Wednesday , October 27 2021
Home / George Georgiev (page 9)

George Georgiev



Articles by George Georgiev

DeFi TVL Smashes Past $236B, Biggest Contributors include Ethereum, Fantom, Solana

14 hours ago

The Decentralized Finance (DeFi) sector is riding strong in October after a month-long market lull. The latest charts show figures hitting all-time highs with respect to liquidity stored on these protocols.
The total value locked (USD) has established a new peak after soaring above $236 billion on October 26th. According to Defi Llama, the TVL figures have maintained a steady uptrend over the past month. In addition to the broader cryptocurrency realm, DeFi too had a rather rough month as the market fluctuated tremendously. However, the trend changed, and the board looks optimistic.
Total Value Locked in DeFi. Source: Defi LlamaEthereum Bounces Back
Ethereum (ETH), the decentralized finance hub, came to the rescue as it peaked as well. TVL locked in ETH-based protocols

Read More »

Layer 2 Solutions Are The Future of Ethereum Scaling, Says Vitalik Buterin

19 hours ago

Ethereum’s scaling hurdles have been at the center of technical discussions among DeFi aficionados and ETH proponents for quite some time now. Today, during the annual Shanghai Blockchain Week conference, Vitalik Buterin shared some thoughts on the matter.
Vitalik Buterin, in his opening remarks during this year’s edition of the Shanghai Blockchain Week in China, talked about the future of Ethereum scaling.
Reportedly, he believes that the only safe way to scale Ethereu while also maintaining a worthwhile level of decentralization is to use Layer 2 solutions.
He acknowledged that there’s a serious need to make the network more scalable while also admitting that Ethereum’s native scaling solutions through sharding would take a long time.
Instead, Rollups – a well-known and

Read More »

US SEC May Steer Stablecoin Regulation, New Rules to be Detailed Soon (Report)

21 hours ago

Thanks to the growing influence of stablecoins on the financial system, regulators across the world are racing to regulate the sector.
The stablecoins realm is a step closer to achieving regulatory clarity as the US Securities and Exchange Commission (SEC) has geared up to propose legislation and supervise the $131 billion industry.
US Financial Watchdog Readies Stablecoin Regulations
Citing sources familiar with the matter, Bloomberg reports that developments surrounding SEC’s authority over stablecoin legislation will be announced formally this week by the Treasury Department.
The cumulative market cap of stablecoins has far exceeded the expectations since the beginning of the year. This cohort of the industry has been away from meaningful regulation. The rapid growth

Read More »

Shiba Inu (SHIB) NFTs Surge as Floor Price Now Sits Above 1 ETH

2 days ago

It appears that everything related to the Shiba Inu (SHIB) cryptocurrency is appreciating in value over the past couple of weeks. Now, the Shiboshis are also seeing a strong wave of demand.
As CryptoPotato reported earlier in October, Shiboshis represent the native non-fungible tokens (NFTs) of the Shiba Inu ecosystem.
These are 10,000 digitized creatures that were set for sale about ten days ago and caused a serious wave of demand.
Based on the official post, the NFTs cost between 0.1 ETH and 0.3 ETH depending on when people minted them, and each wallet could mint only a maximum of 10 Shiboshis.
The entire thing was over in less than 35 minutes, and, just as many people guessed, the Ethereum fees skyrocketed, and users reported minting fees upwards of $700 per one NFT.

