNB Flying to Achieve $100 Bln Market Cap Ahead of Coin Burn & Amidst ‘BSC DeFi Summer’

Up over 1,440% YTD, BNB started uptrending this year like all the other cryptos; however, the real rally started in late March thanks to the growing usage of the Binance Smart Chain.

BSC, which was first unveiled a year back, is currently recording more than 4 million transactions per day, with the highest number of 4,995,155 transactions on April 8, while the lowest number of 38 transactions was seen on August 30, 2020, as per BSC Scan.

In comparison, the second-largest network is recording just over 1 million transactions per day, with the highest number of 1,406,016 transactions set on September 17, 2020.

As of April 11, there were over 64.4 million on BSC in terms of unique addresses, a huge increase from just 1.26 million exactly two months back. Meanwhile, over the past six years, Ethereum has achieved a total of 147.3 million unique addresses. However, not everyone is impressed with these numbers; as Ryan Watkins of data provider Messari says,

“Price action will cause people to believe anything. I don’t care how high BNB or CAKE go, it won’t change that they’re still copycats. It’s one thing to view these assets as a way to make money, it’s another to view them as innovations that push this industry forward.”

Watkins argues that this growth is the result of centralization, that’s it, and instead of choosing BSC for speed and scalability, he says Solana is the way as it’s more decentralized than BSC. SOL 3.00% Solana / USD SOLUSD $ 28.63
$0.863.00%
Volume 309.37 m Change $0.86 Open $28.63 Circulating 270.02 m Market Cap 7.73 b
10 h BNB Flying to Achieve $100 Bln Market Cap Ahead of Coin Burn & Amidst ‘BSC DeFi Summer’ 11 h The Reasons for Low Gas Fees on Ethereum Network, Despite Heightened Activity 4 d BSC Recording ‘Tremendous’ Usage, Fees Cut in Half as Transactions & Active Wallets Explode Higher

Meanwhile, users only care about how easy and cheap a network really is, as can be seen with BSC TVL getting ready to hit $30 billion.

Like BNB, the projects built on BSC also enjoy immense gains, with CAKE being the most popular one with a $4.16 billion market cap, up 4,520% YTD. PancakeSwap has also surpassed Coinbase Pro in volume today and is doing about 2.5x of the biggest DEX Uniswap. CAKE -0.69% PancakeSwap / USD CAKEUSD $ 26.34
-$0.18-0.69%
Volume 1.25 b Change -$0.18 Open $26.34 Circulating 149.96 m Market Cap 3.95 b
10 h BNB Flying to Achieve $100 Bln Market Cap Ahead of Coin Burn & Amidst ‘BSC DeFi Summer’ 3 w Total Value Locked in Binance Smart Chain (BSC) Surpasses $15 Billion; Brave Joins in with Wrapped BAT 3 w 0x and Matcha Becomes the Latest Protocols to Join Binance Smart Chain (BSC) After Alpha as Part of “Multi-Chain Future”

Despite the success, these tokens aren’t really available for trading on many or any centralized exchanges.

According to Spartan Black of crypto fund The Spartan Group, this is the reason DeFi tokens are underperforming for the last few weeks. He said,

“BSC is having its own DeFi summer….so much alpha to be discovered in BSC (XVS, CAKE). If you are wondering why Ethereum DeFi coins are lackluster, it’s because of the huge valuation gap that still exists between the BSC coins and ETH equivalents.”

And until BSC-based DeFi tokens have their own DeFi summer, “money isn’t rotating back to ETH DeFi coins.”

Despite BSC’s growing usage, it doesn’t mean other chains’ demise; rather, many believe it will only onboard more users to the decentralized finance (DEFi) space.

“BSC adoption is foreshadowing what L2s will do to Ethereum,” said Santiago R Santos, a partner at ParaFi Capital. “My thesis is that BSC is another funnel for ETH DeFi.”

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Author: AnTy

Booming Crypto Market has Thai SEC Setting Registration Deadline For Digital Asset Managers

Booming Crypto Market has Thai SEC Setting Registration Deadline For Digital Asset Managers

The Thailand Securities and Exchange Commission (SEC) will also hold hearings this month to set guidance for crypto exchanges to protect retail investors.

