Andre Cronje’s Latest Project Keep3r Network Getting Hot While YFI Continues to Nuke

While YFI is getting nuked, the latest token KP3R of Andre Cronje’s latest product Keep Keep3r Network launched yesterday in beta rallied to $381 today.

Keep3rV1 (KP3R) is currently trading at $290, as per CoinGecko.

Already, the token has reached a market cap of over $60 million and became the “most traded pair across DEXes after it spikes over 2,000% within 24 hours of launching.” Currently, it is managing $257 million in daily trading volume.

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Meanwhile, DeFi darling YFI has slipped about 54% in the past month and continues to do so as it currently trades at $11,550. And at the current price, “86.6% of the addresses with a balance in YFI are out of the money,” as per IntoTheBlock.

Cronje, who is known for Yearn,Finance project, first shared this project last week, which only went live this week.

Launched in beta, the network is still under audit. Although Keep3r Network v1 contracts have been released and have been audited and reviewed, bugs could still be found; as such it is advised not to invest one is not willing to lose.

It is basically a decentralized network for projects that need external DevOps and for external teams to find keeper jobs.

Here a keeper is an external person or a team that executes a job, which refers to a smart contract that wants an external entity to perform an action.

To join as a Keeper, you call bond on the Keep3r contract that needs 3 days to be activated. For this, KRP tokens aren’t needed.

As for registering a job, it can be done by submitting a proposal via Governance or through a contract interface.

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Author: AnTy

Last Obstacle: Bitcoin Price Near its ‘Loftiest Point’ Since January 2018

While the stock market continues to feel the heat of the elections, the bitcoin market is enjoying a red-hot rally. Analyst Mati Greenspan in his daily newsletter Qutamm Economics wrote,

“This sort of bullish action at a time when stocks are showing increased volatility only adds to the narrative that bitcoin can be seen as a safe haven to hedge increasingly larger portfolios.”

With the latest upwards move, the digital currency was on its way to break the 2019 high of $13,900, just millimeters away from its “loftiest point” since January 2018, before tumbling about 4% to just under $13k.

Last night, bitcoin’s price went nearly to $14,000, a level the market loudly believes is the only resistance to the $20,000 all-time high. Greenspan said,

“Note that between the levels of $14,000 and $20,000, there is insufficient price data to single out any specific points of resistance. Yes, there’s still a possibility of a large retracement. $14,000 is a large point of resistance, and we’re still watching that upward channel.”

Seen as the “last boss” before hitting the peak, it’s not to say there won’t be any hiccups along the way, which quant trader Qiao Wang believes “will be buying opportunities for those don’t own enough yet.”

Today, BTC price retraced under $13,000, up about 90% YTD while managing the ‘real’ trading volume of over $ 3 billion. In October, the leading digital currency had increased by almost 30% in value.

With this latest retracement, already BTCs are happening with NFL athlete Russell Okung jumping right on that.

Supply-side liquidity crisis to blow it up

In the past few days, the news of PayPal allowing its customers access to cryptocurrencies, Singapore’s biggest bank DBS soft launching its fiat-to-crypto exchange, and JPMorgan’s JPM Coin making its first payment since announcing its development in 2019 is leading to increased interest from institutions. As Nic Carter of Coin Metrics told Bloomberg,

“This rally seems to be more driven by allocators with larger balances getting involved, rather than a flurry of retail investors.”

Not to mention Fidelity Investments launching a Bitcoin fund, Square making a $50 million investment in the digital currency, and MicroStrategy making it a part of its Treasury.

“It seems that there is more excitement and that crypto will be used more often,” said Edward Moya, a senior market analyst at Oanda Corp. “The world seems poised for a digital currency.”

In the short-term with the US Presidential election next week, volatility is expected. Things are expected to get “very noisy” not only because of high odds of a contested election but with Europe in the process of lockdown as well.

Still, it won’t take BTC long to burst through $14,000, as it is known for its explosive moves. Sven Henrich, the founder of NorthmanTrader, is also targeting $17,000 per coin. Jake Chervinksy, General Counsel at Compound Finance, noted,

“Bloomberg analysts think BTC might hit $14,000 by . . . the end of the year? That long? Try next week. After all this time, legacy finance types still have no sense of BTC’s face-melting volatility. The coming “supply-side liquidity crisis” will blow them all away.”

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Author: AnTy

The Price of Bitcoin Lags Behind The Growth of Crypto ATMs, Which Surpassed 11,100 Installs

While the price of cryptocurrencies is taking its sweet time to reach their all-time highs, Bitcoin is holding strong above the important psychological support level of $10,000, currently above $11,300; the same can’t be said of the fundamentals.

The crypto industry continues to grow fast, and the latest metric to reflect this is the crypto ATMs.