Read More »

eNaira, Nigeria’s Central Bank Digital Currency (CBDC) Debuts Today

2 days ago

While the talks of central bank digital currencies have been on the table for a few years now, few countries actually took the steps to issue one. Nigeria, in turn, following extensive research and development, is finally ready to unveil the eNaira.
‘Same Naira, More Possibilities’
In a press release syndicated through mass media but issued on the official website of Nigeria’s Central Bank, the Director of Corporate Communications, Osita Nwanisobi, revealed that the eNaira will be proclaimed official and launched today, October 25th.
Under the slogan “Same Naira, more possibilities,” the release reveals that President Muhammadu Buhari will formally unveil the CBDC at the State House, Abuja.
The launch of the eNaira is a culmination of several years of research work by the

Read More »

The Weekly Crypto Recap: New Bitcoin ATH of $67K As ETFs Live

5 days ago

To say that last week was exciting would be a serious understatement. Bitcoin went on to chart a brand new all-time high at around $67K, we saw the approval of the first-ever futures BTC ETF in the US, a massive flash-crash on BinanceUS, and a correction towards $60K. Let’s dive in.
Starting with Bitcoin. The price was trading around $62K last this time last week and even dipped below $60K briefly on Monday. However, the market was propelled higher from then, and this culminated in a new all-time high around $67K on Wednesday. It was a major event for the community – it took BTC exactly 6 months and 6 days to paint a fresh peak.
This came on the wings of some tremendous news. The SEC approved the first-ever futures-backed Bitcoin ETF ticked BITO. On its opening day on

Read More »

7x April’s ATH: Bitcoin Transactional Volume Reaches $700 Billion in a Week

6 days ago

There’s been plenty of comaparisons of Bitcoin’s price action now and in April when the cryptocurrency reached its previous all-time high.
Research firm IntoTheBlock now points out a staggering difference in Bitcoin’s transactional volume between the two periods.
$700 Billion Weekly Transactional Volume
According to the research firm, Bitcoin’s on-chain volume reached over $700 billion transacted, which presents an increase upwards of 7x compared to April.
In addition, the company notes that most of the volume came from transactions that were worth over $100,000.
Going forward, there’s seemingly less speculation in the market.

By tracking addresses that hold BTC

Read More »

FTX Closes $420 Million in Series B-1 Funding: Company Now Valued At $25 Billion

6 days ago

One of the leading cryptocurrency exchanges, FTX, just revealed that it finalized massive funding round, the numbers in which are inspired by – you guessed it – the 420 and 69 meme numbers.
Memes have become particularly popular and part of the cryptocurrency culture. From food-based tokens, apes, degens, and pop culture numbers, it appears that we’ve seen it all.
Yet, Sam Bankman-Fried’s FTX cryptocurrency exchange doesn’t stop to lift eyebrows.
In a recent press release, it was revealed that the company raised $420,690,000 in a series B-1 funding round from exactly 69 investors.
While the numbers might be based on pop culture memes, the participants definitely weren’t.
Some of the names include BlackRock – the world’s leading asset manager, as well as Tiger Global.
This

Read More »

3 Reasons Bitcoin’s ATH Looks More Bullish Now Than in April 2021

7 days ago

It’s been a wild few months for Bitcoin’s price. It went all the way up from around $65K in April, down to below $30K in July, and back to a new all-time high today – October 20th.
Many are drawing comparisons between the market dynamics in April and now, and as BTC sits in price discovery, it’s worth looking at a few reasons for which things might be a lot more bullish currently compared to before.
Retail FOMO Is Not Here
First things first, one of the main catalysts of parabolic advances in the BTC price have always been swarms of retail traders rushing in to buy bitcoin at the last hour.
This is what’s commonly referred to as “retail FOMO,” and we’ve seen it in 2017 and in April this year – data from Google Trends supports it:
Chart by Google TrendsThe above chart from

Read More »

Ethereum Price Analysis: ETH Breaks $4K Following Bitcoin’s Rally, is ATH In Sight?

