By this point in time, Freeliquid has established itself as one of the market leaders in decentralized lending, even more so with its stablecoin loans funded through liquidity pool collateral. As the protocol is on a clear path to changing the lending game forever, its team is actively pushing the industry-standard APY barriers by launching new updates and integrations, all designed to greatly benefit a rising user base.
With this in mind, Freeliquid has now launched trading pairs on Swop.Fi and the Waves Exchange, two incentive-based exchange protocols boasting numerous user benefits. Prior to discussing the recent developments, it’s imperative to provide an overview of Freeliquid’s value proposition.
A Unique Offering
DeFi enthusiasts worldwide are well-aware of rising market opportunity, offering significant chances for ongoing revenue streams. Many users choose to deposit trading pairs in liquidity pools, earning APYs that far outweigh any bank’s user interest rates.
Freeliquid leads to even higher APY standards by funding stablecoin loans through liquidity pool share collateralization. At press time, the protocol collateralizes USDC, USDT, USDN, and Dai pools operating on Uniswap and Curve’s 3pool in exchange for loans equalling to 90% of the LP share. Upon obtaining funding in USDFL, a native stablecoin that’s soft pegged to the USD, the liquidity can either be traded for emerging tokens, or further invested in pools, minting new LP share tokens. Subsequent loans can be obtained in this manner, securing double-digit APYs that are well-above industry standards.
Freeliquid is a user-governed platform, a process carried out through votes by FL token holders. Whilst the team can propose changes, it’s only able to adjust the smart contract following community approval. Thereby, FL represents a core part of Freeliquid’s value proposition, instilling a bullish sentiment from its early days, marked by a fair distribution model.
Inside the Swop.Fi & Waves Integration
Swop.Fi is a popular automated market maker that incentivises user liquidity through the means of $SWOP rewards – the protocol’s governance token. As expected, LPs also earn their fair share of transaction fees incurred by token swaps conducted via the platform. As part of the Swop.Fi integration, protocol users can now trade and add liquidity in the FL/USDN pair. The Swop community has made a governance vote pertaining to the allocation of $SWOP tokens to be rewarded to FL/USDN LPs, with incentives scheduled to start in early April.
On the other hand, Waves is a popular exchange that uses the traditional order book model, yet allows incredibly cheap swaps thanks to its own blockchain network. Waves has now added a FL/USDFL trading pair, facilitating seamless swaps between Freeliquid’s two tokens at a fraction of the costs required by the Ethereum network.
Freeliquid’s Future Roadmap
The lending protocol’s aim is to always build new integrations that benefit its tight-knit community of FL and USDFL token holders. Since everyone leveraging Freeliquid’s stablecoin funding service is aiming to reach higher APYs while keeping operational costs low, Freeliquid is now expanding to the Binance Smart Chain. Scheduled for the 2nd quarter of the current year, the move will bring a huge inflow of additional addressable liquidity, as well as market-low fees for all smart contract interactions. The supported liquidity pairs are yet to be announced, but the team is hinting at an integration with PancakeSwap, BSC’s leading AMM.
Just recently, an individual lost all of his life savings in a matter of no time after he downloaded a malicious and phony Trezor application onto his iOS smartphone from Apple’s App Store. Phillipe Christodoulou lost 17.1 bitcoin or over a million dollars worth of the cryptocurrency using today’s exchange rates. Christodoulou detailed that he’s more upset with Apple than the hackers who stole his precious digital assets.
Individual Loses His Life Savings- 17 Bitcoin Gone
Malicious and phony applications for smartphones can be a problem for crypto users and not too long ago, Phillipe Christodoulou, lost over 17 BTC. At the time of the theft his stash was worth over $600k, and today it would be well over a million dollars. On that particular occasion, Christodoulou wanted to check his balance, so he headed over to Apple’s App Store and downloaded the fake Trezor application for iOS. However, Trezor doesn’t offer such an application and in fact, the company had been warning about the problem for some time now.
On December 2, 2020, the hardware wallet manufacturer tweeted about a similar scam application on Google’s Play Store. “A warning to all the Android users owning Trezor devices,” the company warned at the time. “This app is a scam and has no relation to SatoshiLabs and Trezor. We’ve already reported it to the Google team. Always confirm any action on your device and never type seed words until your Trezor asks you to.”
Coalition for App Fairness Executive Says ‘Apple Pushes Myths About User Privacy and Security’
The application Christodoulou downloaded was not only a phony decoy, but the malicious hackers also stole his funds. Christodoulou says he’s more heated at Apple and he was once a loyal Apple customer. “They betrayed the trust that I had in them,” Christodoulou detailed to the press. “Apple doesn’t deserve to get away with this.” Apple is supposed to do due diligence and applications downloaded from the App Store are touted as safe.
“Study after study has shown that the App Store is the most secure app marketplace in the world,” Apple spokesperson Fred Sainz stressed. However, according to a report from the Washington Post, Meghan DiMuzio, executive director of the Coalition for App Fairness disagrees.
“Apple frequently pushes myths about user privacy and security as a shield against its anti-competitive App Store practices,” DiMuzio explained. “The truth is, Apple’s security ‘standards’ are inconsistently applied across apps and only enforced when it benefits Apple.”
What do you think about the guy who lost 17 bitcoin from the scam application? Let us know what you think about this subject in the comments section below.
The past few months have seen billions of dollars worth of Bitcoin shift from the hands of HODLers to newer holders, such as legacy institutions, technology firms, family offices, and fund managers.
The asset itself has surged from under $5,000 in May 2020 to over $58,000 today—giving the mythical 10x trade to whoever believed, bought, and held. Its baked-in scarcity—only 21 million BTC can ever exist—further means that there’s the so-termed supply-side crisis for newer holders.
Where was all Bitcoin bought?
Such a scenario has culminated in a significant chunk of Bitcoin exchanging hands in a very particular price range over the past few months, data cited by on-chain analytics firm Glassnode in a report earlier this week showed.
Over 25.43% of Bitcoin’s total supply—a staggering 5.25 million Bitcoin—were purchased between the $10,800 and $58,800 price range, the firm found. The asset began its run from the former price in mid-2020, went near-vertical in the months after, and finally saw resistance at the latter price level (it did, however, set a current all-time high price $61,711 on March 13, 2021).
Glassnode calculated these values using a proprietary tool called ‘HODL Waves.’ These, as the below image shows, calculate the time period of any purchased Bitcoin held in a certain wallet.
Such Bitcoin, held in periods spanning 1 month, 3 months, and 6 months, is referred to as a coin held by a ‘new’ holder, while holdings exceeding that period move to the long-term hold category.
“The take home message here is that investors and traders have continued to buy into BTC, throughout this bull market,” noted Glassnode analyst ‘Checkmate’ in the post.
A big, bad, bull run
The metrics are proof of a broader sentiment that makes for an increasingly bullish case for the future of Bitcoin, the world’s largest cryptocurrency by market cap. The asset has seen its share of troubles and was written off by pundits as recently as 2019, but it has since reached a valuation of over $1.1 trillion.
Banks, hedge funds, and technology firms like MicroStrategy and Tesla have invested and adopted Bitcoin in a big way over the past year, and even arguably account for a large part of the 25% of the so-termed ‘new’ holders in the past six months.
Delivering crypto to the final mile just got closed.
OLD: Bank -> Visa -> Merchants
NEW: Crypto -> Visa -> Merchants
Banking another big step closer to obsolescence.
Crypto is already better for: – remittance – SoV – high yield savings – lending
For now, adoption is seemingly just beginning. Earlier this week, payments giant PayPal said it would allow Bitcoin users to pay via the asset at millions of vendors worldwide (along with the other cryptocurrencies listed on PayPal), while the government of Miami said last year that it would develop its Bitcoin prowess and find out a way for citizens to pay their taxes using the asset.
Mainstream firms entering the Bitcoin market have begun to adopt the option of storing their assets in Bitcoin and boycotting the option of converting to fiat.
Some of these businesses include Tesla, and most recently Oakland Athletics Suite Payment services. Both of these businesses are accepting Bitcoin payments from their consumer base, and have declared that they are uninterested in converting the payments they receive to fiat. There was no disclosure on how long it will carry on, but in the meantime, both businesses are declaring themselves official Hodlers of the asset.
Why are traditional businesses refusing to sell their Bitcoins?
If businesses choose to integrate Bitcoin for the sole purpose of meeting consumer demand, their risk factors are reduced. Because of Bitcoin’s extreme volatility, managing momentary losses can be achieved by swiftly converting payments to stablecoins or fiat.
But when businesses choose to overlook the potential risk they take, when they choose to hold Bitcoin, it could mean that these firms are believers in the benchmark cryptocurrency. This could be as a result of the company’s heads or executives being Bitcoin proponents themselves.
This is the case with Oakland A’s Dave Kaval, who recently revealed that the Baseball club is a strong believer in bitcoin who are adopting the asset for the long term, and choosing to hold because they believe that a potential upsurge in price would be recorded in the future.
Although Tesla did not give reasons for why it was holding Bitcoin in the long term, Elon Musk’s previous tweets already suggest that the CEO believes the adoption of the asset is inevitable, at least by its firm.
