With mass adoption comes the risk that cryptocurrency may lose one of its core value propositions: decentralization.
With mass adoption comes the risk that cryptocurrency may lose one of its core value propositions: decentralization.
Decentralized Finance never ceases to amaze with records as more platforms gain success in this field. The decentralized Binary options platform and exchange Value Network stepped into the DeFi area and gained unmatched success in two days.
Reimagined with the help of blockchain technology, Binary options seem to become a no-brainer for new users. The MVP product on Qtum blockchain was presented by the VN team. This news has triggered unprecedented growth in VNTW token trading volume within just one day — as it stole the show on Uniswap! VNTW exchange rate grew more than 200 times: from $0,011 till $2,3.
The second chance can make all the difference as the latest success of the Value Networks project proves. Originally started in 2018 by Artem Levin, the VN has initially been created as the crypto-backed loans platform on Ethereum smart contracts. Having realized the potential of the emerging DeFi area, the project was re-started in September 2020 and with a new vector of development, it finally managed to capture the attention of the cryptocurrency audience.
Value Network provides decentralized binary options, P2P betting, and price oracles. The team is aimed to solve the Binary options market core issues. Putting the bets against each other on the Ethereum blockchain, they let users compete while there’s no conflict of interest involved unlike 99% of fiat platforms. Moreover, the UI interfaces are developed in a special way to provide an engaging user journey, resulting in a different experience compared to other existing blockchain prediction markets’ platforms. Also, users can see how their bet changes in price depending on the possibility of the outcome and replace their bets at any time for the additional fee.
The VNTW token is the core of the Value Network platform that plays a critical role in the ecosystem. It allows access to the exclusive markets, lowering commissions on the trades. The token is essential for creating the new markets, staking, and helping to secure the pre-timing escape of the deal. Moreover, the Value Network provides advertising possibilities on the platform. Listed on Uniswap in early January, allowing users to participate in 6 pairs, all with liquidity reward programs.
Value Network’s team is thrilled about the future of its platform. While being bullish on decentralized insurance, they are also excited about the implementation of DAO mechanics for the project’s community as well as exploring the potential use cases of highly popular NFTs.
Whitelabel solution and blockchain-based referral systems are planned for early 2021, boosting user adoption in the upcoming year.
The new roadmap will be carried out with direct cooperation with Qtum. On Value Network, users purchase options that are depending on the price of the underlying asset pairs, winning the funds of their counterparty in the event of a successful bet. For example — due to the current market situation it’s possible to make a bet and win up to 35%.
Moreover, the project community will be able to trade these options back and forth before expiry. Value Network traders can even create their own markets by staking VNTW — the native platforms’ token and facilitate trading, making a prediction market offering new derivatives correlated with crypto prices.
Finally, the much-needed mobile version of the application is also in the works and rumored to be implemented in the near future.
Bitcoin price is showing positive signs above $58,500 and $59,500 against the US Dollar. BTC is likely to accelerate higher above $61,000 and $62,000 in the near term.
This past week, bitcoin price saw a decent increase above the $57,500 resistance against the US Dollar. The BTC/USD pair broke the $58,500 resistance and it settled above the 100 simple moving average (4-hours).
The pair even climbed above the $59,200 level and the key $60,000 resistance. However, the bulls struggled to lead the price to a new all-time high above $61,250. A high was formed near $61,242 and the price is now consolidating gains.
There was a spike below the 23.6% Fib retracement level of the upward move from the $55,545 swing low to $61,242 high. The price is now consolidating above the $60,000 level.
Source: BTCUSD on TradingView.com
There is also a short-term bullish continuation pattern forming with resistance near $60,300 on the 4-hours chart of the BTC/USD pair. If there is an upside break above the $60,500 level, there are chances of a strong increase in the coming sessions.
The next key resistance is near the $61,250 level. A successful push above the $61,250 level could open the doors for a steady increase above $62,000 and to a new all-time high in the near term.
If bitcoin fails above the $60,500 support, there is a risk of a downside break. The first major support is near the $59,300 and $59,200 levels.
The next major support is near the $58,500 level. It is near the 50% Fib retracement level of the upward move from the $55,545 swing low to $61,242 high. Any more losses might call for a test of the $57,500 level and the 100 simple moving average (4-hours).
