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Two ETC attacks within a week
On Aug. 1, 2020, an initial analysis revealed an Ethereum Classic network reorganization, which was thought to be accidental — the result of a miner’s outdated software coupled with a 12-hour mining hiatus.
Updated details showed a nefarious party purposely took major control of Ethereum Classic’s network mining power between July 31 and Aug. 1 in an effort to allow ETC double-spending — essentially printing money. With their efforts proving successful, the perpetrator reportedly pilfered $5.6 million via double-spending from the attack.
Five days later, news came in revealing another 51% attack on the ETC network. A perpetrator conducted a 4,000-block network reorganization. It’s worth noting that the network also faced a separate 51% attack over a year ago in January 2019.
As a result, crypto exchange OKEx halted ETC transactions on its platform on Aug. 1 after noticing strange activity involving the asset.
On Aug. 1, 2020, an initial analysis revealed an Ethereum Classic network reorganization, which was thought to be accidental — the result of a miner’s outdated software coupled with a 12-hour mining hiatus.
Updated details showed a nefarious party purposely took major control of Ethereum Classic’s network mining power between July 31 and Aug. 1 in an effort to allow ETC double-spending — essentially printing money. With their efforts proving successful, the perpetrator reportedly pilfered $5.6 million via double-spending from the attack.
Five days later, news came in revealing another 51% attack on the ETC network. A perpetrator conducted a 4,000-block network reorganization. It’s worth noting that the network also faced a separate 51% attack over a year ago in January 2019.
As a result, crypto exchange OKEx halted ETC transactions on its platform on Aug. 1 after noticing strange activity involving the asset.
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Only ‘Something Unexpected’ Can Stop Bitcoin Price Bull Run — Bloomberg
Bitcoin’s “appreciation” will continue unless a freak occurrence interrupts it, says Bloomberg Intelligence.
MARKETS NEWS
Bitcoin (BTC) will only stop gaining in value if “something unexpected” stops it, Bloomberg researchers believe.
Tweeting a summary of the latest Bloomberg Intelligence Commodity Primer on Aug. 19, senior strategist Mike McGlone revealed a clear bullish stance on BTC.
Bloomberg: BTC price will keep appreciating
Bitcoin has reentered mainstream consciousness in recent weeks thanks to price rises which topped out at over one-year highs of $12,400.
Despite a modest pullback, gains have broadly been retained, and analysts are confident that trajectory remains skewed to the upside beyond the immediate short term.
“Something unexpected needs to happen for Bitcoin's price to stop doing what it's been doing for most of the past decade: appreciating,” he wrote.
“Demand and adoption metrics remain favora
Bitcoin’s “appreciation” will continue unless a freak occurrence interrupts it, says Bloomberg Intelligence.
MARKETS NEWS
Bitcoin (BTC) will only stop gaining in value if “something unexpected” stops it, Bloomberg researchers believe.
Tweeting a summary of the latest Bloomberg Intelligence Commodity Primer on Aug. 19, senior strategist Mike McGlone revealed a clear bullish stance on BTC.
Bloomberg: BTC price will keep appreciating
Bitcoin has reentered mainstream consciousness in recent weeks thanks to price rises which topped out at over one-year highs of $12,400.
Despite a modest pullback, gains have broadly been retained, and analysts are confident that trajectory remains skewed to the upside beyond the immediate short term.
“Something unexpected needs to happen for Bitcoin's price to stop doing what it's been doing for most of the past decade: appreciating,” he wrote.
“Demand and adoption metrics remain favora
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DeFi Frenzy Overtakes Crypto Market
Positive price pressure on Bitcoin, and the crypto market as a whole, had been building for months since the COVID crash in March 2020.
All that was missing from kicking things over into an actual bull market was a narrative...
Well, it looks like crypto has found one at long last.
Decentralized finance
If you're new to the crypto space, then decentralized finance might feel exotic, strange, even futuristic. As anyone who has been around here long enough can tell you, decentralized finance has always been blockchain's core use case.
Need proof? For starters, Bitcoin is a decentralized financial system revolving around BTC, a peer-to-peer digital currency.
As you scroll down the list at CoinMarketCap or *CoinGecko* (if you're waist-deep in Uniswap tokens), almost anything you see can roughly be considered DeFi.
