Crypto

Ethereum co-founder Vitalik Buterin has taken a deep dive into token-based decentralized governance, suggesting that existing voting mechanisms are flawed and may be holding the DeFi sector back from realizing its full potential. In a lengthy blog post published Aug. 16, Buterin stated the crypto community needs to “move beyond coin voting as it exists in its present form.” Currently, the majority of decentralized finance (DeFi) projects manage their protocol upgrades, reward issuance, and other facets of governance elections where votes are distributed among token holders according to the size of their holdings. However, many projects have come under fire for allowing their voting process to be dominated by whales holding vast swathes of the governance tokens, allowing them to vote ...

Fidelity’s plan to corner the cryptocurrency market appears to be more ambitious than previously imagined, as the asset manager looks to provide more institutional pathways to digital assets.  In a recent interview with the Boston Globe, Chrstine Sandler, the head of sales and marketing for Fidelity Digital Assets, said institutional interest in crypto is growing. For most investors, the primary entry into crypto has been Bitcoin (BTC) and, to a lesser extent, Ether (ETH). Tom Jessop, who heads Fidelity Digital Assets, said the pandemic was a major motivator for investors to finally get into crypto: “What really got people off the fence was the pandemic, because you’ve got this scarce asset class — there will only ever be 21 million bitcoin created — and an environment where our curre...

After several years of nearly total media silence, the Dogecoin Foundation is coming back to support core developers and projects benefiting the meme-based cryptocurrency. In a Tuesday announcement, the Dogecoin Foundation said it would be reestablishing itself in an effort to support the Dogecoin (DOGE) community as well as promote the future of the blockchain. The foundation said it would be announcing new projects in the coming weeks encouraging the adoption and utility of DOGE “that increase Dogecoin uptake at a grassroots level.” “The Foundation holds the Dogecoin mark and the Dogecoin Logo and will maintain them for the community,” said the announcement. “This will mean the Foundation can continue to protect the Dogecoin Brand and allow (under a very liberal license) the ability to u...

Bitcoin’s (BTC) 65% recovery from sub-$29,500 on July 20 to a swing high of $48,200 on Aug. 14 took less than a month and helped bring fresh bullish momentum back to the crypto market and to traders who were dreading the prospect of another prolonged bear market. Currently, the BTC rally has stalled out near the $46,000 price level, and this phase of sideways trading is giving altcoins an opportunity to step forward. As shown in the chart below, the total market capitalization of the altcoin market has risen 80% since July 20. Meanwhile, the Bitcoin dominance rate is down 10% since July 30. Bitcoin dominance vs. total altcoin market capitalization,1-day chart. Source: TradingView Data from TradingView shows that the dominance rate of Bitcoin had been on the rise in recent weeks, but this t...

A bull trend is formed when demand exceeds supply and a bear trend occurs when sellers overpower the buyers. When the bulls and bears hold their ground without budging, it results in the formation of a trading range. Sometimes, this leads to the formation of a rectangle pattern, which can also be described as a consolidation zone or a congestion zone. Bearish and bullish rectangles are generally considered to be a continuation pattern but on many occasions, they act as a reversal pattern that signals the completion of a major top or bottom. Before diving in to learn more about the bullish and bearish rectangle patterns, let’s first discuss how to identify them. Basics of the rectangle pattern A rectangle is formed when an asset forms at least two comparable tops and two bottoms that are al...

Cryptocurrency mining company Argo Blockchain announced Tuesday that it has reached an important milestone in its climate strategy, sending a strong signal that environmental sustainability remains one of its primary focuses.  The company claims its crypto operations have become “climate positive” for Scope 1, 2 and 3 greenhouse gas emissions. According to Carbon Trust, a global advocacy group for environmental sustainability, Scope 1 emissions are direct emissions from a company’s owned or controlled sources; Scope 2 covers indirect emissions through the purchase of electricity; Scope 3 includes all other indirect forms of emission that occur in a company’s value chain. Argo intends to become carbon neutral and plans to go even further “by mitigating emissions through support of proj...

Decentralized exchange aggregator 1inch has announced its deployment on the Optimistic Ethereum, or OE, mainnet, highlighting a considerable reduction in user transaction fees and confirmation delays. Sergej Kunz, co-founder of the 1inch Network stated “the 1inch launch on Optimistic will facilitate a dramatic increase in transaction speed.” While deposits utilizing the OE network are set to be credited almost instantly, withdrawals will require a waiting period of 7 days. These wait times are expected to improve in future when fast withdrawal service is enabled. At the time of launch, the OE network will only be able to handle 0.6 transactions per second. However, the team expects to progressively increase transaction speeds after testing and optimizing the infrastructure. The updat...

The cryptocurrency market has successfully rebounded from the two-month slump it had gone into from late May to the end of July. Bitcoin (BTC) and Ethereum (ETH) have been leading the charge, posting impressive gains over the last two weeks. The market is seeing price levels that it had reached back in May of this year. Along with the price gains, the cryptocurrency derivatives market that includes financial instruments like futures, options and even micro futures are also seeing rejuvenated interest from investors. According to data from Bybt, The open interest (OI) in Bitcoin options across all the global exchanges offering the product has more than doubled from the yearly low of $3.63 billion on June 26, hitting a 90 day high of $7.86 billion on Aug. 14. Cointelegraph discussed this spi...

Decentralized finance protocol Poly Network has offered the person behind a $610 million hack an advisory position and $500,000 — whether they like it or not.  In a Tuesday update, the Poly Network team said in a seeming attempt to gain access to hacker’s expertise, it would be inviting them to the position of chief security advisor. In addition, the project will be sending a $500,000 bounty for the attacker, whom Poly dubbed ‘Mr. White Hat,’ despite the fact they have previously refused any payment. “Poly Network has no intention of holding Mr. White Hat legally responsible, as we are confident that Mr. White Hat will promptly return full control of the assets to Poly Network and its users,” said the team. “As we have stated in previous announcements and encrypted messages that have ...