Ethereum's Top Decentralized Exchange Just Got Faster: Uniswap Launches On Optimism - Benzinga

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Benzinga 14 July, 2021 - 09:42am 7 views

Is Crypto in a bear market?

Cryptocurrencies are likely in a bear market, but it may be a short one. According to Coindesk's latest (June) quarterly review, we are more than 76 days into a bear market (defined as a drop of at least 20%, followed by at least 90 days in which the price does not return to its previous high or low). Moneyweb.co.zaBitcoin's bear market could be a short one

Uniswap (CRYPTO: UNI) — the largest Ethereum-based (CRYPTO: ETH) decentralized exchange (DEX) — launched the first public test version of its platform.

What Happened: According to a Wednesday announcement, Uniswap launched a public alpha version of its exchange on the Ethereum scalability solution Optimism.

This system — based on so-called optimistic rollups — promises "instant transactions and scalable smart contracts" for Ethereum decentralized applications (DApps) on its official website.

The latest big announcement concerning an Optimism-based Uniswap was the launch of proof-of-concept demo Unipig, which purportedly demonstrated a decrease in fees ranging between 10 and 100 times and a transaction confirmation time under two-tens of a second.

Ethereum fees tracking service ETH Gas Station shows that Uniswap is the top consumer of Ether fees, accounting for 1,500 ETH, or $2 million at press time, of fee spending on the network over the last 30 days.

Uniswap's Optimis-based public alpha is more than a proof-of-concept since it is open to actual users willing to make real trades, but it has put some limits in place to limit potential damage if the system is found to be flawed.

Read also: Everything you need to know about Uniswap

According to the announcement, during the Alpha test phase, the Optimism version of Uniswap will only support an initial throughput of 0.6 transactions per second — a transaction capacity roughly in line with what is possible on the Ethereum network. The team has set a target of 50,000 transactions per day at launch that will be increased over time.

Price Action: According to CoinMarketCap data, the news failed to have a positive impact on Uniswap's token price, which fell by nearly 13.3% from its 24-hour high of $19.42 to a low of $16.84 before settling at $18.11 as of press time.

Photo: Screenshot of Ethereum Optimism Medium Blog

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© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Rising US and UK inflation prompts crypto sell-off

Yahoo Finance Australia 15 July, 2021 - 02:19am

Bitcoin (BTC-USD) fell 3.8% to $31,894 (£23,041), losing gains it had made a month ago, when it had hit a high of $41,330 on 15 June. It still remains a long way from its all-time high of $63,000, which it had reached in April this year.

Ethereum (ETH-USD) declined 6.7% to $1883, while joke token Dogecoin (DOGE-USD) fell 6.6% to $0.19.

The cryptos were earlier hit hard by global regulatory action. Now it seems the sell-off has been triggered by inflation: US inflation hit a 13-year high in June, driven by a rise in the cost of used cars, with consumer prices rising 5.4% year on year.

Inflation has been rising as economies ease lockdown restrictions. Over in the UK, inflation jumped to 2.5% in June, the highest figure seen since August 2018 and outstripping forecasts made by economists.

It has also gone beyond the Bank of England’s target of 2%. Earlier, the bank’s outgoing chief economist warned inflation could climb as high as 4% by December.

Central banks in both countries will now likely mull whether to raise interest rates, a tool often used to stop inflation from spiralling out of control.

“Bears hijacked the stock markets yesterday following the release of inflation data which published figures that were higher than what economists expected,” said Naeem Aslam, chief market analyst at Ava Trade.

He said bitcoin slumped following this frenzy in the financial markets.

But he reiterated a point he has made many times in the past couple of months, that crypto enthusiasts are taking advantage of any opportunity to get a good deal as institutional investors continue to pour money into this space.

The latest example of this is Capital Group, one of the world's largest investment management firms, entering the market.

It has acquired a 12.2% stake in MicroStrategy (MSTR), which is heavily invested in Bitcoin and has purchased Bitcoins worth $2.74bn since the end of June.

Read more: Pound spikes as inflation surge ups pressure on BoE to hike rates

“As a result of this transaction, Capital Group has gained indirect exposure to the digital assets, reassuring investors that the crypto sector has a bright future,” said Aslam.

Earlier this week the Metropolitan police's economic crime command seized almost £180m of Bitcoin following an investigation into international money laundering. The Met also confiscated £114m of the cryptocurrency last month.

Cryptocurrencies have been under much pressure for regulation from global governments to central banks, with several countries imposing measures to regulate digital tokens.

From sandboxes to the definition of money, Australia has to decide whether to support innovation or tamp it down, Finder's co-founder says.

The fund will trade on the Sao Paulo-based B3 exchange under the ticker QETH11, QR Capital said.

UK inflation hit 2.5% in June, overshooting forecasts and rising sharply from May's reading of 2.1%.

