Welcome to the Daily Crypto News: A complete News Review, Coin Calendar and Analysis.
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🗞 $14K: Bitcoin Briefly Hits Highest Level Since January 2018
Bitcoin has soared to a 33-month high above $14,000, showing resilience amid growing instability in the traditional markets.
The top cryptocurrency by market value reached $14,047 around 10:05 UTC on Saturday – the highest level since January 2018, according to CoinDesk's Bitcoin Price Index.
Earlier this week, bitcoin (BTC, -0.05%) narrowly missed breaching the June 2019 high of $13,880 and faced selling pressure as global stock markets registered sharp losses as concerns over the resurgent coronavirus spiked.
However, the downside was restricted to above $13,000 even as classic haven assets like gold fell to one-month lows near $1,860 amid the dollar strength.
🗞 The Next Chapter in Yield Farming: Ethereum 2.0 and Sustainability
Yield farming has evolved as a mainstream DeFi (decentralized finance) practice, involving investors, or liquidity providers, putting cryptoassets to work across the many DeFi applications. Yield farmers leverage smart contracts and protocols to get maximum returns on their capital (tokens); they move their assets around using different strategies that involve offering liquidity and lending. While yield farming is a simple supply and demand loop, farmers face some considerable risks such as smart contract bugs, sudden liquidation, or token devaluation.
Just like the initial coin offering (ICO) boom of 2017 that attracted widespread media attention and increased adoption of blockchain technology, there is no doubt that DeFi has become the top crypto trend in this pandemic year. This is reflected in the total value locked up in DeFi contracts surging from just USD 1bn in February 2020, to USD 10bn by September 2020, with most of the growth recorded this year.
How sustainable is the rise in yield farming?
June 2020 marked the rebirth of yield farming and its mainstream introduction when Compound started distributing their new token, COMP. Liquidity mining soon helped propel COMP to become the leading DeFi token in just a few weeks. Compound allowed users to earn COMP simply by borrowing and lending the governance token. Some farmers took out leveraged loans to borrow the tokens with the highest COMP yield, producing very high returns. This liquidity mining pattern soon became replicated on other DeFi projects and quickly became standard DeFi industry practice.
Scaling and regulation are the next steps for DeFi’s long term sustainability
These innovations have the potential to transform the face of finance and spur forward the mainstream adoption of cryptocurrencies and other similar assets.
🗞 As Bitcoin Reaches Jan 2018 Prices, So Do Transaction Fees
Bitcoin transaction fees have risen alongside Bitcoin's price.
Fees increase when there's more activity on the network.
Transaction fees haven't been this high since January 2018.
Bitcoin’s price today hit prices unseen since January 2018. Hooray for Bitcoin investors worldwide. But now the bad news: Bitcoin transaction fees have also increased to the highest price since January 2018, according to data from BitInfoCharts.com.
The average cost of a Bitcoin transaction is now $13. Thirteen dollars! Back on October 17, the average cost of a Bitcoin transaction was a semi-reasonable $1.5. That means that the average cost of a Bitcoin transaction has increased by about nine times in under two weeks.
🗞 Filecoin Creator: Decentralized Storage Will Power Web 3.0
Juan Benet tells Forkast that Filecoin will support Web 3.0 applications, such as social media sites.
Filecoin got off to a rocky start, but Benet said lots of the rumors were untrue.
Should demand increase Benet says that Filecoin's mining pools, largely based in China, will eventually expand abroad.
After some initial turbulence, decentralized cloud storage network Filecoin’s recent mainnet launch is now opening up a range of applications that previously only existed in centralized Web 2.0 environments.
Filecoin lets you rent out space on other people’s hard-drives for cryptocurrency. Think of it as a decentralized Dropbox. This storage can also be used to host decentralized websites.
🗞 Daily Crypto Calendar, November, 1st💰
Auxilium (AUX)
Monthly interest distribution by Auxilium Interest Distribution Platform for coinholders. Also supporting charity.
EthereumX (ETX)
"The next airdrop for ETX holders will be recorded on November 1st 2020."
OceanEX Token (OCE)
"OceanEx is going to change its USD deposits' receiving bank in the USD Gateway channel."
TCASH (TCASH)
"EtherFlyer will start the Start-Up Token plan from 1 to 30 Nov, the token teams meet start-up conditions will be provided the 1eth as..."
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