Connect with us

Uncategorized

New DeFi entrant? ShapeShift pivots to DEX, integrating Ethereum and ERC20 tokens

ShapeShift, one of the oldest cryptocurrency trading platforms in the crypto market, is pivoting.

The post New DeFi entrant? ShapeShift pivots to DEX, integrating Ethereum and ERC20 tokens appeared first on CryptoSlate.

Republished by Plato

Published

on

ShapeShift, one of the oldest cryptocurrency trading platforms in the crypto market, is pivoting. It announced the integration of a decentralized exchange, adding Ethereum and ERC20 tokens first.

Since it is a decentralized exchange, it will not be able to immediately process Bitcoin trades. Hence, ShapeShift said it would integrate Bitcoin in the first quarter of 2021. The team wrote:

“Ethereum and ERC20 assets are available as of today for decentralized trading through ShapeShift’s interface. Bitcoin—the world’s largest and most liquid digital asset—will be added in Q1 2021 (native BTC, non-wrapped). By using ShapeShift to trade through DEX protocols, users get the best rates across multiple venues and earn FOX Tokens on every trade.”

Why this switch and what does it mean for Ethereum?

Cryptocurrency platforms, in general, inclusive of ShapeShift, have faced strong regulatory pressure for user data for many years.

ShapeShift’s change in direction to a DEX makes sense in this environment where the usage of DEX is rapidly growing.

Erik Voorhees, the CEO of ShapeShift, described the pace of innovation in decentralized technology as “inspiring.”

The ShapeShift team also pinpointed the rise in popularity of decentralized exchanges, stating:

“Over the past year, decentralized exchanges—which are software protocols for individuals to trade transparently and without any intermediary—have grown in popularity. They give users unprecedented auditability and control over their digital assets, offer generally lower fees and reduce counterparty risk.”

ShapeShift has also introduced a new token called FOX, which users would be able to earn by trading through ShapeShift.

Voorhees sees a massive catalyst in 2021

In an interview with CryptoSlate, Voorhees said that the biggest catalyst to Bitcoin and crypto in 2021 would be the bull run itself.

ethusd ethereum
The 15-minute price chart of Ethereum. Source ETHUSD on TradingView.com

As the value of cryptocurrencies increase, he noted that the ecosystem would go from 50 million to 250 million crypto users. He said:

“Well maybe this is tautological, but the biggest 2021 catalyst will be the bull run itself. The price rise gets interest more than anything else, and will bring millions of new people into the ecosystem. I think we go from around 50 million crypto users in the world to around 250 million by end of the year. The whole industry better be ready to scale.”

This prediction goes in line with many industry executives who anticipate the total value locked in decentralized finance (DeFi) to achieve $100 billion.

Out of the millions of users that newly enter the cryptocurrency space, analysts expect the DeFi space to continue to see exponential growth throughout the year.

As DeFi expands throughout 2021, the positioning of ShapeShift to a DEX and to a token that rewards users based on utility and trading activity could be a positive mid to long-term shift.

Like what you see? Subscribe for daily updates.

Source: https://cryptoslate.com/new-defi-entrant-shapeshift-pivots-to-dex-integrating-ethereum-and-erc20-tokens/

Blockchain

2020 Crypto-In-Review: The Year of The ₿ull

Republished by Plato

Published

on


Prices are soaring, innovation is breaking ground, opportunities are flourishing and cryptocurrency adoption is relentless. As we begin a new year with unbridled enthusiasm, Kraken examines the
past year — one that won’t be soon forgotten. 

The year 2020 will be remembered for economic and humanitarian catastrophe. It will also be recognized by the crypto community as the beginning of a new bull market. 

The COVID-19 pandemic sent shockwaves through the financial markets and cryptocurrencies were not spared from the carnage. The “Black Thursday” market selloff was one of the worst days for bitcoin as price dropped 41% – the second worst intraday loss in its history. 

Since the $3,911 low on March 13, 2020, bitcoin has produced over 700% returns and institutional demand for the premier cryptocurrency has surged as those companies seek a store of value. Favorable legislative action such as Wyoming establishing a path for digital asset banks and institutional adoption from major companies such as Square, PayPal, MicroStrategy, MassMutual, and others have set the stage for a promising future in the cryptocurrency industry. 

Kraken Intelligence has compiled a comprehensive report exploring all of the fundamental factors that have influenced the cryptocurrency industry in 2020. Our team provides insight on developments like the DeFi markets, institutional adoption, legislative and regulatory changes, industry innovation, price action and so much more to help market participants for the year ahead.

