Cardano (ADA) on Fire: Surges Above $0.10 to Get Into Top 6, Up 206% in 2020

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At 16:00 UTC on Friday (July 3), shortly after IOHK, the company developing the Cardano (ADA) protocol, announced a custody agreement with Coinbase, the price of the ADA token went over $0.10 for the first time since October 2018, thereby making ADA the sixth most valuable cryptoasset by market cap.

Yesterday, on day two of the two-day “Cardano Virtual Summit: Shelley Edition”, IOHK Co-Founder and CEO Charles Hoskinson announced that from Q4 of this year, Cardano blockchain users would be able to store their ADA holdings at Coinbase Custody “without losing the ability to delegate their stake.”

On Tuesday (June 30), IOHK announced that the Shelley upgrade had gone live on the mainnet:

Hoskinson had this to say about his company’s agreement with Coinbase Custody, which “operates as a standalone, independently-capitalized business to Coinbase, Inc.”:

“With Cardano, we believe we can create a revolutionary solution which will be able to offer access to finance and investment to swathes of the population who have previously been shut out of the system.

“This custody agreement allows us to offer the same secure storage solutions that can be found in traditional finance to ada holders, without sacrificing what makes Proof of Stake blockchains special – being able to participate in the network.

“We look forward to this partnership with Coinbase, and to continuing to bring cryptocurrencies closer and closer to mainstream adoption.”

As for Sam McIngvale, Head of Product at Coinbase Custody, he said:

“We have been following the success of the Cardano incentivized testnet, with over a thousand registered stakepools during the testing period.

“We are pleased to have been selected as the custodian and we’re proud to be a full-service, regulated, comprehensively-insured, and 100% offline staking provider in crypto.

“The ability to successfully operate within a regulatory framework is essential for the long-term survival of cryptocurrencies.

“We are overseen by the same regulators, and held to similar capital requirements and audit requirements as a traditional financial custodian, which removes many of the perceived barriers to global acceptance of crypto.”

IOHK’s announcement was made just before 14:00 UTC on Friday (July 3). By 16:00 UTC, the ADA price had broken through the $0.10 resistance level for the first time since October 2018.

Currently (as of 07:34 UTC on July 4), Cardano’s token is trading at $0.1003 (up 6.94% in the past 24-hour period), which makes it the sixth most valuable cryptoasset by market cap:

24 Hour CC Chart for ADA-USD on 4 July 2020.png

So far in 2020, Cardano’s ADA has gone up over 206% vs. the dollar.

Ebang Plans Offshore Exchange as NASDAQ Share Prices Falter

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Ebang Plans Offshore Exchange as NASDAQ Share Prices Falter

ebang-plans-offshore-exchange-as-nasdaq-share-prices-falter

Chinese crypto mining company Ebang has announced plans to launch an offshore exchange amidst a drop in share prices. 

Ebang International Holdings, an ASIC mining rig manufacturer, has witnessed a decline in share prices of more than 11 percent since being listed on NASDAQ June 26. The company represented the second mining firm to have a U.S. initial public offering (IPO), with shares falling under the ticker EBON. 

Ebang’s stock launched last Friday with an initial 19.3 million shares offered, leading to the firm raising $101 million. Since opening, share prices briefly rose from $4.85 to around $5, before subsequently falling to $4.29. 

According to a report by Bloomberg on June 29, Ebang intends to launch an offshore cryptocurrency exchange before the end of 2020. The Hangzhou-based manufacturer expects total revenue to grow about 40% following the expansion, with Chief Financial Officer Chen Lei saying revenue could potentially double to $200 million. 

Chen called the stock’s launch a win for Ebang’s brand, despite being listed at a time of escalating tension between US and Chinese trade relations. Chen told Bloomberg the company seeks to draw more customers from overseas markets, including the US, as currently 90 percent of the firm’s sales come from China. 

Featured Image Credit: Photo via Pixabay.com

‘Big Spender’ Bitcoin Wallet Exploit Is an ‘Issue With BTC Itself’, Says BCH Supporter

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‘Big Spender’ Bitcoin Wallet Exploit Is an ‘Issue With BTC Itself’, Says BCH Supporter

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A crypto security firm has identified a double-spend exploit targeting popular bitcoin wallet providers. 

According to a report by ZenGo, the security firm has discovered a double and multiple spend wallet exploit for bitcoin dubbed “BigSpender.” The report claims the exploit allows an attacker to cancel a bitcoin transaction but still have it appear in a victim’s vulnerable wallet. 

