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USD Value of Crypto Liquidity Locked in DeFi Sector Hits All-Time High of $13.6B

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This year has seen a lot of surprises in the sector as its previous all-time high of over $12 billion was recorded in October 2020.

Following the recent bull-run of Bitcoin price, the US dollar equivalent of the crypto liquidity found in all the DeFi projects has hit an all-time high of $13.6 billion. Harvest Finance’s TVL has recorded a huge rise of 84% which is double of its rate in the last 24 hours. The percentage change took its US dollar amount from the recorded $473.5 million to $890 million according to the report. This has seen it rise through the ranks of other DeFi projects to cement its position as the 6th highest ranked project.

Ki-Young Ju, the CEO of CryptoQuant, an analytic firm has linked the impeccable performance of the sector to the huge interest of people in risk-free strategies that guarantee high yield. He added that conservative investors will go for DeFi projects instead of putting their coin on other risk-free strategies like arbitrage on the known cryptocurrency exchanges. This caused a lot of the DeFi projects to see high spikes with the likes of ForTube and DFI Money gaining respective 36% and 45% on their various locked up liquidity.

This year has seen a lot of surprises in the sector as its previous all-time high of over $12 billion was recorded at the latter end of October 2020.

Previous Run of DeFi Projects and Possible Causes for Crypto Growth

In its previous $12.5 billion all-time high recorded in the previous month, there was an addition of over $1 billion to the US dollar value of the locked-up liquidity in just 48 hours. There was also a $2 billion increase in the DeFi projects market cap in just 48 hours to send the total Market cap to $14.3 Billion.

According to the DTC Capital Head Spencer Noon, there is another round of bull-run of the DeFi market loading citing the US election as a catalyst. He also pointed out that many yield farmers will switch back to Bitcoin after making fair gains.

In addition to the impact of the US election, the general performance of the cryptocurrency market affected heavily by the recent PayPal news has had a spread over effect on the DeFi coins including Curve, Airswap, Aave, and Synthetix. This has positively reflected in the values of the various DeFi projects. Also, the increase in prices of DeFi tokens used for staking has been the driving force of TVL.

It is highly possible that the bull-run round for the DeFi Projects has not peaked as the Bitcoin price has been tipped to overtake its all-time high of near $20,000. The speculations surrounding the change expected to be accelerated by the post halving event coupled with the various COVID-19 relief packages may be positive news to the cryptocurrency market and possibly drag the DeFi market along.

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Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.



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Bitcoin Price Surpasses $19,000, It’s Less Than 3% from ATH

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With Bitcoin supply diminishing over time and mining difficulty on the rise amid heightened demand, the asset is poised to skyrocket further in the coming months.

Bitcoin is really close to its ATH market price as it has just crossed $19,000. The coin is trading at around $19,201.39 after rallying over 1.2% in the past one hour. Apparently, the asset is less than 3% shy of its all-time high achieved during the 2017/2018 bull rally.

According to the data provided by CoinGecko, Bitcoin price is now up over 162% in the past years. The asset has performed significantly better than traditional stocks, whereby the Dow is up 6.58% in the past one year. On the other hand, Gold’s market price has been falling in the past few weeks and is trading around $1800 after shedding 1.77% in the past 24 hours.

Bitcoin has been in existence in less than two decades and has surpassed in value return on many assets that have been in existence for hundreds of years. 

Speaking to media outlet CNBC last week, BlackRock chief investment officer Ricky Rieder said that Bitcoin could take gold’s place to a larger extent. According to Rieder, Bitcoin possesses more functionality than passing a bar around.

Chances of Bitcoin Price to Hit ATH and Situation in Crypto Market

With Bitcoin near its all-time high at a time when the coronavirus pandemic has put most economic sectors at standstill, analysts believe it is past the ‘tulip bubble’.

A new bull wave has awakened most altcoins that have been consolidating or in the downfall since 2018. Led by XRP, third by market capitalization, that rallied 38% yesterday and is now up another 35% today.

According to the data from Coinmarketcap, the total crypto market capitalization stands at $571,712,479,334, with the past 24-hour volume at $293,201,651,353. Notably, Bitcoin’s market dominance stands at approximately 62.4% with the rest shared amongst over 7000 digital assets. Data from analytics firm CoinGeek shows Bitcoin has a market capitalization of $356,241,048,046 with its past 24-hour trading volume at $40,964,307,457. 