Commercial Firms hedging against inflation
Holding Bitcoin may yield a lot of value for businesses in the long term. A single $100 payment in Bitcoin can surge by 10% during a market rally. But in the same manner, a bear market could easily wipe out just as much. This may force smaller firms adopting Bitcoin as payment to switch to stablecoins or altcoins with lower volatility.
In this case, stablecoins such as Tether USDT may be considered a promising option. Altcoins with lower price value may also be an attractive option for micro-businesses.
Some businesses might also begin to open their doors to both Bitcoin and other altcoins as options, to weigh losses and gains before deciding on which to integrate.
Overall, hedging against inflation may be yet another key reason why companies are holding. As masses look for different methods for wealth preservation, it comes as no surprise that Bitcoin is top of the list for institutions, investors, and commercial outlets.
Ren continues to gain momentum as the addition of new tokens and the protocol’s focus on DeFi and interoperability leads to an uptick in trading volume.
The cryptocurrency sector has emerged as a hot topic on the global stage in 2021 thanks in large part to the growth of decentralized finance and non-fungible tokens which have caught the general public’s attention.
Throughout the sector there is a need for interoperability between networks as many of the most popular projects are on siloed blockchain networks and high Ethereum fees prevent developers and investors from interacting across chains.
One project focused on solving this project is Ren, which revealed on March 31 that Solana and Fantom had become the latest tokens supported by the interoperability-focused protocol.
These additions mark the third new token supported by the protocol over the past week, which has coincided with a 40% rally in the price of REN as community members from the newly supported tokens discover a newfound interest in the Ren ecosystem.
As more NFT and DeFi projects continue to emerge on separate blockchain networks, the need for projects like Ren is likely to increase as the cryptocurrency ecosystem as a whole looks for ways to increase its interconnectedness.
REN price soars as its ecosystem expands
2021 got off to a hot start for Ren thanks to the explosion in growth of decentralized finance and the protocol’s ability to bring tokens from other blockchains onto the Ethereum (ETH) network where a majority of the active decentralized applications exist.
Momentum for Ren really started to build on Jan. 26 after it was announced that Dogecoin (DOGE) could be transacted on the Ethereum network through the renDOGE bridge.
The announcement of a partnership with Alameda research on Feb. 2 followed by the protocol’s integration with the Binance Smart Chain on Feb. 18 helped push Ren to an all-time high of $1.84 on Feb. 19 before the overall market correction that began on Feb. 20 dropped the price back below $1.
Following the downturn, Ren has continued to expand its ecosystem through integrations with DeFi protocols like 1inch (1INCH), PancakeSwap (CAKE) and BadgerDAO (BADGER), as well as through the addition of new cross-chain assets including Digibyte (DGB), Terra (LUNA), Solana (SOL) and Fantom (FTM).
A collaboration that was formed with Polkadot (DOT) back in June 2020 has also been paying off for Ren of late as DeFi projects like the Acala network prepare to launch on the Polkadot network once the upcoming parachain auctions are complete.
According to the most recent ecosystem update, the RenVM surpassed $3 billion in total volume at the end of February and has paid out over $5,500,000 to node holders since its inception. The team has also released an update for Ren Bridge 2, which is now fully open-source and can be accessed on GitHub.
Signs of rising fundamentals
Alongside the recent integration with multiple DeFi platforms and the addition of Solana, Fantom and Luna to the Ren ecosystem, the VORTECS™ Score, an algorithm comprised of current and historical market sentiment, trading volume, recent price action and Twitter activity, has risen as high as 78 over the past week as fundamentals for the project improve.
As seen in the chart above, the VORTECS™ Score flipped green on March 26 and has remained in this zone for a majority of the time since then. Previous backtesting of the Markets Pro system has shown that higher VORTECS™ scores hint that the current market conditions are similar to conditions in the past when the asset rallied over the next several days.
With the momentum of nonfungible tokens starting to wane, traders could soon be looking to rotate into the next hot sector and there are signs that activity on DeFi platforms is again on the uptick.
As blockchain technology increases its presence in the mainstream financial markets, Ren is one altcoin investors are clearly watching due to the fact that interoperability will remain a major focus in helping to unify what is currently a disjointed cryptocurrency ecosystem.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
The filing from the regulatory body comes after BlackRock chief investment officer Rick Rieder said the firm had “started to dabble” in crypto.
A filing from the U.S. Securities and Exchange Commission shows BlackRock Financial Management’s Bitcoin futures contracts have appreciated significantly this year.
According to BlackRock’s monthly portfolio investments report released by the SEC today, the firm held 37 Bitcoin futures contracts issued through the Chicago Mercantile Exchange which expired on March 26. The contracts appreciated by $360,457.
The gains from the Bitcoin (BTC) futures represent roughly 0.00142% of BlackRock’s Global Allocation Fund, or 6.12 BTC at the time of publication. The company holds more than $8.6 trillion in total assets under management.
Last month, the firm’s chief investment officer, Rick Rieder, said BlackRock had “started to dabble a bit” in crypto, saying many investors were looking for “places that appreciate under the assumption that inflation moves higher as debts are building.”
“Holding some portion of what you hold in cash in things like crypto seems to make some sense to me, but I wouldn’t espouse a certain allocation or target holding,” said Reider at the time. “My sense is the technology has evolved and the regulations have evolved to the point where a number of people find it should be part of the portfolio.”
In January, BlackRock had mentioned Bitcoin in two prospectus filings with the SEC, indicating there was a possibility of the multi-trillion-dollar asset manager using crypto derivatives and other assets as part of its investment scheme.
Flipkart Bitcoin payments are now live. Or are they? Flipkart’s latest tweet is getting all the hype as it announces Bitcoin as a mode of payment on the famous Indian e-commerce platform. Crypto fans are getting confused about how the company can offer Bitcoin payments when the government has not yet allowed cryptocurrencies to operate in the country.
However, Flipkart’s past helps derive a more logical explanation for the tweet. Every year, Flipkart is known to post April Fools tweets that often reverberate with the times. It seems this year, the e-tailer has chosen cryptocurrency Bitcoin considering all the hype surrounding the topic these days.
Flipkart Bitcoin payments are probably not happening anytime soon
The tweet announcing Flipkart Bitcoin payments as a mode for online shopping quickly went viral. The company mentioned that it would be accepting Bitcoin as a convenient mode of payment. The hype began almost immediately, with most Flipkart fans congratulating the platform for its forward-thinking approach.
However, soon the reality dawned as many long-term users recognized the timing of the tweet. The sudden pro-crypto stance by Flipkart comes amid a flurry of April fool jokes by many other popular platforms.
Based out of Bangalore, Flipkart boasts of approximately 200 million active users from India. The announcement can mean a lot to the crypto industry in India. The Indian government has had a rigid stance on cryptocurrencies and now plans to ban their use across India. Thus, the timing of the tweet is questionable.
Flipkart Bitcoin announcement contradicts current Indian crypto scene
As April 2021 dawns, most users now suspect the tweet to be another April Fool’s joke by Flipkart. The veracity of the claim has not been verified yet. The Flipkart Bitcoin payments feature is not yet available on the mobile app. At the time of writing, the company’s claims are probably not true.
Why would an established company like Flipkart go against government regulations and announce the same on its Twitter handle? It would damage its business prospects and also cause unnecessary bureaucratic hurdles.
Some users are not taking the joke in good humor. Serious crypto fans who are already disappointed by the harsh stance of the Indian government find the humorous tweet in bad taste. Die-hard crypto fans expect the Indian government to warm up to cryptocurrencies slowly. In such times, Flipkart Bitcoin payments April Fool tweet can certainly disappoint them further. Still, the tweet does show that large corporations in India recognize the chatter of cryptocurrencies. And that’s a good thing nonetheless.
“Crypto Mom,” a title that was unofficially assigned to the U.S SEC Commissioner Hester Peirce by crypto users for her unending support for digital currencies might once again be paying off for the crypto ecosystem. The commissioner who recently sat down with Forbes addressed a lot of crypto-related questions that users have been itching to know.
Among the many Bitcoin-related questions Hester answered, her response to the possibility of a Bitcoin exchange-traded fund being approved is one of the most notable.
US investors who are looking to benefit from the perks of a bitcoin ETF have been hopeful that the recent proposals are considered and potentially approved. Per our previous report, the SEC acknowledged VanEck’s Bitcoin ETF, which is now awaiting a final verdict in April.
‘Crypto Mom’ says U.S Bitcoin ETF long overdue for approval
The commissioner acknowledged that approving a bitcoin ETF in the United States should have been done a long time ago, adding that the standards set for bitcoin ETF proposals may have been too high, implying that all previously rejected bitcoin ETF proposals, may have partly been caused by their unrealistic demands.
“My view has been that we’re overdue on approving one of these things. I also think we’ve dug ourselves into a bit of a difficult hole by setting standards for approval that are difficult to figure out how to satisfy. So I really don’t know where we’re going to go.” She told the interviewer.
Reminding the public that it’s crucial to note that the price of Bitcoin does not influence the decision-making process, she said: “What the price of bitcoin is doing is really not the business of the SEC. That’s not what we look at when we’re looking at other underlying markets.”
