🗞 Daily Crypto News & Video, October, 5th💰

Welcome to the Daily Crypto News: A complete News Review, Coin Calendar and Analysis.

Enjoy!

🗞 Why traders expect ‘boring’ Bitcoin and altcoin price action until 2021

Bitcoin (BTC) price has been stuck in a range for weeks now but traders generally expect a slow fourth quarter for the top-ranked digital asset.

In 2018 and 2019 Q4 closed net negative, injecting a bit of bearish sentiment into the market. In the near term, a boring Q4 of further downside from Bitcoin price could cause altcoin prices to dump further.

At the moment, multiple technical analysts are closely watching the bounce in the Bitcoin dominance index to warn against an altcoin market pullback.

Has the worst already passed for altcoins?

The slump in altcoins worsened when Bitcoin surged from $9,981 to $11,179 on Sept. 9 to Sept. 19 and during this period it appears that a take-profit rally took place. Analysts believe that profits from altcoins and DeFi cycled into Bitcoin and stablecoins.

🗞 Trump’s Health Gives Markets a Boost As Crypto Continues Stable Run

Stocks and shares ticked up over the weekend after Trump's health appeared to improve.

But the broader global economic outlook is looking bleak.

Crypto continues its steady march forward, despite a number of headline-grabbing stories.

Market watchers spent most of the weekend tuning in to Donald Trump’s tweets for insights into the President’s health.

Stocks and shares took a tumble on Friday when Trump tweeted he had contracted COVID-19. But over the weekend his condition appeared to improve. As a result, European stock futures rose, along with S&P 500 contracts and Asian shares.

Crypto holds its nerve

The same can’t be said of crypto. The weekend was quiet for traders, as Bitcoin and Ethereum saw prices move barely more than a few percentage points. The top 20 cryptocurrencies by market cap also stayed steady, with XRP the only currency moving more than 5%.

This is all in spite of the KuCoin hack, crypto exchange BitMEX facing charges in the US, and Trump’s troubles with COVID.

🗞 CEXs vs. DEXs: The Future Battle Lines

Since the formal introduction of Ethereum in 2014, the network has exploded with products that allow users to transact directly with one another, without relying on a third party.

One of the most common use cases is that of a decentralized exchange (DEX), an idea that dates back to Vitalik Buterin’s unveiling of Ethereum in 2014. Examining the history of how DEXs have evolved can help elucidate where DEXs are headed and how they will compete with centralized exchanges.

However, the exchange part of a DEX – the way buyers and sellers find each other – can vary widely from one implementation to another. When thinking about the future of DEXs, it’s helpful to first understand their past.

Alex Wearn is the co-founder and CEO of IDEX, a high-performance DEX. He has spent his career in software development, including time at Amazon, Adobe, and IBM. He has been hacking on crypto startups since 2014, transitioning to full time with the launch of IDEX in 2018.

The earliest Ethereum DEXs, like EtherEx and OasisDex, built a traditional central limit order book (CLOB) exchange entirely out of Ethereum smart contracts. Developers and users quickly discovered that order management and trade execution are not well suited for a blockchain. In particular, the placing and cancelling of orders by market makers, and the interaction of traders with the on-chain order book, were expensive and error prone due to the high costs and latency of on-chain transactions.

🗞 Why Bitcoin Miners Don't Use More Renewable Energy

Survey shows 76% of proof-of-work miners used renewable energy but only 39% of total energy consumption actually comes from renewables.

This reflects overall seasonal volatility in hydroelectric energy for mining, which may only worsen with increasing effects of climate change.

This supports the claim that overtime miner competition for cost efficiency makes Bitcoin mining less “green” over time.

Though 76% of proof-of-work miners say they use renewable energy as part of their fuel mix, renewables comprise just 39% of the total energy consumption of the world’s cryptocurrency miners, according to a survey by Cambridge University’s Centre for Alternative Finance, published late last month.

To mine cryptocurrency, computers race to solve complex computational puzzles. Since brute force is the only way of solving these puzzles, only the most powerful—and therefore most power-hungry—computers make a profit.

🗞 Meet the Yield Farmers Plowing Cryptocurrency’s Riskiest Trend

One is a Grammy Award-winning musician with lots of spare time. Another is a software engineer with nowhere to go during the pandemic. There’s also an editor for a data site and a fund manager who invests in digital assets.

What these people have in common is an obscure side gig known as “yield farming,” a type of cryptocurrency trading and investing that didn’t really even exist until 2020. Yield farming is producing fixed-income-like returns that can, at least for brief stretches, provide annualized interest rates equivalent to percentages investors cannot find anywhere else.

Yield farming, simply put, is when cryptocurrency holders sock digital assets like bitcoin (BTC) and ether (ETH) or dollar-linked tokens like tether (USDT) and dai (DAI) into blockchain-based, semi-autonomous lending and trading platforms in exchange for additional tokens as rewards. In the fast-growing subsegment of the crypto industry known as decentralized finance, or DeFi, yield farming offers a quicker and more lucrative way of making money than, say, parking extra dollars in a JPMorgan Chase savings account at a paltry 0.01% interest rate.

The yield farming DeFi boom started in June when the DeFi projects Compound and Aave launched. They were soon followed by Kyber, Balancer, and Yearn.Finance. More creative names like Spaghetti, Tendies and SushiSwap followed.

🗞 Daily Crypto Calendar, October, 5th💰

Bitcoin (BTC), Blockstack (STX), Celo (CELO), Compound (COMP), Crypto.com Coin (CRO), General Event (CRYPTO), FTX Token (FTT), Gnosis (GNO), Hedera Hashgraph (HBAR), Lisk (LSK), Orchid (OXT), Ren (REN), SingularityNET (AGI), Solana (SOL), TRON (TRX)

"TOKEN2049 is the flagship event of Asia Crypto Week, taking place from 5-11 October in Hong Kong."

Cocos-BCX (COCOS)

"#DeFi map starting from #COMBO Time:12:00-13:00 on October 4th,2020(UTC+8)"

Bitcoin Gold (BTG)

"Please, complete all trades involving $BTG before Oct 5, 2020"

General Event (CRYPTO)

Asia Crypto Week from Oct 5-11 in Hong Kong.

Horizen (ZEN)

Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.

Zilliqa (ZIL)

Zilswap Release

Ocean Protocol (OCEAN)

"Join Ocean Founder @trentmc0 next Monday, October 5th at 2PM CEST for an AMA on Incentives and Staking in v3 datatokens."

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