There are notable fundamentals that have attributed to Bitcoin spiking in recent months. On top of the list is increased adoption by institutional and retail investors. Whereby, Grayscale Investment recently reported that its Bitcoin portfolio has surpassed 500k units of BTC and the total assets under management over $10 billion.

Notably, Bitcoin whales have been accumulating more coins and the total number of whales has been reported to be on the rise. 

“The amount of #Bitcoin whales with at least 10,000 coins (currently $185M or more) has ballooned to 114 the past couple days as prices soared above $18k. Additionally, the amount of holders with at least 1,000 $BTC ($18.5M) has hit an ATH of 2,449!” researchers from Santiment, an on-chain market analysis platform, stated.

With Bitcoin supply diminishing over time and mining difficulty on the rise amid heightened demand, the asset is poised to skyrocket further in the coming months.

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A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
Mythology is my mystery!
“You cannot enslave a mind that knows itself. That values itself. That understands itself.”





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Lattice Exchange, LTX Token Case and Need for Scalable DEXs

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Lattice is set to solve the issues of latency and high transaction fees that hinder exchanges with a streamlined process between Constellation Network and Ethereum for faster settlements on trades, loans, swaps, and other DeFi transactions.

A little over two weeks ago, Ben Jorgensen, co-founder and CEO of the DeFi app Lattice Exchange, spoke of the community values that brought him to work on blockchain technology and shared his ideas about the future of the space. He built Constellation Network, a third-generation protocol that addresses such apps’ scalability issues. Two days prior, Jorgensen had launched LTX token on Uniswap, reaffirming the need for automated market-making (AMM) algorithms and community-owned protocols to become a preferable solution to centralized exchanges and their practices.

“Our platform will be released at the beginning of December, and early next year we will introduce the governance of our network, which we are pushing to be fully decentralized and be owned by the community that owns Lattice tokens. We want them to be responsible for creating value in the exchange,” Jorgensen told Ashton Addison on the CryptoCoinShow channel.

Lattice is set to solve the issues of latency and high transaction fees that hinder exchanges with a streamlined process between Constellation Network and Ethereum for faster settlements on trades, loans, swaps, and other DeFi transactions. A solution that allows the project to scale and provide deep liquidity pools not available in the currently fragmented DeFi environment. More importantly, Lattice Exchange opens doors for multiple asset-specific AMMs that secure the best price and profitability for users.

Investors have flocked to the idea. The project raised over $3 million in a recently closed private round. Heavyweights of crypto investment circles, such as FBG Capital, Alphabit, GDA Capital, Hillside Capital and Moonrock Capital, backed Lattice Exchange.

Following the advice of partners, Lattice worked with three mid-tier crypto exchanges to offer Initial Exchange Offerings (IEOs) prior to launch and each sold out in minutes. However, Lattice was asked to sign a “cumulative clause” specifying, in essence, the following: if the LTX token goes below a certain threshold, Lattice would need to activate additional market-making resources. This meant that in the event of an unexpected and massive sell-off of the tokens, Lattice would provide further funds to compensate for token collapse and help stabilize the market, thus protecting LTX holders.

On November 6, after launching on all three exchanges, a massive sell-off began. More than 210,000 tokens were sold, dropping the price of LTX from $0.60 to $0.11 within minutes.

Numerous analysts monitoring the trade were shocked. How is it possible that a token on a demonstrated platform, backed by a stellar team, and coming out of a successful private round, was collapsing all of a sudden?

Lattice investors immediately appealed to independent analysts with advanced transaction monitoring capabilities. They confirmed the bad news: the sellout was synchronized and happened instantaneously on the participating exchanges. All three benefited from the initial high token price and the subsequent massive sell-off. Further analysis even revealed that LTX tokens had been funneled to personal accounts. More so, the cumulative clause was invoked for Lattice to allocate more resources and stabilize the price.

After these actions became evident, Lattice asked the exchanges to reimburse the market making fees paid under the cumulative clause. Although this was done, LTX was delisted from each of the three exchanges and continued to be unavailable for trading.

