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Algorand Becomes Official Chain For USDC After Stablecoin’s Launch On Mainnet

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Goldman Sachs-backed global fintech firm Circle announced the launch of its stablecoin USDC on Algorand’s mainnet. In collaboration with the Centre Consortium, the platform announced that Algorand is now an official blockchain for USDC.

Following this development, Algorand becomes the second major blockchain to have the two most popular stablecoins- Tether [USDT] and Circle’s USD-pegged stablecoin USD Coin [USDC] after Ethereum.

According to the official blog post, the Algorand implementation of USDC will allow on-chain transactions that provide nearly instant settlement finality [5 seconds], with a transaction throughput approaching 1000 tps and current average transaction fees of nearly 1/20th of a cent [USD]. Using public APIs, developers can also swap USDC across Ethereum and Algorand.

Commenting on the new launch, cryptography pioneer and Turing award winner Silvio Micali, Founder of Algorand, Inc stated,

“This is a defining milestone for frictionless mainstream payments as well as sophisticated financial applications. This launch brings together the convenience of USDC and an advanced protocol for global financial exchange in which Layer-1 smart contracts are as simple and secure as ordinary payments.”

Previously in June this year, Circle had partnered with the not-for-profit organization, Algorand Foundation to bring fiat-backed stablecoin capability to the Algorand blockchain, as part of the broader effort from Centre Consortium for the development of Multichain USDC.

skew main usdbacked stable coin contenders market cap usd

Besides, over the past year, USDC has grown significantly making it one of the largest stablecoins in the world. Its market cap stood at $1.83 at the time of writing. Having the two most popular stablecoins is likely to attract more high-value stablecoins on Algorand. Additionally, this launch also opens doors for the foundation to get a boost from Circle’s extensive list of investors with industry giants, such as Bitmain, and Goldman Sachs.

While stating that the launch represents a significant improvement to the stablecoin’s scalability, improving its utility and making it a significantly more useful protocol for solving real-world financial problems, Alesia Haas, Chief Financial Officer at Coinbase also added,

“Expanding USDC from Ethereum to additional blockchains like Algorand will ensure USDC has the flexibility to support everything from emerging DeFi projects to large-scale financial institutions.”

Tether [USDT] Becomes The First Stablecoin To Launch In Solana Blockchain

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Stablecoin issuer Tether Limited has announced the launch of the world’s most commonly used USDT stablecoin on Solana, which happens to be a layer-1 Proof-of-Stake[PoS] blockchain after a new technical integration with the Solana Foundation. Tether also claimed that the latest collaboration would allow institutions to trade USDT at Nasdaq Speeds.

Tether’s official blog post revealed,

“USDT’s integration into the Solana network will facilitate the building of ultra high-speed, low-cost decentralized finance [DeFi] applications. In addition to Solana, USDT also supports Algorand, Ethereum, EOS, Liquid Network, Omni, Tron, and Bitcoin Cash’s Standard Ledger Protocol.”

Following the completion of the integration on the blockchain, USDT holders will be able to exchange Tethers at speeds more than 50,000 transactions per second [tps] and the cost for which is often less than $0.00001 per transaction as compared to Ethereum which has a speed of 15 transactions per second, and an average fee is about $2.65 per transaction.

Talking about the new initiative, Paolo Ardoino, CTO of Tether stated,

“Our integration with Solana serves a growing ecosystem of projects that are now getting developed and launched on Solana, Serum being a notable example.”

Some of the prominent projects on Solana are Project Serum, a decentralized exchange  [DEX] with trustless cross-chain trading backed by FTX and Alameda Research; Torus, a key management system; and Chainlink, Currently, apart from the blockchain Solana, USDT has been previously launched in Algorand, Ethereum, EOS, Liquid Network, Omni, Tron, and Bitcoin Cash’s Standard Ledger Protocol.

USDT is the largest stablecoin by market cap and is also being widely used in the DeFi sector as it continued to be by far the most popular stablecoin across the board.

Along the same line, Anatoly Yakovenko of the Solana Foundation claimed that Tether is the “lifeblood of DeFi” as well as an important pillar of the crypto community at large.

