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Bank of America will now be employing blockchain tech via Paxos

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Blockchain technology has undoubtedly more fans than the crypto industry. Bank of America seemed to be the latest one to join the fan club with its recent revelation.

The blockchain industry has garnered immense traction, particularly over the last few years as digitalization emerged at full speed. The covid-19 pandemic further spruced up the process. Now, blockchain tech has been used in several industries all across the globe. Bank of America announced that it had joined hands with the Paxos Settlement Service in order to allow its customers to carry out stock settlements almost instantly or within minutes.

Bank of America eyes same-day stock settlements

Launched in 2019, the Paxos Settlement Service allows users to settle their stock trades within the same day without having to wait for too many days. Bank of America revealed that it would use this service to render its users with the opportunity to execute same-day settlements of stock trades.

The bank has reportedly been conducting internal transactions over the last couple of months to test the ability of the service that Paxos offers. While this proved to be successful, the head of financing and clearing of the bank, Kevin McCarthy told Bloomberg that the clients of the bank would soon be able to use this service as it awaits approval.

Elaborating on the same, McCarthy said,

“We can determine the settlement cycle down to T+0,. We then can free up the collateral we’d have to post on an overnight basis,” ‘which could lead to big savings.’ “The return-on-assets in this business would improve, which has been a challenge.”

The addition of this service would lure in more clients to the bank and aid in more flexible and faster settlements. The bank was reportedly employing services provided by the Depository Trust & Clearing Corporation [DTCC]. However, the stocks took about two days for settlement. Addressing the same, the chief executive officer of Paxos, Chad Cascarilla said,

“That flexibility and change in workflows to bilateral settlement is very interesting.”

DeFi Options Platform FinNexus Exploited; FNX Token Crashes By 90%

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DeFi hacks and rug pulls have become common by the day.

FinNexus, a decentralised finance [DeFi] options platform, was the most recent victim of a malicious entity’s exploit. While FinNexus has yet to publish a post-mortem report, the firm has cautioned users to withdraw their funds from the pools.. Its tweet regarding the same read,

“We regret to inform our traders and investors that the FinNexus erc20 contract appears to have been hacked. For safety reasons please withdraw your funds from the pools. The team is working on this issue and we will provide updates as they become available.”

The platform’s claims of the event being a smart contract hack was rebuffed by popular DeFi analyst and researcher, Chris Blec who speculated that either this is a case of a stolen admin key or was used maliciously by a team member.

What exactly happened with the DeFi Platform?

After digging deeper, another DeFi research analyst Igor Igamberdiev observed that FinNexus [FNX] contract deployer changed the token owner to some address on both Ethereum [ETH] as well as Binance Smart Chain [BSC] network. This address reportedly minted 323 million FNX [which was worth around $6M] on Ethereum and 60 million FNX [approximately $1.6 million] on Binance Smart Chain.

Following the minting, the attacker started dumping coins. In total, the decentralized options platform incurred a loss of $7.6 million.

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DeFi Options Platform FinNexus Exploited; FNX Token Crashes By 90% 3

So now the community was left wondering if this was a case of rug pull or stolen private key and FinNexus is yet to provide a conclusive report on the same.

FNX Crashes

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DeFi Options Platform FinNexus Exploited; FNX Token Crashes By 90% 4

Following the development of the exploit, the DeFi platform’s native token, FNX, crashed by more than 90% in the last 24-hours. Before the exploit, it was trading above $0.3 however, its price went on a downward spiral to a new low of $0.062, at press time. The crash could be attributed to the fact that a major portion of FinNexus’ token collateral was liquidated during the attack.

Singapore’s DBS Private Bank dives into the crypto-verse with trust solutions

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The surge in the demand for crypto has reached Singapore as the region’s prominent bank went on to roll out a cryptocurrency trust solution.

