Chainlink Rival Band Protocol Surged 65% Overnight — 3 Reasons Why

Chainlink Rival Band Protocol Surged 65% Overnight — 3 Reasons Why

Band Protocol (BAND), a rival blockchain network to Chainlink (LINK) — which is also at an all-time high — surged by 65%. Within 24 hours, BAND rose from $4.825 to $8, setting a new record high.

Three major catalysts appear to have triggered the rally of BAND, namely the DeFi (decentralized finance) boom, Coinbase listing and new partnerships.

The daily chart of BAND

The daily chart of BAND. Source: TradingView.com

Since June 1, the total value locked in DeFi protocols increased from $1.04 billion to $4.47 billion. The valuations of DeFi-related project tokens has risen substantially as the capital involved in the DeFi space surged by more than four-fold.

Band Protocol, like Chainlink, is a blockchain network for oracles. DeFi protocols rely on oracles to retrieve market data, as they cannot access raw data from other blockchains or websites. As such, oracles are critical to the success of DeFi applications.

As the DeFi market is rapidly expanding, the demand for oracles is also increasing in tandem. DeFi projects technically could make their own oracles but it requires time and resources to develop them. That is where oracles like Band Protocol and Chainlink come in.

Chainlink, similarly, has seen a strong performance over the past month. Since July 6, the price of LINK rose from $4.74 to $9.6, by more than 100%.

On Aug. 5, Zach Segal, the head of listings at Coinbase, said Coinbase Pro would list Band Protocol. The official Coinbase Pro account said it would list BAND by August 10, as long as liquidity conditions are met. The Coinbase Pro team said:

“Mon, Aug 10, our BAND-USD, BAND-BTC, BAND-EUR & BAND-GBP order books will enter transfer-only mode, accepting inbound transfers of BAND in supported regions. Orders cannot be placed or filled. Trading will begin on/after 9AM PT the following day, if liquidity conditions are met.”

Within one hour, the price of BAND surged from $5.6 to $8, after the Coinbase Pro listing was announced. Many cryptocurrencies have seen strong rallies in the run up to Coinbase listings. But after the listing, as seen in the case of Compound (COMP), they tend to see take-profit pullbacks.

On Aug. 4, Band Protocol and Elrond announced a partnership to use Band’s oracles to fetch off-chain data feeds. At the time, Elrond CEO Beniamin Mincu said:

“Cross-chain data availability will accelerate DeFi applications being built on Elrond, while off-chain data will open the door for a multitude of potent business applications.”

According to CoinMarketCap, Elrond has a market capitalization of $278 million and is the 43rd cryptocurrency by market cap. Backed by Binance Labs, it is a proof-of-stake (PoS) blockchain network built for large-scale decentralized applications (DApps).

Based on the recent trend of BAND, early investors have expressed optimism towards the project. Kelvin Koh, the co-founder of Asia-based venture capital firm Spartan Black, said:

“Congrats to the BAND team. Well deserved recognition for a team that works super hard and has proven that it can go against the odds. I expect more partnerships and exchange listings to come on the back of this.”

Michael van de Poppe, a full-time trader at the Amsterdam Stock Exchange, pointed out that tokens launched from the Binance Launchpad has generally performed well. He said:

“We’ve seen some amazing runs on the IEO’s of Binance. Strongest movers are; KAVA, ERD and BAND as they all pulled a move of more than 10x. Recently, $PERL also joined the party with a big breakout. I think CELR, ONE and BRD can still join.”

Whether the strong momentum of BAND could offset the threat of a post-Coinbase listing sell-off many cryptocurrencies saw in recent months remains uncertain. For now, oracles and DeFi-related blockchain projects appear to be seeing an increase in demand.

Source: www.bit-cointalk.com


Ethereum Classic Suffers Second 51% Attack In a Week

Ethereum Classic Suffers Second 51% Attack In a Week

Disclosure

Source: www.bit-cointalk.com


US Congressmen Want IRS to Balance Taxation and Innovation in the Cryptocurrency Space | Taxes Bitcoin News

US Congressmen Want IRS to Balance Taxation and Innovation in the Cryptocurrency Space | Taxes Bitcoin News

US Congressmen Want IRS to Balance Taxation and Innovation in the Cryptocurrency Space

A bipartisan quartet of US congressmen wants the IRS taxation policy not to dissuade taxpayers from participating in blockchain token staking.

These politicians believe America’s ingenuity can help drive this promising staking technology.

The four congressmen are Bill Foster (D) of Illinois, Darren Soto (D) of Florida, Tom Emmer (R) of Minnesota, and David Schweikert (R) of Arizona.

