Every week, I will be collecting some news stories / opinion pieces that I have found to be interesting in the crypto world and condensing them down into one easily digestible article. All the article and images are taken from a news source that I like to use and an alternative to CoinTelegram called BeInCrypto.
BeInCrypto is a news website founded in August 2018 that specialises in cryptographic technology, privacy, fintech, and the Internet — among other related topics. The primary goal of the website is to inject transparency into an industry rife with disingenuous reporting, unlabelled sponsored articles, and paid news masquerading as honest journalism. You can visit their website by clicking here or join their new Telegram Trading channel by clicking here. I am also part of that group and like the content they are discussing. There is a lot of news that came out last week, So let's get started!
Bitcoin Dollar Cost Averaging Over 3 Years Yields a 70% Gain: PlanB
Bitcoin (BTC) analyst and creator of the hugely popular stock-to-flow (S2F) model, PlanB (@100trillionUSD), has published a chart showing the potential returns of dollar-cost averaging (DCA) over three years.
PlanB showed that a trader who used DCA to enter into BTC positions during 2017, then HODL in 2018, and finally, DCA out in 2019 would have earned an impressive yield of around 70%. What do you think about this? You can read the full article by clicking here.
Japanese Crypto Exchange Coincheck Reports Data Breach
User data for some Coincheck customers may have been compromised following a recent data breach. The Tokyo-based crypto exchange, Coincheck, announced the news of the suspected intrusion via a press statement issued on Tuesday. According to the platform, rogue actors gained access to its system between May 31 and June 1, 2020. To read the full article, click here.
Grayscale’s Ethereum Trust Offering ETH at 700% Premium
Grayscale Investments Ethereum Trust is now selling ETH at a premium of 700%, according to the latest data shared by the asset management firm. The increase follows a steady trend of a rising premium, up from 220% in February 2020. One share of the Grayscale Ethereum Trust sells for $177. At 0.094 ETH per share, investors are indeed buying Ethereum at nearly seven times the price for what they would get through a spot trade. What do you think about this? You can read the full article by clicking here.
Celsius Network Boasts $1 Billion in Cryptocurrency Deposits Over Past Two Years
Celcius Network recently passed $1 billion in deposits indicating a strong demand amongst the cryptocurrency community for ways to earn interest on their cryptocurrency.
The community largely consists of crypto enthusiasts who would rather HODL than spend their Bitcoin. This makes a strong use case for lenders who can bridge members of the cryptocurrency community to those who want to take out loans and an opportunity for lenders to earn interest. What do you think about this? You can read the full article by clicking here.
Libra 2.0 Bears Little Resemblance to Initial ‘Facebook Coin’ Plan
Amid a raft of changes, Libra is evolving to become a significantly different project than what was originally announced in mid-2019.
Tweeting on Saturday, crypto VC fund IOSG Ventures highlighted the differences between the contents of the updated Libra white paper and the June 2019 iteration. The first major alteration comes in the form of the project’s token mechanism. To read more, click here.
Tether and Bitfinex Denounce Amended Price Manipulation Lawsuit
Tether and Bitfinex have denounced a class-action lawsuit against them, calling it ‘baseless’. The lawsuit claims that the two companies colluded to manipulate Bitcoin’s price in 2017.
In the latest twist, the plaintiffs have amended the lawsuit to include Bittrex and Poloniex. However, according to Bitfinex, the amendments have not changed the fact that the lawsuit is flawed. The plaintiffs have failed to tie the lawsuit to facts or the law, the companies said in a joint statement. To read the full article, click here.
Wells Fargo Allegedly Shutters Zelle in Venezuela, Driving Crypto Adoption
Wells Fargo Bank will allegedly cease offering its Venezuelan customers access to the cash transfer service Zelle. Despite claims last year that the bank would pilot its own cryptocurrency, it seems to have done nothing other than drive competitor adoption. The hyperinflation of the Bolivar has already made business complex, and the new closure only promises to do more damage.
This recent move will only push more adoption towards cryptocurrencies. To read the full article, click here.
Brave Browser Redirecting Crypto Exchange URL to Affiliate Links
The crypto-centric Brave browser is catching some flack as reports are emerging of a redirect occurring when entering the web address of a popular digital asset exchange.The URL appears to be an affiliate link that gives the owner a bonus for everyone that signs up to Binance using the code. Exchanges such as Binance provide them to offer incentives for onboarding new users.
A web developer at Brave, which has recently boasting surpassing 15 million users, responded that it was done intentionally as an option to generate clean revenue without violating users’ privacy. What do you think about this? You can read the full story here.
Almost $10 Billion in Cryptocurrency Locked in Staking Contracts
Around $9,765,000,000 is currently locked up in staking contracts across various cryptocurrency networks. The combined value of all such contracts has been steadily growing since the crash in cryptocurrency prices that bottomed in mid-March of this year.
The current all-time high for staking contracts occurred on Feb 14. At the top, investors hoping to earn a passive income by validating transactions on networks like EOS, XTZ, ALGO, and DASH had almost $13 billion staked. What do you think about this? Are you part of the staking ecosystem? It should only grow with Ethereum's POS is introduced. You can read the full article by clicking here.
Ousted Bitmain Co-founder Storms Beijing Office with Armed Guards
Another salvo has been fired into the Bitmain power mix after it was revealed that ousted co-founder Micree Zhan attempted a forceful takeover of the company’s Beijing office.
Tweeting on Thursday, the Chinese crypto news platform BlockBeats posted video footage allegedly showing Zhan leading “Bao Ans” (private guards) in the attempted coup. Back in November 2019, Zhan claimed that fellow co-founder Jihan Wu hadillegally removed him from the company. Zhan has since taken legal action against Bitmain and Wu. The Bitcoin hardware manufacturer has witnessed several managerial shakeups in recent years amid dwindling revenues, massive layoffs, and IPO stagnation. You can read the full story by clicking here.
Crypto Derivatives Hit New Record as Stablecoins Collapsed in May
Cryptocurrency derivatives volumes recorded their best month yet in May, a new report has revealed. According to the report, derivatives noted a 32% spike last month to hit $602 billion. For USDC, however, May was its worst month yet, recording a 78% drop in volume traded in Bitcoin. What do you think about this? Is Tether just too dominant to other Stablecoins? You can read the full article by clicking here.
That is my weekly roundup of the interesting news coming from the crypto world. What do you think about the topics / news stories and what was your favourite article? If you liked the content, please consider following me and tipping the article. Also are you a trader? If you are check out my favourite Telegram Trading chat, where you can discuss and find out more about crypto projects. Click here to start conversations with other crypto traders!