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Daily Market Overview Featuring Bitcoin, Ethereum and EUR/USD

Daily Market Overview Featuring Bitcoin, Ethereum and EUR/USD

Daily Market Overview Featuring Bitcoin, Ethereum and EUR/USD

Bitcoin is up 0.68% today after losing 1.04% in price yesterday.

The first cryptocurrency still remains bearish as the Dollar Index is gaining and the S&P Volatility Index is falling sharply since September 3. Currently, on a 4-hour chart BTC/USD has formed an ending diagonal and retraced from the dynamic support and is about to test the upper edge of the ending diagonal at $10 600. If bulls are able to push the price above $10 600, Bitcoin might continue the uptrend move towards 200MA at $11 120 – $11 200, these levels also are considered as an important support and resistance. If Bitcoin closes below the dynamic resistance (lower edge of the diagonal), we might see a drop to $9 982 – $9 887.

Ethereum lost 6.81% yesterday – the day it launched the Phase 0 of Ethereum 2.0 update, though was able to gain 3.04% today. Unlike an ending diagonal formed by Bitcoin on 4H chart, Ethereum has formed a bearish flag below the lower edge of which might push bears to drag the price to the nearest support at $324. In order to show another uptrend, bulls should get the price above EMA20 and a static resistance of $372. Closest MA resistances are at $386 and $395.

Euro started the week with 0.25% gain against the US Dollar as EU stocks open higher amid new coronavirus vaccine hopes. On a 4H chart, the pair is still trading within ranges of the expanding diagonal, testing higher dynamic resistances and lower dynamic supports. Euro is currently testing the intermediate dynamic resistance which it was able to break previously. The pair is still above MA100 and MA200, hence bulls might consider it a good signal for pushing the price higher. Important resistance ahead is $1.18780, above which the price might continue towards 1.19000. Another stimulus for bulls is the recent quote from Goldman Sacks which states that the fair rate for EUR/USD is $1.30.

Article Produced By
Aziz Kenjaev

Senior Vice President at Overbit. Technical analyst, crypto-enthusiast, ex-VP at TradingView, medium and long-term trader, trades and analyses FX, Crypto and Commodities markets.

https://www.coinspeaker.com/daily-market-overview-bitcoin-ethereum-eurusd/

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Binance CEO CZ Wants More DeFi Projects on Smart Chain

Binance CEO CZ Wants More DeFi Projects on Smart Chain

4 hours ago by Chuks Chukwuka ·

2 min readTo justify his stance on the suitability of the Binance chain for projects,

CZ stated that the platform recently attained the milestone of 10% of Ethereum volume in terms of usage.The CEO of Binance Changpeng Zhao wants more smart contract projects to move to the Binance Smart Chain platform. This can be deduced from a tweet made by the man fondly known as CZ within the crypto circle. He made the tweet while discussing with another user, adding that the Binance chain is not really a competitor but could reduce the load on the Ethereum network. Ethereum gas price has soared in recent weeks as the platform has continued to be the favorite of smart contract developers.

CZ noted:

“BSC never aimed to replace ETH, BSC is just ETH-compatible. Smart projects are giving their users more options. Option for cheaper fees.”

Apparently, to justify his stance on the suitability of the Binance chain for projects, CZ stated that the platform recently attained the milestone of 10% of Ethereum volume in terms of usage. The Binance smart contract platform called the Binance Smart Chain was launched on September 1. The platform also announced a $100 million funding for projects that would be built on the platform. Obviously, the Binance team is interested in DeFi projects which have continued to grow in popularity. Recently, the platform listed BurgerSwap which pulled thousands of investors at launch, almost reminiscent of the Ethereum hosted CryptoKitties. CZ said that he avoids commenting on specific projects to avoid passing the wrong impression that they have been endorsed by Binance. He said that going forward, that would change as the CEO seems determined to promote projects built on the BSC.

Commenting on DeFi projects, he wrote:

“Some may offer short term gains, but they come with super high risks too. Don’t invest money that you can’t lose.”

If you want to learn more about cryptocurrencies, follow the link.

