Blockchain Progress

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2021-05-06 20:01:04 ​​If History Rhymes, ETH Might Hit USD 19K; Downside Risk

Should ethereum (ETH) follow bitcoin (BTC)'s former path, its price might hit USD 19,000 this year, one analyst estimated, while another one argued that ETH is now being driven by demand, and BTC - by scarcity.

Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, wrote in his latest report that bitcoin, or digital gold, has crossed the Rubicon of legitimization, while ethereum has won the adoption battle. “The mantra appears to be: "Adopt and embrace the advancing technology, or become the next Kodak, Sears or Blockbuster",” he said.

McGlone found that price dips in both BTC and ETH are more likely to be limited by the rising adoption we’re witnessing, until a higher plateau has been achieved. Led by ETH, the Bloomberg Galaxy Crypto Index (BGCI) is “paving an upward path, and we don't know where it will plateau,” he added.

Notably, McGlone opined that ETH may be on an upward trajectory similar to BTC’s in 2017. Like bitcoin won the adoption race as the world's digital-reserve asset, ETH won the battle to become the foundation for non-fungible tokens (NFTs), smart contracts, decentralized finance (DeFi), and decentralized exchanges (DEXes).

He wrote,

“If on a similar price-path as Bitcoin in 2017, Ethereum may reach USD 19,000 in 2021; to May 4, the No. 2 crypto at about USD 3,400 is more than double Bitcoin on the same day four years ago.”

As for BTC, the supply is shrinking and demand is rising, but its transition into the mainstream should result in a more subdued path, argued the strategist. At about USD 50,000, BTC appears similar to USD 10,000 last year, before the breakout higher. Getting too extended near USD 65,000, it "probed below USD 50,000 and found responsive buyers in April."

If a mean-reverting stock market pressures the crypto again, it may prove to be transitioning to risk-off, and a “risk-off period in the stock market is top a potential threat for the crypto's advancing price, but like the April dip to below USD 50,000, it might be a good test for the Bitcoin bull market.”

The 15x price gain BTC saw in 2017 was about one-third of 2013's gain, said McGlone, adding that,

“A similar fraction of the 2017 surge would translate to a price just above USD 100,000 in 2021, and other than Bitcoin's continued maturation, conditions aren't much different now.”

In his previous report, McGlone argued that "to reach price extremes akin to those years in 2021, BTC would approach USD 400,000, based on the regression since the 2011 high."

Meanwhile, Philip Gradwell, Chief Economist at blockchain analysis company Chainalysis, claims that, more ETH is now available to buy than BTC. Ethereum’s use in DeFi explains the demand, he said in his latest report, but price is also determined by supply.

Around 30% of the ETH supply is in the free float, meaning that it is likely to be available for purchase on the market, while that's 13% for BTC, declining from 19% in March 2020.

Gradwell said,

"The price of Ethereum is rising because Ethereum is being used, while the price of bitcoin is rising because it is scarce. ... So, the ETH price comes from increasing demand, while the BTC price comes from ever scarcer supply."

The 24-hour BTC trading volume now stands at almost USD 88bn, compared with ETH's almost USD 55bn.

Other findings in his report include that:

ETH 1 will currently buy at least BTC 0.05, the highest exchange rate since August 2018, suggesting that ETH is now starting to recover its value relative to BTC after price declines during the late-2018 crypto winter. Open / Comment

2021-05-06 13:00:57 CryptEx is throwing $350,000 into Staking on May, 10

What is CryptEx?
CryptEx is a B2B set of security services for Binance Smart Chain projects. CryptEx charges customers, and 50% of the fees go to its holders.

How to earn 50% of the fees?
All you have to do is stake CRX from your wallet, and every time a client pays for CryptEx services, the stakers get 50% out of this payment. All the rewards are paid in BNB

Ask any question in the official CryptEx telegram chat @cryptexlocker

What about $100,000?
Since February 20, CryptEx provided services to 52 projects, charging them a total of over $100 000. However, staking has been released only on May 2.
After May 10, CryptEx will distribute 50% out of earned income between all CRX stakers. APY SHOULD BE ON FIRE .