4 hours MACD – The MACD for BTC/USD is losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
Major Support Level – $58,500
Major Resistance Level – $61,250
Signal, the cross-platform encrypted messaging service is facing criticism this week, after the company Signal Messenger told the public it was integrating the cryptocurrency mobilecoin. Moreover, controversy surrounds the company’s founder and CEO Matthew Rosenfeld, known as ‘Moxie Marlinspike’ over his previous ties with the Mobilecoin project.
During the last week, Signal Messenger has been under fire for integrating the privacy-centric cryptocurrency mobilecoin (MOB). The subject has been trending on social media and forums as a number of crypto advocates are not pleased with the choice.
According to the MOB project’s website, the entire distributed ledger is “opaque” as “individual transactions are cryptographically protected, and the network uses forward-secrecy.” Since Signal’s announcement MOB has gained over 450% since then and today it’s up 20% during the last 24 hours.
MOB is currently trading for $58 per unit and the trading platform FTX Exchange is the most active market trading it today. Controversy is tied to the relationship Marlinspike allegedly had with Mobilecoin prior to the integration. Word on the street is Marlinspike was simply a MOB advisor but documents indicate the Signal founder may have played a CTO role.
In addition to that controversy, the project has been accused of being centralized, a copy of monero (XMR), and 100% pre-mined as well. A pre-mine is when the network’s entire supply of native tokens is created right away and developers and early investors have access to it all.
“Mobilecoin is 100% premined,” the Reddit user and r/cryptocurrency forum moderator u/samsunggalaxyplayer said. “100% of the supply was created in 16 outputs that can be distributed however the initial founders like. There is extremely limited information about how they will be distributed, though it’s highly likely that the founders will keep some for themselves.”
The Redditor also said that Mobilecoin team members like to “discredit Monero wherever they can.” On Twitter, software developer Pokkst spoke out against the Mobilecoin project as well. A few more things about Mobilecoin,” the developer tweeted. “When Mobilecoin is run with Intel SGX, user’s private keys are transmitted to remote nodes and stored in their secure enclave. Lol. Basically Intelcoin. It’s 100% premined, with a hardcoded 0.01 MOB fee per tx. Currently, that’s $0.66 per [transaction]. All [transaction] fees currently go to Mobilecoin Foundation.”
The creator of Signal has a huge stake in Mobilecoin, so Moxie is pumping his bags by using Signal.
Following the Mobilecoin announcement, people who disliked Signal’s integration with MOB started to recommend the encrypted messaging service called Session. The Session project leverages a blockchain and is a Signal fork. Despite the documentation showing Moxie as the CTO, Mobilecoin CEO Joshua Goldbard recently said that “Moxie was never CTO.”
What do you think about the controversy over Signal and the Mobilecoin project? Let us know what you think about this subject in the comments section below.
On April 9, 2021, the Delaware-based company and sponsor of the “Kryptoin Bitcoin ETF Trust” filed an S1 amendment for a bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). The asset manager re-filed its 2019 ETF application and instead of leveraging NYSE, the company plans to use Cboe BZX.
The race for a bitcoin exchange-traded fund (ETF) in the United States has grown thick with competition in recent days. The asset manager Kryptoin has recently revealed it has re-filed with the SEC in order to get an ETF approved. With Kryptoin joining the competition, there are now seven bitcoin-based ETFs hoping to get approved by the U.S. regulator. The list includes Valkyrie, Vaneck, Fidelity, NYDIG, Wisdomtree, First Trust & Skybridge, and Kryptoin.
Kryptoin’s prospectus is not much different than its 2019 filing, except at that time it had chosen to list on NYSE Arca. However, this time around, Kryptoin’s prospectus sent to SEC on Friday named Cboe BZX as the listing exchange. Kryptoin has decided to add its prospectus to the list of bitcoin ETF filings, while both Vaneck and Wisdomtree step up for the SEC review. The company’s product will be named the “Kryptoin Bitcoin ETF Trust,” and the company would like to launch as soon as it is permissible.
