Sunday, July 5Your Daily Bitcoin & Altcoin News Portal

FINANCE

Search For Yield Drives Ether’s Put-Call Ratio to One-Year High

Search For Yield Drives Ether’s Put-Call Ratio to One-Year High

BITCOIN, CURRENT EVENTS, EDUCATION, FINANCE
Please share if you find this article interesting. Search For Yield Drives Ether’s Put-Call Ratio to One-Year High Investors’ search for yield has pushed a widely tracked ether options market metric to its highest level in 12 months.  The put-call open interest ratio, which measures the number of put options open relative to call options, rose to 1.04 on Thursday, a level last seen in July 2019, according to data provider Skew, a crypto derivatives research firm.  A put option gives the holder the right but not the obligation to sell the underlying asset at a predetermined price on or before a specific date. Meanwhile, a call option represents a right to buy.  Open interest refers to the number of contracts open at a specific time.  Ether put-call open interest ratioSour
Money Reimagined: Bitcoin and Ethereum Are a DeFi Double Act

Money Reimagined: Bitcoin and Ethereum Are a DeFi Double Act

BITCOIN, CURRENT EVENTS, EDUCATION, FINANCE
Please share if you find this article interesting. Money Reimagined: Bitcoin and Ethereum Are a DeFi Double Act Tensions between the Bitcoin and Ethereum tribes have been stirred by a trend that outsiders might see as a sign of harmony.  Throughout June, the amount of tokenized bitcoin on Ethereum, the bulk of it in WBTC, a special ERC2 token known as “wrapped bitcoin,” soared from 5,200 BTC to 11,682 BTC – now worth around $108 million – according to btconethereum.com. As is their wont, each faction described the growth of WBTC tokens, whose value is pegged one-to-one against a locked-up reserve of actual bitcoin, as proof of their coin’s superiority over the other. The Ethereum crowd said it showed that even BTC “hodlers” believe Ethereum-based applications provide a better
Bitcoin’s Price Correlation With S&P 500 Hits Record Highs

Bitcoin’s Price Correlation With S&P 500 Hits Record Highs

BITCOIN, CURRENT EVENTS, EDUCATION, FINANCE
Please share if you find this article interesting. Bitcoin’s Price Correlation With S&P 500 Hits Record Highs Ever since its inception, bitcoin has been dubbed “digital gold,” given it is durable, fungible, divisible and scarce like the precious metal.  However, while gold has a strong track record of rallying in times of stress in the global equity markets, bitcoin is yet to build a similar reputation as a safe-haven asset. In fact, in recent months, the cryptocurrency has been increasingly correlated with the S&P 500, Wall Street’s equity index and benchmark for global stock markets. Now, data suggests that relationship is stronger than ever, likely denting its appeal as digital gold.  The one-month bitcoin-S&P 500 realized correlation rose to a record high of 66.2% on Ju
Blockchain Bites: BlockFi’s Revenue, DEX Volume and a Wallet Bug

Blockchain Bites: BlockFi’s Revenue, DEX Volume and a Wallet Bug

BITCOIN, CURRENT EVENTS, EDUCATION, FINANCE
Please share if you find this article interesting. Blockchain Bites: BlockFi’s Revenue, DEX Volume and a Wallet Bug New research shows certain wallets are vulnerable to a quasi double-spending attack, a federal appeals court effectively said blockchain data is not protected under the Fourth Amendment and more. Here’s the story: You’re reading Blockchain Bites, the daily roundup of the most pivotal stories in blockchain and crypto news, and why they’re significant. You can subscribe to this and all of CoinDesk’s newsletters here.  Law of the LandThe Senate Banking Committee plans to introduce legislation this week to study virtual currency’s role in illicit online activity. “Although the use and trading of virtual currencies are legal practices, some terrorists and criminals,
First Mover: Crypto.com Says User Growth Coming From Products, Not Token Speculation

First Mover: Crypto.com Says User Growth Coming From Products, Not Token Speculation

BITCOIN, CURRENT EVENTS, EDUCATION, FINANCE
Please share if you find this article interesting. First Mover: Crypto.com Says User Growth Coming From Products, Not Token Speculation Credit-card lender Crypto.com has boosted the number of total users by at least 50% in the past two months to 3 million, according to CEO Kris Marszalek. The company’s chief disclosed the increase in response to questions from First Mover about this year’s market-dominating gains in Crypto.com’s CRO tokens. According to the company’s website, the tokens can be used for “cross-asset intermediary currency settlement for the native Crypto.com Chain.”   You’re reading First Mover, CoinDesk’s daily markets newsletter. Assembled by the CoinDesk Markets Team, First Mover starts your day with the most up-to-date sentiment around crypto markets, which
Why Bitcoin Bulls Are Betting on Explosive Growth in India