Bitcoin [BTC] took the entire crypto-verse to another level following its five-fold growth over the last couple of months. The crypto market was put on a pedestal as its market cap grew over $2 trillion. This caused an array of people to flock into the industry which further impacted the demand for digital assets. In a recent report by the Business Times, it was revealed that DBS Private Bank, a prominent bank in Singapore it was taking its interest in crypto a step ahead.

Singaporean bank ventures into crypto trust solution

DBS Private Bank was seen addressing the needs of its clients with the launch of its crypto trust solution. The trust reportedly supports prominent assets like Bitcoin [BTC], XRP, Bitcoin Cash [BCH] as well as Ethereum [ETH]. With this platform, the bank hopes to aid the clients of the bank to invest and manage their crypto.

Joseph Poon, the group head of the Singaporean bank spoke about the platform’s latest venture and said,

“Our trust structure allows clients to conveniently hold these assets, with a peace of mind that they will be safely managed and passed on to their intended beneficiaries.”

This isn’t the first time that the bank had exerted its interest in crypto. Back in December 2020, the bank rolled out its very own cryptocurrency exchange. After witnessing massive growth with regard to volume from the crypto exchange, the platform decided to expand its inclination towards crypto.

Furthermore, Poon spoke about the next few steps and stated,

“In recent years, more clients have expressed interest or are already invested in digital assets and we expect this trend to accelerate as cryptocurrencies turn more mainstream.”

With 120 clients and trading volumes of 30 million Singapore dollars to 40 million Singapore dollars, in the first quarter of 2020, DBS Digital Exchange’s plunge into the crypto-verse could spruce up the digital asset market in the region.

Polkadot [DOT] continues to make bulls comfortable; Could the coin be eyeing $45?

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The latest slump in the crypto-verse took several coins to the grave. Polkadot [DOT], Dogecoin [DOGE], and a few others were the only ones that seemed to have survived the recent carnage. Bitcoin [BTC] was seen recovering from its journey below $50K. At the time of writing, Ethereum [ETH] was back above $4K and all the other altcoins were seen healing. Amidst this ordeal, Dogecoin raced to the top with a price change of 32% in the last 24-hours. Despite this, DOGE remained below $1.

During press time, Polkadot was trading for $41.18 with a 6.16% surge in the last 24-hours. After hitting an all-time high of $48, the altcoin retraced and never got close to this number.

Throughout the year, altcoin was seen aiming for the moon, not only in terms of price but also in market cap. The market cap of the altcoin witnessed exponential growth which helped the asset land a spot on the top five. Now, however, DOT’s market cap was noted at $38 billion and was surpassed by the new cryptocurrency, Internet Computer [ICP].

Polkadot [DOT] One-Hour Price Chart On Binance

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Polkadot [DOT] continues to make bulls comfortable; Could the coin be eyeing $45? 7

DOT market on the cryptocurrency exchange, Binance was exerting extreme bullishness. On the one-hour price chart of DOT, the Parabolic SAR indicator placed dotted lines below the candlesticks affirming the presence of the bulls. While the Awesome Oscillator was confused between the bulls and the bears, the MACD indicator confirmed a bullish momentum in the DOT market.

With a green closing bar, the Awesome Oscillator chose the bulls. A bullish crossover was noted as the MACD line was over the signal line. While all the signs pointed out at the bulls, the asset’s chances of surging to $45 were strong.

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Polkadot [DOT] continues to make bulls comfortable; Could the coin be eyeing $45? 8

The Relative Strength Index indicator noted that there was no major buying or selling activity in the market on the short-term price chart of Polkadot. However, the RSI marker was inclining towards the buyers’ side.

Yearn.finance TVL smashes past $4B TVL while YFI token hits above $80k

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Yearn.finance and its native token YFI has broken many records this quarter, and there is no stopping it.

Thanks to Ethereum’s meteoric rise, decentralized finance [deFi] protocols, and their native tokens have been on a surge lately. The digital asset management platform, Yearn.finance has recorded yet another milestone as collateral locked in it surged to a new ATH.