Cardano, Litecoin, Cosmos, Tezos, Chainlink, Ontology, Synthetix Network, Band, Solana, Matic, Harmony — the list goes on — and there is surely no need to mention Ethereum.
So, while the decentralized finance tag may not point to something new about crypto, it's created an umbrella that groups this whole crazy-digital-coins-thing into a very coherent narrative.
In markets, narratives are just as crucial as technicals. The two find deep correlation in positive and negative market cycles, with strong narratives always overlapping bull markets.
Previously, ICOs were responsible for an exuberant 2016-2017 bull market, and today, it's all about DeFi.
Beyond the hype
Unlike the ICO craze, DeFi is quite grounded in comparison. Many of these projects, like Compound, Maker, and Balancer, are rooted in genuine economics at work, presenting new and exciting ways to organize finances.
When, if ever, have you heard of instant, undercollateralized loans with no credit checks, as you can find on Akropolis? How about floating, high yields across crypto asset deposits, and totally new income streams via something called *yield farming*?
In 2008, Satoshi unleashed the BTC whitepaper in response to the bailout of banks, rather than people, at the start of the Great Recession. Here in 2020, we're on the brink of another global downturn, and people are, again, not being bailed out.
When DeFi protocols like Yam distribute governance tokens with no premine, founder, or VC shares, giving everyone equal access to a community-allocated treasury, you start to feel that crypto is *really* on to something this time around.
Projects to watch
DeFi projects are flying onto Uniswap faster than is possible to keep up with. Far from being another *shitcoin roulette*, many Uniswap prospects have flown straight to the top with listings on Binance, Huobi, and Coinbase.
As with anything in the crypto market, do your own research before swapping precious BTC or ETH. But, there's *gold in them there hills*.
Keep an eye on macro DeFi platforms like Ethereum, Cardano, Tezos, Cosmos, Elrond, Harmony, and Polkadot.
DeFi platforms lean heavily on oracles to bring off-chain assets into the picture for collateral. Watch Chainlink, Band Protocol, Nest Protocol, Dia, and Tellor.
Scaling these applications for the most amount of people? Celer and Matic have you covered.
Finally, what about strict DeFi applications themselves? Compound, Balancer, Maker, Akropolis, Kava, Yearn, and even tiny upstart Yam are worth your time.
There are many more out there, but half the fun is discovering them on your own.
Positive price pressure on Bitcoin, and the crypto market as a whole, had been building for months since the COVID crash in March 2020.
All that was missing from kicking things over into an actual bull market was a narrative...
Well, it looks like crypto has found one at long last.
Decentralized finance
If you're new to the crypto space, then decentralized finance might feel exotic, strange, even futuristic. As anyone who has been around here long enough can tell you, decentralized finance has always been blockchain's core use case.
Need proof? For starters, Bitcoin is a decentralized financial system revolving around BTC, a peer-to-peer digital currency.
As you scroll down the list at CoinMarketCap or *CoinGecko* (if you're waist-deep in Uniswap tokens), almost anything you see can roughly be considered DeFi.
Cardano, Litecoin, Cosmos, Tezos, Chainlink, Ontology, Synthetix Network, Band, Solana, Matic, Harmony — the list goes on — and there is surely no need to mention Ethereum.
So, while the decentralized finance tag may not point to something new about crypto, it's created an umbrella that groups this whole crazy-digital-coins-thing into a very coherent narrative.
In markets, narratives are just as crucial as technicals. The two find deep correlation in positive and negative market cycles, with strong narratives always overlapping bull markets.
Previously, ICOs were responsible for an exuberant 2016-2017 bull market, and today, it's all about DeFi.
Beyond the hype
Unlike the ICO craze, DeFi is quite grounded in comparison. Many of these projects, like Compound, Maker, and Balancer, are rooted in genuine economics at work, presenting new and exciting ways to organize finances.
When, if ever, have you heard of instant, undercollateralized loans with no credit checks, as you can find on Akropolis? How about floating, high yields across crypto asset deposits, and totally new income streams via something called *yield farming*?
In 2008, Satoshi unleashed the BTC whitepaper in response to the bailout of banks, rather than people, at the start of the Great Recession. Here in 2020, we're on the brink of another global downturn, and people are, again, not being bailed out.
