Chainlink
US regulator seeks feedback on DeFi’s impact on financial crime: Finance Redefined
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. The United States regulators want to take a closer look at money laundering and terror financing laws by the Financial Crimes Enforcement Network (FinCEN), as it asked banking sector players for feedback on DeFi’s crime risks. Ethereum developers are targeting the last week of March for Ethereum’s Shanghai hard fork and some additional improvement upgrades by June of next year. Ankr protocol has deployed $15 million to buy back the bad debt resulting from its recent exploit and the resultant circulation of HAY (HAY). Chainlink deploys staking to increase the security of oracle services. Stakers will earn Chainlink...
Total crypto market cap falls to $840 billion, but derivatives data shows traders are neutral
The total cryptocurrency market capitalization dropped 1.5% in the past seven days to rest at $840 billion. The slightly negative movement did not break the ascending channel initiated on Nov. 12, although the overall sentiment remains bearish and year-to-date losses amount to 64%. Total crypto market cap in USD, 12-hour. Source: TradingView Bitcoin (BTC) price dropped 0.8% on the week, stabilizing near the $16,800 level at 10:00 UTC on Dec. 8 — even though it eventually broke above $17,200 later on the day. Discussions related to regulating crypto markets pressured markets and the FTX exchange collapse limited traders’ appetites, causing lawmakers to turn their attention to the potential impact on financial institutions and the retail investors’ lack of protection. On Dec. 6, ...
Here is why a 0.75% Fed rate hike could be bullish for Bitcoin and altcoins
The S&P 500 and the Nasdaq Composite index suffered their worst weekly performance since June as investors remain concerned that the Federal Reserve will have to continue with its aggressive monetary policy to curb inflation and that could lead to a recession in the United States. Bitcoin (BTC) remains closely correlated to the S&P 500 and is on track to fall more than 9% this week. If this correlation continues, it could bring more pain to the cryptocurrency markets because Goldman Sachs strategist Sharon Bell cautioned that aggressive rate hikes could trigger a 26% fall in the S&P 500. Crypto market data daily view. Source: Coin360 The majority expect the Fed to hike rates by 75 basis points in the next meeting on Sept. 20 to Sept. 21 but the FedWatch Tool shows an 18% probab...
Top 5 cryptocurrencies to watch this week: BTC, ADA, UNI, LINK, CHZ
The S&P 500 rose for the fourth successive week as investors cheered on signs that inflation may have peaked. Bitcoin (BTC) and select altcoins also extended their recovery, suggesting that investors are increasing their exposure to risk assets. A similar trend has played out in the cryptocurrency markets. Altcoins, led by Ether (ETH), have outperformed Bitcoin after clarity on Ethereum’s Merge, according to analysts at Glassnode. Crypto market data daily view. Source: Coin360 However, trading firm QCP Capital is cautious about the momentum in the altcoin market. They highlighted that the open interest on Ether options had surged to $8 billion, exceeding Bitcoin option OI which was at $5 billion. Glassnode suggested that traders have been booking profits on the spread between their spo...
Chainlink ditches Ethereum PoW forks for PoS after The Merge
Chainlink is aligning itself with the decision of the Ethereum Foundation and its community. Therefore forked versions of the Ethereum (ETH) blockchain, which includes PoW forks, will no longer be supported by the Chainlink (LINK) protocol post-Merge. In an official announcement, the Chainlink protocol revealed its services will remain on the Ethereum blockchain post the long-awaited Merge. The Ethereum blockchain anticipates the Merge in September 2022, which will merge its mainnet with the Beacon Chain. This will transition all of Ethereum operations from Proof-of-Work (PoW) to Proof-of-Stake (PoS). The Merge has been pushed back from mid-2021 to September 2022 before. If it goes according to the timeline of developers, Phase 1 will initiate the transition of the ecosystem’s transa...
What is Chainlink VRF and how does it work?
Blockchain technology has spawned many applications over the past few years, the most popular being cryptocurrencies. It has also facilitated the creation of many decentralized, secure and transparent marketplaces in the digital economy. Offering far more trust since all transactions are immutably recorded on the blockchain, this technology has been well supplemented by the smart contract feature popularized by Ethereum. Decentralized applications (DApps) based on blockchains like Ethereum are disrupting traditional businesses such as retail banking and are even introducing use cases never deemed possible. Expanding the capability of smart contracts with oracles However, for the Ethereum blockchain to support the development of DApps that go beyond merely facilitating transactions, t...
