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Chainlink surpasses Bitcoin Cash making LINK the 8th largest cryptocurrency

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Chainlink (LINK), the oracle-focused blockchain protocol, surpassed Bitcoin Cash (BCH) to become the eighth-biggest cryptocurrency as of Jan. 18.

The market capitalization of Chainlink now hovers at $9 billion and roughly $500 million away from the next biggest crypto asset, Litecoin (LTC).

LINKUSDT 1-day price chart (Binance). Source: TradingView.com

Why is Chainlink surging so rapidly?

The price of Chainlink rose by 13% in the last 24 hours and the momentum of LINK likely comes from the positive sentiment around DeFi.

The DeFi market as a whole has been rallying strongly throughout recent months with AAVE and SUHI being the most recent standouts. The uptrend can be attributed to the fast-growing metric called total value locked (TVL), which measures the amount of capital deployed across DeFi protocols.

As of January 18, the TVL across DeFi protocols is estimated to be around $24 billion and it is still rapidly growing.

Total value locked in DeFi. Source: Digital Assets Data

Chainlink benefits from the growth of the DeFi space because oracles feed DeFi protocols with crucial market data.

When DeFi protocols, such as lending platforms or exchanges, fetch price data, they get it from oracles like Chainlink and Band Protocol.

As such, when there are generally more users in the DeFi market, oracles benefit from the increasing TVL of the DeFi market.

Where does LINK go next?

On-chain analysts at Santiment found that dormant tokens are continuing to move. This trend has further fueled the bull trend of various cryptocurrencies, including Bitcoin, Ether and LINK. They said:

“Dormant tokens continue to be moved at rapid rates during this #crypto bull run, and dips in our ‘Mean Dollar Invested Age’ metric indicate the increased rate of $BTC, $ETH, $LINK, $LTC, and particularly $REN (which triggered its massive +60% week).”

With LINK surpassing an all-time high, it is now technically in “price discovery.” In technical analysis, price discovery happens when the value of an asset exceeds its record-high and begins searching for a new ceiling.

In addition to the positive technicals of Chainlink, the oracle provider also does not have many competitors apart from Band Protocol, which is based on the Cosmos blockchain network.

The network effect of Chainlink would likely act as another catalyst in the foreseeable future, especially as Ethereum (ETH) continues to dominate the DeFi space.

Source: https://cointelegraph.com/news/chainlink-surpasses-bitcoin-cash-making-link-the-8th-largest-cryptocurrency

Blockchain

Mark Cuban Slams Peter Schiff: Gold is Dead, Bitcoin and Ethereum Are Today

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Mark Cuban hasn’t always been the biggest fan of Bitcoin, Ethereum, and other cryptocurrencies, but he’s recently come around as other Shark Tank investors have.

Surprisingly, though, Cuban has come to the defense of the emerging technology, telling gold bug and vehement digital asset naysayer Peter Schiff that his precious metal is now dying as a store of value at the hands of the cryptocurrencies like Bitcoin and Ethereum.

Billionaire Shark Tank Investor Schools Peter Schiff On Crypto

It isn’t at all uncommon to find long-time gold bug Peter Schiff trashing cryptocurrencies ever chance he gets from his Twitter account soapbox. He’s even slammed his own son for buying Bitcoin in the past – an investment that proved dear old Dad very wrong.

Related Reading | “Wonderful” Shark Tank Investor Shifts Portion of Portfolio To Bitcoin and Ethereum

He took a recent opportunity to bash the asset class, surprised that “smart investors” on Wall Street were “dumb enough” to buy into Bitcoin and other digital assets, but was met with a sharp-tongued response from billionaire investor and entrepreneur Mark Cuban.

Cuban blasted back at Schiff offering his “help” in explaining the charm behind the emerging technology. According to Cuban, gold is dying as a store of value, because it cannot adapt and change to address the current or future needs of society. Bitcoin and Ethereum, however, can.

bitcoin ethereum Shark Tank mark cuban

Bitcoin and Ethereum have recently turned Mark Cuban and other sharks into believers | Source: BTCUSD on TradingView.com

“Gold Is Dead,” And How Mark Cuban Came Around To Bitcoin And Ethereum

Mark Cuban, who knows a lot about tech revolutions starting from the ground up, says that the current use cases for crypto are just “proof-of-concept” and advances will change the asset class in the years to come. Meanwhile, gold will always stay exactly the same.

The fact that these technologies have evolved over the past several years are what have won over the Shark Tank investor and peers among his panel on the popular ABC primetime show.

Related Reading | Overheard On CNBC: If It Wasn’t For Bitcoin, Gold Would Be $3K

Cuban has recently become enamored with NFTs, Robert Herjavec is a “big believer” in the long-term future of the technology, and even Mr. Wonderful Kevin O’Leary has moved a portion of his portfolio into Bitcoin and Ethereum.

As more high wealth investors become convinced in the cryptocurrency’s staying power, the more that are moving capital into the asset class. Gold, on the other hand, is still the same asset it always has been and is always going to be, and doesn’t need any further convincing.

Rather than Peter Schiff attempting to convince investors why they shouldn’t buy crypto, perhaps he should be more focused on why they shouldn’t sell their dying store of value – gold – instead.

Featured image from Deposit Photos, Charts from TradingView.com

Source: https://www.newsbtc.com/news/bitcoin/mark-cuban-gold-bitcoin-ethereum/

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BitMEX’s Arthur Hayes and Ben Delo negotiate surrender to U.S. authorities

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The former CEO of crypto derivatives exchange BitMEX, Arthur Hayes, is in negotiations to surrender to U.S. authorities next month concerning charges that authorities levied against four of the exchange’s executives and co-owners in October.