The report reads, 

The core issue at the heart of the BigSpender vulnerability is that vulnerable wallets are not prepared for the option that a transaction might be canceled and implicitly assume it will get confirmed eventually.

As CryptoGlobe reported, ZenGo found that a user’s balance would be increased following an unconfirmed incoming transaction, without a subsequent decrease in the event the transaction being double-spent. The firm outlined how an attacker could use the exploit to cancel transactions of sent bitcoin while still receiving goods and services in return. 

The security firm tested nine popular cryptocurrency wallets and found BRD, Ledger Live and Edge to be vulnerable to the exploit. All three companies were notified by ZenGo of the threat and subsequently updated their products. However, the firm noted that “millions” of crypto users may have been exposed to the attack prior to the update. 

Bitcoin Cash supporter Hayden Otto told Cointelegraph the exploit is particularly concerning for bitcoin-accepting merchants. 

He said, 

The technique is facilitated by RBF (replace by fee), a so-called ‘feature’ added at the protocol level by the Bitcoin Core developers.The issue exists if you use BTC. Wallet software can only make some trade off, which results in a worse BTC user experience, in order to try to protect BTC users.

Otto claimed the exploit was derived from “an issue with BTC itself” and had little to do with wallet software. 

Featured Image Credit: Photo via Pixabay.com

Ethereum Was Behind 85% of Dapps’ $12 Billion Volume in Q2 2020

The total transaction volumes of decentralized applications (dapps) in the cryptocurrency space hit $12 billion in the second quarter of this year, rising by $4.5 billion compared to the first quarter. Etheruem dapps accounted for 85% of the volume.

According to DappRadar’s Industry Review report, there are more than 70,000 active wallets across 13 different blockchains interacting with the cryptocurrency space. The top blockchains were EOS, TRON, and Ethereum, with the latter representing $10.2 billion of the $12 billion volume seen in Q2.

Ethereum’s large transaction volume was partly fuelled by Compound and the launch of the COMP token, which led to a “yield farming” trend, in which users were interacting with the protocol as much as possible to receive COMP tokens. Compound saw $1.2 billion move through it.

The yield farming trend saw Ethereum gas prices and transaction fees increase, which according to the report did not stop Ethereum dapps from thriving in general. It did, however, contribute to an 80% drop quarter-on-quarter for ETH gaming dapps, as high gas prices are “killing” their activities on the cryptocurrency’s network.

Despite Ethereum’s growth, EOS and TRON (TRX) dapps have also seen their activity increase in the second quarter of the year. According to the report in only three months, TRON’s transaction volumes on decentralized applications surged by over 17,200%.

The rise was largely attributed to Oikos.cash, a TRON-based version of the Compound lending protocol.  While TRON’s DeFi growth has been notably, DappRadar pointed out that most dapps on its blockchain are still in the “gambling” and “high risk” categories.

The EOS blockchain has still been enduring the effects of the EIDOS token airdrop, which put the network into “congestion mode.” The airdrop clogged the network and as a result, from 2019 to 2020 wallet activity on decentralized applications dropped 53%.

So far this year, $1.9 billion have been transacted on decentralized applications using the EOS blockchain, thanks to two dapps: Crypto Dynasty and Upland. DappRadar’s report also shows that two other blockchains are growing thanks to gambling dapps: WAX and ThunderCore.

Featured image via Pixabay.

Bitcoin’s Volatility Index Drops to 15-Month Low, Hinting a Big Move Is Coming

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Bitcoin’s Volatility Index Drops to 15-Month Low, Hinting a Big Move Is Coming

bitcoin-s-volatility-index-drops-to-15-month-low-hinting-a-big-move-is-coming

Bitcoin, the flagship cryptocurrency, has been trading within a tight range over the last few weeks, as it has been failing to surpass the $10,000 mark, while support at $9,000 kept it above that level.

CryptoCompare data shows that bitcoin’s price entered the range in May after recovering from a market sell-off that saw its price drop by nearly 50% in only 24 hours, on the so-called Crypto Black Thursday. Bitcoin has been trading within this range since.

