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Crypto Asset YFI Erupts After Earning Support From Binance, Has Now Surged 18,860% Year-to-Date

Tue, 11 Aug 2020 22:05:34 GMT

The crypto asset YFI is once again on a tear after earning support from the digital asset exchange Binance.

The governance token of the decentralized finance (DeFi) protocol Yearn.Finance has surged more than 18,860% since mid-July, when it started trading around $31.65.

Following Binance’s announcement, the asset jumped more than 50% in value from around $4,495 to more than $6,941, according to CoinGecko. It is trading at $6,318 at time of writing.

Source: CoinGecko

Binance will offer YFI pairs with Binance Coin (BNB), Bitcoin (BTC), Binance’s stablecoin (BUSD), and Tether (USDT).

Andre Cronje, the creator of the Yearn.Finance protocol, initially intended for YFI to be a completely “valueless” governance token.

In a blog post in mid-July, Cronje said he released the token in order to give up management of the control mechanisms, configurable fees, maintenance controls, and rules of Yearn.Finance’s various systems.

“In further efforts to give up this control (mostly because we are lazy and don’t want to do it), we have released YFI, a completely valueless 0 supply token. We re-iterate, it has 0 financial value. There is no pre-mine, there is no sale, no you cannot buy it, no, it won’t be on uniswap, no, there won’t be an auction. We don’t have any of it.

Earning YFI is simple, provide liquidity to one of the platforms above, stake the output tokens in the distribution contracts (we will provide an interface for this), and you will earn a (governance controlled) amount per day…

And just because we feel we didn’t stress it enough, 0 value. Don’t buy it. Earn it.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/FOTOGRIN

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Bitcoin and Ethereum Hit Resistance, Crypto Sentiment Suggests Big Move to the Downside Brewing

Tue, 11 Aug 2020 19:30:15 GMT

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Bitcoin’s price action on Monday, August 10th, was characterized by extreme levels of volatility. The flagship cryptocurrency kicked off the week at $11,685.99, and quickly prices began to appreciate. As buy orders were piling up in substantial amounts, BTC jumped by 3.54% only a few hours after the weekly open.

The pioneer cryptocurrency was able to hit an intraday high of $12,100 by 2:00 UTC. Although it seemed like BTC was poised to move past this hurdle and shoot for $14,000, its uptrend reached exhaustion. Such a pivotal price point triggered a 5.91% correction that Bitcoin hit a low of $11,383.90.

A considerable number of buy orders were filled throughout this massive downswing, allowing prices to rebound sharply. Not only had Bitcoin moved back above the $11,700 support level around 11:00 UTC, but demand continued to rise. Roughly three hours later, the bellwether cryptocurrency was back around the $12,000 resistance barrier attempting to break it again.

Nonetheless, the strength of this supply barrier proved to be quite strong, igniting another retracement. Bitcoin pulled back to $11,760, but as the day came to an end, it was able to recover some of the losses incurred. Thus, BTC closed August 10th at a high of $11,896.86, providing investors with a daily return of 1.80%.

Ethereum’s holders seem indecisive about the trend’s direction

Ethereum price action seems to have entered a consolidation period with investors puzzled about the direction of the trend. Such a stage of indecision among market participants was clearly visible on Monday, August 10th. The smart contracts giant was mainly contained within a $9 trading range between the $390 support and the $399 resistance levels.

The second-largest cryptocurrency by market cap opened the week at $390.54 while it was trending up. From this point on, Ether began climbing and stopped at the $400 resistance level four hours later. This supply barrier was quite stiff, as it has been proven before, rejecting the upward price action.

Following the rejection from this hurdle, ETH took a 4.08% nosedive that saw its price hit an intraday low of $384.34. Even though the $390 support level appeared broken after the downswing, the bulls were able to step in and push prices back up. By 18:00 UTC, Ether was once again testing the $399 resistance, but failed to move past it.

As a result, Ethereum went through a downtrend that sent it to a low of $392.10. Only three hours before the daily close, ETH was able to rebound towards $395.83. While Ether was technically dormant throughout August 10th, it was however able to provide a daily return of 1.36%.

A major price movement on the horizon

Bitcoin and Ethereum continue being rejected by their respective overhead resistance levels, as described before. Each time these cryptocurrencies rise to the hurdles ahead, they get rejected and suffer steep corrections.

One could argue that the strength of these price barriers is weakening over time due to the multiple times that they have been tested. This is a valid point that could favor the bulls if buy orders begin to pile up. However, the extreme level of optimism among market participants is also something to worry about.

In the past, the top two cryptocurrencies by market cap have gone through steep retracements after investors become overwhelmingly bullish. If history repeats itself, then Bitcoin and Ethereum could be bound for a wild downwards ride.