On Monday, the Thailand Securities and Exchange Commission (SEC) unveiled numerous announcements that will affect virtual and crypto asset portfolio managers.

Beginning February 24, all asset managers and crypto investment advisers will need to apply for operating licenses from the regulator, the Bangkok Post reports.

According to the Thailand SEC, a virtual asset investment adviser is anyone who offers advice in regards to the trading of cryptos or digital tokens and receives remuneration from such services. Therefore, the latest regulations will apply to portfolio managers as well as digital asset fund distributors.

Before this announcement, fund managers dealing with assets not covered by the legal definition of futures contracts, securities, or other equivalent financial instruments were not under SEC supervision. Also, investors dealing with unregulated portfolio managers were not covered by investor compensation funds.

Although crypto exchanges have been operating under the SEC’s supervision, investors had little or no guidance when it came to portfolio managers. The regulator is now seeking to enhance crypto and digital assets oversight via fine-tuning the existing asset management regulations.

As per the existing rules, crypto exchanges must share the users’ information with the regulator when funds are transferred from one exchange to the other. This requirement focuses on containing the increasing illicit activities in the worldwide crypto industry.

According to the announcement, any fund manager who fails to apply for an operating license will be deemed engaging in illegal activities and forced to close down.

Thailand is the latest nation to come up with such requirements after several jurisdictions crafted similar regulations. The Thai SEC will be holding a hearing this month to set retail investor qualifications for exchanges according to the Bangkok Post. Europe is currently implementing AMLD5, a pan-European directive that ensures custodian wallet providers and crypto exchanges are governed within one EU AML platform.

Thailand is also implementing steps that enhance cryptos’ use and adoption by introducing regulations and guidelines that leverage the opportunities within the crypto and blockchain space.

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Author: Joseph Kibe

“Young Male” Bitcoin & GME Investors Setting Up for an ‘Explosion’ in Depression: NYU Professor

“Young Male” Bitcoin & GME Investors Setting Up for an ‘Explosion’ in Depression: NYU Professor

Much like young women “became very depressed by sitting in their rooms looking at Instagram,” said Scott Galloway, who also feels these men staring at their phone watching BTC and AMC price are “not having (enough) sex.”

On one side, we have the likes of the billionaire owner of Dallas Maverick Mark Cuban and Social Capital CEO Chamath Palihapitiya, who are calling what transpired around heavily shorted stocks like Gamestop and AMC as a change in the financial system.

On the other side, we have Scott Galloway, a professor of marketing at NYU Stern, according to whom the matter is much simpler — these retail investors on Reddit are actually “young men not having (enough) sex,” he said. It’s just not related to sex alone, either; according to Galloway,

“We are setting ourselves up similar to how there’s a ton of young women out there who became very depressed by sitting in their rooms looking at Instagram, self-cutting and self-harm skyrocket.”

He goes on to say that this will result in an “explosion” of depression in young males only to add further, “it is going to be reverse engineered to apps that convince you, you’re part of a movement or physically addict you to your phone.”

The Biggest Loss of Capital

Galloway started with his theory on Twitter last week when he explained how:

“Arm young men, in a basement, not at work, not having sex, not forming a connection, with an RH account, a phone, and stimulus, and you have the perfect storm of volatility as they wage war against established players while squeezing the dopa bag, harder and harder.”

He further pushed his theory on MSNBC when he said the “biggest loss of capital” is the loss of human capital of “young men sitting and staring at their phone and watching the price of Bitcoin, or the price of AMC.”

Galloway basically wants these young men to form relationships with people rather than be “the person on the other side of the trade.”

Galloway, who has been around the markets for two decades, went on with, “the arc of the market is jagged and irrational, but it typically bends towards reattaching to the fundamentals,” which puts these stocks “much lower,” so “be prepared to lose 80% to 90% of it.”

“The greatest loss in capital here is from young men who are more prone to gambling addiction, who don’t understand the markets.”

It’s nothing new, he said, noting that hedge funds haven’t played out already. Just an age-old contract of “old men” to “stick it to the man and have young people attack the castle so they can get wealthier.”

Galloway is not alone in this; such attempts have been made by wealthier investors since last week. However, this time, the losses were felt by international investors as well as hedge fund Melvin Capital lost 50% of its investment.

