Synthetix (SNX) Releases Aggressive Roadmap to ‘Take on CeFi’ in 2021

This week, while other cryptocurrencies are still struggling to reverse their correction, DeFi tokens swiftly made a recovery, with SNX token hitting a new ATH above $16.50. For now, the 23rd largest cryptocurrency is trading around $14.80 SNX 2.17% Synthetix / USD SNXUSD $ 14.84
$0.322.17%
Volume 409.21 m Change $0.32 Open $14.84 Circulating 110.52 m Market Cap 1.64 b
4 h Synthetix (SNX) Releases Aggressive Roadmap to ‘Take on CeFi’ in 2021 1 d A ‘Massive Transfer of Wealth Among Traders’ Sees DeFi Tokens Winning the Round 1 w Three Arrows Capital Holds 36,969 Bitcoin ($1.24B) via An Over 6% Stake in GBTC
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Derivatives liquidity protocol, Synthetix is the blue-chip DeFi project with a market cap of $1.68 billion. Amidst this uptrend, Synthetix released its roadmap for 2021, painting a picture of a

“future where everyone in the world is connected to one another by handheld devices that allow them to hold, trade, and transfer every imaginable asset.”

The roadmap mentions Optimistic Ethereum, Synthetix V3, Synthetic Futures, Asset expansion, dApp Upgrades, and optionsDAO as its high-level priorities.

A complete re-architecture of the Synthetix contracts will be done for the first time since last 2018. Synthetix V3 will involve a new SNX staking mechanism so that SNX is always freely transferable, introducing eSNX, tokenized debt, continuous staking rewards, continuous vesting, and Keep3r implementation, among other features.

The transition to layer two scaling solution Optimistic Ethereum which will lower the gas costs and provide higher throughput, is one of the most exciting things to come. The combination of this with Synthetic Futures will allow projects to compete with centralized futures markets and provide a minimum of 10x leverage. Also, Synthtix will expand into equities.

In the options, sDAO will provide upfront funding based on certain conditions, and oDAO will enable several improvements over the existing binary options implementation.

⁩”As an investor in SNX, it’s great to see the aggressive roadmap here,” said one of the partners of crypto fund The Spartan Group. “This is how $SNX is getting to $10B.”

2021 will also involve a focus on acquisitions and expansion for Synthetix as the scale of the project grows.

“This year we finally take on CeFi, then we come for TradFi…” concluded Kain Warwick, the founder of Synthetix.

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Author: AnTy

Altcoins’ Market Cap Still 59% Off its Peak as Bitcoin Dominance Exceeds 70%

Altcoins’ Market Cap Still 59% Off its Peak as Bitcoin Dominance Exceeds 70%

Total cryptocurrency market cap meanwhile has reached a new record high of $775.56 billion.

Bitcoin continues to make new all-time highs, it made one on the last day of 2020 and then again on the first day of 2021.

While Bitcoin is poised to hit $30,000, it is not just BTC BTC 1.16% Bitcoin / USD BTCUSD $ 29,281.67
$339.67 1.16%
Volume 40.84 b Change $339.67 Open $29,281.67 Circulating 18.59 m Market Cap 544.28 b
6 h Retail Catching Up on Bitcoin as the Digital Asset Gets Ready for $30,000 7 h Bitcoin Hits a New All-Time Record High Against the Traditional Safe Haven Gold 1 d Bitcoin is ‘Going to Fall’ if a Correction is Seen in Stocks, Says Fundstrat’s Tom Lee
that made new highs. Just as the market capitalization of the world’s largest cryptocurrency went to about $550 million, the total market cap of the cryptocurrency also made a new ATH.

The record high made by the entire crypto market has been today at $775.56 billion.

“That’s bullish! 2021 will be the year that the altcoin market capitalization will break its all-time high,” noted trader Michaël van de Poppe.

However, if we start to correct, the trader sees the pullback in the market cap to find the first potential support at $550 billion with $456 billion as the second point of interest.

