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!
Wirecard Collapse Reveals Deep Regulatory Problems
The recent collapse of Wirecard AG highlights the regulatory holes that digital payment processors are facing.
The regulatory climate is under the hammer as the E.U. and the U.S. seek to control the extent of the fraud. Wirecard had been the darling of the tech world for some time. It was once one of the 30 most valuable companies in Germany, and Forbes called it ‘one of the most innovative tech companies’ in 2018. What do you think about this situation? Do we need more regulations? You can read the full article by clicking here.
Kyber Network Becomes Latest DeFi Star as KNC Staking Surges
Not a week has gone by recently without another decentralized finance platform hitting the headlines with new earning incentives and staking token moon shots. This week, the spotlight is on Kyber Network as its long-awaited network upgrade with staking options is finally launched.On July 7, the long-awaited Katalyst protocol upgrade went live on its mainnet. The platform has joined the liquidity farming race with a governance upgrade that has heralded in staking opportunities on the new KyberDAO for Kyber Network Crystal (KNC) token holders. What do you think about this? You can read the full article by clicking here.
Ledger Patches Nano X Supply Chain Vulnerability
The LEDGER security team has patched a hardware exploit that could compromise Ledger Nano X wallets as a part of a supply chain attack.
Following a report from Kraken Security Labs, a cybersecurity division of Kraken, that showed that the Ledger hardware wallet was susceptible to a supply chain attack, the device manufacturer has announced that it has patched the issue with a new firmware update for the Ledger Nano X.
The patch only targets Ledger Nano X and not the Ledger Nano S. The manufacturer has said that the secure element of the wallet has not been affected, meaning that the vulnerability does not compromise the security of the 24-word passphrase, private keys, and PIN code. Click here to read the full article about the current situation.
Bank of Lithuania to Launch Digital Collector Token – LBCOIN
The Bank of Lithuania will start the sale of LBCOIN, a digital collector’s coin, on July 9. Based on the NEM Blockchain, users will be able to trade tokens for a physical silver coin once they have collected each of the six unique tokens available in the entire 24,000 collection.
According to a press release, the Bank has been developing the digital collector’s item using blockchain technology. 24,000 LBCOINs will be available for purchase, in both digital and physical form. What do you think about this? Mass adoption coming? Or just a bank trying to get some quick cash? Click here to read more.
Active Ethereum DApp Users Grew by 97% in Q2 2020
Dapp.com’s new DApp market Q2 2020 report shines brightly for most DApp networks, with Ethereum being the biggest winner. Dapp.com recently published a report on the state of DApps in Q2 2020. It provides a range of insights into the progress that the DApp space has made since the first quarter of 2020. The overall DApp market summary shows that Ethereum performed the best, even if the number of new and active DApps had dropped by 31% and 13%, respectively. Notably, however, the total number of unique users has perceptibly increased, growing by 32%.
Even more noticeable is the number of active users, which has almost doubled, growing by 97% in Q2 to over 1.25 million users. EOS, one of Ethereum’s biggest rivals, experienced slower growth, but growth nonetheless. Like Ethereum, it dropped in terms of both overall transaction value and new DApps. What do you think about this? You can read the full article by clicking here.
Crypto Trading Volume Plummeted in June as Prices Stabilized
After recording one of the best months yet in May, the cryptocurrency trading industry performed dismally in June. In a month where crypto prices gained some stability, the spot trading volume went down by over 50%. Crypto derivatives didn’t fare any better, setting a new low for monthly volumes in 2020.
A new report by analytics platform CryptoCompare revealed that the lower-tier exchanges had been more adversely affected than their top-tier counterparts. Lower-tier exchanges, which account for the majority of the spot trading volume, lost 53% of their volume month-on-month.
In what was a sub-optimal month for crypto trading, options volumes on CME defied the odds, shooting up by 41% to hit an all-time monthly high. What do you think about this? You can read the full analysis by clicking here.
Expert Recovers $4K From Shoddy Crypto Phishing Scam
Imagine falling foul of a phishing attack that stole a significant portion of your crypto savings, only to discover that a good Samaritan had returned it to you out of the goodness of their heart.
It might sound unrealistic, but that’s the exact experience a recent phishing scam victim had. Twitter user Harv (@punk_cipher) recently tweeted that phishing scammers had emptied their Trust Wallet Application. Later the same day, security researcher Harry Denley informed them that he had managed to intercept the attackers and secure around half of the stolen digital currencies. Seems like there are still some good people in this world! You can read more about the story by clicking here.
Ethereum Fees Surge Past Bitcoin for the Past 30 Days
Total fees collected on Ethereum have continued to trounce Bitcoin for the past 30 days. Ethereum fans argue that the evidence proves that demand for Bitcoin is waning.
Demand on Ethereum is growing, and individuals are spending more in fees to use the network than ever before. According to data collected by glassnode, fees collected on Ethereum have averaged around $800,000 per day. Bitcoin’s network, by comparison, has consistently earned less in fees for the past 30 days. What do you think about this? You can read the full article by clicking here.
Bitcoin’s Average Transaction Fee Rose 647% Following Last Halving
Data for Q2 2020 shows the cryptocurrency market thriving, with Ethereum leading a price rally and Bitcoin showing solid network activity following its last halving. Overall trading may have reduced, but the market has grown greatly since ‘Black Thursday.’
Cryptocurrency market data platform CoinGecko has published a new report that covers the progress the market has made in the first half of 2020.
The Q2 2020 quarterly report examined various elements of the market, with one of the most notable insights being the average Bitcoin transaction fee has jumped by a staggering 647% from Q1 2020. What do you think about this? You can read the article here.
DEX Volumes in 2020 Five Times Greater Than Previous Year
New data shows DEX volumes at their peak, with 2020 recording $5.1 billion in the first half of the year. This number far eclipses volumes from the same period in 2019 and bodes well for the DeFi space, which has already shown signs of sustained growth.
Decentralized exchanges are showing tremendous growth, as data from Dune Analytics reveals that DEX volume in the first six months of 2020 was five times greater than in the same period in 2019. The year 2020 has seen $5.1 billion in volume on DEXs, recording $1.5 billion in June alone. What is your favourite decentralised exchange? You can read the full article by clicking here.
Tether Briefly Passes $10 Billion in Market Cap
The Tether (USDT) stablecoin briefly crossed $10 billion in market cap on June 30, continuing its trend of usage and growth in 2020. The token has been criticized by the cryptocurrency community for excessive minting, but the team has said that this has been in response to high demand.
The Tether (USDT) stablecoin recently passed $10 billion in market capitalization on June 30, briefly sitting at this level before dropping back to $9.1 billion. The dollar reserve-backed stablecoin continues to dominate the space and challenge some of the most prominent tokens, and even dethroned XRP from the third spot earlier this year. What do you think about this? You can read the full article 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!
