Monthly Archives: September 2020

$16B Worth of Dollar-Pegged Cryptos: Stablecoins Add $100M a Day Since Mid-July

Stablecoins have been gathering a lot of steam and settling massive value in recent months. Moreover, on Thursday, Coin Metrics’ executive Nic Carter mentioned on Twitter that “stablecoins have been adding $100 [million per day] since mid-July. While a number of dollar-pegged stablecoins have seen demand, the longstanding tether is still capturing most of the economic activity. There’s been a lot of changes in the crypto ecosystem with the recent rush toward decentralized finance (defi) applications, but the stablecoin economy has shined just as brightly. For instance, […]

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MIT is helping the Boston Fed build a CBDC that can be scaled for consumer use

Can MIT help the U.S. catch up to China in the CBDC race? The MIT Digital Currency Initiative, or DCI, is helping the federal reserve bank of Boston build a digital currency with the goal of scaling for consumer use. The DCI’s director Neha Narula told Cointelegraph: “We’re trying to build a high throughput, low latency transaction system that could be used by consumers and could handle the security and resilience required for a national currency.â€� The multi-year collaboration between the two organizations is still in very early […]

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It’s been 4 months & KeepKey’s hardware is still vulnerable to remote ransom attacks

They are apparently working on other things that are of a higher priority. A Shift Crypto employee successfully deployed a ransom attack on Trezor and KeepKey hardware wallets last May. While Trezor released a fix on September 2, KeepKey has yet to fix the issue. According to a blog post published on September 2, the vulnerability affected all cryptocurrencies on affected devices. The exploit, which was first spotted on April 15 by developers Shift Crypto, also affected KeepKey wallets — which were originally based on a fork […]

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Bitcoin price, stocks and gold plunge in tandem — What’s next?

Bitcoin, gold, and the S&P 500 all sharply dropped today, causing traders to fear BTC is on the verge of a trend reversal. The price of Bitcoin (BTC), the S&P 500 index, and gold all fell simultaneously on Sept. 3. The sentiment around the markets remains cautiously negative after the drop. Two factors likely triggered the abrupt decline of Bitcoin by over 8% on the day. First, miners sold off unusually large amounts of BTC in a short period. Second, the U.S. dollar index has started to […]

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ETH miner revenue reaching a new all-time-high may be bad news for low volume yield farmers

Is DeFi a mousetrap for retail investors? On September 2, the revenue of Ethereum (ETH) miners reached an all-time high of 51,541 ETH. While this may be good for the miners, it could turn popular DeFi projects into a mousetrap. Ethereum miner revenue, percent from fees and total gas used. Source: Glassnode. When denominated in USD, these numbers are still below the record set on January 10, 2018 — when miners earned $32 million versus $23 million on September 2. The price of ETH at the time […]

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Long-Term Fundamentals Signal Robust Crypto Bull Market Fueled by Reckless Money Printing, Defi

A robust cryptocurrency bull market is in the making, a Weiss Crypto Ratings analyst explained. Citing central banks’ “reckless money printing policies” and “the explosion in Defi innovation,” he sees long-term fundamentals favoring cryptocurrencies despite some short-term selloffs. Robust Bull Market in the Making Weiss Crypto Ratings’ Juan Villaverde explained last week that long-term fundamentals continue to favor cryptocurrency, despite some short-term selloffs. The analyst built the Technology and Adoption models that are at the core of the Weiss Crypto Ratings. He believes that two key factors […]

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Davey Day Trader Portnoy says crypto is boring right now

He then proceeded to beg crypto traders to switch to the stock market instead. “I’m begging my crypto friends to get involved in the stock market,” Portnoy, also known as Davey Day Trader, said in a Sept. 2 tweet. “Bitcoin is stuck in the mud,” he explained, adding: “Let me lead you. We will get back to crypto later. The time to strike is now! No time for weak hands! Make the move!” Included in the tweet, Portnoy posted a scene from the movie “Captain America: The […]

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Cointelegraph Consulting: Ethereum’s daily transactions forecast flippining

Will there be a flipplining in transaction volume? The gap between Ether & Bitcoin’s on-chain transactions has reached an all-time low. The latest findings by Santiment, published in Cointelegraph Consulting’s biweekly newsletter, suggest that Ether is poised for gains. The amount of Ethereum transacted on the blockchain daily has grown from an average of 3.85 million in July to 4.75 million in August, recording a 5-month high of 7.74 million on Tuesday. The chasm between Bitcoin and Ethereum’s transaction volume has been growing for several months now. […]

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Bithumb found ‘partially liable’ for a 2017 hacking incident

Bithumb legal issues do not stop in South Korea. A judge in the Seoul Central District Court dismissed two claims filed by individuals against the controversial crypto exchange, Bithumb. The individuals were seeking $126,000 and $38,000 respectively for damages related to a data breach incident back in 2017. According to Fn News, plaintiffs Hong and Seo (both named only by their surname) stated that they had lost money due to a phishing attack using private data that was extracted in a hack of Bithumb. The third claimant, […]

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Mind the gap: Bitcoin price charts now hint at drop below $10K

Bitcoin’s recent correction below $10,500 raises the possibility of a CME gap fill in the $9,900-$9,600 region. The fact that Bitcoin (BTC) price was unable to break through the resistance level at $12,000 meant a retracement was imminent. However, the fast pace of the current retrace was not expected by the markets and has surprised a lot of traders. The crucial support zone of $11,100 failed to provide support and led to the current tumble towards the $10,500 region. Crypto market daily performance snapshot. Source: Coin360 Bitcoin […]

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