Big Players Offer New Blockchain Services and Create Wrapped Bitcoin (Weekend Digest, Oct 27—28)

Crypto taxes in Spain, LocalBitcoins and its leaders, the beacon chain launch, tokenized Bitcoin on Ethereum blockchain, a new protocol by shEOS and Coinbase IPO — summarizing the news of this weekend


8,744 USD 0.02%
Volume, 24h
3,497,717,274 USD
153,922,072,217 USD

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Coinex Chain Launches Two Tokens Anchored to BTC and BCH

On November 15, the digital currency trading platform Coinex announced the launch of two Coinex Chain tokens that are anchored to BTC and BCH. The two collateralized coins will be used for trading on the Coinex Dex and will be traded in the name of the original assets respectively. Also read: Joins the Coinex Chain Pre-Election Node Process Coinex Chain Launches Tokens Anchored to BTC and BCH During the last few years, stablecoins collateralized by fiat have been extremely popular but decentralized finance (defi) concepts and other types of collateralization techniques have been prominent as well. Projects like Maker and the stablecoin dai alongside the Wrapped Bitcoin (WBTC) platform show the growth of collateralization. For instance, there is $5 million locked in WBTC, $345.5 million in Maker, and 1.8 million ETH being used as collateral for the 147,876 vaults (CDPs) created. The cryptoconomy’s collateralization effect has been massive and can be seen with projects like Maker and WBTC. Another instance of a collateralized coin is’s BTC2, which uses the Simple Ledger Protocol (SLP) built on the BCH chain. There are only 100 BTC2 tokens but the coin allows users to swap BTC and simultaneously benefit from the low fees on the BCH network. Just like with ETH and BTC, there’s been a rising trend of collateralization techniques recently using the Bitcoin Cash network. Now the cryptocurrency firm Coinex has revealed the launch of two anchored tokens that leverage the Coinex Chain and the Coinex Dex platform. “BTC-Coinexchain and BCH-Coinexchain are tokens based on Coinex Chain anchored with original BTC and BCH at a ratio of 1:1, and their value is supported by the original tokens BTC and BCH reserved in Coinex and accepted by Coinex,” the crypto exchange announced on Friday. “On the Coinex Chain, [the tokens] BTC-Coinexchain and BCH-Coinexchain will be circulated and traded in the name of BTC and BCH respectively.” Coinex added: [The tokens] are meant to ensure the Coinex ecosystem develops in a sustainable way and facilitates the vision of ‘building a world-class encrypted digital asset trading platform’ and the prosperity of the Coinex Chain ecosystem. The trading platform Coinex recently announced the creation of a public decentralized exchange (dex) blockchain that leverages the consensus protocols Tendermint and the Cosmos SDK. The Collateralization Effect Coinex users can obtain the BTC-Coinexchain and BCH-Coinexchain tokens using the company’s traditional exchange. On the Coinex Dex, the two tokens will be paired against the firm’s native exchange token CET. “[If] the user chooses BTC-Coinexchain and BCH-Coinexchain as the public chain when he or she withdraws tokens from the exchange, then the anchor tokens will be remitted,” the Coinex announcement emphasizes. “If the user chooses BTC and BCH as the public chain from the exchange when he or she withdraws tokens from the exchange, then the original tokens will be remitted.” The new Coinex Chain anchored tokens follows the recent launch of its public decentralized exchange (dex). Users can create a wallet for the Coinex Dex and gain access to the trading platform dashboard, issue tokens, and view and vote on proposals and delegations. Signing into the Coinex Dex dashboard shows traders are currently trading CET against BTC using the BTC-Coinexchain token. The Coinex Dex CET/BTC market. The launch of the two new Coinex Chain tokens shows that the crypto collateralization trend continues to grow and it could become a dominant force within the blockchain economy. Many crypto analysts have been observing the collateralization direction, like the partner at Placeholder VC, Chris Burniske. “Long run, I expect assets that aim to be a store-of-value [SoV] (eg, BTC, DCR, ETH) to be much more widely used as collateral than as a means-of-exchange [MoE],” Burniske tweeted on Sunday. “My opinion: BTC should lean into this, just as ETH has,” Burniske remarked further. “The burgeoning ‘collateral economy’ around ETH is amazing to watch, and allows ETH as an SoV to extend its utility far beyond what it could hope for as a pure MoE.” What do you think about Coinex launching two anchored tokens backed by BTC and BCH on the Coinex Chain? What do you think about the growing trend of crypto collateralization? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, Coinex Chain, Coinex Dex, and Defi Pulse stats. Are you a developer looking to build on Bitcoin Cash? Head over to our Bitcoin Developer page where you can get Bitcoin Cash developer guides and start using the Bitbox, SLP, and Badger Wallet SDKs. The post Coinex Chain Launches Two Tokens Anchored to BTC and BCH appeared first on Bitcoin News.
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Crypto Market Fear Index Suggests Bitcoin Price Has Further To Fall