7 days ago

Key Support level: $3,900
Key Resistance level: $4,380 
After Bitcoin set a new all-time high at almost $67,000, Ethereum broke the $4,000 level and looks primed to follow in Bitcoin’s footsteps. It seems as if it is only a matter of time now until ETH will also break its all-time high at $4,380 (Bitstamp). The bulls have taken full control of the market, and higher prices are expected for ETH as well.
Chart by TradingViewETH Technical Indicators
Volume: Sustained volume this week has positioned ETH for a test of the all-time high level. This might happen by the end of the week or even earlier.
RSI: On the daily timeframe, the RSI is approaching the top of its channel, indicating a strong bullish move is in play. This is expected to continue as we approach the all-time

Read More »

Bitcoin Price Breaks All-Time High Surpassing April’s $64.8K Peak

7 days ago

Bitcoin has broken its former all-time high and is now officially looking at price discovery. This comes on the back of serious developments in the industry – just today, the first-ever SEC-approved futures-backed Bitcoin ETF started trading.
The previous all-time high of Bitcoin’s price was set on April 14th, 2021 and it was at $64,895 trading on Bitstamp exchange – exactly 6 months and 6 days ago. As of writing these lines and shortly after breaking the ATH level, Bitcoin quickly reached a record high of $66,415.
BTC/USD, Bitstamp. Chart by TradingViewIt’s worth noting that Bitcoin is up over 100% in the past couple of months alone – since the drop in July that took the price below $30,000 briefly,
With this said, the current rally looks to be more sustained than the one

Read More »

Bitcoin Futures ETF is Live, Generates $500M Volume in Its First Hour of Trading

8 days ago

The moment plenty of people in the cryptocurrency community have been waiting for quite some time is finally here. The ProShares Bitcoin Strategy ETF is live, trading on the New York Stock Exchange.
The moment many have been waiting for is here and the ProShares Bitcoin Strategy futures-backed ETF, ticked BITO, is now live and trading on the New York Stock Exchange (NYSE).
Data shows that the daily range is between $40.07 as a bottom and $42.1499 as a top, where the ETF currently trades at around $41.22.
More interestingly, in just an hour after being launched, the ETF has generated a trading volume of around 11.6 million shares.
This means that, in dollar value, the volume is already around $500 million.
For comparison, the Vanguard S&P 500 ETF (VOO), which is one of the

Read More »

The ‘Bitcoin Bubble’ Hasn’t Even Started Yet, Says Analyst

9 days ago

Bitcoin’s price is up a considerable 100% since the lows below $30K a few months back, but one analyst believes that the true “bubble” hasn’t even started yet.
According to CryptoQuant analyst who goes by the Twitter handle venturefoundEr, we have yet to see the real BTC bubble.
He argues that “bubbles form when the momentum of short-term returns attracts enough money that the makeup of investors shifts from mostly long-term to mostly shor-term.”
At the time of this writing, the short-term hodlers account for 17% of the supply distribution – a number that’s sitting at an all-time low.
Moreover, the narrative further dives into the reasons behind bubble formation and says that:
The formation of bubbles isn’t so much about people irrationally participating in long-term

Read More »

First Bitcoin Futures ETF Could Start Trading on Monday

12 days ago

It appears that years after the first Bitcoin ETF proposal was filed, the United States Securities and Exchange Commission (SEC) has decided to greenlight a futures-backed exchange-traded fund for the first time.
ProShares, the company which filed for its Bitcoin Strategy ETF, might be the very first one to see it launch next week.
It filed an amended prospectus which indicates that it could go live as soon as Monday.
It’s worth noting that this is not a standard ETF but a futures-backed one where the product is tied to Bitcoin futures contracts and not to Bitcoin itself.
Still, this is a major milestone for the cryptocurrency industry and one that might have considerable implications in the future.
Exchange-traded funds provide an easier way to receive exposure to the

Read More »

Tether and Bitfinex Ordered to Pay $42.5 Million Fine by the CFTC

12 days ago

The United States Commodity and Futures Trading Commission (CFTC) has ordered Tether and Bitfinex to pay fines worth $42.5 million.
In a release from today, October 15th, Tether Holdings Limited, Tether Limited, Tether Operations Limited, and Tether International Limited – all companies associated with the issuer of the largest stablecoin USDT, Tether, were ordered to pay a fine worth $41 million.
This was issued by the CFTC on the grounds of “misleading statements and omissions of material fact in connection with the U.S. dollar token USDT.”
Additionally, the companies have been ordered to cease and desist from any further violations of the CEA (Commodity Exchange Act).
Going forward, the Commission also issued a separate order against BFXNA Inc., iFinex Inc., and BFXWW

Read More »

The Weekly Recap: $60K BTC, Polkadot Parachains & When ETF?