Therefore, traders should pay close attention to Bitcoin, as a daily candlestick below the $10,500 support level will result in further losses. Ethereum holders, on the other hand, should watch out for the $390 supply barrier since breaking through that will likely jeopardize the bullish outlook.

Konstantin Anissimov, executive director at CEX.IO

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Grayscale Launches New Crypto Ad on National TV, Highlighting Bitcoin and Eight Altcoins

Tue, 11 Aug 2020 17:00:47 GMT

Grayscale’s national TV ad that promises to bring crypto to the masses has officially launched.

The billion-dollar asset management firm released the 30-second clip on Twitter. The commercial highlights the massive money printing of central banks and the pitfalls of paper money to compel people to invest in digital assets. The ad will be featured on CNBC, MSNBC, FOX, and FOX Business.

The end of the commercial lists Grayscale’s nine crypto products, which offer exposure to Bitcoin (BTC), Ethereum (ETH), XRP, Bitcoin Cash (BCH), Litecoin (LTC), Stellar (XLM), Ethereum Classic (ETC), Zcash (ZEC), and Horizen (ZEN).

Our new commercial debuts TODAY… Trust us: AUDIO ON! #GoGrayscale pic.twitter.com/hPhUgp7HiY

— Grayscale (@Grayscale) August 10, 2020

Although the video has hit 76,000 views, 2,200 likes, and 1,000 retweets at time of publishing, some members of the cryptoverse are not impressed. One user pointed out that the ad spent most of its airtime talking about the history of currency and money while giving limited exposure to Grayscale’s products.

Another crypto enthusiast is disappointed that the commercial’s narrator failed to mention Bitcoin by name.

I can’t believe you spent that much money, didn’t say “Bitcoin,” and actually listed Bitcoin Cash and Ethereum Classic (which is currently under centralized attack) in this ad.

I was hyped for this and I must say it was a disappointment.
— John Miles (@imjmiles) August 10, 2020

Grayscale’s new commercial is the second big advertising push from the leading digital asset investment firm. Grayscale released two ads in succession last year, comparing Bitcoin to gold.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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MicroStrategy Purchases $250,000,000 in Bitcoin, Says Top Crypto Can Maximize Long-Term Value ...

Tue, 11 Aug 2020 15:09:48 GMT

MicroStrategy, the largest publicly-traded business intelligence company, says it just used $250 million of its balance sheet capital to buy Bitcoin.

In a press release, the firm says its purchase of 21,454 BTC is designed to maximize long-term value for its shareholders.

“This investment reflects our belief that Bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash. Since its inception over a decade ago, Bitcoin has emerged as a significant addition to the global financial system, with characteristics that are useful to both individuals and institutions. MicroStrategy has recognized Bitcoin as a legitimate investment asset that can be superior to cash and accordingly has made Bitcoin the principal holding in its treasury reserve strategy.”

The company says its concern about the future of government-backed currencies played a significant role in its decision.

“Our decision to invest in Bitcoin at this time was driven in part by a confluence of macro factors affecting the economic and business landscape that we believe is creating long-term risks for our corporate treasury program ― risks that should be addressed proactively. Those macro factors include, among other things, the economic and public health crisis precipitated by COVID-19, unprecedented government financial stimulus measures including quantitative easing adopted around the world, and global political and economic uncertainty. We believe that, together, these and other factors may well have a significant depreciating effect on the long-term real value of fiat currencies and many other conventional asset types, including many of the assets traditionally held as part of corporate treasury operations.”

Chief executive Michael J. Saylor says the company believes Bitcoin is the most robust form of money ever created and expects its value to increase over time.

“We find the global acceptance, brand recognition, ecosystem vitality, network dominance, architectural resilience, technical utility, and community ethos of Bitcoin to be persuasive evidence of its superiority as an asset class for those seeking a long-term store of value. Bitcoin is digital gold – harder, stronger, faster, and smarter than any money that has preceded it. We expect its value to accrete with advances in technology, expanding adoption, and the network effect that has fueled the rise of so many category killers in the modern era.”

MicroStrategy operates out of Virginia. The firm says its total revenues for the second quarter of 2020 were $110.6 million, with gross profit at $86.6 million.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Trader Who Called Bitcoin Crash Says This Altcoin Could Surge 22,900%, Predicts BTC Burst to ...

Tue, 11 Aug 2020 13:00:39 GMT

A cryptocurrency trader and strategist who accurately predicted last year’s Bitcoin crash says one altcoin that was hammered during the brutal bear market has massive upside potential.

The pseudonymous crypto strategist Dave the Wave tells his 34,000 Twitter followers that South Korean blockchain interoperability protocol ICON (ICX) may be gearing up for a parabolic breakout after languishing in bear territory for over two years.

