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Showing posts from February 22, 2021

MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
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Speechwriter for Former US President George Bush Says BTC Rally Driven by ‘Historically Low Interest Rates’

A speechwriter for former U.S. President George W. Bush and a bitcoin critic, David Frum has claimed that the low-interest rates are fueling the crypto asset’s rally. Frum suggests that the crypto asset might experience a “fast and deep price crash” if and when interest rates start to rise. Institutional Interest in BTC In comments made via Twitter, Frum, who regurgitates the BTC mining inefficiency claims, also attacks the crypto asset’s store of the value proposition. He states that of “all the pro-bitcoin arguments, surely the worst is the store against inflation.” Still, despite this criticism, the crypto asset continues to gain support from institutional investors and large companies. For instance, electric carmaker Tesla, which recently amended its investment policy, revealed it had bought BTC worth $1.5 billion. Furthermore, according to bitcointreasuries.org , the website that tracks companies or institutions that have exposure to BTC , over 1.3 million coins or 6% of...
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PTERIA to Mars Celebrates a New All Time High

PRESS RELEASE. While Bitcoin and the greatest part of altcoins are going down, Pteria DAO’s token PTERIA could not be outdone and is currently on Mars, exceeding $40. The moon is now too close, so Mars is the real new all time high to reach. However, the token, listed for the first time on decentralized exchanges such as Uniswap and Balancer just a few months ago, today marks its all time high and is now worth over $40, as you can see on Coinmarketcap or Coingecko . Recently Pteria announced its interesting staking project that offers up to 24% annual reward for those who block its PTERIA tokens and vote for the DAO’s proposals. Currently, in less than a month, over 2 million tokens have been staked on the platform called Aragon . Pteria and Wallem All of this is happening at a time when due to Covid-19 and related worldwide lockdowns and curfews, the Wallem project, the first game to use the PTERIA token, is on a hiatus. Like Pokémon Go, Wallem allows you to capture ...
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Solana-powered AMM Raydium proposes SushiSwap integration to reduce fees

SushiSwap is exploring integrating with high-speed AMM, Raydium, on Solana to alleviate high gas fees. Major decentralized exchange SushiSwap is the latest to consider action to mitigate Ethereum’s extreme transaction fees, and it involves a potential port to the Solana blockchain. A proposal , which was posted to the SushiSwap forum on Feb. 22 under the codename ‘Bonsai,’ suggests building out the platform on the Solana ecosystem. The integration is intended to mitigate Ethereum's skyrocketing transaction fees, which have spiked to new all-time highs over the past 24 hours. The proposal would involve integrating SushiSwap with Raydium's platform, with the Solana-based automated market maker having  launched on Feb. 21 . The proposal’s author, "Handroll," notes Raydium already features support for SushiSwap’s liquidity pools:” “We have been working on Raydium’s AMM and liquidity pool protocols since the fall of 2020 and have just launched on our platform […] Ray...
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New report predicts NFTs will explode in popularity during 2021

NFTs are pumping right now, with a new report identifying more NFT sales in the last 24 hours than during the entirety of 2020. Canadian-based analytics company NonFungible has released a report predicting that 2021 is poised for “a new Bull Market in the NFT industry.” Although NFTs have been around since ERC-721 was invented by William Entriken, Dieter Shirley, Jacob Evans, and Nastassia Sachs in January 2018, the sector largely remained an obscurity outside of hardcore crypto circles until the latter part of 2020. The second half of 2020 saw NFT sales increase by 200% to more than $9 million. However, NFT sales have since risen at an incredible rate with approximately $60 million non-fungible tokens sold in the last 24 hours. The value of highly-sought NFTs has similarly skyrocketed, with multiple NFT sales garnering more than $1 million each in February so far. On Feb. 22, one collectible in the Cryptopunk series sold for 550 ETH, worth more than $1 million at the time of ...
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$24 million lost in second-largest day of DeFi liquidations

The Feb. 22 crypto market flash-crash liquidated more than $24 million worth of DeFi loans. with Compound users representing more than half of the margin calls. The Feb. 22 crypto crash has sparked the second-largest volume of DeFi liquidations in the sector’s history, with more than $24.1 million worth of loans being forcefully closed within 24 hours. According to crypto data aggregator DeBank, $13.7 million, or nearly 60% of the losses occurred on Compound, followed by Aave with $5.4 million worth of liquidations. Yesterday’s liquidations were the second-largest to hit DeFi, trailing behind the $93 million in margin calls that were triggered by a sudden increase in the price of DAI on Nov. 26. 2020. The incident saw DAI spike by 30% on Coinbase Pro — the source of Compound's price oracle — liquidating more than $88 million worth of crypto loan collateral on the protocol. DeBank also reported a decline in total value locked from $44.5 billion to $38.8 billion over the past 2...
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Cape Cod’s Largest Hospital Gets Bitcoin Donations Worth $800K

