Category Archives: bitcoinist.com

A Boon For Crypto – Binance Expands In Brazil With 2 New Offices

Registered crypto users in Brazil are increasing at a consistently steady pace, despite the bear market rearing its ugly head.
Based on latest data, the South American country has tallied more than 1 million registered crypto accounts for the month of July alone, adding to its nearly 35 million users, Brazilian tax authority Receita Federal disclosed.
The figure is one reason why global cryptocurrency exchange Binance has officially inaugurated two new offices in the country.
The Changpeng “CZ” Zhao-led crypto exchange seeks to expand its presence in South America, where a number of corporations have added digital asset trading services to their portfolios in recent months.
After announcing new locations in Sao Paulo and Rio de Janeiro on October 3rd, Binance has hired more than 150 people to work in both cities.
According to a Binance announcement, many of these workers would be devoted to helping the exchange’s customers.

JUST IN: 🇧🇷 #Binance opens two offices in the Brazilian cities of Sao Paulo and Rio de Janeiro.
— Watcher.Guru (@WatcherGuru) October 3, 2022

Binance Boosts Brazil’s Crypto Landscape
Binance, the world’s biggest crypto exchange in terms of trading volume, has had Brazil on its crosshair for months.
Reportedly, business executives have met with government officials, and in March, Binance signed a memorandum of understanding (MOU) to buy Simpaul Investimentos, a local securities brokerage.
Binance says that Brazil is one of its top 10 worldwide markets and its largest market in Latin America. The country ranks No. 7 on Chainalysis’ latest Global Crypto Adoption Index.
In its release, the cryptocurrency exchange stated that Binance works “in complete conformity with the Brazilian regulatory landscape.”
The company added that it believes that “regulation is the only way for the digital asset industry to grow and reach the general public, allowing more people to enjoy the benefits that cryptocurrencies and blockchain offer.”

Brazil: A Booming Crypto Hub
According to Statista.com, Sao Paulo had the highest population of any Brazilian city in 2021, as well as the highest number of companies using Bitcoin ATMs or in-store payment method.
Based on data by the open-source information, Sao Paulo has a comparatively high number of these firms, notably in comparison to Rio de Janeiro, a city with roughly half the population of Sao Paulo but just 20 percent the number of businesses.
Brazil is still awaiting comprehensive digital currency regulation, as pending legislation hangs in the lower chamber of the country’s legislature.
In the past year, a number of prominent digital banks have incorporated virtual asset trading services. These lenders include Mercado Libre, Nubank and BTG Pactual.
Meanwhile, as part of its global law enforcement training program, Binance also announced on Monday that it has inked a memorandum of understanding with the Financial Monitoring Agency of Kazakhstan.

Crypto total market cap at $917 billion on the daily chart | Source: TradingView.com

Featured image from KimKim, Chart: TradingView.com

9 Years After Ross Ulbricht’s Arrest & Silk Road’s Closing, How’s Bitcoin Doing?

The story of Silk Road and its creator Ross Ulbricht are inextricably linked to bitcoin’s history. In February 2011, the dark web black market was one of the first web stores to go bitcoin-only, providing an undeniable use case for the bitcoin network as a payment rail. On the other hand, the Silk Road stained bitcoin by linking it to drugs and other illicit products. A stench that the cryptocurrency is only beginning to shake. 

On the 1st of October 2013, Ross Ulbricht was arrested to much fanfare. A few days later, the original Silk Road closed. The bitcoin network didn’t even blink. Culturally, though, the arrest and Silk Road’s disappearance marked the end of an era. A few years later, Ross Ulbricht’s extremely hard sentence shook the bitcoin world to the core. And it’s still a hot topic wherever bitcoin is discussed.

Tomorrow I’ll begin my 10th year in prison.
I don’t know what to say. I screwed up. I ruined my life and caused a lot of pain. When I look back and see my many mistakes, I feel immense regret.
— Ross Ulbricht (@RealRossU) September 30, 2022

