LINK and Aave hit an all-time high today, surging in tandem with BTC but analysts wonder why are the DeFi tokens rallying so hard? Let’s try and find out in today’s altcoin news.
Aave surpassed $200 for the first time in history while solidifying the positions as the fourth-biggest DEfi token Uniswap. Chainlink kept its position as the biggest DeFi token by market cap, valued at around $9 billion so both of these, LINK and AAve hit an all-time high in the latest DeFi rally thanks to the increase in demand and as well as the growth of the mainstream interest. Billionaire investor Mark Cuban spoke about Aave in one tweet which surprised many. He noted moving funds from Aave is extremely expensive because of the gas costs on ETH so to use it, users have to process transactions through the ETH blockchain network.
ETH is decentralized and processes info via smart contracts so for every transaction the users have to send a transaction fee in a “Gas form.” The cost of gas increased dramatically due to the overwhelming demand for ETH. Pinpointing the clogged ETH network, Cuban explained:
“Except the gas is always an issue. Just the cost of moving crypto to AAVE is crazy expensive and the number of non crypto options will increase.”
Most industry executives stated that Cuban’s interest in Aave shows that the entire Defi space became mainstream over the past 12 months and the value locked in DeFi even surpassed $23 million, reaching all-time highs consistently. LINK is a blockchain network that specializes in oracles and these are crucial to DeFi protocols because they provide more accurate price data to Defi platforms. Therefore, Chainlink and Aave will mostly benefit from the fast-growing DeFi market.
Where I think there is a disconnect is in addition to the supply and demand / scarcity its possible he is discounting the utility of Bitcoin.
There is real value in being able to send $ over a decentralized permissionless network.
— Haralabos Voulgaris (@haralabob) January 12, 2021
According to a crypto trader known as “Cantering Clark” the $30 price range for Chainlink in the near future is quite conservative as he wrote:
“The last break paused for a moment before ripping up 80% before any significant correction. Break of an ATH is a green light for strength. Expect a delay in follow-through always. I think a 30$ $LINK soon is clearly conservative.”
Some believe that the upside potential of Chainlink is limited relative to other DeFi tokens with its $9 billion in valuation and other major Defi protocols are still valued below $2 billion. Soon enough, other core pillars like DeFi or SushiSwap and Synthetix will be the next best-performing Defi tokens like Chainlink and Aave. For example, we saw a massive spike in price after seeing an increase in the trading volume of Sushisawp after the merger with Yearn.Finance.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Why Bitcoin whale deposits may lead to a price drop
Bitcoin outflows from Coinbase have made headlines for the past week since they have had a positive impact on the price in the past market cycles, signaling accumulation by institutions and whales. Ho
The post Why Bitcoin whale deposits may lead to a price drop appeared first on AMBCrypto.
Bitcoin outflows from Coinbase have made headlines for the past week since they have had a positive impact on the price in the past market cycles, signaling accumulation by institutions and whales. However, a new development suggests that whale dumping may have started since there is an increase in whale deposits on spot exchanges like Coinbase.
Though there is a lead time between inflow from whale wallets and impact on price, a drop below $48000 level on Coinbase pro would signal that the selling pressure is increasing.
When Bitcoin took the first dip, from $58330, retail traders developed PTSD about mass-dumping according to Ki Young Ju. However, earlier this week, whale dumping indicators signaled that there are relatively fewer whales depositing Bitcoins on spot exchanges. It was expected that there won’t be a significant impact on price, and the bull run was expected to continue, with price crossing $50000, the next psychological hurdle.
However, the recent round of whale deposits led to an 8% drop in price on spot exchanges. Bitcoin was trading at $48000 level on Coinbase Pro, based on data from coinmarketcap.com, down over 4% from yesterday’s high above $50000. Further, a drop in price is expected if whale deposits to exchanges continue. Retail traders cautious of increasing exchange inflows may watch this metric for trend reversals and impact on Bitcoin’s price.
Based on the above chart from CryptoQuant, Bitcoin inflow to spot exchanges has increased almost twice since the beginning of February 2021. This may have a further negative impact on the price rally in the short-term. While whale deposits are influencing price negatively, taker sell volume is signaling an increase in price. Post every local bottom, the price surges 2% or higher, based on the trend.
Based on the chart, despite contrasting signals from taker sell volume and whale deposit metrics, it is likely that the drop from increased whale deposit or inflow may influence the price on top spot exchanges. Since the volume of Bitcoin held by Bitcoin whales, with over 1000 Bitcoins has increased in the past two months, this metric is likely to have a short-term or immediate impact on the price of the asset.
