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Bitcoin Pumps Ahead of Halving – 24/04/2020

Bitcoin pumps ahead of halving

After another week of sideways movement, BTCUSD finally attempts to break above the $7,500 level as Bitcoin pumps ahead of halving. OI takes a hit on this move with significant liquidations on BitMEX while it appears traders are not eager to chase these levels. It’s a tricky spot with potential pre-halving momentum vs. reversion to the mid of recent range ($6,500~$7,500).

Binance is taking market share from BitMEX

It appears BitMEX is struggling to regain market share since the mid-March crash. While Binance a newer entrant, has been #1 in the volume rankings as of late. With a more balanced playing field, there’s a growing need to look at aggregate data for key indicators. 

Another hack of DeFi’s platform

The “DeFi is broken” camp had another reason to celebrate as Chinese platform, dForce, saw its entire smart-contract balance disappear. It’s a repeat of the ERC777 attacks seen against other platforms. Funds were eventually returned but the irony is centralized organizations (Singapore Police) were playing hero.

Besides smart-contract flaws, price oracles are another point of failure for DeFi platforms. An example would be a decentralized lending platform that tracks value of collateral from a DEX. The latter has low volume and is easy to manipulate. To aid the industry, Coinbase has released its own price oracle that is available on-chain and doesn’t require additional verification. 

Binance IEO participants enjoy high returns

After nearly 2.5 months, Binance finally “pumps” out  its latest IEO; pun intended. While most may not care, Cartesi is a second layer protocol to allow dApps to run across various existing blockchains. Returns (4~5x) were higher than that of recent peers but this is still mostly a function of token metrics. 

 

The next few weeks should be exciting times for Bitcoin and Cryptocurrencies. It is still too early to tell whether or not Bitcoin is ready to reach $8,000. However, by and large the market is looking bullish. This drastic breakout in price is just what the market needs to get the pre-halving pump started. 

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