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Cryptocurrency News Roundup for September 7, 2020

It was only a matter of time until the crypto exchange heavyweights introduced their own solutions alongside the burgeoning decentralized finance (DeFi) market. Huobi, for example, set a precedent by unveiling its plans to join the yield farming mania earlier in August. Now it’s Binance’s turn to follow suit, albeit from a different entry point […]

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It was only a matter of time until the crypto exchange heavyweights introduced their own solutions alongside the burgeoning decentralized finance (DeFi) market.

Huobi, for example, set a precedent by unveiling its plans to join the yield farming mania earlier in August. Now it’s Binance’s turn to follow suit, albeit from a different entry point as compared to its Singapore-based peer.

The exchange announced Sunday the launch of a new platform dubbed Launchpool that enables users to farm new assets. It will kick-start proceedings with the Bella Protocol, an inaugural offering that comes loaded with automation and a one-click design to attract new DeFi users.

As a bonus, users on the platform will also be entitled to subsidized gas fees. More on that and other big stories from the day in the Monday edition of BeInCrypto’s cryptocurrency news roundup:

Binance ‘Brings the DeFi Experience’ with New Yield Farming Platform

Binance officially made a fully-fledged entry into the realm of DeFi on Sunday by rolling out a new platform dubbed Launchpool. The inaugural project for Launchpool will be the Bella Protocol.

BinanceBinance

By participating in Launchpool, users will be able to stake BNB, BUSD, or ARPA tokens into separate pools to farm $BEL tokens over 30 days. This will begin on Sept 9, 2020, at 00:00 AM (UTC), and Binance will subsequently list the $BEL token at 6:00 AM (UTC) on Sept 16, 2020.

Reaction to the news was mixed. One Twitter user replied,

If Binance is to be taken seriously, it needs to come clean on how it listed SUSHI, how much it made in fees & margins, & how much its trading team made betting against its customers.

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Bitcoin Manages to Hold Above $10,000, But is the Correction Complete?

The Bitcoin price decreased considerably last week, creating a bearish engulfing candlestick and closing -12.30%. The price has fallen back to the $10,100 support area, which had previously been acting as a resistance between September 2019 and July 2020.

The level is also very close to the long-term descending resistance line that the price had broken out from this past July.

Technical indicators are leaning bearish. The MACD has given a bearish reversal signal, and the stochastic RSI is in the process of generating a bearish cross.

  • Bitcoin is trading inside the long-term $10,100 support area.
  • The price has created a short-term double-bottom.
  • BTC looks to have completed wave 4 of a bullish five-wave impulsive formation.

Read the Full Analysis

XRP Wrestles With Support, Hoping for a Reversal

The daily chart shows that besides being in a support area, the price has also found support at the 200-day moving average (MA). The same MA has previously acted as resistance before the breakout.

While technical indicators do not confirm a reversal, they show that the market is extremely oversold and at its lowest level since the March crash.

On lower time-frames such as the six-hour, there is already considerable bullish divergence in both the RSI and the MACD, while the stochastic RSI has made a bullish cross.

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Bitcoin Bank ‘Mode’ Eyes $52M London Stock Exchange Listing

A new report by The Telegraph sheds light on e-payment service Mode’s plans to launch a $52 million listing on the London Stock Exchange (LSE). The company hopes to raise an initial $10 million from a private equity sale ahead of the listing.

BitcoinBitcoin

Mode, backed by Twitter co-founder Biz Stone operates a Bitcoin banking mobile app available across the world except in the U.S. The platform allows customers to purchase BTC via credit card or bank transfers.

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LINK Bounces Strongly After Market-Wide Crash

The short-term Chainlink (LINK) charts show that the price may not give an opportunity to enter at $10. After generating considerable bullish divergence, the price initiated an upward move that is still ongoing.

At the time of writing, it was trading very close to the $12.20 minor resistance area and a short-term descending resistance line. A breakout above both would likely take the price towards $13.8, and afterward at the longer-term descending resistance line near $15.

Read the Full Analysis

ZCash (ZEC) Crash Spells Trouble for the Long-Term Trend

The long-term ZCash (ZEC) chart reveals a similarly bearish outlook. The price has fallen below the $75 area, which had previously acted as resistance. This makes the July rally above this area a likely deviation above the range high, which was followed by a rapid decline.

Likewise, technical indicators are bearish. The MACD has crossed into negative territory, the stochastic RSI is in the process of making a bearish cross, and the RSI is decreasing.

Read the Full Analysis

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Source: https://beincrypto.com/cryptocurrency-news-roundup-for-september-7-2020/

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Prepare For Liftoff: Bitcoin Loses Bear Market Trendline Against Altcoins

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Aside from a few rare outliers, over the last several years, owning Bitcoin has been the better investment compared to other cryptocurrencies. Altcoins like Ethereum and others have only recently caught up, and BTC dominance has maintained the lion’s share of the crypto market cap.

However, dominance has lost an important trendline dating back four full years to the peak of the last bull market, and it could suggest a major turnaround is about to occur across the crypto market. Could this be the » Read more

” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>altcoin season crypto investors have been waiting for?

Bitcoin Dominance Loses Crucial » Read more

” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>Bear Market Trendline

At peak Bitcoin fever in 2017, interest turned to altcoins that were much cheaper per » Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin by comparison as investors searched for the next BTC.