One of Cape Cod’s largest hospitals received two bitcoin donations this year totaling $800,000 in value. The Massachusetts-based not-for-profit medical centre (NPO), Cape Cod Healthcare, explained that an anonymous donor donated $400k last Friday and the NPO received a $400k bitcoin donation last month as well. Cape Cod Healthcare Gets $800K in Bitcoin Donations The hospital Cape Cod Healthcare (CCHC) is considered one of the leading providers of healthcare services in Cape Cod, Massachusetts. This week, the NPO told the Boston Globe staff member Anissa Gardizy that it received two bitcoin ( BTC ) donations worth $800,000. CCHC’s senior vice president and chief development officer, Christopher Lawson, said the donor wished to remain anonymous and sent an email last month asking the hospital to accept BTC donations. Lawson said the donor had helped CCHC before the two crypto donations, and had just recently asked if the hospital would accept his BTC gift. Lawson told Gardizy tha...
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Crypto influencer warns Ethereum fees will drive users away

Crypto YouTuber Lark Davis is urging Ethereum’s to launch ETH 2.0 quickly, warning its devs must act soon to prevent rival networks from taking over amid high gas fees. Prominent crypto influencer Lark Davis, or “The Crypto Lark,” has warned that Ethereum’s competitors will continue to syphon away users should Eth2 fail to launch soon amid ever-increasing gas fees. Despite predicting five-figure Ether prices in 2021, Davis’ Feb. 19 video , Davis asserts Ethereum’s skyrocketing fees has meant that only “rich investors” can afford to the network, prompting smaller users to switch to competitors like Binance Smart Chain (BSC). Davis noted BSC is currently enjoying a surge in popularity, with volumes for BSC-based DApps catching up to their Ethereum-based rivals. Describing the current gas fees prices as “totally loco,” Davis urged Ethereum’s developers to expedite the launch of Eth2 in response to the skyrocketing to prevent a further exodus of users to cheaper alternatives: “But we...
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Kraken users demand refunds over flash-crash liquidations

Margin traders on Kraken are outraged after a flash-crash triggered wholesale liquidations while the exchange was inaccessible to users. Kraken users are demanding compensation after violent flash crashes localized to the exchange resulted in leveraged trades being liquidated amid the sharp retracements recorded across the crypto markets on Feb. 22. Feb. 22 saw the single largest daily candle in the history of both Bitcoin and Ethereum by linear value, with BTC dropping around $9,500 from $57,500, while ETH plummeted by $400 from $1,940 within the span of 24 hours on Coinbase. However, it appears that a combination of weak buy support and cascading liquidations resulted in particularly heavy losses on Kraken — with BTC falling 22% to less than $45,000 while ETH declined 64% to find support at just $700. The public reaction on subreddit r/Krakensupport has seen many traders voice their frustrations. Some traders are even threatening to organize legal action against the exchange, w...
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Altcoins and DeFi sell-off after Bitcoin’s 17.6% correction below $50K

DeFi tokens and altcoins bore the brunt of today's carnage as Bitcoin price dipped below $48,000. In the early morning trading hours Bitcoin ( BTC ) price abruptly dropped by 17.65% which triggered a major downturn throughout the entire market. Data from Cointelegraph Markets and TradingView shows that Bitcoin decreased from a high of $58,274 on Feb. 21 to a low of $47,622 during the early hours on Monday before buyers returned to lift BTC to its current value of $53,350. Daily cryptocurrency market performance. Source: Coin360 Despite today’s $1.6 billion liquidation event, Bitcoin bulls remain optimistic about the future of the top cryptocurrency with key indicators suggesting that those buying today’s dip are likely to come out on top . According to ExoAlpha Chief Investment Officer David Lifchitz, recent charts for Bitcoin looked overbought, signaling that a "15% correction could happen” as part of a normal market cycle before BTC attempts to break out to new h...
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‘Sustained institutional buying’ will hold Bitcoin above $50K: CrossTower

