The Beacon Chain, the backbone of Ethereum's future Proof-of-Stake network, is now live.
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Tuesday, December 1, 2020
Coinbase Brokered MicroStrategy’s $425M Bitcoin Purchase, Exchange Sats
The revelation is a notable public relations win for Coinbase CEO Brian Armstrong.
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Google Searches for ‘Bitcoin Price’ Hit 18-Month High
Google searches for "bitcoin price" are double levels seen a few weeks ago.
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Yearn’s merger with SushiSwap will be the most comprehensive to date
YFI token holders will vote on some aspects of the integration.
The flurry of Yearn.finance (YFI) “mergers” continues with the tightest integration yet with SushiSwap (SUSHI), the decentralized exchange that began its life as a Uniswap fork.
Announced by Yearn founder Andre Cronje on Tuesday, the collaboration involves a variety of synergies between the two ecosystems and other projects launched by Cronje.
Like with previous integrations, the two teams will merge development resources and integrate their liquidity pools to increase total value locked. Yearn will help in creating an xSushi vault to farm SUSHI, Ether (ETH), YFI and Wrapped BTC (wBTC).
Yearn will subsequently use SushiSwap as the automated market maker of choice for its yield farming strategies.
Many further integrations rely on subprojects of the Yearn growing ecosystem. Keep3r, a network to perform arbitrary jobs with smart contracts, will move its treasury to SushiSwap and add implementations for SushiSwap’s limit and stop-loss orders, in addition to an integration into SushiBar V2, its yield farming platform.
Cover protocol will also add the possibility of insuring SushiSwap liquidity pools through its system of CLAIM tokens. Cream Finance will provide liquidity into SushiSwap’s upcoming Bento Box and add SushiSwap liquidity pool tokens as collateral for lending.
The two teams will work together on Deriswap, Cronje’s upcoming derivatives trading platform, as well as an undisclosed future project.
SushiSwap governance and tokens will remain separate from Yearn, but the teams want to connect the two projects’ treasuries to let each have a stake in the other. A governance vote will be held in both projects that would let holders choose if part of their treasuries should be devoted to purchasing each other’s tokens. The two projects will thus be able to participate in each other’s governance processes in the future.
Further integrations that will be put up for a vote include a SushiSwap liquidity incentive for some of Yearn’s yield farming pools to be allocated by Yearn, with the CRV to yyveCRV pool being a potential candidate. The Keep3r/ETH pool would also be included in SushiSwap’s “permanent menu” of SUSHI rewards. Finally, grants to SushiSwap developers would be paid through yGift tokens, a non-fungible token that holds a certain amount of money and includes a customized message.
The integration with SushiSwap is deeper than with most other projects, and it is the first to include a mutual exchange of treasury allocations. Due to this, it is also the first Yearn merger to be put up for a vote. Nonetheless, only some of these specific items will be deliberated on by the community.
The merger with SushiSwap is the fifth seen so far, and the first with a decentralized exchange platform. Previous integrations included other yield optimization protocols like Pickle Finance and Akropolis, the Cream lending protocol and the Cover insurance platform.
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Bitcoin futures hit $20.3K right before BTC price drops $1K in 10 minutes
Wild volatility ensues as Bitcoin attempts to crack $20,000 and futures challenge their own record highs.
Bitcoin (BTC) futures hit $20,000 on Dec. 1 as all-time highs finally began to convert into a new price era for BTC/USD.
Data from TradingView showed Chicago Mercantile Exchange Bitcoin futures heading past the historic $20,000 mark during Tuesday trading.
BTC price: $20,000 sparks unique volatility
At press time, highs of $20,300 had appeared amid characteristic volatility, which saw BTC/USD crash to $19,000 in under ten minutes.
“Worth noting that a $1,000 swing is just 5% now. Adjust accordingly,” popular pseudonymous trader CryptoBull tweeted in response to the flash crash.
The move is nonetheless a momentous occasion for Bitcoin, which today has officially broken above its all-time high of $19,892 established nearly three years ago.
With futures normally a modest percentage higher than the spot price, CME and other operators’ order books were already primed to head into uncharted territory first. CME in fact passed $20,000 when it launched at around $20,700 in December 2017, with the market still waiting for new all-time highs on Tuesday.
As Cointelegraph reported, record volume and open interest had already buoyed analysts keen to see the extent of institutional interest in Bitcoin as 2020 draws to a close.