This uptrend, however, is primarily driven by Bitcoin as its dominance stands firmly around 70%, currently at 72%. The crypto king didn’t have this much of market share since Sept. 2019. This uptrend first started in Sept. 2020 and gained speed just last month.

Back in Jan. 2018, when altcoins pumped while Bitcoin started retracting its gains, BTC dominance went to an all-time low of 35%.

Traders are soon expecting altcoins to start rallying as well, that is, once Bitcoin calms down and consolidates before ripping higher.

Several altcoins have already started pumping although the market cap of all altcoins combined is just above $223 billion, still far off of the Jan 2018 high of $547 billion.

After a long time, ETH ETH -1.20% Ethereum / USD ETHUSD $ 731.40
-$8.78 -1.20%
Volume 13.51 b Change -$8.78 Open $731.40 Circulating 114.08 m Market Cap 83.44 b
2 d Bitcoin Going to $1 Million in the Next Decade Says Kraken CEO; Highlights ETH & DeFi 2 d Ethereum Is A ‘Huge Success Story’ But is ‘Undervalued’ in Terms of Institutional Buying 3 d Deribit Now Allows Traders to Bet on Bitcoin’s Rally to $160k & Ethereum to $5k
finally broke above $700 this month. Not only the second-largest digital currency recorded more gains than Bitcoin in 2020, but Ether is also still 52% away from its ATH.

Among the top altcoins, lately Litecoin (LTC) LTC 1.34% Litecoin / USD LTCUSD $ 126.09
$1.69 1.34%
Volume 7.35 b Change $1.69 Open $126.09 Circulating 66.22 m Market Cap 8.35 b
6 d Dave Portnoy’s Barstool Fund Accepts BTC, ETH & 10 Other Crypto’s in Donation to Support Small Businesses 5 mon Potential Cardano & Litecoin Collaboration Coming Soon?
and  Polkadot (DOT) DOT -5.23% Polkadot / USD DOTUSD $ 8.26
-$0.43 -5.23%
Volume 3.02 b Change -$0.43 Open $8.26 Circulating 895.99 m Market Cap 7.4 b
3 d Bitcoin to 10x, ETH to Outperform BTC, & DeFi Unicorns: Crypto Market’s 2021 Prediction 4 w Polkadot Network Launches a DeFi Alliance; Chainlink Becomes Founding Member
has been climbing up. Theta Token (230%), Zilliqa (172%), Celsius Network (123%), and Nexo (88%) are among the highest gainers in the past month.

When it comes to the DeFi space, in the last seven days, UNI, SUSHI, CRV, BAL, Rune, and Terra made some significant greens. Overall, the total value locked (TVL) in DeFi space reached almost $15 billion, from a mere $655 million at the beginning of this year.

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Author: AnTy

Bitcoin Bears Still in Control While Market Consolidates into the Crypto King

Bitcoin Bears Still in Control While Market Consolidates into the Crypto King

Bitcoin dominance explodes to yearly highs and surpassed 70% amidst the altcoin carnage.

The week started on a red note and continuing this trend, the markets experienced another sell-off late on Wednesday or early Thursday. Bitcoin, however, came out relatively unscathed out of the crypto carnage.

The largest cryptocurrency in the world has taken to ranging for a week now. Amidst this, yesterday we went to the $22,650 level but even a bigger drop was seen on Monday when BTC fell to the $22k level.

As the day progresses, we have already made it back to $23,000, barely in the red while managing $6.22 billion in ‘real’ volume. But it is to be seen if we will continue upwards or if we finally have the pullback to about $20k that the market has long been expecting. Crypto trading platform Hxro Labs noted,

“Ranging continues for Bitcoin this evening as we wrap up the year and head into the holidays. Sell volume is leading since the 21st so for now, on the hourly at least… The bears are in control. Still no break in HTF market structure.”

These losses have been the result of Ripple being sued by the SEC for the unregistered sale of XRP. Things are not looking good for the digital asset which has long been under the fear of XRP being deemed a security. All of this Ripple fiasco pushed the entire digital asset market into the sea of red.

