#Top Investors Bet $7 Million that DeFi Will Move to Polkadot Network

 

                 

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Polkadot continues to attract DeFi developers and investors alike as the newly-launched network looks to take on Ethereum.

Acala, a DAO established on the newly-launched Polkadot network, has announced a successful series A funding from 15 high profile investors, such as Pantera Capital, Arrington XRP Capital, ParaFi Capital, CoinFund, DCG, Spartan Group, and others. 

Santiago Roel Santos, Partner at ParaFi Capital, says: 

“At ParaFi, we envision a constellation of DeFi ecosystems spanning multiple chains and believe that would be a win-win for the broader crypto industry. Acala is our first DeFi investment in Polkadot, and one of our first outside Ethereum. We are encouraged by the pace of development and innovation by Acala and are excited to join the team in their journey to become the primary DeFi hub of the Polkadot ecosystem.”

The investment is a simple agreement for future tokens (SAFT) deal and was led by Pantera Capital. According to Coindesk, the total amount raised is around $7 million.

Acala is a financial primitives platform that will provide an alternative infrastructure for DeFi on Polkadot’s multi-chain ecosystem. The Acala platform will feature a MakerDAO-like governance structure with split governance (ACA) and stablecoin (aUSD) tokens on the Polkadot network. 

However, it plans to go beyond MakerDAO’s current capabilities with a decentralized exchange (DEX) on top.

The need for a fast and cheap blockchain is rising, as Ethereum-based DeFi continues to be an unattainable investment for small retail investors. The rising gas fees are just one example of this, and may ultimately result in an investor migration from Ethereum to Polkadot. 

Regardless of the short term implications of Polkadot’s launch and Acala’s fundraising success, in the long run, Ethereum competition is extremely beneficial for everybody involved in crypto.

##Major Singapore Bank: Central Bank Interest in Crypto and Gold Surged Following COVID-19

 

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DBS report showed that cryptocurrencies have grown amid the COVID-19 pandemic and central banks are “troubled and intrigued” by that fact.

The Singaporean multinational banking and financial services corporation DBS Bank has compiled a report on cryptocurrencies and the recent developments in the sector. The paper noted that central banks are both “troubled and intrigued” by the growing role of digital assets in today’s world, especially following the COVID-19 pandemic.

DBS Bank: Cryptocurrencies Are Growing

Headquartered in Marina Bay, DBS Bank is among the largest banks in the region. In its recent paper on cryptocurrencies, DBS said that while they were once perceived by central banks as entirely speculative assets with little-to-no real-life utilization, they have outgrown that mantra and have “captured the investor zeitgeist.”

The COVID-19 pandemic and the actions taken by central banks have only highlighted their merits and accelerated the developments in the field, the paper added.

“Ever since central banks around the world embarked on an unprecedented expansion of their balance sheets to combat the COVID-19 pandemic-related economic headwinds, interest in cryptocurrencies, along with gold, has resurged.”

Although the paper outlined that Bitcoin’s maximum cap of 21 million makes it an enticing investment instrument or a store of value, it also brought up a poll indicating compelling results.

Nearly 35% of participants have responded that they employ BTC and other digital assets for online payments and purchases. At the same time, less than 25% of all answers go to “general interest in it as a technology, short-term investment, and long-term investment.”

##Bitcoin Price Breaks $12K To New 2020 High: New Bull Run Gets Underway?

 

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Bitcoin price had been lingering under the $11,900 mark for the past 48 hours, despite another injection of $6 billion entering the global crypto market at that period.

In the last hour, however, a sudden surge in buying pressure finally arrived, which assisted in driving prices over the psychological $12,000 resistance for the first time in over a week. The bulls drove the price higher than $12,125, which was the 2020 high since the beginning of August.

This key level has so far succeeded in defeating bullish BTC traders on two separate occasions in the first ten days of August. Will it be third time lucky for the primary cryptocurrency, including a daily close above $12,100?

Price Levels to Watch in the Short-term

Right now, BTC is attempting to close above the median line (dashed line) of the long-standing rising channel. This particular level also overlaps with the first major resistance area (green area) between $12,000 and $12,070.

