CoinMarketCap Starts Posting Interest Rate Data on CryptoAssets with New ‘Interest by CMC’ Feature

The famous data provider CoinMarketCap has just launched a new section on its site, which was created to list the current interest rates that are being offered on some cryptocurrencies by lenders. This, the company believes, would help the prospective traders to compare prices and choose products better.

This new section is named ‘Interest’ and it was launched starting with 33 cryptocurrencies. Covering information on several major platforms that work with lending. They include Binance, BlockFi and the Celsius Network. By using the new page, users can find annualized interest rates on these platforms for several different kinds of cryptos.

According to CMC, the new listing was in development for about a month and a half. Carylyne Chan, the Chief Strategy Officer of the company, was interviewed by The Block Crypto and said that the team had done a lot of research before making the new section live to viewers. She said that the researchers looked up interest rates and futures prospects for the industry and more.

Chan affirmed that it is important for traders to know the full scope of the lending market in order to make an informed decision. According to her, the lending sector is worth over $5 billion USD right now and plenty of traders use it for margin trading, hedging, and other financial investments.

Another important point is that no fees are being charged by the lenders to be listed on the page. They were simply determined to be the most popular companies in the sector and this is why they were listed, not because they paid to.

All monetization efforts will eventually be made via ads, just as it happens with the rest of the site. This way, ads are much easier to detect and do not influence the main activity of the site.

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Author: Gabriel Machado

Bitcoin Whale Transfers $900 Million Worth of BTC in a Single Move

ByteTree has tracked a huge transaction. According to the profile, which is specialized in finding large transactions, a whale moved 107,848 BTC (around $900 million USD) with a single transaction recently.

Initially, the community was surprised by such a huge transfer, however, it was soon discovered that the transaction was made by the crypto exchange Bitstamp. The European exchange, which is responsible for important spot markets, moved the funds from its cold storage wallets, meaning that it possibly were funds from their clients.

The discovery calmed down some fears that a hack had occurred, something that unfortunately is way too common these days.

Curiously, this time the transaction was not detected by major services such as Whale Alert, only by ByteTree, which is a service that is also used to track big transactions occuring in the network. It was also odd that the exchange did not notify any of its customers about such a large movement of their funds.

Aside from this transaction, the market is having a slow day. A total of $374 million USD was traded during the day in around 274,000 transactions. There were several days recently in which the movement was considerably faster.

At the moment, Bitcoin is trading at around $8,335 USD and it is still unable to overcome the $8,400 USD resistance barrier. Since the prices dropped from $10,000 USD, the market has been facing a hard time.

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Author: Gabriel Machado

VanEck Explains The Investment Case for Bitcoin: 4 Reasons To Add BTC to Your Portfolio

VanEck – which is known as the first U.S investment management company performed research and released it on October 8 with the name ‘The Bitcoin Investment Case’ where it aims to determine the role of cryptocurrency in an investment portfolio. VanEck has registered 4 reasons on why Bitcoin improvises the investment portfolio upside. According to Bloomberg reports, VanEck is the same firm, which tried to list Bitcoin-based exchange-traded funds (ETF) with the U.S. Securities and Exchange Commission in 2018.

1. Monetary Value Instead of Intrinsic Value

Often Bitcoin is referred to as ‘digital coin’ since, similar to the metal, it is a potential store of significant worth. Intrinsic value exists because an economic good—such as equities, real estate and consumable commodities like corn and oil—produces cash flow or has overt utility.

Monetary value exists despite an economic good not having intrinsic value or because it has value beyond its intrinsic value. Examples include gold and other precious metals, artwork and gemstones.

