Please share if you find this article interesting. First Mover: Binance CEO Sees Future in DeFi While Bitcoin Volatility Turns Minuscule It might be part of every job in crypto to anticipate and react to fast-moving developments that seemingly change the industry’s direction overnight. And apparently not even Changpeng “CZ” Zhao, the high-profile leader of Binance, the world’s largest cryptocurrency exchange, is immune to the industry’s capricious shifts. In a video interview with CoinDesk’s Muyao Shen, Zhao acknowledged that the emerging blockchain sector of decentralized finance, known as DeFi, could eventually upend the business that Binance has grown to dominate: running a centralized cryptocurrency exchange. “Our mission is not to build a CeFi exchange,” Zhao said i
Please share if you find this article interesting. Binance CEO Says He Fully Expects DeFi to Cannibalize His Crypto Exchange Binance CEO Changpeng “CZ” Zhao acknowledges the contradictions inherent in trying to tap into the fast-growing business of decentralized finance, or DeFi, while trying to defend his company’s reign as the world’s largest cryptocurrency exchange. The company’s new foray into DeFi, Binance Smart Chain, attempts to replicate some of the features of the Ethereum blockchain that have proven fertile for developers building decentralized, blockchain-based trading and lending applications that theoretically could one day challenge traditional lenders and Wall Street trading firms. But DeFi could also threaten big cryptocurrency exchanges like his own. Like
Please share if you find this article interesting. Market Wrap: Bitcoin Hits $10.9K; Ether Options Signal Short-Term Volatility An early rally Monday almost pushed bitcoin over $11,000; the ether options market expects volatility in the short term. Bitcoin (BTC) trading around $10,874 as of 20:00 UTC (4 p.m. EDT). Gaining 1% over the previous 24 hours. Bitcoin’s 24-hour range: $10,705-$10,956 BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians. Bitcoin trading on Coinbase since September 26.(TradingView) Bitcoin’s price mostly traded around $10,800 Monday, after a rally at 00:00 UTC (8 p.m. EDT Sunday) that pushed the world’s oldest cryptocurrency as high as $10,956 before losing steam. Bitcoin traded at $10,874 as of press time.
Please share if you find this article interesting. The Standard About to Revolutionize Payments What will payments over the internet look like in 2030? A revolution in finance and payments. That’s what crypto-based platforms like Bitcoin, decentralized finance and stablecoins are attempting to do. But just because traditional money is centralized around monolithic central banks doesn’t mean that it can’t have a revolution of its own. Over the next ten years, a big bang will be unfolding in central bank land. ISO 20022, a new standard for communicating electronic payments instructions between financial institutions, will be taking over. This, combined with the emergence of real-time central bank retail payment systems, means that payments in 2030 are going to be much better t
Please share if you find this article interesting. Blockchain Bites: DeFi Meets NFTs, TSLA Beats Bitcoin in Volatility, Uniswap Breaks $2B Bitcoin is moving off exchanges, has been less volatile than TLSA and broke its record for longest streak trading above five figures. Also: Bitwise’s bitcoin fund has more than doubled in size, KuCoin was hacked and Jack Dorsey dropped a few more hints about his decentralized social media standard, Blue Sky. Top shelf Accredited investor interestBitwise’s bitcoin fund has brought in $8.9 million, the single-largest increase in assets raised in the fund’s two-year history, according to a recently amended filing with the Securities and Exchange Commission (SEC). The firm’s Bitcoin Fund provides accredited U.S. investors with exposure to
Please share if you find this article interesting. First Mover: Bitcoin Low Exchange Balance Looks Bullish but Chart Looks Bearish as $11K Nears There’s a degree of transparency in cryptocurrencies that doesn’t exist in traditional markets like stocks and bonds: Thanks to data that’s easily extracted from blockchains, everyone can see everyone else moving their money around. That means traders can keep an eye on exchange wallets to gauge whether investors and crypto miners are getting their bitcoin into position for a possible sale — or taking balances down from the exchanges in anticipation of holding for the longer term. The latter might be what’s happening now, CoinDesk’s Muyao Shen reported Monday. Total balances of bitcoin on major exchanges has hit its lowest levels si
Please share if you find this article interesting. Bitcoin Balances on Exchanges at 2-Year Low and That May Be a Bullish Sign The balance of bitcoin on major exchanges has hit its lowest levels since November 2018. Yet unlike that time, when bitcoin was in the depths of the crypto winter, some see this current spate of low bitcoin balances on exchanges as a sign that a new generation of investors is putting its money in it for the long term. Total Bitcoin Balances on All Exchanges(Glassnode) The last time bitcoin balances on exchanges were at this low a point was in November 2018, according to data from Glassnode. A hard fork on Bitcoin Cash that month may have also caused the declining bitcoin balances on exchanges since some owners were moving their bitcoins to private ...
Please share if you find this article interesting. Crypto Long & Short: The OCC’s Stablecoin Statement Is a Seed of Financial Innovation An unsurprising statement from a financial regulator is sending some welcome signals that point to a spurt of innovation ahead. The U.S. Office of the Comptroller of the Currency (OCC) issued a statement earlier this week saying that national banks can provide services to stablecoin issuers in the U.S. This is not a surprise, as banks have been doing so for some time. But they have been doing so under a cloud of regulatory uncertainty. The statement gives the first sign of official clarity on the idea that stablecoins are legitimate representations of value. Acceptance and support Why is this significant for markets? To start with, i
Please share if you find this article interesting. Market Wrap: Bitcoin Sticks to $10.7K; DeFi Site dForce Doubles TVL in 24 Hours Buying volume is pushing bitcoin higher. Meanwhile, DeFi investors continue to seek places to park crypto for steady yield. Bitcoin (BTC) is trading around $10,730 as of 20:30 UTC (4:30 p.m. EDT). Gaining 0.50% over the previous 24 hours. Bitcoin’s 24-hour range: $10,550-$10,795 BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians. Bitcoin trading on Coinbase since Sept. 23(TradingView) Bitcoin’s price was able to cling to $10,700 territory, rebounding from a bit of a dip after the cryptocurrency rallied on Thursday. It was changing hands around $10,730 as of press time Friday Read more: Up 5%: Bitcoin
Please share if you find this article interesting. Blockchain Bites: Crypto Tax Switcheroo, Stablecoin Confusion, the Post-Capitalist Plunge Fintech giant Plaid has quietly added support for two DeFi applications, the IRS wants to know about your crypto holdings and data shows the total value of stablecoins has surpassed the $20 billion milestone. Plaid