Bitcoin’s BTC Rally is a Picture Perfect Advance So Far Bollinger

Bitcoin’s (BTC) Rally is a Picture Perfect Advance So Far – Bollinger

John P. Njui   •   BITCOIN (BTC) NEWS   •   August 18, 2020

In brief:

  • According to John Bollinger, Bitcoin’s current rally is a picture-perfect advance.
  • BTC has broken the $12k ceiling and managed to turn it into a support zone.
  • $13,000 could be in sight if Bitcoin’s momentum is maintained.

The inventor of the popular charting tool/indicator of Bollinger Bands, John Bollinger, has stated that Bitcoin’s current rally is a picture-perfect advance so far. Mr. Bollinger made the comments via Twitter and added that the move by Bitcoin above $12k followed a textbook path within its Bollinger Bands.

His comments were as follows.

I imagine that someone is complaining about the $BTCUSD rally. Not me, a picture perfect advance so far.

Squeeze, confirmed break out, walk up the upper band, consol, support at middle band, mini-Squeeze, break to new highs. How much more could one ask for?!

$13k Could Be In Sight for Bitcoin

Prior to Bitcoin (BTC) breaking $12k, the King of Crypto had printed an ascending triangle. By breaking the $12k ceiling, Bitcoin has set itself on a path to test the 2019 peak value of $14,000.

However, before Bitcoin traders can look forward to a retest of the $14k price level, BTC has to go through another difficult zone between $12,900 and $13,100.

For a better feel of Bitcoin’s price movement, the 6-hour BTC/USDT chart below will be used to provide clues as to what the future holds for BTC.


(Click image for larger view)

From the chart, the following can be observed.

  • As explained by Mr. Bollinger, Bitcoin’s rally above $12k was picture perfect.
  • BTC broke the ascending wedge as anticipated.
  • Bitcoin’s current price at $12,200 is above the 50, 100, and 200 moving averages confirming a bullish environment.
  • However, the 6-hour MACD and MFI point towards some exhaustion for Bitcoin on the 6-hour chart.
  • Trade volume is also in the red highting of a possible dip to the $12k area to test this area as support.

However, zooming out to the daily MACD, it is observed that it is about to cross in a bullish manner hinting that BTC could be gearing up for another move to retest its recent peak of $12,500. If the $12,500 resistance area is broken, Bitcoin could well be on a path to retest the $13,000 area.

As with all analyses of Bitcoin, traders and investors are advised to use stop losses and low leverage when trading on the various derivatives platforms.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

Walmart Enables Crypto Cashback On Purchases

Walmart Enables Crypto Cashback On Purchases

By RTTNews Staff Writer | Published: 8/17/2020 10:36 AM ET

Retail giant Walmart has enabled cashback in cryptocurrencies for their shopping customers in partnership with blockchain-powered gamified shopping loyalty platform StormX.

Users of the platform can earn up to 4 percent in crypto cashback while shopping online from Walmart stores. Diamond members of StormX are eligible to receive up to 14 percent on most purchases. It has added Walmart cashback to its incentives.

Walmart is one of over 650 partner stores integrated with StormX, making it the only platform of its kind offering crypto cashback for Walmart purchases. Walmart joins stores such as Microsoft, eBay, Nike, Adidas, Target, Dell and Samsung, with reward percentages varying between merchants.

StormX has until now paid out more than $2 million in rewards to over one million users. With the pandemic a surge in ecommerce and growing demand for digital assets, StormX has on boarded a wave of new users seeking exposure to the cryptoconomy.

The StormX platform is available as an Android and iOS mobile app, as well as a Google Chrome extension. StormX includes a non-custodial wallet for storing assets like BTC, ETH, LTC, and the native STMX token.

"As the only crypto cashback program for Walmart worldwide, we are confident that users will take advantage of the rewards program to earn their favorite cryptocurrency while shopping at their favorite retailer," said StormX CEO Simon Yu.

StormX said its members can deposit their STMX tokens in the app to earn even higher crypto cash back rewards with their highest level members earning up to 14 percent at Walmart.

StormX is a gamified microtasks platform that enables members to shop online and earn up to 87.5 percent crypto back.