Bitcoin’s limited losses amidst the double-digit losses in altcoins resulted in an “extreme rise” in bitcoin’s dominance in the crypto world — at its highest level since the start of the year.

From 62 in mid-November, Bitcoin Dominance has surpassed 70, last seen in early January.

“What this translates to is a consolidation of the industry back into the leader,” wrote analyst Mati Greenspan in his daily newsletter Quantum Economics. “At the moment, Bitcoin is consolidating gains, while many of the alts are not.”

This is why the price of Ethereum went down to $550, a decline of 11.7% in a single day.

Interestingly, before the losses, the amount of Ethereum changing hands continued its activity. The addresses with 1-100 ETH actually have been holding their lowest collective amounts this month. Crypto data provider Santiment noted earlier this week,

“However, smaller addresses are growing encouragingly, and whales with at least 100K ($61.6M) staying patient.”

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Author: AnTy

Bitcoin Caught Fire But Still in Very Early Innings: Anthony Scaramucci of Skybridge Capital

Bitcoin Caught Fire But Still in Very Early Innings: Anthony Scaramucci of Skybridge Capital

The billion-dollar wealth manager launched a Bitcoin Fund with $25 million investment to “democratize BTC like we did the hedge fund industry a decade ago.”

Anthony Scaramucci, founder and co-managing partner of Skybridge Capital has announced the launch of a new fund tailored to Bitcoin.

However, it is not only because the flagship cryptocurrency is on fire lately that they are betting on Bitcoin but as Sacramucci shared they “would have loved to have deployed the fund three or four months ago,” Bitcoin just went off like crazy.

However, according to him, this is just the beginning. “I think it caught fire but we’re still in very very early innings,” said Sacramucci in an interview with CNBC’s Scott Wapner. As a matter of fact, they have been busy for the last two years doing research on Bitcoin and getting comfortable with the digital asset.

After doing all the research, the billion-dollar wealth manager believes it is a store of value, and “given the monetary supply and the global central banking coordination right now this will be a very strong asset class over the next decade.”

During this research, they have also been in contact with MicroStrategy’s Michael Saylor, to do a “ton of salt talks,” which made it clear to them that “we needed to create a client-friendly product – “something with a $50,000 minimum that the mass affluent could access.” Sacramucci said,

“Until frankly there’s an ETF or there’s a customer account somewhere where people can hold bitcoin this will be a way for us to democratize Bitcoin like we did the hedge fund industry a decade ago.”

Jumping in Before Institutional Adoption Goes into Full Throttle

Skybridge Capital’s new Bitcoin fund started trading this week with $25 million of the firm’s capital. It has a three-month holding period to target investors for the long term. The fund will go live on January 4th for outside investors. Scaramucci said,

“We’re super excited.”

“You either have to accept that Bitcoin is a store of value or not. There are still skeptics out there and that’s why I think we’re in the first inning,”

And that’s why they don’t believe they are late or marking the top of the market now that BTC has rallied 118% in 4Q20 to make a new all-time high of $24,300 last week.

Bitcoin is “something that has crashed upwards in the last two and a half to three weeks” and according to him, “could go up two or three x from here.” Scaramucci believes they could be at the “precursor of an avalanche of institutional investors,” who are heading in the crypto market.

According to him, there are institutional investors not wanting to put BTC on their balance sheets in 2020 but the orders building up indicate a large swath of institutions is getting ready to do it in 2021. Given that a penny in BTC and 99 cents in cash would have beaten every other asset class, especially S&P 500 over the last decade,

“I don’t think it’s late, If anything it’s the first inning you’re about to see… that wave of early adoption by the institutional community I’d like to get our investors involved before that goes into full throttle.”

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Author: AnTy

Chinese Tech Firms Didi, Meituan, & Bilibili Launch Lottery-Based Trials for Digital Yuan

Tests for China’s digital yuan are still ongoing as companies continue to join the People’s Bank in its efforts to digitize the currency.

This week, local news source CLS confirmed that three large internet companies had joined the tests in what appears to be a lottery-style trial.