When DeFi protocols like Yam distribute governance tokens with no premine, founder, or VC shares, giving everyone equal access to a community-allocated treasury, you start to feel that crypto is *really* on to something this time around.
Projects to watch
DeFi projects are flying onto Uniswap faster than is possible to keep up with. Far from being another *shitcoin roulette*, many Uniswap prospects have flown straight to the top with listings on Binance, Huobi, and Coinbase.
As with anything in the crypto market, do your own research before swapping precious BTC or ETH. But, there's *gold in them there hills*.
Keep an eye on macro DeFi platforms like Ethereum, Cardano, Tezos, Cosmos, Elrond, Harmony, and Polkadot.
DeFi platforms lean heavily on oracles to bring off-chain assets into the picture for collateral. Watch Chainlink, Band Protocol, Nest Protocol, Dia, and Tellor.
Scaling these applications for the most amount of people? Celer and Matic have you covered.
Finally, what about strict DeFi applications themselves? Compound, Balancer, Maker, Akropolis, Kava, Yearn, and even tiny upstart Yam are worth your time.
There are many more out there, but half the fun is discovering them on your own.
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Bitcoin and several altcoins have formed bearish divergences, which suggests that the bullish momentum has weakened.
PRICE ANALYSIS
Rich Dad Poor Dad author Robert Kiyosaki believes that Warren Buffet’s recent closure of his bank stock positions is a warning sign that the world might be starting a “major banking crisis.” Therefore, Kiyosaki suggests traders buy safe haven assets such as gold, silver and Bitcoin (BTC) to protect themselves from the downward spiraling value of the fiat currencies.
Popular Bitcoin derivatives trader Tone Vays believes that Bitcoin could breakout to new all-time highs in 2021. He pointed out that historically, Bitcoin has tended to double in price after breaking out of its all-time high, especially if it took years to do that. Hence, if Bitcoin breaks above $20,000, Vays expects a rally to at least “$45,000 to $50,000."
PRICE ANALYSIS
Rich Dad Poor Dad author Robert Kiyosaki believes that Warren Buffet’s recent closure of his bank stock positions is a warning sign that the world might be starting a “major banking crisis.” Therefore, Kiyosaki suggests traders buy safe haven assets such as gold, silver and Bitcoin (BTC) to protect themselves from the downward spiraling value of the fiat currencies.
Popular Bitcoin derivatives trader Tone Vays believes that Bitcoin could breakout to new all-time highs in 2021. He pointed out that historically, Bitcoin has tended to double in price after breaking out of its all-time high, especially if it took years to do that. Hence, if Bitcoin breaks above $20,000, Vays expects a rally to at least “$45,000 to $50,000."
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China’s nationwide blockchain project, the Blockchain Service Network, or BSN, will be integrating stablecoin support in 2021.
Yifan He, CEO of Red Date Technology, a major tech company involved in the BSN development, told Cointelegraph that the project will soon start integrating stablecoins.
Piloted in late 2019, China’s BSN is a state-backed initiative that intends to support medium-sized businesses in building and deploying blockchain applications.
The exec explained that stablecoins will be used as payment for various services on the BSN ecosystem, including cloud resources. “Only stablecoins can make it much easier, quicker and safer,” the executive noted.
Yifan He, CEO of Red Date Technology, a major tech company involved in the BSN development, told Cointelegraph that the project will soon start integrating stablecoins.
Piloted in late 2019, China’s BSN is a state-backed initiative that intends to support medium-sized businesses in building and deploying blockchain applications.
The exec explained that stablecoins will be used as payment for various services on the BSN ecosystem, including cloud resources. “Only stablecoins can make it much easier, quicker and safer,” the executive noted.
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Ethereum whale's uniswap token briefly hit $100K — but there’s a catch
Boa, a new Uniswap token created by the well-known pseudonymous Ether whale Bill Drummond, briefly hit $100,000.
MARKETS NEWS
On Aug. 25, the creator of the well-known Uniswap tokens Antiample (XAMP) and Tokens of Babel (TOB) launched Boa. The Ether whale’s projects have seen growing interest within the niche Uniswap market.
