Bitcoin price rally to $37,850, signals that bulls intend to reclaim $40K

Bitcoin’s break above the $35,000 resistance shows bulls are serious about retaking $40,000 in the short-term. Bitcoin (BTC) price broke through the $35,000 resistance and appears to be stepping into a new range that would see the price trade between $38,000 to $40,000. Today’s recovery from the $34,000 level also appers to have invalidated what looked to be a bearish head and shoulders pattern forming on the 4-hour timeframe.  BTC/USDT 4-hour chart. Source: TradingView Reclaiming the $36,000 level as support may also assist with squashing the infantile narrative that Bitcoin…

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Finance Redefined: If it ain’t broke, don’t fix it? Jan. 6–13

A DeFi dev’s vent highlights why traditional investment has its merits. Finance Redefined is Cointelegraph’s newsletter focusing on the latest events and trends of DeFi, delivered to subscribers every Wednesday. This week I wanted to highlight Andre Cronje’s recent confession on Medium, which triggered a fair bit of discussion and quite a bit of salt from Uniswap team members. This particular spat occurred because he complained about developers just forking someone else’s code and launching it themselves. For those unaware of the irony, this is basically what SushiSwap, a Yearn…

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DEX and interoperability upgrades show TomoChain (TOMO) wants DeFi dominance

TomoChain’s new interoperability upgrades and DEX show the team is serious about breaking Ethereum’s DeFi dominance. The cryptocurrency market started the year in full force and with all the bullish breakouts happening it can be difficult to discern which projects are simply being driven by the macro trend and which are making gains based on solid tech developments and improving fundamentals.  As the price of Bitcoin dropped more than $11,000 between Jan. 10 and Jan. 11, a number of altcoins saw double-digit losses but a few DeFi and layer 2-oriented…

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T-Systems and Validation Capital Partner With Flow Blockchain

PRESS RELEASE. January 13, 2021 – T-Systems MMS, a subsidiary of the largest telecommunications provider in Europe, Deutsche Telekom, announces today a partnership with Flow blockchain developed by Dapper Labs, the company behind CryptoKitties and NBA Top Shot. T-Systems’ flagship deployment on Flow will be the operation of an Execution Node. Validation Capital was involved in this partnership as strategic advisor. As part of the partnership, T-Systems MMS will run an Execution Node, significantly contributing to the Flow blockchain’s computational resources as a result. This is because Execution Nodes are…

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Anchorage granted US’s first national crypto bank charter

With Acting Comptroller Brooks on his way out the door, the OCC has given its first digital bank charter. Custody pioneer Anchorage is the first crypto firm to see a charter from the U.S. national bank regulator. Per a Wednesday announcement from the Office of the Comptroller of the Currency, Anchorage will have conditional authorization to operate as a trust institution nationally. The charter is the first of its kind, part of an idea of a “fintech charter” stretching back to the Obama years, but which has been accelerated under…

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$2.2M Beeple NFT art drop to be tokenized in virtual music festival

The free festival will display the collection in several virtual metaverses and feature a live performance from DJ and producer 3LAU. Metapurse, a crypto and NFT fund financed by renowned NFT collector Metakovan and stewarded by Twobadour, recently announced that it had acquired all 20 of the 1/1 NFT artworks auctioned in December’s Beeple Everydays: The 2020 Collection. This in itself was a gargantuan undertaking, utilizing multiple accounts to put other bidders off the scent, costing around $2.2 million, and with no “Plan B” in case any of the artworks…

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Understanding Bitcoin’s Scarcity

Bitcoin is obviously scarce. And it seems to be becoming scarcer over time.  But, perhaps due to the current bull run, doubts about both of these propositions are seemingly on the rise among bitcoin skeptics. Criticisms come in a few different flavors. The main one that I have seen argues that bitcoin cannot be scarce because it is highly divisible. Recently, that particular line of reasoning was subject to some particularly colorful discussions on Twitter.  In this article, I want to clarify bitcoin’s scarcity. Let’s start with what the concept…

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Bitfinex Executives Deny Allegations of Issuing USDT to Pump BTC – “Tether Backed by Cash Assets and a Loan”

Bitfinex general counsel Stuart Hoegner has dismissed the notion that only 74% of the tether stablecoin in circulation is fully backed. Hoegner insists the stablecoin is fully backed by assets that include cash, cash equivalents as well as bitcoin. However, both Hoegner and the company’s CTO Paolo Ardoino, are pushing back against the narrative that Bitfinex is engaged in a conspiracy to pump the price of bitcoin. The Loan to Bitfinex In an interview with Peter McCormack, the Bitfinex general counsel claims the misconception that USDT is not fully backed…

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Arca secures $10M in Series A funding as traditional financiers back crypto

Arca will use the funding to beef up its infrastructure and expand its crypto asset class offerings. Arca, an emerging digital asset manager, has secured $10 million in Series A funding to bootstrap the next phase of its business strategy – one that could bridge the gap between traditional finance and cryptocurrencies.  In a Wednesday press release, Arca said the funding round was led by venture capital firm RRE Ventures, with key contributions from Alex Tisch, president of Loews Hotels & Co, and a “coalition of financiers led by Littlebanc…

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CME’s Bitcoin futures facilitated over 11 million BTC in volume last year

Last year was a volatile one for Bitcoin and other cryptocurrencies. The Chicago Mercantile Exchange, or CME, recorded significant volume for its Bitcoin (BTC) futures trading product over the course of last 12 months. “More than 2.2+ million contracts were traded in 2020,” a CME representative told Cointelegraph. Each cash-settled Bitcoin futures contract at the CME is worth the dollar value of five Bitcoin. The trading hub recorded higher than normal numbers as Bitcoin’s price heated up in December, following a break of its 2017 all-time price high of $19,892 on…

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