Big Data Protocol Sees Massive Adoption Surge in Latest DeFi Frenzy

Big Data Protocol Sees Massive Adoption Surge in Latest DeFi Frenzy

With three and four-digit annual percentage yields, Big Data Protocol (BDP) has become the latest talk of the town in the DeFi sector, as the total liquidity on the protocol has surged to $6.1 billion only two days after liquidity mining incentives were launched.

The DeFi protocol announced its fair launch on March 6 that 100% of the initial circulating supply—which is 30% of the total supply of its BDP token—will be distributed to the community over six days. The project is backed by a team of technologists, crypto investors, and data scientists and designed to incentivize liquidity mining over the long term.

There are several liquidity pools for twelve different DeFi assets, which have garnered significant collateral over the past two days. Although yield farming can generate significant returns, potential investors are advised to weigh the risks involved to determine if it is something they can cope with.

More than 1,000,000 ETH has been deposited in the wrapped Ethereum (wETH) pool based on reports from the BDP data vault, placing its APY earning at 40%. About 17,000 BTC is in the wrapped Bitcoin (wBTC) pool with APY earnings of 82%, while the Tether vault has grown by 728 million USDT earnings 96%.

Meanwhile, the top-earning pools are posting 4-digit returns with OCEAN at +1,375% and TOMOE at +1,315%.

A blog post explained that:

“Users provide liquidity to earn bALPHA over three months. Subsequent data tokens, named bBETA and bGAMMA, will launch after bALPHA, which will further incentivize liquidity.”

The post added that a portion of BDP and data tokens are burnt as the adoption of the Protocol and marketplace grows over time.

Distribution of Token Supply
Meanwhile, the total supply of 80 million tokens will get distributed in this order: 30% of the tokens will get distributed in the initial six-day yield farming incentive, 35% will get allocated to future staking reward programs, 25% will get reserved for the ecosystem, and 10% will go to the team and advisors.

The bALPHA data token has a total supply of just 18,000 tokens, which will get allocated to liquidity mining rewards.

 

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Grayscale Increases Holdings in Ethereum Classic Despite Last Week’s Crypto Market Crash

Grayscale Increases Holdings in Ethereum Classic Despite Last Week’s Crypto Market Crash

Grayscale, the world’s largest cryptocurrency assets manager by AUM, has announced that it has increased its holdings in Ethereum Classic (ETC), Bitcoin Cash (BCH), and Litecoin (LTC). The recent acquisitions have brought the total value of the company’s crypto holdings to $39 billion.

According to a report published by Bybt, a cryptocurrency analytics firm, Grayscale purchased 80,300 ETC, 1,822 BCH, and 1,468 LTC last week.

Meanwhile, Bitcoin (BTC) remained the dominant asset held by Grayscale, as the investment company now has more than 655,500 Bitcoin in its possession with a total value of $32.7 billion at press time. Even though Bitcoin had a rough time last week, Grayscale has acquired about 6,748 BTC over the past 30 days.

The company’s total Ethereum Classic holding now stands at about $140 million. The cryptocurrency market valuation currently stands at $1.55 trillion and is down by 1.25 over the past 24 hours, as the cryptocurrency market struggles to pare recent losses.

ETCUSD – 4-Hour Chart

Key ETC Levels to Watch — March 8
The ETC traded on a mixed sentiment in the early hours on Monday and was last spotted around the $11.23 price point.

Since the last crash in February, the fifty-third-largest cryptocurrency has struggled to regain a strong bullish momentum to no avail. The cryptocurrency appears to be confined within a trading range between $12.21 and $10 over the past few weeks. Ethereum Classic has to post a sustained break above the $12.46 resistance to finally negate the consolidation range and reclaim its all-time high.

Meanwhile, our key resistance levels are at $12.46, $14.00, and $16.00. While our key support levels are at $10.57, $10.00, and $9.00.

Total Market Capitalization: $1.55 trillion

Ethereum Classic Market Capitalization: $1.3 billion

Ethereum Classic Dominance: 0.083%

 

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Top US Blockchain Group Lobbies Members of the Biden Administration for Softer Regulations

Top US Blockchain Group Lobbies Members of the Biden Administration for Softer Regulations

As one would expect, a change of administration in the world’s largest economy holds so much weight for emerging technologies like blockchain and cryptocurrency. A change in policies and regulations can either boost or frustrate the growth of the cryptocurrency industry.

