From Bitcoin's point of view, it is showing signs of recovery to the State of Wyoming in the United States through new cryptocurrency laws. Here are some highlights from the crypto market.
Bitcoin is generating a positive signal of a recovery as its hashrate is returning to pre-crash levels in March.
According to data from the Blockchain tracker app, as of April 15, Bitcoin's average hashrate of 7 days was 114 million hashes per second (h / s).
Average hashrate of Bitcoin | Source: Blockchain.com
The last time the network recorded this hashrate was on March 2. Ten days later, the average hashrate rose to a record 123 million h / s before the dark Thursday arrived.
B / O spread on Bitcoin Future exchanges is growing
After the March 12 sell-off, the Bitcoin Futures market chart has changed, Binance has risen to the top position and pushed BitMEX, the spearhead of the crypto derivatives market, to fourth place. .
According to data from Skew, the liquidity, of the leading exchanges, is decreasing. Take Binance for example, the exchange saw that the difference of 10 million USD B / O spread (the price difference between selling and buying) increased sharply to the threshold of 4.66%; While 1 day earlier, this index was only 0.86%.
Average B / O spread on Binance and BitMex | Source: Skew
From March 13 to April 15, Binance's spread, on the same price and time range, decreased from 4.66% to 0.66% as its 24-hour trading volume surpassed its competitors. compete. However, this index continued to increase on April 16 when the B / O spread increased for the first time from 0.66% to 0.85%.
120 million USDT has just been printed
Over the past two months, the Tether Treasury has drawn public attention by printing an unprecedented amount of USDT. It has just printed an additional 120 million USDT.
The total USDT supply has increased by over 43% since the beginning of March. However, the Tether Treasury still shows no signs of stopping issuing more USDT.
Whale Alert has stated that 120 million USDT has been printed at the Tether Treasury. Bitfinex's CTO, Paolo Ardoino stated, as what he always announced when it was released, this was a "inventory addition".
💵 💵 💵 💵 💵 💵 💵 💵 💵 💵 120,000,000 #USDT (119,950,661 USD) minted at Tether Treasury
- Whale Alert (@whale_alert) April 14, 2020
The correlation between Tether Gold and spot gold price increases
2020 may be a difficult year for the cryptocurrency market, but the stablecoin market is still quite stable, as its name suggests. USDT has made strides in terms of supply and market capitalization. Follow report of CoinGecko, its counterpart backed by Gold, Tether Gold also had a growing trading volume and reflected the increased correlation with the spot price of gold.
Along with Tether Gold, Paxos Gold reflects a similar trend. This correlation gained momentum when Gold prices rebounded after an unexpected drop on March 18.
In the first quarter of 2020, the trading volume of gold-backed tokens soared by 275%. When the market collapses, a large number of traders turn to safe-haven assets, thus increasing the trading volume, leading to a higher correlation of gold-backed assets.
The Litecoin Foundation says investors can earn annual interest with Litecoin on the MyCred platform through the following tweet.
With our new daily compounding interest feature from @ihavecred, earning on your #crypto has never been easier! Click here and put your assets to work: https://t.co/HkmxKXHcwm pic.twitter.com/ItQQGrZWnG
- Litecoin Foundation (@LTCFoundation) April 13, 2020
Users can enjoy up to 10% interest per year on their digital assets, regardless of market movements. Interest is paid monthly through user choice in the form of cryptocurrencies or stablecoins.
In the first week of February, DOGE prices have begun a significant increase of up to 40%. This creates a breakout above the long-term descending resistance, which is expected to help the market start a new long-term uptrend.
However, trader Larousse has tweeted with the DOGE chart, expressing disappointment that the price has not yet begun to grow. He outlined a rapid growth trend in which prices will reach 110 satoshi high by the end of the year, three times higher than current prices.
- Larousse ($ DOGE MAXIMALIST) (@Larousse____) April 14, 2020
On the chart, the weekly RSI has created a very significant divergence since July 2019, another sign that prices are likely to rise. The closest resistance level is found at 80 satoshi.
US blockchain network Solana, has co-operate with Korean payment platform Terra to bring stablecoins into its dApp ecosystem. The Terra platform is supported by Korea's e-commerce giant, TMON.
Solana was launched in 2019 with a claim of superior technology in scale (65,000 transactions per second), security and decentralization. The partnership allows their dApp developers to accept low-cost, stable payments through bridge technology with new tokens.
"By bringing stablecoins into the network, we aim to significantly expand the design space for developers, opening the door for new applications that require payment and price stability."
