Bitcoin May Plunge to $8,000 If It Breaks Below One Crucial Level

Bitcoin has been facing immense turbulence throughout the past several days, with sellers forcing its price down to lows of $9,900 this morning following yesterday’s ardent defense of the upper-$9,900 region. It now appears that the cryptocurrency is at risk of seeing further downside in the near-term, as the multiple attempts to shatter its $10,000 support seem to indicate that bears are building momentum. One analyst is noting that the cryptocurrency’s pivotal price region to watch in the near-term sits at $8,140, which could mean that a decline to this…

SushiSwap GM says “Talk doesn’t mean anything and code shows everything”

SushiSwap, a fork of the popular Uniswap exchange and one of the latest breakouts of the DeFi craze, has undergone its fair share of scrutiny in recent days — and fairly so. The platform’s token, known as Sushi, quickly came to represent 77% of the action on Uniswap as of Sept. 1, garnering more than $1.5 billion in locked value less than a week from its inception.  Many have voiced suspicions regarding certain aspects of the project, however, including concerns over a $27 million developer fund controlled solely by the project’s…

Perfect storm leads to big sell-off for Bitcoin and DeFi: Weekly recap

Digital asset markets were on a parabolic surge until investor confidence took a major hit to close out the week with a bearish tilt due to a perfect storm of negativity. Before reading the rundown, catch up on the most-read stories centered around the price of Bitcoin, the macroeconomic picture and the DeFi phenomenon gaining traction.  A significant drop in equities markets was led by blue-chip stocks that had been at all-time highs. As this occurred, many tokens tied to DeFi platforms corrected sharply, most notably, SushiSwap (SUSHI) which lost…

Analysts Flip Bullish on XRP as It Plunges to Key Support Level

XRP has been hit hard by the recent market-wide selloff, with the cryptocurrency’s price erasing the vast majority of the gains that it has been able to gain over the past several months. These gains were hard-fought by the cryptocurrency’s investors and came about in the form of a slow grind higher. The resistance found throughout the lower-$0.30 region proved to be insurmountable, however, and the cryptocurrency was forced into a prolonged consolidation phase within the upper-$0.20 region. This trading range was broken below yesterday, as XRP was unable to…

IOHK’s proposal for the ETC community could use Cardano or Bitcoin for prevention of 51% attacks

Earlier today, IOHK presented its checkpointing proposal to the Ethereum Classic (ETC) community. This is meant as a short-term solution for preventing future 51% attacks. In the past several weeks, the network has suffered a number of such attacks, which has cast doubt on ETC’s future. One of these attacks cost OKEx $5.6 million. In the wake of these problems, several exchanges increased validation times for ETC transactions.  Checkpointing consensus. Source: IOHK presentation. As its name would imply, the solution proposes the introduction of checkpoints that would validate the network.…

Ethereum devs discuss gas optimizations, but it will probably be too little too late

An Ethereum All Core Devs call was held on Friday to discuss a variety of Ethereum Improvement Proposals as gas fees on the network remain historically high. The agenda included several discussion points on high gas prices and ways to mitigate the issue. Alexey Akhunov, an independent Ethereum researcher, opened with a comment on the existence of gas tokens and how they could push prices higher than normal. He highlighted how the mempool is often filled with transactions bidding a certain gas price to mint these tokens, and compared this…

Why Soaring Gas Fees Won’t Let An Ethereum Killer Gain The Upper Hand

Ethereum has both benefitted and its rep been harmed from the recent explosion in farming for DeFi tokens. As investors poured liquidity into these tokens, sending and locking up so much ETH sent prices of the crypto asset soaring. But it also at the same time sent gas prices spiking even higher. As investors became frustrated it led to claims of Ethereum’s untimely demise at the hands of Polkadot, EOS, and all the other proposed “ETH Killers.” However, a crypto fund manager has revealed a strong case to why that’ll…

Sub-$10K Bitcoin price caused $653M open interest drop, largest since March

Bitcoin (BTC) futures open interest just had its most extensive daily reduction in five months. Yesterday’s 11% drop move caused more liquidations than May 9 when BTC plunged 12.5% to $8,600. BTC futures open interest in USD terms. Source: Skew Skew data shows total open interest down by $653 million, reaching $4 billion on Sept. 3. That figure includes perpetual (inverse swaps) and futures with set expiry on OKEx, CME, Binance, and remaining derivatives exchanges. Yesterday’s move was the largest daily drop since the horrendous $1 billion cascading liquidation on…

Public companies, private markets, crypto offerings and you, Aug. 28–Sept. 4

Editor’s note It is a cruel twist of fate that during the first hiatus week in Law Decoded’s existence, the SEC put out long-awaited updates to accredited investor qualifications. Upon reading the news, your faithful and ever-vigilant policy editor put down his phone, cast a wistful eye upon the sun’s reflection dancing in the midground of the Atlantic Ocean. Bracing himself with a deep quaff of Corona, he thought ‘Not today.’ Before the sorrow of not being the one to bring the news to you could overwhelm him, he grabbed…

Yellow Card CEO reminisces about losing his life savings on LocalBitcoins

In his college-aged days, Chris Maurice, the CEO of African crypto exchange Yellow Card, said he put his life savings into Bitcoin (BTC), finding it stolen shortly after.  “Bitcoin was about $200 at the time, and I decided basically I was just going to dump my entire savings account into into it,” Maurice told Cointelegraph in an interview. Maurice said he had approximately $5,000 in his savings back then, with which he bought roughly 21 BTC. “I was holding it all on LocalBitcoins, because that was the wallet that I used…