Everyone Welcome

As the news explained, Didi Chuxing, the largest ride-hailing service in the country, had joined commercial products and bike-sharing company Meituan and video-sharing site Bilibili on a lottery-based trial of the digital yuan. The test will focus on Suzhou, a region on the western side of Shanghai.

The report explained that the trial launched earlier today, and it will involve about 10,000 residents in the city. These residents will vie for about 200 digital yuan units each, which they can spend at merchant stores with point-of-sale technology.

In addition to retail spending, the winners can spend the tokens on the three companies’ services. They can order rides on Didi, pay for bike-sharing on Meituan, and spend on new features from Bilibili’s site. It is unclear how long the trial will last, but it continues what appears to be a series of rests and implementations for the digital yuan.

All Hands on Deck

The companies are just a shortlist in a line of corporations looking to test the digital yuan. The Peoples’ Bank has incorporated several other companies for the better part of the year, with names including Alipay and WeChat Pay, the country’s two largest payment processors.

In October, Huawei, the country’s largest smartphone manufacturer, announced on its Weibo channel that its next flagship device – the Mate40 series – will come with a hardware wallet for the digital yuan. Touting it as a channel to be a part of China’s digital revolution, Huawei explained that the wallet would provide optimal privacy and anonymity.

The wallets will also feature dual transactions, ensuring that users can complete transactions by touching two compatible phones, even without any internet connection.

The tests have also gone beyond just tech companies. Economic Information Daily reported in October that gas stations in Shenzhen had begun accepting the asset. As the news medium confirmed, 11 gas stations had been integrated into the program, and more would join.

The program was the brainchild of Guangdong Petroleum, a state-owned oil, and gas firm. Participating outlets come fitted with barcode readers to ensure easy and quick payments. Guangdong praised the asset’s speed and security, explaining that reviews of its use had been positive. It is expected that these trials have ended already.

A similar giveaway to what is happening in Suzhou also occurred in the Luohu District of Shenzhen. Per a Sina Finance report, the district’s government started a program to send ten million units of the asset (worth about $1.5 million) to 50,000 residents via a lottery.

Unlike this program, however, that one focused primarily on retailers and brick-and-mortar shops across the region.

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Author: Jimmy Aki

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

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

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

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

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

mt gox rehab plan

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

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Author: AnTy

China’s Digital Yuan Trial in Full Force, DCEP Lottery Winners Using Digital RMB at 3,300 Stores

While other countries are still busy studying the opportunities and risks associated with central bank digital currencies (CBDC), like the US, China’s digital yuan trial is in full force.

People have already received the DCEP and started using it at convenience stores. Shenzhen metro ticket machine also has features to top-up metro cards with the digital yuan along with “DCEP accepted here” signs.

According to BlockBeat, nearly 2 million people in Shenzhen applied for the “Luohu Digital RMB Red Packet” lottery on the blockchain-based public services app operated by the Shenzhen government.

However, the lottery’s winning rate has been only 2.61%, as only 50,000 received 200 RMB ($30) from the government through the lottery, which brings the total DC/EP giveaway to RMB 10 million ($1.47 million).

The red envelope is basically the “digital renminbi,” which is under development. The wallet, meanwhile, has been already launched by China Construction bank at the end of August.

The idea here is to promote the demand for the new digital yuan as Dan Wang, the chief economist at Hang Seng Bank, told the South China Morning Post, the program is predicted to generate 50 million yuan in total demand.

These DC/EP will be spendable at 3,389 designated shops in Luohu this week, from 12th to 18th October 2020.

“China is doing blockchain airdrops using central bank digital currency. Technology moves forward. Don’t get left behind,” tweeted Binance CEO Changpeng Zhao.

According to him, although “Nothing beats bitcoin in terms of decentralization,” despite the being “fairly restrictive/centralized,” these CBDCs will “get the masses exposed to and comfortable with blockchain technologies.”

However, these centralized digital versions of fiat cryptos only give governments more power and control over their citizens.

While for cashless societies, the latest change of payment channel is just another way to move money around, what they miss is targeted stimulus policy, and helicopter money will be at a “much more granular level” in the future, said Dovey Wan of Primitive Crypto.

