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‘DeFi may lead to a paradigm shift’ says Federal Reserve Bank paper

Ethereum has unleashed a wave of financial innovation.

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A paper published by the Federal Reserve Bank of St Louis has delved into the expansion of decentralized finance and Ethereum’s role in it.

The research, penned by Dr. Fabian Schär and published on May 2, has taken a deep dive into the world of DeFi, hinting that if security concerns and risks can be addressed, it may lead to huge changes in the financial industry.

“DeFi uses smart contracts to create protocols that replicate existing financial services in a more open, interoperable, and transparent way,” Dr. Fabian Schär wrote, also hailing its efficiency, accessibility, and composability.

“DeFi may lead to a paradigm shift in the financial industry and potentially contribute toward a more robust, open, and transparent financial infrastructure.”

DeFi growth over the past year has been monumental, with a 700% increase in the total value locked across the ecosystem. At the time of writing, that figure stands at an all-time high of around $134 billion across different blockchain according to DefiLlama.

Dr. Schär explained that the backbone of the entire DeFi ecosystem is smart contracts, the majority of which run on Ethereum. The report lists a number of popular DeFi related tokens but points out that the vast majority of tokens are issued on the Ethereum network.

ETH is also used as collateral for a vast number of DeFi protocols and 10.5 million ETH, or 9% of the entire supply, is locked up according to Defipulse.

Schär, a professor of Distributed Ledger Technology at the University of Basel in Switzerland, stated that Ethereum has unleashed a wave of innovation built on blockchain technology.

He added that the growth of digital assets such as ETH, and the potential for DeFi, means the sector is destined for bigger things:

“The spectacular growth of these assets alongside some truly innovative protocols suggests that DeFi may become relevant in a much broader context and has sparked interest among policymakers, researchers, and financial institutions.”

According to the ConsenSys Q1 DeFi report, the number of Ethereum addresses interacting with DeFi protocols is at an all-time high of 1.75 million, following a growth of 10X since the beginning of 2020.

The research adds to the bullish momentum for Ethereum which has seen it outperform Bitcoin this year and propel the asset to an all-time high of just over $3,500 on May 4.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/defi-may-lead-to-a-paradigm-shift-says-federal-reserve-bank-paper

Blockchain

DGB Technical Analysis: Support Levels of $0.0489, $0.0468, and $0.0441 Will be Tested

DGB price has tested and fallen below the 23.6% FIB retracement level of $0.0503. It may soon fall below the FIB retracement level of $0.488. Thereafter, we have to wait and watch if the price retests and breaks out of these levels.

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DigiByte is an open-source blockchain creation platform. It was started in 2014 on the nodes of bitcoin. It was originally built to improve security, capacity, and transaction speed than blockchain. Also, DGB uses five separate algorithms to maintain privacy and prevent miners from getting too much power. The following DBG technical analysis will predict the price trends for the next few days:

Past Performance

On June 12, 2021, DGB opened at $0.06. On June 18, 2021, DGB closed at $0.05. Thus, in the past week, the DGB price has decreased by approximately 16.28%. In the last 24 hours, DGB has traded between $0.483 – $0.548.

https://d229noksprj98s.cloudfront.net/wp-content/uploads/2021/06/dgb-technical-analysis-support-levels-of-0-0489-0-0468-and-0-0441-will-be-tested.png

https://www.tradingview.com/x/p61sR6IE/

Day-Ahead And Tomorrow

Currently, DGB is trading at $0.0491. The price has decreased from the day’s opening price of $0.054. Thus, it seems like bears have taken control of the market.

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The MACD and signal lines are in the negative zone. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, the DGB price may decline further.

Currently, the RSI indicator is at 34%. It faced rejection at 52.84% and has fallen straight to this level. Thus, it indicates that the selling pressure is high in the market. We have to wait and watch if buying pressures become strong enough to bring about a bearish trend reversal.

The OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the DGB price.

In short, when we look at all three oscillators, we can say that the price may continue to fall. However, we cannot rule out the possibility of a trend reversal.

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DGB Technical Analysis

Currently, the price is below the second Fibonacci pivot point of $0.0503. If the bears remain strong till day end, then the price is likely to fall below the first, second, and third support levels of $0.0489, $0.0468, and $0.0441, respectively.