A common theme among the projects of the pseudonymous developer Bill Drummond is unique supply systems. Through unorthodox mechanisms, like rebasing, the supply of XAMP and TOB decreases through coin burns over time.
TOB, as an example, is a token that uses rebases to decrease its supply but ensures the holder has a certain percentage of the total supply. Bill explains:
“Rebases of TOB affect the number of tokens in your wallet, but not your overall share in the total supply. If you own 0.5% of the total supply, you will always own 0.5% of the total supply, regardless of the number of tokens in your wallet.”
Why did Boa briefly hit $100,000?
Similar to Bill’s other projects, Boa also has a special supply system that makes it a deflationary token. Atop the coin burns, Boa also applies a 1% tax on sellers, not buyers, which disincentivizes sellers.
On paper, Boa hit $100,000, but its circulating supply was below 50, and the supply goes down even further as time passes.
Hence, even at a price point of $100,000, the actual market cap of the token would remain below $5 million. Currently, according to Uniswap, the price of Boa is trading just below $51,000. That places the market capitalization of the token at around $2.5 million.
Boa, a new Uniswap token created by the well-known pseudonymous Ether whale Bill Drummond, briefly hit $100,000.
MARKETS NEWS
On Aug. 25, the creator of the well-known Uniswap tokens Antiample (XAMP) and Tokens of Babel (TOB) launched Boa. The Ether whale’s projects have seen growing interest within the niche Uniswap market.
A common theme among the projects of the pseudonymous developer Bill Drummond is unique supply systems. Through unorthodox mechanisms, like rebasing, the supply of XAMP and TOB decreases through coin burns over time.
TOB, as an example, is a token that uses rebases to decrease its supply but ensures the holder has a certain percentage of the total supply. Bill explains:
“Rebases of TOB affect the number of tokens in your wallet, but not your overall share in the total supply. If you own 0.5% of the total supply, you will always own 0.5% of the total supply, regardless of the number of tokens in your wallet.”
Why did Boa briefly hit $100,000?
Similar to Bill’s other projects, Boa also has a special supply system that makes it a deflationary token. Atop the coin burns, Boa also applies a 1% tax on sellers, not buyers, which disincentivizes sellers.
On paper, Boa hit $100,000, but its circulating supply was below 50, and the supply goes down even further as time passes.
Hence, even at a price point of $100,000, the actual market cap of the token would remain below $5 million. Currently, according to Uniswap, the price of Boa is trading just below $51,000. That places the market capitalization of the token at around $2.5 million.
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https://unstoppabledomains.com/r/fc16982153b8442
You can buy your crypto domain here to use or resell it
You can buy your crypto domain here to use or resell it
Unstoppable Domains
Make your crypto currency payments simple and build decentralized websites. Purchase your NFT domains today!
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BTC/USD
Although Bitcoin had been trading below the 20-day exponential moving average ($11,530) for the past two days, the bears could not sink the price below the $11,000 support, which suggests that bulls are buying on dips.
The 20-day EMA has flattened out and the relative strength index is close to the midpoint, which shows a balance between supply and demand.
If the bulls can push the price above the 20-day EMA, a retest of the overhead resistance at $12,113.50 is likely. The next uptrend is likely to start after the bulls can sustain the BTC/USD pair above the $12,113.50–$12,460 resistance.
Conversely, if the pair turns down from $12,113.50, the bears will once again attempt to sink the price below the $11,000 support. If successful, a retest of the critical support at $10,400 is possible. A break below this level will be a huge negative.
Although Bitcoin had been trading below the 20-day exponential moving average ($11,530) for the past two days, the bears could not sink the price below the $11,000 support, which suggests that bulls are buying on dips.
The 20-day EMA has flattened out and the relative strength index is close to the midpoint, which shows a balance between supply and demand.
If the bulls can push the price above the 20-day EMA, a retest of the overhead resistance at $12,113.50 is likely. The next uptrend is likely to start after the bulls can sustain the BTC/USD pair above the $12,113.50–$12,460 resistance.
Conversely, if the pair turns down from $12,113.50, the bears will once again attempt to sink the price below the $11,000 support. If successful, a retest of the critical support at $10,400 is possible. A break below this level will be a huge negative.