12 days ago

For the first time since April, Bitcoin’s price is back at $60,000. It’s a major psychological level, even though, from a technical standpoint, it doesn’t contain that much resistance. In any case, this followed a considerable weekly increase and rumors of the approval of a futures-backed Bitcoin ETF in the US. Let’s take a dive.
This time last week, Bitcoin was trading at around $54K, but it was mostly up from there. It had almost reached $58K by Tuesday when BTC went through a brief pullback to below $55,000. From there, the price took for the skies and shot up to around $58,500 on Thursday.
It all culminated today, though, as the BTC price finally reached the coveted $60K mark. It’s worth noting that today’s increase happened as Bloomberg reported that a futures-backed

Read More »

Polkadot Parachains Ready to Launch, Auction Dates Proposed

14 days ago

Polkadot was first introduced in a Whitepaper almost five years ago. Now, the heterogeneous multichain network announces a massive milestone – its parachains are officially ready to launch on the mainnet.
Polkadot Parachains Greenlighted
Polkadot’s parachains are one of, if not the most integral component of its network. They represent diverse and specialized blockchains that connect to Polkadot’s Relay Chain.
They also constitute the multichain aspect of Polkadot’s architecture and are the final piece of the puzzle, so to speak.
Today, Polkadot announced that parachains are ready to be launched, and the team, spearheaded by Gavin Wood and Robert Hebermeier, revealed that the first auction might begin on November 11th, 2021.
It’s important to note that parachains have

Read More »

Binance Announces $1 Billion Fund to Propel Binance Smart Chain Ecosystem

15 days ago

The world’s leading cryptocurrency exchange, Binance, has announced a $1 billion fund to further accelerate the development of projects in the Binance Smart Chain ecosystem.
Binance has just announced that it plans to put aside $1 billion towards the development of projects based on the Binance Smart Chain.
According to the official release, the program will be divided into four groups, each one of which aimed at different goals and challenges.
$100 million will go towards talent developments which will include mentoring communities, educating new investors, and so forth.
$100 million will go to provide liquidity to specific protocols based on different metrics such as innovation, active users, TVL, trading volume, and so forth.
$300 million will be invested in a builder

Read More »

What is Solana? Guide for Beginners

16 days ago

As innovative as it may be, blockchain technology faces particular challenges, including high fees, scalability issues, low throughput, and more.
Several projects in the DeFi space compete to become the first web-scalable blockchain and ensure that users have the best experience by tackling these common issues.
One of these, which is gaining traction in the DeFi community, is Solana. This open-source, censorship-resistant blockchain leverages a comprehensive set of technologies to amplify scalability and deliver a robust network for building decentralized applications (dApps).
What is Solana?
Solana is a decentralized protocol for building dApps with a reported throughput of 65,000 transactions per second (TPS) thanks to its distributed computing system.
Unlike most

Read More »

Analysis: The Distinction Between Bitcoin’s Market Cycles in 2017 and 2021

17 days ago

This analysis takes a closer look at some of Bitcoin’s structural market metrics and compares the current cycle to that of 2017.
The following is compiled by on-chain analyst CryptoVizArt for CryptoPotato.
Bitcoin’s NVT
NVT estimates the values of the network using its on-chain investor volume. As crypto analyst Willy Woo initially introduced this model, NVT Price is calculated by multiplying on-chain volume by the 2-year median value of NVT-Ratio (Market cap / Total on-chain transfer volume).
Back in 2018, after touching the cycle’s top, both 30-day & 90-day MA of NVT-price have declined continuously for almost 12 months. However, since the 50% drop that took place in May 2021, these moving averages are rising to levels above their previous peaks at 64K.
This variation in