Binance Commences Trading For XRP And ETC Coin-Margined Perpetual Contracts

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Malta-based exchange of crypto-currency, Binance was launched in 2017 only three years ago. Despite a little late entering the crypto market, the exchange was quick enough to establish its position in the crypto-verse. Binance is currently the largest cryptocurrency exchange in the world. The exchange never fails to roll out new updates for its users and the platform. Despite being subject to several scandals, Binance continued to retain its position on the top. Earlier today, the exchange launched coin-margined perpetual contracts for two popular coins.

XRP And ETC Join The List

At 7:00 AM [UTC], Binance commenced trading services for coin-margined perpetual contracts for the coins XRP and Ethereum Classic [ETC]. Users would be allowed to leverage the coins within the range of 1-75x. The aforementioned coins would be paired against the United States Dollar [USD]. Binance made the announcement via a blog post and suggested,

“The XRPUSD and ETCUSD coin-margined perpetual contracts are futures contracts that use base assets i.e. XRP and ETC as collaterals.”

The Changpeng Zhao-led exchange recently rolled out the coin-margined perpetual contracts feature along with USDT-margined futures. Back in August, CEO CZ revealed that the volume of both Coin-margined, as well as USDT-margined futures, reportedly went up to a high of $13 billion.

While XRP and ETC are the latest additions to the list, Bitcoin [BTC], Ether [ETH], Chainlink [LINK], Binance Coin [BNB], Tron [TRX], Cardano [ADA] along with Polkadot [DOT] have been part of coin-margined perpetual futures. Even though the “Order Price Cap Ratio” for every coin is 5% the leverage for Bitcoin ranges from 1x to 125x while the leverage of altcoins is limited from 1x to 75x.

The crypto community seemed to be happy with the exchange’s latest additions, however, some of them pointed out that rolling out ETC futures would be a mistake citing the series of 51% attacks the network has endured in the past month. Twitter user, @simonadams19821 said,

“Are you seriously launching etc futures with the network constantly being attacked wow talk about irresponsible @cz_binance I urge you to reconsider this.”

Additionally, the price of Ethereum Classic [ETC] seems to have taken a hit post the 51% attacks. During the time of writing, the altcoin was trading at a low of $5.07 with a 1.39% plummet in its price over the last 24-hours.

Slovakian Cryptocurrency Exchange Hacked; $5.4 Million Worth Assets Stolen

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Hacks and security breaches happen on an almost daily basis. Cryptocurrency exchange hacks, in particular, are even more damaging since space is already seen with hostility across several jurisdictions despite its increasing popularity. While cryptocurrencies such as Bitcoin, Ethereum are themselves secure, it’s the exchanges that fall prey in the hands of malicious actors constantly hunting for vulnerabilities and loopholes.

In the latest development, hackers have managed to compromise a Slovakian cryptocurrency exchange, ‘Eterbase’, and siphoned off with assets worth nearly $5.4 million.

The platform’s official blog post regarding the compromise stated,

“Law enforcement authorities have been informed and we will assist as much as we can in the ongoing investigations. We want to inform our users that we have enough capital to meet all our obligations. At the same time, we want to reassure everyone that this event won’t stop our journey.

Hackers reportedly compromised hot wallets on Monday morning for Bitcoin, Ether, XRP, Tezos, Algorand, and TRON. They then transferred the stolen funds into public wallets of various exchanges that have since been emptied. However, no personal credentials have been stolen.

The exchange further revealed that it has reported the law enforcement for the investigation and assured its clients that necessary steps were being taken to ensure that the amount of their deposit does not suffer any damage as a result of the attack. On its official Telegram channel, Etherebase stated,

“Due to ongoing investigation more details can not be announced currently. Sorry for the inconvenience and please have some patience until we solve the issue.”

The Bratislava-based crypto exchange, which claims to be the first platform fully compliant with European regulations, said that it was under maintenance and after the security audit the operations will resume. It is unclear, at this point, if the exchange will manage to reclaim its user’s funds.

Chainlink, EOS, Tezos Technical Analysis on 9th September 2020

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The subsequent market corrections have helped investors to make a foray at lower levels that were left out during the rally in mid-August. At the time of writing, the collective market cap stood at $324 billion.