Macro guru Raoul Pal says that the entire cryptocurrency market is about to explode to double its current size.
In new a tweet, the former Goldman Sachs executive says that the digital asset space breaking the $1.8 trillion market cap level signifies the beginning of a new surge that will catapult the crypto markets to greater heights in the subsequent months.
The market cap of the entire digital asset space feels like the break of $1.8trn is kind of a big deal. The chart pattern suggests acceleration lies ahead on that break. My guess is the whole space doubles in next 2 to 3 months. Let see! pic.twitter.com/125lTVAkNH
In an episode of What Bitcoin Did with Peter McCormack, Pal said that a wall of money is coming in once Bitcoin (BTC) hits the $1 trillion market cap.
“What we’re seeing is frontrunning the size of the market cap because at $1 trillion comes a serious asset. At $10 trillion, it’s gold in terms of asset size, so that deepens and makes a broader market and allows more participants into it.”
He also shares what a larger crypto market means for investors.
“For institutions, it is what is the adoption, what is the regulation, what is the market cap, so the more it goes up, the more the market cap makes it available for them to purchase, so that is a much bigger deal than price.
Price is a function of that growing market cap, but if you’re Blackrock, you would not have looked at it until it got to this, you know, near trillion-dollar market cap, and that’s the thing.”
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The cryptocurrency market has grown tremendously since the last notable Bitcoin bull run in 2017. As brought to Crypto-Twitter’s notice by analyst Joseph Young, there’s a long list of differences between Bitcoin’s rally in 2017, and the present bull run that began in 2020, which has now brought the market to its current state.
The most talked-about is perhaps the explosive institutional demand that Joseph Young highlighted in his tweet. Bitcoin bulls will recall that in 2017, retail traders were committed to pushing prices up at a time where institutional interest was at an all-time low. Active retailers in the market pushed the trading volume to the rooftop, causing Bitcoin to surge to an all-time high of $20k.
Four years later, the tables have turned and the market has witnessed a continuous inflow of cash from institutional investors. Institutional demand is expected to continue through the bull run. In fact, some analysts believe that institutional interest will carry the present bull run until this phase is over and the new phase comes.
FUD dying down
The level of fear, uncertainty, and doubt that hit market activities has been minimized. This is visible in the stability of exchanges, most of which were shut down and forced to relocate due to strict regulatory policies. China’s crackdown on exchanges also penetrated the market, sending three of the leading exchanges in the country at the time (OKCoin, Huobi, and BTCC) to rock bottom. It started with a warning from the country’s Central bank, reminding the firms to stay in line with the laws and regulatory guidelines.
In February of the same year, withdrawals were frozen by the government, with the introduction of new trading fees. It wasn’t until the later part of May that exchanges were granted access to funds. In mid-September, the Chinese government would eventually force the aforementioned exchanges to officially cease trading activities.
Long-time Holders are more bullish than ever
With stronger regulation, the market began to recoup, allowing for old-time HODlers to change their culture of selling. With thousands of Bitcoins remaining stagnant since then. This year, as we reported a while back, the arrival of CEOs like Elon Musk has helped to reshape HOLders selling habits.
While Young added that the Tether FUD is no longer effective in the market, other Bitcoin users are arguing that Tether’s recent run with the SEC is a reminder the case of a crackdown should not be ruled out entirely.
However, Tether’s saga with the SEC does not take away from the fact that the market has hit new milestones, following the end of the last bull run. As such, it should not be considered a long shot to predict that the end of the current market will open more doors for Bitcoin as a globally dominating asset.
Avanti Financial – a financial services provider based in the United States – has managed to raise an impressive $37 million in new money through a Series A funding round. The company plans to utilize the funds to establish a cryptocurrency bank for family offices and top-tier investors.
Avanti Financial Is Raking in the Dough
Cryptocurrency is getting closer and closer to mainstream territory. Over the past several months, one of the consistent signs of this is the fact that crypto services and standard banking services are becoming one and the same. Several traditional financial institutions have gotten the greenlight to offer digital asset storage to their customers such as BNY Mellon, one of America’s oldest and most established banks. The firm announced not too long ago that it would be providing digital asset custody services for any of its clients looking to store cryptocurrencies.
Since the company first came about, Avanti has raised more than $40 million. This money has come from several institutional players including 1843 Capital, AP Capital, ECMC Group, Coinbase Ventures, Equity Management Associates, Greybull Stewardship and Holon Global Investments. It has also garnered funds from firms such as Madison Paige Ventures and Morgan Creek Digital.
Caitlin Long – founder and CEO of Avanti Financial Group – explained in an official statement:
We thank our investors for helping Avanti build a new breed of bank that services cryptocurrency and bitcoin and offers meaningful API capabilities for US dollar transactions to tech-savvy customers. We have received more than 2,500 inbound customer inquiries since announcing receipt of our bank charter in October 2020, and we look forward to being able to service customers later this year. We expect to provide more details about our launch soon.
As digital currency becomes more legitimate, more financial companies are finding themselves being bombarded with higher demand for crypto services from customers. For example, Anchorage – a crypto custodian based in the United States – says that in the last year alone, it has managed to raise more than $80 million in new funds through the aid of companies such as GIC, a sovereign wealth fund stationed in the Asian country of Singapore.
More Legitimacy for Crypto
Well-known investor Trace Mayer recently mentioned in a statement:
As bitcoin and cryptocurrency markets mature and financialization network effects take root, there is a tremendous need for both well-crafted laws and experienced competent operators. When surveying the globe, in my opinion, Wyoming best meets these needs generally.
Wyoming has been attracting several new crypto businesses over the years thanks to its loose digital regulations designed to boost innovation and lower financial burdens. In addition, Wyoming Senator Cynthia Lummis is now begging individuals such as Elon Musk – who is a major crypto advocate – to come to her state and establish new business for residents to take part in.
PRESS RELEASE. PARSIQ launches its highly anticipated IQ Protocol – the first risk-free collateral-less decentralized finance protocol built specifically for the Software-as-a-Service (SaaS) market.
31st March 2021, Tallinn, Estonia – PARSIQ has launched their revolutionary IQ Protocol on testnet (Ethereum) – a decentralized finance (DeFi) solution for the SaaS market. IQ Protocol is the world’s first risk-free, collateral-less DeFi protocol to tokenize SaaS subscriptions in the DeFi space with a circular economy. IQ Protocol features several standard DeFi services, including staking, lending, and borrowing.
The launch marks PARSIQ’s official entry into the DeFi space. If the testnet release is successful, IQ Protocol’s mainnet is scheduled to launch in Q2 this year, and the team already has interest from several DeFi projects. Furthermore, the PARSIQ team is considering launching the mainnet on several other chains, including Binance Smart Chain (BSC), and Solana (SOL), with which PARSIQ has already integrated.
IQ Protocol & Power Tokens
The IQ Protocol brings a new perspective to DeFi solutions for the mainstream environment. Not only is the maintenance of the protocol’s network fully-trustless, but the protocol itself is open-source. Additionally, PARSIQ’s innovative decision to remove the requirement of collateral to participate in or build on IQ is another first for the DeFi space, nullifying the risks associated with DeFi participation.
IQ Protocol also takes an innovative approach to token utility through the introduction of Power Tokens. Unlike conventional utility tokens which represent a fixed amount of utility, Power Tokens generate utility over time. Therefore, holders of Power Tokens “subscribe” to utility rather than possessing a fixed quantity.
For example, the conventional “tomato token” would represent rights to collect 1 kg of tomatoes, whereas a Power “tomato token” (with weekly flow and expiry in 1 year) would represent a right to collect 1 kg of tomatoes per week for a year.
Power Tokens are housed in a “Power Enterprise” – a series of smart contracts which aggregate several IQ Protocol features, including governance, funding, and the ability to mint new Power Tokens.
The shift to a subscription-first model provides huge performance benefits for blockchain-based networks including off-loading a significant load of transactions away from the main-chain. And in the best case, most main-chain transactions aren’t needed anymore.
A new, upgraded tokenomics model also accompanies IQ’s launch, requiring users to hold PRQ, PARSIQ’s native token. IQ allows users to borrow or “rent” PRQ via IQ Protocol by paying a fee. In effect, they pay a subscription fee, with the proceeds rewarding lenders in a risk-free fashion. Accordingly, IQ’s model rewards holding in a simple but effective way which also ensures the long-term security of its network.
Strong Partnerships & Developments
IQ’s launch comes after a successful start to the year for the PARSIQ team. The current network recently integrated with the Solana ecosystem, allowing SOL users to combine data streams and write custom scenarios using PARSIQ’s user-friendly scripting language.
PARSIQ also integrated its Smart Triggers feature with data marketplace platform Ocean Protocol. The integration gives Ocean users the ability to automate reactions to specific data inputs using PARSIQ’s unique monitoring solution.
This was also extended to Binance Smart Chain (BSC), with BSC users able to benefit from the same Smart Triggers feature. As part of the BSC integration, PARSIQ also became part of Binance’s $100 million accelerator fund as part of the top-exchange’s efforts to encourage innovative new projects to build on BSC.