(Bloomberg) -- Apple Inc. has asked suppliers to build as many as 90 million next-generation iPhones this year, a sharp increase from its 2020 iPhone shipments, according to people with knowledge of the matter. The shares jumped to a record.The Cupertino, California-based tech giant has maintained a consistent level in recent years of roughly 75 million units for the initial run from a device’s launch through the end of the year. The upgraded forecast for 2021 would suggest the company anticipat

The move by Visa to allow the issuance captures the growing interest in cryptocurrencies for Australia's economic market.

Fink said he has been asked about crypto and bitcoin in the past, but not in the last two weeks.

U.S. stock indexes closed mostly higher Wednesday, after Federal Reserve Chairman Jerome Powell stresses that more progress is needed on economic recovery before the central bank's support will be scaled back.

The head of the world's largest asset manager isn't convinced by the Federal Reserve's arguments that U.S. inflation pressures will soon fade away.

A new Federal Reserve Bank of New York survey found that consumer expectations of inflation for the near future have risen over the month of June. Yet overall, economic optimism remains the predominant trend.

Dogecoin declined below the support at $0.20.

The BOE says growing interest in cryptoassets by institutional investors, banks and payments operators is a concern.

Net transfer volume of bitcoin out of exchanges has seen outflow dominance climb to an estimated 2,000 BTC in daily withdrawals.

WASHINGTON (Reuters) -U.S. Homeland Security Secretary Alejandro Mayorkas on Tuesday warned would-be migrants from Cuba and Haiti against trying to reach the United States illegally by sea, saying the voyage was too dangerous and they will not be allowed to enter. "Let me be clear: If you take to the sea, you will not come to the United States," Mayorkas said at a news briefing.

It’s another mixed start to the day for the majors. Failure for Bitcoin to move through to $33,500 levels would leave the broader market under pressure.

Over the past year, more and more multistate operators in the cannabis industry have been jockeying for top positions as additional states legalize the medical and/or recreational use of marijuana. Three companies that have been actively pursuing growth through expansion and acquisition in the cannabis market are Ayr Wellness (OTC: AYRW.F), Columbia Care (OTC: CCHWF), and Cresco Labs (OTC: CRLBF). The latest of those to initiate coverage is Jefferies analyst Owen Bennett, who expects the cannabis market to grow at a rapid compound annual rate of 14% through 2030.

Toxic stocks are vulnerable to external shocks, burdened with high debt and bound to result in loss for investors over time. Discard such stocks from your portfolio right away to avoid losses.

With a 6.8% dividend yield, Canadian pipeline stock Enbridge (NYSE: ENB) offers an attractive opportunity for dividend investors. Its liquids operations account for a little more than half of its earnings, while natural gas and other midstream operations make up its remaining earnings. Enbridge's liquids pipelines are strategically located, providing it with resilient cash flows even in volatile energy markets.

Below, I'll show you how investing approximately $72,036 across three stocks -- Gilead Sciences (NASDAQ: GILD), Altria (NYSE: MO), and Verizon Communications (NYSE: VZ) -- could generate $300 in monthly dividends for you. Healthcare company Gilead Sciences currently pays a yield of 4.2%. Gilead may have disappointed investors over the past year as its COVID-19 treatment, remdesivir, which many thought could be be a silver bullet to stop the virus in its tracks, failed to live up to the hype.

Shares of ChargePoint (NYSE: CHPT) crashed today, down by 10% as of 3:30 p.m. EDT, after the company announced it is conducting a secondary offering. The news comes just a few months after ChargePoint completed its merger with a special purpose acquisition company (SPAC). The secondary offering is being launched in order for existing shareholders, primarily early venture capital (VC) funds, to sell stock in an orderly fashion.

If You've Lost Money Investing in Crypto, You May Be a Bad Investor • Benzinga

Benzinga 15 July, 2021 - 02:19am

Recent data collected from Glassnode shows 70% of Bitcoin’s supply is in profit, while almost 80% of Ethereum’s supply is in profit. If you’ve lost money on either of these cryptocurrencies, you’re likely in the minority of crypto investors.

The above graph shows Bitcoin’s price (in black) juxtaposed on the percent of held Bitcoin that is currently in profit (in orange). Of course, as Bitcoin’s price reaches new all-time highs, the percent of holders in profit will increase. 

Despite Bitcoin plummeting 50% in value, about 70% of Bitcoin in existence are held in profit. Not only this, but on-chain data suggests that those who have sold their Bitcoin in the recent months were short-term holders selling at a loss. 

The data shows even more impressive statistics regarding the 2nd largest cryptocurrency by market capitalization, Ethereum (ETH). Since about 5% of Ether’s supply is locked into its Proof of Stake testnet, there’s less Ether available to be sold on exchanges. Even more, Ether is used in decentralized applications (dApps) which further reduce sell-side supply. 

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