The price has tested and fallen below the 23.6% FIB retracement level of $0.0503. It may soon fall below the FIB retracement level of $0.488. Thereafter, we have to wait and watch if the price retests and breaks out of these levels.

#DGB #DigiByte

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/dgb-technical-analysis-support-levels-of-0-0489-0-0468-and-0-0441-will-be-tested

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Is Cardano Price Poised For 500% Rally? ADA Price to Hit $10 By 2021 End

ada price jump (1)

The post Is Cardano Price Poised For 500% Rally? ADA Price to Hit $10 By 2021 End appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Cardano Price Massive Rally Ahead! Bitcoin fell on Friday, surprising investors who had anticipated a rebound. As Bitcoin prices began to fall, Ethereum also followed suit. Cardano price has been falling in tandem with the flagship crypto, and it is on the verge of more declines. ADA began the day with a mixed performance. It …

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Cardano Price Massive Rally Ahead!

Bitcoin fell on Friday, surprising investors who had anticipated a rebound. As Bitcoin prices began to fall, Ethereum also followed suit. Cardano price has been falling in tandem with the flagship crypto, and it is on the verge of more declines.

ADA began the day with a mixed performance. It must find support if it is to gratify optimistic investors by breaking over resistance at $1.60. There is lower-level support at $1.20 and $1.40, and traders will need to wait for a buying signal before entering.

This week, the first-ever Plutus smart contract went live on testnet, as part of Cardano’s continuous enhancements. While Cardano’s improvements have been positively received, ADA has been struggling due to market corrections. The network went through the Mary hard fork in March, bringing native multi-asset functionality to the Cardano ecosystem. 

Ultra Bullish Predictions for ADA Price!

In a post to his 134,000 Twitter followers, the crypto expert known as Capo stated that he is quite optimistic about ADA. He predicted last Sunday that Bitcoin, Ethereum, and Cardano are still “very likely” to reach $100K, $10K, and $10 by the end of the year. The trader went on to share that ADA is one of his biggest crypto holdings, and considers it to be superior to Bitcoin and Ethereum.

Capo forecasts a 156% increase in Bitcoin, a 302% increase in Ethereum, and a huge 557% increase in Cardano. ADA, which began the year with a positive trend, reached an all-time high of $2.4 in May 2021, before plummeting dramatically when the market fell.

The crypto influencer, who has been super bullish on Cardano for quite a while, said that $ADA remains one of the largest holdings in his portfolio.

The Bitcoin Dominance Index, according to Capo, may continue to decrease until October. This downward trend may force altcoins to make significant gains in the coming months. Because most ALTS have had large market corrections against Bitcoin in recent weeks, Capo believes that a pullback presents an opportunity to purchase the dip.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://coinpedia.org/price-analysis/cardano-price-ada-price-massive-upswing/

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Blockchain

Ethereum’s London hard fork set to hit testnets on these dates

The world’s largest altcoin, Ethereum, is trending in the news today following its most recent development. As per the same, the much-anticipated London hard fork will soon be making its way to Ethere

The post Ethereum’s London hard fork set to hit testnets on these dates appeared first on AMBCrypto.

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The world’s largest altcoin, Ethereum, is trending in the news today following its most recent development. As per the same, the much-anticipated London hard fork will soon be making its way to Ethereum testnets.

According to a blog post released by the Ethereum Foundation, Ethereum core developer Tim Beiko has announced the set block heights for three testnets – a key penultimate step toward a full mainnet launch. London will go live on the Ropsten testnet around 24 June, followed by Goerli on 30 June, and Rinkeby on 7 July.

The aforementioned blog added,

“As of now, only the testnets (Ropsten, Goerli, Rinkeby) have been scheduled for London. Once the upgrade has successfully been activated on these networks, a block will be set for the Ethereum mainnet and be communicated on this blog and in other venues.”

This upgrade falls in line with Berlin, which was activated a few months ago on the Ethereum mainnet.

