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Bitcoin’s Price Is No Longer Intimidated by that of Yearn.finance

While Bitcoin is the biggest crypto by market cap, Yearn.finance has also made its mark as a highly valuable crypto-token that has only been recently toppled in price by BTC.

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Since the advent of Bitcoin (BTC), a little more than a decade ago, many other innovative cryptocurrencies have emerged to further advance Bitcoin’s course to change the entire narrative around traditional finance and its wobbled offerings. According to CoinMarketCap, there are at least 8,257 digital currencies and tokens all with different fundamentals and price values.

The layman observer in crypto space projects the value of Bitcoin and the hoard of alternative cryptocurrencies (Altcoins) out there not by their use cases, but by the equivalent dollar value of each coin. While Bitcoin is the most popular cryptocurrency, others like Decentralized Finance focused Yearn.finance (YFI) took over the reins from Bitcoin as the most valuable digital asset for the better part of the second half of 2020.

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 Profiling the Fundamentals of Bitcoin and Yearn.finance 

Bitcoin and Yearn.finance have remarkable disparities in their respective fundamentals. The former was built as a faster, secure, and cheaper alternative to existing mobile payments, while the latter is a governance token of the Yearn.finance DeFi ecosystem.

The YFI token and its network was developed by Andre Cronje. Working with the motive of “Defi made simple” one can think of Yearn.finance as a guardian that guides you to find the best yields in Ethereum DeFi.

While Bitcoin basically lets one complete cash transfers in a seamless manner, Yearn.finance offers more diversified use cases through its three prominent features including Vault, Earn, and Zap. A simplified highlight of the Yearn.finance protocol is that it aids users to deposit cryptocurrencies while it explores the best yield offerings in DeFi, an advantage to help a user earn returns.

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While Bitcoin is unarguably the most embraced digital currency around today, Yearn.finance is also gradually finding its way in the space.

The Two Projects by the Numbers

Since the YFI token was launched, it has dramatically risen in value (price) to surpass that of Bitcoin at a time. While the historical price data for the two coins can show the differences in prices over time, an exposition of the current performance for both coins reveals that the once bogus price of YFI is no longer intimidating to that of bitcoin following its preceding all-time high debuts.

At the time of writing, YFI was trading at $33,711.78 while Bitcoin was trading at $39,622.16, according to Coingecko. Despite the high price, YFI has a market capitalization of $1.011 billion, while Bitcoin boasts a $735 billion market cap at the time of writing.

READ  Bitcoin Finds Traction Amid Rising Defaults On Corporate-Issued Bonds 

The launch of every crypto project comes with numerous ambitions, particularly in the long-term projection to have such values attached to the tokens in a bid to reward early adopters. While almost all altcoins out there are running a frantic race to achieve this, only YFI has been able to attain as much valuation at its individual token price to come close to that of Bitcoin. However, if Bitcoin continues its ongoing month-long bullish momentum, neither YFI nor other altcoins will be able to rank close to its value.

#Bitcoin #btc #yearn.finance #YFI

Source: https://www.cryptoknowmics.com/news/bitcoins-price-is-no-longer-intimidated-by-that-of-yearn-finance

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Dogecoin Spinoff SHIB Tanks After Ethereum Founder Vitalik Buterin Dumps Tokens

Shiba Inu is in the doghouse. Vitalik Buterin might be as well.

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In brief

  • Some crypto projects gave Vitalik Buterin a lot of tokens, hoping that it would add to their legitimacy.
  • Maybe that wasn’t a great idea.

So, remember when Vitalik Buterin got a bunch of those Shiba Inu tokens? And then some folks warned that he could rug pull the Dogecoin-wannabe?

Well, it kinda just happened.

A wallet attached to the Ethereum creator today removed over 2 trillion in Shiba Inu tokens ($40+ million) from Uniswap, according to data from block explorer Etherscan, helping propel the token into a nosedive; SHIB has lost 20% of its value in the last hour, per Nomics.

Vitalik removing SHIB liquidity from Uniswap. Source: Etherscan

Shiba Inu, a Dogecoin knockoff, is a meme coin that calls itself an “experiment in decentralized spontaneous community building.” Unlike Dogecoin, it runs on the Ethereum network, where it has helped contribute to a surge this week in the price of transactions. 

SHIB’s developers sent more than half of the total tokens to Buterin. They figured that meant the tokens were practically “burned,” or removed from the market as a means of decreasing supply and upping demand. Buterin instead burned SHIB holders by removing the SHIB from a liquidity pool on Unsiwap.

The autodidactic developer wasn’t done, as he continued dumping Shiba Inu in favor of Ethereum. 

Taking the opportunity to clean out his crypto wallet, Buterin then traded 50 billion Akita Inu tokens for ETH, according to information on Etherscan, causing that dog token to crater by 30% in an hour. Forty trillion Dogelon Mars (ELON) tokens got the same treatment, getting swapped for 619 ETH. That’s down a whopping 90% this hour.

Don’t worry, though, shitcoin speculators. Your loss is a charity’s gain.