Top 5 cryptocurrencies to watch this week: BTC, SOL, LTC, LINK, BSV
Bitcoin (BTC) plummeted to $17,622 on June 18. This marked the first time in Bitcoin’s history that it has fallen below its previous cycle high. The United States Federal Reserve’s aggressive monetary tightening, a crisis at crypto lending platform Celsius and liquidity issues at investment fund Three Arrows Capital are creating a sense of panic among traders. Markets commentator Holger Zschaepitz said that Bitcoin has crashed more than 80% four times in history. That puts the current fall of about 74% within historical standards. Previous bear markets have bottomed out just below the 200-week moving average, according to market analyst Rekt Capital. If history repeats itself, Bitcoin is unlikely to stay at the current depressed levels for a long time. Crypto market data daily view. Source...
The total crypto market cap drops under $1.2T, but data show traders are less inclined to sell
An improving Tether discount in Asian markets and positive futures premiums for BTC and ETH suggest a slight recovery is in the making. The total crypto market capitalization has been trading in a descending channel for the past 29 days and currently displays support at the $1.17 trillion level. In the past 7 days, Bitcoin (BTC) presented a modest 2% drop and Ether (ETH) faced a 5% correction. Total crypto market cap, USD billion. Source: TradingView The June 10 consumer price index (CPI) report showed an 8.6% year-on-year increase and crypto and stock markets immediately felt the impact, but it’s not certain whether the figure will convince the U.S. Federal Reserve to hesitate in future interest rate hikes. Mid-cap altcoins dropped further, sentiment is still bearish The generalized beari...
LINK marines rejoice after Chainlink 2.0 brings a new roadmap and staking
Passive income opportunities are one of the biggest draws in the cryptocurrency ecosystem because it gives investors an easy opportunity to grow their portfolio size regardless of the day-to-day price action. The latest token to get a bump in its price after announcing the upcoming implementation of staking is Chainlink (LINK), the decentralized oracle network that provides important off-chain information needed for the proper functioning of smart contracts. Data from Cointelegraph Markets Pro and TradingView shows that since bouncing off a low of $6.67 on June 4, the price of LINK has increased 35% to hit a daily high of $9.00 on June 7. LINK/USDT 4-hour chart. Source: TradingView Here’s a look at what the new developments in the Chainlink ecosystem that could be backing today’s pri...
Top 5 cryptocurrencies to watch this week: BTC, XRP, LINK, BCH, FIL
Bitcoin (BTC) and most major altcoins have been relatively quiet during the holiday period from Good Friday onward. This suggests that cryptocurrency traders are not initiating large bets during the period when the U.S. equities markets are closed. That could be because of the tight correlation between Bitcoin and the S&P 500 and the uncertainty about the equity market’s performance in the next week. While some analysts expect weakness in the near term, others believe that Bitcoin could be in a consolidation phase with a large portion of its upside in the four-year halving cycle yet to come. Josh Olszewicz, head of research at alternative asset management firm Valkyrie, said: “Interesting. Maybe we never got the blow-off top…because it hasn’t happened yet.” Crypto mar...
Luno Secures 10-Million Customers in over 40 Countries
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Top 5 cryptocurrencies to watch this week: BTC, ADA, AXS, LINK, FTT
Bitcoin (BTC) is attempting to notch its second successive weekly gains and end at the highest weekly closing price year-to-date. According to on-chain data from Glassnode, the recovery in Bitcoin’s price was driven by demand in the spot markets. This is likely to cheer the bulls because history suggests that spot market demand leads to sustained upside. Another positive sign is the strong demand for the ProShares Bitcoin Strategy exchange-traded fund (BITO) in the past two weeks, which pushed its exposure to a record high. Arcane Research said the strong inflows “suggest that Bitcoin appetite through traditional investment vehicles is increasing.” Crypto market data daily view. Source: Coin360 Along with Bitcoin, the broader crypto space is also attracting investors. According to re...
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