Article Produced By
Chuks Chukwuka

Chuks is a blockchain enthusiast and finance researcher that has covered the crypto sphere for several years. He believes that the evolving technology would change how we do business.

https://www.coinspeaker.com/binance-ceo-smart-chain/

 

 

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Weekly Recap: Bitcoin Remains Dormant While Ethereum Resumes Uptrend

Weekly Recap: Bitcoin Remains Dormant While Ethereum Resumes Uptrend 


Bitcoin remains dormant awaiting major price movement.

Bitcoin seems to have entered a consolidation period following the 17% downswing it experienced at the beginning of the month. Its price appears to be contained within a narrow trading range, waiting for volatility to strike back. The ongoing stagnation phase forced the Bollinger bands to squeeze within BTC’s 4-hour chart, which is indicative of a major price movement about to take place. In the meantime, the flagship cryptocurrency continues to trade mostly between the $9,900 support and the $10,400 resistance level. Such a narrow trading pocket was visible throughout the week of August 7th.

Bitcoin kicked off the week at a high of $10,258 and quickly took a 3.69% nosedive to $9,880. This price hurdle served as strong resistance, allowing prices to rebound towards the overhead resistance. By Tuesday, September 8th, at 0:00 UTC, BTC was trading at a high of $10,444, but this supply barrier rejected the upward price action. The rejection was followed by a 5.76% correction that saw the pioneer cryptocurrency move a few dollars below the $9,900 support level. Regardless, this price point was able to hold again. What followed was a 6.53% upswing that extended throughout the next two days. Indeed, Bitcoin reached a weekly high of $10,484 on Thursday, September 10th, at 14:00 UTC. Just like it happened throughout the week, this resistance level rejected BTC from advancing further, triggering a 2.71% correction. Although Bitcoin was able to partially recover, it closed Friday, September 11th, at $10,388, providing investors a weekly return of 1.26%.

Ethereum Breaks Out of Consolidation Pattern Providing 6% in Weekly Returns

Like Bitcoin, Ethereum also entered a consolidation period after the massive 36% nosedive it took between September 2nd and September 5th. While its price was making a series of higher lows and lower highs, it seemed that a symmetrical triangle developed within ETH’s 1-hour chart. This type of technical formation provides an intriguing outlook since an asset can break out in any direction. Nonetheless, several on-chain metrics indicated that as prices were plummeting during the first five days of September, large investors were taking advantage of it. Data reveals that roughly 68 new addresses holding between 1,000 to 10,000 ETH joined the network during the market-wide correction. The spike in buying pressure suggested that there was a high probability that Ether was going to break out of the symmetrical triangle in an upward direction.

While the smart contracts giant spent the first two days of the week consolidating within the aforementioned technical pattern, it was not until September 9th that the breakout took place. On this day, at around 12:00 UTC, several cryptocurrency exchanges recorded an increase in the number of buy orders behind Ethereum. The spike in demand led to an 8.56% upswing that allowed ETH to slice through the overhead resistance to make a weekly high of $377.79 approximately 24 hours later. Following the upward price action, Ether suffered a small correction throughout the end of the week. But it was able to recover and close Friday, September 11th, trading at a high of $373.93. Due to the break out of the symmetrical triangle, ETH provided investors a weekly return of nearly 6%.

Make-or-Break Point on BTC and ETH’s Trend

Despite the upward price action that Ethereum went through over the week, Bitcoin’s price action suggests that the cryptocurrency market sits at a make-or-break point. If the buying pressure behind the flagship cryptocurrency does not increase, its price could slice through support and head towards $9,000. Such a downswing could affect the rest of the market. For this reason, investors seem hopeful that Bitcoin would instead turn the $10,400 into support, which would signal the resumption of the bull rally. While the DeFi market sector continues to attract the attention of most market participants, it remains to be seen what will happen to the top two cryptocurrencies by market capitalization.

Article Produced By
Konstantin Anissimov

Executive Director at CEX.IO. His area of responsibility includes customer relationships with institutional and VIP-clients, overseeing the creation of the company’s development strategy, new products, markets and partnerships. As a member of the board of directors, Konstantin is also responsible for corporate governance.

https://www.coinspeaker.com/bitcoin-remains-dormant-while-ethereum-resumes-uptrend/

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These Are the Most Rewarding Dogecoin Faucets in September 2020

Article Produced By

Lavinia C.

