Bitcoin maxis DeFi ideology as BTC tokenized on Ethereum tops $1B

Bitcoin maxis DeFi ideology as BTC tokenized on Ethereum tops $1B

Lured by the sirens’ call, traders are wrapping their Bitcoin at record levels in order to yield farm and trade DeFi tokens.

Published on September 17, 2020

After failing to hold the $11K mark and exposing what some analysts have described as a general apathy to trade BTC at these levels, Bitcoin (BTC) price is once again flirting with $11,000.

As suggested by Cointelegraph contributors Marcel Pechman and Micheal van de Poppe, a move above $11K is not a deeply significant milestone as the confluence of multiple factors, including looming overhead resistance and low trading volume decrease the likelihood that the digital asset will breakout once above $11K.

Cryptocurrency daily market performance snapshot

Cryptocurrency daily market performance snapshot. Source: Coin360

The supposed lack of interest from traders can possibly be attributed to other big developments taking place in crypto. As Cointelegraph reported, decentralized exchange, UniSwap, airdropped 400 UNI tokens to every user who had provided liquidity before the start of September.

Many crypto advocates and pundits have pointed out that UniSwap’s helicopter money is bigger than the $1,200 economic stimulus check the U.S. government distributed to citizens at the behest of the Trump Administration.

Let’s also add that it didn’t take months for UniSwap users to receive their UNI, whereas today there are Americans who are yet to receive their stimulus check.

Another milestone worth noting is the value of Bitcoin tokenized on Ethereum crossed above $1 billion this week. This highlights the overwhelming interest and demand from Bitcoin holders desiring to interact with DeFi protocols.

BTC locked in DeFi

BTC locked in DeFi. Source: DeFi Pulse

Given that Bitcoin price has spent the last 2 months struggling to knock out the $12,000-$12,500 resistance level, clever traders who are long on BTC have wrapped their coins to either become liquidity providers in incredibly lucrative liquidity pools or investors in successful DeFi tokens like YFI, YFL, LEND, REN to name just a few.

BTC locked in WBTC

BTC locked in WBTC. Source: DeFi Pulse

Data from Btconethereum.com shows that in total 96,059 BTC have been wrapped on Ethereum blockchain. Of this total figure, 64,466 BTC are in WBTC, 21,952 in renBTC, and 4,810 in HBTC.

Aside from a record number of BTC being wrapped to ERC-20 tokens, Tether’s (USDT) market cap has now risen above $15 billion and those familiar with yield farming will know that utilizing stablecoins to provide funding to liquidity pools is quite lucrative.

While the data mentioned above is not substantive enough to conclude that Bitcoin traders are getting their dinner from another table, there are other opportunities out there and with Bitcoin sideways and struggling to find momentum, the data suggest some traders are capitalizing on them.

In the short-term the 4-hour chart shows Bitcoin price back above the 20-MA making higher lows and lower highs which is a positive. On the 4-hour and daily time frame the volume profile visible range (VPVR) shows resistance at $11,280 and $11,600.

BTC/USDT 4-hr chart

BTC/USDT 4-hr chart. Source: TradingView

Below this the most immediate hurdle is at $11,150 and another rejection at this level could see the price retract to support at $10,500 and $10,350.

As always, volume precedes price, and the current lack of buy volume does little to inspire confidence from traders. Sharp-eyed traders will also have noticed the bearish divergences on the daily moving average convergence divergence and the relative strength index.

Until bulls turn up to provide some buying pressure, Bitcoin price remains at risk of a correction to $9,700, or even a tad bit lower at $9,183 where the 200-MA currently resides.

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. You should conduct your own research when making a decision.

Source: news.iobanker.com

Author: ByioBanker


CORRECTING and REPLACING Ethereum Classic Labs Proposes

CORRECTING and REPLACING Ethereum Classic Labs Proposes “MESS,”an Immediate Network Security Solution for Ethereum Classic

Presenting an Innovative and Low-Risk Approach to Prevent 51% Attacks and Improving Security for Proof of Work Blockchains

Please replace the release with the following corrected version due to multiple revisions.

The updated release reads:

ETHEREUM CLASSIC LABS PROPOSES “MESS,”AN IMMEDIATE NETWORK SECURITY SOLUTION FOR ETHEREUM CLASSIC

Presenting an Innovative and Low-Risk Approach to Prevent 51% Attacks and Improving Security for Proof of Work Blockchains

Ethereum Classic Labs (ETC Labs) and its ETC Core Developer Team, the development and accelerator organization for the Ethereum Classic (ETC) blockchain, today propose Modified Exponential Subjective Scoring (MESS), an effective finality system to prevent 51% attacks. This proposal, in response to the recent 51% attacks and developed by Isaac A., ETC Core Protocol Lead and Client Developer in collaboration with OpenRelay and ChainSafe, has been successful in testing and is scheduled to be available within the next 10 days.

“While developing a solution for ETC, it was important to us that it be low or no impact on existing consensus or sealing rules, concise enough to implement and test quickly, but comprehensively, and not likely to cause damage or expose the network to risks that could potentially outweigh its benefits,” said Isaac A., ETC Core Protocol Lead and Client Developer.