Why Bitcoin Bulls Are Betting on Explosive Growth in India

BITCOIN, CURRENT EVENTS, EDUCATION, FINANCE
Please share if you find this article interesting. Why Bitcoin Bulls Are Betting on Explosive Growth in India When India’s Supreme Court overturned the banking restrictions for crypto exchanges back in March, everything changed.  Since then, Binance joined the Internet and Mobile Association of India (IAMAI), which played a key role in overturning the ban, and noted explosive growth via WazirX, the Indian exchange Binance acquired in 2019. A WazirX spokesperson told CoinDesk the exchange saw 150% more signups in many Indian cities from February to May 2020, which boosted local trading volumes by 66%. “The Supreme Court’s positive verdict has surely helped in creating positivity around crypto in India,” the spokesperson said. Read more: Binance Joins Indian Tech Association
Market Wrap: As Traditional Markets Rally, Bitcoin Gets Boring

Market Wrap: As Traditional Markets Rally, Bitcoin Gets Boring

BITCOIN, CURRENT EVENTS, EDUCATION, FINANCE
Please share if you find this article interesting. Market Wrap: As Traditional Markets Rally, Bitcoin Gets Boring Bitcoin broke above $9,250 for the first time since Friday as the leading cryptocurrency continues to trade in a tight range just above $9,000 for several weeks. But cryptocurrency markets have stayed quiet as traders expect a big move. Bitcoin was trading hands around $9,250 as of 20:00 UTC (4 p.m. ET).  Bitcoin at $9,250 as of 20:00 UTC (4 p.m. ET), up 1.2% over 24 hours BTC trading range (past 24 hours): $9,000-$9,300 Ether up 3% in trading, at around $232 Bitcoin 30-day volatility continues to drop Decentralized exchange volume grows 70% in June Ether, the second-largest cryptocurrency by market capitalization, gained 3%, trading around $232 as of 20:00 UTC (4
Blockchain Bites: DeFi and DEXs Surge, Bitcoin’s Negligible Adjustment and an ICO Class Action

Blockchain Bites: DeFi and DEXs Surge, Bitcoin’s Negligible Adjustment and an ICO Class Action

BITCOIN, CURRENT EVENTS, EDUCATION, FINANCE
Please share if you find this article interesting. Blockchain Bites: DeFi and DEXs Surge, Bitcoin’s Negligible Adjustment and an ICO Class Action DeFi’s agricultural revolution is spurring growth in decentralized exchanges. Meanwhile, the Bitcoin network experienced its lowest difficulty adjustment in 10 years, clocking a negligible change in mining difficulty today, while a novel legal strategy is bringing an initial coin offering project to court. Here’s the story: You’re reading Blockchain Bites, the daily roundup of the most pivotal stories in blockchain and crypto news, and why they’re significant. You can subscribe to this and all of CoinDesk’s newsletters here.  Top shelf Breaking Down DeFiDecentralized exchanges (DEXs) are growing due to a surge in decentralized f
First Mover: Crypto.com’s Chain Token Dominated Markets in June With 33% Gain

First Mover: Crypto.com’s Chain Token Dominated Markets in June With 33% Gain

BITCOIN, CURRENT EVENTS, EDUCATION, FINANCE
Please share if you find this article interesting. First Mover: Crypto.com’s Chain Token Dominated Markets in June With 33% Gain Credit-card lender and wallet provider Crypto.com’s Chain (CRO) token surged 33% in June, dominating digital-asset markets as bitcoin, ether and XRP from Ripple all declined. The CRO token’s gains made it the top performer during the month among digital assets with a market value of at least $1 billion, according to the data provider Messari. You’re reading First Mover, CoinDesk’s daily markets newsletter. Assembled by the CoinDesk Markets Team, First Mover starts your day with the most up-to-date sentiment around crypto markets, which of course never close, putting in context every wild swing in bitcoin and more. We follow the money so you don’t ha
‘Money Printer Go Brrr’ Is How the Dollar Retains Reserve Status

‘Money Printer Go Brrr’ Is How the Dollar Retains Reserve Status

BITCOIN, CURRENT EVENTS, EDUCATION, FINANCE
Please share if you find this article interesting. ‘Money Printer Go Brrr’ Is How the Dollar Retains Reserve Status Frances Coppola, a CoinDesk columnist, is a freelance writer and speaker on banking, finance and economics. Her book, “The Case for People’s Quantitative Easing,” explains how modern money creation and quantitative easing work, and advocates “helicopter money” to help economies out of recession. Fiat currency always fails. The Fed’s ever-increasing balance sheet is a sign that we are in the end times for the U.S. dollar. Eventually, all that money printing will cause runaway inflation. The dollar will go up in flames, and with it, the U.S. economy.  I have heard this line of argument many times over the last decade. In the aftermath of the 2008 financial crisis,