This year has differentiated Bitcoin from 2017 when a previous attempt to crack $20,000 on spot markets coincided with the first futures markets going live.
Thanks to this weekend’s volatility, a giant $1,300 “gap” in futures markets remained open as the new highs hit, this traditionally suggesting that BTC/USD will fall to “fill” it in. In this case, such a pullback could take the pair as low as $16,900.
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Bitcoin Entrepreneur May Bail Out Ailing UK Soccer Club
Jonathan Rowland, founder of bitcoin finance app Mode, may make a bid for struggling British soccer club Wigan Athletic.
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Bitcoin price hits new all-time high as crypto market matures
Three major trends are behind Bitcoin's successful journey to a new all-time high above $19,892.
Bitcoin (BTC) price has officially reached a new all-time high on Dec. 1 above $19,892 after nearly three years, according to data from Coinbase and Tradingview.
Despite the Thanksgiving crash last week, BTC price has managed to rebound throughout the weekend. BTC then easily passed the $19,000 mark on Monday to reach its all-time high, albeit on a couple of exchanges.
There are three key trends that fueled BTC's rise from sub-$3,600 in March to over $19,892. These include the rise in institutional demand, lower selling pressure, and the resilience of BTC throughout 2020.
Data suggests institutional demand propelled the rally
Most on-chain data points show that the demand for Bitcoin from institutions has been rapidly increasing.
In November, Grayscale recorded all-time high net inflows, and the CME Bitcoin futures market saw its open interest climb near $1 billion.
Grayscale, in particular, said that more institutions invested in cryptocurrencies during the third quarter of 2020 than ever before.
The figures Grayscale sees are important to gauge the institutional interest in Bitcoin because the Grayscale Bitcoin Trust is typically the first point of entry for most institutions to gain exposure to BTC.
In the United States, there is no exchange-traded fund (ETF) for Bitcoin and other major cryptocurrencies. Hence, the Grayscale Bitcoin Trust is the closest investment vehicle to an ETF in the U.S. market. The Grayscale report read:
“More institutions invested in 3Q20 than ever before and have increased their average allocation from $2.2 million in 3Q19 to $2.9 million in 3Q20. Institutions that are comfortable with multiple products within the Grayscale suite of products, have averaged nearly double the commitments of single-product investors during 3Q20.”
As Cointelegraph reported in August, MicroStrategy purchased $450 million worth of BTC, adopting Bitcoin as its primary treasury asset. This was likely the spark that triggered the current wave of institutional demand for the digital store of value.
This was accompanied throughout the summer by high-profile allocations to Bitcoin from the likes of Square, Paul Tudor Jones, and later Stanley Druckenmiller, which only further fueled the positive market sentiment.
I call this chart "The Traditional Onslaught".
— Travis Kling (@Travis_Kling) November 30, 2020
We've been talking about "The Herd" for 3+ years. The Herd requires career risk cover. This is that.
They are by definition not early adopters, but their pockets are deep & their capital is sticky. #Bitcoin is just getting started. pic.twitter.com/jC7uVBXxxW
In November, Druckenmiller explained that Bitcoin is likely here to stay as it has significantly outperformed gold in 2020, saying:
"It’s been around for 13 years and with each passing day it picks up more of its stabilization as a brand."
Low whale inflows
Six months after the halving, November also saw low selling pressure from whales according to on-chain data. In other words, the amount of Bitcoin being sent to exchanges from high-net-worth investors have been consistently decreasing throughout the month.
CryptoQuant CEO Ki Young Ju pinpointed the Exchange Whale Ratio as an indicator for long-term bullish market sentiment. He said:
“Dear $BTC shorters, You can call me a moon boy, but unfortunately, there won't be a mass-dumping like March this year. Exchange Whale Ratio(90-day MA) is still very low. Long-term bullish is inevitable.”
The low selling pressure on BTC helped sustain its rally throughout the month, eventually allowing the dominant cryptocurrency to reach a record high.
Bitcoin's resilience has been a big factor
On June 13, JPMorgan said in a note that Bitcoin’s recovery from the March crash showed it had staying power. The recognition of Bitcoin’s resilience by the largest investment bank in the U.S. likely acted as a major confidence boost, especially for institutional investors.
Ultimately, the impressive performance over the past decade and Bitcoin's strong momentum since dropping below $3,600 across major exchanges in March demonstrated BTC’s resilience and long-term potential as a digital store of value.
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