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Author: AnTy

Brazilian Central Bank Task Force To Study CBDC Issuance and Impact

The Central Bank of Brazil on 21st August announced that it will be setting up a world-wide study group to research the issuance of central bank digital currencies (CBDC). The central bank, in its official statement, noted the growing impact and adoption of digital assets, especially CBDCs.

The new study group will look into various aspects of digital assets and how it can help in the economic uplifting of citizens while ensuring to mitigate all risks associated with digital assets.

The main intention of the study will be to improve commercial transactions between public and private entities, along with improving international or cross-border remittance services. Some of the critical areas of this worldwide CBDC Study include,

  • Scope
  • Societal benefits
  • National challenges

The study group tasked at looking into different aspects of CBDC will also study the security vulnerabilities involved with these digital assets like data protection and regulatory compliance risks involved.

CBDCs have been a priority for many countries, especially after China’s aggressive approach towards blockchain and the launch of its native CBDC. Most of the countries are quite receptive to blockchain technology despite being critical of cryptocurrencies. This is the reason most of the countries are looking for ways to launch their own CBDC.

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Author: Rebecca Asseh

Binance And OKEx Latest Crypto Exchanges To List, COMP, Compound’s Governance Token

Compound (COMP) is setting an impressive rise since its launch a fortnight ago with the coin’s price, popularity, and total value locked have seen multiple times growth rates since then. Additionally, several crypto exchanges have rushed to list the token after its impressive performance. After additions to Coinbase Pro, Coinbase, and FTX derivatives exchange, COMP is now set to start trading on OKEx and Binance.

OKEx launches COMP spot trading

Big exchanges are jumping on to listing Compound’s governance token in what can only be described as a FOMO move listing a two-week-old token. OKEx becomes the latest exchange to launch trading pairs of the coin, including the Tether (USDT) and Bitcoin (BTC) pairs.

Users can buy, sell, deposit, and withdraw COMP from the exchange as of Monday, Jun 29, the announcement reads. Trading opened at 9 AM UTC, and as at the time of writing, only 228 COMP has been traded on both pairs on the exchange.

COMP currently trades at an average of $235 across major exchanges representing a 4.31% drop in the past 24 hours. The daily trading volumes remain high at $11 million across 31 listed pairs on over ten exchanges – COMP reached an all-time high daily trading volume of $31 million on Friday.

Safe or not? Binance launches futures trading

In a similar breath, Binance launched futures trading of the COMP token offering USDT settled contracts starting Tuesday, June 30. The statement reads,

“Binance Futures will launch COMP/USDT perpetual contract, with the trading opening on 2020/06/30 09:00 AM (UTC). Users will be able to select between 1-50x leverage.”

However, a section of crypto traders has come forward criticizing the exchange for its high leverage positions on a relatively new token in the market. It is a question of making a profit vs. a safe environment for traders.

Binance, which has been at the forefront in speaking on the need to protect users, faces a dilemma as the volatility of an unproven token may cause a similar flash crash to Matic Network’s in December 2019 and with it liquidate users’ funds.

Rise to the top

Compound is a platform that allows users to earn interest by lending and borrowing digital assets. Launched in 2019, the company ascend to the top of the DeFi industry comes as a shock to many. Compound is currently the largest DeFi platform overtaking Maker (MKR) in total asset value locked (TVL), according to Defipulse.com.

Compound dominates the industry with $626 million in digital assets locked on the platform, representing 38.2% of the total value in decentralized finance.

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Author: Lujan Odera

Bitcoin Setting Up For Another Bull Run After COVID-19 Pandemic ‘Killed’ the First Set-up

According to a new model that on-chain analyst Willy Woo is working on, bitcoin was setting up for a bull run when coronavirus pandemic – the white swan “killed the party.”

The model picks the start of exponential bull runs and it suggests that we are close to yet another bull run and it could take yet another month to go.

But the time taken by the bitcoin to start this bull run is actually a good thing because “the longer this bull market takes to wind up, the higher the peak price,” he said.

The market is currently in an accumulation mode with holders taking this time to stack the sats, and “a long sideways accumulation band is ultimately a good thing.”