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The price of Bitcoin (BTC) is approaching the last weekly candle for the month of August. Some traders believe Bitcoin’s performance over the next two weeks could decide whether its price drops below $10,000 again or sees an extended uptrend.
The week’s weekly candle close coincides with the expiration of CME’s Bitcoin futures contracts and Deribit’s options contracts. It could potentially set a precedent for September, especially if Bitcoin closes above or below key levels.
In the short term, technical analysts generally consider $11,800 as the key level for Bitcoin. A high time frame close below the level would raise the chances of a deeper pullback. A close above it, maintaining a green monthly candle, could cause Bitcoin to see another leg up.
Mohit Sorout, a founding partner at Bitazu Capital, said in a tweet that a rally to $11,800 would “put sellers to sleep.” Sorout referred to the daily chart of Bitcoin with Bollinger Bands, showing the area of interest for both sellers and buyers.
The week’s weekly candle close coincides with the expiration of CME’s Bitcoin futures contracts and Deribit’s options contracts. It could potentially set a precedent for September, especially if Bitcoin closes above or below key levels.
In the short term, technical analysts generally consider $11,800 as the key level for Bitcoin. A high time frame close below the level would raise the chances of a deeper pullback. A close above it, maintaining a green monthly candle, could cause Bitcoin to see another leg up.
Mohit Sorout, a founding partner at Bitazu Capital, said in a tweet that a rally to $11,800 would “put sellers to sleep.” Sorout referred to the daily chart of Bitcoin with Bollinger Bands, showing the area of interest for both sellers and buyers.
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Trading volume on decentralized exchanges, or DEXs, surpassed $11 billion in August, as DeFi madness continues making headlines.
Numbers from analysis firm, Dune Analytics, revealed that August trading volume represented an uptick of 152% month-over-month.
The main driver behind the skyrocketing DEX volume is Uniswap, which has become a dominant exchange over the last couple of months. Uniswap accounts for $2.8 billion in volume over the last seven days, and $877 million in the last 24-hours.
Uniswap even surpassed Coinbase in daily volume on Aug 30, as investors flock to DeFi and decentralized exchanges.
Numbers from analysis firm, Dune Analytics, revealed that August trading volume represented an uptick of 152% month-over-month.
The main driver behind the skyrocketing DEX volume is Uniswap, which has become a dominant exchange over the last couple of months. Uniswap accounts for $2.8 billion in volume over the last seven days, and $877 million in the last 24-hours.
Uniswap even surpassed Coinbase in daily volume on Aug 30, as investors flock to DeFi and decentralized exchanges.
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South Korean authorities have reportedly seized Bithumb, one of the country’s biggest cryptocurrency exchanges by trading volume.
The Seoul Newspaper reported Wednesday that officers from the Seoul Metropolitan Police Agency's Intelligent Crime Investigation Unit had raided Bithumb's headquarters, located in the capital's central Gangnam District.
The police action was apparently linked to a $25 million token sale hosted on Bithumb and a proposed acquisition by a Singapore platform, BTHMB, that never materialized.
Per a report from TheNews, some investors said they lost millions participating in the sale.
Bithumb's chairman, Lee Jung-hoon has been accused of fraud and illicitly sending funds overseas.
CoinDesk has approached Bithumb for confirmation.
This is the second raid on a Korean cryptocurrency exchange in a week.
Last week, police seized Coinbit – the country's third-largest exchange – on allegations it had faked most of its trading volumes.
Bithumb is one of Korea's largest cryptocurrency exchanges – 24h trading volume stood at over $365 million, according to CoinGecko.
The exchange appeared to still be active at press time.
The Seoul Newspaper reported Wednesday that officers from the Seoul Metropolitan Police Agency's Intelligent Crime Investigation Unit had raided Bithumb's headquarters, located in the capital's central Gangnam District.
The police action was apparently linked to a $25 million token sale hosted on Bithumb and a proposed acquisition by a Singapore platform, BTHMB, that never materialized.
Per a report from TheNews, some investors said they lost millions participating in the sale.
Bithumb's chairman, Lee Jung-hoon has been accused of fraud and illicitly sending funds overseas.
CoinDesk has approached Bithumb for confirmation.
This is the second raid on a Korean cryptocurrency exchange in a week.
