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!
Ethereum Contract Calls Set New All-Time High Amid DeFi Explosion
With the flurry of activity in the decentralized finance (DeFi) space, the number of Ethereum (ETH) contract calls continues to increase.
As numerous DeFi projects emerge weekly, dry-runs and tests on smart contracts are increasing as developers work out bugs. The Ethereum blockchain itself is also experiencing significant congestion leading to a massive hike in gas fees.According to data from the on-chain analytics platform Glassnode, the number of internal Ethereum contract calls is up to over 3 million per day. This figure represents a 200% increase from the sub-one million call average seen in June.
To read the full article, click here.
Bithumb Raided by Korean Police as Fraud Investigation Continues
Authorities in Seoul have reportedly raided the offices of Bithumb, the largest cryptocurrency exchange in South Korea.
According to local news outlet Seoul Shinmun, a special crime unit at the Seoul Metropolitan Police Agency conducted a search and seizure operation at Bithumb’s headquarters in the Gangnam District on Sept 2.
The raid was reportedly part of an ongoing fraud investigation centering around Bithumb chairman Lee Jung-hoon. To read more about this topic, click here.
August DEX Volume Passes $11 Billion as DeFi Mania Continues
Data from Dune Analytics shows that trading volume on decentralized exchanges (DEX) surpassed $11 billion in August.
Compared to July’s $4.4 billion, the approximately $11.24 billion in August trading volume is a 152% uptick month-over-month. This total is perhaps not surprising for a month that saw record-setting trade volumes that became an almost daily occurrence.
The historical popularity of DeFi has meant that, in August alone, the total value traded dwarfed the total for all of 2019. Do you use a DEX? To read the full article, click here.
Bank of England Governor Warns of Risky Bitcoin, Mulls Stablecoins
In a speech to the Brookings Institution on Thursday, September, 3, the head of the Bank of England warned about digital currencies like Bitcoin.
He said that the leading crypto has “no connection” to money. He added that the bank is still discussing a central bank-backed digital currency (CBDC). To read more about this story, click here.
Big Names in Crypto in Fortune’s 40 Under 40
American finance magazine Fortune has announced its annual 40 under 40 awards. Among those honored were several influential names from the crypto world.
Every year, Fortune profiles 40 individuals under 40 it sees as the most influential leaders in several sectors. With crypto growing at a rapid pace, it’s no surprise to find many familiar names on the finance list. Of course, few sectors in finance are as exciting.
The list comes on the heels of business analyst CB Insights’ “Fintech 250” list, which also included many crypto companies. To read more, click here.
Dodgy DeFi Food Farming Fuels Huge HOTDOG Pump and Dump
The decentralized finance farming clones are appearing thick and fast. The latest, a token called HOTDOG, didn’t even make it a day before it crashed down on token holders.
In less than a week, we have seen the emergence of Sushi, Kimchi, Pizza, and now Hotdog has come and gone in just a few hours as tokens are pumped and then dumped on yield farmers. What do you think about this? You can read more about this topic by clicking here.
Out of Control ETH Fees Return to All-Time High
With the rise of the decentralized web came a rise in Ethereum traffic. September 1, 2020, broke a new record with the average transaction cost topping $13.
Reports of long wait times and astronomical Uniswap fees are pushing the crypto community to its breaking point. To read more about this, click here.
Tezos Investors Win $25 Million in ICO Suit
The Tezos foundation has agreed to pay a $25 million settlement to early investors in the ICO. In a hearing on Friday, a judge finalized the settlement. Does this affect rulings on other ICOs?
The United States Securities and Exchange Commission (SEC) has been keeping an eye on many of 2017’s ICOs. The view of the SEC seems to be that these ICOs were unlicensed, and therefore illegal securities.
Since late 2017, the Swiss-based Tezos Foundation has been litigated for ICO practices. Not only were investors misled, say litigators, but the ICO was an unlicensed and unregulated securities sale. This is one of the first major cases to tackle the ICO issue. To read more, click here.
Coin Usage Data Suggests Privacy No Longer a Priority for Most Cryptocurrency Users
New data from the blockchain analysis firm CoinMetrics shows that despite the availability of privacy coins like Monero, Grin, and Zcash, crypto users are not using these coins to their full potential. This shows that the majority of cryptocurrency users no longer care about shielding their transactions from public or government scrutiny.
Whereas the invention of cryptocurrency itself stemmed from the work of the data privacy-focused cypherpunk movement in the 1990s, daily user data from CoinMetrics shows that most current cryptocurrency users either no longer prioritize privacy, or have adopted crypto for non-privacy reasons. Do you use privacy coins? You can read more by clicking here.
Management Shakeup at CoinMarketCap Sees CEO Exit
Times they are a-changin’ at CoinMarketCap, which has been around for seven years. The crypto market data company has experienced a management shakeup in which its CEO, Carylyne Chan, in addition to a handful of other employees, is leaving the company.
Chan announced her departure on Twitter, which comes on the heels of the firm being acquired by Binance in April. The crypto community is scratching their collective heads as to why the changes are happening several months after the deal was done.
Chan is not the only one to be departing CMC. In addition to her, Spencer Yang is also leaving the company. According to his LinkedIn profile, Yang was vice president of operations at CoinMarketCap from June 2019 – August 2020, listing “acquired” next to his former title.
Matthew Lippl, Jeremy Seow, former Hashtag Capital partner and Jared Chin’s LinkedIn and Twitter profiles state that he is the former project lead and head of events at CoinMarketCap, a position he held since November 2018 till now. To read more, click here.
Binance Launches Bitcoin Ads in London Ahead of U.K. Launch
Cryptocurrency exchange giant BINANCE has launched a new Bitcoin-themed ad campaign aimed at commuters in London.
On Aug 28 Binance’s British arm announced that new ads would be placed at seventeen bus stops throughout the city.
The ad imagery depicts the evolution of money from smaller fiat coins followed by a larger Bitcoin under taglines reading, “Money is evolving,” and “It’s time to adapt.” To read more about this story, click here.
Dutch NGO is Sending Bitcoin Aid to Protestors in Belarus
A Netherlands-based non-profit organization aptly named the Belarusian Solidarity Fund has started paying compensation in Bitcoin to protestors in Belarus.
The aid is for those facing economic hardship due to participation in protests against the government of Alexander Lukashenko, “Europe’s last dictator.” To read more about this story, click 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!