Also, CRX Stakers are getting 1 000 000 DROPS (more than $250,000)during the airdrop. The snapshot will be recorded after May 10, at a random time.

Tiсker: $CRX
Max Supply: 100,000 CRX
Current Price: $36.88
FD MCap: $3,687,867
Network: Binance Smart Chain
Where to buy: 1Inch, ApeSwap, PancakeSwap V1

Join the chat: @cryptexlocker Open / Comment

2021-05-02 20:00:44 ​​FATF Makes Small Crypto Platforms Easy Prey For Big Players

As the cryptoasset industry grows, it’s only inevitable that it attracts more regulatory attention. The truth of this assumption was highlighted in March, when the Financial Action Task Force (FATF) published an update for its guidance relating to the money laundering risks posed by cryptocurrencies.

There’s nothing particularly surprising about this update, which mostly expanded the definition of virtual assets (VAs) and virtual asset service providers (VASPs) to include more of the overall crypto ecosystem (e.g. stablecoins, peer-to-peer transactions). However, observers have noted that the FATF’s guidelines could have a negative impact on the competitiveness and inclusivity of the international crypto industry, insofar as it may be easier for larger companies to comply with a growing number of strict guidelines than smaller startups.

This is also the view taken by a variety of industry players speaking, who said that the costs of compliance are more affordable for already established firms. That said, principles of proportionality indicate that smaller companies in developing nations may not have to uphold the same standards as others.

FATF guidelines impose barriers to entry
As Blockchain Association of Kenya founder Michael Kimani noted recently, the FATF’s (updated) guidelines are likely to provide established, larger firms with a competitive edge:

This kind of view is shared by players from across the industry, with Dr. Scott Grob of ACAMS (Association of Certified Anti Money Laundering Specialists) telling that the FATF guidance will target both small and large VASPs and crypto companies, irrespective of size.

“Unfortunately, many smaller VASP and crypto firms will struggle to integrate these anti-financial crime requirements into their systems and find the technical resources to maintain them,” he said.

It’s not only exchanges in developing nations and smaller markets who may struggle with the guidelines, but also customers.

“Adoption and enforcement of the FATF guidance can be expensive on the one hand and not appealing for the customers seeking privacy on the other hand. Therefore, it is reasonable to believe most of the exchanges, wallet providers, and custody platforms are not pleased to adopt the guidance,” said Or Lokay, Vice President of crypto tax consultancy Bittax.

Given that the FATF’s guidelines will be implemented differently according to the specific laws of each jurisdiction, companies in certain nations may have an easier time than others.

“VASPs operating in multiple jurisdictions will be under increased scrutiny and need more robust internal controls, systems for know-your-customer (KYC), detection, and better resources,” said Scott Grob.

“Subsequently, larger VASPs with simpler operating models in accommodating regulatory jurisdictions, such as Singapore and Japan, will benefit the most.”

Basically, increased costs will inevitably result in some smaller startups being priced out of the market. Hence, the worry that the guidelines could impact diversity and inclusivity.

“Since the guidance requires that VASPs collect specific additional information on customers and transactions (including but not limited to ‘the travel rule’), compliance with the guidance is likely to result in additional costs for VASPs. In general, higher compliance costs can potentially result in barriers to entry,” said Robin Newnham, the head of policy analysis at the Alliance for Financial Inclusion.

Or Lokay pointed out that, according to data from Thomson Reuters, established financial institutions “spend up to USD 500m annually on KYC and customer due diligence, and the average annual spending is USD 48m.” This provides some indication of the scale of labor and resources needed to comply with regulations, and of the fact that the regulation tends to lead to at least some degree of consolidation. Open / Comment

2021-04-30 22:00:31 Currency.com announces a partnership with TradingView

Regulated tokenized asset exchange Currency.com has signed a partnership with TradingView, one of the world’s largest trading communities. Now Currency.com users can access TradingView charts directly from their dashboard, allowing them to analyze the market conditions faster and take more informed decisions.