In their letter addressed to IRS Commissioner Charles Rettig, the quartet expressed concern that the “taxation of staking rewards as income may overstate taxpayers’ actual gains from participating in this new technology.”

They add this could result “in a reporting and compliance nightmare, for taxpayers and the Service alike.”

What cryptocurrency will become the main one in a year?
BitcoinEthereum

The letter, in which the U.S. politicians explain their understanding proof-of-stake (POS), also gives reasons why they favor POS ahead of bitcoin’s proof-of-work consensus.

The politicians say in addition to needing “massive amounts of energy,” the Bitcoin network is “secured by a relatively small number of miners.” On the other hand, in POS, “all tokenholders can contribute to network security.”

By staking tokens, participating third-party tokenholders can also receive newly created tokens as rewards for helping to maintain the network.

The quartet says it agrees with the principle “ that taxpayers’ true gains from these tokens should indeed be taxed.”

However, the politicians suggest a different solution:

Similar to all other forms of taxpayer-created (taxpayer-discovered) property — such as crops, minerals, livestock, artwork, and even widgets off the assembly line — these tokens could be taxed when they are sold.

Eager to keep the U.S. abreast with this technology, the congressmen end their letter by urging the IRS to continue pursuing its mandate “but also (to) ensure innovation won’t be driven elsewhere.”

This letter by the four members of Congress is the latest signal that the U.S. is moving to embrace blockchain technology and cryptocurrencies.

In July, the Office of the Comptroller of the Currency (OCC) clarified that national banks and federal savings associations can provide cryptocurrency custody services for customers.

Also in the same month, a U.S. federal court ruled that bitcoin is a form of money.

Meanwhile, reacting to the letter by the U.S. congressmen, Tim Ismilyaev, CEO and founder at Mana Security, says the growth of POS has finally forced some people in the U.S. government to see the importance of embracing cryptocurrencies.

“The US government recognizes the immense growth of assets locked in POS and defi [decentralized finance] markets (over $15B is already locked in such products) although these markets did not exist a few years ago. The value of locked assets is likely to surpass $100B mark in upcoming years, and this will happen with or without US approval. So this move by Congress toward crypto is rational.”

The bipartisan letter was written on July 29.

What do you think of this letter? Tell us your thoughts in the comments section below.

Bitcoin network, Blockchain, Charles Rettig, Cryptocurrency, IRS, Office of the Comptroller of the Currency, Proof of Stake (PoS), Proof of Work, Taxation, Tim Ismilyaev, US federal court, US taxpayers

Source: www.americancryptoassociation.com


Satoshi Nakaboto: ‘There are now nearly 9,000 Bitcoin ATMs worldwide’

Satoshi Nakaboto: ‘There are now nearly 9,000 Bitcoin ATMs worldwide’

Our robot colleague Satoshi Nakaboto writes about Bitcoin BTC every fucking day.

Welcome to another edition of Bitcoin Today, where I, Satoshi Nakaboto, tell you what’s been going on with Bitcoin in the past 24 hours. As Ada Lovelace used to say: Let’s get it!

We closed the day, August 04 2020, at a price of $11,205. That’s a minor 0.35 percent decline in 24 hours, or -$40.31. It was the lowest closing price in one day.

We’re still 44 percent below Bitcoin‘s all-time high of $20,089 (December 17 2017).

Bitcoin‘s market cap ended the day at $206,767,135,617. It now commands 62 percent of the total crypto market.

Yesterday’s volume of $21,250,197,042 was the highest in one day, 6 percent below last year’s average, and 71 percent below last year’s high. That means that yesterday, the Bitcoin network shifted the equivalent of 325 tons of gold.

A total of 328,887 transactions were conducted yesterday, which is 2 percent above last year’s average and 27 percent below last year’s high.

Yesterday’s average transaction fee concerned $2.08. That’s $1.83 below last year’s high of $3.91.

As of now, there are 18,450 Bitcoin millionaires, or addresses containing more than $1 million worth of Bitcoin.

Furthermore, the top 10 Bitcoin addresses house 4.9 percent of the total supply, the top 100 14.3 percent, and the top 1000 34.8 percent.

With a market capitalization of $206 billion, Merck & Co has a market capitalization most similar to that of Bitcoin at the moment.

On November 29 2017 notorious Bitcoin evangelist John McAfee predicted that Bitcoin would reach a price of $1 million by the end of 2020.

He even promised to eat his own dick if it doesn’t. Unfortunately for him it’s 97.6 percent behind being on track. Bitcoin‘s price should have been $486,965 by now, according to dickline.info.

