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Did Power Outage and Bitcoin Hash Crash Cause Markets to Bleed?

Republished by Plato

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Bitcoin dumped 12.5% in a matter of hours over the weekend sliding from $61,450 in late trading on Saturday to bottom out at $53,750 the following day according to Tradingview.

Monday morning Asian trading has seen the asset recover somewhat but analysts are looking at what may have caused the cascade that resulted in $10 billion in liquidations.

Some have suggested that rumors regarding the U.S. Treasury Department charging several financial organizations for laundering money with cryptocurrencies may have caused the crash. Others have looked on-chain to seek answers there and it appears that hash rates also plunged before the markets did.

Power Related Bitcoin Hash Crash

Analyst and chart guru Willy Woo noted that the single largest one-day drop in mining hash rate since November 2017 occurred on April 17. He added that the hash rate on the network essentially halved, causing mayhem in BTC price as it crashed.

The plunge was also recorded by Bitinfocharts which observed a fall from an almost peak average hash rate of 157.58 EH/s to 105.43 EH/s – its lowest level since December 2020.


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Woo attributed the hash crash to a power outage in Xinjiang province, one of the dominant areas for Bitcoin mining operations. He added that this was known before the BTC price crash on the 18th, citing local news on the 15th.

He stated that 9,000 BTC was sent into Binance on April 16 in light of this news, adding:

“I’d note that Binance serves volume from Asia more than the West. It’s likely this was sent in from a whale with closer knowledge to happenings in China.”

Woo added that the selling pressure of these two events combined was enough to tip the price below liquidation levels around $59K which triggered a cascade of automatic sell-offs as stop losses were hit.

Strong holders bought into that dip which has since recovered around $4,000 since the bottom on Sunday.

Monday Morning Market Recovery

At the time of press, Bitcoin had recovered to $57,500 during Asian trading but a slight pullback saw the asset change hands at a little under $57,000 a few hours later.

Fundamentally, markets are still very strong and this minor on-chain blip wasn’t enough to rouse the bears. Over $10 billion has been added back into total market capitalization since the dip pushing it back over $2 trillion.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/did-power-outage-and-bitcoin-hash-crash-cause-markets-to-bleed/

Blockchain

Cardano Reaches All-Time High as Founder Pitches to Mark Cuban

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Cardano, the fourth-largest cryptocurrency by market capitalization, reached a new all-time high on Sunday, one day after Charles Hoskinson engaged in a conversation with Mark Cuban around the topic of Cardano’s potential.

ADA, Cardano’s token, has gained more than 60% in value over the past 2 weeks according to CoinGecko data, reaching an ATH of $2.45 on May 16th at a time when projects using Proof-of-Work (PoW) consensus protocols like Bitcoin experienced a steep drop in value.

Long seen as one of the biggest potential alternatives to the Ethereum network despite not having completed the development process, Cardano is now gaining traction as news of Tesla’s decision to stop accepting Bitcoin due to environmental concerns continue to affect projects relying on PoW.

While Ethereum will be transitioning to a Proof-of-Stake consensus protocol with the release of Ethereum 2.0, the network still uses a PoW approach that might have prevented it from being considered as a reliable alternative at this time.

This barrier should also be added to concerns about the ability of the network to escalate and operate efficiently at a time of high congestion.

Cardano’s latest releases provided developers and users with the option to create native tokens but the platform is still lacking smart contract features. The Alonzo update, which is expected to occur by the end of this month, will add smart contract support and open the doors for new uses of the network.

Hoskinson Pitches ADA to Mark Cuban Via Twitter

Mark Cuban, an American billionaire with a net worth estimated around $4.3 billion, has shown an increasing interest in cryptocurrencies such as DOGE and BTC over the past months.

The Dallas Maverick’s, an NBA team owned by Cuban, even started accepting the popular Shiba Inu-based cryptocurrency as a valid payment method for acquiring the team’s merchandise and tickets.

The entrepreneur started a Twitter discussion by asking his followers if they were” personally, able to use $ADA for anything?”, with thousands of followers quickly providing their opinions and retweeting his question.