According to the deFi platform’s latest edition of the weekly newsletter, the total value locked [TVL] in it has surpassed $4 billion. Since the beginning of the year, the TVL figures have maintained a consistent rise and have not seen any significant downturn. As of the 12th of May, Yearn’s TVL was found to be at $4.48 billion.

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Yearn.finance TVL smashes past $4B TVL while YFI token hits above $80k 11

The report mentioned that Yearn.finance’s TVL doubled from $2 billion to $4 billion in a period of just 32 days. This in contrast to the deFi protocol’s jump from $1 billion to $2 billion in total value locked which took a whopping 226 days.

Yearn’s blog also stated,

“Yearn is continuing to see parabolic and continuous growth among its products with no indication of growth slowing down. The Iron Bank product has seen notable increases since the start of April, in conjunction with sustained growth of our v2 yVault product line.”

Yearn.Finance’s Native YFI Records ATH

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Yearn.finance TVL smashes past $4B TVL while YFI token hits above $80k 12

Its governance token, YFI, however, had a rocky start in the starting of 2021. Despite a minor breakout, Yearn.finance’s native asset has traded below $40k for the most part of the first quarter. It was amidst the crypto rout in the last week of April, that YFI gained some serious upward momentum that has been in continuation to this day.

In a matter of just two weeks, YFI has doubled in terms of its price and broke above $82k following a short-term period of consolidation. Despite a lackluster price movement for almost two quarters, YFI became the best performer of the week, among its peer deFi tokens, as it accrued gains of nearly 60% over the last 7-days.

Tron [TRX] Fails To Hold Fort Above $0.13

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Tron [TRX] has been on a strong uptrend this year as it closely followed Bitcoin’s price this bull season. However, five months down, it slipped to the 23rd position by market cap after undergoing correction last week. The coin bounced back after establishing a local top on the 7th of April which negated its weekly gains to just 2.52%. Several altcoins noted major declines during overnight trading sessions and market players took profit from the rally steered by Ethereum [ETH].

Over the past 24-hours, Tron [TRX] depreciated by nearly 10% which drove its price to $0.129. At the time of writing, the digital asset recorded a market cap of $9.30 billion and a 24-hour trading volume of $4.33 billion.

Tron [TRX] Daily Price Chart:

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Tron [TRX] Fails To Hold Fort Above $0.13 15

Tron’s [TRX] daily chart depicted that the bullish momentum has taken a back seat. The token formed a lower high around the first week of May after a failed attempt in breaching a multi-year high level established two weeks prior. Following the market downtrend, the mouth of the Bollinger Bands converged and was moving in parallel to each other. This essentially forecasted a period of low volatility in the coin market.

The Volume was also low which further hindered the uptrend by the cryptocurrency.

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Tron [TRX] Fails To Hold Fort Above $0.13 16

The emergence of the red closing bar of Awesome Oscillator depicted a shift towards low bearish momentum in the TRX market.

The MACD also suffered a bearish crossover recently that indicated a phase of low buying demand. The RSI, however, held its fort above the 50-line despite tumbling down. The indicator was struggling near the midpoint that suggested a balance between supply and demand.

On a positive note, this balance may move in favor of the bulls if the price sustains above the immediate resistance of $0.137. A break above this point could result in Tron targeting other levels such as $0.152 and $0.164. Support levels were found to be at $0.101 and $0.085 respectively.

After Dogecoin; Another Spin-off Gains Traction After Binance Listing

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Not Dogecoin, it’s Shiba-Inu Coin.

Who decides what’s legitimate and what is not in the cryptocurrency industry? It is the decentralized community that chooses a new success story before the FOMO catches up. Nobody expected meme-token called Dogecoin to gain legitimacy so much so that one of the world’s richest men, Elon Musk would engage in DOGE-related frenzied social-media commentary. Other celebrity endorsements include Dallas Mavericks owner Mark Cuban and rapper Snoop Dogg.

There is yet another meme token in town. The Shiba-Inu Coin [SHIB]. And, no, it is not Dogecoin [DOGE]. But the latter’s logo features a Shiba Inu puppy at the center of the meme.