During that period, ICX wiped out 99% of its value as the coin nosedived from its all-time high of $12.64 to a bear market low of $0.106937, according to CoinMarketCap.

According to Dave, the huge devaluation puts ICX in a position to surge to $102.56 and post astronomical gains of 22,947% in the next bull cycle.

Source: Dave the Wave/Twitter

Meanwhile, the crypto trader is updating his Bitcoin roadmap.

Dave says the king crypto has already resolved the large symmetrical triangle that has kept the market bearish for over two years. He now expects BTC to launch a vertical ascent to $24,000 in the coming months.

Source: Dave the Wave/Twitter

Based on Dave’s chart, Bitcoin will likely continue trading inside another triangle until the second quarter of 2021. The breakout from this pattern could ignite a manic phase that would catapult BTC to $115,000.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Bitcoin Analyst Tone Vays Prepares to Lose Crypto Bet, Predicts Imminent BTC Breakout

Tue, 11 Aug 2020 07:04:03 GMT

Veteran crypto strategist Tone Vays is bullish on Bitcoin.

In a new strategy session, Vays says he believes BTC will soon rise to $14,000. After that, he expects the leading cryptocurrency to retrace back to $10,700 near the end of the year, and then move to all-time highs around $20,000 in the first half of 2021.

The former J.P. Morgan Chase vice president also says Bitcoin’s upcoming cycle will shake off certain altcoins.

“Bitcoin is still kind of flying under the radar. People still believe in garbage like DeFi and many other scam coins, and new ones apparently are coming out. People still haven’t learned their lesson. So Bitcoin will fly under the radar, we’ll have a big 40% drop, shitcoins will fall 60-70%, and then Bitcoin will get to rise again. It’s the cycle all over again.”

Vays, who also previously worked as a risk analyst for Bear Stearns, says Bitcoin has performed better this year than he initially predicted.

“Here’s my outlook: I’m pretty sure I’m going to lose my bet, and Bitcoin will close more than 90 days this year above $10,000. I’m pretty confident I’m going to be losing that bet, which is okay. I get to have a nice expensive dinner at my own expense with a friend.”

Vays is also bullish on the S&P 500 in the long run after the big market correction back in March.

“I think the correction has already taken place. I don’t think there will be a one to four-year correction. I think that was it. The year started and we crashed with this red arrow and we’re now recovered. We’re positive on the year. That’s a huge bullish candle on the year.”

Source: Tone Vays

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Tithi Luadthong

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Four Altcoins Could Break Out As Ethereum-Based Ecosystem Goes Parabolic, According to Messari ...

Mon, 10 Aug 2020 22:05:54 GMT

Messari researcher Ryan Watkins is shining the spotlight on four small-cap crypto assets in the Ethereum ecosystem.

In a series of tweets, Watkins says the coins could be part of a new decentralized finance (DeFi) paradigm that breaks out alongside the second-largest blockchain.

“As Ethereum faces challenges scaling and interest in DeFi goes parabolic, there hasn’t been a better time for a parallel DeFi ecosystem to break out.”

Watkins says Terra (LUNA) generates the highest transaction fees after Bitcoin and Ethereum. The Messari researcher highlights the fact that Terra is on track to print $3.8 billion in annualized transaction volume, allowing the coin to pocket $26 million in transaction fees. Watkins says from a fundamental standpoint, Luna is a potential big winner.

“If LUNA were to be valued like it’s peers by year-end, it would imply as much as a $3.53 price – 10x > current.”

Source: Ryan Watkins/Twitter

Watkins is also looking at decentralized lending platform Kava (KAVA). According to the researcher, Kava employs an interesting monetary policy as the platform burns Kava when interest on loans is paid, which combats the inflation that comes with rewarding Kava liquidity providers and stakers. In addition, Watkins points out that Kava has lofty goals including interoperability with the Cosmos ecosystem and the introduction of more synthetic assets.

The next coin on Watkins’s list is decentralized oracle network Band Protocol (BAND), which integrates the world of blockchain to off-chain events and data. According to the researcher, oracle coins like Band Protocol and ChainLink (LINK) have been on a hot streak this year. Watkins says the large gap between BAND’s current valuation and LINK’s value may indicate that the token has more upside potential.

Source: Ryan Watkins/Twitter

Lastly, Watkins says RUNE (THORChain) is worth mentioning due to its clever token economic design, which keeps a significant portion of the coin out of circulation.

“The relationship between validators and [liquidity providers] means the value of RUNE staked and bonded on the network must be at least three times the value of external assets held in liquidity pools (since each pool is 50% RUNE).”