Last week, police seized Coinbit – the country's third-largest exchange – on allegations it had faked most of its trading volumes.
Bithumb is one of Korea's largest cryptocurrency exchanges – 24h trading volume stood at over $365 million, according to CoinGecko.
The exchange appeared to still be active at press time.
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In September’s crypto outlook newsletter, Bloomberg’s analyst Mike McGlone observed that the price of Bitcoin (BTC) could either be heading to the $500,000 mark, or it could fail. McGlone has continued to reiterate that in his view, Bitcoin is set to become digital gold. He emphasized once again how Bitcoin’s limited supply and increasing demand were key adoption indicators, and drew comparisons to the 2017 bull run.
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A massive dump has just occurred with the entire crypto market losing $20 billion in market capitalization in just minutes. Bitcoin price is currently down at $10,167 but has been as low as $9,960 on Binance and other exchanges. The digital asset started plummeting this morning after the dollar started bouncing, however, the U.S. stock market also had a significant crash today with the Dow Jones losing almost 3% and 900 points.
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Degenerator, or MEME, an obscure project that began life as an airdrop to Telegram users, has managed to garner a $3 million market cap and is seeking to carve a niche for itself as a non-fungible token (NFT) farming protocol.
MEME emerged from a joke posted by ConsenSys’ DeFi product lead Jordan Lyall, who created a joke advertisement ‘The Degenerator’ — a fictitious tool for creating ponzinomics-inspired yield farming tokens.
The joke quickly struck a chord with the crypto community, receiving significant engagement on Twitter. However, within hours of Lyall publishing the post, someone had minted a token dubbed the Degenerator and listed it on CoinGecko under the ticker ‘MEME’. The asset’s total supply of 28,000 tokens was then quickly distributed to interested parties on Telegram.
MEME emerged from a joke posted by ConsenSys’ DeFi product lead Jordan Lyall, who created a joke advertisement ‘The Degenerator’ — a fictitious tool for creating ponzinomics-inspired yield farming tokens.
The joke quickly struck a chord with the crypto community, receiving significant engagement on Twitter. However, within hours of Lyall publishing the post, someone had minted a token dubbed the Degenerator and listed it on CoinGecko under the ticker ‘MEME’. The asset’s total supply of 28,000 tokens was then quickly distributed to interested parties on Telegram.
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Crypto exchange giant Binance is delving deeper into the world of DeFi-style products with its latest offering, an automated market maker called Binance Liquid Swap.
Aimed directly at Uniswap and its clones, Binance will launch an AMM liquidity pool that allows users to provide liquidity by depositing tokens. Just like the world’s most popular decentralized exchange, Binance Liquid Swap will also enable users to earn interest in addition to a cut of the trading fees for the pool.
It’s the first AMM pool product on a centralized exchange and will be integrated into the Binance.com exchange, allowing users to pool tokens in their wallets to earn rewards.
The AMM will use a pricing module instead of an order book to provide more stable prices and lower transaction according to the announcement. The company is prioritizing liquidity for its own tokens so the first pools offered on launch will be USDT/BUSD, BUSD/DAI and USDT/DAI.
Earnings will be accrued with a corresponding 7-day annual percentage yield (APY) with returns converted into the assets in the respective pools. Transaction fees and prices will be determined by the number of assets in the liquidity pools.
Aimed directly at Uniswap and its clones, Binance will launch an AMM liquidity pool that allows users to provide liquidity by depositing tokens. Just like the world’s most popular decentralized exchange, Binance Liquid Swap will also enable users to earn interest in addition to a cut of the trading fees for the pool.
It’s the first AMM pool product on a centralized exchange and will be integrated into the Binance.com exchange, allowing users to pool tokens in their wallets to earn rewards.
The AMM will use a pricing module instead of an order book to provide more stable prices and lower transaction according to the announcement. The company is prioritizing liquidity for its own tokens so the first pools offered on launch will be USDT/BUSD, BUSD/DAI and USDT/DAI.
Earnings will be accrued with a corresponding 7-day annual percentage yield (APY) with returns converted into the assets in the respective pools. Transaction fees and prices will be determined by the number of assets in the liquidity pools.
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Migration of $180 million worth of SUSHI from UniSwap to SushiSwap has been approved