Cred customers demand answers after platform files for bankruptcy

United States-based cryptocurrency lending service Cred filed for Chapter 11 bankruptcy protection on Saturday, leaving many customers searching for solutions to get their funds.  According to court documents, the legal team for Cred CEO Daniel Schatt filed bankruptcy papers for the company in the District of Delaware on Nov. 7. Cred listed its estimated assets at between $50-100 million and its estimated liabilities between $100-500 million.  In an official statement, the company said it had filed for Chapter 11 in an attempt “to maximize the value of its platform for its…

Despite Drop From $16k High, Bitcoin’s Weekly Chart Is “Convincing”

Bitcoin has dropped since the highs of $15,975 set in the middle of last week. The price of the leading cryptocurrency currently trades for $15,200 but traded as low as $14,300 on Saturday. Despite the drop, analysts believe that the cryptocurrency remains on an upward path. They point to longer-term charts that show Bitcoin is still holding key support levels on a medium-term to long-term basis. Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom Bitcoin Remains “Convincing” For Bulls Bitcoin remains in a bullish position on…

Bitcoin reaches yearly highs, letting sights on ATH: Hodler’s Digest 11/8

Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.   Top Stories This Week Bulls keep running as Bitcoin notches a new 2020 high at $15,950 It’s been another extraordinary week in the crypto markets. Over the course of Thursday, BTC surged by more than 10%. As well as breaching $15,000 for the first time since January 2018,…

3 Factors That Suggest Yearn.finance’s YFI is About to Explode Higher

Yearn.finance’s YFI token has been subjected to immense volatility throughout the past few days, with its price plunging to lows of $7,500 before seeing one of the most intense short squeezes ever. Within hours of tapping these lows, a sudden influx of buy-side pressure sent it rocketing to highs of $18,000, marking a well-over 100% rally from its daily lows. This move revitalized the aggregated DeFi sector, causing DEX trading volumes to rocket while investors began rushing back into the embattled sector. Because the DeFi blue chips have seen sustainable…

Ripple opens regional office in Dubai following volatile Q3 for XRP

According to a Nov. 7 announcement, Ripple has established a regional office in the Dubai International Financial Centre, or DIFC.  The blockchain-based payments firm reportedly chose the location for its “innovative regulations.” The DIFC website states the special economic zone serves more than 2,500 companies across the Middle East, Africa, and South Asia as an “independent regulator” with a “proven judicial system.” “Ripple already has a significant client base in the MENA [Middle East and North Africa] region and the opportunity to co-locate with our customers made DIFC a natural…

Japanese firm Layer X Labs develops blockchain-based e-voting protocol

Japanese firm Layer X has announced the development of an electronic voting system based on a blockchain protocol as part of a wider “smart city” initiative being pursued by Tsukuba City. The Tokyo-based company said that the new system will meet the technical needs of electronic voting, including the prevention of double voting, accurate storage of voting content, voter confidentiality, and management of operation records. In addition, it will enable voters to check their own voting results, providing the cryptographic ability to verify that the recording and aggregation processes for…

Aave Surges 25% as DeFi-Wide Short Squeeze Seems to Have Begun

It appears that decentralized finance (DeFi) bulls have finally returned. Aave (AAVE), one of the leading crypto-assets in the DeFi space, has surged 25% in the past 24 hours alone. This $AAVE reversal is legendary 🙌 — Spencer Noon (@spencernoon) November 8, 2020 This performance makes the coin the best-performing cryptocurrency in the top 100 by market capitalization. For further context, Bitcoin has gained five percent in the past 24 hours, as has Ethereum. The two leading cryptocurrencies have surged rapidly since the weekend lows. Aave is set to continue…

Whales Flip Long on Bitcoin While Retail Remains Sidelined; A Bullish Sign?

Bitcoin has been flashing signs of strength today as it rebounds from an intense selloff seen yesterday. Its reaction to this dip proves that this is a firm bull market, as each bout of selling pressure is met with serious buy-side pressure that slows its descent and helps lead it to see further upside. Where the market trends in the mid-term will depend largely on whether or not bulls can continue stopping the crypto from seeing any sustained downtrends. If bulls hold $15,000 and establish some strong support at this…

Cred Files for Bankruptcy Following Fraud Incident

Key Takeaways Crypto lending service Cred suspended deposits and withdrawals due to an insider fraud incident. Uphold has cut all of its ties with the company and removed Cred’s CEO Dan Schatt from its board. Yesterday, Cred filed for Chapter 11 bankruptcy, just two weeks after reports of internal fraud. Share this article After halting depositings and withdrawals after a fraud incident, Cred has now filed for Chapter 11 bankruptcy in the District Court of Delaware. Cred owes at least $67 million to its creditors, according to the bankruptcy document. Cred…