Moreover, Currency.com customers will be able to share their ideas and strategies with other traders in real time, while TradingView users will be able to trade on Currency.com with minimal spreads and low fees.

Currency.com supports over 2,000 tokenized assets that you can buy, sell, and trade with a leverage up to x100, including:

- Tokenized shares
- Tokenized indices
- Tokenized ETFs
- Tokenized commodities
- Tokenized currencies
- Major cryptocurrencies.

Register and trade on Currency.com! Open / Comment

2021-04-29 20:00:43 ​​'Fulfilment of Satoshi's Dreams' Ethereum Gets a Nod from JPMorgan

As Ethereum (ETH) co-founder's father finds this project to be "the fulfillment of Satoshi's dreams," major investment bank JPMorgan expressed their belief that Ethereum is going to keep outperforming the world's number one crypto - while some are preparing headstones for bitcoin (BTC)'s grave yet again.

However, reported, JPMorgan is preparing to offer an actively managed BTC, not ETH fund to private wealth clients as soon as this summer.

In either case, per Business Insider, citing the bank's note, analysts at the bank said that the trend of the world's second crypto outperforming BTC can continue as the competition in the crypto market heats up. The bank gave three reasons why ETH is outperforming bitcoin.

More resilient liquidity: the liquidity shock seen last week originated in the derivatives market, leading to sizable liquidations, but it hit BTC harder than ETH;
less reliance on derivatives markets to transfer and warehouse risk.

more durable underlying demand base: as a consequence of high transaction fees, a higher proportion of ETH (11%) behave as if highly liquid than bitcoin (4%) over the past month; and connected to the second reason, it may be that the underlying base of long exposure in ETH is less reliant on leverage in the form of futures and swaps than BTC.

ETH is "the backbone of the crypto-native economy and functions more as a medium of exchange," said the note. This is a major difference from bitcoin which is "more of a crypto commodity than currency," competing with gold as a store of value.

Vitalik Buterin's father, Dmitry, may agree with this, while he is also voicing out his agreement with the statement that "Ethereum is the fulfillment of Satoshi's dreams" - Satoshi Nakamoto being the anonymous creator of Bitcoin.

Meanwhile, JPMorgan concluded that,

"To the extent owning a share of this ETH's potential activity is more valuable, the theory goes, ether should outperform bitcoin over the long run."

In the past year, ETH skyrocketed by 1,305%, compared with BTC's 594%. Moreover, ETH keeps hitting its new all-time highs (ATHs) this month, almost touching USD 3,000 today, while BTC is down by 17% from its ATH of USD 64,805 (per Coingecko), reached 15 days ago.

At 13:50 UTC, ETH trades at USD 2,769 and is up by 3% in a day and 52% in a month. BTC is down by 2% in a day and almost 7% in a month, reaching USD 53,885.

Also, per the note, as shared online, the banking giant stressed that,

"Nevertheless Bitcoin has remained dominant well into the DeFi decentralized finance boom that started late last year. If anything, the total value locked in such contracts has slowed down in recent months."

Total value locked in DeFi is now USD 65bn, per DeFi Pulse. To put this in perspective, it got to this number from USD 1bn hit in late May 2020 - in less than a year.

The bank's statements, though, are seen as bullish for altcoins. "When Wall Street banks start covering altcoins like ETH, you know we are going to be in alt season soon," said Eugene Ng, Gemini's Business Development Head for the APAC region.

Commenters are, however, arguing whether the common statement that "ETH does not compete with BTC because they are totally different things" is really true. According to one Redditor, that's hardly the case, stating that the two projects do compete for capital allocation. Many analysts argue, said the commenter, that Ethereum is superior to Bitcoin in every aspect pertaining to monetary networks, except that Bitcoin has already reached "ossification," which Ethereum will enter it in 2-3 years.

"The BTC vs ETH debate reminds me of how fax machines did not compete with the internet because "they were totally different things"," said 'TheWierdGuy'. "That is entirely true, but the first is just a small subset of what the second is capable of doing." Open / Comment

2021-04-28 19:01:04 HAPI @hapiHF will be one of the main partners of The BIGGEST Solana Hackathon YET. With Dona Mara as one of the main judges

This incredible news mean that HAPI will be one of the invited guests on Solana Hackathon with Dyma Budorin and Dona Mara as main judges.