As the market sustained another pullback, Bitcoin’s price dropped to $10,097. Following the suit were several altcoins that mimicked the downside price action as they continued to sink beneath support levels.

Chainlink [LINK]

LINK 2 e1599627970884

LINK was down by 8.02% over the past 24-hours which drove its price further down to the bearish realm. At the time of writing, the token was valued at $11.54 as it held a market cap of $4.038 billion and a 24-hour trading volume of $1.585 billion.

The bears were observed to be aggressively defending the resistance level of $12.76. As depicted by the dotted markers hovering above the LINK candlesticks also resisted an upward price movement. The RSI below the 50-median neutral zone indicated a sentiment of high sell pressure in the coin market. Despite the bearish pressure gaining traction, LINK’s price has continued to hold intact its immediate support of $9.53.

EOS

EOS e1599629235169

EOS fell by 2.76% over the past 24-hour driving its price to $2.73. At the time of writing, EOS was valued at $2.73 while recording a market cap of $2.55 billion and a 24-hour trading volume of $3.48 billion.

The downtrend for the 12th-largest coin has not lost its steam yet as signs of a bullish reversal weakened as evidenced by the red closing bars of Awesome Oscillator. Chaikin Money Flow also appeared to be in the bearish territory depicting an outflow of capital from the EOS market. If the bearish trend persists, the coin could potentially revisit the crucial level of support that stood at $2.34.

Tezos [XTZ]

XTZ e1599630406609

Tezos witnessed a significant drawdown since its March bull run. The 15th-largest cryptocurrency was priced at $2.47 after declining by 2.34% over the last 24-hours. At the time of writing, XTZ registered a market cap of $1.833 billion and $266 million.

MACD’s signal line continued to hover above depicting bears having an upper hand in the coin’s future. However, Klinger Oscillator hinted on a bullish crossover in the near term. If this materializes, a subsequent uptrend could push the coin to $3.43 as the coin found significant support at $1.90.

DeFi Mania Eclipses Bitcoin’s Sidechain Liquid as Latter’s Figure Stagnates

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Despite being the undisputed leader of the cryptocurrency realm, Bitcoin blockchain has been riddled with scalability issues. Due to this, many implementations have been tried and tested to make the network more efficient.

One such is Blockstream’s sidechain-based settlement network, Liquid’ which is essentially a second layer solution for traders and exchanges, that enables faster, more confidential Bitcoin transactions and the issuance of digital assets.

L BTC in circulation

Despite being heralded as a promising solution to the network’s scalability problems, Liquid network figures appear to have stagnated. The circulation of L-BTC was on an uptrend since the beginning of the year. Rising from 600 L-BTC to 2,054 L-BTC, recording a growth of more than 242% in a period of just four months. However, post-April, the momentum appeared to have weakened. At the time of writing, there were 2,593 L-BTC in circulation, a rise of just 26% since April.

Ethereum- the unofficial sidechain for Bitcoin?

skew bitcoin defi lightning wbtc value 1

Interestingly, this stagnation in Bitcoins locked on the popular sidechain coincided with the explosion of DeFi. The Ethereum network is becoming Bitcoin’s largest second layer network. This was evident from the fact that the number of Bitcoins “wrapped” and flowing on the Ethereum blockchain has been increasing at an incredible rate.

TWJ had earlier reported that Wrapped Bitcoins’s market capitalization hovering a little below $500 million.

Second-layer solutions struggle as Bitcoin continues to be channeled onto the Ethereum blockchain

Additionally, the total value locked [TVL] for BTC-pegged ETH tokens has surpassed both Liquid as well as the Lightning Network platform combined. At the time of writing, BTC locked in LN was just 1,068. While this does not give the full picture as Bitcoins held on LN is much higher than what is available with public data and not the ones from the private channels, this, however, tells us that the second layer solution is struggling to add more liquidity.

Crypto Derivatives Volume Soar to Fresh ATH in August; Catalyzed by Bitcoin’s Rally Above $12,000

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While the lack of positive jurisdiction may have driven the cryptocurrency industry into a gray area, but the derivatives sector has come to the rescue. It has undoubtedly driven a new cycle of crypto adoption.