New research from CrossTower argues institutional buyers will hold BTC prices above $50,000. In a report shared with Cointelegraph, institutional crypto trading platform CrossTower asserts  that large investors will not let Bitcoin ( BTC ) fall back below $50,000. According to the report, addresses holding over 1,000 BTC rose to record highs in January on the heels of sizable retracements — evidencing strong dip-buying from whales despite the relatively high price of Bitcoin. Combined with positive business developments in the industry, such as Mastercard’s decision to integrate certain cryptocurrencies and BNY Mellon’s newly launched custody services , CrossTower believes the outlook remains bullish for the digital asset markets. The firm also described the growth of corporate Bitcoin treasuries, such as Tesla’s $1.5 billion BTC acquisition , as strengthening the bullish case. “We believe the record amounts of addresses holding 1,000+ BTC in recent weeks is proof of ris...
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Here’s how pro traders use options to profit from Bitcoin price corrections

Eventually, Bitcoin price will run into overhead resistance. Here’s how pro traders use options to profit from and protect against downside moves. Bitcoin seems to be struggling at the $58,000 level, which is leading some traders to fear a more significant correction could take place. While Bitcoin's ( BTC ) 2021 performance has been incredibly strong, its current 696% gain and comments from United States Treasury Secretary Janet Yellen suggesting that cryptocurrencies are used to finance terrorism may be enough to have investors feeling a bit cautious. Reducing open position sizes is usually the method most investors use to reduce exposure, but another way to manage risk is to use BTC options contracts to provide protection. Buying a put (sell) option is the easiest way, but it is quite costly considering the current high volatility scenario. For example, a March 26 put option with a $56,000 strike trades at $5,300, and its holder would only profit if BTC trades below $50,70...
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Binance Suspends Ethereum and ERC-20 Token Withdrawals Before Quickly Reversing Course

The rollercoaster-ride in cryptocurrency prices on Monday was accompanied by Binance’s fresh restrictions for ethereum and ERC-20 tokens. Ethereum Network Congestion Fingered as the Culprit for the Temporary Halt Through the official Binance Twitter account , one of the world’s largest cryptocurrency exchanges by volume, announced that it had “temporarily suspended withdrawals of $ ETH and ethereum-based tokens” due to network congestion while underscoring that user funds were SAFU (Secure Asset Fund for Users). #Binance has temporarily suspended withdrawals of $ETH and Ethereum-based tokens due to high network congestion. Rest assured funds are #SAFU and we apologize for any inconvenience caused. Updates to follow. — Binance (@binance) February 22, 2021 Although Binance has since reversed its earlier decision and restored service in an announcement 37 minutes after its first tweet, traders were quick to pile on with the criticism. This latest move came amid a spike in ...
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3 reasons why Fantom (FTM) price continues to rally to new all-time highs

In the past month, Fantom price increased 1,570% as governance features and a cross-chain bridge to Ethereum strengthen its DeFi aspirations. Interoperability has emerged as the hot topic in February as platforms like Binance Smart Chain and Polkadot work on building Ethereum network bridges that allow users to escape high transaction costs and network congestion. Fantom (FTM) is the latest project to receive a boost by offering cross-chain functionality with Ethereum, and data from Cointelegraph Markets and TradingView shows a 1,570% increase in FTM price from $0.025 on Jan. 23 to a new high of $0.43 on Feb. 21. FTM/USDT 4-hour chart. Source: TradingView Three fundamental reasons for Fantom's current rally are the release of a cross-chain bridge between Ethereum and Fantom, the roll-out of on-chain governance features and the ability to stake tokens on the network while still accessing their value for use in the decentralized finance ecosystem. Yearn.finance helps facil...
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Up to 5% of public companies will follow Tesla's Bitcoin buy, says Wedbush analyst

Dan Ives, Wedbush Securities’ managing director, says companies are going to start FOMOing into Bitcoin very soon. Tesla’s strategic embrace of Bitcoin ( BTC ) will have a dramatic impact on corporate adoption of the digital asset, according to Dan Ives of Wedbush Securities.  In a Monday interview with CNBC, Ives said Tesla’s exposure to Bitcoin is “not just a fad,” but part of a long-term strategy that’s driven by an investment thesis and business thesis. “I think Tesla is going to double down on its Bitcoin investment,” he said. "No doubt this is something @elonmusk and @Tesla they're going to dive into the deep end of the pool on #bitcoin because they're not just doing it from an investment perspective, but from a transaction perspective," says Wedbush's Dan Ives on $TSLA and #btc . pic.twitter.com/0Wt2IHCdZI — Squawk Box (@SquawkCNBC) February 22, 2021 “No double this is something Elon Musk and Tesla [...] they’re going to dive into the deep end...
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Bitcoin prints biggest hourly candle in history after BTC rebounds strongly to $54K