For the first time, the number of crypto ATM installations has exceeded 11,100, representing a surge of almost 75% since the beginning of this year, as per Crypto ATM Radar.

In 2020, already more than 4,700 new bitcoin ATMs have been added, more than double of last year’s growth as only about 2200 new crypto ATMs were installed in 2019. The growth of these ATMs has seen almost a parabolic uptrend in 2020.

Bitcoin ATM Installations Growth
Source: CoinATMRadar

The biggest net change in crypto ATM numbers was recorded in September as 973 ATMs were installed this month, which has been growing since May. As a matter of fact, throughout 2020, more than 250 ATMs were installed every month, unlike ever before.

Genesis Coin is the dominant contributor to this growth as it manufactured 35.9% of these ATMs, followed by General Bytes, with its share just under 30%. Other manufacturers account for less than 10% of the number of cryptocurrency machines installed by manufacturer share.

As always, most of these crypto ATMs, 86.6%, are based in North America, with the US representing 78.6%. Europe is another continent with 11.3% of this share, while others account for less than 1%.

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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

An Erosion of Centralized Power: DEX’s Steal Trading Volume & Web Traffic from CEX’s

While Bitcoin ended the quarter 3 of 2020 with positive 18% gains, it was the quarter of decentralized finance (DeFi).

The DeFi explosion also saw Wrapped Bitcoin (WBTC) growing substantially with nearly $1 billion flowing in, representing a 1766% growth.

As per the latest CoinGecko report, more than $9 billion flowed into the crypto space in Q3 alone, with Tether (USDT) accounting for about two-thirds of this total inflow. However, the overall growth of the stablecoin market has slowed down in this quarter.

Capital inflow accelerated as yield farming gained steam
Capital inflow accelerated as yield farming gained steam

As the DeFi hype and yield farming frenzy took over, so did the volume, making it a vibrant quarter for cryptocurrency exchanges.

The total trading volume in the quarter surged 88%, a $155 billion increase, thanks to the month of August when the DeFi mania was at its peak, and many decentralized exchanges (DEX) like Serum and SushiSwap got into the picture.

Towards the end of Q3, the capital flow also appears to be slowing down as yield farming returns got reduced, but it is likely to continue to outperform traditional markets.

The Shift

Centralized exchanges are still very much the ones with the bulk of the trading volume, recording $171 billion in July, followed by $314 billion in August.

However, in the month of September, CEXs volume dropped to $300 billion, while DEXs recorded $30.46 billion, a 700% increase from the previous month. Compared to CEX’s 35% growth, the monthly average DEX trading volume grew by 197% in Q3.

While CEX’s decline was dragged by Coinbase and OKEx, both contributing 60% of the decline in the DeFi space, Uniswap is the leader that contributed 60% to the growth and, combined with Curve, account for 80% of the market share.

This obvious erosion of market share by DEXs could also be seen in web traffic.

In the last month of the quarter, September, the traffic on centralized exchanges took a hit while Uniswap’s almost doubled to become the world’s sixth-largest exchange.

Crypto-Exchange-Web-Traffic
Source: SimilarWeb.com

“This is likely fueled by investor’s appetite to trade on newly created coins, yield farming coins, as well as the subsequent flight towards stablecoins during September’s market dip,” notes the report.

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Author: AnTy

UNI Holders Continue to Increase as Uniswap Dominance Jumps 24% in Just Over a Month

While centralized cryptocurrency exchanges struggle to live, with at least 75 of them closed down due to hacks and scams so far this year, Decentralized Exchanges (DEX) are leading 2020.

These past couple of weeks, even big exchanges like KuCoin and BitMEX weathered some storms.

Decentralized Finance (DeFi) has some part to play in this. With DEXs growing rapidly, as evident from its volume hitting $24 billion, an increase from $11.6 billion last month, a shift has been seen from CEXs to DEXs.

Until last year, the total monthly DEX volume never saw $500 million, and in 2020, it never went below this figure.

As we reported, the popular DEX Uniswap that saw $15 billion traded last month actually surpassed the volume on the leading centralized cryptocurrency exchange Coinbase. Increasing every month, Uniswap volume also makes up for 65% of all DEX volume as such the fourth largest crypto exchange by volume.

Liquidity on the platform also continues to hit new highs, keeping above $2 billion in October.

Interestingly, while the total value locked (TVL) in the DeFi sector decreased from $11.23 billion this week to $10.18 billion, TVL in Uniswap increased 12% to over $2 billion, becoming the first DeFi project to hit $2 billion in total crypto funds locked.

Uniswap is the dominant force in the DeFi ecosystem, with the amount of ETH locked in the project hitting a new high of 3.2 million. Uniswap’s dominance currently sits at 21.9%, up 24% from the beginning of last month, as per DeFi Pulse.