For comments and feedback contact: editorial@rttnews.com

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

Five Crypto Miners Arrested In Malaysia For Stealing State Electricity

Five Crypto Miners Arrested In Malaysia For Stealing State Electricity

By Brenda Ngari – August 13, 2020

Five cryptocurrency miners have been arrested in Malaysia for their part in stealing electricity worth approximately RM 250,000 (equivalent to $59,580.58) a month to mine crypto, local news agency The Malay Mail reported on Wednesday.

The publication noted that the five individuals were caught during an operation conducted by the Sarawak Energy Berhad (SEB), the Electrical Inspectorate Unit (EIU) from Sarawak Ministry of Utilities and police officers.

The two-day investigation into the matter uncovered five different centers at Jalan Tun Ahmad Zaidi Adruce, Jalan Pahlawan, and Jalan Tunku Abdul Rahman in which the illegal mining activities were taking place.

Further investigation showed that the criminals had attached cables that were hidden in the gypsum ceiling directly to their mining rigs, thus bypassing electricity meters.

While these culprits operated their mining facilities 24/7, initial checks of all the five facilities revealed that the overall monthly bills amounted to around RM800 ($191) to RM1000 ($238).

The SEB, however, stated:

“Actual load readings taken on-site showed that all five premises were consuming at least RM250,000 worth of electricity per month.”

The illegal connections erected by the individuals were all removed and presented as evidence and five official police reports have already been lodged. In addition, the owners of the buildings where these illicit activities were taking place will also be called in for questioning.

Electricity theft is a serious criminal offense in Malaysia under Section 33 (5) of the Sarawak Electricity Ordinance. The five individuals in custody are looking at five years behind bars and/or a fine of up to RM100,000, should they be found guilty.

Since 2018, the SEB and EIU have been looking into 50 cases of electricity theft in the country involving individuals siphoning free electricity to power their cryptocurrency mining operations.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

SEC Charges Virginia-based BoonTech And CEO For Running Fraudulent ICO

SEC Charges Virginia-based Boon.Tech And CEO For Running Fraudulent ICO

By RTTNews Staff Writer | Published: 8/14/2020 10:48 AM ET

The U.S. Securities and Exchange Commission (SEC) charged Virginia-based Boon.Tech and its CEO Rajesh Pavithran for fraud and registration violations in connection with a $5 million initial coin offering (ICO) of digital asset securities.

Boon.Tech and Pavithran are charged of raising about $5 million by selling Boon Coins to more than 1,500 investors in the U.S. and worldwide to develop and market a platform to connect employers posting jobs with freelancers seeking work.

According SEC's order, Boon.Tech and Pavithran failed to register the offering as the Boon Coins were offered and sold as investment contracts and were therefore securities. They also made false and misleading statements, including claiming that Boon Coins were stable and secure as they use patent-pending technology to hedge Boon Coins against the U.S. dollar.

The company also misrepresented to investors that Boon.Tech's platform was faster and more scalable than its competitors because it was built on Boon.Tech's own blockchain, while it was developed on the same public blockchain as its competitors.

Pavithran and Boon.Tech defrauded investors by convincing them to fund this endeavor based on the allure of innovation that simply did not exist.

The SEC's order finds that Boon.Tech and Pavithran violated the antifraud and registration provisions of the federal securities laws. Without admitting or denying the SEC's findings, Boon.Tech and Pavithran agreed to settle the charges.

According to the settlement order, Boon.Tech will be required to disgorge the $5 million raised in the ICO plus prejudgment interest of $600,334.

Boon.Tech and Pavithran will also have to destroy all Boon Coins from where ever they are available and refrain from participating in any future offerings of digital asset securities. Further, the order requires Pavithran to pay a penalty of $150,000 and bars him from serving as an officer or director of a public company.

For comments and feedback contact: editorial@rttnews.com

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

Bitmex Gives Crypto Traders till Feb 2021 to Verify User Accounts

Bitmex Gives Crypto Traders till Feb 2021 to Verify User Accounts

John P. Njui   •   BITCOIN (BTC) NEWS   •   August 14, 2020

In summary:

  • Bitmex will be launching a user verification program on the 28th of August.
  • All customers will be required to complete ID checks within the next 6 months.
  • Bitmex has given a February 12th, 2021 deadline for users of the platform to verify their accounts.
  • The new KYC requirements are geared towards making the platform more secure and trustworthy.

