Month: January 2021

The sudden rise of stocks like GameStop (GME) have shined a positive light on Bitcoin (BTC), as more retail investors look to “rail against” the financial status quo, according to Bitfinex CTO Paolo Ardoino. Bitcoin’s price peaked north of $38,500 on Friday, just as U.S. stocks concluded their worst week of trading since October. The divergence between BTC and stocks was partly due to a massive short squeeze of institutional investors by a Reddit group called r/WallStreetBets. The Reddit buying Read more …

For example, just last week, when the currency was hovering around the $30,000 threshold, a whole host of pundits was warning investors to brace for impact, suggesting that the premier crypto asset was on the verge of a correction and could once again dip to around the $20,000 region. However, in just one day, Bitcoin was once again playing with the bulls, retesting the $38,500 limit, only to witness a selloff and eventually settle around the $33,500 region. While for Read more …

During this first wave of decentralized finance projects and services, users have been more than willing to part with their funds. It is very similar to how decentralized exchanges work, as convenience seems to trump privacy and security in DeFi. Just because some platforms offer a high annual percentage yield does not mean anyone should give up control of their funds. Considering that DeFi is designed to be built on blockchain technology, there is no reason for go-betweens, intermediaries or Read more …

Payments giant Visa Inc’s CEO Alfred Kelly has revealed his firm’s plans to enable cryptocurrencies trading on its network. Kelly, who is also chairman of the firm, explains that there is no reason not to add cryptos when these are increasingly becoming “a recognized means of exchange.” Digital Gold Segment In an earnings call with analysts, Kelly opines that due to Visa’s “global presence, its partnership approach as well as its trusted brand”, the fintech giant is “uniquely positioned to Read more …

With the nonfungible token market approaching the frothing point, perhaps it’s time to sit back and ask: “What’s happening here?” The $750,000 in proceeds from the recent sale of a single “alien” CypherPunk NFT, after all, could have paid for a reasonably sized house. The crypto world at large is only 12 years old, entering adolescence, but crypto art — art on a blockchain — and nonfungible tokens are just out of their terrible twos. The launch of an epoch-defining Read more …

The price of Bitcoin (BTC) is showing overall weakness as it struggles to establish $34,000 as a support level. Overall, BTC appears to be stagnating without signs of a short-term relief rally, leading traders to be cautious. One concerning trend is that the volume of Bitcoin has been stagnating along with its price, apart from the “Elon pump” on Jan. 29. This trend indicates that there is an overall drop in buyer demand since the $42,000 top despite BTC hovering Read more …

Blockchain technologies and their associated market gained tremendous momentum this past year. The colossal developments and the aggressive funding of ideas across this nascent industry have sparked some serious debate as to the veritable value of blockchain. Before implementing blockchain technology, managers, builders and developers need to ask themselves one question: “why blockchain?” What necessitates a decentralized system? In order to understand how best to use blockchain technology, we must first define the trust assumptions in the system under consideration. Read more …

Decentralized finance is a form of finance that does not require traditional intermediaries such as banks, brokerages or exchanges. All of the work that would normally be handled by these institutions is instead performed by technological solutions including smart contracts and blockchain. The legacy banking system and DeFi are markedly different. While traditional finance is slow to develop and adapt, in just a few years, companies operating in the DeFi sector have built a parallel financial system from the ground Read more …

Ethereum remains in a range above the $1,300 support against the US Dollar. ETH price is likely to gain momentum above $1,400 and $1,450 resistance levels in the near term. ETH price traded as high as $1,438 and before it corrected lower against the US Dollar. The price is consolidating above the $1,320 support level and the 100 simple moving average (4-hours). There is a key bullish trend line forming with support near $1,295 on the 4-hours chart of ETH/USD Read more …

Just recently, the Bitcoin Cash community has been discussing the large number of transactions the network has been seeing on a daily basis during the last month. Statistics show that bitcoin cash daily transactions have been increasing every day since the last week of 2020. Bitcoin Cash miners have processed upwards of 300,000+ daily transactions on various days during the past week. The crypto economy and myriad of blockchain networks have been getting a lot more attention during the last Read more …

Bitcoin price rallied towards the $38,000 resistance, but it failed to hold gains against the US Dollar. BTC started a fresh decline and it is now struggling to stay above $33,500. Bitcoin is showing a few bearish signs below the $35,000 and $35,500 resistance levels. The price is now trading near the $34,000 pivot level and the 100 simple moving average (4-hours). There is a key bullish trend line forming with support near $33,900 on the 4-hours chart of the Read more …

On Jan. 30 Uniswap (UNI) and Compound (COMP) both rallied to new all-time highs as the entire DeFi sector continued to heat up. UNI soared to a new all-time high at $19.93 and COMP price did the same as it briefly traded at $340.  COMP/USDT 4-hour chart. Source: TradingView In the past 30 days the entire decentralized finance sector has been in a strong uptrend and data from DeFi Pulse shows the total value locked has soared from $16.43 billion Read more …