Sign Up For Our Newsletter
Ledger Nano S Review (2021): Still The Best Hardware Wallet?
The Ledger Nano S is one of the best-selling crypto hardware wallets of all time. In 2021, is it still the best place to store your Bitcoin?
- The Ledger Nano S is a hardware wallet first launched in 2016.
- It supports a wide variety of crypto assets, including Bitcoin, Ethereum and ERC20 tokens.
- At five years old, some of its limitations make it look a little dated.
One of the best ways to keep your cryptocurrency safe is to use a —a secure hardware device for storing your private keys. Unlike web and mobile wallets, a hardware wallet can’t be hacked without having access to the device itself, meaning there’s one less way that your funds can be stolen.
The Ledger Nano S is one of the best-known crypto hardware wallets, having sold well over a million units worldwide. But does it still cut it in 2021?
What is the Ledger Nano S?
At $59, the Ledger Nano S is one of the cheaper hardware wallets on the market. It supports more than 1,100 cryptocurrencies, and has a sleek design and simple user interface.
But it’s coming up for its fifth birthday in 2021—an eternity in tech hardware terms—and it’s since been superseded by its feature-packed sibling, the Ledger Nano X.
So is it worth shelling out for the extra bells and whistles, or does the simpler, cheaper option still have what it takes? We’ve taken a detailed look at the setup process and what it’s like to use the wallet.
Ledger Nano S: Design and build
The Ledger Nano S isn’t going to win any design awards, but neither does it have the clunky aesthetic of rival hardware wallets like the Trezor One.
“Discreet” is probably the best word to describe it; indeed, if it weren’t for the Ledger branding etched on its aluminum shield, you could easily mistake it for an old—if slightly chunky—USB flash drive.
Rotate it open, however, and some differences immediately become apparent: there’s a (tiny) screen, a micro-USB socket and two buttons atop the device for navigating its menus.
The Nano S is available in a variety of colorways, including green, pink, and a rather fetching transparent model. As well as letting you coordinate your Ledger with your wardrobe and interior decor, it’s also handy for distinguishing between main and backup devices (or, if you’re a crypto high roller who wants to split up their holdings, between different accounts).
Ledger Nano S: What’s in the box?
The Nano S packaging is simple, minimalist, and clearly draws inspiration from Apple’s designs. Unlike some manufacturers, Ledger doesn’t bother with an anti-tamper seal—it argues that the seals are easy to counterfeit and can be misleading.
Inside the box, you’ll find the Nano S device itself, along with a quick start guide, three cards for recording your recovery phrase, a micro-USB cable, a lanyard, and a loop for attaching your Nano S to a keyring.
Ledger Nano S: Getting started
To set up the Ledger Nano S, you’ll first need to download and install the Ledger Live application; upon launch, you’ll need to set up a password.
Once you’ve done that, connect your Ledger to your computer using the supplied micro-USB cable, and follow the on-screen prompts to set up your device. Most of the next steps are made on the device itself, and are (initially) straightforward—the only thing you’ll need to do is set up a PIN.
To navigate through the menus, use the two buttons on top of the device; click the right button to go right/up, the left button to go left/down and both buttons to select a menu item or respond to a prompt.
The next step is a little more arduous. The Ledger generates a 24-word secret phrase, which you’ll need to record on one of the cards supplied with the device. That means clicking through to each word, copying it down, double-checking to make sure it’s accurate, and then re-entering the words to confirm that you’ve recorded them correctly.
It’s a tedious process, but necessary; in a very real sense, the 24-word phrase is your wallet, and the Ledger simply provides a portal through which you access it. If you lose your Ledger device (or forget your PIN number), you can enter the recovery phrase on a new Ledger, and still have access to your crypto assets. If you lose your recovery phrase, you’re stuffed.
Some wallets require you to enter your secret phrase into an app, which then sends it to the device—meaning the hardware wallet is pointless if your phone is hacked or stolen. By keeping the secret phrase airlocked and only held on the Ledger device, security is maximized.
That also means you need to keep your recovery phrase very secure. Some Ledger users have resorted to recording their 24 words in a metal wallet (card, after all, can be burned or disintegrate in water), or splitting their recovery phrase up and storing it in multiple locations.
Once you’ve chosen a PIN and recorded your recovery phrase, you’ll need to verify your device through the Ledger Live app, which should take just a few seconds.