The popular crypto derivatives platform of Bitmex has announced that it will be launching a user verification program on the 28th of August. Once launched, crypto traders on Bitmex will be required to complete ID checks within the next 6 months. The exchange has given users up to February 12th, 2021 to complete the user verification process.

KYC Will Simplify the Resolution of Issues

The new measures are aimed at making Bitmex more secure and trustworthy for all Bitmex Users. The verification of ID will allow Bitmex to identify the actual owner of an account and simplify the process of resolving any issues as explained below.

…user identity verification is increasingly expected in order to meet evolving international regulatory standards, and is an important part of building trust in the cryptocurrency ecosystem.

Practical customer security is greatly enhanced by identity verification, allowing BitMEX support personnel to reliably verify the actual owner of an account in the event of a dispute, hack, or incapacitation.

Four-Step KYC Process on Bitmex

The team at the exchange has also provided the following steps necessary for users to verify their identification.

The User Verification Programme will require individual users to go through a four-step process similar to ID checks on many other cryptocurrency exchanges.

Individual users will be prompted to upload a photo ID and proof of address, take a selfie, as well as answer a few multiple-choice questions about source of funds and trading experience.

It should take about five minutes to complete from start to finish.

Trading Tournament to Kick off the KYC Process on Bitmex

Additionally, the team at Bitmex has announced that there will be a trading tournament to kick-off the KYC drive on the platform. Participants of the trading tournament will have to complete the KYC process to be eligible for sizable prizes.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

Introducing MARKETHIVE TV – Now LIVE on ROKU and AMAZON FIRE TV

Introducing MARKETHIVE TV – Now LIVE on ROKU and AMAZON FIRE TV

In the last week of July 2020, Markethive TV launched and is now live on Roku TV and Amazon Fire TV which is just one of many joint ventures Markethive.com, the Social Market Network is engaging to advance the platform and bring more opportunity to the Markethive community. With the newly launched Markethive TV facilitated by Greg Hoyt, a significant investor in Markethive, we now have another powerful medium to introduce Markethive to the world far beyond the typical portals.
 
This is a great opportunity for the continued growth of Markethive as more people are cutting the cord and canceling their subscriptions to cable and satellite TV. As of March 13, 2020, Roku TV has 39.8 million active users, while Amazon Fire TV has just surpassed 40 million. This by enlarge is because, while Roku has been popular in the USA, Amazon Fire TV sticks have shipped globally. These numbers are increasing in light of the pandemic as more people are at home either streaming for entertainment or looking for opportunities to work from home to replace the income they may have lost. 

What does this mean for Markethive? Through the Markethive TV portal with its valuable content means more people on a medium other than social media and advertising platforms, has exposure to Markethive, so it’s a whole new market being introduced to the Markethive social market platform, for entrepreneurs, artists, crypto enthusiasts, hobbyists, in fact, anyone looking to share and be part of an online community. 

 

Current And Future Programming On Markethive TV 

Currently, the Markethive TV channel consists of numerous videos, historic in nature, dating back to its inception and a great way to learn about Markethive, its mission, and values along with the all-encompassing platform that is the next generation in social media, automated inbound marketing, digital media broadcasting, ecommerce and a very accessible platform that drives a newly defined cottage industry in the online marketing world run by the community and tailored for the community. 

The direction in which Markethive TV plans to go would be the development of a live segment on the channel of interviews with industry experts about topics relevant to Markethive, Blockchain, Cryptocurrency, and anything that would be of interest to Markethive subscribers, along with educational and up to date news stories. 

Ultimately there would be a host or even multiple hosts for the different interests and topics that will allow Markethive TV to bring interesting and valuable information to the viewers. A very important component is the ability for all Markethivers to contribute to the channel, by supporting, viewing, and positively rating it.

Accelerating Markethive’s Growth And Ultimate Goals 

Markethive TV will help accelerate the growth of Markethive, the social market network platform and realize its goals including economic growth for its ILP holders. Furthermore, to expand and implement a globally distributed system with its mining hives creating a decentralized force that cannot be shut down resulting in a safe and secure haven for the Markethive community.  

When people realize that there is an organization, culture, and system that will give them what they need to be able to achieve financial sovereignty such as Markethive, (meaning we are not dependent upon governments or financial structures that oppress communities and Society in general), Markethive’s growth will be exponential and lead us to 1000’s of hybrid hive farms cultivating Medicinal Marijuana and producing or mining coins. 


