Every week, I will be collecting some news stories / opinion pieces that I have found to be interesting in the crypto world and condensing them down into one easily digestible article. All the article and images are taken from a news source that I like to use and an alternative to CoinTelegram called BeInCrypto.
BeInCrypto is a news website founded in August 2018 that specialises in cryptographic technology, privacy, fintech, and the Internet — among other related topics. The primary goal of the website is to inject transparency into an industry rife with disingenuous reporting, unlabelled sponsored articles, and paid news masquerading as honest journalism. You can visit their website by clicking here or join their new Telegram Trading channel by clicking here. I am also part of that group and like the content they are discussing. There is a lot of news that came out last week, So let's get started!
Russian Bitcoin Ban: Putin Outlaws Crypto as a Payment Means
Crypto as a payment means will become illegal in Russia as from 2021, following the signing of a bill into law by President Vladimir Putin.
The move serves as a middle ground between the central bank’s clamor to make crypto transactions illegal and the more moderate wishes of crypto proponents in the country. Russian authorities, however, have a more favorable disposition towards blockchain with the novel tech recently playing a role in deciding a constitutional amendment. What do you think about this? Can Russia even ban crypto? You can read the full article by clicking here.
Compound, Aave & Elrond Evolve as DeFi Closes on $4 Billion
Decentralized finance protocols are in a constant state of flux and need to keep evolving to keep pace in the rapidly changing ecosystem. Meanwhile, DeFi markets are closing in on a $4 billion milestone. DeFi markets are now just a whisker away from a milestone of $4 billion in total value locked (TVL). The amount of crypto collateral pouring into DeFi protocols and smart contracts has continued unabated for the past two months. What do you think about the rise of DeFi projects? You can read more by clicking here.
UAE Brings KYC Blockchain Platform for Customer Data Sharing
Dubai Economy and the country’s government-owned bank, Emirates NBD, announced a nationwide blockchain-based data platform on Tuesday. The initiative facilitates digital customer onboarding and sharing of customer data between licensing authorities and financial institutions. Dubai Economy has migrated active trade licenses to the platform, representing more than 40% of all licenses in the UAE. With the launch, participating banks can leverage the blockchain platform to seamlessly extract customer data and receive real-time updates. What do you think about this? You can read the full article by clicking here.
Ethereum On-Chain Metrics Suggest ETH is Still Undervalued
As Ethereum reaches its five year birthday, on-chain metrics have never been stronger. The recent price rally is also good news for those that have been buying ETH over the past year or so. Ethereum prices are at their highest level for over a year, but looking at the longer-term picture shows that ETH could still be severely undervalued. The last time ETH was above $300 was in June and July 2019 and only remained there for 18 days. What do you think? Is ETH criminally undervalued? You can read the full analysis by clicking here.
LocalBitcoins Trading Volume Surges in Latin America
The reported trading volume in LOCALBITCOINS is rising in many parts of the world. Latin American economies are leading the way, with Venezuela and Argentina moving big sums of capital into Bitcoin. Is this a sign of the times? Are inflation-ridden economies giving us a hint of what’s going to happen to the rest of the world? You can read the full article by clicking here.
Chinese Police Nab Principal Actors of $5.7B PlusToken Crypto Ponzi Scheme
According to Chinese news agency CLS, the arrests covered 27 suspected masterminds and another 82 alleged key members of the elaborate crypto Ponzi scheme. PlusToken reportedly siphoned $5.7 billion in cryptocurrency from over 2 million victims.
China’s Ministry of Public Security launched the crackdown that led to the arrest of the suspects. It forms the first major arrest by Chinese law enforcement against people involved in a crypto Ponzi scam. Chinese authorities have reportedly been investigating the scheme since 2019 and had previously arrested six other alleged participants. To read the full article, click here.
South Korean ICON Boards the DeFi Train with DAO Platform
South Korea’s leading blockchain platform ICON is delving into DeFi with its own platform called BalancedDAO. The platform, initially proposed in February, is a decentralized autonomous organization on the ICON Network that creates tokens pegged to real-world assets. What do you think about this? Are you excited? You can read the full article by clicking here.
CoinMarketCap Quickly Retracts BNB Coin as No. 1 DeFi Project
The much-criticized crypto ranking site CoinMarketCap (CMC) has attracted yet more heat following its sudden inclusion of BINANCE Coin (BNB) as the leading DeFi project in a new section of its listings. However, just as quickly as BNB appeared, so did it vanish. Much of the criticism levied at CoinMarketCap this year has centered around Binance’s acquisition of the service in March.
The incident is the latest in a string of controversies that caused industry observers to claim that the company is using the price listing platform to promote its own interests. What do you think about this? You can read the full article by clicking here.
Bye Investors: U.K.’s First Regulated Crypto Hedge Fund Closes Down
Prime Factor Capital was the first cryptocurrency-focused hedge fund to obtain a license from U.K. lawmakers. The move was heavily celebrated by the crypto community, as it meant a step closer to adoption.
Unfortunately for the founders, the fund is shutting down. Failure to attract enough investors has spelled doom for the fledgling firm. The March 2020 market crash may have put the final nail in the coffin. You can read all about it by clicking here.
Augur Launches V2 on Mainnet, Keeping Pace with DeFi
Decentralized prediction markets platform Augur has just recently launched its V2 on the mainnet. Total value locked into the DeFi platform has also increased and its native REP token has been performing well. Are you excited? Or sick of cryptocurrency projects jumping into the DeFi space? You can read more by clicking here.
That is my weekly roundup of the interesting news coming from the crypto world. What do you think about the topics / news stories and what was your favourite article? If you liked the content, please consider following me and tipping the article. Also are you a trader? If you are check out my favourite Telegram Trading chat, where you can discuss and find out more about crypto projects. Click here to start conversations with other crypto traders!