Its governance token UNI is currently trading at $2.64 in the red, down nearly 36% in the past seven days.

However, despite the recent fall in UNI’s price, along with the rest of the DeFi tokens, the number of UNI holders continues to increase daily.

As per data source IntoTheBlock, as of Oct. 5, the number of addresses holding UNI tokens reached a new high of 85.02k addresses.

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Author: AnTy

Is Bitcoin’s Store of Value Narrative Really in Danger with its Correlation with Stocks on Rise?

While Bitcoin is holding $10,000 firmly, it did slide to nearly $10,400 on Friday following the news of President Donald Trump testing positive for coronavirus.

And so did the stocks by 1%. This has been because of Bitcoin’s correlation with the S&P 500, which is just above +47%.

This, according to some means, BTC is “a mature, highly-correlated asset that does poorly during episodes of political uncertainty.”

While gold did exactly the opposite of Bitcoin’s, uptrending to $1,917 and its one-month correlation with BTC declining to -20% down from the peak of +76.3% on Sept. 19, as per Skew, today, the precious metal moved back under $1,900.

Bitcoin, meanwhile moved above $10,550 today, trading in the green.

Also, as trader Qiao Wang said, “Bitcoin is up 44% in the single most politically uncertain year of my life outperforming virtually every single macro asset class.”

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The markets, in general, are uncertain and directionless ahead of elections in the first week of November, which means October is expected to be choppy.

“We need more clarity on the election cycle and additional stimulus to help get things moving again in equities — and also in Bitcoin,” said Meltem Demirors, chief strategy officer of CoinShares. “Bitcoin has stayed range-bound despite a slew of positive news, largely because there is not enough inflation due to weak aggregate demand. We need Bitcoin’s behavior to match its narrative before we see a breakout.”

For the leading cryptocurrency, in the last few days, several incidents curbed its upside but didn’t drag it on the downside either. The third biggest $281 million KuCoin exchange hack and CFTC bringing criminal charges on popular crypto derivatives platform BitMEX only added pressure to the market sentiments, which have turned to “fear” this month.

In the near term, bitcoin is expected to stay range-bound. But an environment of limited upside for equities and bonds could benefit the digital asset, as per Bloomberg Intelligence analyst, Mike McGlone.

“Bitcoin is unique due to its limited supply, which unlike most assets isn’t influenced by prices, tilting the bias toward appreciation,” said McGlone. Moreover, it “appears as the leader in the early days of a paradigm shift toward digital money and stores of value. It may fail, but we see that as unlikely.”

He further said the coin is “growing up fast,” with many of its adoption indicators positive.

Over the past three months, the long-term supply bands in HODL waves that show BTC supply shift over time have been growing, signaling Bitcoin’s use as a store of value – a positive sign for the long-term health of the network.

The percent of BTC supply held for at least one year also continues to grow, going to its highest level since 2012 at over 63% on Sept. 30th. Additionally, the number of addresses holding at least 0.1 BTC had a noticeable uptick since March, suggesting more users might be joining the largest network.

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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

Bitcoin Crashes Below $10,000, Is The ‘Altcoin & DeFi Apocalypse’ Over Yet?

While the stock market is closed today, recognizing Labor Day, the crypto market is bleeding.

For now, in another red day to mark the start of a new week, cryptocurrencies had a repeat performance. Much like last week, bitcoin dropped below $10,000 to as low as $9,880 on Bitstamp, albeit briefly.

The ‘real’ trading volume meanwhile remains weak at just $1.4 billion.

“One more flush before a bounce seems likely. Stocks probably go up tomorrow. Corn could rally with it,” said one trader.

However, if we look back at the last bull cycle, the average correction is 35%. Given the fact BTC has only retraced 20% so far, another drop could see us below $8,000.

Meanwhile, Bitcoin’s Spent Output Profit Ratio (SOPR), which highlights when the average stakeholder is in a state of profit or loss, dipped below 1 for the first time since April. Currently, it is hovering right at the neutral line. Rafael Schultze-Kraft CTO at crypto data provider Glassnode noted,

“This means bitcoins moved on-chain at a (small) loss, potentially shaking out some weak hands. Imo it is very crucial to hold this level here so a bearish trend reversal doesn’t get confirmed.”

Ether Crashes Hard

While bitcoin is at the precipice, Ether is getting beaten hard. The second-largest cryptocurrency lost nearly 35% of its value last week to drop to $320. Currently, ETH/USD is around $335. Analyst Rekt Capital said,

“Indeed the $360 has switched into a resistance, offering lower prices. Price breaks back into the $160-$360 range. Very low $300s is a real possibility going forward. $290 would be perfect.”