This range has seen its 30-day volatility index drop to a 15-month low at 1.9%, a level that hasn’t been since March 2019 when the index dropped to a 1.25% low. The flagship cryptocurrency’s 30-day index hit 11.05% during the market crash, which occurred during a wider sell-off in equities markets.

bitcoin's volatility indexSource: Bitpremier

Notably, bitcoin’s price was trading close to the $4,000 mark back in March 2019, when its volatility was rather low. Over the next few months, BTC’s price and volatility both started rising. As the price of bitcoin hit a $13,000 high in July, its 30-day volatility index moved up to 6.94%.

bitcoin price march to august 2019.pngSource: CryptoCompare

 Some analysts are now expecting the price of the flagship cryptocurrency to make a significant move once again, but BTC may not see a bullish rally in the near future as well. Zooming out we see bitcoin’s 30-day volatility index also dropped below 1.5% in November 2018. The low volatility preceded a price drop from over $6,000 to a $3,200 low in December 2018.

bitcion october 2018 to december 2018.pngSource: CryptoCompare

After hitting the $3,200 low the price of bitcoin started recovering from the year-long bear market it endured in 2018. Back in October 2018 CryptoGlobe reported on BTC’s low 30-day volatility index, and back then prominent market analyst Willy Woo correctly argued BTC was still in a bear market.

Recently on Twitter, the analyst claimed BTC was “setting up for a bullish run until the COVID white swan killed the party,” before adding the model suggests “we are close to another bullish run.”

Featured image by Austin Distel on Unsplash.

Crypto Market Update for 3 July 2020: Bitcoin, Ethereum, Cardano, Chainlink

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This article provides an overview of how Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and Chainlink (LINK) have been doing over the past 24-hour period, covers recent news that might have affected their prices (or might do so in the future), and looks at interesting observations about these digital assets from prominent members of the crypto community.

To give you a rough idea of how well the crypto markets are doing today, 13 out of the top 20 cryptoassets (by market cap) are currently in the red (i.e. down against USD).

All market data used in this article was taken from CryptoCompare around 09:20 UTC on 3 July 2020.

Bitcoin (BTC)

Bitcoin is currently trading at $9,112, down 1.13% (against USD) in the past 24-hour period:

24 Hour CC Chart for BTC-USD on 3 July 2020.png

This means that Bitcoin has been trading below the psychologically important $10,000 level since June 2.

U.S. stock prices, which have steadily been going up since March 23 despite the worsening COVID-19 crisis in the U.S., were finally given a good reason to go up yesterday: much better than expected non-farm payrolls.

According to a report by CNBC published yesterday, according to the U.S. Labor Department, “nonfarm payrolls soared by 4.8 million in June and the unemployment rate fell to 11.1% as the U.S. continued its reopening from the coronavirus pandemic.” 

This helped all three major U.S. stock indices — the Dow Jones Industrial Average (DJIA), the S&P 500, and the Nasdaq — to close higher yesterday with gains of 0.36%, 0.45%, and 0.52% respectively.

Bitcoin, however, did not get a boost from this news, even though for quite a few periods since the start of the COVID-19 pandemic it has shown some positive correlation to the S&P 500.

Although Bitcoin had started Thursday (00:00 BST on July 2) at $9,238, it ended up trading around $9,097. Despite the lackluster recent price action, it is worth keeping in mind that Bitcoin is still up 26.85% so far in 2020.

This was crypto analyst Josh Rager’s explanation for yesterday’s Bitcoin price drop:

Another plausible reason is concern in the crypto community over a potential upcoming crackdown on OTC trading of crypto in China:

There was some good news however on Wednesday (July 1) from on-chain market intelligence startup Glassnode regarding one of the Bitcoin network’s fundamentals, number of new addresses, which reached a new 2-year high on this day:

Another bit of good news that came out yesterday was the announcement by crypto payments processor BitPay, reported by Coindesk, that later this year “support for SegWit will be a default for all Bitcoin wallets.”

Famous goldbug Peter Schiff who does not allow any opportunity to criticize Bitcoin to go to waste took to Twitter once again yesterday to point out that Bitcoin has performed poorly compared to gold between June 2019 and now, conveniently ignoring the fact that over longer time frames, since its existence, Bitcoin has done much better than gold against USD: 

Ethereum (ETH)

Ether is currently trading at $227.52, down 0.73% (against USD) in the past 24-hour period:

24 Hour CC Chart for ETH-USD on 3 July 2020.png

Although the Ether price is lower today than the 2020 high of $285.79 that it reached on Feb 14, since the start of the year, ETH is up 76.49% against USD.

