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JPMorgan Gives 3 Reasons Why Ethereum is Outperforming Bitcoin

Wall Street banking giant JPMorgan Chase has stated that Ethereum is outperforming Bitcoin and it expects that trend to continue.

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In a note to investors on April 27, analysts at U.S. banking giant JPMorgan appear to have turned extremely bullish on Ethereum, noting that it has beaten its big brother in terms of gains this year.

In April so far, Ethereum has made 45% to current levels, whereas Bitcoin, which has seen market dominance slump to 50%, has actually declined 9% over the same period.

JPMorgan pointed out that there is an inherent difference between the two assets, with BTC being the store of value and ETH being a technology and the backbone of the entire crypto-native economy, functioning as much more than a medium of exchange.

Ethereum advocate Anthony Sassano was in agreement:

Three Reasons For Ethereum

According to a Business Insider report, JPM analysts stated:


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“To the extent owning a share of this [ether’s] potential activity is more valuable, the theory goes, ether should outperform bitcoin over the long run,”

The first reason it cited was a liquidity shock that hammered Bitcoin, but Ethereum was able to weather it. Leveraged traders on derivatives markets were liquidated, and Bitcoin prices plunged, resulting in a correction of 27%. It rolled reason two into this, stating:

“In a market with significantly higher spot turnover, it is plausible that the underlying base of long exposure [in ether] is less reliant on leverage in the form of futures and swaps [than bitcoin],”

Thirdly, the Ethereum network has long been characterized by a higher pace of transactions on the public blockchain than Bitcoin. This is likely due to increased activity on DeFi and other platforms, according to JP Morgan.

Bank strategists added that as a consequence, a higher proportion of ETH behave as if it is highly liquid when compared to Bitcoin – 11% versus 4% by some estimates over the past month.

“In a market with significantly higher spot turnover, it is plausible that the underlying base of long exposure is less reliant on leverage in the form of futures and swaps,”

In other words, Ethereum does not suffer the volatile price dumps caused by over-leveraged positions and has managed to outperform Bitcoin as a result.

ETH Price Update

Following its all-time high of $2,700 yesterday, Ethereum went on to hit another peak of $2,760 during early trading on Asian markets on Thursday.

At the time of press, ETH had retreated to $2,700 again but was still in a solid uptrend that has seen the asset gain 14% since the same time last week.

Bitcoin, meanwhile, had declined 2% on the day to trade at $53,730 after failing to break resistance in the $55K zone.

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Source: https://cryptopotato.com/jpmorgan-gives-3-reasons-why-ethereum-is-outperforming-bitcoin/

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Tesla to Accept Dogecoin? Elon Musk Asks the Community

Dogecoin’s price has spiked by 20% immediately as Elon Musk asked his followers whether Tesla should accept DOGE as a payment method.

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Elon Musk continues with his support for the most popular meme coin – Dogecoin. Tesla’s CEO asked if his electric vehicle giant should start accepting DOGE as a payment instrument for its products. Somewhat expectedly, the price of the token spiked immediately.

  • The billionaire took it to Twitter and asked his nearly 55 million followers whether Tesla should implement DOGE as a payment instrument.
  • As of writing these lines, just a little under one million people have answered, with the majority saying “yes.”
Elon Musk Poll on Tesla Adding Dogecoin Payments. Source: Twitter
Elon Musk Poll on Tesla Adding Dogecoin Payments. Source: Twitter
  • As it typically happens when Musk suddenly posts about Dogecoin, the asset price spiked rather sharply. The Shiba Inu-inspired token struggled at $0.46, but the instantaneous push drove it up by 20% to an intraday high of $0.55.
  • Musk’s Twitter poll came in a rather compelling moment for the token. Just a few days ago, the billionaire hosted Saturday Night Live and was expected to talk about Dogecoin.
  • Although he indeed breached the meme coin, there was a “sell the news” moment, and its price plummeted from $0.75 to below $0.42 in days.
  • Nevertheless, DOGE has been among the best performers since the start of the year with a massive ROI, which came after numerous engagements from celebrities. Aside from Musk, others that followed suit were Snoop Dogg, Mark Cuban, and more.
  • Additionally, multiple notable companies enabled Dogecoin payments for their services. However, if Tesla indeed proceeds with adding DOGE, it would be the largest firm by far to do so.
  • Earlier this year, the electric vehicle giant enabled bitcoin payments and even said it will keep all funds in BTC instead of converting them into cash. It came after the company bought $1.5 billion worth of the primary cryptocurrency in January 2021.
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Source: https://cryptopotato.com/tesla-to-accept-dogecoin-elon-musk-asks-the-community/