The crypto industry has seen developments on various fronts and thanks to the foray of many institutional investors, space has matured significantly from narratives such as ‘Wild West’ or another ‘dot-com bubble’.

Over the past few years, crypto derivatives have played an important role and this was evident in its soaring trading volumes. According to the latest Exchange Review report by CryptoCompare, derivatives volume has soared to a fresh all-time high in August.

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Trading volumes of derivatives surged by a staggering 53.6% in August driving the figures to a massive $711.7 billion. With this, the trading volume surpassed the previous high of May when it registered $602 billion in monthly volumes.

Along with the derivatives, volumes for spot also increased by 49.6% taking its figures to $944.9 billion in August. Interestingly, this month saw a period of high volatility coupled with Bitcoin’s price movement climbing to the 2020-peak above $12,300. This could have potentially triggered the surge of trading volume as trading activity in derivatives as well as their underlying cryptocurrencies intensified.

This was a promising sign of the market maturing as institutional investors remained overall optimistic despite several pullbacks.

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Besides, derivatives exchanges also saw a significant increase in trading volume in August, according to the report. Huobi dominated the chart with a trading volume of $208.5 billion after rose by 44.7%.

Next in the line was OKEx, which was up by 69.1% and reported a volume of $190.8 billion following Binance with $184.6 billion volume traded after surging by 74% in August. In addition, BitMEX traded $72.5 billion and registered an increase of 43.6%.

The report further noted,

“Trading activity remained high in August compared to July. The top 4 exchanges Huobi, OKEx, Binance and BitMEX represented 90% of the volume traded throughout the month.”

Monthly CME futures contract volumes have also noted a substantial uptick of 36.3% since July as it touched 203,867 contracts traded in August. Additionally, another institutional investing platform, Bakkt recently surpassed its highest-ever figure of $147 million in volume with 12,791 contracts traded on 25th August as previously reported by TWJ.

Litecoin, Tron, XRP Technical Analysis on 8th September 2020

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The collective cryptocurrency market cap stood at $329 billion at the time of writing. Bitcoin and its peer altcoins were observed to be in a consolidation phase oscillating within a tight range before a potential breakout on either side.

Litecoin [LTC]

LTC 1 e1599546107464

Litecoin has crashed significant support levels following multiple pullbacks was now priced at $48.40 after a minor surge of 1.48% over the last 24-hours. At the time of writing, it recorded a market cap of $3.165 billion and a 24-hour trading volume of $2.627 billion.

The dotted markers of Parabolic SAR hovering above the LTC price candles resisted an uptrend to its immediate resistance at $58.9. The RSI was in the negative region depicting a sentiment of high sell-pressure in the market. If the bearish trend persists then bulls might have a thought time defending the support level of $40.16.

Tron [TRX]

TRX 1 e1599547899193

Tron [TRX] posted significant gains over the past day soaring by 5.03%. However, its rebound level fizzled out at $0.0321 as it held a market cap of $2.302 billion and a 24-hour trading volume of $2.605 billion.

The red closing bars of Awesome Oscillator was indicative of bearish momentum in the TRX market. Chaikin Money Flow was also below the zero-line depicting the outflow of money from the coin market. A sign of bullishness gaining traction appeared bleak as TRX failed to hit its overhead resistance of $0.0347. The coin firmly held its support at $0.022.

XRP

XRP 2 e1599548281701

After sliding to the fourth position, XRP has been making slow strides to breach overhead resistances. The coin rose by a minor 1.37% pushing its price to $0.2409. It registered a market cap of $10.84 billion and a 24-hour trading volume of $2.41 billion.

After a bearing crossover, the signal line of MACD continued to dominate its fate. However, Klinger Oscillator painted a conflicting picture as it appeared to undergo a bullish crossover.

Despite several attempts, the toke has so far failed to surpass the crucial $0.268 level of resistance. If the trend does not undergo a bullish revival, XRP could retest a crucial support point at $0.22, a level unseen since the last week of July.

