BTC has been bouncing within its range for quite while now. In the daily, support remains at around 9,800 and resistance is around 10,500. It remains to be seen whether BTC can go for a retest of the 11k level 50 MA resistance area, while a break below the 9,800 - 9,500 area could bring further decline to next potential support around 8,800 - 8,400.
Global market cap is at $328B, while BTC's market cap is at $188B.
The Bitcoin mainnet has seen its first even discreet log contract (DLC) deployed - a smart contract that details a $10,000 bet on the winner of the next US presidential election. Nicolas Dorier, developer of BTCPay, made a bet using a DLC between himself and Suredbits founder Chris Stewart, with Outcome Observer acting as a third-party oracle. DLCs allow two or more parties to enter into a smart contract agreement regarding a future event, in this case the election battle between Donald Trump and Joe Biden. Until now, DLCs were more at home on Ethereum or EOS, but work on adding smart contracts to BTC has been ongoing.
According to Stewart, "when the election is finalized, the Outcome Observer will broadcast a signature that either I or Nicolas can use to settle the bet - if Trump wins, Nicolas will receive 1 BTC. If Biden wins, I will receive 1 BTC."
Chainalysis recently published its Global Crypto Adoption Index 2020. According to Chainalysis' data, the top 3 countries by rank are Ukraine, Russia, and Venezuela. Ukraine has an index score of 1, Russia with 0.931 index score, and Venezuela with 0.799 index score. Despite being in the 3rd rank, Chainalysis put emphasis on Venezuela as an "excellent example" of cryptocurrency adoption in emerging countries due to its use among ordinary citizens as a way to mitigate economic instability. Surprisingly, Vietnam is on the top 10 spot with 0.443 index score and ranking second in on-chain value received and on-chain retail value received metric despite early attempts of Vietnam's local government to crack down cryptocurrency.
The index has 4 metrics: 1) total value of on-chain crypto transactions weighted by purchasing power per capita (PPP), 2) value of on-chain retail transfers weighted by PPP, 3) number of on-chain crypto deposits weighted by the number of internet users, and 4) trade volume on P2P exchanges weighted by the number of internet users and PPP.
An anonymous user made $250,000 in profits from a $200 initial investment in a cloned version of Yearn.finance called Soft Yearn (SYFI). SYFI, a DeFi protocol, was launched as a soft-pegged adaptive cryptocurrency that expands or contracts its supply automatically, a concept popularized y Ampleforth using its rebasing mechanism. However, the Uniswap price of the token was not adjusted to account for the rebase, and the trader was able to sell the SYFI tokens at the previous price, wiping out all liquidity in the pool. The anonymous user, going by the Twitter handle Amplify, netted 740 ETH from an initial 0.5 ETH investment.
While the user admits that the incident was merely an accident, that there were no malicious intents to exploit this code, the Soft Yearn project lost most of whatever reputation it had acquired and volumes and liquidity have completely dissipated.
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