2.2% of All Ethereum Is Long on Bitfinex: 3 Reasons Why This Could Go Wrong

Despite the ongoing retracement in the prices of Bitcoin, Ethereum, and other top cryptocurrencies, investors remain highly optimistic about this market. ETH, especially, has benefited from traders, with data from leading crypto exchange Bitfinex indicating that there are more long positions open for Ethereum than ever before. “What. Is. Happening. 2.2% of all ETH in existence is now margin long on Bitfinex, an increase of 160% since ~February,” one trader explained in reference to the chart below.” Chart of Ethereum longs on Bitfinex (ETHUSD and ETHBTC) from crypto trader Jonny…

Cardano is Working on a Microchip That Would Give Crypto a Cash-like Experience

In a recent Cointelegraph interview, Charles Hoskinson elaborated on the crypto-native chip that IOHK is working at its blockchain lab at the University of Wyoming that may lead to many groundbreaking use cases, including a cash-like experience for cryptocurrency. Crypto-native microchip It all began when IOHK, the company charged with the development of Cardano (ADA), began exploring supply chain use cases and realized that there were no chips on the market that could satisfy its requirements — embeddability, ability to store cryptographic keys, and being inexpensive to produce: “Really what…

UAE Startup Relies on Blockchain Technology to Flatten COVID-19 Curve

UAE-based startup incubator, in5, is helping to design blockchain-based methods to contain the COVID-19 pandemic in the country and thus flatten the curve. According to a report published on May 20, Liber Health, supported by in5, is one of the platforms used for patient identification supported by blockchain technology. They are creating a contactless system to recognize the biometric ID data and analyze suspected COVID-19 symptoms. Liber Health hopes that by tracking patients that have been in contact with suspected COVID-19 cases, they can help individuals apply quarantine measures as…

Blockchain.com to Support Russian Ruble Despite Local Crypto Uncertainty

Blockchain.com, a major cryptocurrency wallet and blockchain data provider, plans to support Russia’s national currency, the ruble (RUB). Although some big exchanges like Binance have introduced the Russian ruble, there is still no law authorizing circulation of crypto in Russia. On May 20, Blockchain.com announced its long-term roadmap, “The next era of crypto and 1B wallets by 2030.” In a post authored by Peter Smith, Blockchain.com CEO and co-founder, the firm outlined the addition of the Russian ruble as part of its mission to grow its current user base of…

Blockchain Intelligence Firm Wants to Prove Tim Draper Wrong on DeFi

The latest research from Flipside Crypto purports to disprove Tim Draper’s assumption that the advancements in DeFi will displace the U.S. dollar as the world’s reserve currency. The report starts off by quoting Draper: “The DeFi world is almost as technologically advanced as the dollar, and when it is, there will be no one who will want to accept politically manipulable currencies like dollars anymore.” Not fiat replacement The report focuses on two stablecoins: crypto-backed Dai (DAI) and fiat-backed USDC (USDC). It comes to the conclusion that stablecoin users are…

Several Chinese Media Outlets Setup a “Blockchain-Powered News” Department

A group of 12 Chinese media organizations conformed by television stations, local newspapers, radio stations, and web media allied to create a “blockchain-powered news department” on May 21. According to the report published by China Email, the group is made up of media companies from all over the country. They use solutions based on 4.0 and advantage of blockchain technology in favor of the distribution and exchange of content through the network. The alliance, called “The National Department of Blockchain News Editing,” distributes more reliable and traceable news and media…

3 Key Reasons Why Bitcoin Has Further to Fall After Plunging Under $9,000

Bitcoin hasn’t fared well over the past few hours. After holding the $9,800 support region for days on end, the cryptocurrency has plunged lower over the past 30 hours, reaching a low of $8,800 just minutes ago, according to TradingView.com data. This is the lowest Bitcoin has traded since May 13th, just two days after the block reward halving. Bitcoin price chart from TradingView.com This move caught many traders off guard. Skew.com indicates that since this move from $9,800, ~$80 million worth of BitMEX long positions has been liquidated. Bitcoin…

Albania Approves Europe’s Most Comprehensive Crypto Law Yet

Albania’s Parliament signed a bill into law on May 21 plenary session a legal framework for cryptocurrencies. The law, “On Financial Markets Based on the Technology of Distributed Ledgers,” first appeared before the Committee of Economy in October 2019 and was approved today with 88 votes in favor, 16 against and 3 abstentions. Introduced by Albania’s Minister of Finance and Economy, the legislation looks to regulate the conditions for licensing all crypto activities in the country. Beyond digital tokens, the law looks to monitor all infrastructure where DLT technology operates.…

Recent Unemployment Numbers Might Not Mean Anything for Bitcoin

More than two million Americans requested unemployment compensation for the first time last week, which may or may not affect Bitcoin.  Recording its seventh consecutive week of decline, last week hosted 2.44 million new unemployment claims, CNBC said in a May 21 brief. These numbers, however, fall within range of economist expectations. Within the timeframe surrounding coronavirus, Americans have posted 38.6 million jobless claims to date, CNBC said.  Pompliano expresses reopening need Morgan Creek Digital co-founder and partner expressed a push of sentiment favoring a national reopening after weeks of…