Fresh criticism from the U.S. treasury secretary fuels an already fierce correction, briefly taking Bitcoin to $47,400 lows. Bitcoin ( BTC ) fell below $50,000 on Feb. 22 as a correction gathered pace at Wall Street's opening to deliver 20% daily losses prior to a strong response from the bulls.  BTC/USD 1-hour candle chart (Bitstamp). Source: Tradingview Bitcoin loses $6,000 in minutes Data from Cointelegraph Markets and TradingView  shows BTC/USD falling heavily during Monday trading, hitting lows of $47,400. After reversing at all-time highs of $58,312 on Sunday, Bitcoin fell almost $7,000 in under an hour, sparking intense volatility, which continued at the time of writing. "Almost a $7,000 hourly candle. That has to be by far the largest hourly move in history," analyst Scott Melker reacted . Earlier, Cointelegraph Markets analyst Michaël van de Poppe highlighted the area between $50,500 and $52,000 as being crucial to hold in order to preserve the chance...
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Bitcoin Slides Over 13%, Veteran Trader Peter Brandt Suggests BTC Will Peak at $200k but Hints of Possible Deep Corrections

Veteran trader Peter Brandt has implied in a tweet that bitcoin will go through deep price corrections before it gets to the $200,000 mark. Brandt points to the 2015-17 bull run when bitcoin went through similar corrections about nine times as the precedent the crypto asset might follow. More Corrections Expected Consequently, Brandt is asking his Twitter followers to predict the number of similar 30% price corrections that they expect to see before BTC ultimately gets to the $200,000. Already, as Brandt explains in the tweet, the crypto asset has gone through one such correction since the March 2020 price crash. Nevertheless, since then the crypto asset, whose price grew by more than 300% in 2020, has been on an upward trend. On February 21, the crypto asset set a new all-time high of $58,228, according to Messari data. As a consequence, some bitcoiners now predict that a price of $100,000 can be achieved in 2021. In the meantime on Twitter, the reaction to Brandt’s BTC pric...
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Evolving the DAO: How decentralized companies can dominate Web3

Are decentralized autonomous organizations reaching their full potential? The current focus on governance means that many other opportunities are being missed. Decentralized autonomous organizations — known as a DAO for short — have become a mainstay of the crypto world. The rationale behind DAO is to enable companies and organizations to fully function without the need for a hierarchical management structure.  As this Cointelegraph guide explained , it’s like a vending machine delivering a snack in exchange for a bundle of coins — and then automatically using those funds to reorder stock. There’s no need for human involvement in keeping the machine running, as all of the processes it needs to function are pre-written into code. Beyond this real-world example, the possibilities for DAO are endless. There’s just one issue: Some believe that the potential and promise that this technology offers aren’t being fully exploited. Many DApps only use DAO for governance purposes — enabl...
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Bitcoin price crashes below $48K, but is the bull market in danger?

Bitcoin price dropped below $48,000 in a major correction on Monday right before the U.S. market open. Bitcoin’s ( BTC ) price has been grinding up nicely over the past few weeks, but the past 24 hours have seen a significant correction. BTC price dropped by over $10,000 from $58,000 to under $48,000, a correction of almost 20%. This pullback — which many anticipated as 28,000 BTC was deposited to Gemini  — also caused other cryptocurrencies to fall alongside Bitcoin, resulting in Bitcoin's market dominance rising as a result. But will history repeat and produce a dull, corrective March? Let's analyze the charts.  Bearish divergence implying further downside to come BTC/USDT 4-hour chart. Source: TradingView Markets never go up in a straight line, and corrections must occur from time to time. This can be considered a "reset" for the market, which reverts back to the mean trendline, and the euphoria fades. At the first stage of a correction, people still exp...
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Binance Blamed for Purposely Choking Ethereum’s Network

The recent ramp higher in cryptocurrency prices has assuredly attracted its fair share of cheerleaders and detractors alike, but the reality of this climb has been a concurrent increase in network fees from rising transaction volumes. Binance is Blamed for Purposely Choking Ethereum’s Network to Drive More Users to Its Own Platform The resulting volumes have clogged networks like Ethereum, which have seen gas costs climb almost 20x over the last 12 months . For the growing DeFi market, these sky-high costs have elicited significant criticism from the community and mobilized the ecosystem to hunt for more affordable options. Enter Binance, which may dethrone Ethereum as the new DeFi hotspot due to its interoperability and lower transaction costs. Binance Smart Chain (BSC), which works on a Proof of Authority (POA) model, is centralized (Binance picks the authorities that run each node) relative to Ethereum’s entirely decentralized approach. This has prompted some users to criticize...
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