Lavinia is an editor who takes care of the accuracy and veracity of the texts on the website. She plays a creative role in the company and brings general content ideas to provide more relevant and engaging articles. So, just keep calm and enjoy reading.

https://coindoo.com/these-are-the-most-rewarding-dogecoin-faucets-in-september/

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cryptocurrency,markethive,cashapp,

How to Withdraw Bitcoin from Cash App

Cash App is a mobile payment service developed by the financial services company

– Square. Formerly known as Square Cash, Cash App facilitates funds transfer between users of the app. Businesses, individuals, and even organizations use the app to send and receive funds from other users of the app. It is quite a popular app in the United States for sending and receiving money. With Square having licenses in all states in the USA, it is also a trustworthy app with a growing number of users.With Cash App, users can request and receive payments through their app or by email. Withdrawal to a bank account can be made using a debit Visa card known as Cash Card, ATMs, or transfer to any local bank account. They can use a unique username called $Cashtag to make money transfers or payment requests.

It can also be used to make donations to organizations, as well as to tip professionals online for their work. Investors use the app to invest in stocks. In fact, it is the fastest way to invest in stocks with as little as $1. As technology is growing, and cryptocurrencies are becoming more popular, crypto buying and selling features have been added on Cash App as well. Cash App expanded its customer base by including Bitcoin buying and selling in January 2018, which allows users to buy and make Peer-to-Peer Bitcoin transfers. Shortly after, in February, the app recorded 7 million active users as the patronage continues to increase.

Users can now securely utilize the app to hold and transfer Bitcoin to any part of the world, as cryptocurrencies know no bounds. Cash App stores Bitcoins in an offline system, which ensures that they are not easily stolen by hackers or any other means that can be used to steal funds online. However, despite the high security, it is better to make a Cash App Bitcoin withdrawal and have complete control of your coins with full access to and control of the private keys, because, as the saying goes, “not your keys, not your coins.” Therefore, after you have purchased Bitcoin using the app, you may wish to withdraw the coins to an external wallet. The problem is how to carry out Cash App Bitcoin withdrawal. In this article, we will show you how to withdraw Bitcoin from Cash App. It takes just a few minutes to withdraw your coins, and here are the steps to follow.

Step 1: Go to the “Banking” Tab on the Home Screen

As Cash App has several functions, there are several tabs on the home screen, but to make a Cash App Bitcoin withdrawal, you need to tap the “banking” button on the home screen. This displays options on the next screen.

Step 2: Select Bitcoin

Next, select Bitcoin in order to commence your withdrawal. Out of the options, select “withdraw Bitcoin.”

Step 3: Choose How You Want to Receive Payment

Once you select “Bitcoin Withdrawal,” you will be given two choices, either to scan a QR code or use a Bitcoin wallet address. It is easier to scan a QR code if your Bitcoin wallet is on the computer. Otherwise, it will be better to enter a Bitcoin wallet address. If you are a newbie and don’t have a wallet, you can easily grab one, as there are many different wallets for mobile devices and desktops. You can even use a hardware wallet, such as Trezor or Ledger, to safely store your Bitcoin offline, especially if you have a substantial amount of it.

Step 4: Confirm Withdrawal

Now you have to complete your withdrawal by providing the PIN you used to sign up on the app or using a touch ID. Some people don’t like this, but it is for your own good to prevent anyone else from taking your Bitcoins without your consent. Keep in mind that in order to withdraw Bitcoin, you need to have an account balance of at least 0.0001 BTC, which is a meager amount. The withdrawal limit for a 24 hour period is capped at $2,000 worth of BTC, while up to $5,000 can be withdrawn in a 7-day period. Withdrawals to an external wallet just take between 30 and 40 minutes, so it is pretty easy to do.

Conclusion

Now that you know how to withdraw Bitcoin from Cash App, you can go ahead and try using it to buy some Bitcoins and try to make a withdrawal. This should be fun, especially if you are getting your first Bitcoin and withdraw it to your first personal wallet.

Article Produced By
Lavinia C.

Lavinia is an editor who takes care of the accuracy and veracity of the texts on the website. She plays a creative role in the company and brings general content ideas to provide more relevant and engaging articles. So, just keep calm and enjoy reading.

https://coindoo.com/how-to-withdraw-bitcoin-from-cash-app/

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Jack Dorsey still thinks Bitcoin is the strongest contender for an internet-native currency

Jack Dorsey still thinks Bitcoin is the strongest contender for an internet-native currency

The Square CEO remains a vocal champion of the Blockchain space.