Moreover, PARSIQ has integrated with several other projects in the DeFi space, including Balancer, PAID Network, Injective Protocol, and many more. For more on these integrations, check out PARSIQ’s blog.
PARSIQ is a next-generation blockchain analytics platform built to connect blockchain activity to off-chain applications and devices. It provides a number of innovative solutions for actionable data including customizable event-based triggers, data monitoring solutions, and real-time automation targeted at the SaaS space.
For more about IQ Protocol, PARSIQ, and its future plans, visit PARSIQ’s website.
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Per a Coindesk report and a regulatory filing with the Securities and Exchange Commission (SEC), investment firm BlackRock has begun trading in Bitcoin futures. BlackRock has reportedly allocated a small part of its portfolio in BTC on the Chicago Mercantile Exchange financial derivatives platform.
With $8.6 trillion in assets under management (AUM), BlackRock is one of the largest investment firms in the world. In an interview for CNBC, BlackRock CIO Rick Rieder stated in February they had “started to dabble” in Bitcoin.
According to the document, BlackRock invested $6.5 million in 37 futures contracts on the CME BTC-based derivatives. At the time of the allocation, BlackRock’s position was estimated to roughly represent far less than 1% of the firm’s investment fund. The firm claims gains of $360,000 on its initial investment. There is speculation that the contracts expired on March 26.
In the interview, Rieder stated that the current macroeconomic environment has forced investors to look for storehouses of value. Assets such as BTC offer appreciation and hedge against inflation, Rieder added:
My sense is the technology has evolved and the regulation has evolved to the point where a number of people find it should be part of the portfolio, so that’s what’s driving the price up (…). I wouldn’t put a number on the percentage allocation one should have, depends on what the rest of your portfolio looks like.
6% of Bitcoin supply held by institutions
At the time of writing, Bitcoin is trading at $58,722 with gains of 0.7% on the 24-hour chart. On the weekly and monthly chart, BTC posts gains of 8% and 31.1% respectively with a market cap of $1.09 trillion.
Data from Bitcoin Treasuries indicates that institutions that have purchased BTC are in possession of about 6.54% of its total supply or $79,494,670,635. MicroStrategy holds the largest amount with 0.4% of the supply or 91,326 BTC, followed by Tesla with 48,000 BTC and 0.2% of the supply.
Bullish Ethereum price prediction supports an extended bull run
ETH/USD trades above most simple moving averages, giving jitters to sellers
Uptrend targets new higher levels past $1,950
Euphoria is slowly building up in the ETH/USD pair with bulls targeting fresh new high levels. The Ethereum pair is gradually ascending to upper end of the piercing price channel and continues the Monday’s uptrend. The overstretched Bollinger Bands are stretching to accommodate larger ascending candlesticks.
Currently, the ETH/USD is trading near $1,910. The newly formed symmetrical triangle adds more bullish vibes adding more confidence in the buyers. No wonder the long positions are on the rise across many exchanges. However, the below-average volume figures may play a dampener. The technical indicators are heating up that may trigger a short-term correction, but it may not last long. The overall enthusiasm in the crypto market may fuel another bullish Ethereum price prediction.
Ethereum price movement in the last 24 hours: A confident uptrend emerges
Participants saw the Ethereum prices rise by 11 percent since Monday. The buyers are ruling the charts and it went from $1,680 lows to the current $1,887. The optimism from Bitcoin is reverberating here as well. It is moving in sync with the flagship BTC/USD pair with constructive candlestick patterns.
Earlier today, Ethereum felt minute resistance near $1,855, but bulls handled it well. The declining trendline has now turned relatively positive and trading above the 20-day SMA. The ascending symmetrical triangle shows challenge at $1,944. However, traders are moving towards $2,040 all-time peak.
Even though the current movement is somewhat parabolic, market players should anticipate zig-zag movement as the week moves ahead. The back-and-forth movements can challenge the higher and lower extremes of the Bollinger Bands.
ETH/USD 4-hour chart: Fresh peaks beckon the pair
Highly optimistic Ethereum price prediction is bringing fresh peaks into the charts. Traders who have buy positions should consider the $2,321 price range. It is the 1.382 percent Fibonacci extension and an apt short-term target in the next few days. Analysts are also considering the $2,500 range that will emerge after the bullish breakout.
A moderately bullish scenario points towards ETH/USD touching $1,950. Most technical indicators are all flashing buy signals, and bulls are piling up buy orders. The take profit behavior hasn’t yet been noticed. At press time, Ethereum bulls were fully in charge and were pushing the price towards the $1,950 resistance.
Understandably, Ethereum is in coherence with BTC/USD, which is also pushing through minor resistances. The last week’s stagnation has once again translated into accumulation which is not materializing into a solid bull run. The price movement is pushing upwards which is also accentuated by RSI, which is showing a reading of 70. The MACD indicator is also pointing up with no sign of a bearish crossover anytime soon.
Ethereum price prediction conclusion: Bulls confidently target $2,100 next
Ethereum has quickly transformed the minor pullback into another buying phase. The bulls have loaded up more ETH/USD pair near the $1,710 support level. The depreciation was a temporary phenomenon as the pair has gained close to 11 percent in the last three days.
Oddly enough, Ethereum price prediction still has no signs of slowing down. The reason for such an elongated bull run is that technical indicators remain at elevated levels during an extended bull rally fueled by liquidity. The Parabolic SAR is still below the candles, signifying more fuel in this rally before any cooling overtakes the price action in Ethereum price prediction.
On the lower side, the 50 percent Fibonacci level at $1,750 will offer ample support. The bearish Ethereum price prediction expired when the pair crossed $1,920 confidently. The renewd optimism is reflecting on the volumes where the bars are rising gradually. For now, the bulls are in charge, and targeting higher levels beyond peaks of $2,040.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Decentralized lending platform Aave says that it will scale its DeFi platform beyond the Ethereum blockchain by putting its platform on a number of sidechains, including Polygon.
Aave Explores Polygon
According to Aave, Ethereum’s exorbitant gas fees are a problem. Though it acknowledges high fees are a feature of “a successful public blockchain” because they indicate users are willing to pay the price of its services, alternative solutions are needed.
In light of that issue, the team will port its platform to Polygon, a layer 2 proof-of-stake sidechain that runs alongside Ethereum’s main network. The sidechain allows users to send back and forth tokens through a bridge protocol, thereby offering lower transaction costs than Ethereum itself provides.
Aave says that once its platform is available on Polygon, it will add its native asset (MATIC) to the list of collateral. At launch, the assets that will be used as collateral on Polygon-based Aave markets include MATIC, USDC, USDT, DAI, WETH, AAVE, and WBTC.
The team will also build a smart contract bridge that will allow Aave users to port their assets to Polygon using Metamask.
Polygon Is a Top Choice for NFTs
Aave is the third largest DeFi platform in operation, boasting over $5 billion in total value locked, making it the most significant DeFi platform to become available on Polygon.
Polygon has additionally onboarded several other projects. It has attracted the NFT game Aavegotchi, the prediction market Polymarket, the betting platforms Decentral Games and SportX, the DeFi platform EasyFi, and the blockchain RPG game Neon District.
Polygon itself is the 27th largest DeFi protocol, with a total locked value of $175 million. It was previously known as Matic Network.
Disclaimer: At the time of writing this author held Cosmos (ATOM).
Projects focused on NFTs and cross-chain transactions continue to undergo explosive rallies as investors sharpen their focus on the sector.
High levels of excitement continue to surround all things nonfungible token (NFT)-related as nonfungible art, collectibles and new business models built on the nascent sector attract a diverse array of investors.
In addition to the development of lucrative secondary markets for NFT listings and sales, crypto projects that are focused on NFTs, decentralized finance (DeFi) and cross-chain interoperability have also seen their native tokens rally significantly.
Three projects that fit in this category are Axie Infinity, Icon and Ark.
Axie Infinity is a blockchain-based trading and battling game inspired by games like Pokémon and Tamagotchi that allows players to collect, breed, raise, battle and trade token-based creatures known as Axies.
According to data provided by the project, the month of March was one of the fastest periods of growth for the Axie community, with more than 250,000 active users engaging with the protocol.
Data from Cointelegraph Markets and TradingView shows that the price of its native Axie Infinity Shard (AXS) token has surged 515% over the past month, going from a low of $1.27 on Feb. 28 to a new all-time high of $7.33 on March 30 as excitement for the release of Battle V2 lures new players and investors to the protocol.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
As seen in the chart above, the VORTECS™ Score for AXS has been in the green for some time, and it began to pick up on March 24 when it registered a high of 80 before dropping into the light green zone. As AXS' price began to increase on March 25, the VORTECS™ Score began to rise as well and reached a high of 87 on March 28, roughly 20 hours before the price increased 70% over the next two days.
Icon is a decentralized blockchain network that has taken a focus on cross-chain interoperability through the creation of its Blockchain Transmission Protocol (BTP).
The project released the most recent update for the BTP on March 24, which kicked off the latest price rally for its Icon Exchange Token (ICX), as investors anticipate further activity once interoperability with the Bitcoin and Ethereum networks becomes a reality.