Although there is disappointment among some ETH HODLers that Ethereum, which powers almost all of the hottest projects in decentralized finance (DeFi), was not able to benefit from the huge amount of excitement around DeFi projects such as Aave (LEND), Compound (COMP), and Synthetix (SNX), true believers in Ethereum insist that as the Ethereum ecosystem continues to grow, sooner or later, investors’ appetite for ETH will significantly increase, which should lead to much higher prices.

Earlier today, Paul Salisbuy, Co-Founder of New Zealand based startup Blockchain Labs, used the infographic shown below to talk about the ‘DeFi Vortex” that he believes (along with the team at digital asset investment firm Techemy Capital) is “accelerating the velocity of Ethereum”:

Cardano (ADA)

ADA is currently trading at $0.09496, down 0.42% (against USD) in the past 24-hour period:

24 Hour CC Chart for ADA-USD on 3 July 2020.png

Since “Black Thursday” (March 12), when the ADA price reached a 2020 low of $0.02319, it has gone up almost 310%, and the reason for this highly impressive performance has to be how well the work on Cardano’s Shelley update has gone during the past few months. 

On Tuesday (June 30), IOHK announced that the Shelley upgrade had gone live on the mainnet:

 A day later, the Cardano Foundation launched a new website:

And yesterday, on the first day of the two-day “Cardano Virtual Summit 2020: Shelley Edition”, IOHK CEO Charles Hoskinson announced the launch of a $20million technology ecosystem fund:

Chainlink (LINK)

LINK is currently trading at $4.877, up 2.18% (against USD) in the past 24-hour period:

24 Hour CC Chart for LINK-USD on 3 July 2020.png

This means that LINK is currently trading at (or very close to) its all-time high. For the year-to-date (YTD) period, LINK’s return on investment (ROI) against USD is +177.10%.

As usual, the reason for LINK’s continued excellent performance in the market is the ever-growing list of partnerships (and other bullish news) announced by the Chainlink team.

Here are three of the latest of these partnerships:

 

Featured Image by “WorldSpectrum” via Pixabay.com

Huobi Is Now the First Major Crypto Exchange Running a Chainlink Node

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Major cryptocurrency exchange Huobi has announced it is becoming the first major trading platform to start running a Chainlink node and integrate its price data in Chainlink’s ecosystem.

According to an announcement the trading platform published, Huobi will use Chainlink’s external adapters to make the Huobi exchange API available to smart contracts, which will allow developers to access the exchange’s price data. The first supported pairs will be BTC/ETH, BTC/USDT, ETH/USDT, and LINK/ETH.

While binance was the first major cryptocurrency exchange to provide their data ton Chainlink oracles, Huobi will be running its own node on the cryptocurrency’s blockchain through the Huobi Wallet. The node will let it sign its own price data, which users will be able to verify is authentic.

Will Huang, Huobi Wallet’s CEO, said that the decentralized finance (DeFi) space offers a “unique value proposition of providing financial products that are transparent, open, and programmable.” He added:

We are very excited to accelerate our involvement in this emerging trend by providing Chainlink users access to Huobi Global exchange data, as well as running our own Chainlink Node.

In its announcement, Huobi noted that it has extensive experience operating Proof-of-Stake nodes, as Huobi Wallet already secures a total of $10 million in cryptoassets for projects like ATOM, Ontology, and LOOM. The new node will further decentralize the nodes available for oracle data services on Chainlink.

Chainlink, the post adds, has established itself as a market leader when it comes to oracles, which are “quickly becoming one of the most important pieces of infrastructure in moving the blockchain space beyond tokens.” It provides smart contracts with universal access to real-world data, off-chain events, and traditional payment infrastructure.

Huobi also pointed out in its announcement that Chainlink Is the most used oracle in the decentralized finance ecosystem, and is integrated on various other blockchains including Tezos, Polkadot, and Cosmos. It works with large enterprises such as Google, Oracle, and SWIFT.

Featured image via Pixabay.

Ripple’s Success as a Payment Company May Not Benefit XRP, Says Pompliano

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Ripple’s Success as a Payment Company May Not Benefit XRP, Says Pompliano

pomp-ripples-success-as-a-payment-company-may-not-benefit-xrp

Morgan Creek Digital co-founder Anthony “Pomp” Pompliano believes that Ripple’s success as a payment protocol may not benefit XRP in the long run. 