The world of cryptocurrency moves at a whirlwind pace but Twitter CEO Jack Dorsey remains committed to its earliest lodestone, Bitcoin (BTC).

In an interview with Reuters on Sept. 10, Dorsey, who also founded the mobile-payment platform Square, said he believes the coin’s potential still outshines

later developments:

“I think the internet warrants a […] native currency and […] Bitcoin is probably the best manifestation of that thus far. I can’t see that changing given all the people who want the same thing and build it for that potential.”

Dorsey connected Bitcoin’s founding principles with the cooperative and decentralized ethos that he considers to be the driving spirit

behind the web:

“The internet is something that is consensus-driven and is built by everyone, and anyone can change the course of it. Bitcoin has the same patterns, it was built on the internet.”

Dorsey lauded the fact that “anyone with a great idea” who wants to be part of Bitcoin can join the community — they “don’t have to be part of a company,” he said. Dorsey appeared committed to both Bitcoin and the internet in an idealized form — free from the specters of oligopoly, the excesses of corporate and government surveillance, and the stubborn asymmetries of power and capital that the advocates of decentralization must necessarily wrestle with. Consistent with this belief in the possibility for grassroots control over the cryptocurrency’s — and the internet’s — future direction, Dorsey told reporters that it’s important to focus on improving users’ experience of Bitcoin in order to foster its widespread adoption.

The cryptocurrency needs to evolve to become as “intuitive” to use and as convenient as existing digital payments infrastructure, he said.  Cost- and time-efficiency, particularly when it comes to transaction processing, are another crucial hurdle to overcome, he added. Dorsey’s commitment to an ideal ethos of the internet and cryptocurrency does not imply he is blind to the gulf between ideal and reality, however. Last winter, Twitter funded a dedicated team of open source architects, engineers, and designers tasked with developing a decentralized standard for social media. Dorsey said that the goal was for Twitter to ultimately be a client of the fruits of their efforts. Outlining the challenges that Twitter faces as a centralized platform, Dorsey identified blockchain, the technology that underpins Bitcoin, as a key technological development that points to the real possibility of a viable, decentralized future. “Much work to be done, but the fundamentals are there,” he wrote.

Article Produced By
Marie Huillet

Marie Huillet is an independent filmmaker, with a background in journalism and publishing. Nomadic by nature, she’s lived in five different countries this decade. She’s fascinated by Blockchain technologies’ potential to reshape all aspects of our lives.

 

https://cointelegraph.com/news/jack-dorsey-still-thinks-bitcoin-is-the-strongest-contender-for-an-internet-native-currency

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Bank of France: stablecoins could impact EU financial sovereignty ‘for decades’

Bank of France: stablecoins could impact EU financial sovereignty ‘for decades’

Banque de France Governor François Villeroy de Galhau warned about the threat of "Big Tech" stablecoins.

The governor of the Bank of France has warned that Europe cannot afford to lose momentum in tackling the challenges posed by private sector global digital assets. His warning came as five EU governments

— Germany, France, Italy, Spain and the Netherlands — all backed the European Commission’s intent to draft regulation for asset-backed crypto assets, notably stablecoins. In their draft joint statement, the five governments reportedly pledged to prevent global stablecoins from operating in the EU before all legal, regulatory and oversight matters have been addressed. The Commission is expected to put forth its proposals for regulating crypto assets later this month. In his speech at the Bundesbank conference on Sept. 11, Banque de France Governor François Villeroy de Galhau

stated:

“We in Europe face urgent and strategic choices on payments that will have implications for our financial sovereignty for decades to come.”

The most imminent risk, in Villeroy de Galhau’s view, is that “Big Techs,” capitalizing on their global market penetration, will build “private financial infrastructures and ‘monetary’ systems, competing with the public monetary sovereignty since they will position themselves as issuers and managers of a universal ‘currency.'” In this situation, the governor warned that a prospective central bank digital currency (CBDC) could then end up being issued “at the ‘backend’” of a future "Big Tech" stablecoin. Moreover, he warned that individual jurisdictions could then respond to the overwhelming pressure of private payments assets by issuing their own CBDCs, both domestically and globally — but without sufficient coordination in the global financial community. The articulation of these multiple CBDCs with private sector initiatives would risk sidelining input from other central banks, he said. 

