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Bitcoin News Roundup for Aug. 19, 2020
With bitcoin pulling back from its bull run and the emergence of YAM-inspired “Spaghetti Money,” CoinDesk's Markets Daily is back for your latest crypto news roundup!
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With bitcoin pulling back from its bull run and the emergence of YAM-inspired “Spaghetti Money,” CoinDesk's Markets Daily is back for your latest crypto news roundup!
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This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.
Today's Stories:
Bitcoin's Bull Run is Slowing – Pullback Now Expected
Some analysts are now predicting further price corrections after bitcoin fell back below the $12,000 milestone on Tuesday.
First Mover: Money Legos Turn 'Exuberant' as Chainlink Stripped of 'DeFi'
This year's growth in the cryptocurrency subsector DeFi has been so remarkable that some analysts are now calling the phenomenon "exuberant."
UK Regulator Grants License to Digital Security Exchange Archax
The U.K. watchdog has granted several licenses to Archax that will allow it to become a "one-stop shop" for the digital security space.
Binance-Owned WazirX Announces DeFi Project With Matic
The Mumbai exchange has opted for Matic instead of Ethereum’s network, which is currently dominating the DeFi space because of "high gas costs."
$200M Staked in YAM-Inspired DeFi Protocol in Under 12 Hours
The DeFi craze continues as investors stake $200 million in a new yield farming protocol that's not even 12 hours old yet.
For early access before our regular noon Eastern time releases , subscribe with Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica or RSS.
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BlackRock's digital assets head: Leverage-driven volatility threatens bitcoin’s narrative
Rampant speculation on crypto derivatives platforms is fueling volatility and risking bitcoin’s image as a stable hedge, says BlackRock’s digital assets chief.
What to know:
- BlackRock digital-assets chief Robert Mitchnick warned that heavy use of leverage in bitcoin derivatives is undermining the cryptocurrency’s appeal as a stable institutional portfolio hedge.
- Mitchnick said bitcoin’s fundamentals as a scarce, decentralized monetary asset remain strong, but its trading increasingly resembles a "levered NASDAQ," raising the bar for conservative investors to adopt it.
- He argued that exchange-traded funds like BlackRock’s iShares Bitcoin ETF are not the main source of volatility, pointing instead to perpetual futures platforms.
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