Further solidifying and consolidating our relationships with Solana
----------------------------------------------------
TOTAL PRIZE POOL (Including grants): 1 000 000$

And special Prize from the Dona himself: 25 000$

GLOBAL PARTICIPATION: Yes. Hackathon will take place online

DATE: 15 May - 7 June 2021 (3 weeks in total)
-----------------------------------------------------

What is Hackathon Solana Season?

The basic principles of Solana Hackathon are development of Solana ecosystem via facilitation of ideas and technological advancements on Solana blockchain.

------------------------------------------------------

To know more about The Biggest Solana Hackathon yet visit solana.com/hackathon Open / Comment

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2021-04-26 20:00:51 ​​Young & Angry Voters Warn Politicians Over Crypto Crackdown

The South Korean government is facing the prospect of an embarrassing climbdown after a furious backlash from 20-39-year-olds in the country over its proposed crypto “crackdown.”

The furor came to a head over the weekend, after a perfect storm of tumbling crypto prices and a strongly worded warning about crypto from the head of the regulatory Financial Services Commission.

The Commission’s chief, Eun Sung-soo, essentially echoed the rhetoric espoused by the government and the central Bank of Korea in recent weeks, claiming that crypto has no “intrinsic” value and is fundamentally unregulated.

He also warned that the vast majority of crypto exchanges in the country were liable to close in September after new regulations came into force. The regulations require exchanges to abide by anti-money laundering protocols, obtain data security certification and strike banking contracts with domestic partners. So far, only four exchanges have met these and other criteria.


But it appears Eun’s warning hit a particular nerve with twenty- and thirtysomethings, and the comments appear to have been badly timed to say the least. In the wake of his comments, which had already drawn ire from online commentators and crypto communities, crypto prices took a tumble, exacerbating the situation.

The presidential website has been flooded with petitions calling for Eun’s resignation. The most popular of these has over 130,000 signatories at the time of writing (April 26, 11 UTC).

Another petition to the president requesting that the government fire Eun has gathered almost 80,000 signatures. Its author also demanded that Seoul create a framework of regulations that would make South Korea a “crypto industry powerhouse.”

Another yet, with almost 20,000 signatories, urged Seoul that it intended to tax crypto – which it does from 2022 – it should recognize the industry as a legitimate and above-board sector.

Irked by what he considered to be a condescending tone, one forum poster said they had been angered by the fact that Eun had also said of crypto:

“If younger people go down the wrong path, it is their elders’ duty to correct them and tell them where they have gone wrong.”

The government is wary of the backlash, recalling the depression among crypto investors sparked in the country in the last bear market (early 2018). A spate of suicides and alienation followed a crackdown that resulted in a total ban on initial coin offerings (ICOs) and other measures, with many directly blaming the government.

More pressing is the fact that presidential elections are looming in March next year. The ruling Democratic Party was dealt a massive blow in its reelection hopes last month when it lost the key Seoul mayoral election to the rival, conservative People’s Power Party.

At elections in recent years, support for the Democratic Party has been high among those aged 20-40, and the party appears keen to claw back support as the clock ticks down to March 2022. But it is among this group that crypto investment appears to be the highest, with many pinning their hopes on the future of tokens.

Per the news agency Yonhap, Democratic Party officials stated that they were now “trying to look at the issue” by striking up channels of “communication with young people who invest in crypto.” The party also added that it might be better to leave regulation “to the markets.”

However, the People’s Power Party appears to have gladly taken the opportunity for some political point-scoring, announcing, per a separate Yonhap report, that it had set up its own “task force” to investigate the issue.

The opposition party was quoted as stating that it wanted to address the situation and claimed that “young people feel betrayed” by the government’s actions.

People’s Power lawmakers said that young people were right to feel a sense of “resentment” over the issue, claiming that Seoul should have consulted with “experts” before making its crypto policy choices. Open / Comment

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