DeFi TVL hits a record $157B as Ethereum competitors attract investors

Altcoins and DeFi tokens have been on a tear for the last two weeks  and as the end of August approaches many projects are seeing their tokens reach for new all-time highs. Data shows that a majority of the top-10 DeFi tokens gained more than 20% in the past 30-days, with projects like Bancor (BNT) and THORChain (RUNE) seeing gains in excess of 115%. Top-10 DeFi assets by price. Source: Messari Here’s a look at some of the factors behind the current boost to DeFi tokens and the projects that…

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Ethereum traders expect volatility ahead of Friday’s $820M options expiry

Ether (ETH) will face a critical $820 million monthly options expiry on Friday, Aug. 27. That will be the first time that $3,000 and higher options will have a real fighting chance, even though bulls seem to have missed a good opportunity to dominate the expiry because they were too optimistic about Ether’s price potential. It is unclear why $140 million of the neutral-to-bullish call options were placed between $3,800 and $8,000, but these instruments will likely become worthless as the monthly expiry approaches. Competition and the success of interoperability-focused…

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Cardano Foundation partners with Coinfirm for FATF and 6AMLD compliance

The nonprofit organization behind Cardano has partnered with blockchain analytics provider Coinfirm to ensure ADA is in compliance with the Financial Action Task Force’s guidelines. In an Aug. 24 announcement, the Cardano Foundation said it would be using Coinfirm’s services to provide Anti-Money Laundering, or AML, and Combating the Financing of Terrorism, or CFT, analytics for Cardano’s native cryptocurrency ADA. According to the foundation, the integration will allow the project to be “in full compliance” with the guidelines set forth by the Financial Action Task Force, the European Union’s Sixth…

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This indicator flashed bullish prior to Voyager’s (VGX) 200% rally

VGX is the native token of Voyager, a cryptocurrency broker, and the asset is designed to generate staking rewards for its holders as well as boost their yield earnings on other digital assets.  Over the last 30 days, the asset delivered even more value as it has more than doubled its price against the United States dollar and gained 46% over the resurging Bitcoin (BTC). What caused the coin’s price to soar, and was there a way to anticipate its rally early on? Breaking news, familiar market patterns VGX’s August…

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Budweiser uses $120K to purchase ‘fan art’ NFT and Beer.eth domain

Budweiser, a subsidiary of Anheuser-Busch InBev, appears to have unofficially sanctioned a piece of nonfungible token, or NFT, art after purchasing it for use on its Twitter profile.  According to records from the OpenSea marketplace, the beer producer purchased a Budweiser-branded rocketship NFT on Aug. 24 for 8 Ether (ETH), or roughly $25,704. The company used the “Life of the Party” image, featuring three beer cans making up the body of a rocketship, for its official Twitter profile picture. At the time of publication, Budweiser’s 224,900 followers can still view…

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Traders pile into altcoins after Bitcoin price bounces at a key support

The wider crypto market has a wait-and-see feel to it on Aug. 25 as the price of Bitcoin (BTC) dipped to $47,360 before rebounding off the lower support of the ascending channel to reclaim the $48,000 level.  Despite the swift turnaround, analysts are still wary and well-known financial analyst John Bollinger warned investors that it might be a good time to secure some profit.  Several altcoins have managed to overcome the general market malaise to post double-digit gains on Wednesday as decentralized finance (DeFi) and nonfungible tokens (NFT) continue to…

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County Treasurer in Illinois accepts crypto donation in reelection bid

Holly Kim, a treasurer in Lake County, Illinois, has reportedly become the first political candidate in the state to accept crypto campaign donations. According to the Chicago Tribune on Wednesday, Kim recently received a $3 Litecoin (LTC) donation from Mark Tan, founder of T Capital Coin, an investment management outfit based in Lake Forest. The Lake County Treasurer who is up for reelection in 2022 plans to accept Bitcoin (BTC) and many of the popular cryptocurrencies including Ether (ETH), Dogecoin (DOGE), and Dai (DAI). For Kim, accepting crypto donations opens…

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Why An 18% Drop In Bitcoin Could Still Be Bullish

Bitcoin is currently experiencing a downward correction after the price moved past $50K on Monday. While corrections down are to be expected with such a rally, indicators point to this being a bearish scenario for bitcoin. The price looks set to drop further after this correction. This would most likely see bitcoin lost a good percentage of the gains it had made last week. Related Reading | South African Man Loses $900,000 Worth Of Bitcoin After Accidentally Deleting Keys Even though bearish scenarios look negative for the market at large, this…

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Exchange ETH reserves continue to fall after a 26% drop in 2021

The amount of Ether (ETH) held by all cryptocurrency exchanges has declined dramatically in the previous 12 months. Blockchain analytics firm CryptoQuant reported that Ethereum reserves on trading platforms dropped 26.29 million ETH to 19.22 million ETH year-on-year (YoY), indicating that traders’ preference to hold their tokens increased. At least the Ether price performance in the same period indicates the same. Between August 25, 2020, and press time, the ETH/USD exchange rate exploded by a little over 730%— from $407 to $3,190, signaling an erratic inverse correlation between the Ethereum…

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