3 reasons why Fantom (FTM) price continues to rally to new all-time highs
In the past month, Fantom price increased 1,570% as governance features and a cross-chain bridge to Ethereum strengthen its DeFi aspirations.
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Bitcoin Slides Over 13%, Veteran Trader Peter Brandt Suggests BTC Will Peak at $200k but Hints of Possible Deep Corrections
Veteran trader Peter Brandt has implied in a tweet that bitcoin will go through deep price corrections before it gets to the $200,000 mark. Brandt points to the 2015-17 bull run when bitcoin went through similar corrections about nine times as the precedent the crypto asset might follow.
More Corrections Expected
Consequently, Brandt is asking his Twitter followers to predict the number of similar 30% price corrections that they expect to see before BTC ultimately gets to the $200,000. Already, as Brandt explains in the tweet, the crypto asset has gone through one such correction since the March 2020 price crash.
Nevertheless, since then the crypto asset, whose price grew by more than 300% in 2020, has been on an upward trend. On February 21, the crypto asset set a new all-time high of $58,228, according to Messari data. As a consequence, some bitcoiners now predict that a price of $100,000 can be achieved in 2021.
In the meantime on Twitter, the reaction to Brandt’s BTC price prediction, as well as his expectation of large corrections, has been mixed. Some users appear to agree with Brandt’s suggestion that there will be many corrections before the $200,000 price is achieved. Still, others think BTC will even surpass $200,000 while many believe the number of corrections will be fewer this time around.
Bitcoiners Expect Fewer Corrections
For instance, in their reply to Brandt, one user named Tho said:
Couldn’t tell, because the end of this bull run is $298,000, not $200,000 and if you ask how many times, the answer is 6 times. it’s mean that 4 more times.
Another user, Mike Thomas says there will be one significant correction at around $100,000. Still, Thomas argues: “With the (increased) amount of coins coming offline, the increased demand, and barring another black swan event, I do think 30%+ corrections are a thing of the past.”
Meanwhile, another user known as Frank Squisher insists that “if the speed of this parabolic rise increases, the next correction could be the last one…If it slows down a bit, we may be able to handle one more big correction before the final run-up.”
Still, not all users are convinced that the crypto asset will make it to $200,000. One such user, London hold asks: “The question is do you think we’ll hit 200k?”
Meanwhile, on Feb. 22, bitcoin (BTC) prices dipped significantly to the $47,500 region after being above the $55k handle for a short period of time. BTC lost 13.63% in value quickly on Monday, but has since regained some of the losses.
Want to follow all the crypto market action in real-time? Check out markets.Bitcoin.com.
Do you agree that BTC will go through many corrections before it reaches the $200,000 mark? Tell us what you think in the comments section below.
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Bitcoin price crashes below $48K, but is the bull market in danger?
Bitcoin price dropped below $48,000 in a major correction on Monday right before the U.S. market open.
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Evolving the DAO: How decentralized companies can dominate Web3
Are decentralized autonomous organizations reaching their full potential? The current focus on governance means that many other opportunities are being missed.
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Bitcoin prints biggest hourly candle in history after BTC rebounds strongly to $54K
Fresh criticism from the U.S. treasury secretary fuels an already fierce correction, briefly taking Bitcoin to $47,400 lows.
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Binance Blamed for Purposely Choking Ethereum’s Network
The recent ramp higher in cryptocurrency prices has assuredly attracted its fair share of cheerleaders and detractors alike, but the reality of this climb has been a concurrent increase in network fees from rising transaction volumes.
Binance is Blamed for Purposely Choking Ethereum’s Network to Drive More Users to Its Own Platform
The resulting volumes have clogged networks like Ethereum, which have seen gas costs climb almost 20x over the last 12 months. For the growing DeFi market, these sky-high costs have elicited significant criticism from the community and mobilized the ecosystem to hunt for more affordable options. Enter Binance, which may dethrone Ethereum as the new DeFi hotspot due to its interoperability and lower transaction costs.
Binance Smart Chain (BSC), which works on a Proof of Authority (POA) model, is centralized (Binance picks the authorities that run each node) relative to Ethereum’s entirely decentralized approach. This has prompted some users to criticize the approach, believing that Binance is abusing its clout and market power to intentionally clog the Ethereum network. However, this sharp critique misses the bigger picture.
A quick look at wallet and gas data highlights that Binance is the largest single gas spender. For instance, the image above tweeted by Nansen AI highlights from February 12th to the 18th, Binance spent the equivalent of nearly 5,000 ETH in gas alone. Although many users are quick to criticize publicized data of Asian exchanges which are known for inflating trading volume, this data can be corroborated by Etherscan data.