Vitalik sent 500 of his just-bought ETH (over $2 million) to a wallet associated with the India Covid-Crypto Relief Fund and another 1,000 ETH to a Coinbase wallet for the Methuselah Foundation, a medical charity for extending human life. GiveWell received $53 million in ETH, while Gitcoin, an Ethereum-based foundation for open-source development, received over half a billion dollars’ worth of AKITA tokens.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://decrypt.co/70672/dogecoin-spinoff-shib-tanks-after-ethereum-founder-vitalik-buterin-dumps-tokens

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This Bitcoin bull on XRP supporters: They just don’t look at the truth sometimes

The last couple of months for XRP have been noteworthy, to say the least, from the latest developments of the ongoing XRP vs SEC lawsuit to its surging price rally, The asset was trading at $1.52 at p

The post This Bitcoin bull on XRP supporters: They just don’t look at the truth sometimes appeared first on AMBCrypto.

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The last couple of months for XRP have been noteworthy, to say the least, from the latest developments of the ongoing XRP vs SEC lawsuit to its surging price rally, The asset was trading at $1.52 at press time.

Mike Novogratz, the CEO of Galaxy Digital had a different take on XRP’s sudden rise and the asset’s community.

During a recent interview, Mike Novogratz slammed XRP supporters or the so-called ‘XRP army’. He compared them to conspiracy theorists in an interesting analogy during this ‘Earn your Leisure’ interview. He stated:

“Over the years, the XRP army has built up a real community of people that really want to believe it…You could tell them anything. It’s like 9/11 conspiracy theories. There’s a little bit of that in crypto. They just don’t look at the truth sometimes.”

He made a unique remark about the XRP supporters, drawing parallels with the former US president’s supporters. He stated:

“This community reminds me of the former President, Donald Trump’s supporters, who continue to deny the legitimacy of the 2020 election.”

Statistics from Bitinfocharts paint a different picture. According to this, Tweets per day related to XRP amounted to 19,392 at the time of writing.

Source: BitInfoCharts

Furthermore, XRP supporters had recently taken to Twitter to urge crypto exchanges to “Relist XRP” a hashtag that went viral on the social media app in the recent past. Meanwhile, Google Trends data recorded a surge in the ‘relist XRP’ search term, over the past month. An important reason for the surge can be credited to the publicity gained from the lawsuit filed by the SEC.

Just two days after the lawsuit was filed, the crypto had lost almost 50% of its value in 24 hours. It’s no wonder skeptics question the rise of the digital asset, despite the lawsuit.

So what did fuel this spike? Was it the XRP supporters, the whales, public sentiment? The right answer could be a combination of everything, including rumors about a possible Ripple IPO.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/this-bitcoin-bull-on-xrp-supporters-they-just-dont-look-at-the-truth-sometimes

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Bitwise Launches Crypto Company ETF on New York Stock Exchange

The ETF will track 30 companies heavily invested in crypto.

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In brief

  • Crypto asset manager Bitwise today announced the launch of a new ETF.
  • The ETF will track the value of 30 companies that are involved in crypto—such as Coinbase.
  • But the ETF is still not the crypto ETF that many companies are hoping to get approved.

Asset manager Bitwise today announced the launch of a new exchange-traded fund (ETF) that will give investors exposure to companies heavily involved in cryptocurrency

The ETF, Bitwise Crypto Industry Innovators ETF, will be listed on the New York Stock Exchange (NYSE) under the ticker BITQ. The idea is that those who want to put money in the crypto world but are perhaps put off by the complex technological side of things can do so by buying shares.

ETFs are a big deal for investors. They track or follow the price of an underlying asset and allow people to buy shares of it, without having to own any of the asset themselves. ETFs can track anything from gold and foreign currencies to, most recently, Ethereum

In this case, Bitwise’s new ETF will track the Bitwise Crypto Industry Innovators 30 Index, a list of public companies that have significant exposure to crypto. The companies include cryptocurrency exchange Coinbase, business intelligence firm Microstrategy and Bitfarms, a Bitcoin mining firm—all of which own lots of Bitcoin and other digital assets. 

Bitwise CIO Matt Hougan said: “Until recently, most great crypto innovators were private companies, but that’s changing rapidly. Today, there’s a growing set of public companies capitalizing on crypto, and more to come. BITQ aims to identify these businesses and give investors access.”

The company’s CEO, Hunter Horsley, added that the ETF’s goal was to make investing in crypto available via “traditional investing platforms.”

But Bitwise’s NYSE listing still isn’t a crypto ETF in the truest sense—something that cryptocurrency investors in the US have anticipated for years, and which investors in other parts of the world have shown a strong hunger for.

There are currently nine companies hoping to get a Bitcoin ETF approved by the Securities and Exchange Commission (SEC). 

The SEC is currently in the process of reviewing three of them. Previously, however, the governmental body has rejected every attempt at crypto ETF while citing the need to protect investors from a Bitcoin market that can still be easily manipulated.

But in Canada, regulators have not only approved crypto ETFs, they have been extremely popular: there are eight Bitcoin and Ethereum ETFs in the country and all have sold eye-watering amounts of shares. When Purpose, the first Canadian Bitcoin ETF launched, it sold $80 million in just one hour.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://decrypt.co/70649/bitwise-crypto-company-etf-nyse

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