Following the initial spike after the release of the update on March 24, the price of ICX dropped back to a low of $1.69 on March 26 before rallying 70% to a high of $2.88 on March 30 as the possibility of interoperability helped increase token adoption.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for ICX on March 24, prior to the recent price rise.
As seen on the chart above, the VORTECS™ Score for ICX began increasing on March 24 and registered a high of 69 on March 25, roughly five hours before the price began to increase 70% over the next five days.
Ark (ARK) is a cryptocurrency and blockchain development platform designed to offer solutions that allow anyone to create their own fully customizable, interoperable blockchain.
Excitement for the project has been building recently thanks to the pending beta launch of MarketSquare, a “social platform that allows users to discover and connect with Blockchain-powered projects, businesses, applications, node operators, and more.”
A scroll through the MarketSquare and Ark Twitter feeds shows a host of significant partnerships for the upcoming marketplace, including integrations with Axie Infinity, NOWPayments and Uphold.
The price of ARK has rallied 200% since hitting a low of $1.15 on Feb. 28, reaching a high of $3.50 on March 30, which is its highest level in nearly three years.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for ARK on March 24, prior to the recent price rise.
As seen in the chart above, the VORTECS™ Score for ARK first turned green on March 24 and reached a high of 75 before pulling back into the yellow. The score oscillated between the yellow and green range over the next two days before reaching a high of 70 on March 26, roughly 24 hours before the price increased 100% over the next three days.
Projects that are focused on interoperability and NFTs are well positioned to capitalize on the future growth of the cryptocurrency ecosystem.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, and you should conduct your own research when making a decision.
I opened my Telegram and noticed I had way more messages than usual. I knew something was askew. The headers of the messages were all very similar, “John McAfee just called you an idiot on Twitter.” Here we go I muttered under my breath as I further investigated what all the hype was about. I wandered over to John’s Twitter account and sure enough, John had tweeted that he was abandoning the Ghost project and that Josh Case is an idiot. Let’s back up…
I first met John McAfee at his home in Tennessee in the early days of 2018. I had emailed his manager Jimmy trying to set up a meeting and an interview with John, and I was kind of surprised when they agreed and set a date. I immediately jumped into full research mode and began a deep dive into John McAfee’s history. I had been following him for years, but his story was even more interesting than I had thought.
After McAfee Associates, the company behind McAfee Antivirus, John went on to start a pharmaceutical company, opened a yoga/meditation retreat, tried his hand at real estate, and even ran for the President Of The United States, twice. Some also speculate he developed new recreational drugs, tried to overthrow the Belizean government, murdered his neighbor, and a lot of other things, but these accusations were never backed up with any evidence and were always chalked up as speculation.
A couple of hours from John’s town and I had still yet to receive the address of where I was going. They had told me they wouldn’t send me the address until the day of the meeting, for security purposes, but I was starting to get a little worried. I sent Jimmy a text trying to get the info I needed, but he had yet to read my last few texts, so I didn’t expect a quick reply from this one either. I was listening to an interview with John on Youtube when Jimmy texted me back, and the address flashed across the top of my screen. As I punched it into my GPS my mind was racing with thoughts about how the night would go.
As I approached his house, a really nice two-story home tucked away in a small town, the butterflies started kicking in. I was staying the night at John McAfee’s house, fresh off the bull market of 2017, before anyone even realized 2018 was going to be a bear market. I knew this was going to be a night to remember… And it sure was.
I lugged my stuff to the door, rang the buzzer, and waited for someone to answer. I wondered to myself if John was going to answer? Or one of his security. The door creaks slowly open, and two very large guys, personal security for John McAfee answer the door and ask who I am. I tell them, and they see me into the guest living room. I can hear John in the room next to me whining and dining lawyers and politicians and it’s not long until the guests leave, and the only people left in the house are those that live there. John has his wife Janice of course, several live-in bodyguards, his manager Jimmy, and a couple of others. Friends, traders, etc.
It’s not long until we are all drinking whisky, philosophizing the meaning of life, and being schooled by John on the history and usefulness of suspenders. “Suspenders lost their popularity after WWI, but they are coming back,” John shouted with excitement. “All great men know that you can’t think while wearing a belt, it cuts off your circulation.” John quickly left the room and came back with a pair of suspenders to give to me. “Here, this will change your life,” John proclaimed. I am not a suspenders kind of guy, but I always wonder if John was right. Had I adopted the suspenders when he told me too, and increased my blood circulation, who knows what kind of man I could be today. A friendship was born that day, and John and I began speaking more frequently.
I have always been an idea guy, and like brainstorming concepts and ideas with like-minded people. John McAfee was the same. We began talking almost daily and found ourselves brainstorming all kinds of different concepts in which blockchain and cryptocurrency could solve real-world problems in a meaningful way. We came up with new ideas almost every day, and at times these calls felt more like an exercise in coming up with ideas than actually trying to build any of them. It was just fun talking about ways this technology can and will change the world. One idea we talked about for a few days, that John was always very interested in pursuing, was an app we were calling “History Day One” on our calls.
The concept was this. Imagine if we had verifiable records of random events in history. For instance, if 500 people were to add a tiny note to a blockchain ledger that said something like “On October 2019 at 5:00 p.m., John McAfee gave a speech at Barcelona Blockchain Week”, and they embedded a picture, video, or geolocation tag, showing when and where the event happened, it would give us a very good reviewable history of events all across the world. Users could retain their pseudo-anonymity by doing this with cryptocurrency addresses, but the sheer amount of volume of entries per event would lend credence to its authenticity.
After talking nearly every day for months, all of a sudden there was a break in communication.
In January 2019, after receiving inside information that he would be indicted by a grand jury in TN, McAfee took to the sea on a Yacht, fleeing the U.S. for good, and set up shop on a small island in the Bahamas. Once he was all set up, he invited me down to visit, and I obliged.
My first hour in the Bahamas wasn’t a great one. We brought too much camera equipment, the customs official said, and they wanted to deport us for not applying for a license to film commercially. We had two cameras, and a drone. We ended up making a deal with them, where they could keep some of our equipment at the customs office until the end of our trip, and in return, they do not deport us. We had other friends showing up later with equipment too, so we figured we would be fine. Surprisingly they agreed to this.
We rented a car from the only place that had one on the 900-person island and proceeded to drive on the left side of the road till we got to the Exuma Yacht Club, where John McAfee was docked.
John was a local celebrity there and it only took a few moments for someone to point us to where John was docked. Intimidating bodyguards and even more intimidating dogs greeted us and we walked up to Johns Yacht. With barely as much as a hello, John was off to the races talking about politics, cryptocurrency, freedom, his charges that were yet to be announced, and of course his Yacht. Built for a drug lord with lower-level bunkers, multiple bedrooms and decks, and bells and whistles that only a true man of the waters would understand. John was that and more.
Our time in the Bahamas only lasted a few days, but John told stories that encompassed his entire lifetime. From his early days with computers, to the founding of McAfee Antivirus, to what he wanted his legacy to be, John spoke like his life was still completely ahead of him. He had been jailed in nine countries, sued by hundreds of people and companies, bribed police officers and governments around the world, and lived to tell all the stories. John knew charges were coming down the line for him and in light of this, you would think John would slow down a bit, but his foot was on the gas as usual. Sometimes no matter how hard you try, you just can’t change who you are.
The last thing I heard them talking about as we were leaving, was the logistics of their SUV being flown in by helicopter. Within weeks of our departure, John would be arrested in the Dominican Republic for “traveling on a yacht carrying high-caliber weapons, ammunition, and military-style gear.” Add another country to the list that John has been arrested in. That makes ten….so far.
Surprisingly and yet unsurprisingly, John was released and it was back to business as usual, although this time John got a lot more secretive. We continued to talk, but he would never disclose his location and was generally just more cautious with things. He was moving very often and was more concerned than usual about being monitored. He craved privacy and freedom and naturally, our conversations lead back to cryptocurrency.
Ghost by McAfee is a proof-of-stake privacy coin that was released in the summer of 2020. John was tired of what the industry was selling, and really wanted to put out something reflecting his ideals and values. A real thriving ecosystem of privacy-related products, a private stable coin, and a legacy bearing his name.
Fast forward a few months, and I open my Telegram to see I have way more messages than usual. John McAfee just called me an idiot on Twitter. Wtf…
For the previous few days, John had expressed his concern about the rate of development that was happening with Ghost. The project was only a few months old, and ran on a shoestring budget, but John wanted it to be ready to take on the world now and was not pleased that it wasn’t. John has been known to be very erratic and change his mind on a dime and it seemed like this would be one of those times. Sometimes when John has the gas, and has the matches, he can’t help but to put them to use, and John announced he was leaving the Ghost project…but it wouldn’t be long until he was back.
The community around Ghost is one of the strongest in the industry and John recognized that, and announced he was coming back and will continue to support Ghost.
Soon after the announcement of John’s return to Ghost, an even bigger event happened. John was arrested in Spain on U.S. charges of tax evasion, money laundering, and more. Sadly that makes 11 countries John has been arrested in, and where John still remains today. Although John has been locked in a jail cell in Spain for almost six months, he has continued to support Ghost via tweets from jail, and regularly gets and transmits messages about the development of the project from his wife Janice.