The events of the LTX launch make note of one of the better-known issues in the evolving industry of DeFi. Centralized exchanges still exert undue influence on blockchain project launches because decentralized alternatives, such as Uniswap, are unable to solve latent efficiency issues in interoperability, scalability, and access to asset-specific AMMs.

Ironically, Lattice presents a solution to the same problems that affected its LTX launch: it’s a decentralized exchange designed to offer services at the scale of centralized exchanges.

Investment partners have reacted to the news of the LTX dump by rolling out an action plan to assist Lattice stakeholders and the community that is relying on the project’s continuous success. After all, it is an important fragment of the DeFi development in the near future, on the path towards further decentralization and transparency of the digital assets.

Lattice has also addressed the community in a Twitter message and cited “irregular activities and ethical concerns.” In a more recent Telegram post, the team spared any direct blame for the incident and addressed the community on the future of the token and the app.

“We will build tools and solutions that present ‘honest data’ in the same light as Constellation’s mission. Constellation is building the next evolutionary leap of blockchain technology by validating data endpoints – this will most certainly play a role in the tools that we create on Lattice,” the address said.

Lattice is, undoubtedly, ready to bounce back.

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Having obtained a diploma in Intercultural Communication, Julia continued her studies taking a Master’s degree in Economics and Management. Becoming captured by innovative technologies, Julia turned passionate about exploring emerging techs believing in their ability to transform all spheres of our life.



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Experts Believe that with Bitcoin Recent Price Moves BTC Can Surpass Its ATH Record

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Bitcoin is experiencing a bull run in its price that is comparable to the record set when it hit its all-time high back in December 2017. Will this new record be set? The experts shared their views.

The recent bullish moves in the Bitcoin price has been seen by many to reflect the ambitions of the coin to surpass its All-Time High record. In a move to get a sense of the expert’s views with respect to the Bitcoin’s price as it journeys to make a new record, CNBC spoke to experts in the crypto sphere, particularly to those with direct vested interests in digital currencies.

Per the feedback obtained especially in highlighting the difference between the current bullish rally and that experienced back in the third quarter of 2017, Mati Greenspan, portfolio manager and founder of Quantum Economics noted that “The main difference between now and the 2017 rally is that back then the market was driven by retail speculation and now it’s being driven by corporations and billionaires.” 

Greenspan’s disposition is correct basically considering the rate at which the institutional bigwigs are now showing support for Bitcoin. Nonetheless, Antoni Trenchev, the managing partner of crypto lender Nexo believes that “There was nothing conspicuous about their involvement, as they purchased in stealth mode but once bitcoin made it to their treasuries, they let the world know, similar to the gold bull market in the 1970s.”

With divergent views covering several aspects of Bitcoin, there has been increasing clamor that shows the future of the premier digital currency is bright, in relation to its price and future use case. Bitcoin’s price has traded at a 52-week low of $4,106.98 USD according to CoinMarketCap, and the coin has rallied by almost 120% since its last halving event back in May 2020.

Bitcoin is currently trading above $18,000 after testing a new 52-week high of $18,936.62 and Bitcoin enthusiasts believe a new All-Time High may be achieved in no time. “A new all-time high is not only possible but is largely anticipated by bitcoin believers to happen any day now,” said Greenspan. Pascal Gauthier, CEO of crypto hardware wallet maker Ledger has lent his voice submitting that this current bull run will likely last longer than that of 2017.

Can PayPal CEO’s Position Influence Bitcoin’s Price Record

The Chief Executive Officer of American online payment service giant Paypal Holdings Inc (NASDAQ: PYPL), Daniel Schulman in his recent interview with CNBC’s Squawk Box noted that the use cases of Bitcoin will soon take the coin beyond just buying and holding as currently seen in the ecosystem today.

“I think that there’ll be more and more use cases for cryptocurrencies,” that make Bitcoin (BTC) more widely accepted, more stable, and probably “more valuable” over time.

With PayPal already providing support for crypto-related transactions involving Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC), the journey to mainstream adoption drawing from PayPal’s over 300 million customers is near. This can have a significant impact on the price of Bitcoin even as the recent record is showing.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.



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