Dai Supply Hits New Highs as Efforts to Restore Peg See Limited Success

The MakerDAO community approved and executed a vote on Thursday to almost double the total debt ceiling, which indicates how much Dai (DAI) can be minted by its users. An announcement by the Maker Foundation posted on July 29 details the specific proposal to raise the debt ceilings for Ether (ETH), USD Coin (USDC), Wrapped Bitcoin (WBTC) and others. The vote passed at 8 a.m. UTC on July 30 and was executed at 10 p.m. UTC on the same day. Specifically, the proposal raised the debt ceiling for ETH by…

Tech’s Antitrust Issues Flare Up on Both Sides of the New ‘Cold War,’ Report

Days after the CEOs of the world’s top tech firms faced antitrust hearings in the United States Congress, sources are alleging that Beijing too could soon probe its own digital monopolies.  A Reuters report published on July 31 cites anonymous sources who claim the People’s Bank of China has formally recommended that the State Council’s antitrust committee launch a probe into the activities of digital payments titans Alipay and WeChat Pay. The central bank has allegedly argued that both have used their ascendant position to stifle any possible competition in…

Bitcoin Could Hit $12K on Ethereum-Tailing Behaviour: Analyst

Bitcoin is eyeing a breakout towards $12,000, according to crypto-chart analyst Josh Rager. The analogy appears out of Ethereum’s latest upside move from a consolidation range. Mr. Rager sees Bitcoin repeating the same bullish action as it trades inside a similar sideways pattern. Bitcoin is at the cusp of hitting $12,000 in the coming sessions, according to an inter-coin fractal shared by Josh Rager. The market analyst noted that Bitcoin is almost mirroring the recent price moves of Ethereum, the second-largest cryptocurrency by market cap. Earlier yesterday, the ETH/USD exchange…

Noncustodial Technology and Security Is the Inevitable Future

In an increasingly digital world, security is a high-stakes game. The identities of customers along with their privacy and financial information are all in the hands of centralized security systems. We are reliant on these systems, and even though security plays a critical role in our lives, we rarely stop to think about the consequences of these systems failing us. Yet those who trade financial assets like cryptocurrencies think about these consequences all the time. Why? The risk of violations of our financial sovereignty coupled with the potential of theft…

Unexpected Factor That Suppressed Bitcoin Bulls in 2019 Is Now Gone

If you’ve been involved in the Bitcoin market over the past year, you know of PlusToken. PlusToken was a Ponzi scheme with a focus on the Asian cryptocurrency space that was active in 2019. In offering depositors of Bitcoin, Ethereum, EOS and other cryptocurrencies high levels of interest, the operators of the scam managed to garner billions worth of assets. Per some reports, the scam held upwards of $3 billion worth of largely BTC and ETH at its peak. Related Reading: Crypto Tidbits: Ethereum Surges 20%, US Banks Can Hold Bitcoin,…

Ether Rockets 50% in 5-Year Anniversary Month: What’s Behind the Rally?

The price of Ethereum’s Ether token has seen strong momentum in July. Since the start of the month, ETH has climbed by 50% from $225.5 to $340 on Coinbase. It coincides with a five-year anniversary for the dominant smart contracts blockchain protocol. There appear to be two key factors fueling the rally of ETH. First, the anticipation of the market towards ETH 2.0 has been continuously building. Second, the explosive growth of the decentralized finance (DeFi) market has upheld the momentum of Ethereum. ETH/USD surges from $225.5 to $340 from…

Binance’s Trust Wallet Hits 5M Users, Expands DeFi Services

Crypto giant Binance acquired Trust Wallet two years ago today. In that short space of time, the service has managed to amount 5 million users, and it is now expanding into the burgeoning DeFi sector. In addition to the five million user milestone, Trust Wallet claims that 10% of this rapidly acquired user base is now accessing a wide range of DApps and DeFi platforms. It plans to aggressively expand into the sector as crypto investors seek liquidity farming earning opportunities. Delving into DeFi In a move to keep pace…

Bank of Japan Appoints Top Economist to Head Up CBDC Research Team

The Bank of Japan has appointed its top economist to lead a team tasked with accelerating its research into central bank digital currencies (CBDC). According to a July 31 Reuters report, Kazushige Kamiyama’s appointment may mark a shift away from the bank’s previously cautious nature on digital currencies. Kamiyama had previously led the bank’s efforts to use big data for conducting econometric analysis in real time. According to Reuters, this proved helpful when the Japanese economy was hit by the coronavirus epidemic earlier this year.  Stepping up the pace of…

Blockchain Is Part of Australia’s Cyber Security Solution, Say Experts

A cyber security and blockchain forum with leading Australian experts and government officials has identified blockchain technology as a direct response to an increase in cyber attacks targeting the integrity of systems through manipulating data. Recently appointed Blockchain Australia CEO Steve Vallas held a panel discussion on July 30 regarding blockchain’s use-case in cyber security with experts from various fields being part of the 300+ attendees.  The panel consisted of National Blockchain Lead Chloe White from the Department of Industry and Liberal Senator Andrew Bragg, CEO of cyber security firm…

Aggregators Now Drive 20% of Ethereum DEX Volume

Crypto market data firm Messari estimates that 20% of all decentralized exchange (DEX) volume on Ethereum is routed via DEX aggregators. In a newsletter, Messari writes that “the 21st century is dominated by aggregators,” adding, “Amazon aggregates consumers and merchants. Uber aggregates riders and drivers. Netflix aggregates viewers and content. The list goes on.” With “the first attempts at aggregation in DeFi” beginning to take shape, Messari states that many of the sector’s aggregators “are seeing early product-market-fit” and will be able to capture significant value as the DeFi ecosystem…