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Weekly Crypto News Roundup - 9th of May - 16th of May

By pheonixdown-dee | Crypto 101 | 16 May 2020

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!


Binance-Acquired CoinMarketCap Ranks Exchange First in New ‘Top Exchanges’ Section


After being acquired by Binance for $400M at the end of March, CoinMarketCap has made some updates to its ‘Top Cryptocurrency Exchanges’ page. Browsing the Top Cryptocurrency Exchanges’ page on the site now shows something completely new. Rather than seeing no-name exchanges engaged in wash trading, we now see all the recognizable ones leading the pack: Binance, Coinbase Pro, Kraken, and so on.

Do you welcome the changes? Or are you against the fact that Binance is number 1 and using CoinMarketCap as marketing tool? To read the full article, click here.


Reddit Plans to Implement ‘Community Points’ System On Ethereum


Reddit has revealed plans to create a system of Ethereum tokens to incentivize quality posts and comments. Reddit Gold could soon be replaced by tokens on Ethereum, a recent slide presentation by Reddit reveals. The idea is that users will be awarded points by their fellow subreddit users. These points can then be spent on unique features like badges, custom GIFs, emojis, and other digital goodies. To read the full article, click here.


ETH Longs on Bitfinex up 90% Year-to-Date


The bullish sentiment among Ethereum (ETH) margin traders appears to have no end in sight, with ETH long positions on Bitfinex up by 90% in 2020.

Tweeting on Thursday, Mati Greenspan, founder of Quantum Economics, highlighted the parabolic increase in ETH longs on Bitfinex. Indeed, except for a brief period in February 2020, long bets on ETH margin trading on Bitfinex have risen in steep increments. To read the full article, click here.


Bitcoin’s Hashrate Drops 30% Just Days After Halving


Following Bitcoin’s third halving to date, the network’s total hashrate has fallen by around 30 percent. The data comes courtesy of BTC network analysis firm The sudden loss of revenue for miners following the reduction in block reward will mean that some mining operations are no longer profitable. Those using less efficient hardware or mining where electricity is relatively expensive will be the most impacted.

What do you think about this? Expected or shocked at the drop? You can read the full analysis by clicking here.


South Korea Plotting $400 Million Blockchain War Chest to Challenge China


South Korea’s government is reportedly exploring a $400 million blockchain R&D fund to boost its emerging digital economy and stay apace with China’s growing dominance in the sector. According to ZDNet Korea, the country’s Ministry of Science and Technology will at the end of the month decide on whether to move forward with a planned KRW 480 billion (~ $400M) blockchain R&D fund. To read the full article, click here.


USDT Surpassed $9 Billion in Market Capitalization


Tether (USDT) is now not only battling to become the third-largest cryptocurrency, but it also recently passed $9 billion in market capitalization—a milestone. Tether Treasury printed another $200M USDT on Thursday, which brings the total amount of USDT in circulation to above $9 billion. Tether Treasury’s Transparency report will soon show the change. It was only in mid-April that Tether topped $7 billion in market capitalization for the first time. Now, it’s larger than Ripple’s XRP. To read the full article, click here.


Telegram Ditches TON Blockchain Project After Hitting Regulatory Brick Walls


Instant messaging giant Telegram has recently revealed that it will no longer be continuing with its blockchain project ‘TON.’ The company has cited regulatory pressure as the primary reason for the reversal. In an announcement on the company blog on Tuesday, Telegram founder Pavel Durov said that a U.S. court has stopped the Telegram Open Network (TON) from materializing. 

The Securities and Exchange Commission won a preliminary injunction in March, in which it claimed that Telegram had sold unregistered securities. Telegram raised $1.7 billion in a 2018 ICO for its TON blockchain. However, it has already delayed the launch of the project due to regulatory concerns and has now completely jumped ship. What do you think about this? You can click here to read the full article.


Binance Launches Its Own Leveraged Tokens After Delisting FTX’s Version


Binance has announced it is launching its own leveraged tokens. The exchange delisted all FTX leveraged tokens in March to ‘protect users.’

Binance is launching its own line of leveraged tokens, starting with BTCUP and BTCDOWN. However, the exchange removed a competitor’s leveraged tokens recently. It seems clear now why. To read the full article, 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!

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