Not one to mince his words, Villeroy de Galhau stressed that the European Central Bank (ECB) and the Eurosystem as a whole “cannot allow” itself to “lag behind on a CBDC.” A European CBDC could consist of both a retail (for the general public) and wholesale version, (for financial institutions), he said. The governor also stressed that there is no contradiction between considering a euro-CBDC and supporting the European Payments Initiative. According to Villeroy de Galhau, existing inefficiencies in payments, particularly cross-border payments, will have to be tackled “at their root” through public-private initiatives. If these are ignored, private sector global stablecoins will address these shortcomings first and thus set the agenda for the future evolution of the digitized economy.  Villeroy de Galhau also flagged up the existing asymmetries in the payments landscape,

noting:

“Our European ecosystem has become critically dependent on non-European players (e.g. international card schemes and Big Techs), with little control over business continuity, technical and commercial decision-making, as well as data protection, usage and storage.”

The asymmetry doesn’t stop there. “Europe has not developed global social networks like some important countries,” he said, making a coherent and decisive strategy for digital innovations in the payments sector all the more urgent. In response to any future private sector stablecoin, the governor indicated that “the adaptation of existing regimes will have to fit into a larger regulatory framework, to be adopted at a global level.”

Article Produced By
Marie Huillet

Marie Huillet is an independent filmmaker, with a background in journalism and publishing. Nomadic by nature, she’s lived in five different countries this decade. She’s fascinated by Blockchain technologies’ potential to reshape all aspects of our lives.

https://cointelegraph.com/news/bank-of-france-stablecoins-could-impact-eu-financial-sovereignty-for-decades

 

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Winklevoss Twins Explain How Bitcoin Price Could Reach Over $500,000

Winklevoss Twins Explain How Bitcoin Price Could Reach Over $500,000


On Thursday (August 27), the Winklevoss twins, explained why they believe that Bitcoin is “undervalued by a multiple of 45”, which means that its price could reach over $500,000.

Tyler and Cameron Winklevoss are the co-founders of Gemini Trust Company, LLC (which operates the Gemini digital asset exchange) as well as family office Winklevoss Capital Management, LLC. On Thursday, Gemini CEO Tyler Winklevoss published a blog post titled “The Case for $500K Bitcoin,” in which he tried to make the case that “Bitcoin is ultimately the only long-term protection against inflation” and to explain why he and his brother Cameron believe that the price of Bitcoin could reach $500,000. Tyler started by pointing out by explaining why he feels that the U.S. dollar is not a good store of value despite it being the world’s primary reserve currency for “the last 75 years.” He says that the world was “drowning in debt” even before we had the COVID-19 pandemic: “… unfavorable tectonic demographic shifts have been well underway in many developed countries for decades.

“Falling birth rates have inverted population pyramids, which means that shrinking younger generations will increasingly be unable to shoulder the growing debt burdens (e.g., healthcare, pension, social security, etc.) that have been handed down to them by the much larger, older generations.” Next, he says that governments can only reduce their debt in three ways: “They can choose to (i) not pay some portion of their debt (i.e, “hard default”), (ii) adopt austerity measures in hopes of running a budget surplus, or (iii) reduce the value of the debt they owe through inflation (i.e., “soft default”).” He then says that of these three strategies, the one that is likely to be adopted by most governments (including the U.S. government”) is soft default, which he explains as follows: “In this scheme, a government intentionally devalues its currency in order to erode the real value of the debt that it owes. Lenders still get paid the same amount of dollars that they are entitled to, however, because of inflation, such dollars are now worth less in real terms.”

Tyler then tell us that oil is not a good store of value because supply is increasing (“there is much more oil underground than anyone ever thought” and “advancements in fracking have dramatically increased the supply of oil”), demand is decreasing (e.g. due to “the push for renewable energy”), and storage becomes a big issue when “demand dries up.” As for gold (“the classic inflation hedge”) Tyler says that although gold is currently “a reliable store of value”, there are two problems with this use case for gold: (i) “the supply of gold is actually unknown” (assuming that commercial astroid mining becomes a reality); and (ii) it’s hard to move gold (especially during times of crisis, such as when you are in the middle of a war or a pandemic). Next, Tyler argues that Bitcoin is bound to take over from gold as the ultimate inflation edge because it is superior to gold in various ways, the main two being much greater scarcity and much better portability.