With that in mind, America’s top blockchain group, Blockchain Association, is taking no chances and is making moves to educate the Biden administration on the numerous benefits and values of cryptocurrencies.

Driven by the fear of increased regulations on the industry, the Blockchain Association is trying to lobby members of the Biden administration to be more cryptocurrency-friendly. The group explained to Fox News that it had already discussed with some staffers in the Treasury Department and is now attempting to have talks with more prominent members of the new cabinet.

As crypto-assets continue to gain more prominence and adoption, several governments and central banks across the world have called for increased regulations and an outright ban, in some cases. The popular reason for the dislike by many governments is the use of cryptocurrency in criminal activities.

Blockchain Association is trying to get the Biden administration to adopt an open-minded stance towards cryptocurrency matters. The group is working towards securing meetings with US Secretary of the Treasury Janet Yellen and nominated Deputy Secretary Wally Adeyemo.

The Executive Director of Blockchain Association, Kristin Smith, noted that:

“Our number one priority is helping Yellen understand crypto goes beyond the financing of criminal enterprises. We want her to understand the value of crypto networks.”

Optimism Over New SEC Chairman
Worried cryptocurrency enthusiasts got calmed following the announcement that Gary Gensler could emerge as the successor to Jay Clayton as chairman of the US Securities and Exchange Commission (SEC).

Gary Gensler. Source: Google.

Gensler is much more receptive to cryptocurrencies and has suggested a softer stance towards Bitcoin regulation in the past. In a 2018 congressional testimony, Gensler noted that:

“Blockchain technology has real potential to transform the world of finance. Though there are many technical and commercial challenges yet to overcome, I’m an optimist and want to see this new technology succeed. It could lower costs, risks, and economic rents in the financial system.”

The stance of the current cabinet on cryptocurrency regulation will play a significant role in the industry. That said, industry stakeholders are hoping for a favorable outcome in the coming months.

 

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Morale High Among Bitcoin Hodlers in 2021 Regardless of Declines

Morale High Among Bitcoin Hodlers in 2021 Regardless of Declines

A recent report by Glassnode shows that the morale among Bitcoin (BTC) Hodlers remained upbeat despite the recent significant market crash. The report showed that most Hodlers would not have sold even if Bitcoin experienced its worst price drop in history.

Based on a chart shared by the analytics firm, most people who bought Bitcoin in 2021 have not sold it yet. This unusual phenomenon could get explained by the SOPR (Spent Output Profit Ratio) metric.

Glassnode noted that the SOPR is calculated by dividing the selling price of the underlying asset by the paid price of the said asset. The company has a comprehensive article about the methodology behind obtaining the SOPR of an asset and its implications.

As a summary, Glassnode explains that new Bitcoiners never panic sold during the market correction, noting that: “60-Day SOPR (entity-adjusted) reset without falling below one. This indicates a high HODLing conviction from new investors, as coins that were bought in 2021 did not move at a loss during this last dip.”

Glassnode’s measuring tool could serve as a reliable new way to monitor market sentiment, which is heavily influenced by large institutions and whales with long-term bullish views.

BTCUSD – 4-Hour Chart

Key BTC Levels to Watch — March 7
Bitcoin is back above the highly-coveted $50k level and is likely to continue its journey upwards. First, the benchmark cryptocurrency has to post a sustained break above the $51,400 pivot point.

On our 4-hour MACD, BTC is still in neutral conditions indicating that a parabolic bull run is possible once the price clears the $51,400 level.

Meanwhile, our key resistance levels are at $51,400, $52,500, and $54,000. While our key support levels are at $50,000, $48,500, and $47,500.

Total Market Capitalization: $1.56 trillion

Bitcoin Market Capitalization: $945 billion

Bitcoin Dominance: 60.5%

 

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Kentucky Lawmakers Push for Cryptocurrency Mining Tax Break to Court Miners

Kentucky Lawmakers Push for Cryptocurrency Mining Tax Break to Court Miners

The Kentucky House Budget Committee has approved a bill in a recent 19-2 vote to remove sales tax on electricity for cryptocurrency mining operations in the state.