Ghost by McAfee recently announced a partnership with Poltergeistexchange.com for a sidechain named Ghoul on the Ghost blockchain that will allow private cross-chain atomic swaps, a private stable coin, private Ethereum transactions, and more coming this year. John is very pleased that development is moving forward with the vision he believes in, regardless of his personal situation.
A lot of people want to see John McAfee spend the rest of his days in a jail cell. I am not one of those people. They see John’s loud and often brash personality on the internet and immediately take a love or hate position with him. John McAfee is very polarizing and has probably made a lot of mistakes, but I know John McAfee, and he is a good guy. I hope to see the day John and I can meet again…
Like this story? I am releasing a book titled “Ghosted,” with never-before-told stories from my times with John McAfee through the rise and fall of his time in cryptocurrency. From being robbed by the Italian Mafia in Italy in 2018, to being threatened by big cryptocurrency players in 2020, “Ghosted” will take you for an up-close and personal look at the legend that is John McAfee throughout his rise and fall in cryptocurrency. For more information please join the “Ghosted” Telegram group. You can also check out an exclusive collection of never-before-seen footage of John McAfee on the run as NFTs on Rarible.
What do you think about Josh Case’s inside look at John McAfee’s life on the run? Let us know what you think about this story in the comments section below.
Today we are extremely excited to announce the genesis distribution of SEFI – native governance token for Secret DeFi and SecretSwap, the first AMM launched on Secret Network. But we’ve got some other surprises as well:
We’re also announcing the launch of a new landing page for SecretSwap, helping introduce the unique and evolutionary features of Secret DeFi – front-running resistance, cross-chain liquidity, lower fees, and additional privacy protections for users. This marks the beginning of a broader visual redesign for SecretSwap that will make it more usable and functional!
In addition, we’re excited to share that routing functionality for SecretSwap is now live on mainnet! This functionality allows for better prices for swaps, more fees for LPs, and more SEFI for everyone. Thanks to everyone who helped test this new feature.
To complement routing, the sSCRT / SCRT pair has now been added to SecretSwap! This now allows users to convert their SCRT directly into any secret token (and back), adding convenience and easing friction.
SecretSwap has been live on mainnet since mid-February as a “soft launch” before SEFI genesis. Since then, we’ve attracted more than $90M in TVL to the Secret Ethereum Bridge and $6M in liquidity to SecretSwap pools. Today’s launch marks the beginning of a new growth trajectory for SecretSwap and Secret DeFi as we prepare for the launch of additional Secret DeFi products and ecosystem bridges (including the upcoming BSC bridge).
Right now, users can claim genesis SEFI, stake SEFI, provide liquidity on SecretSwap to earn SEFI, and trade for SEFI (or any other Secret Token) on SecretSwap.
This blog post will:
Confirm the ETH and Secret contract addresses for SEFI
Instruct users on how to claim genesis SEFI and how to earn SEFI going forward as users of SecretSwap and Secret DeFi
Outline next steps for Secret DeFi, including new bridges, new products, and much more!
Read on, and learn how to get started as an LP, trader, or Secret DeFi developer!
The total (fixed) supply of SEFI is 1 billion tokens (1,000,000,000 SEFI). 10% of all SEFI supply (100M tokens) was allocated for genesis, with the remaining 90% to be distributed over the next 4 years. The genesis distribution of SEFI was designed to ensure a fair and broad distribution of tokens to existing SecretSwap users, as well as other prominent communities across Secret Network and Ethereum.
SEFI is currently bridged between Ethereum and Secret, with some of the supply on Ethereum and some of the supply on Secret. Users can easily swap between SEFI on Ethereum and SEFI on Secret Network using the Secret Ethereum Bridge.
Secret DeFi will be made up of many composable applications built on Secret Network, turning Secret into a universal cross-chain liquidity and data privacy hub. SecretSwap (the first Secret-based AMM) is just the beginning of Secret DeFi’s growth. With more Secret Apps already launched (such as Secret OTC Auctions) and more on the way (including Sienna Network), we look forward to how the Secret community will continue to expand adoption of our ecosystem and drive new value for users.
In order to grow Secret DeFi further, we will also be launching new cross-ecosystem bridges that bring programmable privacy to even more assets and allow more assets to be utilized in Secret DeFi applications. Beginning with the upcoming launch of the Binance Smart Chain bridge, we will continue to create critical bridges to active ecosystems like the rest of the Cosmos (via IBC integration), Polkadot (via the Plasm bridge), and more!
If you’re a developer, there are many opportunities to get involved in the ongoing expansion of Secret DeFi. There are already numerous community efforts underway on additional bridges (such as Monero), additional products (such as a limit order book), and more. With over $50M in grant funding available for ecosystem developers, we encourage you to look at what our community has determined would drive substantial value for Secret Network and global users of decentralized finance – then start building!
If you’re not a developer, consider joining one of our many Secret Committees! Over 300 Secret Agents lead and work across many active committees, including Awareness, Education, Design, Business Development, and more to help expand our reach and grow our products. Learn more about committees and how you can become a Secret Agent by visiting our community page:
Now let’s build a decentralized financial system that works better for real users – with front-running protections, data privacy by default, cross-chain assets, and the strength of our global community of Secret Agents behind it!
Onwards and upwards!
To discuss Secret Network and Secret Apps, visit our community channels:
President of the European Central Bank, ECB, Christine Lagarde has said that by 2025, the Digital Euro will launch if the continent would ever have a Central Bank Digital Currency, CBDC.
During an interview with Bloomberg, Christine Lagarde talked about the complex decision-making process by banks, which would eventually lead to the creation of a European CBDC.
Christine Lagarde lays downs bottlenecks before ECB launch
According to the bank’s president, an analysis of about 8,000 received from the digital euro consultation process would be released soon.
Christine Lagarde noted that the release would be sent to the European Parliament and the Commission, and the institution’s Council. Afterward, the ECB’s Governing Council will decide whether the central bank will begin experimenting with a CBDC by mid-2021.
The Council after that would have another six-12 months assessment if or if not the Digital Euro saw the light of the day. In Christiane Lagard’s words, she said, “let’s be realistic. In my view, the entire process would take another four years or a little more. She expressed hope that four years should be sufficient to develop the CBDC.
The ECB president also said the bank owes Europeans the digital currency and being a technical currency, and it has to be done right.
How China continues to lead CBDC launch
The Peoples Bank of China, PBOC, set to launch Digital Yuan, continues to lead as the first CBDC that would be officially released globally. So far, the digital currency is at its testing phase as residents in China have begun using the currency ahead of its formal launch.
Recently, Suzhou’s Chinese city said it would be giving 30 million yuan ($5 million) digital airdrop dashing out digital yuan through a lottery game. Reports have it that by February 2022, the digital yuan project would be completed, and PBOC would officially launch the CBDC.
Bitcoin price is back at local highs, but still struggling to set a new record beyond $61,800. The lack of a further push by bulls even with positive news out of PayPal, has caused one iconic trader to warn of the possibility of a topping pattern forming.
The theory is based on a set of technical analysis tools the trader himself created. But what exactly is a “Three Pushes to a High” pattern and what might it suggest about the coming price action?
John Bollinger, Bollinger Band Creator, Warns Of Bitcoin Reversal
The leading cryptocurrency by market cap is only a few hundred dollars below $60,000 – an area that has resulted in repeated rejections. It has been the first major area of supply catching up with the overwhelming demand for Bitcoin ever since the pandemic first began.
But as the dollar strengthens, and gold prices fall early bull run levels, Bitcoin could see its first major correction. Various technicals are overheated, causing the once powerfully trending cryptocurrency to respond less and less positively to news that drives adoption further.
For example, the Tesla pump has yet to retrace, while the following rally related to the announcement that the company had enabled Bitcoin for payments was immediately wiped out.
The most recent bullish news, has PayPal finally enabling its customers to use crypto at its millions of merchants globally. However, further record highs have yet to materialize. The lack of continued enthusiasm around the asset class has prompted iconic trader John Bollinger to warn of a potential topping pattern in Bitcoin.
With the Paypal news fully in the market (payments start today) and no new high for $BTCUSD traders should start considering the possibility of Three Pushes to a High.
What Is A Three Pushes To A High Technical Chart Pattern?
Bollinger, who created the Bollinger Bands technical analysis indicator, often speculates publicly via Twitter regarding his thoughts on where Bitcoin goes next. In the past, he’s given a heads up and told the trading community when it’s “time to pay attention,” but ultimately leaves the predictions up for debate.
His latest tweet warns that Bitcoin could be forming a Three Pushes to a High pattern. He offers no further clues as to why he’s making such a warning, only calling the rare pattern by name.
In technical analysis, there’s all sorts of patterns, mostly following a naming convention mimicking the shapes they take, such as triangles or head and shoulders. But there’s a wide world of wacky patterns across Japanese candlesticks and indicators themselves that provide potentially profitable trading signals.
Because the pattern is rare, there’s very little educational materials that exist aside from those instructed by Bollinger himself. Upon further research, Bollinger in the past has shared the conditions as part of a “micro-lesson” in TA.
