Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $2,17 trillion. Bitcoin continues to trade at around $62,300. Ethereum experiences no changes and stagnates at around $2,400. XRP is down by 2%, Solana by 1%, and Dogecoin by 3%. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector decreased the total value of protocols (TVL) to around…
News
Silk Road’s Infamous Founder Proposes a Remake of the Maker Protocol
Ross Ulbricht, the brains behind the infamous Silk Road website, recently penned down a piece on the Maker Dao Protocol. Ross, who is currently serving a life sentence, coined the protocol as a ‘cool concept’ that provided the benefits of a cryptocurrency without the volatility usually associated with them. In his Medium article, Ross acknowledged that he couldn’t have gotten all the details on Maker while behind bars. He, however, believed that he had read enough to give some suggestions…
5 years ago
LocalBitcoins Claims 70% Reduction in Transactions Related To Darknet
The top peer-to-peer (P2P) crypto exchange LocalBitcoins has noted a 70 percent decrease in the number of transactions related to darknet since its adoption of AML (Anti-Money Laundering) and KYC (Know Your Customer) regulations in September last year. LocalBitcoins noted its ability to remarkably decrease the number of transactions related to darknet carried out using its platform between September last year and May this year. In the words of the chief marketing officer at LocalBitcoins, Jukka Blomberg to Cointelegraph, the…
5 years ago
Binance Coin Network Activity Rises Despite Dull Price Action
The consolidation of Binance Coin (BNB) has been within a narrow trading range. Within the previous two months, most of its price action has been between the $15 support level and the $18 barrier. Regarding the technical outlook of the cryptocurrency asset, the current stagnation phase is due to the Bollinger bands squeezing its 1-day chart. Such squeezes suggest times of low volatility, generally succeeded by wild price movements. The possibility of having a robust breakout increases with a longer…
5 years ago
The Rise and Fall of IOTA (mIOTA) – A Bittersweet Story
IOTA - A Brief History IOTA is a cryptographic protocol that runs on a unique form of Distributed Ledger Technology (DLT), significantly different from most cryptocurrency projects. It is different for one vital reason; IOTA doesn’t run on a blockchain! As we have tried to iterate multiple times, blockchain, the distributed database technology, is just a subset of DLT. So then, what kind of database technology does IOTA use? IOTA was developed and initiated by David Sønstebø, Dominik Schiener, Sergey…
5 years ago
Venezuela Makes Giant Leap By Accepting Bitcoin Payments for Passports
Venezuela’s failing economy has often barred the country from the global financial system. Over the last few years, President Maduro has been turning to cryptocurrency to savor the failing economy. The South American country has been at the forefront of cryptocurrency adoption, with several projects in play. The recent move by the government is accepting bitcoin for passport payments. The news hit the country by storm after a twitter user put out a screenshot of the government website, showing cryptocurrency…
5 years ago
Metrics Show Ethereum Investors’ Optimism Increases
Decentralized finance (DeFi) has enjoyed a strengthened narrative in 2020. This is such that some DeFi tokens like Aave (LEND) have incurred more than a 1,000 percent increase while the price of Ethereum increased by 90 percent since the beginning of this year. It appears that investors are developing more interest in this market sector. According to cryptocurrency derivatives analytics company Skew, Ethereum will enjoy this trend the most in the long-term. Skew noted that these DeFi tokens powered by Ether appear to…
5 years ago
We are Ready For A Digital Euro, Says Italian Banking Association
We are ready to work on the establishment of a European central bank digital currency, says the Italian Banking Association (ABI). The ABI announced its willingness to support the implementation of a digital currency from the European Central Bank. The association’s website noted the approval of guidelines governing its position on digital currency and central bank digital currencies (CBDCs) on June 18. The ABI, which represents a group of banks in Italy, said it was ready to take part in projects and…
5 years ago
DeFi Collapse Will Influence a Historic Ethereum Rally
The intense increase in the popularity of DeFi created a notable buzz for Ethereum in the cryptocurrency space within the previous few days. The popularity of DeFi in recent times is majorly influenced by an emerging trend known as ‘yield farming.’ Yield farming allows the leveraging of different protocols to receive huge payouts (up to 200 percent APR). Due to this trend, several tokens related to DeFi have seen huge uptrends, even as COMP rallied by over 100% percent and…
5 years ago
NZ Police Freezes Money Linked To Alleged Bitcoin Launderer Alexander Vinnik
Alexander Vinnik was arrested in Greece on an extradition order from the U.S. as prosecutors said he allegedly controlled a Bitcoin exchange that laundered billions of dollars for criminal networks. After his arrest in 2017, he was extradited to France where he is still in custody. He was said to have allegedly laundered 300,000 Bitcoin (about $4 billion) within six years through BTC-e, one of the largest cryptocurrency exchanges in the world at the time. Further, he was accused of facilitating money…
5 years ago