In a recent tweet from Ross Ulbricht’s official account, which is “run by a loved one in the free world,” he wrote: “Tomorrow I’ll begin my 10th year in prison. I don’t know what to say. I screwed up. I ruined my life and caused a lot of pain. When I look back and see my many mistakes, I feel immense regret.”
Silk Road’s Creator’s Extremely Hard Sentence  
The man also known as Dread Pirate Roberts got not one but two life sentences, plus 40 years. For what? For everything Silk Road’s users did. The seven charges were: distribution of narcotics, distribution of narcotics over the Internet, conspiracy to distribute narcotics, furthering a  criminal enterprise, conspiracy to hack a computer, conspiracy to smuggle using false identification, and money laundering. Notice that none of the convictions implies violence of any kind.
However, in Ross Ulbricht’s sentencing, the judge claims:
“Ulbricht’s directed violence here is and relates to the murders for hire which he is alleged to have commissioned and paid for. The Court must determine whether these allegations have been demonstrated by a preponderance of the evidence and I find that there is ample and unambiguous evidence that Ulbricht commissioned five murders as part of his efforts to protect his criminal enterprise and that he paid for these murders.”
They did not convict the Silk Road creator for the alleged murders for hire, though. 
In Ulbricht’s change.org clemency petition, his defendants present a strong case:
“Ross is condemned to die in prison, not for selling drugs himself but for creating a website where others did. This is far harsher than the punishment for much worse offenses. All other defendants related to the case―including the actual drug sellers and the creator of Silk Road 2―received sentences from 8 months to 10 years and nearly all are free today.”

BTC price chart for 10/04/2022 on FX | Source: BTC/USD on TradingView.com
Ross Ulbricht On Ross Ulbricht
At the Bitcoin 2021 conference, the Bitcoin Magazine team premiered a phone interview with the Dread Pirate Roberts himself. The Silk Road creator spoke from a maximum security prison and said, among other things:
“I thought with Bitcoin, I could try and do something that actually makes a difference… Back then, I was impatient. I rushed ahead with my first idea, which was Silk Road… That’s a 26-year-old who thinks he has to save the world before someone beats him to it. I had no idea Silk Road would work, but now we all know it caught on. It was used to sell drugs, and now I’m in prison.”

In a letter to the Court quoted on the Free Ross website, Ulbricht evoked the same sentiment:
“Silk Road was supposed to be about giving people the freedom to make their own choices, to pursue their own happiness, however they individually saw fit. [It] turned out to be a naive and costly idea that I deeply regret.”
Nine years after Ross Ulbricht’s arrest & Silk Road’s closing, how’s bitcoin doing? Fine, thanks for asking. Tick tock, next block. Ross Ulbricht, on the other hand, could use your help. If you think the Dread Pirate Roberts’ punishment doesn’t fit the crime, consider donating and signing the petition.
Featured Image from Shutterstock | Charts by TradingView

Crypto Better Days Coming: UN Urges Federal Reserve Not To Hike Interest Rates

Crypto prices immediately came crashing down after Federal Reserve Chairman Jerome Powell announced they are increasing interest rates during an economic summit on September 21.
Now, in a not-so-delayed reaction, the United Nations is calling on the U.S. central bank and other large western regulators not to continue raising their interest rates, a UN agency says.
The Fed and other central banks worldwide raised their interest rates with the objective of containing the onslaught of inflation.  The UN Conference on Trade and Development (UNCTAD) warns, however, that this could trigger a worldwide economic crisis.

JUST IN: United Nations says the FED and other central banks risk pushing the global economy into recession if they keep raising interest rates.
— Watcher.Guru (@WatcherGuru) October 3, 2022

Better Days Ahead For Crypto?
UNCTAD published its Trade and Development Report 2022 on Monday, in which it expressed concern about the possibility of a global economic calamity brought on by the Fed’s rigid monetary policy, the effects of which would be felt most severely in developing nations.
“Any belief that they (central banks) will be able to bring down prices by relying on higher interest rates without generating a recession is… an imprudent gamble,” the agency said.
The market immediately reacted negatively to Powell’s reiteration that the Fed must maintain its fight against rising inflation by further increasing interest rates.
As has been the case over the past few months as the prices of Bitcoin and Ether have been increasingly tied to the stock market, the Bitcoin price and the larger crypto market followed suit.
Current Fed Policy Hurts Vulnerable People Globally
“Current policies are harmful to vulnerable populations everywhere, especially in developing nations. Rebeca Grynspan, the UNCTAD secretary-general, made these remarks at a press conference in Geneva.
Market analysts at Bitfinex, a cryptocurrency exchange headquartered in the British Virgin Islands, have issued the following statements through email:
“The cryptocurrency market, like other risk assets, is extremely sensitive to comments made by the Federal Reserve, and it has been recently impacted by the Fed’s rate hikes.”
As of this writing, Bitcoin is trading at $19,603, up 3 percent in the last seven days, data from Coingecko show, Tuesday.
A Recession Would Benefit Crypto?
Meanwhile, predictions on how cryptocurrency prices would behave during a recession are all over the map. While the consensus is that the value of crypto assets will plummet in the event of a stock market crash, an opposing viewpoint is gaining ground.
A recession, which American investor Stan Druckenmiller believes will happen next year, would be good for the cryptocurrency sector as a whole, he says.
Druckenmiller pointed out that a growing lack of trust in governments and their central banks could be good news for cryptocurrencies. Because Bitcoin is decentralized, market watchers believe it will likely diverge from the pack and increase in price.
Some analysts believe that as Bitcoin rallies – whether the Fed hikes its rates or not – so will other major cryptos like Ethereum, Tether, and Dogecoin.
The Fed easing its current stance on interest rates could have a healing effect on the overall health of the crypto markets.
When the Federal Reserve meets again on November 4, they will decide if interest rates will be allowed to climb again. And with the UN now breathing heavily down its nape, the Fed must get back on the drawing boards and chart its next move.