The data demonstrate that both in terms of gas spent and transaction volume over the last seven days, wallets attributed to Binance accounted for six out of 10 of the most active wallets in the entire Ethereum ecosystem. While it could be inferred that Binance’s volume is propelling Ether costs upward and doing so intentionally to attract more volume to its smart chain, this argument misses out on the blockchain interoperability that Binance has promoted. Moreover, Binance hasn’t shut off the taps to Ethereum, making the argument of it clogging the network somewhat moot.
Binance Pancakeswap Has Overtaken Uniswap
The costs of switching from Ethereum to Binance are very low, especially for smart contracts and Dapps. By improving the interoperability and reducing switching costs along with rebating developers who bring valuable projects online, Binance has built itself up as a formidable destination for all manner of activities.
Given the volumes of DeFi, any reduction in network fees and costs is likely to attract greater adoption. By filling this void quicker than competitors or more established chains, Binance is now home to PancakeSwap, which has overtaken Uniswap (based on Ethereum) in terms of volume.
Because the barriers of switching from Uniswap to PancakeSwap (which is effectively a copy of Uniswap on BSC), are fairly low, it’s no wonder why DeFi users have made the jump. Moreover, it has caused a sharp incline in Binance Coin’s (BNB) valuation, making transactions also more expensive on its own native chain.
Yet, unlike Ethereum, by building a more cost-effective ecosystem that rewards smart contract developers, Binance is actually incentivizing development and smart contract use, and not necessarily using its market power to clog other competing networks.
FTX Quick to Criticize
Still, that hasn’t been enough to silence critics like FTX, which blame Binance for the default chains where it sends transactions. In a recent tweet critique, cryptocurrency derivatives exchange FTX was quick to pile onto Binance’s withdrawal process which effectively defaults to promoting its own chains and creates a conflict due to the fees it reaps in return.
As a result, it has cost FTX dearly due to coins being sent to the wrong chains. Accordingly, the service has decided to pass along the extra costs to users in the form of a 5% deposit surcharge for tokens sent to the wrong chain. However, in large this argument speaks more towards user mistakes than Binance’s default settings.
While the Binance universe is undoubtedly growing, and exchange volumes speak credible truth to this reality, the self-promotion of its own tools will continue to spark the same sort of denunciations that marked the decentralized versus centralized exchange debate. Ultimately though, utility speaks the loudest.
What do you think – is Binance purposely choking the Ethereum network to gain more users? Let us know in the comments section below.
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Soccer fan tokens on the march as Poland’s biggest club adopts crypto
Blockchain-based soccer fan tokens are all the rage of late, and now Poland’s most successful club is getting in on the action.
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Ant-backed MYbank to help China expand digital yuan trial
Tencent-backed WeBank and Ant Financial-backed MYbank will reportedly be the first private banks to join China’s digital yuan pilot.
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Nvidia Limits the Efficiency of Mining Ether Using Its GPUs by 50%
Nvidia announced that it will start limiting the efficiency of mining ethereum or any other crypto using its new range of upcoming graphics processing units (GPUs).
In a blog post published Feb. 19, the U.S. hardware maker said this limitation will feature first on its new Geforce RTX 3060 card, which is scheduled for release on Feb. 25.
Nvidia revealed that the new GPU software drivers are designed to detect specific attributes of the ether (ETH) mining algorithm, and limit the hash rate, or cryptocurrency mining efficiency, by around 50%.
However, the software won’t limit the efficiency of all crypto mining activities, Itpro reported, “with the limiter only activating when processes use Dagger Hashimoto or Ethash-like algorithms.”
The Nasdaq-listed firm is hoping that the restriction will discourage the purchase of gaming-oriented graphics cards for large ethereum mining operations. ETH is one of a few coins that can still be mined using graphics cards.
GPUs, which are mainly used in video game consoles, have reportedly been in short supply due to hoarding by ETH miners, manufacturing limitations and supply chain issues resulting from the Covid-19 pandemic. Prices have soared, as a result.
“We are gamers, through and through,” Nvidia declared. “We obsess about new gaming features, new architectures, new games and tech. We designed Geforce GPUs for gamers, and gamers are clamoring for more,” it added.
However, Nvidia revealed that it is planning to produce GPUs specifically targeting ethereum miners called Cryptocurrency Mining Processor (CMP). It said the new mining processor, due for release in March, will not “do graphics” and will not “meet the specifications required of a Geforce GPU and, thus, don’t impact the availability of Geforce GPUs to gamers.”
The firm stated that the CMP “lacks display outputs, enabling improved airflow while mining so they can be more densely packed.” CMPs also have a lower peak core voltage and frequency, which improves mining power efficiency, it explained.
What do you think about Nvidia’s ethereum mining limit? Let us know in the comments section below.
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India securities regulator to reportedly bar IPO promoters from holding crypto
The Securities and Exchange Board of India may force promoters of initial public offerings to ditch crypto.
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