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!
Users Pull $200M from Coinbase Following U.S. Gov Deal
News that Coinbase will be providing software and data to the US government has irked its users. Traders have been withdrawing their Bitcoin, pledging once again to #BoycottCoinbase. More than 2,500 BTC million has left the platform over the last few days. However, Coinbase argues that it’s providing aggregated data to the United States that is already publicly available. What do you think about this? You can read the full article by clicking here.
DEX Tokens Outperforming Centralized Exchange ‘Coins’ 5-to-1
The increasing adoption of decentralized exchanges (DEX) is becoming more apparent with DEX tokens outstripping their centralized counterparts based on price performance year-to-date (YTD).While centralized crypto bourses still control the lions share of trading activity, DEX platforms appear to be gaining in momentum. Trading volume on decentralized crypto trading services continues to rise amid protocol upgrades that are helping to make decentralized exchanges easier to use.
DEX tokens have performed five times better than centralized exchange (CEX) tokens so far in 2020. Indeed, Messari’s figures show the average DEX token performance at 241% against CEX ‘coins’ at 44%. Which DEX token are you looking at? Personally I like Loopring. If you want to read the full report, click here.
Compound’s COMP Token Becomes First DeFi Unicorn
The big news from the world of decentralized finance this week has been the launch and distribution of Compound’s COMP token. Within a day it became the largest DeFi token by market capitalization, surpassing the previous leader, MakerDAO. On its first day of trading, Compound Finance’s COMP token became the most valuable DeFi asset, making it a market cap ‘unicorn’ as it reached a billion dollars. What do you think about this? You can read the full article by clicking here.
New ‘Fishiness Indicator’ Challenges Binance’s Derivative Volume
The cryptocurrency derivatives market is increasingly becoming one of the most important in the industry. Once the preserve of a few exchanges, derivatives are now offered by most spot exchanges. However, just like in the spot market, allegations of manipulation are rife in the derivatives sector. Enter stage left: the ‘Fishiness Indicator’ which finally gives traders a more definitive way to find out which exchanges are cooking their volume figures.
The indicator is the ratio between the claimed 24-hour trading volume and the open interest. Rather unsurprisingly, Binance is on the extreme end of the metric at 8.19. Bitfinex is on the other end at 0.19. So, how effective is the Fishiness Indicator as a measure of the crypto derivative trading volume? What do you think about this? You can read more by clicking here.
Bitcoin Balances on Exchanges Down 10% Since March
Cryptocurrency exchanges continue to see significant Bitcoin (BTC) outflows since Black Thursday (mid-March 2020). Balances have reportedly declined by a staggering 12.7% year to date (YTD). This emerging trend of deposit displacement likely indicates a growing appreciation for Bitcoin as a haven asset. Meanwhile, the reverse is true for Ethereum as ETH deposits on exchanges continue to increase with ETH 2.0 on the horizon. What do you think about this? Click here to read the full article.
Kyber Network Adopts Chainlink Price Oracles
The Kyber Network recently adopted Chainlink’s price reference data for its token swaps. This provides another endorsement for ‘oracles’ which continue to be adopted in the DeFi ecosystem.
The decentralized finance landscape is changing rapidly. The nascent industry has come a long way in recent months, with total value locked once again surpassing a billion dollars. In the latest development, one of the top players, Kyber Network, is adopting price oracles from Chainlink into its token swap data feeds. Are you happy to see this connection? Click here to get more details.
Ousted Bitmain Co-Founder Halts Antminer Shipments
Reports are emerging from the People’s Republic of China that Bitcoin mining giant, Bitmain, is delaying shipments of the firm’s popular Antminer rigs. The news was revealed by the head of marketing at Hashkeyhub, Molly [@molllliy], on her Twitter account, citing a translation from Weibo, China’s leading microblogging portal. She stated that -
"Don’t order antminer from bitmain anymore, cuz you won’t be able to receive it for awhile. after Micree took back the control of bitmain, he’s now control the bitmain’s factory in Shenzhen , and started to stopped the shippment of antminers.”.
What do you think about this? You can read the full article by clicking here.
No. of Bitcoin Addresses With at Least 0.1 BTC Sets New Record
Small Bitcoin (BTC) ownership continues to increase as the number of addresses with at least 0.1 BTC tops a new all-time high (ATH). While address count does not necessarily indicate unique ownership, the trend likely still points to the increasing appeal of BTC ownership for retail buyers.The number of Bitcoin addresses holding at least 0.1 BTC has set a new ATH. The official figure of 3,054,282 accounts beats the previous record (3,054,070), set back on May 21. What do you think about this? You can read the full article by clicking here.
Craig Wright Stakes Claim to Hacked Mt. Gox Funds
In the latest installment of the Craig S. Wright (CSW) saga, lawyers representing the Australian computer scientist say that Wright owns the contents of two hacked Mt. Gox wallets.
In a move that is currently attracting contempt from all quarters of ‘Crypto Twitter,’ CSW’s legal team is reportedly circulating a letter to several “stakeholders” in the Bitcoin space warning them to steer clear of the sketchy wallets. What do you think about this? Is Craig Wright just talking nonsense trying to get publicity? To read the full article, click here.
India Crypto Ban Round 2: Finance Ministry Calls for Debate
Discussions over whether to ban cryptos in India might be on the agenda again. The country’s Finance Ministry is calling for a broad-based consultation on the matter.
While India’s Supreme Court struck out on a previous crypto trading ban, the subject of a blanket cryptocurrency ban is once again making headlines in the country. The report comes amid tensions between exchanges and banks. Some institutions still refuse to service trading platforms, thus preventing rupee (INR) deposits and withdrawals. What do you think? Will they or won't they ban crypto? You can read the full article 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!