 
The Architecture Of The Mining Hives

A simple explanation from CEO and Founder of Markethive, Thomas Prendergast explaining how Markethive will become an untouchable force; 

A server and farm at the bottom of the building, the second story is a greenhouse. The greenhouse is producing electricity to feed the servers below. The servers are producing the heat which in turn produces coin and at the core of all that is our Quantum dWave computer as one of the many decentralized database systems that are operated, controlled and protected by the blockchain of our wallet, meaning Markethives presence will be in every nook and cranny in the world and we will be spread out and decentralized along with many projects that will inspire and improve the world. 

Initially, 3 Data centers will work in conjunction with our wallet on the blockchain and will be part of managing our distributed database. Eventually, Markethive will have 10,000+ data centers spread out globally in our mining hive facilities so the entire system will run off the closest data center to you but all interconnected, all updating themselves and all managed by blockchain. This is a substantial technological advancement with no other company doing it presently. 

In a recent interview with Greg Hoyt, who is heading the Markethive TV venture, expressed,

“ My primary desire for Markethive TV is to expose as many people from all around the world as possible to Markethive and bring them into the fold so that they may take this journey with us. They may be people who don’t even realize yet that they want to be entrepreneurs, like people looking to quit their job or find themselves in a position where they need to find a reliable platform online that will help them produce an income.

We are in a rudimentary stage of development at this stage, but as we move forward, with new valuable content, live interviews, etc, anybody who comes across the channel will have the ability to join us at Markethive. The sky's the limit. For now, if we could get everyone in Markethive to tune in and rate our channel, will be a huge step forward.”

Cutting The Cord From Cable And Satellite TV 

Numbers are continually increasing of people purchasing a streaming device and subscribing to a streaming service rather than pay for cable TV. Labeled cord-cutting, and once seen as a revolutionary shift, has become commonplace. The top reasons for an OTT media service are to gain access to original programming (57%) and avoiding advertising (44%). 

The cord-cutting revolution isn’t slowing down anytime soon, in fact, it’s gaining traction with older audiences as 28% of consumers over 50 years old don’t pay for traditional TV service, and 61% get TV content from online sources, which is up more than 27% in two years. The proportion of Internet users watching videos online has grown from 45 percent in 2013 to 70 percent in 2017, and now 90% of consumers are tapping into their preferred content over the internet and unleashing their power of choice.

Apple TV (which launched November 1st, 2019 worldwide) and Google Chromecast are two more streaming services and are in the sights of Greg Hoyt with the potential to add the Markethive TV channel in the future. As more and more people move over from cable to streaming services, this puts Markethive TV right at the forefront of what’s happening in the industry. 

Basic Thru To High-End Streaming Devices Available 

Roku has been around for years and one of the first heavily advertised streaming devices that keep reappearing every year as one of the dominant ways to cut the cord. Roku Express is rated as the best for beginners and with fast, HD streaming, not 4K, which is excellent for lower bandwidth or slower WiFi internet services.

Roku Ultra streaming media player is America’s #1 streaming platform, based on hours streamed. The most powerful and feature-packed media player that streams HD/4K/HDR
Ultimate connectivity with dual-band wireless and an ethernet port. Voice remote with buttons for TV power and volume. Plus, lost remote finder and a headphone jack for private listening with included premium JBL headphones.
 
Amazon Fire TV Stick is another basic device for beginners, It’s simple to set up with a quad-core processor,  as well as 8 GB of storage and 1 GB of memory for apps and games that allows for fast streaming. 

The latest device from Amazon is the Fire TV Stick 4K which has Alexa built-in including voice remote, Ultra HD, and Dolby Vision. According to Amazon, it is the most powerful Ultra 4K streaming stick they make. You will need a faster level of bandwidth and WiFi to support HD picture quality.

Google Chromecast is a cheap and easy way to stream video content right to your TV and also enables you to share your phone or laptop's screen directly onto your TV. With a Chromecast, you have a fast path to bring Netflix, YouTube, Hulu, and many more services straight to the biggest screen in your house. 

Apple TV, very powerful, but pricey has 4K and HD boxes that feature the latest technology. creating a crisper picture using four times more pixels than a standard HD along with Dolby Atmos sound, along with 32GB of storage. 

