The Real Reason There Wont Be A Bitcoin Black Thursday Repeat
Bitcoin has begun to pull back after the crypto market hit levels of extreme greed not seen in well over a year. Already, sentiment has turned toward talk of new lows, or a revisit of a Black Thursday-like selloff.
The pandemic is still a prominent factor, and the economy is only worsening. However, there is one important reason standing in the way of any chance of another Black Thursday style collapse.
Black Thursday is a day that few Bitcoin investors and traders will ever forget. Just days following a retest of $10,000, the first-ever cryptocurrency found itself in the grips of fear, and panic.
A perfect storm of panic-selling and a near-endless cascade of overleveraged trader’s stop losses being hit on BitMEX took Bitcoin price back down to bear market lows in a flash.
Over 48 hours, the cryptocurrency dropped more than 50%. But Bitcoin bounced hard after that low, rising over 100% to current levels, and could soon keep on climbing. BTCUSD spent several months consolidating, eventually smashing through resistance at $10,000 and pushing as high as $12,400 for the 2020 peak.
The leading cryptocurrency by market cap is now trading at $11,750, however, following a rejection above $12,000. The quick change in sentiment from extreme greed to a return of fear, already has some traders calling for new lows for targets.
However, there’s one important factor preventing another Black Thursday like selloff to hit Bitcoin ever again.
Following Black Thursday, whether it was the risk of liquidation, stop losses getting hit, or simply to hold post-halving for the new bull run, the amount of BTC held on exchanges has dropped considerably.
No matter how bad the selling gets on any abrupt selloff, there’s significantly less Bitcoin held on exchanges for investors or traders to sell quickly at the first sign things are turning.
Both exchange reserve data and miner outflow paint a similar picture: there simply isn’t enough BTC held on exchanges to move the needle to such an extreme.
Several other signs that Bitcoin is close to starting a new bull market also suggest that new lows aren’t likely. The asset has an extremely limited supply. For example, a recent 21,000 BTC purchase from Nasdaq-listed firm MicroStrategy amounted to nearly a full month of newly minted BTC.
Grayscale also continues to gobble up a lion’s share of Bitcoin’s scarce supply. Although prices are dropping right now, there’s so few BTC on exchanges to sell, and so few Bitcoin to go around, as soon as more companies like MicroStrategy make similar buys, the only extreme moves we’ll see, will be up to new highs.
This post was originally published on www.newsbtc.com
Dangers of DeFi Hype Surface Following One-Hour Crypto Scam | NewsBTC
The DeFi craze may finally be getting out of control. The crypto community has been in support of the thriving trend, even welcoming to experimentation and accepting of outright worthless tokens. But now that the trend is turning toward scams, it may be time to more closely consider the potential pitfalls of DeFi.
A new scam popped up recently, and within one hour pulled the rug on investors and made off with funds. The situation highlights exactly why this pause in crypto market profits was needed and put an end to so many crypto investors being blinded into potential scams by greed.
Greed is a nasty emotion, and one of the “seven deadly sins” and “capital vices.” This vice can even cost you capital if left unchecked, as several crypto investors learned the hard way.
The cryptocurrency market recently hit a level of extreme greed, according to an index designed to monitor market sentiment. The greed comes on the back of substantial gains from assets like Chainlink, a slew of decentralized finance-focused altcoins, Ethereum, and Bitcoin.
Few categories in crypto have been as hot as DeFi, to the point where new projects were being created out of thin air – much like the ICO boom – with no real use case or merit. It didn’t matter. Crypto insiders were willing to inject liquidity and experiment with worthless tokens. And they were rewarded handsomely for doing so.
It’s led to a whole new wave of tokens being made, and in the midst of it all, scams are appearing.
Less than an hour, and this scam token already pulled the rug!
37 addresses, website deletedhttps://t.co/66vQ95fA4G pic.twitter.com/tzmOQg7Xn9
— harrydenley.eth ◊ (@sniko_) August 19, 2020
According to one crypto community member who witnessed the hour-long event unfold live, a new scam popped up, and less than 60 minutes later pulled the project and website, running off with investors funds.
