Ethereum’s hype climbs with the boom of Bitcoin and DeFi

The price of Ethereum is undervalued, still 72% lower than its record level.

Vitalik Buterin argues that Ethereum is a complete financial landscape, not just a store of value.

The launch of ETH 2.0 is on the horizon and could propel its price to new heights.

The Trust Project is an international consortium of media organizations based on transparency standards.

Last week, Crypto Bank received a lot of attention from the crypto industry. It has indeed reached a new record in 2020 thanks to the rise of PayPal, which now accepts payments in encrypted form. Ethereum has taken a small wave of this hype, but analysts believe it still has plenty of room to grow.

Ethereum has only managed to gain a little more than 4% since the opening of the week at 380$. It briefly hit the $400 mark on October 21, before a considerable pullback. Bitcoin, on the other hand, rose by more than $1,200 this week, breaking the $13,200 level to reach a new record in 2020.

Since the beginning of the year, however, ETH has surpassed the BTC by two. This steady growth is expected to continue next year as technical, fundamental and chain indicators strengthen.

In addition, Ethereum is still 72% below its peak, while Bitcoin is only 35% of its own record.

  • ETH Options BTC Surge
  • Ethereum gains momentum

Several factors that emerged in 2020 contribute to cement the idea that Ethereum is a complete financial ecosystem in itself, and not just a value reserve or a hedge against failing fiduciary currencies.

Ethereum’s founder, Vitalik Buterin, recently suggested that the asset should no longer be called „altcoin,“ as it simply does much more today than it did five years ago :

In simple language, I hope everyone can understand:

In 2020, to continue to refer to ethereum as an „alt“ is as outdated as referring to a lambo as a „horse-less carriage“.

According to DeFi Pulse, there are currently a record 9 million ETH locked in DeFi protocols. This represents 8% of the total offer, and a growth of more than 200% since the beginning of the year:
Eth on Defi

ETH locked in the DeFi – DeFi Pulse

ETH is used and invested to generate more ETH and earn rewards in other crypto assets. Most of the bitcoins are kept in cold storage, but the amount of tokenized BTCs on Ethereum has also reached record amounts this year.

Institutional investment funds such as Grayscale Investments also filled up on ETH, which were largely considered undervalued. Industry observers have been watching this „perfect tornado“ that could push Ethereum’s prices much higher before the end of 2020.

 

Viidellä salausvaihdolla on melkein 2 miljoonaa BTC: tä, 10% kaikista liikkeessä olevista BTC: stä

Binance ja neljä muuta salausvaihtoa pitävät 10% kaikesta liikkeessä olevasta BTC: stä. Viidellä on yhteensä 1,96 miljoonaa bitcoinia.

Viiden keskitetyn pörssin hallussa on 10,6% liikkeessä olevan Bitcoinin (BTC) kokonaismäärästä. Tietopalvelualustan Chain.info raportin mukaan salakeskusten hallussa oleva BTC on yli 1,96 miljoonaa. Viisi kryptovaluutanvaihtoa ovat Binance, Coinbase, Huobi, Kraken ja OKEx.

Coinbase on vaihtoalusta, jonka suurin volyymi on 944904 miljoonaa bitcoinia. Bitcoin Coinbase -sisällön määrä leviää yli neljään miljoonaan osoitteeseen.

Lisäksi datapalvelualusta paljasti, että Huobilla on 323665 BTC: tä 901600 lompakon osoitteessa. Seuraavaksi listalla on Binance, jolla on 289961 BTC. Tämä asettaa Binancen vaihdoksi kolmanneksi suurimmalla liikkeessä olevan BTC: n kokonaismäärällä.

OKEx on neljänneksi listalla 276184 BTC: llä, kun taas Kraken lopettaa listan 126,510 BTC: llä. OKExin BTC-määrä jakautuu 339 000 lompakon osoitteeseen, kun taas Krakenin BTC-määrä on 672 000 yksilöllisessä osoitteessa.

Kuten Chianalysis totesi, noin 3,7 miljoonaa BTC: tä, joka ei ole siirtynyt viime vuosina, voi kadota. Tämä luku edustaa vielä 20% liikkeessä olevan BTC: n kokonaismäärästä. Chain.info huomautti myös, että monet salauksen haltijat olivat hyväksyneet riskin pitää digitaaliset varat keskitetyssä pörssissä.

Viiden parhaan pörssin lisäksi, kuten Chain.info korostaa, seuraavilla seitsemällä salausvaihdolla on yhdessä 210 000 BTC: tä. Pörssit ovat Bitflyer, Bitfinex, Bittrex, Bitstamp, Coincheck, Gate.io ja Poloniex.

BitMEX co-founder Samuel Reed released on $ 5 million bail

BitMEX co-founder and former CTO Samuel Reed was released on bail after his arrest on October 1.

His release is on $ 5 million bail, and his passport has reportedly been confiscated

According to the DOJ, the other co-founders were not taken into custody and are still at large.

The Trust Project is an international consortium of news organizations based on transparency standards.

The past few weeks have been hectic for BitMEX. On October 1, it was announced that the founders of the crypto derivatives exchange would face charges from the United States Department of Justice (DOJ).

These fees include operating an unregistered trading platform and violating bank secrecy law. As reported on Thursday, October 8 by BeInCrypto.com, BitMex has announced that its top executives, including CEO Arthur Hayes, will be stepping down.

On Friday, October 9, it was announced that former BitMEX CTO Samuel Reed, who was arrested in Massachusetts on October 1, had signed an unsecured appearance bond of $ 5 million for his release in the ‚waiting for legal proceedings. As part of the deal, the passports of Reed and his wife were also reportedly seized.

Changes have been made to the management of the 100x group, with immediate effect. We have posted the details on our blog:

According to a court document uncovered by The Block, Reed’s bail was approved six days ago. With the eventuality, he will appear for legal proceedings and, if found guilty, will surrender to authorities.

Meanwhile, Reed’s co-founders Arthur Hayes, Ben Delo and executive Gregory Dwyer, all charged with the same charges, remain „at large,“ according to a DoJ press release .

Along with the indictments, the US Commodity Futures Trading Commission (CFTC) has filed a civil action against Reed, Hayes, Delo and two other companies linked to BitMEX.

The volume of trading on the BitMEX exchange fell over the past week and opinions on its fate were mixed . Some crypto commentators have criticized BitMEX for damaging the image of the industry after the accusations, while others have noted the opportunity they present for decentralized trading platforms.

Reed is currently awaiting his next hearing. He is represented by the law firm Latham & Watkins LLP.