MESS would prevent 51% attacks by treating large block reorgs as suspect and making them prohibitively expensive, removing all profit motive. It would force large reorgs used to launch attacks to have significantly greater difficulty and common ancestor time. For example with MESS implemented, the recent attacks in August would have needed more than 155T/H sustained over many hours in order to be successful, costing approximately $20M. On Proof of Work (PoW) blockchains, nodes achieve an objective network consensus by following one rule: the heaviest chain wins. Regardless of the node’s hardware, location, and network connectivity; if they all follow that one rule, they will always reach consensus. MESS respects this rule, while enabling nodes to favor chain segments they see first over segments they see later. If the preferred chain is the first one the node sees (and is likely to be, since propagating blocks in public is the most profitable pattern for honest miners), building a long and potentially malicious chain in secret will no longer be viable. This innovative solution, an evolution of what Vitalik Buterin described as “Exponential Subjective Scoring,” back in 2014 on the Ethereum Foundation Blog, will ultimately increase network security while addressing a universal challenge for all PoW chains.

“MESS will enable exchanges to safely reduce confirmation times and ensure that miners will not lose block rewards; stabilizing the network and allowing it to return to growth,” said James Wo Founder and Chairman of ETC Labs.

To learn more about the technical specs and benefits of MESS click, here. For more information on ETC Labs and its ETC Core Developer Team contact [email protected]

About Ethereum Classic Labs (ETC Labs):

The mission of ETC Labs is to build relevant, accessible, and high-quality technology, and to use that technology to create communities of value in a mature and regulated ecosystem. The ultimate goal is to fulfill the promise of blockchain to improve people’s lives using Ethereum Classic, one of the world’s major public blockchains. The ETC Labs team of experts also fosters partnerships with organizations and institutions in order to address fundamental challenges in developing and deploying this innovative technology. We fulfill our mission in three ways: ETC Labs Accelerate, which invests in up to 25 blockchain projects annually that contribute to sustaining a robust ecosystem; strategic investments in innovative projects focused on economic and social development; and the ETC Core team of experts and developers who maintain the Ethereum Classic blockchain and build key applications, solutions, and tools. For more information, visit www.etclabs.org.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200918005108/en/

Contacts

Ethereum (ETH/USD) forecast and analysis on September 18, 2020

Cryptocurrency Ethereum (ETH/USD) is trading at 379. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bullish trend on Ethereum. At the moment, cryptocurrency quotes are moving near the upper border of the Bollinger Bands indicator bands.

As part of the Ethereum forecast, a test of the level of 370 is expected. Where can we expect an attempt to continue the growth of ETH/USD and the further development of the upward trend. The purpose of this movement is the area near the level of 408. The conservative buying area for Ethereum is located near the lower border of the Bollinger Bands indicator bars at 353.

Cancellation of the option to continue the growth of the Ethereum rate will be a breakdown of the lower border of the Bollinger Bands indicator bars. As well as the moving average with a period of 55 and the closing of quotations of the pair below the 350 area. This will indicate a change in the current trend in favor of the bearish for ETH/USD. In the event of a breakdown of the upper border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of the cryptocurrency.

Ethereum (ETH/USD) forecast and analysis on September 18, 2020 implies a test level of 370. Further, growth is expected to continue to the area above the level of 408. The conservative buy zone is located near the area of ​​353. Cancellation of the cryptocurrency growth option will be a breakdown of the level of 350. In this case, we should expect a continuation falling.

News Source

Source: elevenews.com

Author: Published 11 hours ago


Airdrops, Record Volumes, $1B BTC on Ethereum – news.kuaidiantou.vip

Airdrops, Record Volumes, $1B BTC on Ethereum – news.kuaidiantou.vip

Source: news.staging.app.kuaidiantou.vip


Ethereum short-term Price Analysis: 18 September

Ethereum short-term Price Analysis: 18 September

The Ethereum market witnessed a momentary boost in its price on 17 September. This boost placed its current value at $387.34, which was closer to $376, an important point of support for Ethereum.

As the market trend changes, the trend in the Ethereum market appeared to be rather bullish.

Source: ETH/USD on TradingView

Unlike other alts and even Bitcoin, Ethereum has managed to recover from the recent market dip, however, volatility made it uncertain for the asset and its price. However, at press time, ETH was witnessing a gradual rise in the price and ascending higher. The rising price saw the 50 moving average slip under the price bars and currently was under the support line. Whereas the signal line from the Bollinger Bands indicator also remained under the candlesticks, confirming the upwards movement of the asset’s value.

Whereas, the market was once again preparing for a period of volatility as the Bollinger Bands diverged. As ETH’s value hovers at $386, the coin may witness an upwards push as the bullish signs were visible, at least in the short term.

Source: ETH/USD on TradingView

The Point of Control [PoC] for the selected period was at $368.32, as it reported the highest trade volume. This also made it a strong support, if the price falls. However, the current price level was also being traded actively, but a selling pressure could reduce the coin’s price to $368.32. There has been considerable trading volume between $368 and $363, and if the pressure continued, ETH may re-test these levels.

There have not been many high volume nodes visible on the higher side of the price scale but this could be due to the bearish pressure that was visible before. As ETH moves forward, the asset remained close to its immediate support at $376 and may move upwards as bullishness takes over. Although, the coin may want to prevent being overbought, as the Relative Strength Index inches close to 70.

News source

Source: elevenews.com

Author: Published 7 hours ago


Bitcoin maxis DeFi ideology as BTC tokenized on Ethereum tops $1B


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