BTC total market cap at $376 billion on the daily chart | Source: TradingView.com

Featured image from BGR, chart from TradingView.com

Transit Swap Managed To Recover 70% Of Stolen Funds After Exploit

On Sunday, the multichain decentralized exchange aggregator Transit Swap suffered an exploit resulting in $23 million losses. But fortunately, the project’s team managed to recover 70% of the stolen funds on the same day with the help of several blockchain security firms, which facilitated the platform immediately after the incident. 
The blockchain security firms which assisted the Transit Finance team in recovering stolen funds include SlowMist, Peckshield, TokenPocket, and Bitrace. Experts worked out the exploiter’s email, IP, and other connected on-chain addresses.
Related Reading: Coinbase, BlockFi See Largest Layoffs In The Crypto Sector, Study Shows
Hackers returned the project’s funds sending 3,180 ETHs, equating to $4.2 million. And 50,000 BNB coins worth around $14.2 million among 1,500 Binance-peg ETHs of $2 million. 
Cross-Bridge Hacks On The Rise
Cryptocurrency has seen immense growth in recent years. Mainstream adoption of virtual assets further led financial organizations to use digital money in their businesses. However, although a large part of the finance sector has adopted the technology, it still remains to do much to ensure safety and transparency in cryptocurrency use. 
Notably, around $2 billion worth of digital assets has been wiped out by criminals from cross-border bridges in 2022, per August’s report by blockchain research and security firm, Chainalysis. The percentage represents 69% of the total stolen funds.
Nevertheless, blockchain security firm SlowMist, one of the investigators of the incident, has uncovered in a statement that attackers find a loophole in Transit Swap’s smart contract code. Even the vulnerability directly relates to the transferFrom () function that enabled the exploiter to swap the user’s tokens in his account. 
The root cause of this attack is that the Transit Swap protocol does not strictly check the data passed in by the user during token swap, which leads to the issue of arbitrary external calls. The attacker exploited this arbitrary external call issue to steal the tokens approved by the user for Transit Swap.
BNB’s current price is currently trading at $288. | Source: BNBUSD price chart from TradingView.com
Transit Swap Struggles To Recover Remaining 30% Funds
Per the most recent announcement by Transit Swap, the team is currently working on identifying victim users who lost their funds so that platform can issue a reimbursement plan. Simultaneously, the group also seeks to recover the remaining 30% of its funds. And if the teams fail to recover the remaining funds, the company itself will pay them back to users.
Security firms and the company’s team continuously track the hacker’s activity. Security experts are also communicating with the attacker through email and on-chain methods. So far, the exploiter has moved 2500 BNB to Ethereum mixer app Tornado Cash to cash out profits, per MisTrack. In addition, the security company revealed that he used LATOKEN and other services to circulate funds on several platforms to withdraw anonymously.
Related Reading: West African Country Ghana To Become The Next Crypto Leader
The latest hack takes place as the second biggest exploit after the Wintermute breach of September 20, resulting in $160 million in losses. The company’s CEO, Evgeny Gaevoy, said that hack was related to the DeFi wallets. 
Featured image from Pixabay and chart from TradingView.com

‘Rich Dad Poor Dad’ Author Says You Should Buy Bitcoin, Here’s Why

Robert Kiyosaki, the famed author of the finance book ‘Rich Dad Poor Dad,’ has urged investors to start investing in bitcoin. Kiyosaki has recently pivoted to the crypto market and has been sharing his thoughts and insights regarding what he believes to be the right way to go about the crypto market. So far, the author’s stance on the digital asset has been very bullish as he urges investors to hold the cryptocurrency.
Buy Bitcoin Now
Over the last week, Kiyosaki has been warning investors about the hike in interest rates by the Fed. This comes after the most recent FOMC meeting, where the Fed has once again raised interest rates by another 75 basis points (bps). The Fed explains that the interest rate hikes are being done to fight the incredibly high inflation figures that had been recorded in recent months, but the author had accused the Fed of actually causing the inflation.