By downloading this report, we anticipate you will have a greater understanding of where the growth opportunities are emerging in cryptocurrencies, which projects you should consider and an understanding of market dynamics.

We cover:

  • What’s Influencing Adoption – Institutional buying has surged as nearly 6% of the total bitcoin supply is now held in corporate treasury. Wallets holding over 100 BTC grew significantly since the beginning of March and wallets with less than 1 BTC saw double digit growth in that same time period. 2020 is the year when we witnessed a groundbreaking uptick in institutional investor interest. 
  • The Halving – Provable scarcity is one of the main appeals of bitcoin. The hard-coded event to reduce the block reward subsidy and further enforce the disinflationary trend of bitcoin’s supply growth has often foreshadowed each new bull cycle. On May 11, 2020, the latest halving event occurred and by the end of the year, nearly 90% of all of bitcoin’s 21 million supply had been mined. With demand rising for a limited supply, price has once again shown to be on the rise. 
  • Yield Farming – The emergence of Decentralized Finance has not only helped growth in stablecoins, but has created a new opportunity for crypto investors – a yield curve. DeFi has provided crypto holders yield in exchange for offering their coins into liquidity pools. The emergence of yield in cryptocurrency is another step in the direction towards challenging the existing financial infrastructure as it provides an opportunity to earn for those holding long term.
  • Stablecoin Growth – Stablecoin adoption exploded in 2020 with the rise in  Decentralized Finance as traders began utilizing them for yield farming. The total market supply for stablecoins rose nearly 400% to $27.7 billion by end-of-year. As Visa announced that it will connect their global payment network to USDC, it appears this may just be the beginning of a stablecoin paradigm shift. Stablecoins are proving to be an on-ramp for individuals that may have difficulty accessing traditional financial products as well as safe havens in periods of volatility, thus increasing their appeal in a growing industry.

Download Our Full Report

Source: https://blog.kraken.com/post/7496/2020-crypto-in-review-the-year-of-the-%e2%82%bfull/

Continue Reading

Blockchain

Chinese Investors Fight Over Crypto as They Look for Safe Haven

Republished by Plato

Published

on

Chinese Investor

Customary institutional speculators once thought about cryptographic forms of money as a venture for the strong or the dumb: a specialty market with a terrible standing and high unpredictability. In 2017, J.P. Morgan CEO Jamie Dimon considered Bitcoin a fake. 

In 2020, J.P. Morgan began offering banking administrations for digital forms of money and its experts anticipated Bitcoin price could hit $146,000 in the long haul. Bitcoin’s value flooded to $20,000 a year ago, entering the standard. On Jan. 9, 2021, it momentarily hit $41,000. As of the hour of composing, one Bitcoin costs $36,500. 

Throughout the most recent year, well-to-do Chinese have rushed to blockchain-based advanced resources as a venture—and a more secure spot to stash their cash—industry insiders told. There are no hard figures on the amount Chinese speculators are placing into the generally untraceable universe of crypto.

Chinese investors have generally favored stopping their resources in US markets through interests in stocks, reserves, land, and the sky’s the limit from there. The US is an mature and fluid market, with generally close authority over corporate structures and low expenses on capital increases, making it a famous objective for the world’s riches. 

Major league salary Chinese are currently viewing cryptographic forms of money as a place of refuge for their resources, said Flex Yang, CEO and fellow benefactor of Babel Finance, a Hong Kong-based Chinese digital money resource the executives organization. 

About $50 billion in digital currencies was moved from East Asia to abroad records in the year finishing off with June 2020.

“China is a large part of this activity in East Asia,” a representative from Chainalysis told, however it has not yet examined nation level information. In light of their own meetings with specialists, Chainalysis said that probably a portion of this $50 billion speaks to capital flight.

Get the latest in Asian Bitcoin news here at Coin News Asia.

Source: http://www.coinnewsasia.com/chinese-investors-fight-over-crypto-as-they-look-for-safe-haven/

Continue Reading

Blockchain

Why This Bull Market Is Different

Republished by Plato

Published

on


This isn’t the first crypto bull run. This is the fourth market cycle since the Bitcoin Genesis Block in January 2009; each preceding one, without fail, has led to unprecedented growth and development in terms of market capitalization, infrastructure, and most importantly of all, new participants. 