The preliminary prospectus subject to completion further notes the “objective is to provide exposure to bitcoin at a price that is reflective of the actual bitcoin market where investors can purchase and sell bitcoin, less the expenses of the Trust’s operations.” Kryptoin adds that the firm will leverage a reference rate in order to determine the value of shares.
The SEC filing states:
In seeking to achieve its investment objective, the Trust will hold bitcoin, and in seeking to ensure that the price of the Trust’s shares is reflective of the actual bitcoin market, the Trust will value its shares daily as determined by the CF Bitcoin US Settlement Price.
There are already two North American bitcoin-based ETFs in Canada, and a few weeks ago in South America Brazil launched its first bitcoin ETF as well. The United States has yet to allow a bitcoin ETF, as the SEC has denied plenty and many have withdrawn their preliminary filings. The SEC has cited issues like price manipulation but since a lot of institutional money has jumped into the crypto ecosystem, many firms have hopes for 2021 approval.
Kryptoin’s ETF is led by Jason Toussaint, a businessman who has a lot of experience with ETFs. Toussaint was previously the CEO of World Gold Trust Services, a sponsor of SPDR Gold Shares ETF (GLD). Kryptoin’s CEO and board member Toussaint has also worked with ETFs and other investments with Morgan Stanley, Northern Trust Asset Management, and JP Morgan Asset Management.
What do you think about Kryptoin’s bitcoin ETF filing and the other ETFs waiting for approval? Let us know what you think about this subject in the comments section below.
Ripple has engaged in a fierce legal battle against the U.S. Securities and Exchange Commission (SEC). The financial watchdog claims that the distributed ledger startup, co-founder Chris Larsen, and CEO Brad Garlinghouse sold unregistered securities worth $1.3 billion.
In an attempt to determine how much money Larsen and Garlinghouse had obtained from the sale of XRP, SEC’s lawyers sent subpoenas to six different banks asking for the executives’ financial records. Ripple, in response, filed a motion alleging that the regulatory agency was “wholly inappropriate overreach.”
Interestingly, Magistrate Judge Hon. Sarah Netburn denied the SEC access to Larsen and Garlinghouse’s personal banking records. She affirmed that obtaining such information was not “relevant or proportional to the needs of the case.”
“The SEC has not presented any evidence the individual defendants have hidden transactions or that the documents produced to support an inference of hidden transactions… The SEC’s belief that the individual defendants’ banking records might show evidence of a speculative transaction that could have occurred is not a foundation on which to order expansive discovery into personal financial accounts,” said Judge Netburn.
The ruling in favor of Ripple was well received by investors who seemingly rushed to exchanges to get a piece of XRP. The spike in buying pressure saw the fifth-largest cryptocurrency by market capitalization rise by nearly 38% in the past 24 hours.
Despite the significant gains already incurred, one of the most prominent analysts in the industry believes that XRP has more room to go up.
According to 40-year trading veteran Peter Brandt, XRP has broken out of an inverse head-and-shoulders formation that developed on its weekly chart since May 2018.
After moving past the pattern’s neckline at $0.65 on Apr. 5, the altcoin surged by a whopping 120% to recently hit a new yearly high of $1.41. Further increase in buying pressure around the current price levels could push XRP’s price by another 160% towards a new all-time high of $3.55.
In case you trade this (I don’t)
Coin is enjoying SEC ruling and the madness of crowds
Weekly chart H&S patterns are too often not to believed. But sometimes they come true.
This possible inverted H&S with stunted RS would indicate prices a boat load higher (new ATHs). $XRP pic.twitter.com/TQdEV5j8Dv
— Peter Brandt (@PeterLBrandt) April 9, 2021
Regardless of the optimistic outlook, Ripple’s legal uncertainty suggests that anyone trading XRP should keep tight stop-loss orders to avoid potential risks.
The post SEC v. Ripple takes new turn, setting XRP up for potential future growth appeared first on CryptoSlate.
Goldman Sachs CEO David Solomon foresees “big evolution” coming to cryptocurrency regulation as demand for bitcoin from clients continues to rise. He says that Goldman will “continue to find ways to serve our clients as we move forward.”
David Solomon, the CEO of global investment bank Goldman Sachs, shared his view on cryptocurrency regulation in an interview with CNBC this week.