Breaking over this will secure a new reliable support for Bitcoin as bulls attempt to daily-close a new YTD high above $12,100.

Looking at the Fibonacci extension levels on the 4-Hour chart (yellow lines), we can see that the initial breakout ricocheted cleanly off the 0.618 level ($12,199). If this area is overcome during the current uptrend, the first significant test for bulls will be at the 0.786 fib extension level ($12,343), which also overlaps with the upper channel resistance.

There will undoubtedly be a lot of selling pressure at this key level, but breaking over it will almost certainly signal that the Bitcoin bull market is about to add its next leg.

Looking back at previous daily closes, the only area which has shown any real resistance in the past year is the $12,400 level – between June 29 and July 08, 2019.

Going back to 2018 candles, we can also see the $12,800 was a key S/R level during the month of January.

##Bitcoin Breaks Above $12,000 After David Portnoy and MicroStrategy Venture into BTC

 

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According to the chart from TradingView, Bitcoin has now gone above the $12,000 mark. Bulls have made it after dominating the market recently, but there have been a few major factors that may have pushed Bitcoin above this line.

Bitcoin goes up after Portnoy and MicroStrategy bet on it

As covered by U.Today recently, Barstool Sports founder and internet celebrity, David Portnoy, invited the Winklevoss twins to his place to let them tell him what Bitcoin (and crypto in general) is and how it works.

The twins, Bitcoin billionaires, pitched BTC to Portnoy successfully, as he immediately opened his laptop and acquired both BTC and Chainlink. Among the arguments that he heard was that Bitcoin is superior to gold, since Elon Musk and NASA plan on mining gold and other precious metals in space from asteroids.

Thus, Bitcoin, according to Cameron and Tyler Winklevoss, is the most scarce asset in the galaxy and gold’s supply is likely to be infinite.

MicroStrategy lays hands on Bitcoin

Another likely reason for Bitcoin's surge above $12,000 is that, last week, a major publicly-listed Nasdaq company—software giant Microstrategy—announced that it had got hold of $250,000,000 worth of Bitcoin.

The company decided to allocate this amount of cash to a safe haven asset and decided that Bitcoin can definitely be that, thus acknowledging BTC as a legitimate inflation hedge.

##Ethereum Fees Race Towards $10 Per Transaction

 

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The ethereum blockchain has become very expensive with network fees reaching all time high and by far, giving miners some $7 million a day, 7x more than for bitcoin miners.

Average transaction fees are now nearly double that of the very peak in January 2018, standing at $5.67 per transaction on average.

That was for yesterday, today they’ve increased further from 200 gwei to 300 gwei per simple transaction.

Ethereum fees all time high, Aug 2020

While simple transactions may still be cheap at $3 or $4, contract transactions are becoming very expensive with an etherean claiming he was asked to pay $600 in eth fees.

4Chan has a screenshot, which unfortunately we didn’t save, of being asked to pay 0.3 eth in gas fees, about $120

When we tried to testrun Yam, we were asked to pay about $9 just to give the contract permission.

We didn’t go ahead with it because by the time we got to the deposit stage, all the test-run funds would have run out, so considering what happened after with Yam, there may well be some small benefits to these high fees.

This used to be just 20 gwei but defi has now taken over with Uniswap being the top gas users.

That’s an onchain permissionless broker where all sorts of tokens are traded with its volumes skyrocketing.

Uniswap trading volumes, Aug 2020

Because of this froth, plenty are seemingly happy to pay these high fees because of all the token giveaways in the hope they make a profit anyway.

However, some claim it now costs $40 even to enter a second layer, like Loopring, with it unclear what miners plan to do.

Miners gas vote, Aug 2020

They seemingly want to increase it maybe to 15 million as uncle rates are still very low, but last time they got shouted at by the Geth maintainer.

So the pressure is primarily on dapp developers to get second layers, but that takes time, skill and effort.

Meaning miners could increase capacity a bit as ethereum is not even running at 2MB per ten minutes like bitcoin, but that would be just buying time which is just what we need as we wait for ethereum to go Proof of Stake by being merged with eth2 hopefully next summer according to Danny Ryan, the ethereum 2.0 coordinator.