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Public Mint Partners with KIRA to Enable Cross-Chain Liquid Staking

[Press Release – San Francisco, California, 10th May, 2021] Public Mint and KIRA have announced a strategic partnership that would see Public Mint’s native tokens integrated in KIRA’s cross-chain liquid staking platform, enabling holders of Public Mint’s USD+ and MINT tokens to benefit from cross-chain DeFi opportunities while continuing to receive yield through Public Mint. […]

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[Press Release – San Francisco, California, 10th May, 2021]

Public Mint and KIRA have announced a strategic partnership that would see Public Mint’s native tokens integrated in KIRA’s cross-chain liquid staking platform, enabling holders of Public Mint’s USD+ and MINT tokens to benefit from cross-chain DeFi opportunities while continuing to receive yield through Public Mint.

KIRA is an interoperable blockchain hub that offers cross-chain liquid staking for a number of tokens. Liquid staking is an innovative DeFi primitive that tokenizes a user’s staked assets to enable seamless use in other environments. KIRA will allow users to deposit their Public Mint native assets, including the USD+ synthetic stablecoin and the MINT governance token, which will be seamlessly staked to continue to receive yield. In return, users will receive an IOU token that represents the funds locked in the platform and can be redeemed at any time for the underlying funds. Using a tokenized representation means that the underlying funds can be used seamlessly as if they were the original token, and can be put to work through other DeFi yield opportunities, effectively multiplying capital efficiency and yield.

Through the integration with KIRA, Public Mint assets can be connected to a number of other blockchains supported by the network thanks to its Interchain Exchange Protocol (IXP). This further enhances Public Mint’s vision of interoperability, adding to the existing native bridge with the Ethereum blockchain.

“We’re excited to be partnering with KIRA to further connect the Public Mint blockchain with the wider crypto ecosystem,” said Paulo Rodrigues, CEO of Public Mint. “KIRA’s liquid staking ability will vastly increase capital efficiency and attract more liquidity to Public Mint’s Earn program. We expect to see even more use cases for USD+ and MINT deriving from this integration in the future.”

“Building a truly inclusive and capable DeFi ecosystem is what KIRA stands for, which is why we designed our cross-chain liquid staking system,” said Milana Valmont, CEO of KIRA. “Partnering with Public Mint furthers that vision to bring KIRA to the widest audience possible, especially given their focus on users who are not too crypto-savvy.”

Public Mint is a complete platform for synthetic fiat that is fully collateralized, regulated and FDIC-insured, running on a fiat-native blockchain. The platform is designed to be fiat-friendly, allowing non-crypto users to earn significant yield on their assets without exposing themselves to the complexity and volatility of cryptocurrencies. The EARN program is Public Mint’s yield aggregation platform, containing strategies that combine yield opportunities from both DeFi and more traditional cryptocurrency lending, commonly referred to as “CeFi.” EARN will be available from Q3 through the Public Mint mobile wallet app, complete with a native fiat-to-crypto rail, as well as with USDC bridged from the Ethereum blockchain.

About Public Mint

Public Mint bridges the worlds of traditional fiat with the innovative world of crypto. It offers a complete platform for synthetic fiat, regulated and fully collateralized with funds held on deposit with FDIC-insured financial institutions.

Public Mint offers a fiat-native blockchain, APIs and web components, open and ready for anyone to build fiat-native applications and accept credit cards, ACH, wire transfers, and more — no bank accounts needed.

About KIRA

KIRA is the first decentralized network that enables market access to any digital asset in the crypto ecosystem. Users can earn block and fee rewards from staking any digital asset on multiple chains at the same time, while maintaining full liquidity and custody over their funds, whether trading on KIRA or using other DeFi apps simultaneously.