The living legend reveals that a Three Pushes to a High typically is accompanied by lower peaks in %B, the Bollinger Band Width turning down, and finally, confirmation when the BBTrend tool also turns down. As of right now, that’s the missing piece of the puzzle.
Zooming out shows that this might not be the first instance of this pattern, and could also indicate that a more extended peak is near – at least potentially for several months, until demand is reestablished and prices move higher.
Because BBTrend hasn’t turned down, there’s a chance not all conditions have been met yet for a deeper correction to yet trigger.
If Mr. Bollinger is incorrect about the theory, and he’d be the first to agree that these are simply predictions based on probabilities, then Bitcoin will blast off like never before.
Featured Image From Deposit Photos, Charts From TradingView.com
Driven by a community initiative, US$500,000,000 has been raised in ADA to be given to charity through so-called “mission-driven stake pools”. Via a post on the Cardano forum written by Elliot Hill, part of the Cardano Foundation team, platform users were informed of the following:
The rewards from these pools, generated by the collective power of you, our Cardano community, are being donated to more than 100 charitable organizations worldwide.
Mission-driven stake pools, according to the post, are those that have committed a portion of their block rewards to charity. This initiative is part of a new donation system that Cardano’s community is aiming to put in place.
Because stake pool operators also receive part of the rewards, charities, non-profit organizations and specific cause-oriented projects can be supported on Cardano in a sustainable fashion. The official post states:
The rewards generated from a mission-driven pool are similar to those generated by purely for-profit stake pools, which means delegators can drive social good while also meeting their personal crypto goals.
Organizations that are supported by the Cardano community include regular donations to Save The Children, a project created to maintain the health of children around the world within the United States and in conflict zones; The Water Project, an initiative to provide access to clean water to communities in the Sub-Saharan African region; SolarAid, a project created in 2006 to combat poverty and climate change, among many others. The official post affirms:
Together, more than 10,000 individual delegators—ada holders like you—have pledged a proportion of their personal ada holdings to more than 60 mission-driven stake pools on Cardano.
With improvements and new proposals in development, Cardano’s community is working to make it easier for donations to be delivered. In the near term, there are plans to introduce third-party payment gateways and a fully transparent auditing method created with metadata on Cardano’s blockchain. Hill said:
(…) reaching US$500,000,000 of ada staked to mission-driven stake pools is a significant milestone for the Cardano ecosystem, proving that serious use-cases focused on social good and financial inclusion are already emerging from the Cardano community.
Tomorrow, Cardano will officially enter a new age of full decentralization. As reported a few days ago, the stake pool operators will take over the start production of all the platform’s block. Therefore, the D parameter will drop to 0.
This event will take place in approximately 3 hours, at the time of writing, according to the most recent update from Input Output Hong Kong, developer of Cardano. Marketing & Communications Director for IOHK, Tim Harrison, recently highlighted that decentralization is one of “Cardano’s core values.”Adding that this milestone will “advance” the platform governance model, Harrison said:
Ultimately, it will result in the creation of a platform wholly and democratically operated and controlled through its global community of SPOs, developers and users.
ADA is trading at $1,19 with small losses of 2.3% in the 24-hour chart. In the weekly chart, ADA has 5.5% gains.
Bird Keeper by JUNG. Marie Tatibouet is the Chief Marketing Officer at crypto exchange Gate.io.
While it took around twelve years for crypto to reach the “early majority” stage in the tech adoption curve, non-fungible token (NFT) adoption is moving much faster. NFTs are bringing crypto to your average, everyday folks, including beatboxers, drummers, and a wide variety
True or not, the timing of the announcement is suspect given many companies' apparent fondness for pranking customers on April 1.
Flipkart, India's largest e-commerce company by sales, has said it will be accepting Bitcoin payments in what many suspect is an April Fools’ Day prank.
In an announcement on Twitter today at 11:30 pm India Standard Time, Flipkart said it would be accepting Bitcoin (BTC) “as a convenient mode of payment” for its online marketplace. However, many users have refused to accept the e-commerce company’s seemingly pro-crypto stance given the timing — at the time of publication, it is already April Fools’ Day in India.
Headquartered in Bangalore, Flipkart has claimed to have more than 200 million users as of July 2020, meaning crypto payments on the platform could look bullish for the Indian market. However, reports have been circulating of the Indian government introducing a possible ban on private cryptocurrencies in the country. Many Flipkart users seemingly doubted the veracity of the company’s claims.
“A massive company like Flipkart would not take such a risk given the uncertainties in the regulations here,” said Twitter user Shrikar Parashar.
Many Crypto Twitter users said that even though they believed the announcement was an April Fools’ Day joke, the message was still a bullish indicator for the space and “good for Bitcoin awareness.” Others speculated that if Flipkart didn’t hold up its end on Bitcoin payments, the alleged joke might drive users away:
The crypto space is annually beset with fake news reports around April 1 that sometimes go viral before the majority of readers find the fine print revealing they were jokes. For a few years, CoinMarketCap has listed Toilet Paper Token (TPT) as the number “0” digital asset in its list of cryptocurrencies by market capitalization. Last year, crypto exchange Bitfinex pranked its more than 600,000 Twitter followers by claiming it would release an energy drink similar to Monster.
Cointelegraph reached out to Flipkart for comment but did not receive a response at the time of publication.
On Wednesday (March 31), Billionaire investor Mike Novogratz shared his latest thoughts on Bitcoin. Former hedge fund manager Novogratz is the Founder and CEO of Galaxy Digital, “a diversified financial services and investment management innovator in the digital asset, cryptocurrency, and blockchain technology sector.” His comments about Bitcoin during an interview on CNBC’s “Squawk Box” at a time […]
All of 19, Sami Loyal is a crypto and indices trader who dropped out of college a few years ago to pursue his dream of trading full-time. He has since racked up over $1 million in profits and runs a successful YouTube channel under ‘Forflies,’ sharing tips, tricks, and traders with newer traders wanting to emulate his path.
You probably saw Loyal at last week’s episode of Cryptonites (here’s it, in case you missed it), the crypto edutainment channel run by host Alex Fazel. The duo is back for Part 2 of the mini-documentary, and this time, they’re diving deep into crypto trading strategies and what not to do when someone’s planning to begin trading on a full-time basis.
On Making fewer mistakes and chasing losers
Loyal kicks off by stating that trying to make up losses by overtrading is, simply put, the worst-ever strategy for any budding trader.
“I always give the same example on my YouTube channel. If you lose minus 50%, you need to double your money to break even so you’re screwed. You need to work double as hard to make that money back,” he says.
The reason? It’s because losses are sure to mess up with a person’s overall psychology and a key part of trading. A trading adage even says that 80% of all trading is entirely managing emotions, while the remaining 20% is managing risks and creating a strategy.
“The next time you want to get into a trade and you actually might see a really good opportunity, you know how badly you messed up the last time. And now you have to recover that 50% loss for example. You just won’t commit to a good idea you might commit with less money than you should have or there could be any number of things that go wrong,” he shared, adding:
“It’s not just the money you lost yesterday. It’s the opportunity you won’t take tomorrow because you have no confidence in yourself.”
Avoiding such a scenario, as per Loyal, is by not taking unnecessary risks by trading with less money, having more confirmations with different indicators, and following safe practices when it comes to trading and managing a personal book.
“If you’ve read a trading book, the best practices, and things that other successful traders do, you know that you should those kinds of principles and you tend to avoid those problems,” he adds.
Maintaining a trading journal
Writing and maintaining a detailed journal, as uncanny as that may sound, is yet another major tip that Loyal shares. This not only helps him retain and build on the best practices but also avoids any popular notions that don’t work.
“(If) there was a rising wedge RSI or whatever volume, I would write down these reasons and I would write down the reasons I shouldn’t have entered. And this will help me: These signs were quite useful to follow. These ones were quite unreliable. And that’s how I’ve come to a very strong conclusion that the RSI is useless,” he shared.
Loyal added, “I strongly believe that it depends on how you use it, of course, but it’s pretty bad. In my opinion, I came to that conclusion because I couldn’t use it properly in my trading journal; it led to failing traits.”
He also chooses to use the 4-hour timeframe along with analyzing the hourly and daily charts in his trading. ‘The problem here is now there’s a lot of new data coming in all the time and new traders, they make this big mistake of thinking that the more I trade arise, the more money I’ll make. And I can’t think of any worse approach,” said Loyal.
“Because you’re going to analyze a new piece of data every five minutes on the five-minute time frame that’s going to make a gambler gamble,” he ends.
(Want to know several more tips to trade Bitcoin that Loyal lives by? Want to know what he says about the asset’s future? Find it out on the entire Cryptonites episode, available for free streaming right below!)
Bakkt has launched its official payments app, allowing users to buy, sell, and spend Bitcoin and other digital assets.
Bakkt App Available to All
Though Bakkt ran an Early Access Program last year, this is the first time that its app is available to general users.
The app allows users to manage Bitcoin as well as other digital assets like store reward points and cash balances. Users can also purchase discounted gift cards from more than 75 brands.
This is the second major product from Bakkt, which also operates a futures trading platform and a custodial solution for institutional investors. The app, however, is aimed at retail users.