Read More »

What is Kusama? Polkadot’s Canary Network Explained

17 days ago

Polkadot has undoubtedly become one of the more popular projects in the cryptocurrency field.  However, one of the most innovative aspects of its ecosystem is Kusama, Polkadot’s canary network.
While new blockchain projects can seem extremely repetitive and derivative, Kusama stands out as it is genuinely useful.
This guide aims to answer some of the following questions about Kusama: What it is, what it can do, and what risks are inherent with a canary network.
Overview of Kusama
Before we dive in, we need to establish two key items:  Polkadot and a “canary network.” To recap, Polkadot (DOT) is a blockchain network that:
Connects blockchains to each other
Enables users to easily build a blockchain with their Substrate framework
Hosts blockchains, handling their security

Read More »

Bitcoin Soars 25% Weekly, Taps Mid-May Highs: The Weekly Crypto Recap

19 days ago

It’s been a green week all across crypto land as positive sentiment and big gains returned to the market. Leading the scene is Bitcoin, with an impressive surge of around 25%, once again tapping the mid-May highs.
Just earlier today, Bitcoin reached a price of $56,000 – something that we haven’t seen since the middle of May this year, shortly after the all-time high and right before the massive 50% crash. Analysts believe that this move marks the completion of a bear trap and validates the continuation of this year’s bull market, though further confirmation is still required.
The interesting thing about this week is that we didn’t see a lot of back-and-forth price action, but it was rather “up only” in the crypto market. BTC was trading at around $47K this time last week

Read More »

FTM Price Soars 30% in a Day as Nansen Adds Support for Fantom Network

20 days ago

The price of FTM – the token behind the popular Fantom Network – has soared by as much as 30% today. This happened following the announcement that data-analytics provider Nansen added support for it.
Fantom is a smart contracts platform using the Proof of Stake consensus algorithm and is based on Direct Acylic Graph technology – it’s also implemented by other projects such as Hedera Hashgraph and IOTA.
In a press release from today, the team announced that Nansen – a well-known data analytics provider, has added support for the blockchain.
DeFi Lama reports that the total value locked in Fantom is currently over $5 billion, with a massive jump over the past 24 hours.
As a result of both, the price of Fantom’s native FTM token has increased by as much as 30% today, before

Read More »

Bitcoin Price Soared Above $55K, Highest Since May 2021

21 days ago

In a massive green candle, Bitcoin’s price managed to increase to as much as $55,555 on Binance, reaching a price that we haven’t seen since May this year.
Bitcoin is up by a whopping 10% in the past 24 hours, and a lot of it came in the past 60 minutes.
Chart by Binance
As seen in the above chart, the price reached an intraday high of $55,555 on Binance’s spot exchange before retracing to where it’s currently trading at around $54,000.
This was the highest BTC price that we saw since May 12th, 2021.
It’s also worth noting that Bitcoin’s market dominance is also on the rise, as altcoins fail to keep up with the pace. At the time of this writing, BTC’s dominance sits at almost 45% – the highest in almost two months.
The last hour saw a total of $162 million worth of

Read More »

Analyst Daniel Joe is Very Bullish on Bitcoin: But Here’s The Only Thing Can Change His Mind (Podcast)

22 days ago

Bitcoin’s price over the past couple of weeks has been on an absolute roller coaster, leaving many to wonder whether we’re still in a bull market, what’s going to happen next, and how to properly position themselves for the last quarter of the year.
Amid these turbulent times, we sit down with prominent on-chain analyst Daniel Joe. We talk about the current state of the market, whether or not we can expect Bitcoin to hit $100K anytime soon, as well as some useful advice for those of you who are just getting into the crazy world of cryptocurrency trading and investing.
[embedded content]
Selling Apple Stocks for Bitcoin
Daniel Joe has over 10 years of experience in the markets, starting out in equities working for a myriad of organizations spanning from small tech startups

