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CRYPTO FRIDAY - All-Time High Is Near

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CRYPTO FRIDAY - All-Time High Is Near

Fabian Klauder
Nov 20, 2020
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CRYPTO FRIDAY - All-Time High Is Near

newsletter.defitimes.io

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.

Twitter avatar for @Maisie_Williams
Maisie Williams @Maisie_Williams
should i go long on bitcoin ?
8:05 PM ∙ Nov 16, 2020
15,814Likes1,739Retweets

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!

OUSD hacked

Twitter avatar for @n2ckchong
Nick C. @n2ckchong
Another one bites the dust: Origin Dollar (OUSD) exploited for $2.25m in DAI and $1m in Ethereum. Flash loan attacker/exploiter is already washing the funds via RenBTC.
Image
1:29 AM ∙ Nov 17, 2020
250Likes60Retweets

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

Twitter avatar for @SushiSwap
SushiChef @SushiSwap
SUSHI Rewards have been updated! 1-Click LP migration available : lite.sushiswap.fi/#/migrate New LP can use @zapper_fi ⚡️ Get 🍣 by staking here : sushiswap.fi/pools sushiswapclassic.org/farms #Support available in our Discord! Welcome back & Be safe👩‍🍳 👨‍🍳👨‍🌾🤵
Twitter avatar for @kyoronut
kyoronut | きょろナッツ @kyoronut
UNI "Rewards have ended!" https://t.co/sXYI41S9KU
1:21 AM ∙ Nov 17, 2020
53Likes18Retweets

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 hacked

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

Twitter avatar for @UniswapProtocol
Uniswap Protocol 🦄 @UniswapProtocol
The app.uniswap.org site is temporarily down due to issues w/ the @Cloudflare IPFS gateway. Now is a good time to remember the benefits of decentralization! 1) it's available on other IPFS gateways github.com/Uniswap/uniswa… 2) it can be run locally
github.comUniswap/uniswap-interface🦄 An open source interface for the Uniswap protocol - Uniswap/uniswap-interface
5:21 AM ∙ Nov 14, 2020
1,104Likes282Retweets

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.


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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.


Some recent tweets

Twitter avatar for @defitimes
DEFI TIMES @defitimes
There are 2 types of crypto investments. 1⃣ Bitcoin - Doesn't change much - HODL for 10 years without too much work 2⃣ DeFi - Changes every day - 5 hours/day research required - if you don't you are f*****
11:00 AM ∙ Nov 19, 2020
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DEFI TIMES @defitimes
Good morning to everyone except to those shorting #Bitcoin Oh wait, they will have a bad morning anyway...
6:59 AM ∙ Nov 18, 2020
Twitter avatar for @defitimes
DEFI TIMES @defitimes
According to @DuneAnalytics, there are almost 100,000 ETH staked in the deposit contract! 400,000 ETH more to go!
Image
9:39 PM ∙ Nov 16, 2020
7Likes3Retweets
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CRYPTO FRIDAY - All-Time High Is Near

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