He also explains that RUNE acts as the base pair for all the assets supported by the decentralized liquidity network. In addition, RUNE is used as collateral to control the movement of assets in the liquidity pools.

To cap off his long thread, Watkins cautions that upside potential is never a guarantee even though these coins are relatively inexpensive compared to their peers.

“It’s important to remember that lower relative valuations do not necessarily imply undervaluation, and there are many valid reasons why these projects are valued below their Ethereum counterparts.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Tithi Luadthong

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NOWPayments: A Non-custodial Crypto Payment Gateway With a Huge Variety of Currencies

Mon, 10 Aug 2020 21:15:26 GMT

NOWPayments is a payment gateway that enables merchants all over the world to accept custody-free payments in cryptocurrency.

Created by ChangeNOW in 2019, NOWPayments has all the perks to be the best crypto payment gateway.

Firstly, it presents a huge and constantly increasing variety of cryptocurrencies. Secondly, it is a completely custody-free gateway. And, of course, it is very flexible and client-oriented.

Why NOWPayments?

The advantages of the service include:

Multiple cryptocurrencies support (50 options to choose from and counting)
Transparent and user-friendly API
An assortment of tools and a range of plugins for your online platform
A donation widget
Fiat conversion (crypto-to-fiat and fiat-to-crypto)
Transparent fees that are from 0.4% up to 1%, fast transactions
Non-custodial wallet support
Invoices

How It Works

To start using NOWPayments you just need to sign up with your email and set up your account. Generate your API key, add a wallet, and choose your base currency. Control your payments via the dashboard, send and accept crypto.

Referral Program

With NOWPayments you can actually earn money: our beneficial affiliate program is at your disposal. Introduce the service to a merchant, get $25 in NOW token straight after the first transaction, and enjoy a passive income receiving 0.2% from each of the merchant’s operations forever and ever.

Conclusion

Besides NOWPayments, the company has a flagship product, ChangeNOW, which can help with crypto-fiat conversion. NOWPayments provides all the features of a mainstream crypto payment gateway app with a low transaction fee. So if you are looking for a crypto payment gateway, try NOWPayments.

This content is sponsored and should be regarded as promotional material. Opinions and statements expressed herein are those of the author and do not reflect the opinions of The Daily Hodl. The Daily Hodl is not a subsidiary of or owned by any ICOs, blockchain startups or companies that advertise on our platform. Investors should do their due diligence before making any high-risk investments in any ICOs, blockchain startups or cryptocurrencies. Please be advised that your investments are at your own risk, and any losses you may incur are your responsibility.

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California Energy Commission Backs Experimental Blockchain Pilot

Mon, 10 Aug 2020 19:00:28 GMT

The California Energy Commission is backing an energy pilot that aims to leverage blockchain technology to reduce carbon footprints and encourage the use of renewable energy.

In a press release, the energy commission announced it is shelling out $9 million to help energy and transportation startup EVShare support a blockchain infrastructure that’s powered by Bitcoin. The project relies on the RSK public blockchain, which is a layer two smart contract protocol that operates on top of the Bitcoin network, to create a market that digitizes and trades carbon credits.

Participants will receive digital tokens for slashing their carbon footprint as well as creating and using renewable energy. Participants can use the tokens to buy electricity and pay for rides and services. All transactions will be registered on the RSK blockchain.

The project will also utilize the Bitcoin-powered blockchain to store transactions between participating vehicles along with other assets including batteries, chargers, and solar systems. Another use case of the blockchain involves the storing of usage data of vehicles, panels, batteries, and other assets on-chain.

The second phase of the pilot program was launched on August 7th, which sets the stage to illustrate the value of recording energy usage in a public ledger.

EVShare’s immediate goal is to connect 50 houses to the solar grid with the vision of transforming 1,000 cities to have a sustainable shared economy in ten years.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Bitsgap Reinventing Automated Cryptocurrency Trading

Mon, 10 Aug 2020 16:44:00 GMT

The idea of cryptocurrency trading platforms has been around for a few years now, but rarely do they offer much flexibility for their users. Recently unveiling a redesigned, next generation platform that lets users connect their account with 30+ top crypto exchanges, Bitsgap provides clients with top-notch automated crypto trading bots, opening a vast opportunity to start both trading and earning money passively.

Trading

This is the main trading screen for exchanges connected to Bitsgap by the user via exchange API. It basically allows users to conduct trades on all their exchanges at once instead of having to manually log in to all of them. It features an orderbook, interactive chart screen, list of coin pairings, recent trades, order screen, and open orders, along with the user’s balance on the exchange, open positions, and trade history. The current exchange can be changed by clicking on the name of the exchange found above the chart screen. This will bring up a list of the 30+ exchanges that can currently be connected to Bitsgap.

