Fear and Greed Index Turns to Greed as Bitcoin Hits Two Month High


BeInCrypto –

The fear and greed index has been updated to “greed” as bitcoin hits $42,600. 

Bitcoin has seen a resurgence in price following twelve consecutive days of bullish momentum. Bitcoin has seen twelve days of green for the first time since February as it headed towards its previous all-time high. 

However, following a dramatic decline to $29,000 in July, bitcoin has managed to climb nearly 45% in less than two weeks. Currently priced at $41,600 on Sunday, the fear and greed index has shifted to 60, which indicates greed in the market. The shift in momentum comes one month after the fear and greed index was at 21, or extreme fear. 

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Celebrate With Crypto As Ethereum Turns Six Years Old


The Ethereum community celebrates 6 years since the network was launch. The platform host some of the most important crypto trends, from decentralized finances (DeFi), non-fungible tokens (NFTs), and is currently in the process to migrate from a Proof-of-Work (PoW) consensus mechanism to Proof-of-Stake (PoS).

Ethereum has gone from process thousands of transactions to around 1.2 billion, according to data provided by Etherscan. The network settles trillions of dollars in value every year, said the co-founder of EthHub Anthony Sassano, who reviewed the platform’s history to celebrate this major achievement.

Ethereum Transactions Per Day. Source: Ycharts

At the time of writing, Ethereum trades at $2,338 with a 636% profit in the 1-year chart. In this period, ETH has climbed from the low hundreds to an all-time high at over $4,000, on the back of its “infinite” potential, as many on its community claim.

ETH moving sideways after a rally in the daily chart. Source: ETHUSD Tradingview

In terms of market cap, ETH holds the second position in the top 10 with a worth of $273 billion, right behind Bitcoin with $732 billion. The events that will allow Ethereum to migrate to its “Beacon Chain”, its upcoming upgrades in terms of scalability, its transition to deflationary model with EIP-1559 have led some to believe ETH will eventually flip Bitcoin and take the number one spot in every metric.

As Sassano recalled, the Ethereum mainnet was launched on July 30th, 2015, after an ICO where investors could acquire 1 ETH for $0.30. In 2016, the network experienced one of its most infamous episodes with “The DAO” hack:

(…) event which was spectacular in both good and bad ways. 2017 was Ethereum’s first breakout year with it leading the bull market due to ICO mania (and a lot of hype around proof of stake). Then came 2018 which was a very sobering year for Ethereum.

After a multi-year bear market, the network and ETH have returned to “a rocket ship with no signs of slowing down”. Sassano calculates the return of those lucky enough to first invest in the ICO in around 7833x, and with potential future appreciation.

Is The Ethereum Flippening Imminent?

The NFTs and DeFi are already worth billions of dollars after just a short period since they made their way into a portion of the world population. Many artists, creators, and celebrities are trying to leverage NFTs to bypass a product’s traditional distribution and achieve a deeper connection with its audience.

The latest mania was driven by the adult animated series “Stoner Cats” which requires viewers to purchase an NFT to access the content. The show was produced by Mila Kunis and the inventor of Ethereum, Vitalik Buterin, was part of the cast.

On the other hand, data from DeFi Pulse indicates that the DeFi sector has $67 billion in total value locked (TVL). Uniswap, SushiSwap, Compound, Yearn Finance, MakerDAO, and other DeFi protocols allow thousands of users to maximize their profits and create new investment strategies without the intervention of a third party.

This has been acknowledged by J.P. Morgan, Goldman Sachs, and other titans in the traditional market that consider Ethereum a key component of the future of finances.

As Pseudonym user LiveLambo said via Twitter, the ecosystem created on top of this platform has grown to unprecedented levels and justifies the name that has been bestowed on Ethereum, the “Infinite Machine”.

Source: LiveLambo via Twitter


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Government Turns To Blockchain To Ease Startup Compliance Hurdles


Government agencies will be able to access, authenticate or approve documents and data related to startup compliances through the blockchain framework

The framework will allow agencies instant access to documents for verification in tax processes and more

Earlier this year, the government was reported to be forming a panel to formulate a roadmap for regulations and use of blockchain in India

Looking to reduce the compliance burden on startups, the Indian government is reportedly in the process of building a blockchain-based validation framework that could simplify the submission of documents to various agencies. 

At the moment, startups have to make separate submissions to regulators, intermediaries and authorities that increases not only the time related to compliance but also leads to duplication of efforts. 

Central Board of Direct Taxes (CBDT), banks, public sector undertakings (PSUs), non-banking financial companies (NBFCs) and other regulators will be allowed to verify documents before providing financial or other assistance to startups through this single-window blockchain platform. These agencies will be able to access, authenticate or approve documents and data related to startup compliances through this framework.

According to an ET report, the Department for Promotion of Industry and Internal Trade (DPIIT) is currently working on building this system. 

Each DPIIT-recognised startup will have four identifiers, a certificate number, name of the entity, incorporation number and blockchain ID. Using these, any official stakeholder can access documents or applications submitted by startups. 

The platform can be utilised by government departments, PSUs, banks and investors to verify the authenticity of the information submitted by startups, as per an unnamed official quoted in the report. The official claimed this would enable quick turnaround in inter-departmental verification processes.

Under the system, different departments and bodies will be empowered to use the documents for their regulatory purposes.  For instance, PSUs can check certificate authenticity, while the income tax department or CBDT can verify details before granting tax exemptions. Similarly, the government e-Marketplace (GeM) can validate startup certificates before onboarding them as vendors. 

The blockchain-based system is expected to ease data sharing as all documents will be available in a decentralised ledger. 

Reports from earlier this year suggested that the central government is likely to form a fresh panel to formulate a roadmap for regulations and use of blockchain in India. Regulations in blockchain could pave the way for official deployment of projects such as decentralised records and other governance applications. 

For instance, earlier this year, the Election Commission of India said it is working with IIT-Madras for a blockchain-based app to enable electronic or digital voting in official elections. Similarly, in October last year, the Indian government launched a blockchain-based certification verification system, which will enable instant verification and access to certificates of recognition issued by the industry body.


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