GildCoin - Crypto News

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2021-02-21 20:00:47 Is Binance Coin (BNB) the New Ethereum (ETH)? Why BNB Surged Fast At 3rd Position?

Looks like Binance Coin (BNB) is all set to eat into the market share of Ethereum (ETH)! Binance coin (BNB), the native cryptocurrency of the Binance Smart Chain has entered an indomitable price rally over the last few days. Today, the BNB price surge another 50% flipping Tether (USDT) as the third-largest cryptocurrency by market cap.

The Binance Coin (BNB) Price has shot another 50% today hitting its all-time high above $250 with its market cap now at over $40 billion. However, let’s take a look into what’s driving the mania behind the solid bull run of Binance Coin (BNB).

As we know that with the DeFi craze at its peak, the demand for decentralized exchanges (DExs) like UniSwap has been going high.
However, as the Ethereum blockchain continues to dominate the DeFi space, it is unable to cater to the mad rush in DeFi. The result is ETH gas fee has shot to the roof over the last few weeks.
Since the beginning of February 2021, the ETH average transaction fee has continuously stayed above $20, as per BitInfo Charts. While it has been an ideal scenario for the ETH miners who have been minting huge money, it is definitely putting some big weight on the wallets of DeFi investors.

Interestingly, investors are now looking for alternatives to other Ethereum competitors. Thus, Ethereum’s loss has ultimately translated to some huge gains for the Binance Smart Chain (BSC).

PancakeSwap Overtakes UniSwap As The Biggest DEX By Trading Volume
Well, some popular Ethereum-based DEXs like UniSwap are facing the brunt of the rising gas fee. The result is BSC-based DEXs like PancakeSwap has overtaken UnisSwap in terms of the daily trading volume.


Read More Open / Comment

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2021-02-18 21:00:37 ​​Robinhood Suspected To Be a Dogecoin Whale As It Plans New Crypto Services


Robinhood Suspected To Be a Dogecoin Whale As It Plans New
The under-fire American trading platform Robinhood said it will provide customers “the ability to deposit and withdraw” cryptoassets and has claimed that it has no crypto holdings – despite mounting suspicion that it could be one of the mysterious dogecoin (DOGE) whales who control vast amounts of the runaway token.

In a series of tweets, Robinhood wrote:

“So much interest in crypto! To be crystal clear, we fully intend to provide the ability to deposit and withdraw cryptocurrencies, including DOGE. Robinhood Crypto does NOT currently invest in cryptocurrency or use any customer cryptocurrency for our own benefit.”

The potential DOGE connection is key, as an increasing number of social media sleuths – including man-of-the-moment Elon Musk – think they have reason to believe that a wallet that holds almost 28% of the DOGE currently in circulation secretly belongs to Robinhood.

Per Bloomberg, Tom Robinson, the chief scientist and co-founder of the blockchain data tracker Elliptic, said of the wallet,

“It almost certainly belongs to Robinhood. The timings of its creation, and the creation of the addresses that it received funds from, match the timings of Robinhood’s support of dogecoin.”

Musk, meanwhile, has been wading into the argument with apparent relish.

In response to a dogecoiner’s demand for Robinhood to stop “dodging DOGE questions and hiding behind scripted answers” and a demand for “transparency,” Musk tweeted, “You’re right.”

And in reply to another DOGE aficionado who opined, “If the top whale wallet is Robinhood then I think dogecoin has a clear trajectory to the moon,” Musk wrote: “Sounds like it is.”

For now, however, it appears that Robinhood is intending to play its cards close to its chest, and will stick with responses like the below.

Not everyone agrees with the theory that Robinhood is behind the wallet, however, with Redditors positing that the wallet may well belong to Musk himself – or a crypto exchange or an “early mining pool.”

Regardless, Robinhood appears set to push ahead with its crypto plans, although it did not set a date on the rollout of its new token-related services.

On social media, reaction was mixed. Some Redditors welcomed what they called “big” and “great news,” but others dismissed it as a “PR” stunt – with others still claiming they would not be taking their custom to Robinhood.

On Twitter, the mood was similarly uncertain.

Some welcomed the news as “bullish.” But others claimed that the damage to the company’s reputation was already too great in the wake of the GameStop share pump – and Robinhood’s much-maligned role in the affair, a matter that even Musk has quizzed the company’s CEO on.

