Author: dfmines

CEO of Coinbase: “We recently received board approval to purchase over $500M of crypto on our balance sheet to add to our existing holdings. And we'll be investing 10% of all profit going forward in crypto. I expect this percentage to keep growing over time as the cryptoeconomy matures.” Edit: Via Brian Armstrong’s Twitter …
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Bitcoin exchange inventory level is a good way to gauge market sentiment towards the cryptocurrency. Inflows to exchanges in the past have usually indicated strong sell sentiment. Stemming from investors wanting to cash out the profits that they have made. This is usually the case during bull markets when prices go up. But for the first time, bitcoin exchange inventory levels are declining even though the price of the digital asset is on the rise. Related Reading | Hot Bitcoin Summer. But Why Altcoins Are On The Rebound Numbers show that bitcoin exchange levels are not rising according to the price. If anything, the inverse looks to be the case. The number of bitcoins leaving exchanges recently has risen sharply. Just in the past 30 days, over 100,000 bitcoins have flowed out of exchanges. Representing one of the sharpest exchange reserves decline in the market. BTC exchange reserves experience sharp downtrend | Source: Twitter Investors Are Accumulating The number represents a decreased supply in the market, and the outflows indicate that demand for the digital asset is on the rise. Investors are holding on to their coins instead of moving the coins to exchanges to sell. This has now put a lot of buy pressure on the market. The decreased supply will inadvertently lead to an increase in the price of the digital asset. BTC exchange reserves fall for the first time in a bull market | Source: Twitter These patterns show a peculiar accumulation pattern in the market. Bitcoin accumulation is usually highest when the market is in a bear market. An extended bear market like the one following the 2017-2018 bull market would see investors hoarding coins in wait for the next bull. But presently, accumulation patterns show that investors are hoarding coins even in a bull market. Sentiment remains generally positive with the Fear & Greed Index finally moving into greed for the first time in months. Accumulation patterns now show a very bullish pattern in the market. Retail investors do not think that the bull market will be over anytime soon, neither do the institutional investors. Related Reading | Bullish Signal That Resulted In A 250% Increase In Bitcoin Is Getting Triggered Again As more bitcoins are mined, leading to the decline in the number of bitcoins left to come into the market, investors are trying to get their hands on as much of the digital asset as possible. This increased demand is what has sent the price surging. Leading to a continuation of the bull market that had grinder to a half after the asset hit a new all-time high of $64K. Bitcoin Moving Up With Accumulation Bitcoin’s price has been on the up and up going into August. Its price had hit $45K for the first time in two months, pointing to a continuation of the bull market. Eight consecutive green days had seen BTC hit eight green candles, triggering a bull run in the market. At this point, bulls had taken complete control of the market. Bears had recorded massive losses as the market saw over $1 billion shorts liquidated in the span of 24 hours. BTC price trailing $44K | Source: BTCUSD on TradingView.com The bulls have continued to maintain their hold on the market. Bitcoin price has experienced several dips in this week alone. But downwards movement on the charts has not been to a significant extend. The price had tested $48K this week. Eventually breaking back down below $44K when faced with resistance at this level. Trailing prices now rest in the $44K territory for BTC. Price analysis shows the mark to beat for another rally sits at $46K with the current momentum. As of the time of this writing, BTC is currently trading at $44,470, with an overall market cap of $835 billion. Featured image from Bitcoin News, charts from Twitter and TradingView.com

Was just goin to grab a few items and walked past this and couldnt help but take a pic. Who knew they support Rvn? Haha, that is all. https://preview.redd.it/kgop3d2aaei71.jpg?width=960&format=pjpg&auto=webp&s=a5b9fbf3f35e85a7ed256aec88351914609a1dad submitted by /u/Cryptoman1017 [link] [comments]

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Cardano is close to its final Hard Fork Combinator (HFC) event “Alonzo” to implement smart contract capabilities on the mainnet. Developers, community projects, and IOG are preparing for the milestone and the potential growth of the network’s ecosystem. Recently, IOG released a paper describing a new algorithm stablecoin to be launch on the platform, called Djed. The project has been under development by IOG and partners Emurgo, and Ergo blockchain, as a “stablecoin contract”, Cardano’s developer claimed in an official post. This digital asset will tackle the most common issues with other stablecoins, such as Tether and USD Coin, such as lack of transparency about their reserves and its liquidity. Thus, it will leverage a smart contract to guarantee the stability of its price. IOG said: Djed is a crypto-backed algorithmic stablecoin contract that acts as an autonomous bank. It operates by keeping a reserve of base coins, and minting and burning stablecoins and reserve coins. As seen below, this Cardano based stablecoin will operate with an Autonomous “Central bank like” contract. Thus, it’ll be comprised of reserve, equity, and liabilities. In addition, Djed’s stability mechanism will allow the contract to sell stablecoins, and use charging fees, and reserve assets to keep a target price. IOG claims that holders will benefit from this dynamic, as they will be able to boost the stablecoin reserve and “assume the risk of price fluctuation”. But Djed is not limited to being pegged to the dollar. It can work with other currencies, as long as there are oracles providing the contract with the corresponding pricing index. Cardano Stablecoin, Better Than The Competion? The inventor of Cardano and IOG’s CEO Charles Hoskinson celebrated the release of Djed’s paper. Additionally, Hoskinson revealed that the Plutus team is currently working on a prototype and will most likely be able after HFC Alonzo. As part of the ethos of Cardano, IOG claims that Djed’s properties are “proven by mathematical theorems”. This helps it achieve a constant peg to the underlying assets with lower bound maintenance, resilience to sudden spikes or drops in the market, no insolvency, no bank runs. This mechanism will support a fair treatment of all users, according to the official post. Thus, it creates more incentives for holders to keep their coins with a limit in the Djed’s reserves that can be “diluted” to issue more of it. Holders will additionally benefit from the stablecoin’s increase equity_ (…) the reserve surplus per reserve coin is guaranteed to increase as users interact with the contract. Under these conditions, reserve coin holders are guaranteed to profit. The Cardano based stablecoin will be launch in two versions: the minimal Djed, a “simple and intuitive” stablecoin, and the extended Djed. The latter will have more stability benefits, IOG claims, and more incentives to maintain the reserve ratio “at an optimal level”. The stablecoin has already been implemented on Ethereum, as an ERC-20 token, Binance Smart Chain, Avalanche, Polygon, and other ecosystem as a tesnet project. At the of writing, Cardano (ADA) trades at $2.30 with a 8.5% rally in the daily chart.

Ethereum is the new Bitcoin, read this post in 2030 submitted by /u/Michelemenef8 [link] [comments]