Tyler then goes on to point that Bitcoin is not just better than gold: it is “order of magnitude or 10X better.” Although he accepts that for “risk-averse types” gold might be “the right short to medium-term choice,” he believes that “the rate of technological adoption is growing exponentially”, which means that Bitcoin should increasingly replace gold as the best store of value. Tyler says that gold’s current market cap is around $9 trillion. Therefore, if we use “a gold framework to value bitcoin,” we could say that “the bull case scenario for Bitcoin is that it is undervalued by a multiple of 45,” which means that the price of Bitcoin could reach $500,000 if Bitcoin, as he predicts, replaces gold as the ultimate store of value. Furthermore, Tyler points out that this $500K figure could even be considered a conservative estimate if the world’s central banks start converting part of their USD reserves to Bitcoin:  “All of this does not factor in the possibility of bitcoin displacing some portion of the $11.7 trillion dollars of fiat foreign exchange reserves held by governments.

“Foreshadowing this, at least one publicly-traded U.S. corporation has begun holding bitcoin as a treasury reserve asset. “If central banks start to diversify their foreign fiat holdings even partially into bitcoin, say 10%, then 45x gets revised upward towards 55x or $600,000 USD per bitcoin, and so forth.” On August 13, Dave Portnoy, the founder and president of Barstool Sports, sent out a tweet with an attached video that showed him buying Bitcoin (BTC) and Chainlink (LINK) with the help of the Winklevoss twins: As CryptoGlobe reported on June 9, Greg Silverman, a former President of Warner Bros. Pictures and the Founder/CEO of independent content creation company Stampede Ventures is working with Cameron and Tyler Winklevoss to produce a feature film adaption of the 2019 book “Bitcoin Billionaires” by Ben Mezrich. 

According to a report by Variety, Silverman, who “launched Stampede Ventures after departing from Warner Bros. Pictures in 2016”, hired Jonathan Berg (his former colleague at Warners Bros. Pictures) on March 13 as President of Production. Berg’s producer credits include “Elf”, “Doctor Sleep”, “Justice League”, “Wonder Woman”, “The Dark Knight Rises”, and “Aquaman”. Mezrich’s first book about the Winklevoss Twins, “The Accidental Billionaires: The Founding of Facebook“, was originally published in 2019, and was used adapted by Columbia Pictures for the 2010 David Fincher film “The Social Network“. It told the story of how Harvard University student Mark Zuckberg took an idea from the twins and turned it into social networking site Facebook. This resulted in a legal battle between the twins and Facebook. In “Bitcoin Billionaires”, Mezrich’s second book about the Winklevoss twins, he tells the story of what happened to the twins following the end of their legal battle with Facebook, and more specifically how they got into the crypto space. 

Article Produced By
Francisco Memoria
Francisco is a cryptocurrency writer who's in love with technology and focuses on helping people see the value digital currencies have. His work has been published in numerous reputable industry publications. Francisco holds various cryptocurrencies

https://cryptoglobe.com/latest/2020/08/winklevoss-twins-explain-how-bitcoin-price-could-reach-over-500000/?utm_source=vuukle&utm_medium=talk_of_town

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DeFi Exit Scam Vanishes with $20 Million two Days After Launch

DeFi Exit Scam Vanishes with $20 Million two Days After Launch

A supposed new liquidity mining pool on the decentralized finance ecosystem, YFDEX.Finance (YFDEX) has allegedly pulled an exit scam, leaving with $20 million worth of investors’ funds merely two days after launch.

The supposed DeFi project ran a two-day campaign heavily promoting itself on social media, even incentivizing cryptocurrency giveaways on Twitter to get more people on board. Its promotions saw investors put in $20 million worth of cryptocurrency on its wallets. Crypto community commentator CryptoWhale tweeted about the incident, showing the project was promoting itself on Instagram as well. At press time, YFDEX’s social media accounts have all been taken down, and the protocol’s website, along with its page on Medium, are now returning error messages. YFDEX managed to make $20 million through a pre-sale of its UFDEX token. The project touted itself as a “powerful player” in the crypto industry “that breaks down all barriers.” Its pre-sale, reminiscent of the initial coin offering (ICO) bubble of 2017, saw it received ether in exchange for YFDEX tokens. Each ETH token would give investors 12 YFDEX tokens.