Transcripts of a court teleconference dated Feb. 16 indicate Hayes will surrender to the U.S. in Hawaii on April 6. Hayes and his fellow executives are accused of violating the Bank Secrecy Act by the U.S. Department of Justice and  the Commodity Futures Trading Commission.

The transcript details the assistant U.S. attorney Jessica Greenwood’s comments to the judge presiding over the case, with Greenwood indicating she has been in talks with Hayes regarding the anticipated voluntary surrender. Hayes is currently located in Singapore, with the attorney noting Hayes hopes to continue residing abroad but will appear within the United States for proceedings should the trial go to court.

“We have discussed with counsel how to arrange for a voluntary surrender, and he has proposed appearing within the United States in Hawaii and having his initial appearance there and then,” she said, adding:

“The idea would be that he would appear initially in Hawaii, then appear before your Honor remotely, and then he would continue to reside abroad with travel to the United States for appearances as needed and, of course, if there is a trial, that he would appear within the United States for that trial in New York.”

Greenwood also revealed that BitMEX co-owner Ben Delo intends to surrender in New York by the end of the month. However, she noted they are currently working with the FBI and Border Patrol to obtain immigration authorization allowing him to travel to the United States, despite Delo currently being subject to a U.K. travel ban.

The attorney also stated that while fellow co-owner Greg Dwyer has declined to surrender, extradition proceedings have been initiated to bring him back from Bermuda.

“With respect to the remaining three defendants, […] we’ve been in contact with counsel discussing the possibility of appearing. They’ve all made representations about for when and how they’ll appear,” Greenwood said. However, she added:

“We have no guarantees at this point that any of those things will happen.”

BitMEX CTO, Samuel Reed, was arrested in Massachusetts as the charges were being levied against BitMEX in October. Reed was released from custody after a $5 million bond was paid that same month, with Reed agreeing to comply with sentencing proceedings.

In response to the hearing, the judge determined it wasn’t “reasonably possible” for a motion and trial schedule to be established. The judge scheduled a follow-up conference for May.

Last month, Hayes broke months of silence to post an article to BitMEX’s official blog calling for a boycott of legacy finance in response to trading platforms shutting down trade amid the GameStop pump engineered by subreddit, r/WallStreetBets.

Source: https://cointelegraph.com/news/bitmex-s-arthur-hayes-and-ben-delo-negotiate-surrender-to-u-s-authorities

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‘I can’t believe you morons actually buy this shit’: Banksy art burned and tokenized

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An original artwork by anonymous British street artist Banksy has been burned and turned into a nonfungible token. The NFT will be auctioned next week on the blockchain-based Rarible platform, where users can create and purchase rare tokenized artworks.

The original Banksy in question is a satirical piece entitled “Morons,” which depicts buyers at an art auction bidding on a piece emblazoned with the words “I can’t believe you morons actually buy this shit.” The piece received certification from Pest Control — the only body authorized to authenticate original Banksy artworks.

“Morons” was sold at Christie’s auction house in London in late 2019, where it fetched $32,500 from an anonymous, independent buyer.

The burning of the piece took place at an unknown location in Brooklyn, New York, and was livestreamed via the recently created Twitter account BurntBanksy. The burning was reportedly carried out by a group of cryptocurrency enthusiasts in association with executives from the blockchain project Injective Labs.

The tokenization of the authenticated piece took place without input from the pseudonymous Banksy. However, other prominent artists have seen fit to dip their toes into the crypto world of late, as witnessed recently when famed British artist Damien Hirst announced he would accept bids for his work in Bitcoin (BTC) and Ether (ETH).

The NFT market became an industry unto itself toward the end of 2020, as almost $9 million in token sales was recorded in December 2020 alone. But that was just a sign of things to come, as NFT sales exploded moving into 2021, helped by the validation of several high-profile celebrities such as YouTuber Logan Paul and entrepreneur Mark Cuban.

On Sunday, acclaimed Canadian musician and artist Grimes launched an NFT collection titled “WarNymph”, which went on to sell for a collective $5.8 million. The NBA recently embarked on a joint venture with CryptoKitties creator Dapper Labs to launch NBA Top Shot — an NBA-themed digital token marketplace that has reportedly generated $230 million in sales since launch.

The “Morons” piece is not the first Banksy to be destroyed on purpose. In 2018, Banksy’s “Girl With Balloon” automatically self-destructed shortly after selling for $1.4 million at Sotheby’s. The artist later revealed that he had installed an automatic shredder in the painting’s frame in case it ever went to auction. In an ironic twist of fate, the destroyed Banksy is now thought to be more valuable than the original piece ever was.

The “Morons” NFT will be auctioned on Rarible on Tuesday next week. All proceeds from the auction will be donated to charity. The successful bidder will be entitled to receive the certificate of authentication from Pest Control; however, this too will be burned if it is not claimed within two weeks of the sale.

In an art industry fraught with fakes and forgeries, “Morons” may now be the most authentic, most secure Banksy piece in the world. Once logged on the blockchain, the possibility of it being forged, altered or manipulated in any way is close to zero.

Given Banksy’s rejection of the bloated, materialistic art world, what would he think of the current mania surrounding NFTs? Keep an eye on your local graffiti spots. The answer may be forthcoming.

Source: https://cointelegraph.com/news/i-can-t-believe-you-morons-actually-buy-this-shit-banksy-art-burned-and-tokenized

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