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What is happening with crypto - A modern tale

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Avatar for H3ruvim78
Written by   47
9 months ago

This week is certainly interesting, with a lot of expected and unexpected stories.

Binance Coin reached $43, which is nice because i got few of them. Bitcoin went past $40k, Crypto-market reached 1 trillion bucks, i mean dollars, MKR went up 50% (better late than never), ShapeShift said: to the hell with KYC, we are a DEFI now, Vitalik said he will introduce the ETH scalling solution (rollups) and Korean game company Nexon bought Bithumb. But it is official, BTC and ETH reached new ATH today. How long will this bull market last? It is too good to be true right now.

So, are this the main news? If only.

  • Monday, Bitcoin amost make it to 40k, only to stop at the £39491, i think, 12 years after it was launched. Skybridge Capital went from 182 to 310 million dollars invested into BTC. JP Morgan estimates for it are $146k for 1 Bitcoin long term. And on top of that, more than 5 billions dollars in BTC are now present in ETH DEFI as ERC-20 tokens.

  • Cryptocompare noticed a huge spike in BCH activity and a nice gain in price, and personally i believe Noice.cash is the one responsible for it. But they did not find yet why.

  • 3 years later, the Parity hacker started to move around 70.000 ETH over 6-7 wallets, and one wallet was used to convert ETH into renBTC. Another 300 ETH were converted on Uniswap.

  • Bittrex was another exchange to join the others into delisting privacy coins (XMR, ZEC and DASH) with a lot of pressure being exerted by the American authorities to limit the use of privacy coins.

  • ETH, LINK and ADA were the monday stars with double digits gainings. Two days later XLM and XRP increased with more than 30%, and even KNC gained over 20%. But still, Greyscale removed XRP from their portfolio. UK finally decided to ban all forms of crypto derivatives from January 2021.

  • Apparently there is a new game going to be released at some moment in the future called Illuvium, a mix between Pokemon and DOTA, made by the siblings of the Synthetix co-founder K.Warwick. They got huge support from prominent DEFI players, and the game seems quite interesting also. With DEFI reaching 18 billion dollars, this will be interesting to follow.

  • And also, inexplicable, given the latest tough law approach given to the crypto companies, the US Treasury issued a letter allowing banks to run masternodes and to do crypto transactions on public blockchains. But this came too late, and i do not think they can keep up with the crypto-movement. Paypal even bought the startup TaxBit (a software company dealing with cryptocurrency tax returns).

  • ETH, the gas fees are up to the roof, once more, and i gave up for good any ETH initiative, positioning myself into Binance SmartChain, Hive and Tron Network at the moment. The whole DEFI and Uniswap bunch is unusable, you want to exchange 50$ of crypto and they ask for $1600 fees, you can only say Heck, where was the other blockchain. When i move my tokens between different exchanges, I use Tron, can you imagine that, i exchange it in TRX, send it from Kucoin to Binance, for example, and then exchange it back. Total cost for one of these transactions is usually 1 TRX ($0.03). Beat this ETH, and i will be back.

  • AAVE pet project, Aavegotchi (GHST) was delayer for the same reasons (pointing at you ETH Network and now they are considering migrating to another more friendly network like Matic.

  • Ukraine is working with Stellar (XLM) Development Foundation to build a Central Bank digital currency. Jeb McCaleb is also helping a German Bank to issue their own stablecoin, pegged to euro.

  • Iranian mining farms needs to register and pay their fees, or they will be closed under the new regulations, but you must to admit, Iran is recognizing mining cryptocurrency ar part of the industry from 2019, so they did something right, right?

Yours truly, 

George

 

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Disclaimer: This text is also re-published on my personal blogs, such as this one.

 

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9 months ago
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