Category: Cryptocurrency News

Across the proof-of-stake (PoS) industry, a vast number of users and protocols have been long reaping the benefits of the PoS consensus mechanism. It is not only an easy and practical way to secure blockchain networks but also a fool-proof way for users to earn high APYs in exchange for their participation via staking. However, the fact that staked assets remain locked for extended periods of time, limits their usability and deters many users from staking altogether. This is precisely why liquid staking as a means of unlocking liquidity of staked assets is being explored within DeFi, and leading the charge in this realm is the Tendermint/Cosmos-based Persistence network. Persistence empowers the creation of an ecosystem of products that help make liquid staking the default form of staking. And with the tokens $XPRT and $PSTAKE at the helm of operations to capture the value of this ever-growing ecosystem, the Persistence network is poised to become the epicenter for liquid staking in DeFi. A Symbiosis Like Never Before As mentioned before, Persistence is a layer-1 blockchain network that aims to build an ecosystem of products to promote liquid staking in the industry. For the uninitiated, liquid staking is a way of issuing tokenized versions or derivatives of staked assets to unlock their liquidity and allows them to be stored, transferred, used in DeFi, or spent just like any other tokens. In this regard, pSTAKE, the signature product and the cornerstone of the Persistence ecosystem, is the epitome of liquid staking. It allows token holders to stake their PoS assets via the pSTAKE protocol to receive 1:1 pegged stkASSETs as representative tokens that can be spent or used to generate additional yield with DeFi protocols. The PoS assets staked via pSTAKE are staked with top validators on their underlying networks. This means that users while reaping the full staking rewards for assets on underlying networks, will also have the opportunity to re-use those assets on DEXs and DeFi lending protocols. As such, $PSTAKE is the native governance token of the pSTAKE protocol that gives holders the right to participate in platform governance by staking the token. Along with this, $PSTAKE is also used to incentivize the use of products and protocols built by the Persistence network to create innovative use-cases for the unlocked stkASSETs. A protocol like this is poised to unlock liquidity of billions of dollars worth of assets staked in DeFi, and by incorporating them into other protocols within the industry, will contribute to the growth of DeFi as a whole. While pSTAKE is its signature protocol, the Persistence network has plans for an entire ecosystem of DeFi protocols that incorporate the stkASSETs at the core of their operations and create utility for them. And $XPRT as the native token of the Persistence chain is in a unique position to foster the development of these new protocols and capture the value of the ecosystem. Users of pSTAKE and these new protocols will pay user fees and gas fees in $XPRT, which are then partly funneled to $XPRT stakers who are helping to secure the persistence chain. As such, both $PSTAKE and $XPRT have a unique symbiosis with each other. While one of these fosters the growth of new utilities for liquid-staked assets, the other incentivize their use, ultimately positioning Persistence as the go-to liquid staking platform. The Next Generation of DeFi With DeFi’s mainstream adoption underway, the industry is taking strides toward fixing gaps that could potentially hinder its adoption. In this regard, the lack of utility for staked assets is a problem that was glossed over for a long time and only recently has come into full view. Now, with networks like Persistence taking steps towards closing this gap with liquid staking, the next iteration of DeFi will move from mere speculation towards real-value creation, creating a brand new financial infrastructure for users.      

In May 2010, Laszlo Hanyecz famously made one of the first Bitcoin purchases when he got a Papa John's pizza for 10,000 BTC (apparently it was two pizzas, but let's stick to the legend). Currently, with a coupon on "Consumer Queen," you can get a small 1-topping Papa John's Pizza for $4. This means that,…
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Bitcoin price has shattered $47,000 and has left in its wake the bloodbath that is short liquidations. These short traders that obviously expected the previous market trend of low momentum to continue have now incurred hundreds of millions of dollars in losses in the crypto market, and in a very short time too. The bloodbath has not eased up either since bitcoin is still firm in its recovery trend. Bitcoin Traders Get Rekt Bitcoin had been on a slow but steady recovery trend over the past week. However, the weekend would quickly put a stop to this slow trend as the digital asset had surged drastically on Sunday night. This trend continued into Monday, seeing the cryptocurrency break the $47,000 price level, setting a three-month high record for bitcoin. Related Reading | Bitcoin Retakes Robust Position As Price Nears $45,000 This increase in price had seen short traders liquidated almost immediately. These traders who had millions in the market riding on bitcoin continue to fall would see themselves lose millions before the trading market open on Monday. BTC liquidations reach $169 million | Source: Coinglass As usual, bitcoin led the pack in terms of liquidation losses. The digital asset saw tens of millions of shorts liquidated in just a matter of minutes following the price surge. In total, there have been more than $60 million in shorts liquidated in the past 12 hours as of the time of writing. On the 24-hour scale, the numbers are even grimmer given that more than $169 million in liquidations have been recorded. Liquidations Rock Crypto Market On a broader scale, a lot of crypto traders have been burned in just the last 24 hours ago. Most notable was when the price of bitcoin had successfully broken past $45,000. This point is where bears mounted significant resistance and it was expected it will fall once again from this point like it has the past three months. But traders would bear the brunt of this given that over $100 million in BTC and ETH shorts were liquidated in a mere five minutes after this. BTC surges past $47,000 | Source: BTCUSD on TradingView.com Data from Coinglass shows that over $187 worth of liquidations has been recorded in the crypto market in the last 12 hours. While more than $432 million in liquidations have happened in the last 24 hours. Naturally, Bitcoin and Ethereum make up the majority of these liquidations, almost rivaling each other. Related Reading | Here’s Why ADA Could Replicate Ethereum’s 2017 bullish break-out  It also shows that a total of 78,079 traders have been liquidated in this one-day period. While Bitmex saw the largest single liquidation order which was valued at $10 million. Featured image from Futurity, charts from Coinglass and TradingView.com