Blockchain investment firm Eterna and venture capital firm Borderless Capital have teamed up to launch Eterna Borderless Venture Studio, to support projects on the Algorand platform.
The goal is to drive adoption and growth by providing tools and resources for decentralized applications. Eligible startups can receive investments of up to $ 100,000 and Borderless Capital can provide follow-up investments of up to $ 2 million to companies with the potential to become top businesses.
Projects come from student groups of some of the world's most prestigious universities, including Oxford, Cambridge and Imperial College of London, along with marketing firm PR MarketAcross and the F6S startup ecosystem in Europe.
Seven startup companies have participated, including MAX Market, an international trading group on DEX; PlanetWatch, a network of air quality sensors to encourage environmental monitoring; and SingularityNET, the world's first decentralized AI network, where people can create, share and make money from AI services.
Concve just posted a new blog: New Venture Studio Offers $ 100K Funding to Algorand DApp Startups https://t.co/W1kAcbODjJ
- PUBG Tournament Culb (@pubgtournamen) April 16, 2020
Recently, the leading blockchain network, IOST, launched IOST Plan X, a bounty program that encourages talented developers of distributed ledger technology (DLT) around the world to come up with the best ideas. , to develop practical tools on the IOST blockchain.
Blockchain developers wishing to create influential applications will be encouraged to join IOST Plan X to showcase their creative skills. The project actively seeks developers who believe they have influential ideas that can be implemented directly on the IOST blockchain.
Interested developers can fill out participation form with a detailed description of their ideas, along with contact information. After completing the idea evaluation, the IOST development team will contact the developer.
Moreover, the announcement also calls for IOST community members share useful blockchain tools or decentralized applications (dApps) they want to see on the IOST blockchain. After evaluating the ideas, IOST will look for developers who can build applications based on those ideas.
Blockchain game platform, Enjin has announced Some changes and enhancements to the Enjin Wallet app on mobile devices, including the approval and certification process to be used in China.
The latest application update brings the ability to send up to 100 types of replaceable and irreplaceable assets based on Ethereum at the same time. This helps cut gas costs and minimize Ethereum network congestion.
Numerous ERC-1155 assets can also be melted down simultaneously, converting them back into Enjin Coin. Bulk features were previously limited to developers, but are now available to all Enjin Wallet users.
The application also added support for Ethereum Name Service (ENS) to provide users with custom domain addresses to avoid the hassle of entering too long wallet addresses. Optional face and fingerprint security features have also been added to the app.
The state of Wyoming passed a new law regarding cryptocurrencies
A law recently signed by Wyoming Governor Mark Gordon will allow insurance companies to invest in Bitcoin and other cryptocurrencies.
Thanks to the efforts of Long Caitlin, a veteran on Wall Street, Wyoming is currently leading the enactment of the law to accept cryptocurrencies. She confirmed on Twitter that, thanks to the newly signed law, insurance companies in the state can invest in cryptocurrencies starting July 1, 2020.
YES! Insurance cos in #Wyoming Will be able to invest in #bitcoin & #crypto as of 7/1/2020 (this was recently signed into law by @GovernorGordon). Most likely insurers will offer this as part of variable life policies rather than whole life, since NAIC capital charge will be high https://t.co/aAn3D4kIVS
- Caitlin Long 🔑 (@CaitlinLong_) April 15, 2020
The newly passed law also adds a number of other legal certifications to crypto-related businesses in the state.
Terpin continued to sue AT&T due to the SIM swap attack
Cryptocurrency investor Michael Terpin has filing protest against telecommunications giant AT&T, to reject his $ 200 million claim in a prolonged SIM swap.
Terpin was the victim of attacks in 2017 and 2018 costing him $ 24 million in cryptocurrency. The investor claimed that his equipment was compromised due to AT&T negligence.
A SIM swap attack usually happens when a criminal tricked a network operator to convert the victim's phone number into a SIM card they controlled, helping the crook steal the cryptocurrency.
A $ 12 million wheat transaction between the United States and Indonesia is settled on Blockchain
The international agricultural giants, Agrocorp and Cargill, conducted a $ 12 million shipment of wheat from North America to Indonesia via blockchain. The transaction was made through Dltledgers, a Singapore-based blockchain platform, based on Hyperledger Fabric.
International cooperation bank Rabobank, ship owner Amarante, and shipping agency Transmarine, also cooperate in this transaction.
The transaction was conducted stably on April 1 after 05 days, saving a period of time compared to manual processes, enhancing security and transparency.
- Tokenncoin (@Tokenn_coin) April 16, 2020
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