In addition to the basic market and limit order types, some of the more advanced orders that can be placed through Bitsgap include:

Stop-loss/take profit orders. Using this type of order will make sure that orders are executed upon reaching a certain price limit. These orders are used to minimize losses or maximize gains.
Shadow orders. This allows users to place orders that are not reflected in the exchange order book. The order still exists per instructions sent via API connection but cannot be seen by other traders.
Smart orders. This is an advanced order which sets a simultaneous combination of stop-loss and take profit orders, available to those with upgraded plans only.

Bots

This is where Bitsgap’s selection of trading bots can be found. Once a platform user has a coin balance on an exchange and has successfully connected that exchange’s API to their Bitsgap account, they can activate the bot of their choice to start making automated trades for them. To the right of the coin pairing chart are different options for selecting the bot, exchange, coin pair, configuration options, and maximum amount to be traded by that bot.

Below that is a list of the most successful trading strategies for the particular bot selected based on backtest data, which is a simulation of how the bot would have performed when trading different coin pairings offered by the selected exchange. The backtest result can be displayed according to returns delivered in the last month, week, or 3 days.

Bitsgap offers a free 14-day trial. You can sign up here.

This content is sponsored and should be regarded as promotional material. Opinions and statements expressed herein are those of the author and do not reflect the opinions of The Daily Hodl. The Daily Hodl is not a subsidiary of or owned by any ICOs, blockchain startups or companies that advertise on our platform. Investors should do their due diligence before making any high-risk investments in any ICOs, blockchain startups or cryptocurrencies. Please be advised that your investments are at your own risk, and any losses you may incur are your responsibility.

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South Korean Banking Giant Plans to Launch Bitcoin and Crypto Custody Services

Mon, 10 Aug 2020 16:30:25 GMT

KB Kookmin, one of the largest banks in South Korea, is on the move to launch Bitcoin and crypto custody services after teaming up with crypto trading platform Cumberland Korea and blockchain venture fund Hashed.

In a blog post, Jin Kang, legal and compliance officer at Hashed, says the strategic partnership will focus on securing and managing digital assets, lobbying for favorable regulatory measures, and working on the development of the legacy financial system.

The establishment of the consortium comes after the South Korean government passed legislation that legalizes cryptocurrencies and considers digital assets as taxable properties. The shift in the government’s regulatory stance gave South Korea’s largest banks, including KB Kookmin, the push to dabble in crypto assets.

But KB Kookmin’s jump into the digital asset space is not limited to Bitcoin and other cryptocurrencies. The banking giant also expects the digitization of other asset classes.

“KB Kookmin Bank, the largest bank of the four, anticipates that the digital asset industry will not only involve cryptocurrencies, but also other traditional assets such as real estate, artwork, and other reified rights that will be issued and traded on blockchain platforms. The partnership, therefore, beckons a start of a long journey in building the necessary technology stack.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Billion-Dollar Investment Giant Bringing Bitcoin to the Masses, Launching Crypto Ad Campaign on ...

Mon, 10 Aug 2020 13:00:22 GMT

Billion-dollar investment giant Grayscale is launching a national crypto advertising campaign to bring Bitcoin and other digital assets to the masses.

The digital asset management firm paid for ads that will kick off next week on CNBC, MSNBC, FOX, and FOX Business, according to Barry Silbert, the founder and CEO of Digital Currency Group – Grayscale’s parent company.

Are you ready? @Grayscale's national ad campaign kicks off next week with a TV ad on CNBC, MSNBC, FOX, and FOX Business. We're going to brrring crypto to the masses

Media: if you want a sneak peek, get in touch with @nitWitty

— Barry Silbert (@barrysilbert) August 7, 2020

The new ads won’t be Grayscale’s first advertisements. Last year, the investment giant launched a “#DropGold” ad campaign designed to convince consumers to abandon the precious metal and invest in BTC.

The new ad campaign comes after Grayscale raised more than $900 million in new investment inflows in the second quarter of 2020 alone. That’s up from $500 million in Q1 2020.

Michael Sonnenshein, Grayscale’s managing director, recently spoke with Laura Shin on the Unconfirmed podcast about the factors behind the asset manager’s recent success.

“I think that the macro environment is causing a lot of investors to focus on crypto in a way that they perhaps hadn’t before. I think one of the most topical things that investors are talking to us about is unlimited quantitative easing, and as they look at how much the Fed and other governmental bodies are printing, they’re really starting to drill into the verifiable scarcity of assets like Bitcoin.

