Every week, I will be collecting some news stories / opinion pieces that I have found to be interesting in the crypto world and condensing them down into one easily digestible article. All the article and images are taken from a news source that I like to use and an alternative to CoinTelegram called BeInCrypto.
BeInCrypto is a news website founded in August 2018 that specialises in cryptographic technology, privacy, fintech, and the Internet — among other related topics. The primary goal of the website is to inject transparency into an industry rife with disingenuous reporting, unlabelled sponsored articles, and paid news masquerading as honest journalism. You can visit their website by clicking here or join their new Telegram Trading channel by clicking here. I am also part of that group and like the content they are discussing. There is a lot of news that came out last week, So let's get started!
On Nov 20, 2020, the market cap of Bitcoinrose above the market cap of JP Morgan Chase, the world’s largest public bank. Though it dropped back to number two on Nov 21, BTC’s quiet rise has enraptured the financial world. To read the full article, click here.
Derivatives platform BitMEX has reminded users that they have two weeks to update their KYC information. If the deadline is missed, users will not be able to withdraw funds or maintain positions.
Cryptocurrency derivatives platform BitMEX reminded users on Nov 19 that they have two more weeks to meet the KYC deadline. Users who fail to do so by Dec 4 will not be able to continue trading, maintaining positions, and withdrawing funds. To read more about this, click here.
As the price of Bitcoin approaches its all-time high, freshly retired American rapper Logic claims to have purchased six million dollars worth of the digital currency.
In a recently posted Instagram story, Logic, real name Robert Bryson Hall II, talked about some of his latest investments — or in his words, “I bought $6 million in Bitcoin last month. F*** it.” Seriously.” What do you think about this? Just trying to get some hype from Bitcoin or another example towards mass adoption? Click here to read more about the story.
According to Tether’s official transparency page, its dollar backed stablecoin has crossed the $18 billion market capitalization mark for the first time.
As of September, Tether’s market cap had grown nearly 4x since 2020, rising above $15 billion from a starting point close to $4 billion. It’s 24-hour trading volume currently sits at around $28 million. As of writing this, $USDT's market cap sits around $18.4 million. To read more about this, click here.
The number of Bitcoin network addresses created over the past 24 days has hit its highest point since January 2018. This is according to data published by on-chain market intelligence firm Glassnode.
In January 2018, shortly after Bitcoin’s all-time high of $19,783, interest in Bitcoin was at its highest ever level. This could be surmised from the 24-day moving average number of new addresses created, which rose above 600,000.
The latest data shows that this number has now reclaimed the 500,000 level. To read the full story, click here.
Cryptocurrency exchange Liquid has confirmed that it has been hacked, and an investigation into the incident remains ongoing. Founded in 2014, Liquid is the 25th largest crypto exchange by volume, with offices in Japan, Singapore, and the United States. To read more about this, click here.
As the price of bitcoin begins to stall after the recent ascent, its appeal as a store of value asset has not diminished, according to Deutsche Bank. As reported by libertarian financial blog Zero Hedge, the investment bank’s managing director of credit strategy, Jim Reid, has taken note of the alpha currency’s latest movements.
To read more, click here.
DeFi yield farming platform Yam Finance has launched a new decentralized protection protocol called Umbrella which aims to offer pool-based security against smart contract exploits and hacks.
To read more, click here.
Privacy coins like Monero (XMR) and Zcash (ZEC) will become illegal in South Korea from Mar. 2021.
The news is the latest assault on encryption and privacy as regulators enact laws targeting such protocols amid intensifying anti-money laundering (AML) efforts.
According to an Asia Times report on Nov. 18, South Korean regulators are set to ban privacy coins. From Mar. 21, 2021, crypto exchanges in the country will no longer be permitted to list privacy-focused crypto tokens like Dash (DASH), XMR, and ZEC. What do you think about this? You can read more by clicking here.
Ethereum co-founder Vitalik Buterin has revealed that the planned migration of Ethereum from Proof-of-Work (PoW) to Proof-of-Stake (PoS) is not likely to occur until at least November 2021.
Buterin, along with other members of the Ethereum Foundation (EF) team, responded on a Reddit Ask Me Anything (AMA) session on Nov 17. During the session, it was also revealed that the proposed Ethereum WebAssembly (eWASM) smart contract redesign has been put on ice. To read more about this, click here.
The massive outflow of liquidity from the Uniswap decentralized exchange has continued unabated and the beneficiaries appear to be rival protocols SushiSwap and Bancor.
Over $1.5 billion in cryptocurrency collateral has been shifted over the past few days as Uniswap’s farming incentives came to an end on Nov 17. The DeFi protocol did very little to prevent the largely anticipated exodus of liquidity and now its rivals are benefiting.
From a record $3 billion in liquidity last week, Uniswap has been hemorrhaging so much that it has slumped by 53% to around $1.4 billion as of 18th of November. To read more, click here.
A 21-year-old Irish man has been jailed for his involvement in a SIM swapping scheme that defrauded individuals out of $2 million in crypto holdings.
The Dublin Circuit Criminal Court sentenced Conor Freeman to slightly less than three years of jail time. Freeman and the others involved had reportedly netted over 142 BTC from the operation that took place during May 2018.
After recent bitcoin price rises, the crypto appropriated would now be worth more than $2 million. To read more, click here.
Belarusbank, the largest commercial bank in Belarus has launched the country’s first legal crypto trading platform. The move is the latest crypto adoption news to come out of a country currently experiencing anti-government protests against President Alexander Lukashenko. To read more about this, click here.
The Origin Dollar stablecoin (OUSD) has been exploited and the team behind the project has revealed a loss of at least $7 million.
Origin Protocol launched the OUSD stablecoin to allow holders to earn yields without depositing large amounts of collateral. It has been backed by a basket of other stablecoins including USDT, USDC, and DAI.
During the early hours on the 17th of November, the team announced that there had been an exploit resulting in the loss of funds. To read more, click here.
That is my weekly roundup of the interesting news coming from the crypto world. What do you think about the topics / news stories and what was your favourite article? If you liked the content, please consider following me and tipping the article. Also are you a trader? If you are check out my favourite Telegram Trading chat, where you can discuss and find out more about crypto projects. Click here to start conversations with other crypto traders!