Solana-powered AMM Raydium proposes SushiSwap integration to reduce fees
SushiSwap is exploring integrating with high-speed AMM, Raydium, on Solana to alleviate high gas fees.
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$24 million lost in second-largest day of DeFi liquidations
The Feb. 22 crypto market flash-crash liquidated more than $24 million worth of DeFi loans. with Compound users representing more than half of the margin calls.
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Cape Cod’s Largest Hospital Gets Bitcoin Donations Worth $800K
One of Cape Cod’s largest hospitals received two bitcoin donations this year totaling $800,000 in value. The Massachusetts-based not-for-profit medical centre (NPO), Cape Cod Healthcare, explained that an anonymous donor donated $400k last Friday and the NPO received a $400k bitcoin donation last month as well.
Cape Cod Healthcare Gets $800K in Bitcoin Donations
The hospital Cape Cod Healthcare (CCHC) is considered one of the leading providers of healthcare services in Cape Cod, Massachusetts. This week, the NPO told the Boston Globe staff member Anissa Gardizy that it received two bitcoin (BTC) donations worth $800,000.
CCHC’s senior vice president and chief development officer, Christopher Lawson, said the donor wished to remain anonymous and sent an email last month asking the hospital to accept BTC donations. Lawson said the donor had helped CCHC before the two crypto donations, and had just recently asked if the hospital would accept his BTC gift.
Lawson told Gardizy that before accepting the donation, the administration had to see if the hospital could deal with transactions sent in cryptocurrency.
“Before we responded, Lawson said. “We had to make sure there were not any issues. It required a good amount of research,” he added. “My office probably spent a week or two doing our best to learn who else was doing this.”
After getting approval from CCHC’s finance department and the hospital’s CEO Mike Lauf, the firm launched a donation address. Lawson said that because the donor gave the $800k worth of bitcoins to the hospital, he will be free from paying taxes on the funds.
“It makes it an asset that is attractive to donate,” Lawson stressed. “You get maximum impact on the value, and any gains you get, much like stock, you don’t pay the tax,” the hospital administrator added. Lawson did detail, however, that the CCHC finance team immediately converts the donations to dollars.
Mainstream Acceptance
The first $400k donation was sent on January 28, 2021, and the following month on February 19, the donor sent another $400k worth of bitcoins. CCHC’s senior vice president said that other NPOs could also set up bitcoin donation support in order to accept the crypto asset.
“I’m really excited. We are coming out of a period during COVID when donations were hard to come by for a lot of folks,” Lawson emphasized. “This lets people know that we have the capability of accepting these cryptocurrencies in donation, and we have the infrastructure in place.” Back in May, Cape Cod Healthcare furloughed more than 600 employees.
“It is not widespread but it is becoming more mainstream,” Lawson concluded. “People are accumulating these assets, and they are looking at opportunities to donate them,” he added.
What do you think about the two bitcoin donations totaling $800k sent to Cape Cod Healthcare? Let us know what you think about this subject in the comments section below.
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Crypto influencer warns Ethereum fees will drive users away
Crypto YouTuber Lark Davis is urging Ethereum’s to launch ETH 2.0 quickly, warning its devs must act soon to prevent rival networks from taking over amid high gas fees.
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Altcoins and DeFi sell-off after Bitcoin’s 17.6% correction below $50K
DeFi tokens and altcoins bore the brunt of today’s carnage as Bitcoin price dipped below $48,000.
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Kraken users demand refunds over flash-crash liquidations
Margin traders on Kraken are outraged after a flash-crash triggered wholesale liquidations while the exchange was inaccessible to users.
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Here’s how pro traders use options to profit from Bitcoin price corrections
Eventually, Bitcoin price will run into overhead resistance. Here’s how pro traders use options to profit from and protect against downside moves.
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‘Sustained institutional buying’ will hold Bitcoin above $50K: CrossTower
New research from CrossTower argues institutional buyers will hold BTC prices above $50,000.
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Binance Suspends Ethereum and ERC-20 Token Withdrawals Before Quickly Reversing Course
The rollercoaster-ride in cryptocurrency prices on Monday was accompanied by Binance’s fresh restrictions for ethereum and ERC-20 tokens.
Ethereum Network Congestion Fingered as the Culprit for the Temporary Halt
Through the official Binance Twitter account, one of the world’s largest cryptocurrency exchanges by volume, announced that it had “temporarily suspended withdrawals of $ETH and ethereum-based tokens” due to network congestion while underscoring that user funds were SAFU (Secure Asset Fund for Users).
#Binance has temporarily suspended withdrawals of $ETH and Ethereum-based tokens due to high network congestion.
Rest assured funds are #SAFU and we apologize for any inconvenience caused.
Updates to follow.
— Binance (@binance) February 22, 2021
Although Binance has since reversed its earlier decision and restored service in an announcement 37 minutes after its first tweet, traders were quick to pile on with the criticism. This latest move came amid a spike in Ethereum gas costs and a backlog that quickly escalated past 151,000 pending transactions. Binance CEO Changpeng Zhao corroborated the stress on the system, noting that gas shot past “+1200” during the latest congestion.
ETH is super congested now, at 1200+ gas. @Binance have suspended withdrawals.
There was a conspiracy theory that Binance is deliberately making ETH gas fees high. 😂 Let’s see it come down a bit. pic.twitter.com/tNK9b3b9OK
— CZ 🔶 Binance (@cz_binance) February 22, 2021
Binance has already become a big target among the crypto community after being blamed for persistently high gas costs. Some claim that the congestion is a concerted effort on the part of Binance to attract more users to its Binance Smart Chain. However, given the tremendous transaction volumes and gas fees that Binance pays to the Ethereum network weekly, this claim is hard to corroborate
Binance Outage Underlines the Need to Scale
Yet, together with other recent events like the AWS problems that surfaced last week, this latest service outage begs the question as to whether centralized exchanges are capable of handling the latest torrent of investor flows. Moreover, the rollout of Ethereum 2.0 has brought to light similar scaling issues and whether already clogged blockchains can keep pace with advancing adoption.
For some market participants, the answer lies in liquidity aggregators. While service interruptions have dotted the cryptocurrency landscape for years and become commonplace during periods of serious volatility, aggregators that pool liquidity from centralized (CEX) and decentralized exchanges (DEX) have cobbled together a patchwork solution. Still, questions linger about the security of their custody along with blockchain interoperability.
Offerings like Orion Protocol have addressed many of these challenges by aggregating liquidity in a hybrid fashion from CEXs, DEXs, and now automated market-makers (AMMs). Aggregators are attempting to help decentralize the pressure and reverse the load issue strain felt by exchanges during peak periods while avoiding the custody question.
Still, for traders on centralized exchanges, load balancing issues and volatility remain a scourge for the ecosystem as the latest Binance outage underlines.
Do you think withdrawal suspensions will become the norm or a solution to network congestion will be found? Let us know in the comments section below.
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Price analysis 2/22: BTC, ETH, BNB, DOT, ADA, XRP, LTC, LINK, BCH, XLM
Bitcoin and altcoins both saw a strong bounce off their intraday lows, which signals that traders still view dips as buying opportunities.
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