Kiyosaki has repeatedly advised investors to invest in other assets which will help fight inflation. The most recent of these have come in the form of urging people to invest in bitcoin. Kiyosaki explains that if the Fed were to continue increasing interest rates, then the value of the dollar would go up, which would cause assets such as bitcoin to decline lower. However, it is common knowledge that the Fed can’t raise interest rates forever, and Kiyosaki explains that once they drop interest rates, then the value of assets such as bitcoin will skyrocket. 

BUYING OPPORTUNITY: if FED continues raising interest rates US $ will get stronger causing gold, silver & Bitcoin prices to go lower. BUY more. When FED pivots and drops interest rates as England just did you will smile while others cry. Take care
— therealkiyosaki (@theRealKiyosaki) October 2, 2022

This is not the first time that the author will be predicting a drop in the value of the US dollar. In fact, in a previous tweet, he revealed that he expected the dollar to crash in early 2023. The reasoning behind this is the Fed will have to go the way of England and reduce interest rates.
Other Assets To Invest In
Although Kiyosaki has urged investors to put money in bitcoin to be able to avoid and profit when the Fed drops interest rates, he has also put forward other assets he believes will do incredibly well in such an environment too.
The author put forward buying silver and gold as another option for investors. He anticipates the prices of these going lower alongside the price of bitcoin and then a reversal in January 2023 when he expects the crash to happen.

BTC at $19,223 | Source: BTCUSD on TradingView.com
Kiyosaki had previously posted that his gold and silver dealer had told him that the “mint” had stopped selling coins to him. He explains this as a tightening that means that the value of the dollar is going to decline. He predicts a 5x growth for silver during such times, urging investors to invest in some of these.

Kiyosaki’s thoughts on this are not new in any way. Investors have been using bitcoin as a hedge for inflation for years now, which has earned it the nickname “Digital gold.” However, if Kiyosaki’s predictions are accurate, then the next bull market will likely see an earlier kick-off than expected. 
Featured image from Inversor Global, chart from TradingView.com
Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Bitcoin NVT Golden Cross Says BTC Is Close To Being “Overbought”

Bitcoin NVT golden cross has recently had values that would suggest the crypto may be close to being overbought right now.
Bitcoin NVT Golden Cross Has A Positive Value Currently
As pointed out by an analyst in a CryptoQuant post, the NVT golden cross has now hit its highest value since the last week of May.
The “Network Value to Transactions” (NVT) ratio is an indicator that’s defined as the market cap of Bitcoin, divided by the crypto’s transaction volume in USD.
A metric based on the NVT ratio is the “NVT golden cross,” which tells us how the short-term trend of the indicator compares with the long-term right now.
When the value of this metric is highly positive, it means the short-term trend is much greater than the long-term trend currently, suggesting that the crypto could be overpriced right now.
On the other hand, low negative values of the indicator imply the price of the coin may be undervalued at the moment.

Now, here is a chart that shows the trend in the NVT golden cross over the past year:

Looks like the value of the metric has been positive in recent days | Source: CryptoQuant
As you can see in the above graph, the “short” and “long” zones of the Bitcoin NVT golden ratio are marked. Historically, the indicator declining below a value of -1.6 has been a signal to go long on the crypto.
Similarly, the metric exceeding the 2.2 level has been an ideal point to short the coin. It seems like recently the metric’s value has been greater than zero, with a value of around 0.8.

While this value is less than the historical short threshold, during the last few months similarly positive values have still proved to be bearish for BTC.
The latest surge in the indicator is also the highest its value has been since the spike in the last week of May, which coincided with the crash of Bitcoin from $30k levels to around $20k.
It’s unclear right now what the consequences of the current positive values may be. If the trend of the past few months follows now as well, then the crypto may face a bearish outcome soon, or the metric may reverse and die down in time, without any real impact.
BTC Price
At the time of writing, Bitcoin’s price floats around $19.4k, up 2% in the last week. Over the past month, the crypto has lost 3% in value.

