GildCoin - Crypto News

2022-06-21 20:00:05 ​Bitcoin, Ethereum Technical Analysis: ETH, BTC Climb for Back-to-Back Sessions for First Time in Nearly 2 Weeks

Bitcoin was trading higher for a second consecutive session on Tuesday, which is the first time it’s seen back-to-back gains in over two weeks. ETH also climbed in today’s session, as bulls continued to re-enter the market.

BTC was trading higher for a second consecutive session on Tuesday, as markets continued to move away from recent lows.

Prices hit an intraday peak of $21,387.65 earlier in today’s session, less than a day after trading at a low of $19,905.48.

Today’s surge in price sees BTC/USD rise for back-to-back sessions for the first time since earlier in the month.

Bulls have re-entered the market with relative force in the last few sessions, as some believe we might have seen prices hit their floor.

Looking at the chart, further lows could still be ahead, especially if the 14-day RSI moves back towards its recent low of 19.

This could see BTC’s price near as low as $15,000, however bulls will likely fight to prevent this from occurring.


Ethereum was also up on Tuesday, as it too rallied for a second consecutive session following recent lows.

The world’s second largest cryptocurrency climbed to an intraday high of $1,168.80 earlier, and this came as prices moved back above $1,000 on Monday.

Tuesday’s peak is almost $300 higher than last weekend’s lows, which saw ETH trade close to $850 for the first time since January 2021.

As of writing, ETH/USD is now trading close to a new resistance level around $1,170, with the RSI also hovering near a ceiling.

Price strength remains somewhat muted despite these gains, and unless we see a significant surge in the RSI, we may not see any short-term rallies.

However, were a breakout to occur, the likely target for bulls in ETH would be the $1,700 point, which now looks to be playing the role of resistance. Open / Comment

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2022-06-18 20:00:04 ​Value Locked in Defi Slips to $74 Billion, Top Smart Contract Tokens Down Over 70% This Year

Decentralized finance (defi) has been hit hard by the recent crypto market rout as the total value locked (TVL) across 118 different blockchains has slipped below the $100 billion mark to today’s $74.27 billion. The TVL in defi today is down more than 70% from its December 2, 2021, all-time high (ATH) at $253.91 billion. Moreover, since December 2021, the top smart contract platform tokens have lost 70% in value against the U.S. dollar as well, sliding from $823 billion to today’s $245 billion.

While a great number of cryptocurrencies including the leading crypto asset in terms of market valuation, bitcoin (BTC), slid significantly in value, smart contract platform tokens and decentralized finance (defi), in general, suffered a great deal.

While Terra’s LUNA and UST fallout primed the flames, issues with Celsius, Three Arrows Capital (3AC), and the lack of trust in algorithmic stablecoins have continued to keep defi fires roaring. Six days ago, Bitcoin reported on how defi and smart contract coins got slammed by significant blows and at the time, there was still $104 billion in value locked into a myriad of defi protocols.

Today, the total value locked (TVL) in defi is $74.27 billion, down 70.74% since the all-time high 197 days ago on December 2, 2021. The defi protocol Makerdao dominates the pack with 10.43% in terms of the application’s TVL of $7.75 billion out of the $74.27 billion.

During the past 24 hours, the entire TVL across 118 different blockchain networks dropped by 6.03%. Makerdao’s TVL shed 15.19% during the past seven days and the second-largest protocol in terms of TVL size Aave lost over 40% last week.

Today, ethereum commands the largest TVL size out of all the blockchains with $47.33 billion or 64.18% of the aggregate locked. The second-largest defi blockchain as far as TVL size is concerned is Binance Smart Chain (BSC) with $6.06 billion or 8.22% of the $74.27 billion locked in defi today.

Tron is the third-largest blockchain network in terms of TVL size with 3.99 billion or 5.42% of the aggregate locked across the 118 chains. Furthermore, the total value locked in cross-chain bridges from Ethereum has dropped more than 60% during the past month, according to Dune Analytics metrics.

The tokens often leveraged in defi, smart contract platform coins have also shed more than 70% since December. At that time, the market capitalization of all the smart contract platform tokens was $823 billion and today it is hovering just above $245 billion.

Ethereum (ETH) is the leading smart contract platform token as it commands $131.50 billion of the $245 billion. ETH is down 39.3% over the last seven days and most smart contract tokens have seen considerable losses during the past week.

Avalanche (AVAX) shed 34%, binance coin (BNB) lost 25%, cardano (ADA) dropped by 22.5%, polkadot (DOT) slid by 20.7%, and solana (SOL) lost 22.3% in seven days. One of the only smart contract coins not down this past week is chia (XCH) as it is up by 1.2% against the U.S. dollar. Open / Comment

2022-06-15 20:00:04 ​Nearly 70,000 Issued Binance Refugee Crypto Card for Ukrainians

Thousands of Ukrainians have ordered a crypto card issued by the world’s leading digital asset exchange, Binance, for its users from the war-torn country. The card allows people displaced by the ongoing conflict with Russia to make payments and receive financial support.

Between April 26 and June 10, almost 70,000 people have been issued the Binance Refugee Crypto Card, the largest coin exchange by trading volume unveiled to the crypto news outlet Forklog. The payment product was offered in April to support Ukrainians forced to leave their homes amid Russia’s military invasion of the country.

The card allows displaced Binance users from Ukraine to make or receive crypto transfers and pay at merchants in countries from the European Economic Area. With it, the refugees can also accept financial aid through Binance’s partners. The applications of 4,000 Ukrainians currently residing abroad have been approved with more than 1,700 already having received funds.

Binance also participates in efforts to support internally displaced persons (IDPs) as part of a project launched together with the charitable foundations Palianytsia and Rotary Club Kyiv International. Large families and those with minor children, disabled, and elderly Ukrainians will benefit with priority.

These most vulnerable people will be able to rely on a monthly assistance in the amount of 75 BUSD ($75) for a period of three months, the report details. At its first stage, the initiative will help 5,000 IDPs with a budget of $1.2 million. Representatives of the exchange explained:

Initially, we were going to help people who were forced into the EU, were granted refugee status and really needed help. But in parallel, we decided to launch a pilot project to help those who remained in Ukraine.

Binance further revealed it’s closely cooperating with the Ukrainian Ministry of Digital Development to organize a course on online professions for Ukrainians who lost their jobs due to the war as early as this month. The exchange also emphasized it will continue to follow sanctions policies against Russia and ensure their implementation on its platform. Open / Comment

2022-06-12 20:00:03 ​Report: Five South Korean Crypto Exchanges Respond to Litecoin MWEB Upgrade by Delisting the Coin

Five South Korean cryptocurrency exchanges recently said they will delist litecoin because the crypto asset’s Mimblewimble Extension Blocks (MWEB) upgrade violates the country’s laws. As a result, the exchanges’ users cannot use the Korean won to trade the crypto asset, which has since been named a “dark coin.”

Following the recent Mimblewimble Extension Blocks (MWEB) upgrade to litecoin, five of South Korea’s major cryptocurrency exchanges, namely Upbit, Bithumb, Coinone, Korbit, and Gopax, responded by announcing that they would delist the crypto asset. The exchanges argue that the upgrade has made litecoin transactions anonymous, which is against the country’s laws.

According to a News1 report, the anonymity that was brought about by the Mimblewimble upgrade violates a provision in the Specific Financial Information Act which stipulates that cryptocurrency exchanges cannot handle crypto coins that hide transfer records.

In a statement, Upbit reportedly said:

According to the Special Act, exchanges must check whether the transmission records can be verified for digital assets with anonymous transmission technology, and take appropriate measures if anonymous transmission technology is found.

In May, a statement from the Litecoin team said the “highly anticipated” MWEB upgrade had been activated. The statement explained that the upgrade “is a fungibility-improving technology that enhances confidentiality between the senders and receivers in a transaction.” The amount being sent is only known between the sender and receiver, the statement added.

However, as a result of this upgrade that has seen LTC being labeled a dark coin, users in South Korea cannot trade the crypto asset using the won currency on these exchanges. Nevertheless, the News1 report said the exchanges have resolved to continue supporting LTC withdrawals for at least a month. Open / Comment

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2022-06-09 20:00:05 ​Colombia Takes First Steps Toward Regulating Cryptocurrency Exchanges

The Congress of Colombia has approved a bill that regulates the behavior of cryptocurrency exchanges in the country in its first discussion, taking the first steps to bring clarity to this issue. One of the creators of the bill, Mauricio Toro, a representative of the Green Party, stated that this bill is needed to protect users from Ponzi schemes, giving them security in the crypto world.

More and more countries in Latam are realizing the growth and influence crypto and crypto-related businesses are seeing in their territories. Colombia is one of them, and this is moving the government to accelerate the regulation of cryptocurrency exchanges to clarify the responsibilities and duties of these companies.

In this sense, the Colombian Congress has taken steps in this direction by approving a bill that seeks to give more clarity and security to the operation of crypto exchanges in the country. One of the proponents of the bill, representative Mauricio Toro of the Green Party, gave his opinion about this development on social media. According to Toro:

Colombia has to move forward in regulating this business, which is legal and multi-million dollar, so that jobs and opportunities are created, but also so that it provides peace of mind to Colombians who can buy their assets safely.

Furthermore, Toro stated that this bill is also directed to safeguard users and customers of these platforms from falling into Ponzi schemes.

While Toro was very optimistic about the impact this bill might have, the project is still in its early stages and will need to be discussed three more times to be approved and presented as law. This might take more time than usual, due to the political circumstances that Colombia is facing today, in the middle of its election cycle, with its second election round coming soon.

If approved in its present state, cryptocurrency exchanges in Colombia will have to register to offer their services, disclosing the benefits, risks, and possible profits of crypto trading to their users. Also, banks will allow the connection between cryptocurrency exchanges and accounts in fiat currency directly, helping to avoid the development of Ponzi schemes and other pyramid scams.

Other institutions in Colombia are also moving to regulate and control customer-exchange interactions. In April, the money-laundering watchdog, the UIAF, announced that users would have to report their cryptocurrency movements to the organization via an online system. However, the organization backpedaled later and postponed the sanction of the mentioned resolution. Open / Comment

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