The more hi-end streaming devices are the Fire TV Cube, Apple TV, and Google Chromecast Ultra with all the characteristics of the Roku Ultra and Amazon Fire Stick 4K and then some but are almost double in price. Depending on your requirements, the basic devices are often enough for the average user.

The Difference Between Paid Subscription Streaming Services and Devices

Netflix and Amazon Prime TV among many others are a more commercial, mainstream service where you can access movies and popular shows based around entertainment. The hardware like the Roku Express and Amazon Fire Stick are the devices that give you access to these streaming services and are a one-time purchase. As long as you have a wi-fi connection, you can browse the internet and have access to other video streaming apps. You do not need a paid service like Amazon Prime to use the Fire Stick.

What’s The Next Step? 

To access Markethive TV, you'll need to get the app devices (sticks), which you can get online from Amazon, Walmart, or the type of stores that specializes in electronics. Also, Greg Hoyt has created a banner ad where you can order the Roku or Fire Stick devices, so click on the banner at the bottom to order yours. Each app requires its own device. Notably, with Amazon Fire TV, you may need to search for Markethive TV under "APPS" rather than in the regular TV & movie sections.

To help bring Markethive TV into the limelight we would like as many Markethive entrepreneurs as possible to participate in promoting the channel in the Markethive newsfeed to create momentum so that the 1000’s of new members joining every day are aware of this venture. 

Then, go to Markethive TV on Roku or Amazon Fire TV (or both) and rate the channel after watching about 10 minutes of the content. The more consistent viewers and ratings the Markethive TV channel receives and the greater the audience gives a better chance of Markethive TV being displayed on a viewer’s TV screen as opposed to having to search for the channel to view it. 

One of many Markethivers who rated Markethive TV had this to say,

“I loaded it on my Firestick today. The videos look great in true HD. Gave the app 5 stars on Amazon, and then some. Thanks for all the hard work on the app. Very well done.”

As Greg says,

“The timing coincides nicely with the efforts of Thomas and the rest of the team, as Markethive continues its strong growth, along with the remarkable Alexa Ranking, Markethive TV will be adding to that momentum.”

Conclusion

Markethive, delivering a blockchain-driven Market Network for Entrepreneurs with a cryptocurrency ecosystem, integrated with an inbound marketing tools platform, multiple ecommerce tool platforms with blog broadcasting from members and staff writers delivering the latest news, insights, and analysis from 100,000s of bloggers and journalists from many industries. Now we have Markethive TV live on Roku and Amazon Fire streaming networks on a mission to deliver Markethive to a new level and market, creating an even more widespread reach illuminating the platform that has been built for the people, by the people, and of the people. 

 

 

 

Deb Williams
A Crypto/Blockchain enthusiast and a strong advocate for technology, progress, and freedom of speech. I embrace "change" with a passion and my purpose in life is to help people understand, accept, and move forward with enthusiasm to achieve their goals. 

Chainlink Sees Astronomical Growth In Single Day Becomes Fifth-Largest Cryptocurrency

Chainlink Sees Astronomical Growth In Single Day, Becomes Fifth-Largest Cryptocurrency

By Bernice Nyambura – August 12, 2020

Chainlink has finally joined the list of top five cryptocurrencies by market dominance after a long impressive feat that’s seen the coin climb all the way almost to the top and replacing Bitcoin Cash.

With a current market cap of over $5.4 billion, LINK’s 24-hour volume at over $2 billion beats that of XRP at around $2.1 billion. A tweet shared by crypto portfolio management Blockfolio a few hours ago has stirred support for the coin, with some users speculating that the coin has ample room to climb even higher.


(Click image for larger view)

LINK as the Trending crypto of the Week

LINK is up 68.7% in the last week at a time when the other top cryptocurrencies are struggling to regain higher support levels after the recent pullback. Meanwhile, Chainlink has shown utmost resilience and is currently trading at an all-time high of $15.7 with a double-digit of 20% in the green zone.

Chainlink’s success has not come as a surprise to many and especially to the LINK marines as the coin has been on a roll since June. In Its most spectacular achievement, LINK jumped to the sixth position on Sunday after gaining 23% in 24 hours, replacing Cardano and attaining a market cap of $5.1 billion.

