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Ethereum’s ether cryptocurrency rallied to new lifetime highs early on Tuesday amid a continued drying up of sell-side liquidity in the market.
The second-largest cryptocurrency registered a record high of $1,824.59 during the European trading hours, surpassing the previous peak price of $1,761.35 hit on Feb. 5, according to CoinDesk 20 data.
The latest gains could be attributed to expectations that Chicago Mercantile Exchange’s (CME) regulated ether futures would boost institutional participation. The CME futures contracts went live on Monday.
The bullish sentiment may have received a boost from the recent GameStop saga and turmoil in legacy markets underscoring what some say is a need for more democratization of finance. Ethereum’s blockchain dominates the decentralized finance space.
Aside from the above factors, the cryptocurrency may have benefitted from low liquidity on exchanges. The number of coins held in exchange addresses fell to a 16-month low of 15,243,945 on Monday, according to data source Glassnode.
Xend Finance, a Nigeria-based decentralized finance (DeFi) platform for credit unions and cooperatives, has secured new partners and funding as it prepares for its bid to bring high-interest savings opportunities to Africa.
Set to launch its mainnet in March, the firm announced Tuesday it has partnered with software service provider TechFusion Africa and will make its services available to TechFusion’s 5,000 credit union members. Xend has also secured new investors led by NGC Ventures and Haskhey, bringing total investment in the company to date to $2 million.
The Xend platform launch was announced in November at the same time as a $1.5 million strategic funding round. The platform is backed by Binance, Google Launchpad and others.
According to Xend CEO Aronu Ugochukwu, credit unions and cooperatives can deposit their funds on the platform, where they will be converted to stablecoins – cryptocurrencies backed by traditional assets like the U.S. dollar.
We’ve created a platform to enable cooperatives and credit unions to earn high yields through stablecoins,” Ugochukwu told CoinDesk.
- Running a Bitcoin full node has long been considered a complicated and arduous process.
- With Umbrel, you can start running your own full node in about 10 minutes.
- Because of Umbrel's simple user experience, more and more Bitcoiners are running their own full nodes.
Umbrel is one of the most exciting companies in the Bitcoin space right now because it has solved one of Bitcoin’s biggest stumbling blocks.
Building your own Bitcoin full node has always been an arduous process involving a terrible user experience—especially if you want to do it on a separate piece of kit (in case your hard drive doesn’t have a spare 300 gigabytes of space). Because of this friction, fewer people run nodes and participate in Bitcoin’s ecosystem. But Umbrel is set to change that.
“Bitcoin can not survive if not enough people run their own full nodes,” Umbrel co-founder Mayank Chhabra told Decrypt, adding, “And if you’re betting that in 50 or 100 years down the line Bitcoin becomes a reserve currency, then you’re also betting on the fact that a significantly large portion of users are running their own full nodes.”
- Matic Network has been rebranded as Polygon.
- The project is making a strategic shift towards creating a multichain system.
- Polygon hopes to help Ethereum beat off competition from Polkadot.
Matic Network has today announced that it is rebranding as Polygon, making a strategic shift with a focus on creating a multichain system on the Ethereum blockchain, similar to the one already deployed by Polkadot.
Originally designed as an Ethereum sidechain providing a solution for fast and low-cost transactions, Matic’s new incarnation will offer multichain architecture. This will comprise both chains on Ethereum’s sidechains and on its second layer. In theory, this will enable Ethereum to scale fast and effectively while further reducing network fees.
Polygon will have additional support for such layer two solutions as Optimistic Rollups, zkRollups, and Validium. These offer ways of making it easier to send high numbers of blockchain transactions without clogging up the main blockchain. Polygon aims to give projects more freedom of choice when selecting the scaling solution, with a proprietary software development kit (SDK) as a means of achieving this.
🗞 Daily Crypto Calendar, February, 9th💰
- Polkadot (DOT)
"... @BiKiEnglish and $LGCY will be adding two more strategic pairs. $LINK / $USDL and $DOT / $USDL will be added..."
- Bella Protocol (BEL)
"The official release of Flex Savings v2 will be on Feb 8th!"
- Dogecoin (DOGE)
"DogeCoin Upcoming Listing On FEB 08th 2021"
- ZKSwap (ZKS)
- Swipe (SXP)
"The #Swipe Ignition Roadmap will be live on sxp.net/ignition Tuesday 2/9 00:00 UTC & will enable users to leverage the Swipe API for..."
- General Event (CRYPTO), Tezos (XTZ), Velas (VLX)
"6th Edition Global Blockchain Congress February 9th, 2021. Dubai, UAE"
- AirSwap (AST)
"Exciting news! Rocket Starting Feb 9th, you'll be able to stake your AST to participate in AirSwap governance."
- 🗞 Daily Crypto News & Video, February, 8th💰
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- 🗞 Daily Crypto News & Video, February, 6th💰
- 🗞 Daily Crypto News & Video, February, 5th💰
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- 🗞 Daily Crypto News & Video, February, 3rd💰
- 🗞 Daily Crypto News & Video, February, 2nd💰
- 🗞 Daily Crypto News & Video, February, 1st💰
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Bitcoin is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from user-to-user on the peer-to-peer bitcoin network without the need for intermediaries.