Margin Lenders Lost $13.5 Million in May to Poloniex Crypto Crash

Crypto exchange Poloniex revealed in a post Thursday that lenders in its bitcoin margin lending pool suffered a loss of 1800 BTC — roughly $13.5 million at current market prices — due to a flash crash in the Clams (CLAM) market on May 26. Poloniex’s peer-to-peer margin system includes both lenders and borrowers, the lenders of which are pooled together and rewarded in interest for lending out their funds. In order for a user to borrow the margin funds being lent, he or she must hold a certain amount of…

Binance Confirms Stablecoin Offering Coming Soon: Report

Binance, the top crypto exchange by adjusted trading volume, has confirmed it will soon issue its own stablecoins. In a phone interview with Bloomberg, Binance’s chief financial officer, Wei Zhou, said the first stablecoin will be launched on the platform “in a matter of weeks to a month or two.” According to Zhou, the token will be called Binance GBP, which will be fully backed by reserves of British pounds. More coins tied to other fiat currencies will follow, he said, while Binance will also work with partners wanting to…

Facebook Coin | Platform will Announce Cryptocurrency in June

According to CNBC, Facebook will announce its cryptocurrency later in June. Further, those working on the project will be able to take their salary in its new currency—the Facebook coin. Let’s check this out; here’s what we know. Facebook Coin: To Be Announced in Late June Rumors have surfaced for months now about Facebook’s new digital asset; however, nothing was ever truly confirmed. What is known is this: Almost one year ago, Facebook hired former PayPal executive David Marcus to explore blockchain opportunities—blockchain is, of course, the necessary technology to…

Bitcoin ‘Corrupted’, Worse Than ‘Creation of God’ Gold: Gabelli Analyst

By CCN: Long before bitcoin rocketed past the price of gold in March 2017, crypto believers had touted BTC’s ability to replace gold in an increasingly digital world. Goldbugs, on the other hand, maintain that no technology can ever replace the yellow metal. Bitcoin is ‘Corrupted’ While Gold Is a ‘Creation of God’ Speaking in an interview with Kitco News, Chris Mancini, an analyst at Gabelli Gold Funds, discussed the safe-haven status of bitcoin. He argued that the “corrupted” asset could never replace gold. “The big picture is that bitcoin…

Bitcoin and Gold Prices Diverge Again, Extending 5-Month Correlation

Bitcoin is again feeling the pull of gravity amid a rally in gold – a classic safe haven asset. The premiere cryptocurrency topped out at highs near $9,100 on May 30 to hit a 2.5-week low of $7,432 on June 4. The pullback was expected as technical charts were reporting bullish exhaustion. After all, the cryptocurrency decoupled from equity markets and rallied by nearly $4,000 in May. Even so, the correction is noteworthy as it is accompanied by a sharp rally in gold prices. The yellow metal picked up a…

Bitcoin Struggles to Build Momentum After Defense of $7.4K Price Support

View Bitcoin is struggling to produce a stronger price bounce, despite the defense of the 4-hour chart’s 200-candle moving average – a sign of buyer exhaustion. A bear flag breakdown on the 4-hour chart, if confirmed, would open the doors to levels below $7,000. The daily chart continues to call a move lower to the 50-day price average, currently at $6,861. A minor rally to the $8,200–$8,300 range could be seen if the 4-hour 200-candle average at $7,568 again restricts downside. A UTC close above the downward sloping (bearish) 10-day…

EOS Collapse Even with Plans of Voice and Coinbase Rewards

EOS is under pressure and reacting from $9.5 Block One readies for Voice As Facebook consults with the US CFTC, Block One plans to launch Voice. It is a social media platform where users won’t be products. Perhaps that will help steady EOS, which is down 20.5 percent week-to-date. EOS Price Analysis Fundamentals The ultimate quest for every blockchain project is to launch a useful platform. As the sphere matures, some projects are ambitious. Block One, the builder of the EOSIO platform, is a fitting example. Not only did they…

Bitcoin’s 2019 Price Run Driven By Real Transaction Growth, Analysis Shows

An experimental metric used to gauge the quantity and quality of activity on bitcoin’s network clocked a 28-week high last Saturday, signaling the cryptocurrency’s latest price rally may be more fundamentally driven than many expect. The Transaction Amount to Active Addresses Ratio (TAAR), first proposed by CoinDesk Contributor and Pugilist Ventures Founder Chris Brookins, divides bitcoin’s 24-hour adjusted transaction volume (USD) by the number of its active addresses to identify how much each active address spends in transactions per day on average. If TAAR is high, then it means each user…