The liquidity pool Uniswap has been one of the biggest benefactors of the DeFi craze. It prompted Tron founder Justin Sun to hop on the bandwagon with a JustSwap pool of his own.
But over in the Ethereum-based waters, the liquidy pool was used to launch a project dubbed Unimoon. Investors rushed to swap Ethereum and other ERC20 tokens for UMF coins.
An hour later, a website created for the project was pulled, and so was the rug. A potential 37 addresses were created and possibly burned in the hour-long scam.
Unfortunately, this is just one of many scams crypto investors must be aware of and avoid. Here is NewsBTC’s list of the top crypto-based scams and how to protect yourself from them.
Civil-rights attorney Ben Crump on how courts widen — and can narrow — the racial wealth gap
The road to closing the racial wealth gap runs through the courthouse, according to civil-rights attorney Ben Crump.
But many decisions coming out of America’s legal system have the opposite effect: For example, an unreasonably high bail can shred a family’s budget, Crump notes, while a conviction can lock out all kinds of job options. Officials in seven states can deny licenses for any profession, no matter how unrelated a past felony might be, according to a public-interest law firm’s recent report.
For America to become more just, the country needs to think about bail policies and licensing-board rules even as it focuses on police accountability and issues of race, Crump says. To him, economic justice is inseparable from the broader concept of justice.
Crump, 50, is in the national spotlight again as he represents the family of George Floyd, a Black man who died with a white Minneapolis police officer’s knee on his neck. The since-fired officer, Derek Chauvin, faces murder and manslaughter charges, and three bystanding officers are charged with aiding and abetting.
Floyd’s death unleashed a wave of demonstrations against police brutality and a chorus from corporate America about the need for racial equality.
Crump’s client list has included many other families of Black Americans who died in police encounters, including Breonna Taylor, Botham Jean, Michael Brown and Tamir Rice. The families of Ahmaud Arbery and Trayvon Martin, both killed in civilian confrontations that spurred national discussions of racial profiling, also turned to Crump.
Money isn’t far from the surface in some of these cases. Floyd was stopped on suspicion of using a counterfeit $20 bill. Brown lived in Ferguson, Mo., a city that overpoliced its Black community as it focused on generating revenue through fees and fines, according to an investigation by the Obama-era Justice Department.
Crump spent time with MarketWatch to discuss the court system’s role in the Black-white wealth gap, the difference between perceptions of crack cocaine and opioids, and the corporate response to Floyd’s death. The conversation, which has been edited for length and clarity, is the third installment of the new MarketWatch inequality-themed interview series The Value Gap.
MarketWatch: In June, you testified before a Senate committee and referred to “two systems of justice, one for white Americans and another for Black Americans.” How does this two-tiered system play out in American’s civil courts, away from cops on the beat and prosecutors in grand jury rooms?
Crump: When we say Black lives matter, it’s very important in both criminal and civil court because oftentimes people of color’s lives are discounted in courtrooms. It’s almost as if you are marginalized, quite literally, based on the value of your life compared to our white brothers and sisters.
Take for instance [the water crisis in] Flint, Mich.: If that would have happened in a more affluent community, a whiter community, we would see people going to jail. … But yet, because this is a majority minority community, we sweep it under the rug and say, “Oh, it’s not worth that much.”
Or when you look at the opioid epidemic in America now, how the pharmaceutical companies are being held accountable to the full extent of the law. But when you have stuff like the crack cocaine epidemic, we didn’t talk about giving mental and medical help to deal with the addictions. They just criminalized an entire community of people in America.
MarketWatch: How does money bail contribute to the wealth gap?
Crump: In a pronounced way. When you think about the fact that little white boys and girls can have very similar [cases] as little Black and brown boys and girls, but the court would give the little white children or white young people the benefit of the doubt, the benefit of consideration, the benefit of possibility over and over again.
But yet, when it comes to those minority children, they arrest them and they force the families to come up with a bail amount oftentimes that they cannot afford. And therefore they have to stay in jail until the trial commences, which could be sometimes several months, even several years.
