Synthetix (SNX) shocks investors – 30% rise as Ethereum pulls back

For the past 48 hours, the crypto market has been mostly blood red. Bitcoin fell from $ 24,300, its weekend high, to $ 21,800 at the local low, while Ethereum slipped below $ 600 for the first time in many weeks.

That move resulted in a sharp downward move in many smaller cap altcoins, which fell about twice as much against the dollar as BTC did.

Even DeFi (decentralized finance) coins, which are sometimes viewed as quite resilient, saw a sharp move down.

But the Synthetix Network Token (SNX) was able to gain 30 percent in the last 24 hours alone. It’s the top-performing cryptocurrency in the top 100 by market capitalization, outperforming Bitcoin’s three percent profit by an order of magnitude.

Synthetix is ​​up 30% in a single day, shocked investors

This massive rally in SNX’s price action can be attributed to a large number of trends, some of which are as follows:

Coinbase Pro recently listed SNX – after months and even years of anticipation – allowing investors who don’t know how to use Uniswap or who don’t have access to other exchanges to trade with it. Add to this the unit bias, which means investors prefer coins that have a lower price – this may have contributed to the buying pressure seen on Coinbase Pro and other platforms with a focus on retail investors.

SNX volumes have skyrocketed in the past few days as investors began to see the potential of the cryptocurrency. SNX has largely been a coin that has underperformed in the DeFi space.

“Smart money” addresses, as defined by Nansen, an Ethereum-focused data company, have amassed the coin over the past week

The developers at Synthetix have rolled out a number of new improvements. First and foremost, a new decentralized staking application was launched yesterday which improves the user experience. Second, Synthetix’s “Shaula” release will be rolled out, which “can add ETH and generic ERC20 collateral to Synthetix.” Many see this as critical to the development of Synthetix as it seeks to go beyond the SNX-only model that has existed for so long.

Trump rejects US cash injection – Bitcoin sinks. Is another setback looming?

A nightly rally in the Bitcoin market was halted halfway when Donald Trump rejected a nearly $ 900 billion stimulus package that passed both the Democratic-controlled House of Representatives and the Republican-owned Senate.

The Bitcoin -to-dollar exchange rate slipped 1.13 percent to 23,554 dollars in the pre-European meeting on Wednesday. Traders worriedly reduced their exposure to the cryptocurrency, in the expectation that a delayed stimulus package would help the US dollar rebound. The greenback is trading above its two-year low.

A delayed law

Technically, Bitcoin’s price movement seemed choppy. The flagship cryptocurrency started the week in negative territory due to profit-taking.

It also crashed when news of a new coronavirus mutation led investors to the safety of the US dollar. Bitcoin Formula review coincided with global stocks and gold.

But on Tuesday the price reduced its previous weekly losses by rebounding 4.81 percent. The decline came as the U.S. Senate passed the $ 900 billion stimulus package that would provide crucial economic relief to American households and businesses affected by the COVID-19 pandemic.

Trump refused to sign the law, causing another extension in a bureaucratic process that has already taken months. The president said he would ask Congress to change the details – mostly to increase the direct payment from up to $ 600 to $ 2,000. The Speaker of the House of Representatives, Nanci Pelosi, agreed to this request.

“The Democrats are ready to get this down to the ground this week, with unanimous approval,” she tweeted. “Let’s do it!”

What’s next for Bitcoin?

Recent moves in the Bitcoin market have trapped the price in a sideways consolidation area. It looks like a bull flag – a bullish continuation pattern that forms when an asset briefly interrupts its uptrend. Its typical result is an upward breakout, with the price increasing by as much as the previous flagpole.

The height of the flagpole is near $ 4,500. That means the best result from the current scope of consolidation is a breakout towards $ 28,500. So it appears that market fundamentals are supporting the upward bias.

Bitcoin adoption has reached a critical turning point with the arrival of institutional capital. Mainstream firms and investors are either buying Bitcoin or recommending their customers buy Bitcoin, given the global inflation outlook, compounded by soaring sovereign debt and budget deficits.

“After years of sleeping behind the wheel, institutional investors are now being shaken up en masse,” said Cole Garner, an independent on-chain analyst. “If they want this asset, they have to work hard, compete with the crowd, and run FOMO through ATHs. And that against a background of scarcity that you have never experienced before. ”

And that’s bullish through and through for Bitcoin.

What happens if I lose my Bitcoins?

What happens if I lose my Bitcoins?

With Bitcoin, you are solely responsible for the assets you own. In a nutshell, you are your own bank. So, more freedom means more responsibility: it’s up to you to take care of your Bitcoins, by keeping your famous private keys in a safe place.
Private keys and the seed: the key to access your Bitcoins.