Before that, LINK reached the $13.76 sentimental level on 8 August that also saw its daily active addresses reach an all-time-high of 15.6K and become a trending crypto asset on On-chain analysis platform Santiment, prompting the platform to say:

“There is no telling when this impressive run will end for #Chainlink holders.”

Santiment yesterday named $LINK and its upcoming rival $BAND as the top mainstay assets on their Emerging Trends platform. The rating measures the highest percentage increase in social discourse related to crypto-assets and topics.

Supported by its strong use case as a blockchain oracle project, LINK’s grand rise has also been serving as positive exposure for people to familiarize and support the project behind the cryptocurrency.

Is LINK’s Pump Just Getting Started?

While a few people are aiming higher at $20 by August 30, there are also rising concerns about the eminence of Chainlink’s dump, despite the coin beating all prior doom predictions.

As earlier reported, a notable concern involves LINK’s top 100 addresses holding more than 83% total link supply. If they decide to dump on the market, LINK could essentially crush to cents. As one user puts It, the ‘$LINK dump would be something to behold’.

It is still unclear when LINK’s dump will occur, and how far back the price can go. For now, the general feeling towards Chainlink is bullish, especially after a major investor emptied some of her XRP coffers to move in Chainlink and benefit from the massive gains.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Bernice Nyambura and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Rainier Title Partners Ubitquity To Develop Blockchain-powered Title And Escrow

Rainier Title Partners Ubitquity To Develop Blockchain-powered Title And Escrow

By RTTNews Staff Writer | Published: 8/11/2020 10:19 AM ET

Title and Escrow company Rainier Title has teamed up with blockchain start-up Ubitquity LLC to develop a blockchain-powered platform for creating tokenized property title as well as parallel records of conveyances.

Ubitquity is the enterprise-ready blockchain-secured platform for real estate and title recordkeeping. Rainier Title is a title company serving the Washington State.

Rainier Title is in the process of migrating to conveyance suite Qualia, which is a cloud-based title, escrow, and eClosing platform that meets the industry's most stringent security requirements.

Ubitquity is now looking to develop a software that seamlessly integrates into Qualia. This will enable Rainier Title to provide its clients tokens that represent the client's property. This will give the title owner opportunities to create new value with their property such as creating fractionalized ownership investment opportunities.

The tokenized property title and a blockchain record of the conveyance would also create huge efficiencies for the abstract process.

Ubitquity's smart contract module will also help prevent cybercrime in the property industry. The data on the blockchain can be easily retrieved and re-used without a need for further verification. The data also becomes a single source of truth all parties can trust without the need to reconcile.

The smart contract module is a blockchain-based smart escrow contracts product named SmartEscrow that allows for reduced overhead costs and mitigated risks.

SmartEscrow allows closing agents to avoid and mitigate fraud. It allows the parties involved in a transaction to have the assurance that verified parties are sending and receiving funds from the proper source with secure wire instruction tools.

For comments and feedback contact: editorial@rttnews.com

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

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DeFi Tokens BAND LINK Outpace Bitcoin Price by Gaining 100 in 10 Days

DeFi Tokens BAND, LINK, Outpace Bitcoin Price by Gaining 100% in 10 Days

Strong growth in the DeFi sector led Band Protocol (BAND) and Chainlink (LINK) to gain more than 100% over the past few weeks.


Image courtesy of CoinTelegraph

            AUGUST 10, 2020

This week Bitcoin (BTC) price is making waves as the digital asset finally pushed above the $12K mark, but prior to this move, altcoins have been strongly outpeforming BTC for weeks.

Two of the most notable performers are Band Protocol (BAND) and Chainlink (LINK) as both surged by 348% and 88% in the past ten days. Each functions as an oracle blockchain network that supplies data to Decentralized Finance (DeFi) applications.

Since the start of August, BAND price rose from $3.9 to as high as $17.78 and in the same period, LINK surged from $7.6 to $14.45 at its peak on Aug 10.

BAND and LINK performances side by side
BAND and LINK performances side by side. Source: TradeBlock (Click image for larger view)

What’s behind the DeFi token pump?

The primary factor behind the strong rally is the explosive growth of the DeFi sector.

DeFi applications allow users to carry out various financial activities like trading, loans, and also earning interest from crypto lending.

In order for DeFi platforms to run seamlessly, they need to fetch market data from various websites and blockchain networks and this is where orcacles come into use. Oracles are required within smart contracts to obtain necessary data to run DeFi platforms. Hence, when the DeFi sector expands, the blockchain networks providing oracles benefit from it.