So you then have the young person of color enter a trumped-up plea agreement, even though there was no evidence at all. But you are saying, “I just want to get out of jail. I just want my liberty to be granted.” And therefore, you take whatever deal because you can’t afford it.
And for those parents who take out second mortgages, do whatever, go to the quick-cash loan stores and get usury charges applied against them, it affects the income of the family in a pronounced way.
Because now you already have a tight budget, and now that budget has been completely blown out of proportion because you have this unexpected legal matter that because your child was a person of color, a citizen of color, they were given the most extreme measures handed down by the court.
And now it has not only devastated you, your child, but it’s devastated the entire family. Because also you have probation fees and all those things that come with this bail system, as well as you have this unnecessary drug testing that they put on everything now.
It seems like there is a phenomenon going on where it seems like every Black person is given an ankle monitor, no matter how benign the crime was, that they have to now pay fees every month to have an ankle monitor. And so once you’re in the system, it just economically devastates you on top of psychologically devastating you.
MarketWatch: But what’s the solution if someone is brought in on serious felony charges and is a flight risk? Isn’t there a public-safety issue that should be taken into account?
Crump: Absolutely. But look at the Constitution and see what bail was originally intended for. It’s gotten blown way out of proportion. It was intended to say, “We want to make sure that we can guarantee your appearance back before the court, but you are still innocent until proven guilty.”
And therefore it should be a reasonable amount. So when you’re sitting there, you should be looking at the income of the individual, looking at the income of the family, and being able to set a bail that is something reasonable that they can afford to pay. … Don’t look at our children as more dangerous just because of prejudice. Look at our children like you look at your children. If you would give that other child from a different area code, who is a lighter complexion, the benefit of the doubt, well, give that benefit of the doubt to our children too.
MarketWatch: Let’s talk about the impact of having a criminal record on future earnings. What’s the solution if the impact is too harsh?
Crump: The solution is to change the racist criminal-justice system that tries to make sure that they have Black and brown bodies populating the prison industrial complex. That’s the overarching message. … Once you’re a convicted felon that spent time in prison, I mean, it’s almost anything you can try to do to be gainfully employed. They take it away from you.
Even trying to be a beautician or a barber, many states won’t even let you get a beautician license if you’re a convicted felon. … If you got that [felony record], you don’t get an opportunity to even work as a bank teller, or any financial services. Nurses, you can’t get a nursing degree in many states if you’re a convicted felon. You can’t get a real-estate license if you’re a convicted felon.
Everything you could possibly do, they start taking it from you. In fact, in many states, if you are a convicted felon and you serve time in prison, you can’t even get life insurance. It’s like you’re the walking dead. They just haven’t given you the death certificate.
MarketWatch: What’s the solution — to seal records? To erase them through expungement? Don’t employers have a right to know who they are hiring and what the backstory is?
Crump: One hundred percent. So let them get their license and let [employers] know what the record is, so the employer can make the decision. … It’s almost as if you don’t even have a chance. … Plumbers. It’s asinine you can’t even get a plumbing license if you’ve been a convicted felon. Now, what is all that about?
MarketWatch: A St. Louis County grand jury in 2014 declined to charge Darren Wilson, then a Ferguson police officer, for Michael Brown’s death. A year later, federal prosecutors said they would not charge Wilson. Last month, the new St. Louis County prosecuting attorney, Wesley Bell, said he would not pursue a case against Wilson. What’s your reaction to the latest news?
Crump: I wasn’t at the meeting. But I understand from attorney Jerryl Christmas and Lezley McSpadden, Michael Brown’s mother, they said that it wasn’t that he couldn’t file charges. It was that he was not willing to file charges. Because I guess when it comes to Black people, it’s, “We want to make sure we can get a conviction” as the victims. But when it seems to be Black people as the defendants, they file the charges irregardless.
MarketWatch: So you’re saying prosecutors need the will to bring cases against police officers who are potentially involved in wrongdoing. But there’s also case law they have to consider, not to mention judges and juries. What role do the courts have in perpetuating police brutality?
Crump: The fact that the courts, with all these laws, never, ever seem to make sure that these killer cops are held accountable.