Bakkt says that it aims to help users “unlock the value of $1.2 trillion in digital assets” that are currently in circulation.
Brand Partnerships and Incentives
Bakkt is launching the app in partnership with several major brands. With Best Buy, Choice Hotels, Fiserve, and GolfNow, it is offering special deals and ways to manage reward points.
Bakkt has also attracted attention for its attempts to help Starbucks accept Bitcoin. The state of that partnership is still unclear; however, the app will allow users to manage their Starbucks Card balance, according to Bakkt’s latest press release on the launch of its app.
In order to encourage users to download the app, Bakkt is also giving away $1 million as a promotional offer.
The news comes just days after news that PayPal is allowing users to spend Bitcoin through its app. Visa and Mastercard have also reported plans to offer crypto spending features.
At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins.
One of the big problems with bitcoin as of late is that it hasn’t become very energy conscious. Many companies and individuals alike complain that mining the currency is causing huge problems for our environment, and they want to make sure the planet is still in a healthy place in the future. Now, firms such as DMG Blockchain Solutions and Argo Blockchain are taking these worries to heart and looking to create an entirely new green sector for the mining space.
Argo Blockchain and DMG Blockchain Solutions Are Working Hard for a Stronger Future
Over the past several weeks, we’ve been hearing several complaints about what bitcoin mining can allegedly do the atmosphere. It is widely believed that the practice of bitcoin and crypto mining leaves a heavy carbon footprint behind. Bank of America, for example, claimed in a recent report that bitcoin mining requires more energy than companies such as American Airlines, and that for every $1 million invested in BTC, the energy required to fuel 1.2 million vehicles is required.
In addition, it is argued that bitcoin mining now requires more electricity that certain nations, such as Argentina and Norway.
DMG Blockchain Solutions and Argo Blockchain have now paired up to tackle these concerns. Together, they are launching what they say will be the planet’s first “bitcoin mining pool powered by clean energy.” The maneuver is designed to limit the effects of climate change and ensure everyone’s children and grandchildren can continue to survive in a clean world.
In a statement, both firms announced that they are looking to mint “the first green bitcoin.” The project is known as Terra Pool, and will consist of both DMG’s and Argo’s hashrate, which presently utilizes energy established through hydroelectric sources. Peter Wall – CEO of Argo Blockchain – explained:
We are hopeful other companies within the bitcoin mining industry follow in our footsteps to demonstrate broader climate consciousness.
Over time, it is hoped that Terra Pool will do its part to limit the emissions of greenhouse gases and other harmful substances in Earth’s atmosphere so that global warming can slow down or even come a halt in the coming years.
With bitcoin reaching a whopping $61,000 per unit in recent weeks, one can imagine that bitcoin miners are making quite a bit, and many new miners have been entering the space hoping to earn rewards on what is now one of the world’s biggest assets, though many argue that this method of getting rich comes with a few negative marks, such as environmental impacts.
Things Are Exaggerated!
However, some say the effects of bitcoin mining aren’t that bad. One of these figures is Dan Held, head of growth at the Kraken cryptocurrency exchange in San Francisco. He states:
What it really comes down to when people don’t like bitcoin energy consumption is… they simply don’t like bitcoin.
Popular crypto analyst Coin Bureau is explaining why one privacy coin has “so much potential,” and could see astronomical gains by the end of the year.
In a new video, the influencer who goes by “Guy” tells his 600,000 subscribers that he sees Monero (XMR) leading the way in the privacy coin space.
The trader makes the case that in an increasingly under-surveillance world, privacy coins like Monero could become a lot more attractive.
“Privacy. It’s one of those things that you don’t think too much about until you actually need it, and by that stage, it’s probably too late. It’s also an unexplored crypto sector that I think has insane potential. It’s only a matter of time until the rest of the market wakes up to the risks posed by completely transparent blockchains. Leading this charge toward this financial privacy is Monero.”
While Coin Bureau is bullish on coins with public blockchains like Bitcoin (BTC) or Ethereum (ETH), he stresses that they’re not entirely private.
“Public blockchains were a great innovation as they allowed people to verify and trust them. However, they have an Achilles heel when it comes to privacy. Anyone can crack open a blockchain explorer and observe exactly what is going on for all addresses, where transactions are flowed and how much these addresses hold…
I know what you’re thinking: ‘Guy, I don’t use the dark web, I have nothing to hide, why should I care?’ Well, why don’t you walk down the street naked? Sure, you’ve got nothing to hide, but your business is your business. Moreover, in countries with repressive regimes, a mere donation to a cause they don’t like could land you on a list.”
Monero, which is trading at $240 according to CoinGecko, is currently undervalued from a fundamental standpoint, says Guy. He expects it to break its all-time high of $284 en route to a massive 316% increase before 2021 expires.
“There is a lot to look forward to in the Monero ecosystem, from atomic swaps to triptych research, from increasing adoption to greater decentralization…
My educated opinion is that we could easily see a return to Monero’s all-time high within the next three months. Then, if the crypto bull market continues to forge ahead, it’s entirely possible we see it about $1,000 by the end of this year.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
In March last year, the banking institution denied that BTC is an asset class. Now, Global Head of Digital Assets Mary Rich endorsed one of the narratives that has favored the cryptocurrency the most over the course of the year in an interview with CNBC: Bitcoin is a hedge against inflation. Rich said:
(…) we’re sitting at the dawn of a new Internet in some ways and are looking for ways to participate in this space.
Bitcoin as sustitute for gold
Galaxy Digital CEO and Bitcoin bull Mike Novogratz also gave an interview to CNBC and stated that his firm is “excited” to work with Goldman Sachs and other institutions. Novogratz believes that the market has matured enough for institutions “as big” as this one to enter the crypto market.
However, he believes the crypto financial ecosystem is in “its first inning” and expects to see more BTC integrations into the traditional market during the year. Comparing the performance between Bitcoin to that of gold and silver, Novogratz determined that the “adoption story” has been BTC’s biggest tailwind and the reason the precious metals are underperforming.
Tesla, MicroStrategy, Morgan Stanley, Goldman Sachs and other institutions’ stake in BTC strengthens it politically, Galaxy Digital’s CEO added, asserting that there are enough Bitcoin users in the U.S. to claim that “we have crossed the Rubicon.”
Taking actions that hurt the cryptocurrency industry could be too unpopular. In response to a question about the “true” value of 1 BTC, Novogratz confessed that his original price for the cryptocurrency was $60,000 because it would reach 10% of gold’s market cap. However, Novogratz thinks it could go further:
Bitcoin is on an inevitable path to have the same market cap then a higher market cap as gold. It’s just how fast adoption happens. Adoption is happening faster than I had predicted. It’s shocking to me how people are moving into the system and how short people are. Once you decide it’s an asset class, if you are not long, you are short.
Bitcoin is trading at $59,014 with minor gains of 0.1% and 8% in the last week. Upon Goldman Sachs announcement, BTC has seen a bullish momentum after a drop in the 24-hour chart.
With Glassnode data, analyst William Clement claims BTC’s capital inflows are on the rise setting a price floor at $54,800. The analyst added:
A lot of distribution in the current range we’re sitting in as well, don’t expect price to stay at these levels for long.
The Texas-based miner raised more than $38 million in two separate funding rounds.
Blockcap, one of North America’s fastest-growing Bitcoin (BTC) mining companies, has secured sizable investments from some of crypto’s biggest names, setting the stage for significant expansion in the year ahead.
Off The Chain Capital and Foundry Digital, a subsidiary of Digital Currency Group, contributed to the $75 million haul, Blockcap announced Wednesday. The funding will go towards scaling the company’s mining operations and promoting the continued growth of digital assets in the United States.
Blockcap was founded in 2020 by a group of blockchain veterans. It now commands a fleet of roughly 12,000 machines mining roughly 7 BTC per day. That figure is expected to grow to more than 30,000 by the end of the year, helping the company expand its hashing power to more than 3.5 EH/s. As Cointelegraph previously reported, Blockcap estimates that its mining hardware is valued at $270 million on secondary markets.
Currently, Blockcap accounts for nearly 1% of all Bitcoin network transactions, the company said Wednesday.
Mike Colyer, Foundry Digital’s CEO, said his firm sees “opportunity for long-term growth in Blockcap.”
Biran Estes, Off The Chain’s chief investment officer, said Blockcap’s acquisition of tens of thousands of miners demonstrates “just how massive Blockcap has become.” He explained:
“Mining is the critical infrastructure necessary to ensure the ecosystem progresses and we believe that Blockcap will continue to catalyze the growth of digital assets in cyberspace.”
In addition to expanding its mining operations, Blockcap is looking to promote mainstream adoption of blockhain technology, especially in the United States. Darin Feinstein, Blockcap’s executive chairman, said:
“We’re excited for what is in store for digital asset mining here, especially the associated benefits of economic growth and job creation.”
China continues to lead the Bitcoin mining industry, though its dominance appears to be smaller than initially believed. As of July 2020, the Asian superpower probably accounted for roughly half of the global Bitcoin mining industry — not 65% as many believed. At the time, 14% of mining capacity came from the United States.