While critics of Bitcoin typically call out for attention that behind Bitcoin’s fiasco the primary debate was it had no intrinsic value. VanEck in his article gave u a clear picture of both the terms – intrinsic value (IV) and monetary value (MV). Intrinsic value exists because of an economic good—such as equities, real estate, and consumable produce like corn and oil, which brings cash flow. And Monetary value exists in spite of an economic good not having intrinsic value like gold and other precious metals. As per the firm, Bitcoin attains a monetary value since it is rare, stable, has solid privacy attributes (for example it is pseudonymous), is a bearer asset that can be remembered (making it particularly valuable in tyrant systems).

2 – Low Correlation to Standard Property

Bitcoin may likewise expand portfolio enhancement because of reasons such as low relationship to traditional asset classes, for example, gold, securities, and wide market value list, according to VanEck.

The firm presented a table to prove its point. The table contains a list of Bitcoin’s connection with significant market lists, for example, S&P 500, oil, land, estimating the correlation level on a scale from – 1 to 1.

Source – VanEck

3- Shortage Reinforced by Halvings

Bitcoin halvings laid out as a half square recognition lower to Bitcoin manufacturing fee, are customized to happen pretty much every single 4 years, VanEck characterized, noticing that every halving match has eventually brought about an extension of Bitcoin’s value. The following Bitcoin’s dividing is scheduled for May 2020.

4- Growing Adoption

As a piece of the rising adoption of Bitcoin VanEck referred to reality that Bitcoin exchanges surpass 400,000 permissionless exchanges an evening, while Bitcoin on-chain exchanges amount to a remarkable segment of SWIFT exchanges. The organization moreover celebrated that present crypto trades are healthy and are here to stay.

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Author: Sritanshu Sinha

TipJar Micropayments Platform to Close Service Due to Low Interest from Crypto Users

A crypto micropayments platform called TipJar is due to be shut down soon. The service, which is built on top of the Ethereum (ETH) blockchain, will cease its activities due to low activity. The platform’s goal was to support ETH-based micropayments on Reddit using a bot.

The announcement was made on Reddit. The developer that created the service affirmed that it was great to see the community using it, but that the low activity made it harder for the service to continue to pay for itself. The developer had to pay for server fees in order to maintain it, so if nobody uses the service, there is no point in continuing to support it.

He also affirmed that, after the service is no longer running, he intends to make the code open source so that other people can continue his work if they intend to. Some people asked for this before, but he never did it because he was afraid of how secure the code was.

The developer affirmed that the service is no longer usable as of the moment of the announcement. People could still visit the site until April 10, 2010, when it will no longer be available.

All users should withdraw their funds as soon as possible so that they do not forget to and because they will not be able to get them back after the main site is shut down. He also affirmed that any person who is interested in reaching out should contact him on Reddit.

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Author: Gabriel Machado

Sequoia-Backed Band Protocol Releases New BitSwing dApp Allowing Bitcoin Binary Options Trading

A new blockchain startup called Band Protocol, which was recently backed by Sequoia India has just released its first decentralized application (dapp): BitSwing. According to the company, the new dapp lets the users trade BTC binary options, which are a derivative based on Bitcoin.

The crypto media outlet The Block reported that the users of the company can decide to take both long and short positions on the BTC/USD market and that they can try to predict how prices will be a minute after the bet.

The creator and CEO of Band Protocol, Soravis Srinawakoon, affirmed that the product has been largely successful so far as over 40,000 transactions happened during the week in which the testnet was online.

To be able to use the dapp, the users need to install Metamask and then use the program, which is based on the Kovan testnet. After accessing the app, a person can use ETH to bet on the price of BTC by taking either a long or short position. If the person is correct, you can double your amount of ETH. if you are wrong, you lose it.

Despite the successful launch, the company was already criticized for the short timeframe of the predictions. A single minute is not a lot of time and the CEO affirmed that more options would be added soon.

According to the company, revenue is already appearing. Since the launch of the testnet, the company was able to raise around $12,000 USD. During a whole year, the team expects to raise around $300,000 USD alone from the program.

