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Bitcoin stuck around $10,400 for most of Tuesday. Meanwhile, ether holders are increasingly choosing smart contracts to park the cryptocurrency.
- Bitcoin (BTC) trading around $10,494 as of 20:00 UTC (4 p.m. EDT). Gaining 0.10% over the previous 24 hours.
- Bitcoin’s 24-hour range: $10,357-$10,532
- BTC above its 10-day moving average but below the 50-day, a sideways signal for market technicians.
Momentum has certainly slowed down since Monday, when massive selling and $34 million in derivatives liquidations on BitMEX led to a $507 million volume day on major spot exchanges. Tuesday did not even approach that level, and was at $210 million in spot volume as of 4 p.m. ET.
Ether supply in smart contracts at 2020 high
The amount of ether parked in smart contracts is at its highest level since 2016, when investors plowed into The DAO, an early decentralized finance (DeFi) precursor. The percentage of ether supply in smart contracts is at 15.96%, the highest level since July 25 2016.
An accounting firm has confirmed that Bithumb, South Korea’s major crypto exchange, is up for sale.
As reported yesterday, the troubled Bithumb Holdings, which owns over 70% of the exchange is actively looking for a buyer. Accounting firm Samjong KPMG, a joint-venture firm that includes Dutch giant KPMG, one of the global “big four,” told Cryptonews.com,
“It is correct that Samjong KPMG is serving as an M&A advisor for Bithumb."
The company declined to comment any further.
Investment banking sources have also told South Korean media outlets that “several” firms have already submitted “letters of intent” as the hunt for a buyer begins in earnest. A price of between USD 430 million and USD 602 million has been mentioned.
South Korean blockchain consultant Mira Kim told Cryptonews.com,
“Bithumb is the jewel in the crown of domestic crypto exchanges – perhaps even of all Asian exchanges. In 2018, a deal to buy 50% of the firm was agreed for USD 350 million, so I think it’s entirely realistic that a company will agree to pay more than that now for an even bigger stake in the company, if that’s indeed what’s on offer. Big domestic companies’ interest is real, I’m led to believe – they have been piqued, but regulatory issues could be off-putting.”
Yam, the decentralized finance (DeFi) sector’s original food-themed clone protocol, has successfully completed its first rebase since its V3 relaunch.
Yam’s relaunch on September 18 followed the spectacular failure of Yam V2 last month — where a bug in the protocol’s unaudited code rendered governance impossible after only two days by rebasing the token’s supply 10 times higher than its design intended.
The Yearn.finance style protocol describes itself as “an experiment in fair farming, governance, and elasticity,” with Yam seeking to maintain a peg of 1 yUSD per token through adjusting or ‘rebasing’ its supply at 12-hour intervals. If Yam’s price is between $0.95 and $1.05 yUSD, no rebase will occur.
Despite the rebase, Yam emphasizes that its protocol is not yet fully optimized.
It notes that while Yam V3 retained “most parameters from V1” to “enable an efficient governance and audit process,” improvements still need to be made to the governance, liquidity incentivization, and rebasing processes underpinning the protocol. It recommends that in future rebasing should be executed with greater frequency to reduce the market impact of purchases made by the Yam treasury.
The year is 2030, and you need to buy some new sunglasses. You browse through your options online. You use augmented reality to try on a few pairs, you find one you like, and now it’s time to pay.
This piece is part of CoinDesk's "Internet 2030" series about the future of the crypto economy.
You have 17 options for payment, including: the digital U.S. dollar (but you’d rather not support the U.S. government and President Ivanka Trump, so you decide against the USD), Facebook Libra (but you have reservations about the new Facebook Brain Implant, so no thanks), Bitcoin (yet you’d rather not part with your digital gold, as the price of BTC just hit $500k), Sunglass Coin (the native currency of this sunglass website, which gives you a 10% discount), Parity Coin (a project that seeks to promote gender wage parity), Green Coin (a project that works to combat climate change), and on and on.
Drawing on the history of 20th century conceptualism as well as the founding myth of Bitcoin’s creation, "Portrait of a Mind" is a complete hand-painted transcription of the 12.3 million digits of the code that launched the cryptocurrency.
By scattering the codebase into 40 globally distributed fragments, the project will “draw up a global network of 40 collectors where no one individual will hold all the code,” Alice said. He explained:
“In each work, an algorithm has found a set of hex digits that together are highlighted in gold. These read a set of coordinates that are unique to each painting. 40 locations across 40 paintings - each location is of particular significance to the history of Bitcoin.”
Speaking to Cointelegraph, Alice said he remains curious as to why much of the commemoration of Bitcoin emphasizes the publication of the whitepaper over and above the codebase itself, which, for him, is “the real historical document.”
🗞 Daily Crypto Calendar, September, 23rd💰
- Ontology (ONT)
"Ontology will showcase our decentralized identity solutions for a world-leading automobile manufacturer."
- Blockstack (STX)
A non-stop virtual event packed with ways to get involved in the Stacks ecosystem as we work toward the Stacks 2.0 launch.
- NEM (XEM)
"Our next #AMA will take place on 23 Sep. This is your opportunity to ask any questions you've wanted to ask but didn't know how."
- Hedera Hashgraph (HBAR)
"Join us next Wednesday, September 23rd for this month's Hedera Engineering Insights - a monthly Product & Engineering-lead developer..."
- DeFiPie (PIE)
"DefiPie The final roadmap will be published on Wednesday 23th of September."
- WAX (WAXP)
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