The spark plug for these losses was a decline of 6.1% in the Ether balance on top 100 exchanges, from 16.92 million to 15.89 million over the past week.

Last week, before crashing, ETH price jumped to a new 2020 high last seen in June 2018, which led to an increase in this exchange’s balance as investors and traders took off some profits.

The good thing is, despite the drop in price, the Ethereum network keeps on growing, with the number of addresses with a balance in ETH hitting a new all-time high on the weekend at 45.88 million addresses, as per data source IntoTheBlock.

This means people are buying the dips. These addresses have increased by 34.8% since the beginning of 2020.

The silver lining to this plunge in ETH price is “DeFi will yet again benefit from the temporary collapse in Ethereum gas fees, and the vicious loop of chasing higher yield will resume yet again until the pressure cooker can no longer hold,” said Denis Vinokourov of Bequant.

DeFi Going Back to Greens

A crash in Ether prices is not good news for altcoins, especially DeFi tokens.

However, unlike last week’s 10% to 20% losses, the altcoins are down 2% to 10% today. Among the top altcoins, LINK with 3.70% gains and BSV 5.97% are the only exceptions.

As for the DeFi tokens, in the past hour, they all have turned green fast with CRV, SRM, and JUST up 8%.

But in the past 24 hours, SNX and CRV are down over 11%, RUNE 9.4%, SRM 9.3%, YFI 8.5%, KAVA 8.1%, BAND 7.2%, REN 6.6%, LRC 5.1%, KNC 4.7%, LEND 3.1%, COMP 1.7%, AMPL 1.4%, and WBTC 1%.

The biggest loser in the past seven days has been Ampleforth, which lost over 63% of its value with other notable mentions, including Melon (50%), Bancor (47%), and Curve (46%), as per CoinGecko.

As a result, the total value locked in the DeFi sector also dropped by 21% to $7.5 billion.

While more losses could be in order, depending on Bitcoin’s next move, which itself is waiting for the stock market, trader and economist Alex Kruger says the “alts apocalypse” the market experienced “won’t happen again even if BTC were to go down.”

Alts apocalypse was the leading digital currency losing 5% of its value resulting in alts crashing 20-50%, which was “extraordinary” because “Multiplier is usually in the 1.5-3x, not 4-10x.”

“Feel confident alts bottomed. BTC may flirt again with 9Ks. But alts bottomed. What the market saw yesterday was total obliteration. Strong hands remained, weak hands folded,” said Kruger.

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Author: AnTy

Russia Missing the ‘Unique’ Opportunity to Invest in BTC as it Focuses on Hoarding Gold

While on one side, Russia is regulating digital currencies, on the other hand, Roskomnadzor, a federal executive body responsible for overseeing the media, is banning the crypto, fiat, and e-currencies exchange monitoring website Bestchange.

While the site is blocked by RKN, Bestchange advises people to use the blocking bypass tools like VPN, mirror site, and extensions to access the site. Other crypto sites affected include ProstocCoin and CryptoRussia.

The step has been taken by RKN because these sites promote the use of other currencies besides the ruble in the country. This is because the money can only be issued by the Central Bank of the Russian Federation, and the introduction of other funds in the Russian Federation is not allowed, states the court document.

The court found these websites guilty of allowing the use of Bitcoin to purchase goods and services which violate Federal Laws. Besides the preventing financing of terrorist activities with Bitcoin, it also states the decentralized nature of bitcoin’s issuance eliminates the “possibility of its regulation.”

Amidst this anti-cryptocurrency move, economist Vladislav Ginko wrote that the country is missing the “unique” chance of stacking bitcoin as Russia focuses on gold hoarding with “the looming severe sanctions from the United States may provoke a cascade selling out of Russia’s debt.”

Ginkgo is a former vice-rector of Moscow-based Jewish University, currently an analyst and lecturer at Russia’s leading state think-tank, Presidential Academy.

He points out how some of Russia’s elite believe new sanctions are almost inevitable while the share of foreign investors plummeted from 34.9% in March this year to 29.8%. Russia’s central bank has also slashed the key rate to 4.25%.

In response, Russia’s state has become the biggest buyer of domestic produced gold. In August, Russia’s banking system accumulated 97.7 tons of gold, up 21% from one month earlier.

However, according to Ginko, the banks should invest in bitcoin instead, as some Russian elites also believe. Some of them reportedly bought BTC in January 2019 when BTC was around $3,500. He said,

“The current price of Bitcoin is not $500,000 yet, but $11,700, which means a 330% return for less than two years. Russia may miss an opportunity to catch a lucky ‘Bitcoin ticket’ to the future, and instead of it falls into the gold trap.”

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Author: AnTy