#Dogecoin is now being used by crypto hackers after TikTok boom

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Dogecoin’s usecases have seemingly evolved over time. The meme coin was initially created as a joke in 2014, turned into one of the hottest cryptocurrencies in 2015, became Elon Musk’s favorite in 2018, and was part of a TikTok challenge in 2020.


But things have taken a darker turn for the currency; hackers are now utilizing the token to control crypto mining botnets, security firm Intezer Labs said in a report this week.



Such DOGE, much hack

Intezer Labs, a New York-based malware analysis and detection firm, found out hackers using the infamous “Doki” backdoor have been using Dogecoin wallets to mask their online presence.



The firm said it had been analyzing Doki, a trojan virus, since January 2020 but recently discovered its use in installing and maintaining crypto-mining malware later. 



A hacker — who goes by Ngrok — had uncovered a method to use Dogecoin wallets for infiltrating web servers, the firm noted. The usage is a first such case for the meme coin, which is otherwise known for funnier purposes.


Intezer Labs found out Doki was using a previously undocumented method to contact its operator by abusing the Dogecoin blockchain in a unique way in order to dynamically generate its control and command (C&C) domain addresses.




Using Dogecoin transactions allowed the attackers to alter these C&C addresses on any affected computers, or servers, that ran Ngrok’s Monero mining bots. Doing so allowed the hacker/s to mask their online location, thus preventing detection by legal and cybercriminal authorities.



Intezer Labs explained in its report: 




“While some malware strains connect to raw IP addresses or hardcoded URLs included in their source code, Doki used a dynamic algorithm to determine the control and command (C&C) address using the Dogecoin API.”




The firm added these steps meant security firms needed to access the hacker’s Dogecoin wallet to take down Doki, which was “impossible” without knowing the wallet’s private keys.




Using DOGE to control servers


Using Doki allowed Ngrok to control their newly-deployed Alpine Linux servers for running their crypto-mining operations. They used the Doki service to determine and change the URL of the control and command (C&C) server it needed to connect for new instructions.


Intezer researchers reverse-engineered the process, detailing the initial steps as shown in the image below:




When the above was fully executed, the Ngrok gang could change Doki’s command servers by making a single transaction from within a Dogecoin wallet they controlled.



However, this was just part of a larger attack. Once the Ngrok gang gained access to command servers, they deployed another botnet to mine Monero. Dogecoin and Doki only served as access bridge, as ZDNet researcher Catalin Cimpanu tweeted:



Intezer said Doki has been active since this January, but remained undetected on all 60 “VirusTotal” scanning software used on Linux servers.



As of today, the attack is still active as of today. Malware operators and “crypto-mining gangs” have been actively using the method, said Intezer.



But it’s not a big worry. The firm says preventing exposure to the virus is easy; one just needs to ensure that any critical application process interfaces (APIs) are fully offline and not connected to any application which interacts with the internet.

###Libra is showing the world that anybody can create a digital currency

                


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Libra is setting the stage for a new financial system in which anyone can create their own digital currency, according to Raoul Pal, a well-known macro investor and the CEO of finance media platform Real Vision.




In the latest episode of The Scoop, Pal argued that Libra is important if only because it will inspire other companies and industry groups to create new private currencies. 



“Google could have their own, the oil market could have their own, the private sector could have their own,” he said. “They could be independent currencies like Bitcoin. There could be corporate currencies that are blended. It could be anything."



“What [Libra]'s telling you is not it's going to be a reserve currency, but they just set the stage and let the genie out of the bottle that anybody can create a currency,” Pal said. “Bitcoin was obviously the start of that. But now these guys are saying, we can create currency baskets for trades using basic asset management to do it, and therefore anybody can.”



Earlier this month, Libra confirmed a shift to multi-currency model. The move –along with other changes noted by Facebook's Marcus – constitutes a nod to the regulatory pressure the project has faced since its official inception last summer Libra is backed by an international organization of companies that includes social media giant Facebook.

##US CFTC Greenlights Another Exchange To Offer Bitcoin Futures

        

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Bitnomial is the latest cryptocurrency exchange to receive the green light from the US Commodity Futures Trading Commission (CFTC) for offering US Bitcoin futures and options as designated contract markets (DCM).