It is these private keys that prove to the Bitcoin network that you are the owner of the Bitcoins on your addresses. So if you lose your private keys, you lose your Bitcoins!

Fortunately, there is by Bitcoin Aussie System a fairly simple way to regain access to all your private keys. It is a mnemonic phrase: a sequence of words from which all private keys are derived.

This passphrase is therefore the key to regain access to your Bitcoins if, for example, you lose your wallet. This can happen if your computer crashes, or if it is stolen.

You should therefore keep this mnemonic phrase in a safe place (in a safe for example). It is imperative that you never divulge it!

If you lose this mnemonic phrase, then your Bitcoins will be lost forever. There will be NO way to find them again. However, as long as you have this precious sequence of words, anything can happen to your wallet. You can misplace it, your device can break down: no problem, just reinstall a new wallet on a new device, and regenerate your private keys with this phrase to regain access to your precious Bitcoins.

There are different solutions to secure your seed. The most effective is called metal seed storage: it consists of engraving your seed on a metal support. This will withstand water, extreme temperatures and the test of time.

Delegate the management of your private keys to a third party

If you decide to outsource the management of your private keys to a third party, you de facto lose control over your bitcoins.

We are talking about foreign exchange platforms, custody services, and now some banks.

None of these services can claim to provide absolute security. Foreign exchange platforms are sometimes hacked, the most notorious case being the MtGox scandal. However, many specialised companies are very serious, and some enjoy using them.

The decision is yours. If you are sufficiently responsible, wise and suspicious, it is entirely possible to ensure the security of your Bitcoins yourself.

If, on the other hand, you have no time to lose or only want to invest in Bitcoin with the hope of making a profit, this type of solution could be attractive to you.

SWIFT muliggjør umiddelbare grenseoverskridende betalinger

Denne tilsynelatende kamp-eller-fly-responsen på blockchain stigende allestedsnærværende kan være for lite, for sent.

SWIFT, det Brussel-baserte interbankkooperativet, har avduket sin første aktive øyeblikkelige grenseoverskridende betalingsforbindelse – et grep som kan ha store implikasjoner for det globale betalingslandskapet.

Kooperativet kunngjorde torsdag at Storbritannia-baserte Lloyds Banking Group har blitt den første til å koble seg til SWIFT gpi Instant, den høyhastighets grenseoverskridende jernbanen som avvikler betaling på sekunder. Betalingssystemet kobler SWIFT gpi til Storbritannias raskere betalingsinfrastruktur, slik at kundene kan sende betalinger over landegrensene 24 timer i døgnet, syv dager i uken.

I følge SWIFT, det nye systemet:

“Gjør det mulig for banker å bruke eksisterende infrastruktur for å tilby bedre service 24/7, med raskere hastigheter, klarhet i avgifter og, avgjørende, forutsigbarhet når en sluttmottakerens konto vil bli kreditert.”

SWIFT, som står for Society of Worldwide Interbank Financial Telecommunication, har blitt den globale standarden for sikre internasjonale betalinger og handelsfinansiering. Men nettverket har blitt kritisert for sine kostbare, tidkrevende ineffektiviteter.

SWIFTs globale betalingsinnovasjon, eller gpi, ble båret ut av denne kritikken. Lansert i 2017 forbedret gpi betalingssporing og gebyrgjennomsiktighet i over 1100 landskorridorer.

Til tross for disse forbedringene, kan det hende at SWIFTs innovasjoner ikke skjer raskt nok. Som Financial Times observerte i desember 2018, er SWIFTs nye konkurrenter ikke bare begrenset til oppstart som TransferWise og Revolut, men store finansinstitusjoner som utnytter Bitcoin Circuit.

Ledet av JPMorgan Chase, er Interbank Information Network et blockchain-konsortium som bruker distribuert hovedboksteknologi for å forbedre samsvar og redusere forsinkelser i behandlingen. Nettverket, som inkluderer over 130 bankpartnere, har siden blitt omdøpt som Liink og er bygget på Onyx blockchain.

Blockchain-teknologi har blitt sitert som en stor forstyrrende kraft i det globale betalingslandskapet. I motsetning til SWIFT muliggjør blockchain overføringer på en desentralisert måte, noe som betyr at betaling godkjennes direkte.

Ripple er kanskje det mest berømte eksemplet på et blokkjedebasert globalt overføringssystem. RippleNets desentraliserte infrastruktur har tre sekunders betalingsbehandling og 0% feilrate for meldingssystemet.

Våpenoppbyggingen av SWIFT gjennom aggressiv bruk av sanksjoner har også tvunget visse land til å dreie mot blockchain. Tyrkia, Venezuela, Iran og Russland har alle eksperimentert med blockchain-plattformer for å skape parallelle finansielle systemer.