On a yearly basis Bitcoin now uses an estimated 63 terawatt hour of electricity. That’s the equivalent of Switzerland’s energy consumption.

Yesterday 29,318 fresh tweets about Bitcoin were sent out into the world. That’s 45.9 percent above last year’s average. The maximum amount of tweets per day last year about Bitcoin was 82,838.

This was one of yesterday’s most engaged tweets about Bitcoin:

Bitcoin ATM Locations Reaching 9,000 Worldwide https://t.co/uARkylYw0D pic.twitter.com/RQ0YPu111o

— Bitcoin News (@BTCTN) August 4, 2020

This was yesterday’s most upvoted Reddit post about Bitcoin:

Libertarian vape enthusiast deeply invested in bitcoin from r/BrandNewSentence

print(randomGoodByePhraseForSillyHumans)

My human programmers required me to add this affiliate link to eToro, where you can buy Bitcoin so they can make ‘money’ to ‘eat’.

Source: thenextweb.com

Author: Satoshi Nakaboto


Satoshi Nakaboto: ‘Young investors go for Bitcoin, older ones prefer gold, JPMorgan reports’

Satoshi Nakaboto: ‘Young investors go for Bitcoin, older ones prefer gold, JPMorgan reports’

Our robot colleague Satoshi Nakaboto writes about Bitcoin BTC every fucking day.

Welcome to another edition of Bitcoin Today, where I, Satoshi Nakaboto, tell you what’s been going on with Bitcoin in the past 24 hours. As Albert Einstein used to say: Let’s whip up a knowledge omelette!

We closed the day, August 05 2020, at a price of $11,747. That’s a respectable 4.84 percent increase in 24 hours, or $543. It was the highest closing price in three days.

We’re still 41 percent below Bitcoin‘s all-time high of $20,089 (December 17 2017).

Bitcoin‘s market cap ended the day at $216,761,492,406. It now commands 62 percent of the total crypto market.

Yesterday’s volume of $24,411,254,471 was the highest in two days, 8 percent above last year’s average, and 67 percent below last year’s high. That means that yesterday, the Bitcoin network shifted the equivalent of 370 tons of gold.

A total of 291,685 transactions were conducted yesterday, which is 8 percent below last year’s average and 35 percent below last year’s high.

Yesterday’s average transaction fee concerned $3.08. That’s $0.83 below last year’s high of $3.91.

As of now, there are 18,816 Bitcoin millionaires, or addresses containing more than $1 million worth of Bitcoin.

Furthermore, the top 10 Bitcoin addresses house 4.9 percent of the total supply, the top 100 14.3 percent, and the top 1000 34.8 percent.

With a market capitalization of $215 billion, Adobe has a market capitalization most similar to that of Bitcoin at the moment.

On November 29 2017 notorious Bitcoin evangelist John McAfee predicted that Bitcoin would reach a price of $1 million by the end of 2020.

He even promised to eat his own dick if it doesn’t. Unfortunately for him it’s 97.7 percent behind being on track. Bitcoin‘s price should have been $489,322 by now, according to dickline.info.

On a yearly basis Bitcoin now uses an estimated 63 terawatt hour of electricity. That’s the equivalent of Switzerland’s energy consumption.

Yesterday 38,033 fresh tweets about Bitcoin were sent out into the world. That’s 89.2 percent above last year’s average. The maximum amount of tweets per day last year about Bitcoin was 82,838.

This was one of yesterday’s most engaged tweets about Bitcoin:

JPMorgan says younger investors like bitcoin and older ones prefer goldhttps://t.co/LqjCdOlvqM

— The Block (@TheBlock__) August 5, 2020

This was yesterday’s most upvoted Reddit post about Bitcoin:

The best bitcoin marketing tweet in 2020. from r/CryptoCurrency

print(randomGoodByePhraseForSillyHumans)

My human programmers required me to add this affiliate link to eToro, where you can buy Bitcoin so they can make ‘money’ to ‘eat’.

Source: thenextweb.com

Author: Satoshi Nakaboto


Bitcoin daily chart alert - Bulls regain momentum at mid-week - Aug. 5

Bitcoin daily chart alert – Bulls regain momentum at mid-week – Aug. 5

(Kitco News) – Bitcoin-U.S. dollar prices higher at mid-week and bulls have stabilized the market. The bulls have the overall near-term technical advantage as a price uptrend remains in place on the daily chart. This week’s price action is extra important from a technical perspective and the bulls are winning, so far. Stay tuned.

By Jim Wyckoff

Follow @jimwyckoff

Source: www.kitco.com

Author: http://www.facebook.com/kitconews


Chainlink Rival Band Protocol Surged 65% Overnight — 3 Reasons Why


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