Category: Cryptocurrency News

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The guide explores what factors boosted the entire Decentralized Finance industry, and why analysts are predicting that DeFi is destined to disrupt the traditional financial sector: How DeFi Grew Into A $70+ Billion Industry DeFi provides a new space built on trustless and transparent blockchain technology which replaces the “trust layer” of finance. DeFi trades…
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The blockchain is an immutable record. Companies like Chainalysis make a living out of interpreting that data, extracting value and insights from the numbers. And on-chain analysis reveals that crypto is now “a truly global phenomenon.” The data comes from Chainalysis’ 2021 Global Crypto Adoption Index. The people that really need crypto, qualified as “emerging markets” in the paper, are increasingly involved in the space. Related Reading | Crypto Company Circle Seeks To Become Global Digital Currency Bank In The Weekly Update, our friends at Arcane Research found this to be the headline: “Chainalysis further ranked the countries with the highest crypto adoption following their methodology. A majority of the countries featuring at the top 20 list are emerging market economies.”  And clarifying their intention, Chainalysis’ paper itself starts with: “While the professional and institutional markets are crucial, we want to highlight the countries with the greatest cryptocurrency adoption by ordinary people, and focus on use cases related to transactions and individual saving, rather than trading and speculation.” That being said, we have to talk about… BTC price chart on Bitstamp | Source: BTC/USD on TradingView.com What Was Chainalysis ’ Methodology?  The company focused on “cryptocurrency adoption by ordinary people,” so they weighted everything by purchasing power parity per capita. They ranked “all 154 countries” according to three metrics: On-chain cryptocurrency value received, weighted by purchasing power parity (PPP) per capita. On-chain retail value transferred, weighted by PPP per capita. Peer-to-peer (P2P) exchange trade volume, weighted by PPP per capita and number of internet users. It’s worth clarifying that in that third one, they “rely on data supplied by two of the largest P2P platforms operating — LocalBitcoins and Paxful — to calculate each country’s P2P trade volume.” Because, for the most part, P2P trading isn’t reflexed on-chain. Chainalysis admits that “While this means that we aren’t capturing all P2P value, we believe these two exchanges are popular enough for their metrics to act as an overall approximation.” DeFi Is Not Part Of The Studio. DeFi Stats Coming Soon It’s also worth noting that, “Transactions carried out by DeFi protocol users all show up on-chain, as no centralized service ever takes custody of users’ assets.” That presented a problem, because it “skewed” their rankings “toward countries with comparatively more DeFi users.” So, Chainalysis decided to leave DeFi stats out of this particular studio. However, they promise. “We also decided to create a new DeFi Adoption Index, which will be available in the coming weeks.” Global Crypto Adoption Index 2021 | Source: Arcane Research Chainalysis Identified Three Key Trends On-chain analysis reveals that: Global cryptocurrency adoption is skyrocketing This might sound like an obvious claim, but the surprising thing is the staggering numbers.  “At the end of Q2 2020, following a period of little growth, total global adoption stood at 2.5 based on our summed up country index scores. At the end of Q2 2021, that total score stands at 24, suggesting that global adoption has grown by over 2300% since Q3 2019 and over 881% in the last year.” Adoption in emerging markets grows, powered by P2P platforms Not everyone has access to a globally accepted bank account. The people who don’t have access to centralized exchanges found a way to participate in the crypto space. And are doing it in a major way.  China and the U.S. dip in our rankings Not surprisingly, “analysis shows how far P2P volumes have fallen in the two countries compared to worldwide volumes.” However, according to Chainalysis, further considerations indicate that: “This activity may reflect increasing professionalization and institutionalization of cryptocurrency trading in the United States, and in China’s case may be related to ongoing government crackdowns on cryptocurrency trading.”  Why are Chinese people abandoning P2P trading so radically? Wouldn’t the “government crackdowns on cryptocurrency trading” cause a surge in old P2P trading instead? Related Reading | Chainalysis: 2020 Is The Year of The Institutional Bitcoin Investor In any case, Chainalysis concludes their study with: “The clear takeaway though is this: Cryptocurrency adoption has skyrocketed in the last twelve months, and the variation in the countries contributing to that show that cryptocurrency is a truly global phenomenon.” And we couldn’t agree more. It is. Global Crypto Adoption Index | Source: Chainalysis Featured Image by NASA on Unsplash – Charts by TradingView

After seeing "What coin will reach top 10/100, into the moon etc." threads every single day, let's see what projects are headed straight down into the dirt. I know there are a ton of projects out there and chances are that 9/10 will simply fade away in a year or two. What's the latest controversies?…
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With total funding of $37.8 million to date, Bazaar Technologies is among Pakistan’s most capitalized startups.

As I keep reading about all of the Coinbase account hacks and the need to move crypto to hardware wallets, I realize I'm doing much of my trading on a work computer. It's all I got. Certain wallets want to use storage on your computer (it's technically not mine) and I'm doing a host of…
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The Ethereum Foundation will pass the donations on to open-source developer teams including Besu, Erigon, Geth, Nimbus and Nethermind.

There were so many cryptocurrencies that boasted many use cases and investors thought that these coins would become something big back in 2017-2018. No one talks about Waltonchain, Dragonchain, Populous, Power ledger, and even Ravencoin to an extent. But guess what, they were the top 50 back then and everyone had their money on it.…
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Ethereum extended its decline below the $3,200 support against the US Dollar. ETH price is at a risk of more downsides below the $3,120 support zone. Ethereum extended its decline below the $3,250 and $3,200 support levels. The price is now trading below $3,250 and the 100 hourly simple moving average. There is a key bearish continuation pattern forming with support near $3,170 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue lower if it fails to stay above the $3,120 support zone. Ethereum Price Corrects Lower Ethereum failed to stay above the $3,300 support zone and extended its losses. ETH price broke the key $3,250 support zone to enter a bearish zone, similar to bitcoin. The price even broke the $3,200 support level and the 100 hourly simple moving average. Ether traded as low as $3,150 and it is now consolidating losses. It recovered above the $3,170 and $3,180 levels. There was a break above the 23.6% Fib retracement level of the recent decline from the $3,380 swing high to $3,150 low. It is now consolidating below $3,250 and the 100 hourly simple moving average. There is also a key bearish continuation pattern forming with support near $3,170 on the hourly chart of ETH/USD. On the upside, an initial resistance is near the $3,200 and $3,220 levels. A clear break above the triangle resistance and $3,220 might call for a steady increase. The next key resistance is now forming near the $3,265 level. It is close to the 50% Fib retracement level of the recent decline from the $3,380 swing high to $3,150 low. Source: ETHUSD on TradingView.com Any more gains may possibly call for a move towards the $3,300 level in the near term. An intermediate resistance may possibly be near the $3,292 level. More Losses in ETH? If ethereum fails to continue higher above the $3,200 and $3,220 resistance levels, it could extend its decline. An immediate support on the downside is near the $3,150 level. The key support is now forming near the $3,120 zone. A downside break below the $3,120 support zone could push the price further lower. The next major support could be $3,000. Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bearish zone. Hourly RSI – The RSI for ETH/USD is still below the 50 level. Major Support Level – $3,120 Major Resistance Level – $3,265