Bitcoin price is once again in free-fall mode after the crypto asset set a record for its third-largest gain in a 24-hour period on the heels of news that China would support blockchain technologies like what Bitcoin is built on. The bullish move erased any remaining fear left in the market, and revived bullish sentiment. But with sentiment still so positive, the first-ever cryptocurrency may need to experience more downside to bring sentiment to levels of extreme fear before a rebound is possible. Crypto Market Fear and Greed Index Tips Slightly In Favor of Fear Markets are cyclical, and speculative markets like Bitcoin and other cryptocurrencies are driven in large part by greed and fear. It’s led to the development of a market sentiment index that assigns a number score rating where the market currently is in terms of emotional and mental state. Related Reading | Bitcoin Market Cycle: Is This Complacency, Or A New Hope? During powerful rallies, investors become irrationally exuberant, greedy, and hopeful, further driving up the value of assets like Bitcoin as speculation and hype run wild. These signs usually signal a top is in or close. But on the way down, that greed turns into anger, depression, and fear, and typically signals that a local bottom is close and a rebound is near. According to that fear and greed index, the market is currently at a 38 out of a possible 100 and has just tipped the scales to favor fear after first being bullish and then spending a period of time at neutral. #Bitcoin has been slowly shedding valuation but no major volatility as of yet Similarly, the Index has been slowly tilting more & more towards Fear Extreme fear precedes financial opportunity but the Index suggests that the market still has some fear to experience #Crypto — Rekt Capital (@rektcapital) November 18, 2019 The lack of extreme fear in the market could suggest that Bitcoin’s downtrend isn’t over, and more fear is necessary for long term HODLers to be shaken out before the next mark up phase. Bitcoin Price: Extreme Fear Below $7,400, Greedy Above $10,500? Bitcoin price is currently trading at roughly $8,500 after a massive spike from lows around $7,400 pushed the price of Bitcoin as high as $10,500 – setting a record for the third-largest single-day gain in the asset’s short history. However, that powerful rally was rejected and the asset has since retraced most of the gains it saw during the historic spike. Related Reading | Uncommon Bitcoin Metric Suggests Massive Profit Taking Is Underway  For Bitcoin price to reach levels of extreme fear, a new low may be necessary – one lower than where bulls defended $7,400 just last month. Alternatively, a push higher here could tip the scales back in favor of greed on the index. For the market to truly become bullish, a higher high will need to be set and close a daily candle above $10,500. Such a close would be a signal that Bitcoin’s short-term downtrend may finally be over and a return to a bull run could be next. If not, extreme fear will likely result before a bull market can start once again for Bitcoin and other cryptocurrencies. Featured image from Shutterstock Crypto Market Fear Index Suggests Bitcoin Price Has Further To Fall was last modified: November 18th, 2019 by Tony SpilotroThe post Crypto Market Fear Index Suggests Bitcoin Price Has Further To Fall appeared first on NewsBTC.

Retired Workers to Get Petro Crypto Credits in Venezuela Per President’s Latest Announcement

The president of Venezuela Nicolas Maduro has declared something interesting about the national digital currency Petro. It is going to be used for paying a Christmas bonus to the retired workers and pensioners in the country. This report was from the Twitter page of local media agency Venepress. Maduro anunció “aguinaldo” de medio Petro para […]
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