One of such followers was Cardano’s Founder, Charles Hoskinson, who about an hour later replied with an invitation for Cuban to visit him in Colorado to chat about the project.

Hoskinson would later mention that the project has, “five million students in Ethiopia, thousands of assets issued on Cardano, a nice DApp ecosystem brewing for smart contract launch, a new VC model with catalyst, huge community.”

While Cuban seemed to find this information interesting and recognized Hoskinson’s status as an “ETH OG”, he also shared his belief that the platform was still not “there yet” in terms of applications while also mentioning the lack of smart contract functionality.

All Eyes are Set on the Alonzo Update

Like Mark Cuban, Cardano critics have been quick to point out that the network still lacks an essential aspect of blockchain technology: smart contract functionality.

This has made the Alonzo Hard Fork one of the most anticipated deployments for the network, as it will allow the network’s users to actually test the claims made by the project’s development team.

Hoskinson also Tweeted a 12-minute video in which he talked about the project’s history, goals, and status, directly addressing it to Cuban.

In the conversation with Cuban, Hoskinson replied to the concerns around Smart Contracts by tweeting:

“We rebuilt the entire smart contract model. It took four years to do it, but it’s necessary if you actually want security and scale. No more DAO hacks, less off-chain code. Consistent operating cost. Furthermore I want all devs not just solidity devs”

This smart contract model will finally be seen with the release of the Plutus Core in the Alonzo update, which the project’s developers assure will provide greater security and flexibility.

With Ethereum 2.0 also advancing on its development, the success of the Alonzo hard fork will prove to have an important impact on how the race between Ethereum and its competitors advances in the future.

Especially at a time when enterprises are paying more attention than ever to environmental-friendly alternatives to Ethereum and Bitcoin.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://blockonomi.com/cardano-reaches-all-time-high-as-founder-pitches-to-mark-cuban/

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Blockchain

More Crypto Gains, Less Carbon Emissions: Platform Plants Trees for Every Trader

Republished by Plato

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By now you’ve probably already heard the scary headlines…

“Bitcoin is killing the polar bears!” – anon

Heads Up: If you aren’t ready to save the world, skip to the end of this article to get yourself access to some awesome trading signals and tools for free.

According to the Cambridge Center for Alternative Finance (CCAF), Bitcoin sucks up around 147 Terawatt Hours per year — 0.68% of global electricity production. In more easy to understand terms that’s around the same power usage as the entire country of Sweden, or Poland.

But is it that simple? No.

 

The reality is that yes the cryptocurrency industry is eating up a lot of power. But the same can be said for almost anything.

If you don’t enjoy Formula 1 racing, you might be tempted to say that it’s a total waste of time, money and a pointless contributor towards rising sea levels and climate change.

Whether or not Bitcoin is worth the environmental/energy cost is up for debate in much the same way.

Why care? Underwater trading is not fun!

Let’s go ahead and say we agree with scientific consensus that global warming is bringing us towards a period of extreme climate change and rising sea levels. Many island nations and countries with coastline are at risk including the densely populated cities such as London, UK.

If you already lose sleep over trades that are sat underwater for a few hours, it’s probably safe to assume that you aren’t going to have a good time if you need scuba gear to degen long your favourite alts a few years from now!

How you can save the world and make better trades

The ProfitFarmers platform is built from the ground up to be your Crypto Co-Pilot. Including expert level signals, copy-trade technology  and advanced trading terminals and tools!

So, Scuba Diver or Astronaut?

It matters not to us, our signal algorithms have been helping our users surf the WAVES…

 

And take interstellar voyages to VENUS…

 

Great gains are awesome, but we wanted to help traders all around the world reduce their carbon footprint without needing compromise on their trading performance.

We’ve decided to team up with One Tree Planted in an effort to stem the Earth’s bleeding.

 

Here’s the bottom line: For every user on our platform, every month we will be planting one Tree!Check out our blog post to find out how you can improve your trading game, make some great gains and start planting some trees now!

Want to get your toes wet for FREE?

If you aren’t ready to save the world just yet (or join us here at ProfitFarmers) then don’t worry. We’ve got something for you that can still help you make more gains from your crypto trading adventure.