Related Reading | Five Signs That Say Altcoin Season Hasn’t Even Started Yet

Those investors ended up learning the hard way that there is no replacement for Bitcoin. Altcoins plunged by as much as 99% in most instances, while Bitcoin wiped out only 84% of its gains by comparison. Both scenarios are now far in the rear view, and since then Bitcoin has a commanding lead.

bitcoin dominance altcoin season

BTC dominance has lost an important monthly trendline dating back to the top of the last bull market | CRYPTOCAP-BTC.D on TradingView.com

At the height of that fever, dominance reached as low as 35%, but has since remained around or above 63%. That key level was lost at the same time a pivotal trendline was, and now there could be no over-performance in Bitcoin for the next year or more.

The trendline in question dates back four years to the bull market peak, and has kept dominance supported ever since.

Altcoins Are Ready To Explode If Dominance Dives Further

Bitcoin dominance holds the key to unlocking the true potential of any » Read more

” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>altcoin season, which thus far the leading cryptocurrency by market cap has kept locked away for many years now.

bitcoin dominance altcoin season 2

A zoomed in view shows how many times BTC dominance tried to reclaim the line | CRYPTOCAP-BTC.D on TradingView.com

Losing the previous long term trendline resulted in some short term consolidation followed by a large move lower. A bearish retest of 70% BTC dominance failed, sending the important crypto market metric falling back lower to the second ascending trendline.

Related Reading | Altcoin Season Is Here: “Buy Crypto” Surpases Bitcoin Searches On Google

With the 63% level now lost also, BTC dominance should gravitate toward the mid-50% range, allowing altcoins to soar compared to Bitcoin for an extended period of time.

Altcoins could also theoretically hold up better in a wider correction, but that scenario is unlikely as the riskier assets typically are more volatile and react more sensitively to greater crypto market selloffs.

Featured image from Deposit Photos, Charts from TradingView.com

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Source: https://www.newsbtc.com/analysis/btc/bitcoin-dominance-trendline-altcoins/

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John McAfee faces more charges connected to money laundering and wire fraud

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According to the United States Department of Justice, Manhattan Federal Court today charged John McAfee and his team’s executive adviser Jimmy Gale Watson Jr for fraud and money laundering conspiracy crimes. 

McAfee has been charged with securities fraud, touting, and wire fraud among other offenses stemming from the fraudulent promotion of crypto that federal law recognized as securities.

On 6 October last year, United States watchdog, Securities Exchange Commissions (SEC) charged the founder of the McAfee antivirus software firm for allegedly making over $23 million in the process of shilling seven initial coin offerings. Jimmy Gale Watson Jr. was also charged for violating Securities’ law in real-time on Twitter for shilling the ICOs along with McAfee. 

The ICOs reportedly raised $41 million in the process with half of those proceeds pocketed by McAfee. 

Manhattan US Attorney Audrey Strauss alleged that the duo exploited social media and “enthusiasm” among investors in the “emerging crypto market” to make millions through “lies and deception.” She further claimed: 

…[McAfee and Watson] allegedly used McAfee’s Twitter account to publish messages to hundreds of thousands of his Twitter followers touting various cryptocurrencies through false and misleading statements to conceal their true, self-interested motives.

The investors of these ICOs allegedly concealed the fact that they were compensating McAfee and his team for their promotional tweets through funds raised from public ICO investors.

While McAfee is currently detained in Spain on separate criminal charges filed by the DoJ’s Tax Division. Watson was arrested on 4 March in Texas and will be presented before a federal magistrate judge in the Northern District of Texas, today. 


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Source: https://ambcrypto.com/john-mcafee-faces-more-charges-connected-to-money-laundering-and-wire-fraud

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PAID Network exploiter nets $3 million in infinite mint attack

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Paid Network, a DeFi platform aimed at real-world businesses, has been exploited today in an “infinite mint” attack that has sent PAID token prices plunging upwards of 85%.

While the exploit netted nearly $180 million in PAID tokens at the time of the attack — what would have comfortably been the largest exploit of a DeFi protocol — the hacker’s payday will end up being far less. One observer noted that the attacker’s wallet only converted some of their tokens to wrapped ether, leaving the rest in rapidly-devaluing PAID tokens: 

The attacker’s wallet still has over 57 million PAID tokens worth $37 million. 

The exploit is conceptually similar to an attack on insurance protocol Cover that took place in late December last year. In that instance, the team took a “snapshot” of holders prior to the attack and issued a new token, returning the supply of the token to pre-exploit levels.

The team confirmed on Twitter that they are currently planning for a snapshot and restoration:

However, token holders anxious for a resolution may be out of luck. Some in the community are speculating that the attack on PAID wasn’t an exploit at all, but instead a “rugpull” — a colloquial term for an insider designing contracts to specifically make them exploitable and swiping user funds. 

Nick Chong of Parafi Capital noted on Twitter that Paid’s deployer contract, an externally controlled account, transferred ownership of the deployer to the attacker shortly before the mint, indicating that a member of the team either rugpulled, or errantly allowed the attack to take place with a security lapse:

Additionally, a DeFi risk analysis account @WARONRUGS warned of exactly this exploit in late January, noting that the contract owner can mint PAID tokens at any time:

An on-chain note sent to the attacker has ominously warned that “the LAPD will be in contact with Kyle Chasse very shortly.” Kyle Chasse is the CEO of Paid Network.

Paid Network did not respond to a request for comment by the time of publication. 

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Source: https://cointelegraph.com/news/paid-network-exploiter-nets-3-million-in-infinite-mint-attack

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