TOP 7 crypto world news for September 13, 2020

Judy Rubio

“It's like bitcoin in 2013.” Three opinions about DeFi and what will happen next 

The sphere of decentralized Finance (DeFi) has become the main trend in 2020 in the cryptocurrency market. Thousands of applications for trading digital assets and issuing crypto loans have appeared based on Ethereum and other blockchain platforms. Special attention was paid to services for "profitable farming", which offer thousands of percent of annual returns for opening a Deposit, but sometimes break down on the first day of launch.

Buying tokens from the DeFi sphere is "an investment opportunity of the decade," said Qiao Wang, a former top Manager at Messari. He is sure that such a chance should not be missed. What are the reasons to invest in DeFi tokens, and why it is extremely risky?

The key reason for the hype around the DeFi sphere was the insane growth of the rate of cryptocurrencies related to it.

From $8,000 to $12,500. Bitcoin price forecast for the weekend and the end of the year

Now BTC is trading at a significant level of $10,000. Will it withstand the pressure of sellers, or not? The prospects of the cryptocurrency will depend on this fact. Experts stated which scenario is more likely and what to watch for traders.

Bitcoin could fall to $8,000, warned financial analyst Rakesh Upadhyay. He explained that in the last few days the rate of the coin is clamped in the range of $9835 - $10 625. The bulls buy out the price decline, but they do not have enough strength to reverse the initiative and provoke growth.

If you manage to overcome the $10,625 mark, you may move to $11,000, the expert said. However, this is unlikely, since sellers now look stronger than buyers. Therefore, the support level of $9835 may be tested in the coming days. If it is broken, the fall may continue first to $9,000, and then to $8,000.

Trading volume on bitcoin exchanges increased by 75% in August

In August, trading volumes on spot crypto exchanges increased by 75%. This is the highest growth rate since February 2018, analysts at the Block shared their observations. Last month, the volume of trading on spot exchanges that broadcast more or less reliable data reached $191.2 billion. In July, this figure was $109.3 billion.

Binance has the largest market share — approximately 65% of the total trading volume. It is followed by Coinbase (11.2%), Kraken and LMAX Digital — 4.8% each, Bitfinex (3.3%), and Bitstamp (2.8%). 

EU countries have called for tougher regulation of stablecoins

Five countries of Europe - Italy, France, the Netherlands, Germany, and Spain have lately requested the EU Commission to develop firm rules for stablecoins “to maintain state sovereignty in financial policy and protect customers." The event was reported by Reuters.

In a shared report, the countries’ Finance Ministers expressed confidence that the stablecoins’ circulation should not be accepted in the block of 27 member countries, "until Supervisory and adjusting issues are resolved."

The Commission of EU is expected to submit its governing proposals at the end of September.

In August, BTC miners earned $368 million 

Last month, bitcoin miners earned $368.3 million, increasing their profit by 23% compared to the previous month.

August was the most profitable month of the summer for BTC miners. Besides, ETH miners in August set a record for the last two years, earning $285 million.

It is noteworthy that commissions account for 40% of the total profit of ETH miners.

In June, BTC miners earned $281 million. The reduction in the block reward that occurred in May significantly affected the profitability of mining, which led to record low earnings.

Chef Nomi returned the money to the SushiSwap Venture Development Fund

Who would have thought that the SushiSwap scandal would end in a happy conclusion?

SushiSwap’s former chief, known under the pseudonym Chef Nomi, made an apology for past faults and returned a sum of $14 million to the venture Development Fund. On September 11, he wrote on Twitter:

“To everyone. I screwed up. Excuse me.”

In a subsequent series of tweets, Nomi apologized to several individuals and thanked FTX chief Executive Bankman-Fried for helping the project stay afloat during a difficult time.

DeFi Bulletin: Sushi Swap was in the spotlight, and the price of yEarn soared to $40,000

The decentralized Finance (DeFi) sector continues to grow rapidly. Read about the most important events of recent weeks in our special review. The value of blocked assets, the capitalization, and turnover of the DEX and other updates are available.

In recent months, the value of tokens blocked in DeFi applications has grown rapidly. On September 2, the figure reached $9.6 billion.

A correction in the cryptocurrency market soon followed, dragging down the tokens of DeFi projects. The average depth of drawdown for most of these coins was 46%.