And when you think about that very important attribute that Bitcoin has, and then you combine it with Bitcoin’s uncorrelated nature – and it’s not just Bitcoin, it’s other digital currencies as well – investors are really starting to appreciate that there is a new and uncorrelated return stream that they can maybe get from having exposure to digital currencies, and now is really the time we’re seeing a lot of investors dig in on the space.”

Grayscale has 10 different digital asset investment products in total, and Sonnenshein notes they’ve seen a “marked uptake” in interest in their products across the board. In the second quarter, they noticed particular interest in the Grayscale Ethereum Trust.

“I believe now of our returning institutional investors, we now see over 80% of them having now invested in more than one Grayscale product, meaning they now each have exposure to more than one digital currency.”

The managing director also notes that Grayscale Bitcoin Cash and Litecoin Trusts have satisfied the regulatory obligations to become publicly traded.

“Both of those products were recently assigned ticker symbols and are now just awaiting their DTC eligibility before they’ll begin trading, and I’m also happy to share that Grayscale’s not going to stop at the 10 products we have today. We’re working on and always maintaining a list of other products that we’d like to bring to market.”

Sonnenshein says Grayscale expanded its investor base by 24% or 25% in Q2.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Top Trader Names Five Altcoins Set to Rally, When to Buy Ethereum and XRP, and What’s Next ...

Mon, 10 Aug 2020 07:04:25 GMT

Full-time crypto trader and strategist Michaël van de Poppe says he’s keeping close tabs on five low-cap altcoins that are showing strong bullish signals.

The analyst, also known as Crypto Michaël, says he is watching Celer Network, as he believes the CELR/BTC pair indicates a significant rally is coming.

“Celer Network is showing a clear volume accumulation, which is showing that people are interested in this asset… We see that we are above the 100-day and 200-day [moving average] for the first time since the listing. So we’re getting into the bull territory for the first time since it has been listed.”

Van de Poppe sees Celer Network possibly climbing as high as 200 satoshis, which is a 140% increase from its current level.

The crypto trader is also looking at Harmony (ONE/BTC), which he says has a similar market structure to the CELR/BTC pair. Van de Poppe says that as long as it holds 73 satoshis, he expects ONE/BTC to launch a parabolic move en route to 180 satoshis – representing an increase of nearly 110% from its current value of 83 satoshis.

Another coin on Crypto Michaël’s list is TROY (TROY/BTC). He says that while it is still consolidating, a breakout can take the pair to 100 satoshis, which is a surge of over 70% from its current price of 58 satoshis.

In addition, the trader is waiting for a pullback on Decentraland (MANA/BTC). He says the coin broke out of a year-long accumulation. Should it hold 680 satoshis, he believes the crypto can soar to 2,000 satoshis.

The last coin on the trader’s list is Algorand (ALGO/BTC). Van de Poppe is looking to buy on dips as he sees ALGO going as high 5,500 satoshis should it hold 3,000 satoshis.

Meanwhile, Michaël van de Poppe is keeping a close eye on Ethereum (ETH) after going vertical over the last few weeks. He says he’s waiting for the second-largest cryptocurrency to significantly correct down to $320 and then $280 before placing long positions.

It’s the same for XRP. The analyst says the third-largest crypto is now ripe for a retracement after a strong push above $0.32. Van de Poppe is eyeing $0.28 and $0.24 as possible levels to take longs.

As for Bitcoin, Crypto Michaël says BTC is now trading around the resistance level between $11,600 and $12,000. He suggests waiting to see if the king crypto converts resistance at $12,000 into support. Otherwise, he is expecting BTC to drop to strong support at around $9,800.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Ripple Pushing to Create Global Ecosystem Around Crypto Asset XRP Through Xpring Initiative

Sun, 09 Aug 2020 22:05:42 GMT

Ripple’s new job openings suggest it is expanding the global reach and use of its native cryptocurrency XRP.

The San Francisco-based startup is looking for a senior product manager that will be part of the developer services of Ripple subsidiary Xpring. According to the job post, the successful candidate will work as the head of the the company’s Xpring division in a push to give developers the tools and services they need to incorporate blockchain payments into apps.

“We are seeking an experienced product manager to helm the cross-functional team responsible for building a robust, global developer ecosystem through {X}pring developer platform.

In this role, you’ll establish strong relationships with developers around the world in a scalable way by crafting amazing products to help developers build the Internet of Value (IOV).

Our team works with the largest developer audience possible. We are engineers + storytellers, representing {X}pring to communities all around the world, inspiring the creation of the future where money flows like data today.”

Ripple’s recent job listings also hint at a coming push to expand the adoption of XRP in Asia.

The payments startup is currently looking to fill the positions of account manager, integration engineer, marketing manager, and project manager at SBI Ripple Asia – a joint venture from Ripple and Tokyo-based financial company SBI Holdings.