Given the explosive growth of blockchain technology and the increased use of cryptocurrencies across the globe, Kentucky lawmakers are searching for ways to court miners and boost mining operations.

House Bill 230, the recently approved cryptocurrency mining bill by the House Budget Committee, is constructed to encourage miners to relocate their equipment to the state by eliminating the sales tax on electricity from mining operations. The bill has ascended to the state Senate, where it will get scrutinized alongside Senate Bill 255, which also calls for tax breaks for miners.

The Argument for Cost Over Benefit
According to a fiscal analysis in House Bill 230, the proposed legislation would shave off at least $1 million in annual receipts from the state’s General Fund. That said, this figure could become much higher if the bill successfully attracts mass migration of miners to the state.

The sponsor of the bill, Republican Representative Steven Rudy, asserts that he is aware of the potential cost on the state but believes that the undertaking will eventually pay off after attracting a “highly sophisticated, highly technical” industry.

Republican Rep. Steven Rudy. Source: Google

However, the bill is not without opposers, as some lawmakers are not convinced that the costs outweigh offsets the benefit considering how energy-intensive cryptocurrency mining is. Nonetheless, Rudy counter-argued that it would be in Kentucky’s favor to attract industries than to chase them off.

Still, Kentucky has shown that it intends to be more receptive to the cryptocurrency industry. Economic officials in the state have recently approved Blockchain Solutions incentives, as the firm is ready to invest $28 million in a local mining operation in the state.

 

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Bridge Oracle Teams Up With TRON to Launch Mainnet

Bridge Oracle Teams Up With TRON to Launch Mainnet

Bridge Oracle has announced that it will be launching services on its mainnet that will enable users to use real-world connected decentralized applications (dApps) on the TRON network.

The release of a mainnet is always an exciting moment for blockchain projects, as it means that the blockchain is officially open to the general public, which bolsters mass adoption and use. A launch of mainnet services by a blockchain extends its official product to the market, making them available for real-time operation and production.

A spokesperson for Bridge Oracle noted that: “It’s an exciting moment for us to announce the launch of our upcoming services on mainnet. We have waited for this moment for so long, and to see it finally unveiling feels extremely special. Our upcoming mainnet launch will allow you to deploy real-world connected DApps using Bridge Oracle on the TRON network. It’s about time you start to prep up by creating your DApps on Shasta and Nile testnets. We will soon be coming up with more updates.”

The spokesperson added that the public quotient of Bridge Oracle, which will provide better opportunities for small businesses to integrate themselves on the TRON blockchain.

TRXUSD – 4-Hour Chart

Key TRX Levels to Watch — March 5

Despite the marked decline in the cryptocurrency market, TRON (TRX) appears to be maintaining a mild bullish momentum. The twenty-second-largest cryptocurrency is currently trading within an ascending channel, although it is starting to slow down amidst thin trading volume. TRON has to break above the $0.0514 resistance before bulls get reinvigorated or risk falling into consolidation.

That said, any bearish move from this level would get rejected by the $0.0480 area (the base area of our channel).

Meanwhile, our key resistance levels are at $0.0514, $0.0556, and $0.0600. While our key support levels are at $0.0461, $0.0412, and $0.0350.

Total Market Capitalization: $1.44 trillion

Tron Market Capitalization: $3.5 billion

Tron Dominance: 0.24%

 

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SEC vs. Ripple Saga: Garlinghouse and Larsen’s Lawyers File for Dismissal

SEC vs. Ripple Saga: Garlinghouse and Larsen’s Lawyers File for Dismissal

Ripple’s CEO Brad Garlinghouse and co-founder Chris Larsen have just appealed to Judge Analisa Torres in two separate motions to dismiss the US SEC’s amended complaint against Ripple Labs and its executives.

Attorneys representing Garlinghouse stated in the letter that the suit by the SEC against Ripple was just a “regulatory overreach.” The attorneys argued that the SEC’s accusations that Garlinghouse aided and abetted the sale of XRP was flawed on several fronts.