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Author: Gabriel Machado

Ethereum-based FairWin Contains Vulnerabilities Making It a Possible ‘Ponzi Scheme’

Fairwin, which is the biggest Ethereum contract in the crypto field, is supposedly risking investor’s funds, as it continues to chunk a quantifiable amount of gas.

Several crypto enthusiasts from social media have expressed their concerns about the Ethereum contract terming it as a rapid growing Ponzi scheme. Philippe Castonguay, the blockchain developer, warned on social media that this Ponzi scheme had serious vulnerabilities and was putting all the funds at risk.

He told people to spread the news that users should immediately withdraw their money and cease from any interactions with the contract, especially in Asia.

FairWin has been called a Ponzi scheme, but its structure closely resembles a pyramid scheme where network effects benefit the early adopters of the program.

Crypto Detectives at Work

A Dune dashboard has been assembled by a security researcher Harry Denley that gives an overview of this contract and the creators’ exploits.

Henry says that the FairWin contract is probably a Ponzi scheme that holds a substantial amount of Ethereum in it. His dashboard has a link to a thread on Reddit that is collecting details of about 6 Ethereum wallets. These wallets are said to be accounting for the fluctuation values of gas used by the network. They are also allegedly spamming deposits to the contract address.

The Ether Gas station records that the FairWin contract makes up more than 60% of gas utilization on Ethereum. FairWin is said to be holding Ether worth $8 million as per now.

Biggest Scam on Ethereum

A Reddit contributor said that FairWin is mostly shared on Chinese blogs and social media. He also noted that it supposedly works as an investment program for five days. Ethereum users will have to deposit 1-15 ETH, and after five days they will receive a percentage return of between 0.5-1%. The post says that this may be among the biggest scams ever experienced in Ethereum.

Castonguay pointed out that even though there is no evidence that vulnerabilities have already been used, the contract is a looming time bomb to the users and investors.

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Author: Daniel W

Medici Bank To Roll Out Private Beta In October; Q1 2020 Launch With Goal Of $1B In Assets & Deposits

Medici Bank is exploring new ways of becoming crypto-friendly, its CEO Ed Boyle has revealed. The bank which is located in Puerto Rico, a territory of the US, has said it is in the process of testing its virtual onboarding procedure that will comprise web portals as well as the application programing interface.

The process will bring on board about five companies from around the world and the main aim will be to examine whether the bank’s system are prudent to accommodate trading volume.

Speaking to CoinDesk, Boyle revealed that among the five firms, two or three of them will be crypto-based and one of them is a crypto exchange platform.

The bank that was started by Prince Lorenzo de’ Medici about 500 years ago in Italy is set to become one of the few banking institutions that are crypto friendly.

Majority of mainstream banking institutions are wary of serving the crypto sector due to the perceived high risks involved especially on money laundering and financing of crimes. This makes it costly to comply with the tough laws and rules imposed compared to the revenue the banks will generate.

In the US only a few banks have opened their doors to crypto companies comprising of Silvergate, Signature, Quontic as well as Metropolitan Commercial. In recent years, Fidor Bank from Germany also started to accept crypto customers. It is worth to note that Boyle was the head of Fidor Bank US subsidiary.

Boyle also stated that there are less than 10 banks in the world that serve crypto clients and wants Medici to join the chosen few.

Medici is set to go on an open beta by year end, which is not a completely operational environment with a few users. As per Boyle, the bank is optimistic that it will fully roll on the service within the first quarter of next year and aims at about $1 billion of both deposits and assets placed under its management by three years.

Medici also looks forward at splitting its clients base between fintech-based firms where crypto businesses fall, import-export firms as well as private wealth customers. Boyle stated that the bank is optimistic that more than half of its business is likely to be crypto clients.

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Author: Joseph Kibe

Coincheck Owner Monex Will Pay Dividends In Bitcoin For the First Time

The Monex Group, a Japanse financial company which owns the crypto exchange Coincheck, have taken another step towards the crypto world. Now, the company is set to pay out the dividends of its profit to the shareholders with Bitcoin.