”Very clearly shows how COVID was a model breaking outlier” – On-chain analyst Willy Woo

As we reported, there are several indicators pointing out that the accumulation is going on in the market and investor confidence is growing.

Bitcoin daily active addresses are approaching levels not seen since 2018 but at the same time, active supply has been falling. Active supply is a measurement of the amount of supply moved on-chain within the last x days or years and while short-term supply surged in early 2020, longer-term active supply has dropped.

The fact that 1 year and 2 years active supply has dropped to two-year lows implies that “supply is increasingly being held for periods longer than one year, which supports the narrative that BTC is used as a store of value,” said Nate Maddrey, Research Analyst at Coin Metrics.

About 10.35 million BTC has moved on-chain within the last two years and about 7.4 million within the last year. Also, only 38.93% of bitcoin supply was active within the last year, the last time it was under 40% was in May 2016.

At the same time bitcoin balance on exchanges has been dropping since March sell-off.

Glassnode Bitcoin Exchange Balance
Source: Glassnode Bitcoin Exchange Balance

Currently, 14.3% of bitcoin’s circulating supply, 2.6 million BTC is in centralized exchange wallets, as per Glassnode.

The largest bitcoin holder is Coinbase at 954k BTC. At 2nd spot is Huobi but with not even half of Coinbase’s balance at 364k BTC, followed by Binance’s 267k BTC.

Coin Metrics also notes that Gemini which has been a relatively small exchange compared to its competitors at the beginning of 2017 now holds more bitcoin than Bitfinex, Bitstamp, Bittrex, Kraken, and Poloniex.

Amidst this, bitcoin realized capitalization has recovered and reached a new all-time high of $106.97 billion. In contrast to traditional market capitalization which values each unit of BTC supply uniformly at current market price, realized cap is calculated by valuing each unit at the price it was last moved on-chain or transacted.

Meanwhile, bitcoin continues to rebound three months after the March crash, currently trading under $9,100 in red while managing a mere $767 million in ‘real’ trading volume.

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Author: AnTy

Cardano is A Significantly Better Crypto; Makes No Sense for BTC to Rule the Roost: ADA Founder

  • Hoping ADA to jump into top three cryptos with the launch of Shelley is setting yourself up for failure – said Charles Hoskinson
  • Bitcoin will maintain the store of value status & be a multi-billion dollar ecosystem, just like gold
  • Central banks’ stimulus for too long can force a banking crisis which will be the time for crypto to shine and “we’re building for that”

Proof-of-stake (PoS) blockchain Cardano (ADA) Founder Charles Hoskinson conducted his latest AMA last week where he shared the delay of its Shelley era has been due to several factors. As Hoskinson explained,

“Byron reboot and the Shelley Haskell testnet – once those two events happen then we are a hundred percent confident.”

Recently, there have been reports that the Shelley update has been postponed because of the coronavirus (Covid-19) which Hoskinson was quick to deny, calling it “fake news.”

The most significant release, Byron Reboot has been said to be “100% re-written code, security audited, built with formal methods and it’s 100% built in-house.” This critical milestone will enable the migration from the Rust programming to Haskell.

Hoskinson isn’t concerned about the delays or the time taken to release Shelley on the mainnet. But he did share that even such a big release won’t affect the price of ADA.

“We are in a market condition right now where if you launch Shelley it’s actually not going to significantly impact the price of ADA. So if you are hoping for Cardano to somehow become top three cryptocurrencies the minute Shelley comes out, I think you are setting yourself up for unrealistic expectations and failure.”

And if you wanna know why the cryptocurrency price is currently so low — $0.024, down 63% in the past month and 98% from its ATH — that’s because

“everything else is low and when everything else goes back up it goes back up. Real decoupling takes years.”

During his livestream, Hoskinson also talked about working on implementing commercial infrastructure, which can be expected in the coming months. According to Hoskinson, it is what Cardano needs “to be competitive against other cryptocurrencies.”

ADA “significantly better crypto” than Bitcoin

The CEO of IOHK, the company behind the cryptocurrency, also believes ADA will surpass Bitcoin, the world’s leading cryptocurrency.

This is because “we have more utility and we’re just a significantly better cryptocurrency.” According to him, Cardano is the first to offer the same security principles as of Bitcoin but with none of the downsides which “makes no sense for Bitcoin to rule the roost.”

