🗞 Bitcoin Hits $10.4K; Ether Balances on Exchanges Fall to 7-Month Low
Kogan said bitcoin price action will depend on the global economy’s performance for the balance of 2020.
“Many analysts predict that BTC will continue to rise in price in the long term,” Kogan added. “However, this year a breakthrough is unlikely. It is expected next year if we won’t see a global recession escalation.”
Indeed, the U.S. Dollar Index, a measure of the American currency against a basket of other fiat, is still in the doldrums, down 0.30% Thursday.
Ether balances on exchanges dropping
🗞 Square Forms Group to Stop Patent Hoarding From Stifling Crypto Innovation
Jack Dorsey’s payment company is inviting other cryptocurrency firms to join its “alliance” to pool patents and preserve the industry’s open-source spirit.
Square said Thursday it has launched what it calls the Cryptocurrency Open Patent Alliance (COPA), a non-profit that wants to stop companies from locking up useful technologies in patents, a practice Square says hamstrings innovation.
"Locking up foundational cryptocurrency technologies in patents stifles innovation and adoption; and offensive use of patents by bad actors threatens the growth of cryptocurrency technologies," Square said in a statement.
In addition to companies jealously guarding their own work in crypto, some firms go further, filing what are called "pre-emptive patents" for ideas they have no plans of developing but which act to hinder the research of competitors.
Assuming the patent library grows and gathers momentum, the idea is that more and more companies will look to join COPA to access tech innovations – creating a more equitable patent environment.
🗞 Binance’s New Platform Will Connect CeFi and DeFi With $100M Fund
Binance continues to chase after decentralized finance (DeFi) by giving its new decentralized Binance Smart Chain (BSC) access to its centralized exchange (CeFi). The global cryptocurrency exchange giant is putting up $100 million to support DeFi projects on BSC.
Binance CEO Changpeng Zhao announced the plan during the company’s World of DeFi summit on Thursday. It's a “bridge” between DeFi and CeFi, an integration between Binance, the exchange, and BSC, the Binance-owned public chain.
Binance’s users can benefit from elements of CeFi – futures, margins, savings, DeFi staking and DeFi pooling – and DeFi – lending, automated market makers, liquidity mining, yield farming – according to the company’s news release Thursday.
Under the new platform, holders of Binance’s native token, BNB, can have more rights to the decentralized governance of the BSC, which uses a Proof-of-Stake Authority (PoSA) consensus mechanism, when they participate in staking on the BSC.
🗞 BTC locked in DeFi increased by 20X the entire Lightning Network this week
The amount of BTC locked in decentralized finance projects increased by more than 30% in the past week, despite falls in the price of Bitcoin (BTC) and Ethereum (ETH).
The total USD value locked (TVL) can go up and down with markets, even in the absence of a change in the number of tokens locked. In the past week, the TVL dropped from the ATH of $9.6 billion on Sep 2 to $6.11 billion on Sep 10 before climbing back to $7.82 billion.
According to DeFi tracking platform DefiPulse, the amount of locked BTC increased from 67,038 BTC ($694 million) on Sep 2 to the current all-time high of 87,752 BTC ($904 million), representing an increase of 30.9%. That’s an increase equivalent to 20 times the BTC locked in the Lightning Network.
🗞 European Crypto Exchange Hacked for $5.4 Million in Bitcoin
Eterbase, a Slovak cryptocurrency exchange, revealed Thursday that it had been hacked for $5.4 million. Cyber-criminals broke into six hot wallets containing bitcoin, ethereum, algo, ripple, tezos, and tron, stealing everything, it said.
Hot wallets are active digital asset accounts connected to the internet. Eterbase used these wallets to facilitate day-to-day trading activities on its platform. However, hot wallets tend to be susceptible to hacks on account of their being connected to the internet.
“Law enforcement authorities have been informed and we will assist as much as we can in the ongoing investigations,” said Eterbase, in a short statement. The exchange sought to reassure fretful investors, stating, “we have enough capital to meet all our obligations.”
🗞 Daily Crypto Calendar, September, 11th💰
CCUniverse (UVU)
"2nd Round — 11.09.2020."
Unitrade (TRADE)
"UniTrade.app development beta launch."
IOST (IOST)
"IOST’s Version of $SUSHI— Pumpkin, Pump Jack-o-lantern will go live on Sep 11th!"
DAPS Coin (DAPS)
DAPS coin available between September 4th and 11th in the Rapids Wallet with LinkShare technology.
0x (ZRX), Vexanium (VEX)
"One of Vexanium DeFi (Decentralized Finance), VYNDAO will start an alpha version (testnet)."
Insolar (XNS)
"Binance Will Delist Insolar $INS on 2020/09/11."
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I will open an account now on binance haha