This will be an additional benefit, not the whole payment. The original payment will still be made using fiat currency, but investors who have any shares after September 30, 2019, will be able to take benefits that will be paid in Bitcoin. Each shareholder who has a Coincheck account will get around $4.65 USD worth of BTC.

With this program, all investors who have accounts will get their money, independently, based on how many shares they have. If they open the accounts until the dividends are paid, they will receive money. Without doing this, however, they will lose out on this opportunity.

However, the company has not explained whether it will continue to pay its investors with crypto next year or not, so this may be a one-time-only benefit.

The company has also announced that it would introduce something called Monex Points. This system would be used to grant shareholders with additional benefits when using the brokerage accounts of the company. One point will be the equivalent to a single yen.

In related news, the company also announced some staff changes. For instance, Yuya Asamura, currently working as the manager for strategic planning, has been promoted to the position of executive director. Naoyuki Kainuma will also become the new CEO of the Monex Group.

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Author: Gabriel Machado

Mysterious Crash Arises on the Bitcoin Network as the Hash Rate Drops Down 40%

The Bitcoin network hash rate, which was reaching all-time highs a few weeks ago, has recently dropped around 40% yesterday. The news comes as a shock for the network as the numbers were pretty good so far. According to information from Coin.dance, the hash rate plummeted from 98 million to 57,7 million TH/s.

Just five days ago, Bitcoin reached an all-time high speed, so it was considered very weird that such a low hash rate was discovered yesterday. Several traders and analysts are still trying to understand the flash crash.

A hash rate, in case you have been wondering, is the rate that shows how much power the network is using to mine tokens. The more miners there are out there, the higher the hash rate will tend to be. Such large drops can mean several different issues, so it is hard to explain why this happened.

Many mining rigs could have been shut down for some reason or maybe another smaller event made the network to be considerably slower than it normally is. In any case, a high hash rate is important because it means that there is more protection against 51% attacks that could disrupt the network.

A high hash rate also means that the prices of Bitcoin will tend to go up. The Bitcoin maximalist Max Keiser has recently affirmed that price always follows the hash rate so if the hash rate continues to go down, this could mean that prices would be affected in a negative way.

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Author: Hank Klinger

Red Alert: Bitcoin Price Takes a Dive Below $9,400

  • Bitcoin crashes to $9,370
  • Altcoins fall even harder, except Link, which is in the green

Bitcoin price dropped hard today, falling to $9,370, the lowest point on Sept. 24, so far. We started the day at $9,780 but soon dropped down to $9,500 and then below $9,400. At the time of writing, BTC has been trading at $9,530 with 24 hours loss of 3.44%.

Trading volume, in response, surged to $893 million, rising from about $400 million seen last week.

Source: TradingView

As we come to end the Q3 of 2019, Bitcoin is finally looking to make its way to $8k that analysts and traders have been calling out for since Q2. We made a good start of the month, climbing to almost $11,000, only to drop down and struggle around $10,000.

Since last week, BTC price has been looking to finally make a move and then on the weekend, Bakkt launched its much-anticipated physically delivered daily and monthly bitcoin futures.

Before the launch, analysts have projected this week to see Bitcoin making a “big move” and decide the direction it will move in, for the coming weeks or months. Also, looks like we will finally get to see either $8,000 or much lower $7,000.

Altcoins Goes Deep Red

As Bitcoin crashes, altcoins fall even harder. EOS is leading the losses by 11.20% followed by BSV (10.88%), Stellar (10.19%), Tron (9.44%), Cardano (8.94%), and Ethereum (8.01%), as per Coincodex.

Source: Coin360

Links is the only coin among the top cryptocurrencies that is an exception to this red market, trading in the green by 5.50% at $1.95.

Total market cap is ready to break the $250 billion mark while BTC dominance has gone back to just above 70%.

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Author: AnTy