Day: June 3, 2021

Curve (CRV) sees 150% rebound as DeFi bottoms and ETH gas fees drop

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DeFi tokens and protocols took a heavy hit on May 19 as Bitcoin price dropped to $30,000 and while BTC has entered what some analysts describe as a ‘compression’ phase, the total value locked in DeFi and the value many of the sector’s tokens have yet to rebound to the levels seen before the market crash. Curve DAO token (CRV) stands among the few DeFi tokens that have seen a strong recovery over the past two weeks due to reduced Ethereum gas fees, the launch of Convex Finance and the…

Norton’s Security Suite Will Let Users Mine Ethereum

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Key Takeaways Norton will add Ethereum mining tools to Norton 360, its all-around security suite, in the coming weeks. The company aims to provide a way for users to mine cryptocurrency without disabling security apps. The tool will store user earnings in an online cloud wallet. Share this article NortonLifeLock will add a built-in cryptocurrency mining application to its all-around security suite, according to a press release. Mining Will Be Added in the Coming Weeks Norton Crypto interface, via BusinessWire The company’s anti-virus and anti-malware application, Norton 360, will feature…

Ethereum has strong fundamentals, so why are pro traders bearish on ETH?

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Ether (ETH) has outperformed Bitcoin (BTC) by 32% since May and even though there has been a steady flow of bullish reports from JPMorgan and Goldman Sachs, derivatives metrics show elements of bearishness in both assets.  Ether and Bitcoin price change since May. Source: TradingView Bitcoin is trading 41% below its $64,900 all-time high and that move has driven the “Crypto Fear and Greed Index” to the lowest level since March 2020. While retail fears the dip, professionals such as global investment firm Guggenheim Investments have filed with the United…

Southern China warns investors against illegal token platforms

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Following China’s major regulatory crackdown on cryptocurrencies, financial regulators in Hainan, the smallest province in the country, reportedly issued a warning against crypto or blockchain-themed illegal fundraising schemes. According to local reports, the Hainan branch of the People’s Bank of China, the central bank of the country, and the local financial supervision authority were among the regulators who made the announcement. Regulators warned investors about illegal fundraising campaigns that use virtual currency or blockchain as promotion material, stating that illicit token issuance and financing activities are forbidden. “Any so-called token…

FTX Exchange Launches NFT Marketplace

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Key Takeaways FTX has set up an NFT marketplace, listing a variety of tokens that can be redeemed for physical items and real-world experiences. An NFT giving access to lunch with Sam Bankman-Fried is bidding at $110,000. Gemini and Binance have both also embraced NFTs in recent months. Share this article FTX steps into the NFT game.  NFTs Available on FTX  FTX is diversifying into NFTs.  The fast-growing cryptocurrency exchange, famous for its derivatives offerings, launched a new NFT marketplace earlier today, offering customers the chance to bid on a…

Here’s 3 ways the relative strength index (RSI) can be used as a sell signal

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A trade is profitable only if both the purchase and the sale are done at the right time. Many times, traders sell their positions too early and leave profits on the table or they keep holding on to the trade even after the trend changes. This leads to profits evaporating, and many times the trade turns into a loss. While it is important to trade with the trend, it is also important to keep an eye out for signs of a reversal. If traders learn to spot these warning signs,…

‘Discounted’ Bitcoin more likely to hit $100K than $20K in 2021, says Bloomberg analyst

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Despite a massive drawdown in May, the Bitcoin (BTC) bull market appears to be intact, with a $100,000 price target more likely than a retrace to $20,000, according to Mike McGlone, Bloomberg’s senior commodity strategist.  $20K or $100K in 2021? The June 2021 edition of the Bloomberg Galaxy Crypto Index report described Bitcoin as ‘stronger, greener and less extended’ than during the height of the rally in April. For that reason, the flagship digital currency is more likely to reach the coveted six-figure mark this year than incur a deeper…

As some governments falter, others press on

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With the crypto market turning up its pace of growth over the last year and a half, the idea behind central bank digital currencies (CBDCs) seems to have gained an increasing amount of traction among many governments and retail banking institutions. In this regard, as per a study recently released by consulting giant PwC, more than 60 central banks have been exploring the unique value proposition put forth by CBDCs. Furthermore, it bears mentioning that following the dawn of the coronavirus pandemic, the use of physical cash has continued to…

Ripple Seeks XRP Transfer Data on Overseas Exchanges

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Key Takeaways Ripple’s executives have filed a new motion requesting the Court to issue Letters of Request to foreign authorities. The letters would be sent with the aim of collecting data on Ripple’s XRP sales on 15 non-U.S. exchanges. Ripple has submitted the motion in hopes of proving that its XRP sales were made outside the scope of the Securities Act of 1933. Share this article The legal team representing Ripple executives has filed a motion aiming to collect in-depth data on XRP sales conducted on foreign crypto exchanges. This…

What to expect from the Miami Bitcoin 2021 conference

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From Thursday through Saturday, a throng of crypto faithful will gather at the Mana Wynwood Convention Center in Miami for the Bitcoin 2021 conference.  Bitcoin 2021 perhaps holds even greater significance than usual, as participants can gather in a physical location after COVID-19 restrictions forced many other crypto conferences to go virtual. This year’s conference boasts a stellar cast of members of Congress, celebrities, cryptographers, CEOs and other crypto proponents, with the total attendance anticipated to exceed 50,000 people. Some of the personalities expected at the event include Miami Mayor…