Big Correction Imminent?! - CRYPTO FRIDAY

Jan 1, 2021

Hey DEFI TIMES community,

Bitcoin started into the new year as strong as never before. It is about to break $30,000 for the first time in history.

At this point, we are screaming for a correction because parabolic moves always come to an end. Today, I would like to explain two scenarios I think are the most likely going forward!

1. In my opinion, the most likely scenario is that we see Bitcoin consolidating a bit. We could see Bitcoin reaching $23,000 levels again while attention is going to shift towards altcoins. Another small altcoin bubble could emerge, just like we saw in DeFi summer.

2. On the other hand, we could see a significant correction both with alts and Bitcoin. At this time, no one who has ever bought Bitcoin is at a loss, which is why many people could decide to take out profits. If this scenario plays out, I could imagine Bitcoin going below $20,000 again for a short period.

Of course, I could be completely wrong, and Bitcoin could keep pumping way beyond the $30,000 levels.

But you should definitely prepare yourself for a significant correction at the moment.

I hope you all had a fantastic New Years' Eve; see you on Sunday!

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Cover Hacked

Cover Protocol @CoverProtocol

12/28 Post-Mortem

12/28 Post-MortemOn Dec-28–2020 at 08:08:12 AM +UTC an exploit was abused on Cover Protocol’s shield mining contract (Blacksmith). The core Cover Protocol product is not affected and is functioning as intended. This…coverprotocol.medium.com

The cover protocol is an insurance protocol on the Ethereum blockchain. This week, a vulnerability was exploited, which resulted in quintillions of tokens being minted. The price fell by more than 95%.

CRV on Aave

Marc 'TuBilly' Zeller @lemiscate

AIP-5 outcome was clear with a landslide victory for "YAE". Congrats @bneiluj & @charlie_eth for building the first Aave V2 proposal! The @AaveAave protocol will welcome $CRV from @CurveFinance in a bit less than 24h as collateral! (~9:45pm UTC)

CRV can now be used as collateral on the Aave protocol. CRV will have a 40% liquidation threshold, a 55% liquidation bonus, and a 20% Reserve Factor.

OctoFi launches FIAT on-ramp

OctoFi - Invest in DeFi from a platform you own 🐙 @octofinance

To infinity and... buy $OCTO 🚀 Fiat on-ramp is live: app.octo.fi/#/defi/buy Full documentation: docs.octo.fi/docs/aquafarm/… Stay tuned for a Merry deXmas and a Happy New Yield. 🌲 #DeFi #Dexember

OctoFi has added FIAT on-ramps to its platform.

1inch token launch

1inch.exchange @1inchExchange

1/ Delighted to announce that 1INCH Token is LIVE! 🌟 Learn more about the governance/utility token and the token architecture: link.medium.com/tUpwcnitucb ⬇️

1inch recently had a token airdrop, giving tokens to people who used 1inch in the past. It's a governance token allowing holders to vote on key protocol parameters. If you hold the token, you can vote on:

- spread surplus

- price impact fee

- swap fee

- governance reward

- referral reward

- decay period