The Ledger Live software is, for most users, the main way you’ll interact with your Ledger Nano S. Fortunately, it’s a beautiful, streamlined app that is very easy to use.
Unlike the Nano X, which has Bluetooth connectivity and an internal battery, you’ll need to connect the Nano S to your computer via a micro-USB cable in order to use Ledger Live. You can also use the Nano S with Ledger Live’s Android mobile app, using the Ledger OTG kit.
Each time you plug the device in, you’ll need to enter your PIN code.
The first thing you’ll need to do on launching is to add some apps to your Ledger. To do this, navigate to “settings” in the left-hand column of Ledger Live. You’ll be prompted to “allow Ledger Manager” on your device. Here you can check whether your device has the latest firmware (and update it if necessary), and add or update apps.
Apps essentially represent cryptocurrency coins or tokens; Bitcoin, Ethereum, Cosmos and so forth. When you install the relevant app, you’ll need to add an account; this will then show up in the “portfolio” section of Ledger Live.
Once you’ve installed your apps, you can send and receive crypto. To receive, you can either navigate to the “Accounts” section and pick whichever account you want to use, or use the “send” and “receive” buttons in the sidebar and select your chosen cryptocurrency from the drop-down menu.
You’ll also need to open the app for the relevant cryptocurrency on your Nano S device.
To send or receive, you’ll need to confirm the sending or receiving address on your Ledger Nano S. This can be a fiddly business; it involves checking the address in Ledger Live against the characters on the Ledger’s tiny screen (which is so small it can’t render the entire address on one screen, forcing you to click through to see the whole thing).
That’s the most painful part of the process, though; once you’ve done that, it’s plain sailing. Sending and receiving crypto is a smooth process; Ledger Live also offers options for buying and selling certain cryptocurrencies directly in the app.
Ledger Nano S: ease of use and features
You’re not just limited to using the Nano S with Ledger Live, however. The hardware wallet can also be used in conjunction with web wallets, such as, MyEtherWallet, and MyCrypto.
You can also use the Nano S as a security key for two-factor authentication, by installing the FIDO U2F app. This enables you to verify your login credentials using your hardware wallet on a number of different web services, including Google, Facebook, GitHub and Dropbox.
There’s also a recovery check app, which enables you to check that you’ve recorded your recovery phrase accurately without requiring you to reset your Ledger.
Ledger Nano S: supported assets
The Ledger Nano S supports over 1,100 crypto assets, 29 of which you can manage directly using Ledger Live. Some of the coins and tokens available include:
However, because of the limited storage capacity of the Nano S, you’ll only be able to run two or three of the relevant wallet apps on the device at any one time. If you have a diverse portfolio, you might want to consider the Nano X as an alternative, as its expanded internal memory means that it’s able to store a lot more apps at once.
Ledger Nano S: Security
Obviously the most important part of a hardware wallet is its security credentials, and Ledger hasn’t skimped in that regard. Like the Nano X and Ledger Blue, the Nano S has a physically isolated secure element that’s CC EAL5+ certified—the highest such rating available against penetration tests.
These secure elements are similar to those used in credit cards, passports and SIM cards; in addition, Ledger uses its own proprietary operating system, BOLOS. This ensures that the various applications running on the Nano S, and the 24-word recovery phrase, are isolated from each other, and requires that physical confirmation for each transaction needs to take place.
The Nano S and Nano X are also the only hardware wallets to receive CSPN (First Level Security Certificate) certification, from ANSSI—the National Cybersecurity Agency of France.
While Ledger’s physical security is extremely tight—making it one of the most secure cold storage solutions on the market—Ledger the company has had some embarrassing security lapses in the past.
Notably, in June 2020, data from its e-commerce database was leaked, with over a million customer records finding their way to hacker forums. As a result, some Ledger customers found themselves at the mercy of phishing attacks, and even threats.
As a result, Ledger has committed to changing its procedures for handling customer data, though it’s scant comfort to those who have had their personal information (and the fact that they hold enough cryptocurrency for it to be worth securing in cold storage) exposed.
Ledger Nano S review: Verdict
It may be getting a bit long in the tooth, but at just $59, the Ledger Nano S is a steal—either as a backup device if you already own a Nano X, or as a cold storage solution in its own right.
Its main limitations are its storage capacity (meaning that you can only run two or three apps on it at any given time), its tiny screen, and the fact that you need to plug it into a computer to use it. All of these are addressed by the Ledger Nano X, though the extra $60 is quite a steep price increase for the upgrade.