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Source: https://cryptopotato.com/public-mint-partners-with-kira-to-enable-cross-chain-liquid-staking/

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Rari Capital Will Reimburse Hack Victims with $26 Million From Developer Fund

After suffering pool exploit, core developers of Rari Capital will reimburse hack victims with up to $26 million worth of RGT.

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DeFi protocol Rari Capital plans to reimburse its affected users after a hacker managed to exploit its liquidity pool, draining 10 million worth of Ethereum (ETH) – around 60% of users’ funds.

Jai Bhavnani, Rari Capital CEO, said the protocols’ core contributors have agreed to return 2 million of their $RGT —which was initially allocated for developers as an incentive— back to the DAO and reimburse impacted users.

According to a postmortem, the attacker drained the pool by taking a flash loan from the exchange dYdX to deposit ETH and make repeated withdrawals. The protocol will prevent deposits and withdrawals in the same block to avoid these flash loan attacks.

ETH Pool Exploited

The Rari Capital Ethereum Pool transfers ETH into Alpha Finance’s ibETH token. However, developers were not aware of a function in the ibETH token that could artificially inflate its value. The attacker took advantage of that function, manipulating the contract to withdraw more funds than deposited. He stole 2600 ETH of the Ethereum Pool, according to David Lucid, Rari Capital’s lead developer.

Rari Capital is still discussing proposals via community calls. The first security measure is to require all upcoming protocols the company integrates with to review their integrations, stating that protocols “know the code they wrote better than anyone else.”


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As for auditing, the company is waiting for an audit with OpenZeppelin and plans to enlist other auditing firms rather than Quantstamp.

DeFi Hacks on the Rise

Rari Capital is the latest DeFi hack. The Rari Governance Token (RGT) tumbled 50% following the news, going from $18 to $8. However, the coin managed to recover to $12 at the time of writing.

There have been numerous attacks in the DeFi space recently. As reported by CryptoPotato, at least $50 million disappeared from Uranium finance in an apparent hack. However, most users in the crypto community speculate of a possible rug pull.

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Source: https://cryptopotato.com/rari-capital-will-reimburse-hack-victims-with-26-million-from-developer-fund/

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Indonesia Plans to Tax Crypto Trading

Following the growing adoption of digital assets in the country, Indonesia’s officials consider a plan to start taxing cryptocurrency trading.

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The Southeast Asian country of Indonesia considers a plan to tax trading with digital assets. However, a spokesman from the tax office revealed that the proposed scheme was still at the discussion stage, and no changes have yet been applied.

The Crypto Environment in Indonesia

The biggest economy in Southeast Asia – Indonesia – saw a massive increase in crypto users in the past months. Following the recent rally of most digital assets, local residents of the country turned their sight to them. According to a report, Indodax – the largest crypto exchange platform in Indonesia – registered more than 700 000 new members only for the first four months of 2021 as the total number rose to three million people.

However, Reuters reported that the country’s officials are contemplating a plan to tax trading with Bitcoin and all altcoins. Neilmaldrin Noor, a spokesman at Indonesia’s tax office, asserted that the future implementations were still at the discussion phase, and no changes have yet been administered. Additionally, he explained that taxation is vital for the economy:

”It is important to know that… if there is a profit or capital gain generated from a transaction, the profit is an object of income tax. So the tax payer who receives capital gain has to pay the tax and report it.”

Indonesia has a very controversial relationship with cryptocurrencies. The authorities of the country banned the use of digital assets as a payment instrument, but on the other hand, residents are allowed to trade with them as a commodity.

Following the Asian Wave

Indonesia’s tax reforms regarding cryptocurrencies are not pioneering. As CryptoPotato reported, another Asian country – South Korea – revealed its intentions to start taxing digital assets.


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The authorities are reportedly looking to place a 20% tax on profits made from cryptocurrency trading at the start of next year. The Finance Minister of the East Asian country asserted that such rules are ”inevitable” to start from 2022.

Somewhat surprisingly, most residents of South Korea approved the incoming implementations. A survey revealed that around 54% of the poll participants backed the country’s tax addition. Moreover, older Koreans were significantly more open to the idea comparing to the younger generation.

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Source: https://cryptopotato.com/indonesia-plans-to-tax-crypto-trading/

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