Cryptocurrencies

Crypto and blockchain news of the week by Keplerk # 8 – Cryptocurrencies

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Here we go, it’s back to school and it’s also the case for the crypto and blockchain industry. A contrasting start to the school year with a market that is strongly driven by decentralized finance, which continues to grow. This week in the news we will take stock of the price of Bitcoin which is falling back to the level of 10,500 dollars before hoping to aim for 13,000 and why not 20,000 dollars by the end of the year. We will then focus on BMW, the automaker has announced that it wants to use the blockchain to preserve the history of its vehicles. Finally this week’s hot news once again is the Challenge with the decentralized platform UniSwap overtaking Coinbase in terms of volume this week. A week also marked by transaction fees at the highest on Ethereum.


Bitcoin: a comeback under the sign of consolidation?

After a pretty flamboyant summer for the Bitcoin with the return of the cryptocurrency price above 10,000 and then 11,000 dollars, we are currently observing an oscillation of the price between 10,000 and 10,500 dollars. The bar of $ 12,000 had even been exceeded this week. Of course investors and owners of Bitcoin hope to see the course fly away. It is however interesting to look for a few seconds in the rearview mirror regarding the Bitcoin price. This one at increased by no less than 65% since the start of the year and it looks like it could only be a start with a BTC which has in its sights the 13,000 dollars and why not the 20,000 dollars, are highest on record by the end of the year. It must be said that the period strangely reminds us of that of 2017 with some ICO which have propelled many altcoins with double-digit price increases. This year we are no longer talking about’ICO but tokens Challenge, the best example being tokens, YAM, YEARN and there are dozens of others cumulating growths of several hundred percent.

BMW ready to launch decentralized application in partnership with VeChain

The automotive industry including Bmw is crazy part blockchain experiments for several years now. The Mobility Open Blockchain Initiative (MOBI) consortium brings together BMW, Ford, Renault and Honda. The German firm in Munich is already using this technology to optimize the traceability of its supply chain. She would therefore like in partnership with the company VeChain, offer an application to its customers to trace the life cycle of vehicles. Indeed today the forgery of vehicle data is a real scourge, fraudsters have fun reducing vehicle mileage to inflate prices on the second-hand market. The same goes for the maintenance logs which are at best vague and sometimes downright unavailable. The blockchain therefore appears to be the appropriate technology to track this data without any security breach.. This would allow owners of Bmw to provide real added value and create confidence when reselling their vehicle on the used market. The project is still in its early stages but it shows that the development of the technology is going in the right direction with real added value for the end user.

Uniswap trade volume exceeds Coinbase Pro volume

Uniswap, the decentralized cryptocurrency exchange that can be recognized by its logo in the form of a multicolored unicorn has become a must. Little known a few months ago, the volumes traded this week on the platform exploded and we observed for the first time Uniswap 22% higher volumes compared to centralized 24-hour exchange Coinbase with $ 426 million traded in 24 hours on Uniswap for $ 348 million. An announcement that appears to many cryptos observers to be incredible as Coinbase has for years built its position as market leader and which came to be jostled very quickly by Uniswap. How then to explain such a success of Uniswap? Once again we come back to the Défi which brings every day its share of new projects of “Yield Farming” or from “Staking” which promises very high earnings and thus attracts a large number of investors. While the gains are significant, the risks are also very high, as recalled this summer Vitalik Buterin, who warned DeFi investors not to invest all their money in protocols that have not been subjected to a thorough security audit.

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Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.

Always more GAS on Ethereum, transaction fees at the highest

The opposite of the explosion in the Challenge whose tokens, protocols and smart contracts are mainly based on the Ethereum blockchain detonated the Ethereum transaction fees. On Twitter, there were many reactions from users of the Uniswap platform to their outrage over the transaction fees required to complete a transaction on Ethereum. For example, YouTuber Owen Simonin, better known by the nickname Hasheur, explained that he paid more than $ 360 in transaction fees, figures hardly ever seen in the history of Ethereum.

Tweet from Youtubeur Hasheur about huge Ethereum transaction fees.
You’re not dreaming, transaction fees have exploded on Ethereum this week!

The peculiarity of the transaction fees that reward the block validation work done by miners is that they are not not proportional to the cost of the transaction, in fact you will pay the same fees to trade the equivalent of $ 1 or several million dollars. This leads to quite funny situations where users pay more transaction fees than the value of the token they want … Ethereum thus arrives at a saturation point which further shows the urgency of the arrival of version 2.0 of the blockchain representing the second largest capitalization behind Bitcoin.

Pub

Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.

The Bitcoin Ocean has never had such a large number of whales!

If I tell you about Humpback whales, whales, sharks, dolphins, fish, octopus, crabs or even shrimps, you might tell me that we are going to talk about the next documentary directed by Nicolas Hulot. Well no think again, these terms represent the different categories of investors on the Bitcoin network, a whale is a Bitcoin wallet address that holds more than 1000 Bitcoin, i.e. according to the current price of the cryptocurrency a value that represents more than 12 million dollars. This week the number of whales has therefore reached its highest level ever since the very select club now has 2,190 portfolios. This figure breaks the previous record of 2019 establishes at 2184 portfolios whale type therefore. An analysis proposed by the company Glassnode which also explains to us that the number of accumulation portfolios, wallets that have only been the subject of inbound transactions with the aim of accumulating Bitcoins over the long term but not for using it to buy goods or to trade also hit their highest level with more than 500,000 portfolios of this type listed on the market. Information which shows that more and more people wish to accumulate Bitcoin in a period of very high uncertainty in the markets because of the Covid-19 pandemic.

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