In that sense, this bull cycle is no different from the last. The rush of new investors has led prices to hit new all-time highs that seemed utter fantasy months ago. In 2017, the parabolic price action that attracted so much media attention was fueled by retail traders and crypto-focused funds. The real big fish – the blue-chips and the billion-dollar hedge funds – sat on the sidelines, unsure over whether bitcoin really could be an investable asset.

Fast forward to today and those same big fish are the ones now ploughing billions of dollars into the crypto market. Investors like Stanley Druckenmiller, Paul Tudor Jones and Christopher Wood have added bitcoin to their portfolios. Square, MicroStrategy and MassMutual have each allocated millions into bitcoin while CME group will soon introduce ETH futures built on CF Benchmarks crypto indices. PayPal has made bitcoin available to their hundreds of millions of users worldwide; BlackRock, Citibank and JP Morgan, institutions with trillions of dollars on their balance sheets, have expressed interest in doing the same. 

What’s most fascinating about this run is how Kraken volumes have reached new all-time highs but, according to Google Analytics, public interest in bitcoin is nearly half of what it was at the previous high. To this point, it appears this run is mostly being driven by institutions and that individual investors are playing catch up. 

Google Analytics of Bitcoin Search Trends
Courtesy Google Analytics

“This time is different” is a market cliche proven wrong on countless occasions. But following 2020, a year of pandemics, unprecedented monetary policy and fiscal stimulus, this time really is different. 

With its fixed supply, many believe bitcoin is digital gold. An allocation into bitcoin can protect the value of households and businesses’ hard-earned savings, as well as a hedge against the possibility of out of control inflation. Since March 2020, nearly 4 trillion U.S. dollars have entered circulation, increasing total money supply by more than 20%. 

Thanks to the hard work entities such as Kraken have devoted to educating investors, more people than ever are now using cryptocurrencies to help navigate through these trying and unpredictable times. Access has improved remarkably, compared to three years ago. Kraken’s new retail app — available in over 100 European countries and launching soon in the U.S. — provides anyone with the ability to buy cryptocurrency in just a few clicks from their phones. 

The stage is set for cryptocurrencies to become an investable asset complete with a valid value proposition underpinning it. This is the time to invest in your future. Whether it is diversification of assets, holding custody over your money or hedging against uncertainty, the time is now.

Source: https://blog.kraken.com/post/7470/this-bull-market-is-different/

Continue Reading
Blockchain3 days ago

Ethereum Price Can Skyrocket to $10,500 According to Fundstrat

Blockchain3 days ago

TradingView Launches ‘Bitcoin Timeline’ to Show BTC Price Changes With Events

Blockchain4 days ago

Over 31% of People in Latin America Want to Invest in Bitcoin

Blockchain5 days ago

Biden Appointed SEC Chair Gary Gensler is not Going to Save Ripple’s XRP Token

Blockchain3 days ago

Tether’s General Counsel: iFinex v. NYAG Case Continues with a Court Meeting in 30 Days

Blockchain3 days ago

2020 Crypto-In-Review: The Year of The ₿ull

Blockchain2 days ago

Litecoin, Dash, FTX Token Price Analysis: 21 January

Blockchain3 days ago

Crypto exchange Bitpanda opens pre-orders for Visa debit card

Blockchain3 days ago

The Brilliant Minds Behind the BTC Ultimatum Project, and Their New CEO, Eric Ma

Blockchain3 days ago

Bitcoin And Tesla Stock The Biggest Market Bubbles According to a Deutsche Bank Survey

Blockchain3 days ago

Rick and Morty crypto art sells for $150,000 on Gemini-owned platform

Blockchain3 days ago

Palit GeForce RTX 3070 GameRock Ethereum Mining Rig

Blockchain3 days ago

Bitcoin Price Analysis: 20 January

Blockchain3 days ago

Treasury Secretary nominee Janet Yellen warns of crypto crime

Blockchain3 days ago

Digital euro to face review by 2 institutions, before possible launch in mid-2021

Blockchain3 days ago

Too fast, too furious: Some major altcoins failed to match Bitcoin’s rally

Blockchain3 days ago

Privacy Coin Firo, Formerly Known as Zcoin, Suffering a 51% Attack

Blockchain3 days ago

Uniswap on the path to unlock $1BN in daily trade volume

Blockchain2 days ago

Bitcoin is an Unreliable Hedge During Market Upheavals: JP Morgan Analysts

Blockchain3 days ago

Freeliquid: Next Generation DeFi loan platform

Trending