Dex Platforms Trade Over $2.4 Billion in 7 Days, Defi Swaps up 68% Since Last Week

Years ago the cryptocurrency community did not have access to a plethora of decentralized exchanges (dex). In 2020 with the rise of Ethereum, dex platforms have grown exponentially with trading applications like Uniswap, 0x, Kyber, and more. Dex trading growth has spiked over 68% this week alone and during the last seven days, $2.4 billion was swapped on these exchanges. Onchain data from Dune analytics shows that more than $2.4 billion in decentralized exchange (dex) swaps took place last week and $448 million worth during the last 24 hours. Dex…

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Bulls Stampede Toward $12K Bitcoin Price as Weekly Close Approaches

Bitcoin price continues to meet resistance at the $12K level, will bulls break through it before the weekly close? Bitcoin price is making a strong push toward $12,000 with just 24-hours before the weekly close occurs Despite multiple rejections at the $12K mark, BTC continues to make higher lows and traders are buying dips at underlying support levels Chainlink reached a new all-time high at $19.80 and Ether is struggling to push above $430 Cryptocurrency daily market performance snapshot. Source: Coin360 Typically, for Bitcoin (BTC), weekends are marked by reduced…

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Bull Runs, Mining, and Tor Attacks: Bad Crypto News of the Week

Check out this week’s Bad Crypto podcast. Last week, the Bitcoin news was all about lift-off. This week, it’s all about the leveling off. Bitcoin ends the week around $11,400, a fall of about 2.7 percent over the last seven days. That drop included a correction of $700 in one day so the question now is whether the bullish moment has gone or will Bitcoin push on to $15,000?  Its first mission will be to break the resistance at $12,000. Bitcoin failed to do that twice in ten days but…

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Mike Novogratz’s Galaxy Digital Holdings Reports $38.5 Million Income for Q2: “We’ve Crossed the Rubicon’ 

Galaxy Digital Holdings reported on Friday, August 14 that its comprehensive income for Q2 grew to $38.5 million. The figure reflects both net realized and unrealized gains from digital assets, as well as investing activities of $28.3 million. In an earnings call, Galaxy Digital President, Chris Ferraro, said operating revenue growth is just over 24% for the first half of 2020 versus the same period last year. Ferraro explained that “this is across all of our operating business lines, including asset management and advisory service fees, financing activities and derivative…

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Record Ethereum Network Use and Gas Fees Pose Risk to DeFi Expansion

Ethereum network use and transaction fees are rising to record highs, will this interfere with DeFi’s current expansion? The number of Ethereum network transactions more than doubled in 2020 and is now virtually identical to the January 2018 all-time high.  As shown on the chart below, the number of transactions doubled in the past six months to stand at 1.23 million per day.  Ethereum 7-day average daily transactions. Source: CoinMetrics This situation might seem very bullish at first, but one must remember both EOS and Tron (TRX) started as ERC-20…

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Former Prudential Securities Chief Executive Ball Bats for Bitcoin

Bitcoin is both a long-term safe haven and short-term speculative asset, Ball said. Former Prudential Securities chief executive and current chairman of Sanders Morris Harris George Ball sees Bitcoin as a safe haven for those looking for different investments.  In an interview with Reuters on August 14, Ball admitted he was previously a “Bitcoin opponent” but, with the government participating in the financial markets, he’s seen the value of Bitcoin and other cryptocurrencies.  “I’ve never said it before, but I’ve always been a blockchain and Bitcoin opponent but if you…

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Major South Korean Chat App Bets Big on NFT-Based Stock Trading

The race for blockchain adoption is on in South Korea. South Korea’s well-known chat application, Kakao, bolsters its presence in blockchain and crypto with its partnership with a non-fungible token-powered trading platform and its new crypto wallet Klip. According to Hanguk Kyungjae, the trading company Angel League will receive support from Kakao’s Klip platform for its digital certificates based on NFTs. Angel League allows groups of investors to jointly purchase the stocks of startups in the “pre-IPO” stage. The members, known as “lead angels,” are selected through a recruitment process…

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Hong Kong Authorities Apprehend Bitcoin ATM Thieves Who Stole $30,000

Showing up in person to steal cash from a digital asset machine? Authorities recently took three men into custody following their alleged swindling of $226,000 in Hong Kong dollars from Bitcoin (BTC) ATMs in the territory.  The apprehended male trio, ranging from age 26 to age 55, allegedly exploited six different Bitcoin ATM machines, manipulating them to cough up the Hong Kong dollar equivalent of roughly $30,000 U.S. dollars, an article from the South China Morning Post detailed on Aug. 15. The alleged robbers took the cash out across 11…

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Law Firm Sees Crypto Investors Flocking to St. Kitts & Nevis for Dual Citizenship

This week news.Bitcoin.com spoke with Jennifer Harding Marlin from the St. Kitts & Nevis islands law firm JH Marlin. The business specializes in all types of law practice and citizenship by Investment (immigration) is very popular. Marlin explained that recently, the company is getting “a lot of clients in the crypto space that are looking to obtain second passports.” During the last few months, the whole world has been shaken by the Covid-19 outbreak and this has caused citizens to seek alternatives in certain careers, education, and even citizenship. News.Bitcoin.com…

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Why Cryptocurrency Is More Than a Hedge Against US Dollar Inflation

Precious metals used to be the best way to protect your portfolio from natural value deterioration, but Bitcoin is changing the game. During times of international economic crisis, governments print money. This leads to inflation and investors subsequently stashing their investment capital in long-term, stable investments. Historically, that has meant gold, but in the current economic crisis, gold has been joined by another long-term store of value: Bitcoin (BTC). There are several good reasons for this. The United States Federal Reserve is handling the crisis terribly, and has responded to…

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