Cardano, he said, is the first one to “come at it with the same overall technological goals of Bitcoin but do so in a way that vastly surpasses it,” in terms of extended UTXO, matched all of its security properties, and has smart contracts.

He further talked about how Bitcoin mining spends more power than the country of Switzerland while Cardano only spends 10 kilowatts. Hoskinson said,

“We have so much utility and we can complete the entire enhanced transactions so the asset the identity component; the metadata component, the contractual component as well as the regulatory component, given that we can do all those things and Bitcoin cannot, there’s just no reason to use Bitcoin as a medium of exchange or as a Dapp platform.”

The only good thing bitcoin can be, according to him, is a good store value and,

“I believe firmly it will maintain that status and it will still be a multi-billion dollar ecosystem. But it’s just like gold and it’s just one of many options. It has its place in purpose but it doesn’t do everything.”

Central bank stimulus to force a banking crisis

During his AMA, the co-founder of Ethereum also touched upon the central banks’ stimulus and how too much of it will lead to a crisis.

“We can’t have trillion-dollar quantitative easing and stimulus packages and zero percent or negative percent interest rates. You just can’t do that. If you do it too long, the system will start crunching and then those of if they’re too heavy will force a banking crisis.”

But that would mean, cryptos will be at the center stage and that’s what Cardano is preparing and building for, said Hoskinson.

“That’s going to be the time for crypto to shine, can’t tell you when it’s gonna happen but I tell you it will happen and when it does that’s our time and we’re building for that.”

The ongoing environment he said is a very risky time, where a bank run can take Bitcoin to $100k or collapse it to a thousand dollars.

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Author: AnTy

BTC.TOP Founder Releases Second Round of Bitcoin Cash (BCH) Development Fund

Jiang Zhuoer, founder of mining pool BTC.TOP proposes miners voting, setting up an ETH Foundation like foundation, and 2-3% of miners’ donation ratio.

In the second round of the Bitcoin Cash development fund, mining pool BTC.TOP founder Jiang Zhuoer said he is open to debate on this and “if the test turns out positive, we continue, otherwise we stop.”

The plan for the development fund received much flak from the Crypto Twitter. But Zhuoer said he is open to discussion and to make a decision, he proposes hash rate voting because miners have the right to vote on how to spend their coinbase production.

For this, Zhuoer proposes 3-month miners vote to be conducted and if two-thirds of the hash power votes are in favor — only those votes will be truly value that have cost — then the donation plan can be included as part of the protocol upgrade in May 2020 or for the next one in November 2020. The funding will last for six months until the next upgrade.

A Foundation Like ETH Foundation

Though many facets of the donation plan still need to be fixed, Zhuoer says miners will donate directly to the development projects they want to donate to. This he said would see the removal of the companies as otherwise, donation recipients may lead to the centralization.

He further recommends setting up one or various foundation and may refer to ETH Foundation for the same which he believes is “working well.” And if a miner doesn’t want to donate to a project, they can donate to the foundation.

Or another option is to send the coinbase rewards to “BCH Black Hole address to destroy these coins — this is in fact a donation to all BCH holders.”

But before this plan is officially kicked off, the BCH Miner Fund will be established to accept donations from miners and other individuals and corporations. This Foundation will run for a pilot period to show its effect to the community.

What’s to come?

Zhuoer believes a decentralized community shouldn’t rely on centralized companies’ donations for a long time and hence the development fund. As for the miners’ donation ratio, while 12.5% is other mining pools’ opinion, he believes 2-3% is sufficient for now which could even be as little as 1% in 2021 because of the “incoming bull market in 2020-2021/22” which he said will see BCH price rise sharply.

He holds 3500 P hash power and can influence almost 10,000 hash powers. Because his total hash power amount will be “sufficient” for this plan, Zhuoer said he will allocate his personal hash power to a new mining pool as being one of the shareholders of the BTC.TOP mining pool, he “can not ask the company to lose money as I wish.”

Also, he will vote against the donation to ensure the donation stops after the 6 months as “further development will be decided by the community.”

Zhuoer wants everyone to share their comments and opinions on this plan and if the final result is negative, he said he would be “happy to accept” that as well.

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Author: AnTy