The price of BTC seems to have been moving flat during the last few days | Source: BTCUSD on TradingView
Featured image from Hans-Jurgen Mager on Unsplash.com, charts from TradingView.com, CryptoQuant.com

5 Of The Most Reliable DeFi Projects To Watch In 2023

Decentralized finance is poised to rebound as the cryptocurrency space gears up for its next big bull run. While 2022 hasn’t been the best of years for crypto or DeFi, with values falling sharply and several well-known projects coming apart at the seams, there’s a widespread perception that from here on in, the only way is up!
That view is based on the general feeling that cryptocurrency prices appear to have bottomed out. With that, many people believe it’s only a matter of time before major tokens like Bitcoin and Ethereum start to regain some of the value they’ve lost over the last few months. When the crypto market does bounce back, it will likely spark a second major wave of investment in DeFi, leading to huge opportunities for anyone who backs the right horse.
The question as always is, where exactly should I invest? The DeFi sector is made up of hundreds of different protocols but not all of them are built on solid foundations. Cautious investors, therefore, should only consider the most trusted DeFi projects in 2023 if they want to ensure their peace of mind.
AllianceBlock
Much more than just a protocol, AllianceBlock is the creator of a comprehensive DeFi infrastructure platform that not only caters to those who want to borrow, lend and stake crypto, but also developers of other DeFi projects. Besides its decentralized investment offerings, it offers trustless KYC/AML and identity verification, compliant peer-to-peer and NFT services, cross border regulatory compliance, an on-chain and off-chain investment data API and more besides.
AllianceBlock was founded in August 2018 by Rachid Ajaja and Matthijs de Vries at a time when investment in ICOs, or initial coin offerings, was booming. The founders were determined to come up with a way to make crypto investments more transparent, equal and fair. Since then, AllianceBlock has expanded its scope and aims to become a bridge between DeFi and the traditional financial instruments offered by banks, such as loans, bonds, savings and capital accumulation.
One of AllianceBlock’s main goals is to take DeFi into the mainstream. While the DeFi industry is known for benefits such as its cost efficiency and its accessibility, it also suffers from the lack of proper oversight and regulation. Because traditional financial institutions must operate within a strict regulatory framework, many have been unable to explore the opportunities within DeFi.
This is the challenge AllianceBlock seeks to address, making it possible for centralized institutions and retail investors to interact with DeFi in a way that’s regulated. By doing so, it hopes to make it easier for users to transfer capital to and from traditional finance into DeFi protocols.
One of AllianceBlock’s most prominent products is the DeFi Terminal, which is a service that makes it simple for developers, builders and retail users to partake in the DeFi ecosystem via an integrated liquidity mining and staking platform. Liquidity mining involves lending crypto assets to the AllianceBlock DEX in return for regular rewards in the shape of a percentage of each transaction fee. DeFi Terminal also enables staking, where users can lock their assets into smart contracts to help verify network transactions and also earn rewards.
As well as these opportunities, DeFi Terminal also offers tools for developers and brands to create campaigns that aim to convince users to provide liquidity for their own, branded tokens. By creating a campaign, a brand can ensure its token has the required liquidity on the AllianceBlock DEX or other decentralized exchanges on supported networks such as Ethereum, Binance, Avalanche, Polygon and others.
Other products in AllianceBlock’s suite include a chain-agnostic bridge, a DEX, and a P2P funding platform called Fundrs.
Aave
It’s hard to think of a more iconic and recognizable name in the DeFi sector than Aave and there’s good reason for that. Having been around since 2018, Aave has emerged as one of the most reputable DeFi platforms around, providing a safe environment for users to lend and borrow cryptocurrencies and real-world assets without intermediaries.
Aave has a simple model that enables people who lend to earn interest, with those who borrow paying interest on their loans. The protocol was originally built on Ethereum and supports all ERC-20 tokens, and has since expanded to support other blockchains like Avalanche, Fantom and Harmony. Its governed by its community via a decentralized autonomous organization, where AAVE token holders vote on key decisions.
Aave provides DeFi users with lots of choice, with more than 30 pools for Ethereum-based assets and additional markets on other networks. In addition, there are lending pools for real world assets including freight invoices and real estate. Aave offers these pools thanks to its partnership with Centrifuge, which is a DeFi protocol that enables businesses to tokenize certain types of assets. These tokens can then be traded freely, acting similarly to bonds and earning regular yield.
As with all DeFi protocols there is still an element of risk when lending crypto assets on Aave. Loans must be overcollateralized and the protocol uses liquidations to manage debt. On occasions where there is not enough liquidity to repay lenders after the collateral has been liquidated, funds will be taken from its Safety Module. This is a special liquidity pool with AAVE tokens deposited by the platform’s users. It pays out rewards at higher rates, but the tokens within it are at risk of being liquidated in the event that the system needs an injection of capital.
Aave is widely regarded as one of the most trustworthy DeFi ecosystems but it’s not resting on its laurels. Earlier this year, the Aave DAO voted to approve a proposal to launch a new, yield-generating stablecoin, known as GHO. GHO will become the native stablecoin on Aave. The plan is for GHO to be pegged to the U.S. dollar and backed by a variety of digital assets. Aave hopes to use GHO to make stablecoin borrowing more competitive, while generating additional revenue by transferring 100% of the interest on GHO loans to its DAO.