This further means easy seizure of personal wealth, all with just a few lines of codes.

“When retail has been so spoiled by the convenience of digitalization of fiat, and now into digital fiat, they can easily trade self-sovereignty and enslaved by the ultimate efficiency those central servers offer It’s more critical than ever for everyone to really own their keys,” she added.

Amidst this, the Ministry of Public Security of China has announced a nationwide “Card Breaking Campaign,” that could affect Chinese crypto OTC because while criminals in China use crypto to launder money, merchants also borrow and buy bank cards.

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Author: AnTy

Bitcoin’s Realized Cap Adds $43 Billion Since the 2017 Peak to Hit A New ATH; A 60% Increase

While the price of bitcoin is struggling around $10,000, although still holding strong to the key psychological level, Bitcoin realized its cap has hit an all-time high.

Compared to the $197 billion market cap of the leading digital asset, which takes into account the current price and circulating supply, the realized cap has reached $115 billion.

Realized cap values each coin at the time they were last moved, as such, serving as an estimate for investors’ aggregate cost basis. This metric eliminates some of the lost, unclaimed, unused coins from the total value or “an indicator of the sum of levels where groups of long-term, legit, buyer-hodlers entered into their Bitcoin positions, with local and immediate emotions and manias stripped out.”

Since BTC price hit the peak at $20,000 in 2017, the realized cap has grown by a whopping $43 billion, an increase of 60%.

glassnode btc realized cap at ATH
Source: Glassnode

Meanwhile, on the price front, after falling to $10,150 level yesterday, today we are back around $10,400, the pre-drop level. Traders are expecting this correction to extend further to fill the CME gap at around $9,700.

“Bulls want to reclaim $11.2k. Bears want to see price below $10.2k,” noted one trader.

Interestingly, despite the selling pressure, there has been a lack of aggressive liquidations, and the bitcoin futures curve has been flat for much of this month.

Meanwhile, unlike spot and futures trading volume that remains subdued with the total open interest on bitcoin futures also falling to $3.8 billion, OI on bitcoin options reclaimed its ATH before the expiry of 88,000 contracts this week.

What needs to be noted is these pullbacks are nothing new for the bitcoin market. As we have reported, during the last bull cycle, Bitcoin had several pullbacks of 30 to 40%.

Moreover, historically, September hasn’t really been a bullish one for the digital asset. Not to mention, the macro environment is also at play here, with the Supreme Court Justice seat vacant now after the death of Ruth Bader Ginsburg, delayed stimulus, and Presidential election just a month away.

While a stimulus before the elections is unlikely to come, Federal Reserve chairman Jerome Powell argued for Congress to do more to support the economic recovery the same as Charles Evans, Chicago Fed president.

Quarter four of 2020 can bring a new wave of gains as it has been historically a green month, and after a pullback, the digital asset is expected to recover the losses and surge higher.

“BTC ranges between 10k and 11k for the rest of the year. This would be amazingly bullish,” said analyst Wolf.

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Author: AnTy

More than Speculation, Bitcoin’s Real-World Usage Booms in Africa

Outsiders claim the sole purpose of bitcoin is speculation. Still, the data presents a much different picture in which these people who have declared the digital currency dead hundreds of times conveniently ignore.

As we reported several times, the use of bitcoin and stablecoins have been gaining a lot of traction in Argentina, Venezuela, Africa, and other parts of the world.

In these regions, cryptocurrencies are being used as a hedge against currency debasement. In Africa, especially, the use of cryptos is booming.

While weaker local currencies and complex bureaucracy are pushing people towards bitcoin, the young and tech-savvy population of Africa is finding it easy to adapt to bitcoin quickly.

While central banks continue to warn that cryptos are not legal tender and investors are unprotected, this is not deterring the users and investors.

South Africa, Nigeria, and Kenya are the hotspots of bitcoin on the continent. In Nigeria, small crypto transfers total at about $56 million in June, which is nearly 50% more than a year before. The number of transactions also jumped over 55% to 120,000 in the country.

