Day: May 16, 2020

DeFi Lending Attracts VC Backing Despite Sharp Drop in Crypto Fundraising

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A report published by venture capital research firm, Ana.vc, has revealed a 57% decline in crypto funding from VCs over the month of April. Despite the decline in overall investment, the decentralized lending sector appears to still be flourishing — raising 150% of its March total. Crypto fundraising plummets during April The report excludes Bakkt’s raise, identifying 32 disclosed deals valued at nearly $50 million in total, down from $117 million last month. “Crypto winter isn’t over and is not entirely immune to macro economic trends as [the] majority of…

Web3 Foundation Holds Off on 100x Polkadot Redenomination

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The Web3 Foundation has pushed back its proposal to redenominate 100x of Polkadot’s (DOT) supply after conducting a community referendum on the Kusama network. While the referendum, dubbed a Polkassembly, largely saw support for the proposal, Web3 noted a “non-negligible amount of opposition, including from some within the ranks of Web3 Foundation and Parity.” Web3 Foundation backs off on DOT redenomination The Web3 Foundation has announced that it “cannot, in good faith, sponsor redenomination” after seeking community feedback on its proposal to increase the supply of DOTs by 100x. The…

CME Bitcoin Trading Product Records Show Institutional Participation Uptick

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Mainstream market exchange, the Chicago Mercantile Exchange, or CME, recently posted record numbers for its Bitcoin (BTC) trading products.  May 14 yielded open interest of 10,792 Bitcoin futures trading contracts at CME, totalling 53,960 BTC — an all-time high for the product, according to information a CME representative provided to Cointelegraph.   On May 4, CME also tallied 66 large open interest holders, or LOIHs — another record. These LOIH figures in particular indicate added involvement from institutions, the CME representative noted.  CME Bitcoin options have performed well since launch CME largely…

Analyst Who Predicted Bitcoin’s 2019 Bottom Asserts That $6,000s Are Likely

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After attempting to break decisively past $10,000 for the second time in a week, Bitcoin was rejected, plunging as low as $9,200 for the umpteenth time in a matter of days. BTC’s tepid price action has made some investors cautious that more downside for the flagship cryptocurrency is possible, citing the loss of the key $9,500 support. One investor touting this forecast is the same individual who, in the middle of last year, predicted a retracement to $6,400 when the asset was rallying well above $10,000. The retracement took place…

Ripple Settlements Are Coming to Japanese ATMs

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Ripple partner and investor, SBI Holdings, announced plans to integrate Ripple-powered settlements across ATMs in Japan. The news was revealed in SBI’s latest financial report, announcing a plan to integrate the Ripple-powered settlements platform MoneyTap with ATMs run by various banks across Japan. The integration is intended to provide consumers with easier access to funds at ATMs regardless of their banking affiliation. SBI to integrate Ripple tech across Japanese ATMs SBI claims that integrating MoneyTap will also allow banks to reduce the costs incurred through operating an ATMs, stating: “Currently,…

Crypto Twitter Fails to Explain Bitcoin to an Exhausted JK Rowling

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Harry Potter author, J.K. Rowling, recently asked for an explanation of Bitcoin (BTC) on Twitter, bringing an onslaught of commentary from the crypto community.  “This started as a joke, but now I’m afraid I’ll never be able to log in to Twitter again without someone getting angry I don’t own Bitcoin,” Rowling tweeted on May 15, adding:    One day you’ll see a wizened old woman in the street, trying to trade a Harry Potter book for a potato. Be kind. She did try to understand.” Nearly the entire crypto…

Ngrave Onboards Crypto OGs As Advisors

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Digital asset security firm, Ngrave, announced two new advisors in May so far — Michael Terpin, a pioneering crypto investor who co-founded BitAngels in 2013, and renowned cryptographer Jean-Jacques Quisquater, who is quoted in the Bitcoin (BTC) whitepaper. The appointments come ahead of Ngrave’s launch of sales for its Zero hardware wallet — which goes on sale via Indiegogo on May 26. Pioneering crypto investor Michael Terpin joins Ngrave On May 15, Ngrave revealed its appointment of Michael Terpin, announcing that he would be tasked with advising the firm on…

PlusToken Scammer Implicated in China’s Second Ten-Figure Crypto Ponzi

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The scam, Wotoken, took in roughly $1 billion worth of crypto at current prices from over 715,000 victims. One of the scam’s core operators is purportedly linked to PlusToken — a multi-billion Ponzi that is believed to have impacted the price trajectory of Bitcoin (BTC) on numerous occasions throughout 2019. China’s second ten-figure Ponzi busted Earlier today, Chinese media outlet, Qianba, reported that a case surrounding “super large MLM network” Wotoken had opened for trial on May 14 in Yancheng City. The scam claimed to generate returns for users through…

Former Bakkt CEO Hands Documents to DoJ Amid Insider Trading Controversy

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The former chief executive officer of both Bakkt and the New York Stock Exchange’s parent company Intercontinental, U.S. Senator Kelly Loeffler, has handed over documentation concerning her trading activities to the U.S. Justice Department, or DoJ, the Securities and Exchange Commission (SEC), and the Senate Ethics Committee. Loeffler is seeking to quell widespread accusations of improper trading, after the third party managing Loeffler and her partner’s portfolio offloaded millions in shares shortly after the senator attended a closed-door senate hearing on coronavirus in January. In a statement issued on May…

Classic Trendline Breakout Sets Bitcoin for $10K Retest, Traders Say

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The price of Bitcoin (BTC) dropped to as low as $9,100 on May 15 following a strong rejection at $9,900. In the short-term, traders still anticipate another upsurge to the $10,000 area, or at least to the $9,800 resistance level. Crypto market daily price chart. Source: Coin360 Bitcoin at a critical point that may decide its trend in Q3 2020 Top traders expect the price of Bitcoin to surge to $9,800 after the price demonstrated a classic technical pattern known as a falling wedge breakout. In the last 36 hours,…

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