Soon after it raised the $20 million, it pulled the plug. Investors likely piled into the token sale because of the recent hype surrounding DeFi projects and their governance tokens. While some projects’ tokens have been rather volatile because of the controversies surrounding them, others have been going almost straight up. Data from CryptoCompare shows that investing in DeFi could be extremely profitable. In the above chart, we can see that top tokens in the space have performed very well in the last 30 days, with Yearn.Finance’s YFI moving up 463% in said period. Aave’s LEND token moved up 45%, while Loopring’s LRC moved up 95%. Compound’s COMP token, which started the yield farming trend, dropped 28.7% in said period.

Article Produced By
Francisco Memoria
Francisco is a cryptocurrency writer who's in love with technology and focuses on helping people see the value digital currencies have. His work has been published in numerous reputable industry publications. Francisco holds various cryptocurrencies

https://www.cryptoglobe.com/latest/2020/09/defi-exit-scam-vanishes-with-20-million-two-days-after-launch/

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Bitcoin Poised to Benefit from New U.S. Stimulus Proposal If Senate Approves

Bitcoin Poised to Benefit from New U.S. Stimulus Proposal If Senate Approves

 
Americans who have been buying Bitcoin with their U.S. stimulus package may now buy more once the Senate approves the new bill.Bitcoin could benefit from the new U.S. stimulus proposal,

which will include a new round of $1,200 checks. Already, the Senate has rejected a “skinny” stimulus bill as it does not support individual checks.According to a report by Cointelegraph, the Senate will most likely sign a bill that includes direct payments by the end of September. If they approve the bill without the inclusion of direct payments, stocks and Bitcoin may be affected.

Benefits of the U.S. New Stimulus Proposal for Bitcoin

Since there are no restrictions on how Americans can spend the stimulus package, some used the previous payment to invest in stocks and crypto. In May, software and data aggregation company Envestnet Yodlee revealed that many Americans invested in stocks with their stimulus checks. Yodlee president

Bill Parsons said:

“There’s clearly a correlation between COVID and people being reengaged with their money.”

Similarly, Americans have also used their checks to purchase cryptocurrency. In addition, the CEO of Coinbase Brian Armstrong posted a tweet that corroborates the investment in crypto. According to the tweet, the percentage of deposits worth $1,200 recently jumped over four times. The surge in deposits coincides with the amount of the stimulus check, which suggests that source of the money. On approval of new stimulus payments, the general crypto market may rise as deposits increase. Before now, the Republican Party revealed details on the second round of the stimulus plan. The second round will still maintain the $1,200 payment checks for individuals and $2,400 for each couple. However, the $500 per child stimulus will now be given to dependents above the age of 17. In late-March, U.S. President Donald Trump signed a one-time stimulus package of up to $1,200 for eligible Americans. The first batch of payment was directly paid into the accounts of eligible citizens.

Senate Rejects Stimulus without $1,200 Checks

For a while now, there have been discussions between the Democrats and Republicans over the next COVID-19 stimulus. The Senate has now failed to approve a new coronavirus stimulus bill. All Democrats and Rand Paul, who is a Republican, opposed it in a 52-47 vote. For approval, the bill needed a total of 60 votes. Over the last few months, banks have been unable to handle the high demand for stimulus. On the 15th of April, banks in the U.S. experienced mass outages on their online platforms. This happened because many Americans repeatedly checked their accounts for stimulus payouts. The banks that were affected include U.S. Bank (NYSE: USB), PNC (NYSE: PNC) and Fifth Third Bank (NASDAQ: FITB). Economists believe the U.S. government should go ahead with another round of direct payments. “Direct checks are the most effective, the fastest way to support American families. In the last six months, we received one $1,200 payment, which is not enough,” said Natalie Foster, the co-chair of the Economic Security Project, speaking with CNBC.

Article Produced By
Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

https://www.coinspeaker.com/bitcoin-benefit-us-stimulus-proposal/

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When you have 100 customers per Distributor