STG price rallied after excited investors piled into Stargate Finance, an interoperability-focused multi-chain DeFi platform.

Solana reclaimed the eighth position in the crypto top ten, as ADA and DOT were both over 10% higher to start the week. Despite this, it was EOS and FIL which led today’s gainer, with FIL gaining over 30% in the session. Filecoin (FIL) FIL rallied by as much as 30% to start the week, […]

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So I have just learned Ethereum and solidity. Created my first Dapp using truffle and metamask which is great for me at least I have learned the Ethereum fundamentals but a few things are confusing about accounts? When I create an account on metamask, where exactly keys are stored? If the private key is stored…
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Whether it is Bitcoin or another asset, bottoms can be hard to spot until much later in hindsight. That is unless you are Peter Brandt, career commodities trader with nearly 50 years of market experience. In a new comparison, Brandt compares the crypto bear market bottom he predicted a year in advance, with the current pattern that recently pushed Bitcoin beyond $45,000. Here is the full comparison along with why it might be worth listening to Brandt’s words of wisdom. 50-Year Trading Veteran Hints At Possible Bitcoin Bottom In a new tweet, founder of The Factor Report Peter Brandt compares the late 2018, early 2019 bear market bottom, with the current Bitcoin price action. Brandt specifically calls attention to the ascending triangle pattern that Bitcoin price appears to have broken out of, and its resemblance to what turned out to be the ultimate price floor. Related Reading | This Bitcoin “Heatmap” Suggests A Blazing Cycle Peak Is Still Ahead The classical chartist cites reference to what is considered “the real bible of technical analysis” – the book Technical Analysis and Stock Market Profits: A Course in Forecasting by Richard W. Schabacker. The expert technician even references the exact page number where more details on the pattern can be found. In a recreation of Brandt’s chart below, the two potential Bitcoin bottoms are compared directly. In addition to the ascending triangle, there is also an Adam and Eve-like double bottom formation, and each bottom occurred along a similar trend line dating back almost a decade. A recreation of Brandt’s comparison with another look for good measure | Source: BTCUSD on TradingView.com Why Peter Brandt’s Crypto Comparison Holds Weight Because of Brandt’s sometimes bold calls that go against the hive mind of crypto Twitter, the trader often gets labeled a “hater.” In reality, he regularly says Bitcoin is among the most remarkable markets he’s ever traded and was among the first to call attention to the parabola building in 2016 and 2017. When that parabolic advance was violated in late December 2017 and early 2018, he was also the first to suggest the way down was a lot further than most were ready to accept. Brandt called for a full 80% or more retrace in the price per coin of the top cryptocurrency almost a full year before it landed at his target. Related Reading | Peter Brandt Calls For 80%+ Bitcoin Price Decline With Chilling Accuracy Unlike what is commonly seen throughout the crypto world, Brandt doesn’t rely on complex technical indicators, buy or sell signals, or on-chain metrics. All he uses are straight or curved lines, which often accurately represent a contained trend. When such lines are violated, a trend change often follows. With Bitcoin breaking above the top of an ascending triangle trend line, is Brandt specifically calling attention to a trend change ahead? If so, paying closer attention to the comparison between each major crypto bottom could be critical. Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com

TLDR: Bitcoin mining currently uses ~0.1% of global energy consumption. Due to its competitive nature and unique properties, bitcoin mining leads to miners setting up or relocating its operations in areas with the cheapest sources of energy. This enables miners to use energy sources that have low demand, are off-grid, and/or would typically be wasted.…
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