Crypto

Recent dialogue between MakerDAO developers and the office of anti-crypto Senator Elizabeth Warren’s has revealed a concerning lack of familiarity with the current decentralized finance (DeFi) ecosystem. On Sept. 20, a screenshot began circulating on social media appearing to show dialogue between members of the MakerDAO community discussing the conclusions from a recent meeting between representatives of the project and the office of Senator Warren. In the screenshot, pseudonymous MakerDAO Governance delegate “PaperImperium” claims to have spent much of the time convincing Warren that Maker is not the same project as The DAO — an infamous early experiment in decentralized autonomy organizations (DAOs) that suffered a major hack before failing in 2016. MakerDAO delegate @ImperiumPaper and ...

Retail-trading platform Robinhood is reportedly testing a long-awaited digital wallet feature that enables users to send and receive crypto-assets such as Bitcoin (BTC). Bloomberg reported the rumor on Sept. 21, with the publication claiming to have seen screenshots of a withdrawal interface in a beta version of the wallet feature in Robinhood’s IOS app. While details are sparse, Bloomberg also claims to have seen a waitlist where users will be able to sign up for the new digital asset wallet. “The app also has code referring to cryptocurrency transfers,” the report added. Robinhood users are currently only able to buy crypto with US dollars and trade digital assets on the platform, as the app does not support crypto deposits and withdrawals. Robinhood’s crypto traders have long badgered t...

Bitcoin miner are accumulating as the network hash rate continues to recover according to on-chain analytics provider Glassnode. In its Sept. 20 Week on Chain report, glassnode has stated that miner BTC balances are increasing, with wallets associated with miners having stockpiled 14,000 BTC worth roughly $600 million over the past six and a half months. The report also noted that the bull markets of 2020 and 2021 have seen miners hold onto a larger portion of their rewards than in previous market cycles. Miners usually sell BTC to cover their expenses including electricity bills and hardware. Bitcoin miner unspent supply: Glassnode The trend of miner accumulation continued as the Bitcoin network’s hash rate recovered this past quarter. Amid speculation regarding a wholesale Chinese miner ...

Leading Brazilian investment bank BTG Pactual has launched a new platform enabling customers to make direct investments in cryptocurrencies. The bank’s Mynt platform currently allows users to purchase Bitcoin and Ether, with BTG Pactual expressing its intention to launch support for additional crypto assets in the future. Andre Porthilo, BTG Pactual’s head of digital assets, stated: “At this first moment, we will have the two main assets of the market, but we will include other cryptos for trading over time. We will have a complete platform with blockchain-based assets.” BTG Pactual CEO, Roberto Sallouti, described Mynt’s creation as being in response to “demand from our customers who wish to trade crypto.” Sallouti added that Mynt plans to host education content designed to in...

Cryptocurrency assets held by institutional managers rose for a fifth consecutive week, a sign that market participants had once again flipped bullish on Bitcoin (BTC) and the leading altcoins.  Investment flows into crypto products totaled $42 million in the week ending on Sept. 19, with Bitcoin funds seeing inflows of $15 million, according to digital asset manager CoinShares. That’s only the third time in 16 weeks that BTC investment products saw positive inflows. All major assets registered a weekly increase, with investors buying up $6.6 million worth of Ether (ETH) products and $3.7 million worth of multi-asset funds. Investors also allocated $4.8 million towards Solana (SOL), disregarding a denial-of-service disruption earlier this week as a result of network congestion. In ter...

The cryptocurrency market faced a fresh round of selling on Sept. 20 as global financial markets fell under pressure thanks to fears surrounding the potential default of Evergrande Group, a China-based real estate company whose collapse could send ripples across equities markets.  Data from Cointelegraph Markets Pro and TradingView shows that the early morning sell-off in Bitcoin (BTC) intensified into midday as the price dropped to a low of $42,493 before bulls managed to bid it back above $43,500. BTC/USDT 4-hour chart. Source: TradingView With fear on the rise and uncertainty spreading across the market, here’s what analysts are saying about the price move on Sept. 20 and what to expect in the days ahead. The bearish reversal provided a warning Bitcoin’s price drop caught...

A new poll from Newsweek suggests that as many as 10.8 million Texans may support legislation that makes cryptocurrency legal in the next election. According to a Sept. 20 report, a Newsweek poll that surveyed more than 9,700 eligible voters across ten U.S. states suggested that 37% of Texas residents would vote in favor of a ballot measure to make crypto legal, while 42% said they would support crypto-friendly legislation similar to that in Wyoming. With a population of roughly 29 million people as of 2021, Texas could have more than 10 million residents supporting the adoption of cryptocurrencies. The results of the poll, conducted by United Kingdom-based firm Redfield & Wilton Strategies between Aug. 20 and 24, came prior to two pieces of crypto legislation taking effect in Texas. T...

Bitcoin (BTC) investors seem concerned about the increasing speculation that China’s second-largest property developer, Evergrande Group, will default on its $300 billion in debts. These fears manifest in global equities markets which saw a 1.5% to 3% drop at this morning’s market open.  Despite the price move, the BTC outflow (net withdrawals) from exchanges has continued a multi-month trend, particularly on Coinbase Pro. Traders also know that every exchange has a different user profile. For example, liquidations on Bybit tend to be more extreme when compared to FTX, which is known for having more conservative clients. Take, for example, today’s drop below $43,000, which caused a $1 billion long contracts liquidation led by Bybit even though there was $2.34 billion...

Bitcoin (BTC) kept blowing through support levels during trading on Sept. 20 ahead of what promised to be a “very interesting” U.S. stock market open. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView No sweat for BTC traders after $42,500 visit Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD. It dipped briefly to near $42,500 before returning to hover near $44,000 in volatile conditions. Monday’s low was beneath that seen earlier in the month during the leverage cascade, with Bitcoin testing both its weekly higher low and 21-week exponential moving average (EMA) as support. As Cointelegraph reported, a plethora of factors combined to produce sell pressure for BTC markets. These were led by concerns over Evergrande defaulting on hundreds...

Ethereum’s native asset Ether (ETH) prices slumped on Sept. 20 amid a broad selloff in the cryptocurrency market, led by worries about a potential housing bubble crisis brewing in China. The ETH/USD exchange rate dropped as much as 12.52% to $2,911 on the Coinbase exchange, hitting its lowest levels since the beginning of August 2021. Elsewhere in the crypto market, Bitcoin (BTC), Binance Coin (BNB), Cardano (ADA), Solana (SOL), and other top tokens plunged in tandem. The performance of top ten crypto assets in the past 24 hours. Source: Messari The drop imitated the mood in the broader market as U.S. equities plunged following a day of red in both the Asia-Pacific and European indexes. On the other hand, the U.S. dollar and government bonds surged on haven-buying. At the core of Mon...