Shiba-Inu coin, on the other hand, is another experiment that has captured the headlines over the past few days.

Dogecoin Killer Already?

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After Dogecoin; Another Spin-off Gains Traction After Binance Listing 18

SHIB is an ERC-20 only token that declared its nickname to be “Dogecoin Killer” on its “woof paper” [whitepaper]. According to the document, SHIB’s 50% of the total supply is locked in Uniswap while the remaining 50% was burned to Ethereum Founder Vitalik Buterin. It further stated,

“We locked the 50% of the total supply to Uniswap and threw away the keys! The remaining 50% was burned to Vitalik Buterin and we were the first project following this path, so everyone has to buy on the open market, ensuring a fair and complete distribution where devs don’t own team tokens they can dump on the community.”

It would be safe to say that it’s a DOGE clone and are among several imitators that have jumped into the wave to ride on the tailwind of the Tesla Chief-championed coin.

This knock-off of DOGE who which was first trading on decentralized exchange Uniswap has expanded its footprint across Binance on the 10th of May. But the expansion does not stop here, SHIB has also now garnered fresh listings on the two other well-known cryptocurrency exchanges among – Huobi and OKEx.

Over the past couple of days, SHIB has attracted astonishing investment especially from Chinese players in the market. Its price rose to an ATH above $0.000003 on the 8th of May and subsequently surged by more than 1033% in a period of just three days. In contrast, Dogecoin’s price has taken a massive plunge Musk’s appearance on ‘Saturday Night Live’.

Where is Bitcoin headed? some say all the way to $250,000

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Bitcoin [BTC] has been on a choppy ride as it steadied below $60K while the altcoins, on the other hand, are having a party. Ethereum [ETH] has prompted an altcoin rally while pushing the dominance of the king coin to 44%, the lowest point in the last three years. So where exactly is Bitcoin’s price headed?

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Where is Bitcoin headed? some say all the way to $250,000 20

Bitcoin has rallied by 100% in terms of YTD. the asset hit a stagnancy in March and since then, for the most part, has been hovering within $55,000-$60,000.

Its crash below $50,000 on the 26th of April was brief as the crypto-asset managed to pull off a swift recovery. However, a breach of the upper limit does not appear to be in the offing.

Bitcoin To $250,000?

The dull price action did not stop the market players to predict wild price swings for the crypto leader. The investment management firm, Morgan Creek Capital Management’s founder and chief investment officer Mark Yusko has predicted that BTC could climb an astonishing $250,000 within five years.

In the latest edition of CNBC’s Trading Edition, the exec based his forecast on the increasing network adoption as well as the usage which has been on a steady uptrend. He was quoted saying,

“This is a network and networks grow in an exponential way. This is the fastest network in history to a trillion dollars of value, right on the heels of the FAANGS that took, you know, 15 to 20 years depending on which one you look at. What people miss is this is a technological evolution of computing power that isn’t going away.”

He also added that Bitcoin is a powerful computing network that will eventually shape up to become the base layer protocol for the Internet of value.

The main question that pops up is that is the storming of the altcoins mean Bitcoin’s exit from the bull season? Maybe not. At least that is what’s happening behind the scenes.

Strong HODling Affair

Bitcoin was floating around the $1 trillion market cap for nearly three months now, which was a healthy sign and the BTC market participants remained pretty much undeterred by not-so abrupt positive rallies along the same timeline.

For instance, Glassnode’s long-term HODLer net position change, switched to the positive side as it demonstrated that the holders of this cohort have accumulated 93,638 BTC more than they have sold. Even the miners are accumulating. According to the recent stats, over the past month, BTC miners have amassed a net position of 5,459 BTC.

Cardano [ADA] sustains strength; eyes to break above $2

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Cardano [ADA] is on fire. The altcoin rush triggered by Ethereum [ETH] has swept in and prompted several crypto-assets to register fresh peaks. ADA accrued weekly gains of more than 32%.