The letter reads: “The SEC fails to recognize the economic realities of Defendants’ transactions in XRP, the XRP market, and Ripple’s business, each of which exhibits none of the traditional characteristics of an investment contract under SEC v. W.J. Howey Co.”

The Howey Test is a staple tool used by the SEC to determine whether an asset is a security or not. Based on this test, the SEC asserts that XRP had all the qualities of a security per the Howey Test.

Nonetheless, Ripple Labs and its executives have reassured that XRP is a virtual currency, as confirmed by the Justice Department and FinCEN.

Garlinghouse’s XRP Holding Sale
The filing also touched upon the recent amended complaint filed by the SEC before the pretrial hearing on February 22, which claimed that Garlinghouse went against securities laws when he sold some of his XRP holdings through Ripple.

Brad Garlinghouse. Source: Google

The embattled CEO has allegedly sold more than 60% of his XRP holdings worth about $160 million, a move that has gotten heavily criticized by the cryptocurrency community.

However, Garlinghouse’s attorneys have asserted that the SEC’s case against their client is baseless since there was no proof to show that those transactions occurred with the US. They noted that “the truth is that the vast majority of Mr. Garlinghouse’s XRP sales were made on foreign exchanges, and those transactions do not and cannot violate the federal securities laws.”

Meanwhile, the attorneys representing Chris Larsen noted in their letter that the SEC has failed “to state a claim against Mr. Larsen.” That said, they are urging that the lawsuit against their client get dismissed.

Garlinghouse recently stated that the SEC’s case was an “assault on crypto at large” and that Ripple “will not let SEC bully the entire [crypto] industry.”

 

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Bitcoin Suffers Dip Below $50k Following Bloodbath in the Equity Markets

Bitcoin Suffers Dip Below $50k Following Bloodbath in the Equity Markets

Bitcoin’s (BTC) recent bull run above the $50k mark appears to have veered off-course, as the cryptocurrency has fallen below the highly-coveted psychological level, once again. Meanwhile, most altcoins either stalled or posted significant dips as well, while the cryptocurrency market struggles to keep its capitalization above $1.5 trillion.

That said, it appears that yesterday’s dip was triggered by the sharp drop in the equity markets, considering the growing correlation between Bitcoin and the traditional markets. At press time, the NASDAQ Composite Index is down by -2.7%, while the Nasdaq 100 and the S&P 500 are down by -2.88% and 1.3%, respectively.

The altcoin market had a similar story, as most cryptocurrencies in this basket saw double-digits over the past few days but have now stalled or retraced over the past 24 hours.

Ethereum (ETH) fell from a high of $1,6580 yesterday to the $1,527 level a few hours ago, effectively shaving off more than $130 (-9%) from its price. Meanwhile, Cardano (ADA), Binance Coin (BNB), Polkadot (DOT), Litecoin (LTC), Chainlink (LINK), and Bitcoin Cash (BCH) are currently red as well, with -3%, -3%, -3%, -4%, -3%, and -3%, respectively. Ripple (XRP), however, appears to be faring just fine and has added 2% to its value over the past 24 hours.

BTCUSD – Hourly Chart

Key BTC Levels to Watch — March 4

Following the recent dip, Bitcoin bulls are faced with the task of holding the cryptocurrency above the crucial $48,500 support level. A good defense of this line could help the cryptocurrency stage rebound back above the $50k mark.

On the flip side, failure to hold above this level could send the benchmark cryptocurrency below the $47,500 support, once again.

Meanwhile, our key resistance levels are at $50,000, $51,400, and $52,500. While our key support levels are at $48,500, $47,500, and $46,000.

Total Market Capitalization: $1.50 trillion

Bitcoin Market Capitalization: $916 billion

Bitcoin Dominance: 60.7%

 

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TRON Partners With Prosper Bolster Liquidity in the Prediction Solution Industry

TRON Partners With Prosper Bolster Liquidity in the Prediction Solution Industry

TRON has announced that it will be integrating the DLT-agnostic market, Prosper, into its ecosystem. TRON users and TRX holders will have the ability to provide liquidity and enhance the success rate of the prediction solution project.

