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CRYPTO FRIDAY - All-Time High Is Near
Dear DEFI TIMES community,
Can you believe it? Bitcoin just had one of its best weeks ever! As Bitcoin continues to climb closer to its 2017 high, the whole world is breaking apart. The Corona crisis, money printing, inflation, lockdowns, loss of freedom, and Bitcoin doesn’t care. It seems that we have genuinely decoupled from the outside world.
Have you ever thought about what might happen when Bitcoin breaks $20,000 again? Will we see a crash like in 2017, or will we continue to break new highs every month? Well, there’s one big difference between the 2017 bubbles and 2020: Retail interest.
Retailers’ interest is nowhere near the 2017 peak. People don’t care about Bitcoin.
Maisie Williams is a well-known actor who recently asked her 2.7 million followers on Twitter if she should buy Bitcoin or not. Of course, you all know that Bitcoiners did the majority of retweets. Despite that, over 50% voted no.
This poll shows perfectly that the public interest in Bitcoin is not catching up with the price. But who is currently buying? Institutional investors. Smart money is picking up all the bitcoins before your uncle does.
I believe that we are on the brink of another parabolic bull run. The next bull market is going to go down in history. Why? Because new technologies are moving in cycles. In order to become mainstream, crypto must have a Dot-Com-like bubble. And this bubble is going to peak by the end of next year.
Smart money is accumulating, and we continue our bullish trend. It’s dangerous to watch from the sidelines.
That’s it for today’s thought piece; as always, read on for the most important news last week. Stay tuned for SUNDAY THOUGHTS this weekend.
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Bitcoin nearing ATH
Bitcoin is currently extremely close to its all-time high, which was $19,783.06. On Wednesday night, it hit a local peak of $18,500 before it dumped shortly below $17,000 again. The overall market sentiment is BULLISH, and that’s a good thing. Congratulations to everyone who made it through the bear market and primarily through the March flash crash!
Origin protocol stable coin (OUSD) was hacked, and $2.25 million were lost. The hack exploited a re-entrancy bug in the code, said Origin co-founder Matthew Liu. The hacker sent the funds to Tornado Cash and RenBTC. Read more in the recent Medium article from Origin.
Sushi rewards updated
SushiSwap decided to increase rewards for the four token pairs that previously lost rewards on Uniswap: wbtc/eth, usdc/eth, usdt/eth, and dai/eth. After that, Uniswap liquidity fell by over $1b overnight!
Value DeFi was hacked for $7 million due to an oracle problem, where the price on Curve protocol was manipulated, which lead to mispricing on the project.
Uniswap went down
The official Uniswap frontend was down due to a gateway problem. It is important to note that nothing was wrong with the Ethereum blockchain. Users were still able to swap tokens on Uniswap through other frontends.
All information presented above is meant for informational purposes only and should not be treated as financial, legal, or tax advice. This article's content solely reflects the opinion of the writer, who is not a financial advisor.
Do your own research before you purchase cryptocurrencies. Any cryptocurrency can go down in value. Holding cryptocurrencies is risky.