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November 12, 2020 By Daniel Kuhn If you were forwarded this newsletter and would like to receive it, sign up here.
Top shelf MakerDAO's DAI stablecoin is the latest crypto unicorn with a $1 billion market cap. DeFi's total value locked hit a lifetime high. Hedge fund billionaire Ray Dalio said yesterday he isn't keen on bitcoin; a few hours later, the cryptocurrency hit a three-year high.
Cannot dai
Forfeited funds
Dalio’s dictates Staking play $7.6B stolen Goodbye, dai and bitcoin sv. Hello, kyber and cosmos. A swelling in volume in the crypto markets over the third quarter has changed the list of noteworthy digital assets beyond bitcoin and ether that matter most to traders and investors. That change is reflected in the CoinDesk 20.
In the latest revision, five assets were replaced by crypto assets that saw volume surges outpacing even the double-digit gains posted in market volume as a whole.
The new assets are algorand (ALGO), cosmos (ATOM), cardano (ADA), kyber (KNC) and omg network (OMG). On average, incumbent CoinDesk 20 asset volume increased by 22% from Q2 to Q3. However, these crypto assets' trusted market volume increased by much more.
These five new crypto assets replaced incumbent assets that are well-known to crypto investors. Read more about how they displaced incumbents bitcoin sv, dai, zcash, monero and dash on CoinDesk 20's latest update.
Quick bites Bitcoin hashrate rebounded 30% Wednesday from quarterly lows as Asian miners brought machines back online. (CoinDesk) Russia’s Ministry of Finance has proposed changes to the country’s coming crypto laws that could soften tax reporting requirements. (CoinDesk) Some U.S. legislators tore into the Office of the Comptroller of the Currency, and its acting head Brian Brooks, for its “excessive focus” on crypto during a pandemic, in an open letter. (CoinDesk) “Slippery slope” as new bitcoin mining pool censors transactions. (Cointelegraph) Dash still can’t shake its “privacy coin” associations. (Decrypt)Market intel Crossing $16K Bitcoin in profit Webinar: How to Value Ethereum In the second episode of the live webinar series How to Value Ethereum, CoinDesk Research unpacks the many quirks of Total Value Locked – the most popular metric for measuring decentralized finance growth.
Sign up for How to Value Ethereum, episode two, on Nov. 17. At stake Bitcoin in Venezuela Venezuela continues to dominate peer-to-peer crypto activity. According to data reviewed by CoinDesk research analyst Duy Nguyen, in GDP-adjusted terms, the South American nation’s P2P bitcoin market is at least twice as high as the next-largest market, Nigeria.
Activity on prominent P2P crypto exchanges LocalBitcoins and Paxful peaked in the first half of 2019, but has since hovered around $20 million. Experts point to a range of factors to explain the successful test case of Venezuelan crypto use: including the nation’s riotous inflation, capital controls and remittance markets, U.S.-led sanctions and the Maduro regime’s experiment with a crypto-backed petro dollar.
The International Monetary Fund measured Venezuelan hyperinflation at 65,374% in 2018, leagues above any other economy. (Zimbabwe, for instance, is projected to run hot at 319% in 2020, though government bans mean P2P BTC trading is near-zero.) Among the 10 economies that have experienced the highest rates of annual inflation since 2017, only Venezuela, Argentina and Iran have shown significant peer-to-peer bitcoin market activity, Nguyen reports.
While macro-level indicators do much to explain a “deflationary” currency like bitcoin’s appeal, significant on the ground factors are at play. Gabriel Jiménez, a Venezuelan blockchain entrepreneur who led the development of the petro, said Venezuelan businesses often use bitcoin as a medium to obtain foreign currencies like the dollar.
“People living in Venezuela are living under a very unstable and predatory government. They suffer from extreme inflation and general economic instability. And here’s a censorship-resistant, inflation-proof asset, so it’s very attractive to people who are looking for a way to maintain value,” Andrea O’Sullivan, director of tech and innovation at James Madison Institute, told Nguyen.
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