I mean, when you think about this whole concept of these secret grand juries, when you look at all these cases, whether Philando Castile, Alton Sterling, Walter Scott, Eric Garner … you’ve got video evidence and yet they still are not held accountable.
It sends the clear message to these police officers that, you know, if you kill them and you follow the Supreme Court of the United States’ instructions, which is codified in Graham v. Connor and Tennessee v. Garner, all you’ve got to do to say three words: “I felt fear” or “I was in fear.”
Then you get-out-of-jail-free card. And when you get that get-out-of-jail-free card, then it tells the police that we can kill certain people and we won’t be held accountable.
MarketWatch: “Qualified immunity” is one legal doctrine that’s come under scrutiny. It shields officers from lawsuits unless the plaintiff can show the officer, in the heat of the moment, violated a “clearly established” right, like a protection against excessive force. Does this doctrine contribute to the problem?
Crump: The judges continue to grant this qualified immunity, which is supposed to be qualified, it’s supposed to be limited. But it seems like no matter what, they continue over and over again to grant blanket immunity to police officers, especially when they kill people of color.
MarketWatch: Someone could listen to this and say you sound skeptical about the courts. But you’ve devoted your career to the law. You must think the law and the courts can be a force for good, right?
Crump: Absolutely, and when you read my book [“Open Season: Legalized Genocide of Colored People”], that’s what I talk about. If we apply the Constitution, if we live by those high ideals, then this is the greatest country in the world. But we have to speak truth to power when we get a chance.
And if people are thinking I’m skeptical or pessimistic just because I’m telling the truth, then you have to be honest and say, “Hold on, don’t get discouraged because you’re just hearing about it.” What about the people who have to live it every day, and they can still be hopeful? … I absolutely believe that we can do better, America. And I believe that with everything in my heart.
So that’s why I fight so hard to try to speak truth to power, to try to explain to people no matter what the situation is, based on this racist criminal-justice system that we now have employed in America, that the poor people of color, no matter what the situation is, always get the most of injustice and the least of justice. And that’s just a reality.
You don’t have to take my word for it. Go sit in the back of any courtroom in America and watch how they administer justice.
Now on the flip side of that, what makes me hopeful is … young people, after George Floyd, people who are Black, white, people who are Hispanic, Asian all marching in the streets saying, “Until we get justice for George Floyd, none of us can breathe.”… [The late Georgia congressman and civil-rights leader] John Lewis and them kept marching, and you see we were able to overcome [segregation]. So there’s a precedent that no matter what they throw at us, we will overcome it. And the first year of law school, they teach you about precedent.
And so the precedent for Black people in America is no matter what they throw at us, we are going to overcome it. … Slavery, we overcame that. The Middle Passage, we overcame that. Dred Scott, we overcame that, [the 1857 Supreme Court ruling that] said there was no rights that a Black man had that a white man was bound to respect. Jim Crow, we overcame that. And so whatever they throw at us, I know we’re going to overcome it. … That’s what keeps me encouraged.
MarketWatch: George Floyd’s death stirred up corporate America too. Businesses in all sectors issued statements about the need for racial justice, and some even pledged millions in support. How much value do you put in the statements and money that are being pledged?
Crump: America is a capitalistic society, and economic justice is tantamount to overall justice. … It’s very important that you have all these business partners and these community partners and these education partners acknowledging that there is a problem, because until we acknowledge there’s a problem, then we cannot get to a solution. The people who deny the existence of racism in America [are] probably the greatest perpetuators of it.
Author: Andrew Keshner
Russia and China De-dollarization Approaching ‘Breakthrough Moment’
China and Russia are collaborating to reduce their dependence on the U.S. dollar. Trade settlements in USD between the two countries have fallen below 50% for the first time.
The dollar’s share of trade between Russia and China was only 46% of settlements in the first quarter, the Financial Times reported Monday, citing recent data from Russia’s central bank and the Federal Customs Service. This was the first time the use of the U.S. dollar for settlement of trades has fallen below 50%. The euro, on the other hand, represented 30% of all settlements and the national currencies 24% — both are all-time highs.