According to Chainalysis, which tracks crypto flows for financial firms and US law enforcement, monthly crypto transfers to and from Africa of under $10,000 has jumped over 55% in a year to reach $316 million in June. The number of monthly transfers also doubled, surpassing 600,700.

This is the real deal!

Abolaji Odunjo, a mobile phone seller in Lagos, saw his profits boosted after he started paying his suppliers in bitcoin. His Chinese supplies, from whom he sources the handsets and accessories, ask to be paid in crypto for speed and convenience.

“Bitcoin helped to protect my business against the currency devaluation, and enabled me to grow at the same time,” Odunjo told Reuters. “You don’t have to pay charges, you don’t have to buy dollars,” said the 30-year-old.

Nigeria, the continent’s biggest economy, is oil-dependent whose local currency naira is devalued twice by the central bank this year amidst low crude prices and COVID-19.

Naira’s fall pushed Nigerians towards bitcoin as reflected in the volume of the Lagos exchange BuyCoins, which jumped more than three-fold to $21 million in June following naira’s devaluation in March.

Another exchange Yellow Card also saw its monthly crypto volume spiking five-fold in 2020 to $25 million last month. Bitcoin trading volumes in South Africa and Nigeria combined on Luno jumped by half to $536 million.

Bitcoin is booming in Africa, driven by remittances sent home from migrant workers and payments from small businesses.

“People are very adoptive of any technology that will make their life easier,” said Frankline Kihiu, a crypto broker in Kenya’s capital, Nairobi. “In most African countries, there are lots of government restrictions that bitcoin takes away.”

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Author: AnTy

Currency Debasement sees BTC Breaking into a New ATH Against Turkish Lira & Argentine Peso

Bitcoin is currently trading around $11,000 on the USD market, still about 75% off from hitting the 2017 peak of $20,000.

The world’s largest cryptocurrency might still have a way to go before it could see new highs, but in Turkey, the prices have flown upwards.

“Bitcoin’s all-time high is already here, it’s just not evenly distributed,” said Casa co-founder and CT Jameson Lopp in response to investor Preston Pysh’s tweet, “Bitcoin already making new ATH in Turkey.”

Source: TradingView

This new high has been achieved because of the TRY depreciation despite the state banks selling at least $2.5 billion to prop up the lira. Turkey’s gross currency reserves have dropped about 40% since this year’s beginning. Analysts at MUFG Bank said it would continue at least until inflation is stabilized.

“With the aggressive push for credit into the real economy, investors are also anticipating a deterioration in Turkey’s current account position. Turkey’s current account position turning to the deficit with one of the largest negative real yields is a recipe for currency depreciation.”

Even though the US dollar has been declining, reiterating to a two-year low, the lira continues to weaken.

Once a favorite of emerging-market investors, the cost of borrowing Turkish lira for a short period in an exchange of dollars climbed over 1,000% on offshore markets, the highest level since March 2019. This was because of the heavy intervention late last week, which drained the supply of local currency.

To deter short-sellers, foreign investors are prohibited from borrowing from local banks, as such, those without the currency have to borrow it on the offshore market where the limited supply drives the rate.

Turkish authorities have been leaning on state banks to bolster the lira with dollar sales instead of rising rates or curving the credit supply.

All of this has the lira being one for the worst performers in the emerging markets. Apart from the Argentine peso, the Turkish lira is the only primary emerging-market currency that has fallen since the dollar peaked in March.

The same is the case for the Argentine peso. Currency debasement has people spending 336,980 ARS in December 2017 to buy one Bitcoin, which has now risen above 800k ARS.

Source: CoinGecko

Although it is more of a case for fiat currencies, the currency crisis is making bitcoin slowly a choice of preference to the people of these countries. For instance, Bitcoin trading volume has been continuously hitting new highs in Argentina on peer-to-peer exchanges.

In the week ending on August 2nd, Argentina hit a new high of $1 million, doubling in just a month, on LocalBitcoin and Paxful combined, as per UsefulTulips.

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Author: AnTy