The founder of TRON, Justin Sun, broke the news on the new partnership in a press release earlier today. He noted that the two blockchain projects are coming together to solve some problems rooted in the decentralized prediction sector.

Bettering the Prediction Solution Sector
Although tools for solving the problems in the sector have been active for a while, Sun’s statement highlights that the issue of insufficient liquidity has been a significant roadblock to mass adoption in the prediction sector. The liquidity insufficiency occurs because each prediction market “has traditionally been segregated to a single chain,” thereby limiting the number of users necessary to provide adequate liquidity for accurate predictions.

This is how Prosper works: it fosters higher liquidity by involving more users, which means more “predictions are made, leading to a more accurate and robust prediction outcome based on greater collective insight from the crowd.”

Furthermore, Prosper has a cross-chain platform that allows it to aggregate liquidity into its platform regardless of the user’s point of access.

That said, with the use of TRX, the twenty-fifth-largest cryptocurrency based on market cap, TRON and Prosper anticipate a significant increase in the underlying pool of users. Meanwhile, the integration will help users gain access to new applications that could positively affect their investment strategies and potential earnings.

The statement also mentioned that Prosper has set up a free insurance pool consisting of emergency funds to reimburse stolen funds from hacks on the platform or other unexpected downturns.

According to the co-founder of Prosper, Iva Wisher, “this partnership with TRON is an extension of Prosper’s efforts to collaborate with the biggest players of the DeFi world.”

Meanwhile, the press release also highlighted that TRON is currently “working to create a competing DeFi ecosystem that rivals its counterparts while allowing for inexpensive transactions, creating a win-win situation for platform users.”

 

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MoneyGram Now Facing Class-Action Suit Despite Cutting Ties With Ripple

MoneyGram Now Facing Class-Action Suit Despite Cutting Ties With Ripple

MoneyGram has gotten slammed with a class-action lawsuit for allegedly misleading investors with Ripple (XRP) sales. Rosen Law Firm announced that it is filing a class-action lawsuit against the payments solution company on behalf of investors who bought MoneyGram securities in 2019.

The law firm noted that investors who bought MoneyGram shares between June 17, 2019, and February 22, 2021, are entitled to compensation from the company, considering that MoneyGram partnered with Ripple Labs. Ripple is currently battling a suit with the SEC for allegedly offering unregistered securities through the sale of XRP.

The Rosen Law Firm complaint alleges that: “Defendants made false and/or misleading statements and/or failed to disclose that XRP, the cryptocurrency that MoneyGram was utilizing as a part of its Ripple partnership, was viewed as an unregistered and therefore unlawful security by the SEC.”

Meanwhile, just a few weeks ago, MoneyGram announced that it was suspending its ties with Ripple and momentarily halting the use of XRP on its network. The payment behemoth received payment from Ripple to leverage XRP for remittance services. XRP got used to convert a variety of foreign currencies in a secure manner and at a low cost via its blockchain.

Although MoneyGram was quick to cut ties with Ripple after the SEC lawsuit, it did not stop investors from rallying behind a class action suit, claiming that the company knowingly misled them.

XRPUSD – Hourly Chart

Key XRP Levels to Watch — March 3

XRP has been trading within a range between $0.4500 and $0.4000 for the past week, as the cryptocurrency market got dominated by bears. That said, it appears that bulls are starting to take control, once again, with XRP challenging the $0.4500 resistance.

A break above the $0.4500 could take the cryptocurrency to $0.5000 and higher in the coming hours. However, XRP currently lacks any trading volume of volatility, thereby making a sharp move upwards troublesome. This means that we could see the seventh-largest cryptocurrency consolidate around the $0.4500 area for a bit.

Nonetheless, a fall below the $0.3838 seems very unlikely at the moment.

Meanwhile, our key resistance levels are at $0.5400, $0.6000, and $0.6374. While our key support levels are at $0.4524, $0.3838, and $0.3500.

Total Market Capitalization: $1.57 trillion

XRP Market Capitalization: $20.3 billion

XRP Dominance: 1.3%

 

You can purchase crypto coins here: Buy Coins

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
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$100 Min Deposit
9.8
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$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.