Regarding the regulation for bitcoin and other cryptocurrencies, the Goldman Sachs executive said he thinks that cryptocurrency “is a space that’s evolving,” predicting:
I think there’ll be a big evolution as to how this evolves in the coming years.
Emphasizing that his company operates within the rules set by regulators, the Goldman Sachs CEO noted: “I’m not going to speculate on where the rules will go for regulated financial institutions, but we’re going to continue to find ways to serve our clients as we move forward.”
Solomon detailed that Goldman Sachs is focused on how to support demand from clients for bitcoin and other cryptocurrencies. “We continue to think about digital currencies and the digitization of money in a very proactive way,” he opined, mentioning specifically that his firm “can help clients facilitate custody positions in digital assets.”
The Goldman Sachs chief reiterated: “As our clients have demand to be involved in this space we can continue to find ways to support our clients … That’s the lens that we’re really looking through.” Solomon clarified:
There are significant regulatory restrictions around us and us acting as a principle around cryptocurrencies like bitcoin.
Do you agree with Goldman Sachs’ CEO about regulatory evolution coming to the crypto space? Let us know in the comments section below.
According to professional trader Scott Melker, Ethereum’s “tremendous upside potential” could overshadow Bitcoin this year.
Taking the market by storm, OlympusDAO’s native OHM is up 95.8% this week alone and 31.1% in the past two weeks. At the time of writing, OHM is trading at $812,76 with 7.3% profits in the 24-hour chart.
With a market cap of just $68 million, OlympusDAO might have gone unnoticed by many investors. However, it has a mechanism called Bonds which promises to be one most important and lucrative in the DeFi sector.
According to research firm Messari, this protocol is attempting to create a stable currency backing every OHM with DAI and OHM-DAI. The objective is to maintain a “fundamental check on inflation” and a currency with an undiluted purchasing power.
Unlike Tether and other stablecoins, OHM is not pegged to any other asset. Its stability is achieved via the DAO (Decentralized Autonomous Organization) when it alters variables to obtain more profitability for stakers.
This is done via the sales contract connected to the protocol’s treasury and a liquidity pool (OMH-DAI) on decentralized exchange Sushiswap, as shown below. Messari explains:
When OHM trades above 1 DAI, the protocol mints and sells new OHM. When OHM trades below 1 DAI, the protocol buys back and burns OHM. In each case the protocol makes a profit. Olympus DAO distributes these profits 90% to OHM stakers pro rata and 10% to a DAO.
The Bonds are a treasury component to get liquidity with it users can trade Stake Liquidity Provider tokens to get OHM directly with the protocol, as an OlympusDAO developer explained.
Once the trade is completed there is a vesting schedule of 5 days. During this time, the user can redeem the tokens but has incentives to get them at a discount. The latter is determined by the number of bonds in the protocol, more bonds are equal to a lower discount.
Via this mechanism, as the developer said, OlympusDAO restrains its own growth, to have become “steadier”.
The liquidity from a bond is locked in the treasury and used to back new $OHM. That liquidity now belongs to the market and, by extension, the token holders. The more liquidity the protocol builds up, the more confident holders can feel.
The users are basically contributing to OlympusDAO by adding liquidity. In retribution, the user gets a reward in OHM at a much cheaper price during a specific period. That way, both the user and the protocol can benefit.
We are already seeing this happen. Since launching bonds a week ago, the protocol has accumulated 26% of the pool (~$1.7m worth of liquidity) pic.twitter.com/kGoPQYGDyq
— ZΞUS Ω (3, 3) (@ohmzeus) April 8, 2021
OlympusDAO offers LP a variety of strategies around OHM which they can leverage to obtain a bigger profit than on the spot market. The developer claims:
All of this serves to create a long-term, sustainable bootstrapping mechanism for the protocol, with participants as the main beneficiaries. A good system shouldn’t offer one opportunity to “make it”; it should offer them in perpetuity with diminishing returns. This is how you produce wealth; slowly, through compounding gains.
Ethereum is trading at $2096,58 with a 1.2% profit in the 24-hour chart, after dropping from its ATH at $2,198.