For most people, especially those with a small portfolio of crypto assets, the Nano S is a reliable workhorse, and all the wallet you’ll need.
Centra Tech co-founder sentenced to eight years in prison for fraudulent ICO
Sohrab Sharma previously plead guilty to conspiring to commit securities fraud, wire fraud and mail fraud in relation to the Florida ICO scheme.
The post Centra Tech co-founder sentenced to eight years in prison for fraudulent ICO appeared first on The Block.
A federal judge has sentenced a lead defendant in the Centra Tech case to eight years in prison.
Centra co-founder Sohrab Sharma previously plead guilty to conspiring to commit securities fraud, wire fraud and mail fraud in relation to an allegedly fraudulent initial coin offering (ICO) scheme.
Sharma and other defendants founded Centra Tech in 2017, claiming to offer crypto products including a debit card. They allegedly solicited investors to purchase its forthcoming token as part of its ICO with fraudulent claims. These included partnerships with Bancorp, Visa and Mastercard to offer its CentraCard and that it had obtained licenses in 38 states, among other misrepresentations.
The project was known for its celebrity endorsements during the ICO boom. DJ Khaled and Floyd Mayweather were among its supporters.
By 2018, the Federal Bureau of Investigation had seized 100,000 ETH from Centra Tech, and later sold them this year. Thus began a legal battle with Centra Tech’s leadership, resulting in Sharma’s sentencing today.
In addition to the eight-year sentence, the court sentenced Sharma to three years of supervised release and fined him $20,000. Sharma was also forced to forfeit about $36 million.
Trade with the Official CFD Partners of AC Milan
The Easiest Way to Way To Trade Crypto.
Amplifying Her Voice
Cardano Price Analysis: 28 February
Weekend Roundup: Rows of Red as Bitcoin Taps $43,000
Libra Coin – A New Digital Currency Developed by FACEBOOK
Breaking Down Square’s Bitcoin (BTC) Position
A Week Full of Coinbase (March 1, 2021)
Blockchain in Mobile Application Market
‘Bitcoin Aristocrats’ Pose Danger to New Adopters
Bitcoin Is Suffering, but Many Institutions See This as an Opportunity
Here’s how the Purpose Bitcoin ETF differs from Grayscale’s GBTC Trust
BaderDAO DeFi Protocol Launches Bitcoin Bridge with Ren
Kine Protocol to Launch Professional-Grade DeFi Derivatives Markets
Bitcoin Halving: Definitive Guide (In Just 5 Minutes)
Crypto Exchange Mistakenly Sold Bitcoin for $6,000: Now Requests Users To Return It
Data shows miners are “accumulating” as Bitcoin falls to $44,000
Ethereum Layer 2 Development Investing Round Led by Union Square Ventures
Bitcoin Miners Net Position Turn Positive: A Crypto Bull Case?
Bitcoin Cash, Uniswap, Zcash Price Analysis: 28 February
Crypto Analyst Ivan Liljeqvist Expects These 3 Cryptoassets to Do Well in March
Ripple-Backed Developer Launches Proposal To Bring Red-Hot NFTs to XRP Ledger
Bitcoin Price Prediction: BTC/USD Moves Below $44,000; Opportunity to Buy Low or Keep Off
Shark Tank’s Kevin O’Leary Reverses Stance on Bitcoin, Says Crypto Is Here to Stay, Invests 3% of His Portfolio
What is Crypto Art?
ECOMI to List OMI Tokens With BitMax
BCH Likely to Slide Below $500 Soon – Technical Analysis
Fed’s Brainard Speech Offsets Bitcoin Crash Fears against Rising Yields
Santiment Reveals Top 10 Ethereum Projects by Developer Activity
US SEC issues a risk alert on digital asset securities.
Blockchain in Sports Betting
Mining Rig Manufacturers Diversify as Market Heats up
Blockchain2 days ago
Amplifying Her Voice
Blockchain1 week ago
Celebrities Who Are Backing Crypto Growth and Adoption
Blockchain1 week ago
What Coinbase Going Public Could Do For Crypto
Blockchain5 days ago
Cardano Price Analysis: 28 February
Blockchain7 days ago
Cardano (ADA) Adds Glow to its List of Development Languages
Blockchain1 week ago
1inch Exchange Goes Live on Binance Smart Chain
Blockchain5 days ago
Weekend Roundup: Rows of Red as Bitcoin Taps $43,000
Blockchain1 week ago
eToro Down as Crypto Markets Plummet