Orbs
Just as important as the DeFi protocols themselves is the infrastructure layer they run on, and this is what Orbs Network is looking to improve. Orbs bills itself as an open, decentralized blockchain infrastructure layer that’s focused on accelerating DeFi applications across multiple chains.
Orbs can be thought of as a decentralized backend that enables new capabilities for DeFi, working in conjunction with existing Layer-1 blockchains like Ethereum, and also Layer-2 networks such as Polygon. It creates a kind of tiered infrastructure stack for DeFi that enables decentralized applications to take advantage of Orbs’ enhanced execution services. In this way, it enables developers to build more sophisticated DeFi apps.
A good example of this is Orb’s Open DeFi Notification protocol, which provides up-to-the-second updates on the most critical on-chain events.
Most recently, Orbs announced a new, decentralized Time-Weighted Average Price protocol that’s able to support new order types for DEXs and Automated Market Makers. TWAP is a technique that’s widely used in algorithmic trading in the traditional financial industry, wherein traders use a time-weighted average price to minimize the impact of large orders on the market. The way it works is, orders are split into multiple smaller trades, with each one executed at predefined time intervals over a specified period of time.
Until now, the limitations of EVM smart contracts made TWAP extremely difficult to implement in DeFi. Orbs changes that by leveraging its backend infrastructure to ensure that all TWAP orders are executed at the optimal price, with fair fees, in a secure and decentralized fashion. The service is aimed at DEXs and AMMs that want to offer users a more sophisticated way to trade utilizing algorithmic strategies, similar to what’s available in TradFi.
Cake DeFi
To have your cake and eat it is the dream of every DeFi user. Investors want all of the rewards without taking any of the risk, and this is what Cake DeFi aims to deliver.
Based in Singapore, Cake DeFi has created a core DeFi platform with staking, lending and liquidity mining services, enabling investors to deposit their crypto assets and earn a passive income. Its DeFi ecosystem is based on the DeFi Chain blockchain network, a fork of the original Bitcoin blockchain, and it is powered by its native DFI token.
Cake DeFi’s most novel product is its aptly-named EARN, which is a single-sided liquidity mining service for investors who want to earn passive rewards while protecting themselves from the traditional volatility of the crypto markets.
According to Cake DeFi’s co-founder and CEO Dr. Julian Hosp, investors have understandably become much more risk averse over the last year due to the onset of crypto winter. As such, EARN aims to give those investors a way to transparently earn a generous yield on their investments while keeping the risks to an absolute minimum.
“EARN will allow users to get unbeatable returns on Bitcoin, which they can transparently track on the blockchain,” Hosp said. “The Volatility Protection feature will also protect them against impermanent loss, especially in such times of market volatility.”
Cake DeFi’s EARN uses some clever algorithms to ensure its users will generate a competitive return, regardless of the market forces beyond their control. It’s possible to allocate either BTC or DFI and receive rewards on those deposits every 24 hours with a claimed annual percentage yield of 10%. Of course there are DeFi protocols that offer higher APY than this, but very few that offer the same kinds of protections as EARN does. Rewards are allocated in EARN tokens, which is the platform’s native asset, and are autocompounded to increase yields over the long term.
Cake DeFi said EARN’s algorithm combines the high yields of liquidity mining with the low volatility of crypto lending to deliver on its promises.
To date, Cake DeFi’s products have proven themselves to be among the most reliable in the DeFi industry. Its most recent Q2 2022 Transparency Report highlighted how it recently surpassed the one million customer milestone, with more than $375 million in rewards paid out to date.
Uniswap
Uniswap is one of the largest and best-known DEXs in the business and an essential tool for most DeFi investors. Uniswap first and foremost provides a way for traders to exchange cryptocurrency tokens securely and conveniently, with lower fees than one centralized exchanges. Users can also earn a passive income by depositing tokens into liquidity pools.
Uniswap uses an AMM model that relies on smart contracts to set prices and execute trades. Because of this, the platform is fully decentralized, with no intermediary involved.
Like Aave, Uniswap is able to facilitate crypto trading due to its use of liquidity pools, which are pools of user-contributed funds that are locked in smart contracts. These funds are used to facilitate the trades of users who want to buy and sell various cryptocurrency pairs. With each transaction on Uniswap, a small fee is collected that is then distributed among the pool’s liquidity providers. In this way, it’s mutually beneficial, as traders can swap tokens with lower fees and those who provide the liquidity can earn rewards for doing so.
There are good reasons why Uniswap has emerged as one of the most popular DEXs in the DeFi space. The vast majority of DEXs provide a poor user experience with their clunky designs, whereas Uniswap is known for its slick and simple user interface. Uniswap’s web and mobile apps are extremely user-friendly and have a highly polished design that looks extremely professional. It’s simple to connect a crypto wallet and get started, either by swapping tokens or providing liquidity.
Thanks to its user-friendliness, Uniswap has built up a large audience that provides a second big advantage. Because it has more users, it has more total value locked – meaning more liquidity – than any other DEX. As a result, traders are unlikely to experience any issues or limitations when swapping various kinds of tokens.
Last but not least, Uniswap supports a wide variety of crypto wallets, including MetaMask, Trust Wallet, Coinbase Wallet, Ambire Wallet and many others. All in all it’s extremely easy to use and caters to everyone, explaining why Uniswap is one of the most trusted DeFi apps in the business.

