Compound, Synthetix, Balancer Slip 10%

The beaten and bruised decentralized finance (DeFi) market has continued its descent despite a rally in Bitcoin’s price. Top coins pertaining to this segment of the crypto space have continued to slide lower. Coins such as Compound (COMP), Synthetix Network Token (SNX), Balancer (BAL), and a handful of others have dropped in excess of 10% in the past 24 hours. To put their performance into context, Bitcoin is down by only 0.1% in the past 24 hours. Furthermore, Ethereum has shed 1.8% in the past 24 hours, a performance far…

Yearn.finance (YFI) Resumes Downtrend Following Rejection at $20,000

Yearn.finance’s YFI token has been subjected to immense volatility over the past few days. A variety of different factors have played a role in this, including a myriad of community drama coupled with continued weakness across the aggregated DeFi sector. This catalyzed a capitulatory selloff that sent the DeFi giant reeling down to lows of $16,000 earlier this week, which came about in the form of a violent decline that was followed by a sharp “v-shaped” recovery to over $20,000. This recovery has been short-lived, however, as YFI is now…

‘Crushing’ regulations could drive Ripple out of US

Ripple is considering relocating to Europe or Asia amid growing frustration at the lack of regulatory clarity in the United States. Speaking to Fortune Magazine’s Jeff John Roberts at the Oct. 6 LA Blockchain Summit, Ripple co-founder Chris Larsen said the United States was “woefully behind” in preparing for the cryptocurrency-based next generation of a global financial system. Coupled with U.S. authorities’ policy on “regulation through enforcement” and Ripple may consider leaving the country behind entirely. “The message is blockchain and digital currencies are not welcome in the U.S.,” Larsen…

Xfers Launches Fully-Regulated Digital Singapore Dollar on Ethereum and Zilliqa

Xfers recently announced the release of its stablecoin XSGD. The company received an e-money issuance license by the Monetary Authority of Singapore (MAS), allowing the company to mint unlimited amounts of the stablecoin. Xfers Launches Fully-Regulated Digital Singapore Dollar The e-money license enables Xfers to mint unlimited amounts of XSGD as long as the fiat currency is locked in MAS-approved bank accounts. This relationship and oversight will ensure that all XSGD tokens are fully-backed by Singapore dollars. The stablecoin will also adhere to all rules in the PSN01 notice issued…

Google Cloud Has Joined EOS as a BP Node

Key Takeaways Google Cloud will run a block producer node for EOS. By doing so, Google will help validate transactions and provide support for the blockchain in general. The news has caused a brief surge in EOS’s market price. Share this article Google Cloud will soon serve as an EOS block producer, according to a recent statement from EOS parent company Block.one. How Will Google Serve EOS? Allen Day, a developer advocate at Google Cloud, says that his division is “starting the process of becoming a block producer candidate.” That…

3 key on-chain metrics point to a bullish reversal in Ethereum price

While Ether (ETH) price has been stuck between the $340-$350 range for the last month, multiple on-chain metrics suggest that a recovery may be building. Santiment, a cryptocurrency data analytics firm, recently noted that the number of deposits to exchanges has been decreasing since the start of September. According to the firm, the number of addresses used to send Ether to exchanges has seen a 53% decline since Sept. 1. Ether daily deposits in the last 6 months. Source: Santiment Although sell pressure on Ether has been reducing on exchanges,…

Rep claims his firm was 8 years ahead of its time on DeFi

DeFi failed to catch on eight years ago, according to comments from Yoni Assia, founder and CEO of financial platform eToro. “I think that DeFi is super interesting,” Assia said on Oct. 6 during a panel on crypto exchanges and venture investments, as part of the LA Blockchain Summit. “We actually built a decentralized exchange back in 2012 based on the Colored Coin protocol we developed in eToro, which was tokenizing assets on top of the Bitcoin network, so this was really really premature — the beginning of thinking of tokenization.” Ethereum…

EU removes this crypto hotspot from tax haven blacklist, clearing path for further adoption

The EU decided to remove Cayman Islands from its blacklist of tax heavens on Tuesday. The Cayman Islands is a popular jurisdiction for crypto businesses. It was added to the EU’s blacklist in February of this year, so it has spent fewer than six months on the list. In 2019, the six exchanges domiciled there were responsible for over $1.5 billion in international Bitcoin (BTC) transactions. Though these numbers pale in comparison to the global leader — the Seychelles, whose 12 exchanges were responsible for $36 billion, the Seychelles remain on…

Uniswap’s UNI Crashes Below $3.00 as Analysts Eye Further Downside

Uniswap’s newly released governance token – called UNI – has taken a serious beating throughout the past few days, with its price bearing witness to unrelenting selling pressure that has slowed its ascent and caused it to shatter multiple key technical levels. Analysts are now growing concerned with the cryptocurrency’s near-term outlook, as its latest bout of selling pressure has struck a serious blow to its market structure. One analyst is now noting that the last ditch support level he was closely watching has been shattered, and that significantly further…