We recently created the ‘ProfitFarmers Moon Bag’, free for serious traders. It’s a selection of our advanced tools and scanners as well as market intel and premium signals.
If you have Telegram you can dive straight in by using this link to join the party. Just don’t forget to get access to the tools and education afterwards!

All we ask is that you donate some of your trading gains to environmental causes.

Yep signals just like this for free!

 

Source :- Plato

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Blockchain

QuickSwap Fires Up Polygon’s DeFi Ecosystem Offering High Yields and Low Fees

Republished by Plato

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If 2020 was the year that DeFi found its feet, then 2021 is shaping up to be the year that DeFi is spreading its wings across the blockchain ecosystem and finding its place beyond the boundaries of Ethereum. It was somewhat inevitable, given that Ethereum’s eye-wateringly high gas fees continue to price many smaller investors out of the market. 

In recent months, Polygon (formerly known as Matic Network) has been gaining significant traction. A layer 2 scaling solution for Ethereum, Polygon is popular among Ethereum loyalists and dApp developers who seek higher throughput  and lower fees without compromising ETH compatibility or threatening DeFi’s beloved reigning monarch. Polygon’s DEXes – with QuickSwap at the forefront – are  also gaining powerful momentum with total value locked increasing rapidly. 

QuickSwap is a fork of the Uniswap exchange, and as such, it offers many of the same benefits and features as its Ethereum-based counterpart. However, where Uniswap’s mascot is a unicorn, QuickSwap is represented by a dragon. Additionally, because Polygon is compatible with the Ethereum network, users can easily move their ERC20 tokens or ETH across the bridge onto Polygon for use on QuickSwap.

As Polygon’s leading DEX, QuickSwap ensures the deepest liquidity and highest volume on layer 2. To motivate projects and users to come over from Ethereum, QuickSwap offers generous APYs for liquidity providers who stake in its incentivized pools. According to one of QuickSwap’s recent tweets, APYs are as high as 216% for the ETH/MATIC pair, 306% for the ETH/USDC pair, and 251% for the DAI/ETH pair, representing some of the best returns in the business of yield farming.

Moreover, providing liquidity for  QuickSwap’s pools allows users to benefit from the low fees on the Polygon network, so swapping funds between different pools doesn’t come with the trade-off of Uniswap’s high fees. Users are free to make as many transactions as they wish without worrying about incurring high costs. 

Dare You Enter the Dragon’s Lair? 

The project also operates its own token and staking rewards. In the Dragon’s Lair, QUICK holders can stake their QUICK to earn more of it. Interested parties can learn everything they need to know about how QUICK staking works on the DEX’s blog, here

QuickSwap charges a 0.3% fee on transactions.  From this fee, 0.04% is allocated to the Dragon’s Lair rewards program. The project uses these funds to market buy QUICK tokens for distribution to stakers. According to QuickSwap, staking QUICK yields an APY that fluctuates between 25% and 40%. 

Integration with Aave

QuickSwap is far from the only DeFi project to spot the potential of Polygon. Flagship DeFi app Aave announced at the end of March that it would also be expanding to Polygon. For its part, Polygon put up one percent of its total MATIC token supply, some $40 million, as liquidity mining rewards to help drive Aave users to the Polygon implementation. 

QuickSwap joined the effort, offering additional QUICK rewards called an “Aave rewards boost” for liquidity providers on pairs that Aave’s layer 2 implementation supports. Over $3.3 billion in liquidity is locked into Aave’s Polygon application at the time of writing. 

DeFi’s expansion to more blockchain platforms is a net positive for the ecosystem as a whole. It provides more choices for users, as well as lowering fees, helping to attract those users who are priced out of Ethereum. Including the long tail of investors means more liquidity in the system, which in turn attracts more users, more funding, and more development. 

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinist.com/quickswap-fires-up-polygons-defi-ecosystem-offering-high-yields-and-low-fees/?utm_source=rss&utm_medium=rss&utm_campaign=quickswap-fires-up-polygons-defi-ecosystem-offering-high-yields-and-low-fees

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