Crypto Firm Genesis Trading And Head Of Sales Steps Down After The CEO Exits

The aftermath of the crypto winter is yet to be over. More crypto-related companies are still showing signs of drowning through the drastic impact of the bearish trend. Moreover, most crypto assets have lost over half their value from the declined market.
Several firms have continued the struggle to remain afloat through the raging storms of the crypto crisis. Some companies even devised strategies like reducing their staff strength to stay relevant. However, liquidation and shutdown became the only option for those that couldn’t contain the battery.

Genesis Global Trading, a crypto brokerage firm, started its plans for survival over the last few weeks. First, the company laid off about 20% of its employees due to the adverse conditions of the crypto market. Also, in its August announcement, the CEO, Michael Moro, was to step down from his position.
Co-Head of Sales And Trading For Genesis Leaves
But the wind of draught is still blowing fiercely on Genesis. Another firm executive, sales and trading co-head have stepped down. Through his post on Twitter, Matt Ballensweig, the executive, publicized exiting his position. This was after a 5-year working period in the company.
Ballensweig is expected to become an advisor for Genesis in the foreseeable future. This will be after transferring the core responsibilities to his successor. He also revealed that he still be part of the community.
The departing staff mentioned that his mission is to support the company’s next round of growth and expansion. So, he pledged to use his knowledge in information and capital flow, lending, trading, and yield to push the firm higher.
CEO Of Crypto Brokerage Stepped Down Last Month
The resignation of Ballensweig is coming just a month after that of the former CEO, Michael Moro. The exit of Moro was in line with the leadership reshuffle in the company. According to the firm’s plan, Derar Islim took over from Moro, pending when a permanent replacement will take place.
The continuous exit of its executive came after Genesis announced its decision to reduce its workforce by 20% in August. This plan placed the firm among others that took such measures to weather the impact of the bearish crypto market.
Cryptocurrency market gains on the chart | Source: Crypto Total Market Cap on TradingView.com
Also, the company’s action is linked to its filing of a $1.2 million liquidation request against Three Arrows Capital, a beleaguered crypto lender.
In his exit speech, Moro noted that the firm attracted prominent investors after launching the first OTC Bitcoin trading desk in 2013.

According to him, such a boom provided lending liquidity and custody services to the investors’ assets. He also appreciated leading the firm for almost ten years and pledged his support for its continuous expansion.
Featured image from Pixabay, chart from TradingView.com

Coinbase, BlockFi See Largest Layoffs In The Crypto Sector, Study Shows

Coinbase, BlockFi, and other major companies in the crypto sector have been negatively impacted by the persistent downtrend across the digital and legacy financial markets. The companies have been forced to cut down on their staff to stay afloat and continue with their operation.