The fintech company provides a payment platform powered by distributed ledger technology (DLT) to financial institutions and remittance firms in Asia.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Pro-Bitcoin and Crypto Commissioner Hester Peirce Secures Second Term at SEC

Sun, 09 Aug 2020 20:00:16 GMT

Hester Peirce will serve a second term as commissioner of the U.S. Securities and Exchange Commission (SEC).

In a statement published on August 6th, SEC chair Jay Clayton and commissioners Elad Roisman and Allison Herren Lee reveals the confirmation of Peirce to return as commissioner of the federal regulatory agency.

Peirce is an avid proponent of emerging crypto technologies, earning her the nickname “Crypto Mom.”

She drew the attention of the crypto community in February when she presented a proposal to implement a three-year safe harbor period for crypto startups that conduct token sales, which Peirce believes will give crypto startups ample time to prove that their tokens are legal.

The proposal came after the SEC flagged numerous initial coin offerings (ICOs) for illegally selling crypto assets as unregistered securities.

Although Peirce will retain her role, the SEC has shown little interest in approving a Bitcoin Exchange Traded Fund (ETF).

The SEC has consistently rejected Bitcoin ETF proposals, citing concerns about the security and liquidity of the digital asset. In February, Peirce dissented to the uniquely heightened standards that the SEC has for proposals related to digital assets.

“The Commission’s approach to these bitcoin exchange-traded products is frustrating because it evinces a stubborn stodginess in the face of innovation. The irony is that, in taking this approach, the Commission wanders into the unbounded, dangerous territory of merit regulation for which the Commission is ill-equipped.

A Bitcoin ETF would allow investors to invest in the king crypto without needing to deal with the complex storage and security procedures typically required for crypto investments. It would also allow investors to buy and sell Bitcoin using traditional exchanges and markets.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Top New York Regulator Approves Eight Crypto Assets for Trading

Sun, 09 Aug 2020 17:30:11 GMT

The New York State Department of Financial Services (NYDFS) has given the green light for the trading of eight crypto assets in the state.

New York’s top financial regulator has published its “greenlist,” which covers a number of cryptocurrencies that license holders can list or custody. Crypto assets that are included for listing and trading are:

Bitcoin (BTC)
Binance USD (BUSD)
Bitcoin Cash (BCH)
Ethereum (ETH)
Gemini Dollar (GUSD)
Litecoin (LTC)
Pax Gold (PAXG)
Paxos Standard (PAX)

As for coins that are approved for custody, the financial watchdog includes:

Bitcoin
Binance USD
Bitcoin Cash
Ethereum Classic (ETC)
Ethereum
Gemini Dollar
Litecoin
Pax Gold
Paxos Standard
XRP

According to the NYDFS, license holders must inform the regulator before using any of the coins on the Greenlist for business purposes. In addition, the NYDFS says it has the authority to remove any of the coins on the list.

“DFS may, at any time and in its sole discretion, prohibit or otherwise limit a coin’s use before or after a VC Entity begins using a coin; require that any VC Entity delist, halt, or otherwise limit or curtail activity with respect to any coin; remove any coin from the Greenlist; refrain from placing any coin on the Greenlist; or discontinue the Greenlist process entirely.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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This New Crypto Asset Will Trigger DeFi Frenzy, Predicts Head of DTC Capital

Sun, 09 Aug 2020 08:53:37 GMT

While the craze in decentralized finance (DeFi) has simmered down over the last few weeks, Spencer Noon, head of DTC Capital, says an up-and-coming crypto asset will likely launch a new phase of the DeFi frenzy.

In a new post, Noon tells his 22,000 Twitter followers that he’s keeping a close eye on Curve Finance (CRV) as the new cryptocurrency can potentially take the DeFi sector to greater heights.

“Cat’s out of the bag, this is correct. CRV is likely the next big domino to fall that puts DeFi back in a frenzy. That’s what happens when you’re [a] critical infrastructure for farms, have huge daily volumes, plus a lean cap table.”

Curve Finance is a decentralized exchange (DEX) for Ethereum-based tokens that bolsters the creation of liquidity by offering incentives to liquidity providers. One incentive enables liquidity pools to take fees from trades performed on the platform. The second incentive involves the exclusive awarding of CRV, the protocol’s governance token, to pools and users who have provided liquidity since the inception of the crypto asset in January.

“CRV will be awarded to Curve.fi liquidity providers. There won’t be any public sale or ICO. All users who have provided liquidity on Curve will be awarded CRV retroactively from day 1 based on how long and how much they have provided liquidity to CRV for.”

The team behind Curve Finance has yet to launch CRV but Coinbase is already mulling listing the token on the exchange.