It has seen a great upside potential after consolidating for a good two months. The sharp-sell-off in the third week of April was cut short by the quick recovery that has been on an extension even a week later to May.

Over the past 24-hours, Cardano [ADA] was up by 7.45% which pushed it to $1.70. At the time of writing, the digital asset recorded a market cap of $55.43 billion and a 24-hour trading volume of $5.83 billion.

Cardano [ADA] Daily Price Chart:

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Cardano [ADA] sustains strength; eyes to break above $2 23

Cardano had revealed extraordinary gains this week despite shaping a long-term rising pattern on the 24-hour price chart. By convention, the pattern formation signals a downward price movement, which ADA did undergo. But the downtrend was brief and for a negligible period as it soon marched to unchartered territory.

The rising price has also found crucial backing from the growing Volume. The mouth of the Bollinger Bands was widespread depicting a period of high volatility in the coin market which could significantly push the coin’s price higher.

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Cardano [ADA] sustains strength; eyes to break above $2 24

Cardano’s technicals have continued to support the rally. The high closing green bars of Awesome Oscillator demonstrated an increasingly strong bulling momentum in the market.

The gauge between the signal and the MACD line increased after the bullish crossover which indicated the rising buying demand in the ADA market.

The RSI is also to shoot above the overbought region as it hovered near 70-level. This signified that there is still room for growth for the ADA token which could be a bullish catalyst for its price.

The above charts suggest that Cardano could be headed for a breach of the $2 psychological resistance point in the coming days. The support areas, on the other hand, were found to be at $1.27, and $1.08 respectively.

DeFi Protocol Rari Capital Loses ~$10M In High Profile Exploit

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Decentralized finance [DeFi] protocol, Rari Capital was exploited on Saturday after an attacker siphoned off with nearly 2600 ETH, or approximately $10 million.

In a post-mortem report, the Co-Founder of Rari Capital, David Lucid revealed that the funds were extracted from the protocol’s Ethereum Pool before the malicious entity was stopped when the contracts were halted. The net loss equated to 60% of all users’ funds in the said Ethereum Pool.

What exactly unfolded at Rari Capital’s ETH Pool?

The Rari Capital Ethereum Pool deposits ETH into Alpha Finance’s ibETH token as one of the DeFi platform’s yield-generating strategies. This strategy is essentially involved in tracking the value of its ibETH as ibETH.totalETH() / ibETH.totalSupply(). The exploit was related to this ibETH vault inside which the attacker reportedly executed a few steps repeatedly. Following are the steps that were carried out on loop:

  1. Ether [ETH] flashloan from the non-custodial decentralized exchange, dYdX was noted.
  2. Ether [ETH] deposited into the Rari Capital Ethereum Pool.
  3. The value was manipulated by inflating it artificially high.
  4. More Ether [ETH] was withdrawn from the platform’s Ethereum Pool than the attacker deposited because its balances were artificially inflated.
  5. In the end of ibETH.work, the value of ibETH.totalETH() bounced back to its true value, which resulted in the Rari Capital Ethereum Pool’s balances to lower than they were prior to the exploit. The malicious entity ended up withdrawing a lot more than it deposited since the balance was artificially pumped.

The Rari Capital contributors were unable to understand that ibETH.totalETH() could be manipulated for the duration of these external calls from ibETH.work. Furthermore, the exploited code was reportedly audited by blockchain security platform, Quantstamp.

While talking about few steps to implement to mitigate the risks of attacks in the future, Lucid stated,

“Of course, we hope to enlist more top auditing firms other than Quantstamp and Omniscia. We already have another audit planned with OpenZeppelin.”

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DeFi Protocol Rari Capital Loses ~$10M In High Profile Exploit 26

The native token behind the deFi protocol, the Rari Governance Token [RGT] crashed by more than 20% following the exploit. It was currently exchanging hands at $13.86 after the drop. It also negated its weekly gains by 5.96%.