Announced on April 20, the derivatives contracts are to be margined and physically delivered, which means that traders will get Bitcoins after the final settlement of the contract.




User Acceptance Testing Scheduled For This Month


Even though the launch date of derivatives trading is still not formally announced, the exchange will begin with the user acceptance testing (UAT) for trading and delivery later this month.




“We are building the Bitcoin Product Complex, a suite of interrelated financial products, starting with quarterly Bitcoin futures, micro futures, and options. Additionally, our products initially trade on 37% margin and are settled on-chain instead of book entry.” Luke Hoersten, founder and CEO of the exchange, said.



Institutional Demand in Crypto Is on The Rise



Institutional interest in Bitcoin continues to increase. As CryptoPotato recently reported, CME saw one of its best trading days, recording a trading volume upwards of $1 billion.





The paper also highlights that the increasing interest is also attributed to stablecoins and their growing popularity. Yet, the document reads that there are plenty of regulatory hurdles, especially for privately-owned stablecoins such as Facebook’s Libra.



It’s also worth noting that the infrastructure for institutional investors to get involved in the field is also improving. Just yesterday, the well-known institutional custodian BitGo acquired a financial platform to facilitate portfolio management. With Bitcoin’s halving just around the corner, it’s likely that this is a trend to continue.

##Euro Pacific Capital CEO Coronavirus recession would be worse than the 2008 Financial crisis.

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Euro Pacific Capital CEO and chief global strategist Peter Schiff warned the coronavirus recession would be worse than the 2008 financial crisis. Furthermore, in a terrifying tweet Wednesday, the US dollar bear and gold bull diagnosed the underlying problem in both crises.



He argued the coronavirus pandemic and the crashing housing market were the pins that popped debt bubbles. But this time, the debt bubble is much bigger than last time. So the crisis is likely to get much worse.



“The 2008 financial crisis started with housing prices falling. The 2020 financial crisis will start because of the @Coronavirus. In each case it’s the debt bubbles that cause the crisis, not the pins that pop them. Since there is far more debt now, this crisis will be far worse!,” according to Schiff’s tweet.



Now a word about Peter Schiff. Many with interest in the cryptocurrency industry know him as an ultra bitcoin bear and crypto hater. He doesn’t believe Bitcoin is a safe haven asset in times of uncertainty. He frequently taunts bitcoin investors and crypto traders on Twitter.



Peter Schiff Was Right About The 2008 Financial Crisis


For example, Schiff likes to bash Bitcoin:



Bitcoin is no longer a non-correlated asset. It’s positively correlated to risk assets like equities, and negatively correlated to safe-haven assets like Gold. When risk assets go down, Bitcoin goes down more. But when risk assets go up, Bitcoin goes up less. No value in that.



But something else to know about Peter Schiff – He predicted the 2008 financial crisis. For two years from 2006 through 2007, he was making the cable news rounds warning it would happen. He also described in precise detail exactly how it would unfold.



The rest of the financial world was in the throes of euphoria. CNBC anchors literally laughed at him on television. People mockingly called him Dr. Doom, an epithet which he accepted, and even posed with a Grim Reaper’s scythe for a feature story.




Schiff is Right About Debt Conditions Ahead of A 2020 Recession



And the facts certainly back up his assessment of the situation, if not his conclusions about how it unfolds. We do face record debts at the corporate, consumer, housing, government, and global levels.




The coronavirus shock threatens to upend the oil industry because of the levels of corporate debt these companies have taken on during the good years when they should have been saving and shoring up. It’s so bad the White House is making moves to bail them out.



Meanwhile, overall corporate debt sits at a record $10 trillion, worse than it was ahead of the financial crisis that caused the Great Recession in 2008.



US consumer debt is also at a record high, vaulting above pre-2008 crash levels. Total US mortgage debt is also at an all-time high. Not to sound like a broken record here, but government debt is also at an all-time high. And so is total worldwide debt. So Peter Schiff is not wrong about the conditions that he says will lead to a worse recession than the one in 2008.



So whether you agree with Peter Schiff’s take on bitcoin and cryptocurrency or not, you might want to listen to him when he intones on the macro business cycle. He’s certainly earned a high degree of credibility when he discusses these matters.

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