Read More »

The SEC Has Subpoenaed USDC Issuer Circle in July

22 days ago

According to a new mandatory filing by Circle – the company behind one of the largest stablecoins USDC – the company is under investigation from the United States Securities and Exchange Commission.
It appears that the regulatory scrutiny strengthens, and stablecoin issuers are also under the radar of legislators.
In a recent filing, Circle, the company behind the world’s second-largest stablecoin by means of total market cap, revealed that it has received a subpoena from the SEC back in July.
In addition, in July 2021, we received an investigative sobpoena from the SEC Enforcement Division requesting documents and information regarding certain of our holdings, customer programs, and operations. We are cooperating fully with their investigation.
The filing gave no reason

Read More »

How to Stake AXS? Axie Infinity Step-by-Step Staking Guide

23 days ago

Axie Infinity brings forward a universe that’s expired by Pokémon where players can earn tokens through contributions to the ecosystem and skilled gameplay. Users are able to collect, battle, raise, and build the kingdoms their virtual pets deserve.
The biggest difference between traditional games and Axie is that the blockchain-based economic design is used to reward Axie’s players for their contributions to the ecosystem. This is a relatively new model of gaming that has been commonly referred to as ‘play to earn.’
AXS, or Axie Infinity Shards, represent the governance token of the Axie Universe and holders will be able to claim rewards by staking, playing the game, and participating in certain governance votes. In this guide, we take a look at one of the features in

Read More »

DeFi and NFT Daily Bullets of October 1st, 2021

25 days ago

In today’s DeFi and NFT daily bits, we take a look at some of the interesting developments in the industry over the past couple of days.
PolkaStarter Unveils Startup Incubator: Names Maiden Project
PolkaStarter, the decentralized launchpad platform, has announced the very first project to be incubated by its newest investment arm – Polkastarter Labs.
The project in question is called WonerHero – a play-to-earn mobile RPG game.
It will receive pre-IDO and post-IDO support, as well as mentorship, while also gaining access to PolkaStarter’s network for marketing and scaling purposes.

WowSwap Release NFT Leverage Trading Protocol
WowSwap releases its NFT leverage trading protocol. Offering 5X on punks, Glyphs, BAYC, and more; WowSwap utilizes NFTX’s tokenized NFTs to make

Read More »

Bitcoin at 10-Day High After Powell and Despite China FUD: The Weekly Recap

26 days ago

It’s been a very productive week in the cryptocurrency market, but it’s safe to say that most of it was due to the volatile price action during just one of the days – Friday, October 1st.
Going back, last Friday, the BTC price was hovering around $43,500, and, in fact, it stayed there for quite some time. This wasn’t so bad, given the overall regulatory scrutiny towards the market and yet another wave of FUD coming from China.
The country said that it’s banning the trading of cryptocurrencies (again), though some reports claimed that this time it’s different, and perhaps it’s true. As an argument in favor of it, Huobi – one o the world’s leading cryptocurrency exchanges with a large portion of its trader’s base coming from China – stopped accepting new users from the

Read More »

Bitfinex Paid Over $23 Million in ETH Fees to Send $100K Worth of USDT

September 27, 2021

The cryptocurrency market never ceases to amaze. One of the most popular centralized exchanges – Bitfinex – spent over $23 million worth of fees to send $100K USDT using Ethereum’s network.
In what seems to be the most expensive transaction made on Ethereum, Bitfinex, the well-known cryptocurrency exchange, paid over $23M worth of ETH.
Interestingly enough, the transaction itself intended to send $100,000 worth of USDT.
According to Etherscan, Bitfinex paid a grand total of 7,676.6 ETH, which is currently around $23.6 million.
The transaction was made through the recently implemented EIP-1559, which also means that 0.053 ETH was burned.
The USDT was intended to arrive in DeversiFi’s wallet – a decentralized exchange incubated by Bitfinex.
Commenting on the matter, the team

Read More »