Since the establishment of the Bretton Woods system, the U.S. dollar has been used as the medium for international trade. However, in recent years, a number of countries, including some G20 countries, have been transitioning to trade in national currencies.
Russia and China have been trying to reduce their U.S. dollar use in trade settlement for several years. In 2015, about 90% of their bilateral transactions were conducted in USD, but that figure dropped to 51% last year, the publication continued.
Alexey Maslov, director of the Institute of Far Eastern Studies at the Russian Academy of Sciences, told the Nikkei Asian Review that the Russia-China “de-dollarisation” was approaching a “breakthrough moment.” He believes that it could elevate the two countries’ relationship to a de facto alliance. “Many expected that this would be a military alliance or a trading alliance,” the director elaborated. “But now the alliance is moving more in the banking and financial direction, and that is what can guarantee independence for both countries.”
ING Bank’s chief economist for Russia, Dmitry Dolgin, was quoted as saying:
Any wire transaction that takes place in the world involving US dollars is at some point cleared through a US bank. That means that the US government can tell that bank to freeze certain transactions.
The Swift system, which has traditionally been used for trade settlement, is overwhelmingly controlled by the U.S., so many countries are trying to construct their own alternative payment systems. For example, China launched a cross-border interbank payment system in 2015.
“Global policies for de-dollarization include sharply reducing US debt holdings, dropping US dollar’s status as an anchor currency, increasing non-dollar bulk commodity trade, growing the reserve of non-dollar currencies, and ramping up gold’s hedge against the dollar,” Wang Wen, a professor and executive dean of the Chongyang Institute for Financial Studies at the Renmin University of China, explained in an article he authored in Global Times.
Zhang Xin, a researcher at the Center for Russian Studies at Shanghai’s East China Normal University, noted that the Chinese government and major economic entities have recently begun to worry that they might end up in a similar situation as their Russian counterparts. They are concerned that they may become “the target” of sanctions and “potentially even getting shut out of the Swift system,” he explained.
Russia has been accumulating renminbi reserves at the expense of the U.S. dollar, the publication conveyed. The Bank of Russia revealed early last year that it had slashed dollar holdings by $101 billion, which amounted to over half of its existing dollar assets. The central bank then raised the renminbi’s share of Russia’s foreign exchange reserve from 5% to 15% by investing $44 billion in China’s currency.
What do you think about Russia and China reducing dollar dependence? Let us know in the comments section below.
The post Russia and China De-dollarization Approaching ‘Breakthrough Moment’ appeared first on Bitcoin News.
The post Russia and China De-dollarization Approaching ‘Breakthrough Moment’ appeared first on BTC Ethereum Crypto Currency Blog.
Author: By TeamMMG
Ranking the Top Crypto News Sites of 2020
Nomics.com & Nexo add Cryptocurrency News Sites to their algorithmically-ranked buyer’s guides for crypto products & services.
Today, we release rankings for cryptocurrency news sites.
As of this writing, the top cryptocurrency news sites are:
For all entries, links and tweets can be examined by clicking the number of links or tweets:
Cryptocurrency News Sites is our latest release, but it’s not the first. Here’s the list so far (with 15+ categories coming over the next few months):
- Crypto Wallets
- Crypto Credit Lines
- Crypto Tax Services
- Crypto Custody Solutions
- Crypto OTC Desks
- Blockchain Surveillance Companies
- Crypto Debit and Credit Cards
- Crypto KYC/AML Service Providers
- Crypto On-Chain Data Providers
- Cryptocurrency Events
- Crypto Interest-Earning Accounts
- Cryptocurrency News Sites
We believe these rankings will serve as valuable buyer’s guides for crypto products and services.
Rankings update every 24 hours, so be sure to visit often. And check in next week for the release of rankings for Cryptocurrency VC Funds.
If you have feedback on user experience, listings, or other issues, please send an email to [email protected]
Onwards and Upwards,
P.S. Rankings are located at nomics.com/guides. Read them all, or choose the crypto product rankings that matter most to you.
The post Ranking the Top Crypto News Sites of 2020 appeared first on Nomics Blog.
Author: By TeamMMG