Furthermore, the hard fork will include five Ethereum Improvement Proposal (EIP) upgrades which are amendments to the blockchain’s code that must be broadly agreed upon by community members before adoption. These include,

The EIP-1559: Fee market change for ETH 1.0 chain.

EIP- 3198: BASEFEE opcode

EIP-3529: Reduction in refunds

EIP-3541: Reject new contracts starting with the OxEF byte

EIP-3554: Difficulty Bomb delay to December 1st, 2021

Moving on, the famed yet controversial update EIP-1559 remains the major highlight in the aforementioned list. The said upgrade is expected to reduce gas costs for users significantly BUT also might deduct around 50% of miner revenues. This was one of the reasons why it sparked a ‘miner revolt‘.

On the other side, the blog portrayed the change as,

“The decentralized nature of blockchain systems makes a network upgrade more difficult. Network upgrades in a blockchain require cooperation and communication with the community, as well as with the developers of the various Ethereum clients in order for the transition to go smoothly.”

At the time of writing, Ethereum was trading around the $2,238 price level with a correction of about 4.2% in the past 24 hours.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/ethereums-london-hard-fork-set-to-go-live-on-testnets-on-these-dates

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Blockchain

29% of Crypto Investors in the UK Check Their Balance Every day, Study Finds

According to the FCA, every day, more and more people invest in crypto. Still, fewer and fewer people understand what they are investing in.

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People in the UK are more interested in Bitcoin and crypto today than in any other year, including 2017, when the digital asset boom was at its peak.

According to a UK’s Financial Conduct Authority survey, about 78% of adults have now heard of cryptocurrencies, and more than 2.3 million people in the UK hold or have owned cryptocurrencies at some point.

Crypto is a Serious Investment

The way British people think about crypto has changed dramatically. The FCA mentions that investors no longer see cryptocurrencies as a gamble but rather a serious investment or alternative to traditional investments. The gambling option dropped 9% to 38% in popularity.

Also, people are more aware of fluctuations. The number of investors who check their balances daily increased to 29% – more than double from 13% in 2020.

The British are long-term bullish. The survey revealed that about half of cryptocurrency hodlers plan to increase their exposure trusting that “they’ll make money at some point.” However, in the face of all the new options to invest, the FCA warns that the “overall understanding of cryptocurrency has declined.”


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This figure represents an increase in the number of hodlers compared to 1.9 million last year. The FCA data is also consistent with an apparent rise in searches for information related to cryptocurrencies in the country.

Although interest in the keyword “Cryptocurrency” has dropped considerably over the past two weeks, searches for this term reached an all-time high in May, and interest is well above that of 2020 and previous years.

Google Searches for Cryptocurrency in UK. Image: Google
Google Searches for Cryptocurrency in UK. Image: Google

The FCA also found an increase in the average investment, which went from £260 to £300 in one year. That is, in theory, about $1 trillion is in the portfolios of small retail investors in Britain – leaving aside institutional investors.

One thing that remains the same is the typical profile of the cryptocurrency investor: Almost 70% of the respondants were male millennials of around 35 years old.

Bitcoin is Still The King

Bitcoin remains the favorite cryptocurrency investment for Brits, up 3% from last year. Some 66% of respondents said they held Bitcoin, compared to 35% for Ethereum, 21% for Litecoin, 18% for XRP, and 15% for Bitcoin Cash.

The FCA has been closely following the topic of cryptocurrencies for several years now. In the study, the FCA concludes that this increased interest in digital assets has been strongly influenced by the price volatility and the bullish behavior of Bitcoin over the years. Something that the rest of the cryptocurrencies tend to replicate.

Since 2020, interest in cryptoassets has reached beyond retail consumers, as institutional investors and traditional financial services firms have shown an increased appetite for engaging in the market. (…) This rise is reflected in other cryptoassets. We think this recent momentum influenced consumer responses to our research questions.

But the interest of the FCA goes beyond retail investors. The agency is also studying many aspects related to the impact and potential of CBDCs. It is also involved in the supervision of endeavors oriented to prevent and combat money laundering and terrorism and is also one of the most important public agencies involved in providing guidance to small and institutional investors that get involved with crypto.

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Source: https://cryptopotato.com/29-percent-crypto-investors-check-balances-every-day-fca/

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