At time of writing, Curve Finance is the seventh-largest DeFi protocol with over $247 million worth of assets locked, according to DeFi Pulse.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Will This Quantum Computing Breakthrough Save Bitcoin and Cryptocurrency?

Sun, 09 Aug 2020 07:04:16 GMT

A new computing breakthrough may just save Bitcoin and cryptocurrency from powerful quantum machines that have the potential to breach public-key cryptography.

Researchers are following the development of a new measure known as lattice-based cryptography that promises to make crypto technology more “quantum-proof,” reports MIT Technology Review.

Lattice-based cryptography may neutralize the massive computational capabilities of quantum computers by hiding data inside complex geometric structures that contain a grid of infinite dots that are spread across thousands of dimensions. The security measure appears to be virtually impenetrable even with the use of powerful quantum computers unless one holds the key.

The emergence of quantum computing machines has grabbed headlines over the past few months as the technology poses a threat to cryptographic algorithms that keep cryptocurrencies, like Bitcoin – as well as the internet at large – secure. The World Economic Forum explains how quantum computers can break current standards of encryption.

“The sheer calculating ability of a sufficiently powerful and error-corrected quantum computer means that public-key cryptography is ‘destined to fail’, and would put the technology used to protect many of today’s fundamental digital systems and activities at risk.”

MIT Technology Review says that while the current iterations are not yet ready for implementation, the solution is promising, especially as a post-quantum future is fast approaching. Ripple CTO David Schwartz says he believes developers have at least eight years until the technology, which leverages the properties of quantum physics to perform fast calculations, becomes sophisticated enough to crack cryptocurrency.

“I think we have at least eight years. I have very high confidence that it’s at least a decade before quantum computing presents a threat, but you never know when there could be a breakthrough. I’m a cautious and concerned observer, I would say.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Band Protocol Surges 377% in One Month As Five Crypto Assets Launched on Binance Witness ...

Sat, 08 Aug 2020 22:05:03 GMT

Five cryptocurrencies listed as initial exchange offerings (IEOs) on Binance are soaring.

Band Protocol (BAND), which is designed to link real world-data to smart contracts, has exploded by 377% over the past 30 days, according to data from the crypto insights platform Messari at time of publishing. The token has grown by 704% over the past 90 days and an exponential 3,355% year-to-date.

Meanwhile, Perlin, a smart-contract platform that aims to transform international trade into a digital and autonomous industry, has rallied by 279%.

Elrond, which aims for efficient and competitive decentralized application (dApp) experiences in real-world settings by enabling fast and low-cost transactions, soared by 172%.

Collateralized crypto loan provider Kava grew by 162%, and Fetch.AI, which taps on machine learning, artificial intelligence, multi-agent systems, and decentralized ledger technology to automate economic transactions, has witnessed gains of 156%.

Source: Messari

Binance began offering IEOs back in early 2019 in an attempt to formalize the introduction of new tokens on the market.

It has since rolled out 18 cryptocurrencies through its IEO platform known as Binance Launchpad.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Ethereum Classic Labs Mounts Legal and Technical Response After Network Suffers Two 51% Attacks

Sat, 08 Aug 2020 19:00:53 GMT

The team behind Ethereum Classic (ETC) says it’s launching a legal and technical response after the network suffered two 51% attacks in a matter of days.

According to the blockchain intelligence firm Bitquery, the attacker has stolen a total of $7.28 million in ETC since the start of August. A 51% attack occurs when a single entity manages to gain control of the majority of a blockchain network’s hash rate. In doing so, they become capable of manipulating the blockchain and spending transactions twice.

Ethereum Classic Labs, which leads the development of Ethereum Classic, says it’s hired the crypto analytics firm Chainalysis to trace the malicious transactions and try to determine who is responsible for the attack.

The organization says it’s also hired the cross-border disputes and investigations firm Kobre & Kim to help with the investigation and pursue criminal charges.

“Together we will cooperate with stakeholders and agencies in the United States and wherever else the investigation leads to analyze the transactions and to identify the responsible parties with the knowledge and motive to carry out these attacks.

We want to ensure that there are severe consequences for manipulating a public blockchain to steal. We are determined to protect the integrity of the ecosystem.”

Ethereum Classic Labs is also asking that miners who power the network take extra precautions to ensure transactions are valid.

“As these events are ongoing, we’d like to again remind all ETC service providers to raise the amount of confirmations required on all deposits or incoming transactions.

Potential solutions and mitigations are being discussed.”

According to Crypto51, the cost to buy enough mining power to attack the Ethereum Classic network is currently $5,618 per hour. To attack the leading blockchain, Bitcoin, it would cost a whopping $507,643 per hour.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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