Speaking on the latest episode of The Pomp Podcast, Pompliano outlined his reasons for being a fan of Ripple. According to Pomp, Ripple excels as a blockchain-based payment company that has managed to forge relationships with banks and financial services across the globe. 

However, Pompliano remains unconvinced of whether Ripple’s overall success will translate into benefits for XRP. 

He said,

What I don’t understand, and I think where I choose to not engage on the XRP side, is I don’t understand why people are buying it, speculating on future price movements.

Pomp explained that he saw the advantages of using XRP in the Ripple ecosystem, but was skeptical of the cryptoasset for investment. 

He said,

To me, if Ripple is successful, that doesn’t mean XRP has to be successful.

Pomp continued, saying that if you separate XRP and Ripple, the latter’s ultimate goal is to build better software for banks. He called Ripple’s mission a “no-brainer,” “venture capital bet” and admitted to being jealous of missing out on investing in Ripple’s seed round. 

Featured Image Credit: Photo via Pixabay.com

Boomers, Gen-X Doubled Down on Bitcoin During Lockdown

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Boomers, Gen-X Doubled Down on Bitcoin During Lockdown

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Baby-boomers and Gen-Xers have doubled their investment in bitcoin every month since the coronavirus lockdown began. 

According to a new report by Mode Banking, older Americans invested 8x more into bitcoin in May compared to the start of the lockdown in February. The report claims that bitcoin has historically garnered more interest from younger age groups, a finding that has shifted in light of the ongoing pandemic. 

Mode Banking claims Boomers and Gen-X accelerated their exposure to bitcoin as the COVID-19 pandemic unfolded, doubling their investment each month since February.

The report found an overall increase in average month-on-month growth for BTC investments in millennials and Gen-Z as well. According to the report, younger investors increased their month-on-month position from 118% pre-COVID-19 to 125% during the lockdown. 

Janis Legler, Chief Product Officer at Mode Banking, commented on the findings, 

We believe these to be very interesting findings, and although the reasons for this could be manifold, they could potentially reveal an unprecedented change in the way investors think today, as a result of the global pandemic.

Legler continued, saying the results suggest bitcoin is becoming popular among all age groups and is being endorsed by more mainstream investors. He called the influx of experienced and older investors into bitcoin “extremely promising” for the growth of the industry.

Featured Image Credit: Photo via Pixabay.com

Crypto Whale Joe007 Criticizes Bullish Bitcoin Price Predictions

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Cryptocurrency whale Joe007, known for challenging the cryptocurrency space’s conventional crypto wisdom and for holding large bearish trades on cryptocurrency trading platform Bitfinex, has criticized bullish price predictions being passed around.

After a two-month hiatus from Twitter that started after bitcoin crossed the $10,000 mark in May, Joe007 came back and has now been pointing his firm at some of the cryptocurrency space’s most bullish predictions. The price of bitcoin, it’s worth noting, has since dropped to $9,050.

Responding to a user pointing out that months ago the cryptocurrency community was relying on a bitcoin price prediction made by a 4chan user who correctly predicted the 2019 price rally, Joe007 sarcastically claimed that instead of using that price prediction, we now “believe in PlanB anon, red dots, phase transitions, and $288K BTC.”

The 4chan user’s price predictions were correct until July 2019, correctly predicting the flagship cryptocurrency would be trading at $9,200 then.  It then pointed to a $16,000 price tag by October 2019, but that month BTC fell to a $7,500 low before recovering to $9,000.

By February of this year the cryptocurrency’s price should be at $29,000, and this month it would be at $56,000. CryptoCompare data shows that none of those targets were hit, as BTC has been struggling to get past the $10,000 mark.

In other tweets, Joe007 claimed that the estimated global derivatives notional value is of $1 quadrillion, 4,000 times the current market cap of the cryptocurrency space, and pointed out that these comparisons are “how false narratives are created.” He added:

Comparing irrelevant metric such as notional value to other doubtful metric such as coin marketcap conjures illusion of inevitable appreciation out of thin air. People look at small orange dot and think “Wow! Such yuuuge growth potential!

Per his words, a looming derivatives crisis is going to hit the markets in the future and the comparison “shows how small our beloved “crypto” puddle is compared to values and financial forces at play in global economy” The crypto whale added that if the crisis starts to play out, crypto will not be immune to it.

When asked where he would put his money in if the crisis started, the crypto whale said gold bars and Tether’s USDt token “until the worst of liquidity crunch is over at least.”

Featured image by Paola Ocaranza on Unsplash