A TradeBlock research paper explains:

“Oracles allow for off-chain data to be integrated with the smart contract parameters that exist on public blockchains. In the figure below, we compare price gains between ChainLink (LINK) and Band Protocol (BAND) over the past three months.”

Data from Defi Pulse shows that since June 1, the total value locked in DeFi apps surged from $1.048 billion to $4.76 billion. As more capital has entered the DeFi market, the demand for oracles also increased.

The main difference between Band Protocol and Chainlink is that the former is based on Cosmos, and the latter operates on top of the Ethereum network. Cosmos is a proof-of-stake (PoS) blockchain, while Ethereum is in the process of moving over to PoS through ETH 2.0.

BAND has seen substantially larger gains than Chainlink over the past several weeks due to a large gap in valuation. Currently, LINK is valued at over $4 billion, whereas, BAND is valued at $308 million despite its 348% gain.

Researchers at Messari explained that BAND followed a similar path as Chainlink, which spurred its growth. They said:

“BAND has recently taken a page straight out of the LINK handbook with a slew of partnership and integration announcements, including a Coinbase Pro listing. Up over 32x on the year, its relative valuation play and anchor to LINK has worked so far.”

The timeline of BAND's rally
The timeline of BAND’s rally. Source: Messari (Click image for larger view)

Will demand for oracles increase?

Kelvin Koh, co-founder of Asia-based venture capital firm Spartan Black said he expects BAND to continue its upward momentum. Over the next 12 months, Koh said he anticipates BAND to close the valuation gap. He said:

“Despite BAND’s significant re-rating YTD, it is worth noting that its circulating market cap is still only 5% of LINK’s while FD market cap is 10%. This is fair currently given BAND’s nascent stage but I expect the valuation gap will continue to close in the next 12 months as BAND scales.”

Since BAND and LINK are based on differing blockchain networks, they will also likely support separate DeFi ecosystems based on Ethereum and Cosmos.

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Original article posted on the CoinTelegraph.com site, by Joseph Young.

Article re-posted on Markethive by Jeffrey Sloe

ChainLink LINK Hits New ATHs in Price and Daily Active Addresses

ChainLink (LINK) Hits New ATHs in Price and Daily Active Addresses

John P. Njui   •   CHAINLINK (LINK) NEWS   •   August 9, 2020

Quick take:

  • On August 8th, ChainLink (LINK) printed a new all-time high of $13.88.
  • At the same time, LINK’s active daily addresses also hit a new all-time high of 22,622.
  • LINK continues on its upward trajectory with no clear indication that its momentum will drop.

For the past week, the digital asset of ChainLink (LINK) has had a spectacular ride in the crypto markets. LINK opened the week at a value of approximately $8.27 only to print a new all-time high value of $13.88 yesterday, August 8th. This is a 67.7% growth in value in less than a week.

The majority of the gains were observed yesterday, August 8th, when LINK opened the day at around $10 and gaining by over 38% to print the new all-time high value.

ChainLink Hits New All-Time High in Price and Daily Active Addresses

While LINK was setting a new all-time high value in price, its on-chain metrics also pointed to a new all-time high in terms of daily active addresses. The team at Santiment Research explained this fact as follows:

$LINK has hit all-time highs in both price ($13.76) and daily active addresses (15.6K and counting) today. It is currently the #1 trending #crypto asset on @santimentfeed. There is no telling when this impressive run will end for #Chainlink holders.

Below is a current chart showing the impressive growth of ChainLink’s price and daily active addresses. According to the chart by Santiment, the ChainLink network had a new peak of 22,622 daily active addresses on the 8th of August.


Chart courtesy of Santiment.net. (Click image for larger view)

A Possible Correction After LINK Marines Liquidate Zeus Capital

As mentioned by the team at Santiment, ChainLink (LINK) is yet to give clear indications as to when its impressive push in the crypto markets will start to experience fatigue.

With many crypto traders practically going long on LINK based on gut feeling and news updates about LINK marines attempting to liquidate Zeus Capital, there is a high chance that LINK’s value will continue to grow until the latter feat is achieved.

Below is one such tweet tracking the progress of LINK marines attempting to liquidate Zeus Capital.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe