Trading Exchange Okex’s Crypto Reserves Nosedived After Withdrawals Opened

Just recently, after the exchange paused cryptocurrency withdrawals, the trading platform Okex finally enabled digital currency withdrawals last Wednesday. Since then, the exchange seems to be experiencing an exodus of funds leaving, as onchain data shows Okex’s crypto-asset reserves like bitcoin, ethereum and tether have depleted considerably during the last ten days. Over the years a number of exchanges have had issues and have worried customers by stopping deposits and withdrawals for a period of time. Okex joined the list of exchanges that have halted withdrawals, as the cryptocurrency trading…

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Testnet of Facebook’s Much Vaunted Stablecoin Only Executes 6 Transactions per Second

The Facebook fronted stablecoin, Diem (formerly Libra)’s dismal testnet results undercut the assertion that the digital currency is a threat to global financial stability. This is the conclusion that can be deduced from a Diem blockchain explorer update which shows the network only processes an average of six transactions per second (tps), with the highest reported figure of 24 tps. The testnet for Diem has been live for more than 43 days at the time of writing. The stablecoin performance suggests more still needs to be done before the expected…

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Billionaire Hedge Fund Manager Paul Tudor Jones Expects Bitcoin’s Market Cap to Grow Beyond $500 Billion

Famed hedge fund manager Paul Tudor Jones has updated his view on bitcoin. Envisioning a bullish future similar to “the metals complex where you have precious crypto,” he says that $500 billion is the wrong market cap for bitcoin, given all the “possibilities that it has.” He expects that the path forward for bitcoin from here is “north.” Paul Tudor Jones Expects Bitcoin’s Price to Head ‘North’ Paul Tudor Jones was again asked about bitcoin in an interview on Yahoo Finance on Thursday. The founder of asset management firm Tudor…

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Crypto-Friendly Travel Site Travala Posts 503% Revenue Increase, 72% of Bookings Paid With Cryptocurrencies

Travel booking website Travala saw an increase in revenue of over 503% in November compared to the previous year. Out of all bookings, 72% were paid with cryptocurrencies, with bitcoin being the most popular choice. A Record Month for Travala The up and coming crypto-friendly travel booking website Travala.com released its monthly earnings report for November on Tuesday showing a record month. The platform’s “Total revenue for the month of November was $920,274 which includes hotel bookings, flight bookings, travel gift cards, and integration fees,” Travala detailed, adding: This represents…

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Yearnify Finance (YFY) Hidden Gem – Decentralized Finance Project, Pre-Sale Round 3 Is Now Live

PRESS RELEASE. Yearnify Finance is a community-centered DeFi-project, modeled to take the successful features of Yearn Finance (YFI), and improve upon them. Yearnify aims to bring the true value of yield farming finance accessible to all users, yearnify offers the most secure and simple way to earn reliable yields on your assets. Yearnify is generally a platform composed of the protocols built on Ethereum. It increases the annual percentage yields (APY) of the cryptocurrencies which are deposited into the DeFi system Yearnify Finance is a powerful DeFi Platform focusing on…

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Microstrategy Buys More Bitcoin, Now Holding BTC Worth Over $780 Million in Treasury

Nasdaq-listed billion-dollar company Microstrategy has made its third large bitcoin purchase. The company now holds about 40,824 bitcoins, worth over $780 million at the current price. Microstrategy’s Third Bitcoin Buy Microstrategy Inc. (NASDAQ: MSTR) has bought more bitcoins. CEO Michael Saylor tweeted Friday: Microstrategy has purchased approximately 2,574 bitcoins for $50.0 million in cash in accordance with its Treasury Reserve Policy, at an average price of approximately $19,427 per bitcoin. We now hold approximately 40,824 bitcoins. Microstrategy also informed the U.S. Securities and Exchange Commission (SEC) on Friday of its…

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Darknet Market Crypto Revenues Hit All-Time Highs in 2020

A study revealed that darknet markets have astonishing figures so far in 2020, despite the coronavirus pandemic, but the dynamics changed compared to the last year’s numbers. Darknet Vendors Surpassed $800 Million in Revenues Despite Covid Pandemic According to the Chainalysis report, darknet marketplaces surpassed the $800 million threshold worth of cryptocurrencies in revenue made in 2019, the all-time high. However, the exact figures for 2020 will be released in the “Chainalysis 2021 Crypto Crime Report” in January 2021. However, the research firm noted that the overall number of purchases…

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British Politician Nigel Farage Says Bitcoin Is the Ultimate Anti-Lockdown Investment

British politician and leader of the Brexit Party, Nigel Farage is lauding bitcoin branding it as the ultimate anti-lockdown investment. The controversial politician’s comments are drawn from one edition of his daily ‘Fortune & Freedom’ newsletter whose mission is to help “get your money and your destiny back in your hands.” Everyone Is Interested The newsletter is published by Southbank Investment Research whose mission is to “publish investment ideas that can change one’s life for the better.” Meanwhile, following the newsletter’s publication, Farage alongside Southbank’s Sam Volkering sat down for…

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Bitcoin’s Rise Causes Shortage of Mining Rigs, Most Units Sold Out, Miners Concerned About Supply

While the bitcoin economy has swelled in value, the overall network hashrate has gradually climbed higher as miners are making a lot of money confirming blocks. However, obtaining bitcoin mining rigs isn’t so easy these days, and regional reports from China indicate a great number of ASIC manufacturers are sold out for months. Moreover, because of the clear shortage, bitcoin mining rigs being sold on secondary markets have seen values increase by 30-40% per machine. Bitcoin Mining Rigs in China Sell Out, Miners Grow Worried About Future Supply Bitcoin mining…

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Volatile Bitcoin Not a True Store of Value Just Yet, Says Fidelity Digital Assets Head

Fidelity Digital Assets president Tom Jessop says that bitcoin is not a true store of value just yet because the digital asset is still too volatile, Reuters reported. However, investors are optimistic bitcoin will attain this status. “We use the word ‘potential store of value’ as bitcoin is still extremely volatile, and by any standard perhaps would not achieve the mantle of a true store of value,” Jessop told Reuters’ Global Investment Outlook Summit 2020 on Thursday. “But aspirationally it is, and that’s one of the reasons why so many…

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