XRP Fell Only 3% Against Bitcoin’s Value During Last Week’s Collapse

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A lot went down over the past week in the digital asset ecosystem. Bitcoin and the collective industry shaved close to 18% in market capitalization as the total valuation dropped from $375 billion to $312 billion at press time. However, the moral was still somewhat high in the industry as a complete washout did not take place. Some of the tokens were still consolidating at a higher range, including Bitcoin, hence the situation was not extremely brutal.

According to Glassnode’s weekly update, BTC began the start of last week at a high of $11,622 to plummet all the way down to $10,343. The further decline took the asset as low as $9892 on a couple of occasions.

However, the network health remains in the positive range according to Glassnode’s analysis, and over the past week, liquidity increased by 14 points. The report added,

“Trading liquidity saw a large uptick as Bitcoin flowed onto exchanges, while transaction liquidity went up due to an increase in on-chain transactions from the beginning of the week.”

Although Liquidity witnessed an uptick, the market sentiment seemed to have taken a hard hit as the overall investment sentiment went down due to the decrease in profitability.

Altcoins faltered before BTC

The fate of all digital assets looked grim last week and against Bitcoin, most of them lost quite a bit of value. Chainlink was one of the largest losers in terms of decline losing close to 12.6%, while Litcoin lost up to 11.5% against Bitcoin.

Bitcoin’s forked compatriot, Bitcoin Cash and Bitcoin SV lost 6.2% and 4.4% respectively while Ethereum declined by 4.7%.

Surprisingly, XRP shredded only 3% of its total market cap with respect to Bitcoin. In the past, XRP has always recorded heavy downtrends during a BTC collapse but the token managed to hold its own over the past week. Additionally, the reported stated,

“As the market becomes more volatile, investors appear to be de-risking by moving from lower-cap alts back into more reliable assets such as BTC and ETH.”

Bitcoin’s recovery already on the move?

bitcoin tradingview

At the moment, Bitcoin seems to release off its struggles from the past 7-days, as the asset has breached above the 50-day moving average in the 1-hour chart. If BTC is able to hold a position above the 50-day MA for the current period, there is a chance Bitcoin will be able to reverse the current bearish dilemma quicker than anyone expected.

Binance Coin, Bitcoin SV, Cardano Technical Analysis on 7th September 2020

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The cryptocurrency market posted a significant recovery shortly after the weekend bloodshed catapulting the collective market cap to $328 billion. During this time, as several altcoins bounced off close to crucial resistance levels, Bitcoin‘s dominance dropped by 57.6%.

Binance Coin [BNB]

binance coin technical analysis

After posting gains of 17.76% over the last 24-hours, Binance Coin [BNB] was priced at $22.40. At the time of writing, BNB registered a market cap of $3.235 billion and a 24-hour trading volume of $743.20 million.

BNB appeared to be heading for an uptrend targeting the overhead resistance of $24.73 while its value found critical support at $19.48. The red candles of Awesome Oscillator depicted the presence of bearishness in the market. The Chaikin Money Flow value above the zero-line, however, indicated resuming strength in the market.

Bitcoin SV [BSV]

bitcoin sv technical analysis

Bitcoin SV [BSV] underwent a positive price change of 4.44% over the past day, driving its price to $168.32 as it held a market cap of $3.115 billion and a 24-hour trading volume of $1.38 billion.

While the Klinger Oscillator appeared to be heading for a bullish crossover following the latest uptick, however, MACD hinted in no such signs of a comeback. This essentially signaled that the bears have been aggressively defending the resistance area of $202.54.

If the bulls fail to push the price above, BSV could retrace its steps back to the support level of $147.4.

Cardano [ADA]

cardano technical analysis

Cardano [ADA] has breached important support after the subsequent pullbacks and recovery attempts to regain strength appeared to have stalled.

The dotted markers of Parabolic SAR have been resisting a potential upward breach for almost a week. The RSI on the extreme negative end depicted a sentiment of intense sell-off in the ADA market. In case of a trend reversal, a bullish target of the recent breached level of $0.107. If bears continue to have an upper hand, ADA could potentially drop close to its support of $0.0773.