According to a new study published in Addictive Tips with data from Layoffs and LinkedIn, Coinbase (COIN) and BlockFi are some of the most affected in the tech and financial industry. The sector has lost over 28,000 jobs in 2022 amid a 1% economic contraction in the U.S. economy.
Coinbase And BlockFi, Worst Layoffs In Tech And Finance?
In the crypto industry, the drawdown has been significant with top cryptocurrencies losing over 80% to 85% of their value from their 2021 all-time high. In the case of Bitcoin and Ethereum, the cryptocurrencies rose to $69,000 and $4,500, respectively, and now trade at around $19,600 and $1,400.
The crypto market was able to reach around $3 trillion in total market capitalization as Bitcoin, Ethereum, and other cryptocurrencies began a major bull run into their current all-time highs. In 2022, the total crypto market cap crashed to a yearly low of around $700 billion.
According to the report, this has led to massive layoffs across multiple sectors. This trend began in March 2020, with the announcement of the COVID-19 pandemic and lockdown measures. At that time, Bitcoin fell to a multi-year low of $3,000.
However, 2022 has experienced another spike in layoffs as central banks rushed to slow down inflation by hiking interest rates, reducing credits, and negatively affecting key economic metrics. As seen in the chart below, BlockFi has lost 20% of its workforce while Coinbase has lost 18%.
This translates into a combined 1,350 jobs that have been lost in both companies with the crypto exchange taking the biggest hit. The company fired 1,100 staff members in 2022 making it the most impacted in the finance sector for Q2, 2022.
Only Robinhood and BlockFi come close with a combined around 600 layoffs over the same period for a total of 29% reduction of their workforce. On the reasons behind this negative performance, the report wrote:
Financial startups like Coinbase, Robinhood, and BlockFi took quite a hit recently. These three companies deal with either stocks or cryptocurrency, both of which have seen a significant downturn in recent months due to fears of an impending economic recession. These downturns have greatly affected business for these companies and led to layoffs — a big surprise for companies that had done well in the past few years, despite a global pandemic.
Source: Addictivetips
Is The Worst Part Of The Crypto Winter Over?
With fierce layoffs in Coinbase, BlockFi, and other major cryptocurrencies, with others in bankruptcy, and with larger cryptocurrencies off 80% from their all-time high, should investors start thinking about a potential bottom in the sector?
According to a report from Ecoinometrics, the traditional market and the crypto market, as measured by Bitcoin and Ethereum, could still see some pain in the near future. The assets still have some distance from their previous lows, as seen below.
BTC, ETH, and S&P 500 might still see further losses. Source: Ecoinometrics via Twitter
A report from Barron’s indicates that major players are already loading on Coinbase’s stock possibly preparing for the next bull run. The media outlet claims that investors Tobi Lutke, CEO of Shopify, purchased as much as $3 million on COIN. Will the position pay off?

At the time of writing, COIN’s price trades at $74 with sideways movement on low timeframes.
COIN’s price is trending to the downside on the 4-hour chart. Source: COINUSD Tradingview

West African Country Ghana To Become The Next Crypto Leader

In terms of Crypto Adoption, the developing countries are not behind. Emerging crypto markets in West Africa, such as Nigeria and Kenya, are leading the fronts in adoption. Chainalysis reported that Nigeria and Kenya ranked among the top 20 countries in the crypto adoption index.
More countries in West Africa are joining the league. Ghana, one of the West African countries, is showing signs of climbing to the top rank in digital asset adoption. The CEO of Paxful, a global peer-to-peer digital asset exchange, Ray Youssef, said the country is showing tremendous growth in digital sector adoption.

Chainalysis submitted a report ranking countries according to their adoption levels. The report shows that Ghana might achieve similar digital assets adoption rate to Nigeria and Kenya. However, Nigeria and Kenya ranked 11th and 19th in the Chainalysis global crypto adoption index.
Ghana Produced 400% Increase In Crypto Trade Volumes On Paxful In 2021
Ray Youssef said Ghana’s growth rate with the needs of its residents indicates it could emerge as a leader in African crypto adoption. The CEO further stated that Ghana produced a 400% increase in trading volume on the Paxful platform in 2021 than 2020. He also believes that Nigerian tourists in Ghana contribute to the increasing digital asset awareness in the country.
Chainalysis confirmed that Youssef’s observation tallied with the data on Ghana. The firm further stated that crypto adoption would increase in other sub-Saharan African countries as usage awareness increases.
At the African Money and Defi Summit, Kwame Oppong, a Bank of Ghana executive, told reporters that the country is preparing to launch its CBDC (E-Cedi). Oppong said the CBDC introduction is to encourage financial inclusion in Ghana. He is confident that Ghana has potential in digital sector exploration, which would benefit the citizens.
Oppong further revealed that offline pilots for the E-Cedi have started with a town called Sefwi Asawo. The executive said introducing a CBDC would save costs as instant payments in the country.
Crypto Stickers Sparks Career Path For Ghanian National
Meanwhile, a Ghana national identified as Daniel Karikari has pursued a career in the blockchain industry. Daniel told reporters he started as a cleaner and office assistant at a digital asset startup firm.
Cryptocurrency market grows by over 2% | Source: Crypto Total Market Cap on TradingView.com
He became familiar with words such as digital assets and blockchain on stickers in the offices while working. The stickers triggered his interest in starting a career in digital sector. Daniel said he became curious about digital sector and started researching with borrowed laptops during his break time at work.

He summoned the courage to speak to the manager after gathering some knowledge on digital currencies, which led to his career opportunity. The manager, impressed with Daniel’s determination, allowed him to obtain training, and he joined the marketing department as a junior specialist. Daniel currently works with the marketing team of a top crypto exchange in Dubai.
Featured image from Pixabay, chart from TradingView.com