At the time of writing (09:28 UTC), DOGE, ranked 13th by market capitalization, trades at USD 0.0508 and is down by 6% in a day and 30% in a week. It rallied by 455% in a month and 1,768% in a year. Open / Comment

2021-02-17 14:41:18 Breaking: Bitcoin just hit a new All time high of 51000$

Don’t miss the Bitcoin train and join: https://t.me/Cryptovipsignalsclub for daily Bitcoin signals Open / Comment

2021-02-15 20:00:58 ​​Crypto Opens Up PayPal, Square, Visa To New Revenue Streams - Fitch

Strategic crypto investments are expected to have a limited near-term effect on the credit profiles of companies such as PayPal, Visa, Square, and Mastercard, taking into account the modest capital deployed and the long ramp time, major credit rating agency firm Fitch Ratings said. Moreover, adding crypto capacities opens up incremental revenue streams for these companies, even if the return on investment over time and compliance risks remain uncertain, they added.

Of the four companies, only PayPal is publicly rated, and its BBB+/Stable rating takes the company’s plans to expand its crypto capabilities.

“The company plans to launch pay with crypto functionality at its 29 million merchants starting in the US in late 1Q21 and then expand internationally. This represents one of the first real-world, non-trading related use cases at scale for crypto in the US, but consumer usage will ultimately dictate its success,” Fitch said in their recent analysis.

Last October, PayPal launched its cryptocurrency investing service, enabling US users to buy and sell crypto directly within their PayPal digital wallets. Also, as reported last week, PayPal will “probably” not be following Tesla’s lead in bitcoin (BTC) buying just yet – but it will spare no effort in allowing its customers to fill their boots with crypto-related offerings.

Meanwhile, Square added the ability to trade bitcoin on its Cash App in 2017 and is on pace to realize more than USD 100m of annualized gross profit from bitcoin trading.

"This is less than 5% of Square’s overall gross profit and is buoyed by bitcoin’s dramatically increased valuation in recent months, but it provides an avenue for incremental profitability as Square continues to build out functionalities of its Cash App ecosystem," the firm said.

Fitch Ratings already appreciated the move’s potential in its 2021 outlook for North American and European fintechs, in which the agency stated that most “Fitch-rated FinTech issuers have Stable Outlooks, although some are better positioned for their respective ratings, including those with high e-commerce exposure, such as PayPal”.

Fitch Ratings recognizes that other financial services companies, such as Visa, Mastercard, and Square, are also ramping up their engagement in digital currencies.

“Improved settlement speeds, typically one to three days for various types of financial transactions through the legacy US financial system, is one area blockchain may help improve over time,” said Fitch Ratings. “Other potential crypto benefits include lower fees, elimination of intermediaries to enable 24x7 money movement, enhanced security, and anonymity.”

NR - Not Rated; NPR- Not Publicly Rated. Source: Fitch Ratings
But as major fintechs continue to expand their cryptocurrency and blockchain capacities, several factors could limit widespread their acceptance in the near term, the company said.

The looming significant unknowns include the lack of US regulatory oversight and the uncertain future shape of crypto regulation, two of the factors that could severely impact the above-mentioned benefits, according to the analysis.

“Cryptos are not currently regulated by the US government but regulation is anticipated. Tighter regulation could limit certain benefits described previously, particularly if digital currency issuers are required to obtain banking charters, maintain reserves and/or other strict banking-like requirements,” the rating agency said.

At the time of writing (12:25 PM UTC), BTC trades at USD 47,590 and is down by 3.5% in a day after it reached its new all-time high of USD 49,532 yesterday. The price is up by 23% in a week and 29% in a month. Open / Comment

2021-02-13 15:31:31 #BreakingNews: Cream Finance Gets Exploited For $37.5 million

Cream Finance or Iron Bank has become the latest defi protocol to fall victim to an exploit that possibly leads to a $37.5 million heist. The official Twitter handle of the protocol the issue and said that they were looking into it.
The attacker managed to exploit a loophole for drawing loans and used Alpha Homora to draw sUSD from the collateral debt position. The hackers kept withdrawing loans larger than the previous one and used two transactions at a time whereas soon as they received the loan they used to send it back into the platform receiving cyUSD. The hacker managed to get a $1.8 million USDC loan from Aave v2 and since they were simultaneously sending back the drawn loan the cycle continued.


The Hacker Still Holds 11k ETH in the Wallet
The hacker finally used the withdrawn amount of ETH and other tokens to fill the Aave v2 collateral debt position with stablecoins to return the loan that included,
1k ETH to IronBank deployer,
1k ETH to Homora deployer,
220 ETH to Tornado,
100 ETH granted to Tornado
Nearly 11k ETH remains on the exploiter balance now. This would mark another sophisticated exploit on a defi protocol which had increased significantly in 2020 as the popularity of the Defi ecosystem grew. Every other week one or the other defi protocol was hacked for millions where in some cases the stolen funds were returned however in most the exploiter got away with millions.

The Alpha Finance lab whose protocol was used for the exploitation has claimed that the breach had been patched. The firm has suspended any active position on Homora v2. The firm said, Users can’t borrow more funds from Alpha Homora v2 = no new leveraged positions and borrow on existing positions.

Read More


https://coingape.com/cream-finance-gets-exploited-for-37-5-million/ Open / Comment

2021-02-12 22:00:41 ​​Cybercriminal 'Bitcoin Billionaire' JokerStash Retires

Per cybersecurity firm Gemini Advisory, JokerStash claims to keep all proceeds of the marketplace in bitcoin (BTC). Elliptic estimates that, considering BTC alone (the site also accepted litecoin (LTC) and dash (DASH)) they would have taken a total of at least BTC 60,000 (USD 2.88bn).

The revenues earned by Joker’s Stash can be estimated from the value of incoming cryptocurrency payments to its wallet, as seen on the blockchain, per Tom Robinson, Elliptic's Co-founder and Chief Scientist.

"Sales dropped over the next two years, reflecting a broader downtrend in carding activity - increased security around card payments has made their theft more difficult, while advances in anti-fraud technology have made it more challenging for carders to make purchases with stolen cards," Robinson said.

Moreover, according to him, JokerStash notified customers in October that he/she had been hospitalized for over a week with coronavirus, while in December Interpol and the FBI announced a coordinated seizure of domains used by the site.

Elliptic estimates JokerStash’s retirement fund by considering the fees charged by the marketplace:

"The first source of revenue is cryptocurrency deposit fees. Any cryptocurrency payments to the site are converted to a US dollar balance, calculated according to the prevailing exchange rate, minus a fee ranging from 8% in the early days of the site to 4% today."

"On top of that, the marketplace almost certainly takes a cut of all sales of cards provided by the site’s partners. The commission taken by Joker’s Stash is not known, but for similar marketplaces it ranges between 10 to 30%."

Joker’s Stash announced that it would cease operations on 15th February, although the site became inaccessible as of the 3rd February, Robinson said, estimating that others will take their place "at the heart of the cybercrime economy."

Meanwhile, when Joker’s Stash announced its closure on January 15, they said that they will never open again.

"We are also want to wish all young and mature ones cyber-gansters no to lose themselves in the pursuit of easy money. Remember, that even all the money in the world will never make you happy and that all the most truly valuable things in this life are free," they preached after amassing a fortune by stealing.

Cybercriminal 'Bitcoin Billionaire' JokerStash Retires 103
Joker’s Stash announces its own closure. Source: Elliptic
As reported, another blockchain analysis company, Chainalysis, said recently that the criminal share of all cryptocurrency activity fell from 2.1% (USD 21.4bn) in 2019 to 0.34%, or USD 10bn in transaction volume in 2020.) Open / Comment

2021-02-09 20:00:38 ​​Here’s What the Mainstream Media Makes of Tesla’s Bitcoin Move

The conventional media has expressed mixed emotions about Elon Musk and Tesla’s move into the world of crypto – announcing yesterday that it purchased bitcoin (BTC) worth USD 1.5bn and hinting the carmaker may be set to start accepting crypto pay.

In a damning assessment, Guardian financial columnist Nils Pratley bristled at the idea of Telsa and Musk foraying into crypto, suggesting the latter should “leave punting on bitcoin to the devotees.” “Tesla should stick to what it’s good at,” he wrote, “and that isn’t bitcoin.”

Pratley added,

“The move ... looks like pure speculation. … This adventure looks to be mostly about Musk’s taste for disruption and publicity.”

Also in the UK, the Financial Times waded into the argument, calling the investment a “bet” and quoting Jerry Klein, managing director at Treasury Partners, a New York-based investment management firm, as stating that the move made “no sense” and was “risky.”

Economist Campbell Harvey, a professor at Duke University, agreed that the move “won’t necessarily provide that hedge that Musk and Tesla are looking for.”

Meanwhile, Berlin-based Bloomberg columnist Chris Bryant took a slightly more sympathetic view, writing,

“Accounting rules were created before cryptocurrencies were invented. The bean counters don’t want to be blamed if companies get their fingers burned. Still, with interest rates at zero, I doubt Tesla will be the last tech company to try to earn a better return on its cash holdings.”

However, Bryant added that companies that buy BTC are “taking a massive financial risk,” and warned that “the volatility of Tesla’s earnings could increase even more if customers start paying for their cars in bitcoin, as Musk will soon allow, and the company elects not to convert it immediately into USD.”

Elsewhere, the prominent investor and Tesla shareholder Ron Baron told CNBC that he was “not surprised” by the automaker’s BTC move, stating,

“I am sure a lot of thought went into the bitcoin purchase by Tesla, and I look forward to learning the rationale.”

And there was further cheer also on CNBC as the media outlet quoted experts who said American financial regulators would likely refrain from trying to derail Musk’s plans.

Carson Block, founder of Muddy Waters Research, stated,

“The Securities and Exchange Commission just does not have a record of success against Elon Musk, so I expect any effort in that direction to go, it would just be a dead-end basically.”

Wall Street may also come around, other experts said. Dan Ives, the managing director of equity research at Wedbush, stated per the same media outlet,

“This is Tesla and Musk diving into the deep end of the pool on crypto and it’s something that’s been rumored for a while, and ultimately now this is really them putting substance behind his view. I think it’s something Wall Street will have a differing view of, but ultimately … this is definitely going to be viewed as a positive for the stock.” Open / Comment

2021-02-06 20:00:33 ​​Bitfinex Repays USD 550m to Tether, Nigerian Ban, Dorsey's

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

Exhanges news

Bitfinex said that, in January, it repaid the remaining balance of USD 550m of the outstanding revolving loan facility to its sister company Tether, the issuer of the most popular stablecoin, tether (USDT). The loan has now been repaid early and in full and the line of credit has been canceled, the exchange added.

Regulation news

Nigeria's central bank on Friday ordered banks and financial institutions to close down accounts involved in the transfer or exchange of cryptocurrencies, warning of sanctions if they did not comply, AFP reported.

The Reserve Bank of Australia's assistant governor Michele Bullock is quoted in local media as saying to parliament's economics committee on Friday that: "There's a lot of fuss over Bitcoin - it's not a payment instrument and it's not really money." The Reserve Bank governor Philip Lowe said that the spread and volatility of cryptocurrencies is "a risk to investors but it's not a financial stability risk."

Bitcoin news

Twitter CEO Jack Dorsey has shared with his 5.2 million followers today that he is now running his own Bitcoin node. He captioned the tweet with the phrase "running Bitcoin" - a reference to the late cryptographer and Bitcoin pioneer Hal Finney. Dorsey's additional comment suggests that he's running the node on an Apple computer that uses its latest, high-performance M1 chip.

Trading news

Norwegian crypto-focused investment and research firm Arcane Crypto is now listed on Sweden’s Nasdaq First North under the new ARCANE ticker. According to the press release, the company finalized its reverse takeover of Vertical Ventures AB, by starting trading under its new name and ticker. The listing positions Arcane for further growth, they said, as it looks to expand the companies within its group, as well as attract investors looking for exposure to the infrastructure supporting and market activity around BTC and digital assets.

Banking news

US-based Protego Trust Bank, a digital assets-focused bank, said it has received conditional approval from the Office of the Comptroller of the Currency (OCC) that allows the company to convert from a Washington State-chartered trust company into a nationally chartered trust bank. It will enable Protego clients nationwide to hold, trade, lend and issue digital assets, the bank added.

Blockchain news

The first-ever green energy certificates deal to be conducted on a blockchain platform has been completed on a network operated by leading Russian bank Sberbank, reported EP Russia. The transaction involved the domestic firms KuibyshevAzot, a chemicals firm, and the solar energy plant constructor Solar Systems, and represented almost 5,000 1MW Renewable Energy Certificates. The bank claimed that it had moved ahead of its European rivals with the deal, and said that its new tool would boost the transparency of renewable energy consumption.

A Chinese firm claims to have completed the nation’s – and probably the world’s – first smart payment bill financing transaction making use of blockchain technology. Per STCN, the transaction was conducted on a blockchain-powered platform developed by the Shenzhen Zhongzhuang Construction Group, who claimed the move was the first time a firm involved in the architectural decoration industry had conducted a blockchain-based smart payment. The deal was transacted via the Chinese state-owned bank the Industrial and Commercial Bank of China (ICBC). Open / Comment