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!
Tether Market Cap Jumps $1 Billion in Just 9 Days
The largest stable coin, Tether (USDT) has grown in market cap by $1 billion over the last 9 days. This could be a response to the Bitcoin’s (BTC) rocketing price.
What do you think about this and Stablecoin's overall? You can read the full article by clicking here.
Curve Finance to Distribute Almost $3 Million in Fees
Following the outcome of a community poll, DEX platform Curve Finance is set to distribute $2,631,601 in fees to its governance token holders. In May 2020, Curve revealed that it would decentralise its platform. Governance was by means of its governance token, CRV. The company would deliver tokens to users based on how much liquidity they had provided to the protocol since its launch in January 2020.
To read more about this, click here.
Bitcoin to ‘Easily’ Hit $60K in 2021, Pressing ECB for Digital Euro, Says German Bank
BayernLB has stated that the bitcoin price could ‘easily’ hit $60,000 by mid-2021. The publicly-regulated German bank claimed that the digital asset’s price performance will motivate the European Central Bank (ECB) to launch a digital euro to compete.
BayernLB claimed that a combination of bitcoin’s monetary policy, recent halving, and a growing appeal among corporate investors will drive the next bull market. To read more about this story, click here.
Huobi Launches in Malaysia to Provide Regulated Trading
Huobi found a new home in Malaysia as it continues to increase its influence on pan-Asian cryptocurrency adoption.
Huobi’s newest entity is called Huobi Labuan, which shares its name with a small island off of Malaysia’s North coast of Borneo. What do you think about this? You can read more about this story by clicking here.
Facebook’s Libra to Launch Dollar-Pegged Stablecoin in January
Facebook’s Libra digital currency project may finally hit the ground running in January 2021 with the launch of a dollar-pegged stablecoin.
The single digital currency pegged to the dollar is a far cry from the ambitious plans first introduced back in 2019. What do you think about this? Are you looking forward to this? To read more about this, click here.
Russia Vows to Protect the Rights of Crypto Holders
Russian Prime Minister Mikhail Mishustin has assured cryptoholders about the legal protection of crypto assets. The government will try to keep crypto on a “civilized course” of regulation. The latest session of the Russian Government brought some supportive news for crypto. To read more about this, click here.
$100M Liquidated From Compound Following Flash Loan Exploit
Lenders on DeFi protocol Compound (COMP) have once again fallen victim to another flash loan exploit, this time to the tune of over $100 million.
Opportunistic profiteering using flash loans have been at the heart of many losses in the DeFi space in 2020. According to DeFi lending analytics provider LoanScan, about $103 million has been liquidated from the Compound protocol. To read more about this, click here.
Ethereum Becomes One of the Largest Proof of Stake Chains Even Before Launch
With the staking threshold now met, Ethereum 2.0 can officially launch as planned on Dec. 1. This milestone has propelled the blockchain to position itself as one of the world’s largest proof-of-stake networks, even before it has gone live.
Are you excited for ETH 2.0? You can read more about this by clicking here.
Cryptocurrency Derivative Liquidations Top $1.9B Amid Thanksgiving Day Slump
Optimistic long bets on crypto derivatives have once again come at a considerable cost to traders following a $1.93 billion wipeout over the past 24 hours.
The total crypto market cap is down over $70 billion amid a massive slump in prices of nearly all virtual assets with Bitcoin (BTC) retreating below the $17,000 mark. To read more, click here.
Uniswap Trading Volumes Remain High Despite 60% Liquidity Loss
Uniswap, formerly the world’s largest decentralized exchange by volume, is slipping down the DeFi charts as collateral continues to leak out. Despite this, trading volumes have still remained relatively healthy.
By mid-November, Uniswap had accrued over $3 billion in total value locked making it the largest DeFi protocol on the planet using this metric. by the 26th of November, that figure has slumped to $1.2 billion as the 60% loss sends the platform down the list to fifth place.
To read more about this, click here.
Lithuania Scores $7.6M From Confiscated Crypto Tokens
Lithuania’s government has realized €6.4 million (~$7.6 million) from the sale of bitcoin (BTC) and other crypto tokens seized by law enforcement authorities. State agencies continue to auction off confiscated cryptocurrencies obtained from sundry law enforcement actions against criminal organizations. To read more about this, click here.
97% of Bitcoin Addresses in Profit, but Many DeFi Holders Still Down
The recent bitcoin price rally has put around 97% of all BTC held in wallets into profit. However, not all crypto-asset holders are as close to being ‘in the money.’
Leading DeFi tokens remain much further below their current all-time highs than bitcoin. For example, almost half of YFI holders bought at higher prices. What do you think about this? You can read more about this by clicking here.
Yearn.Finance Founder Andre Cronje Launches New Protocol “Deriswap”
Andre Cronje, the well-known founder of the decentralized finance (DeFi) protocol Yearn.Finance is launching a new project. Deriswap, the new project consolidates the core segments of DeFi — swaps, options, and loans — into one platform. In Cronje’s words.
To read more about this, click here.
Pickle Finance Loses $20 Million in Latest DeFi Exploit
In the latest of a long string of decentralized finance protocol exploits, Pickle Finance lost as much as $20 million in an attack on its DAI farms last weekend.
The DeFi protocol posted that hackers exploited its DAI ‘pickejar’ strategy and that it was looking into the incursion. In what appears to be another flash loan attack, almost $20 million in DAI has been stolen. 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!
