{"id":420499,"date":"2020-04-11T00:00:52","date_gmt":"2020-04-11T00:00:52","guid":{"rendered":"https:\/\/wncen.com\/?p=420499"},"modified":"2020-04-11T01:14:55","modified_gmt":"2020-04-11T01:14:55","slug":"crypto-tidbits-bitcoin-loses-7k-blockchain-layoffs-ethereum-defi-explodes","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/crypto-tidbits-bitcoin-loses-7k-blockchain-layoffs-ethereum-defi-explodes\/","title":{"rendered":"Crypto Tidbits: Bitcoin Loses $7k, Blockchain Layoffs, Ethereum DeFi Explodes"},"content":{"rendered":"<p>Another week, another round of\u00a0<a href=\"https:\/\/wncen.com\/?s=Crypto+Tidbits&amp;lang=en\" data-wpel-link=\"internal\">Crypto Tidbits.<\/a> Bitcoin has effectively been flat on the week, recently returning to around where it started the week after briefly interacting with the ever-important $7,400 resistance. Altcoins, interestingly, came into their own this week, with Ethereum, Link, Tezos, EOS, among other top altcoins posting double-digit percentage gains in the past seven days.<\/p>\n<p>Bitcoin&#8217;s stagnation over the past week comes as the stock market has mounted a strong comeback, with the S&amp;P 500 rallying 12% from last Friday&#8217;s close to Thursday&#8217;s close despite 6.6 million new unemployment claims in the U.S. and the ongoing coronavirus outbreak.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/coin360.com\/shareimg\/0-9enbwc0j8u_34.png?resize=801%2C388&#038;ssl=1\" width=\"801\" height=\"388\"><\/p>\n<p>Despite the non-action, analysts are still bullish on BTC and the rest of the cryptocurrency market. In fact, as <a href=\"https:\/\/wncen.com\/2020\/04\/09\/bitcoin-will-erupt-to-20000-by-year-end-why-bitmex-ceo-doubled-down\/\">reported by NewsBTC previously<\/a>, BitMEX CEO Arthur Hayes said that while he could see Bitcoin revisiting $3,000, his year-end price target \u201cremains $20,000,\u201d which is 180% above the current price.<\/p>\n<p>As to why he thinks this is the case, he cited that the monetary and fiscal solutions that governments and central banks are enlisting to stave off precision:<\/p>\n<blockquote><p>\u201cEveryone knows the shift is upon us, that is why central bankers and politicians will throw all of their tools at this problem. And I will reiterate, that is inflationary because more fiat money will chase a flat to declining supply of real goods and labour. There are only two things to own during the transition to whatever the new system is and that is gold and bitcoin.\u201d<\/p><\/blockquote>\n<h6 style=\"text-align: center\">Related Reading: <a href=\"https:\/\/wncen.com\/2020\/04\/05\/crypto-tidbits-bitcoin-rallies-7000-fatf-us-regulation-coinbase-ethereum-defi-again\/\">Crypto Tidbits: Bitcoin At $7,000, FATF Regulation, Coinbase Backs Ethereum DeFi<\/a><\/h6>\n<h2><strong>Bitcoin &amp; Crypto Tidbits<\/strong><\/h2>\n<ul>\n<li><strong>Crypto Industry Sees Layoffs: <\/strong>The Bitcoin community and broader crypto space have not been spared in the recent economic carnage. According to a\u00a0\u201c100% user-generated\u201d\u00a0list of companies on\u00a0<a href=\"https:\/\/candor.co\/hiring-freezes\/\" rel=\"nofollow\">recruiting\/job site Candor<\/a>, Bitcoin.com, crypto\u00a0<span class=\"glossaryTerm\" data-title=\"Mining\" data-content=\"A process where algorithms use mathematical function to guess the hash of a block. This acts as collection, validation.\" data-url=\"\/glossary\/mining\">mining<\/span>\u00a0firm Bitfarms, and\u00a0<span class=\"glossaryTerm\" data-title=\"Mining\" data-content=\"A process where algorithms use mathematical function to guess the hash of a block. This acts as collection, validation.\" data-url=\"\/glossary\/mining\">mining<\/span> hardware manufacturer Bitfury are among the firms in this industry that have begun to lay off staff over the past few weeks. Outside of this, one of the original crypto companies, Factom, has purportedly gone into liquidation, despite securing millions of dollars worth of funding over the past five years and garnering a grant from the U.S. Energy Department.<\/li>\n<li><strong>Ethereum DeFi Has Seen Stellar Growth:<\/strong> <a href=\"https:\/\/dapp.review\/article\/251\" rel=\"nofollow\">In a report published April 9th<\/a>, blockchain analytics site DappReview revealed that transaction volume across Ethereum-based DeFi projects has increased by nearly 800% when comparing Q1 2020\u2019s metrics to that of Q1 2019. Much of this growth was attributed to projects like Maker and Compound \u2014 which offer decentralized loans and stablecoin solutions \u2014 and derivatives providers like Synthetix and Augur. This growth comes as crypto upstart Thesis and other partners are soon to release tBTC \u2014 a project that will act as a decentralized representation of Bitcoin on the Ethereum blockchain. Analysts expect for the launch of this project to boost DeFi adoption, with both ETH\u00a0 and BTC holders<\/li>\n<li><strong>Bitcoin Cash &amp; Bitcoin SV See Block Reward Halvings:\u00a0<\/strong>Both Bitcoin Cash and Bitcoin SV have seen their block reward halvings pass in the past 72 hours. As a result, both networks saw their hash rates and difficulty drop. The halving resulted in an instant 50% reduction in mining revenues for those operating on the BCH and BSV chain, forcing operators running on tight margins to turn off their machines or mine on other networks. Fewer machines mean fewer computers processing blocks, resulting in slower transactions.<\/li>\n<li><strong>South Korea Launches Digital Currency Project: <\/strong>On Monday, South Korea\u2019s central bank, the Bank of Korea, revealed that it has launched a pilot program for testing a digital won, which is slated to run to December 2021.\u00a0 A\u00a0<a href=\"http:\/\/www.bok.or.kr\/portal\/bbs\/P0000559\/view.do?nttId=10057475&amp;menuNo=200690\" rel=\"nofollow\">release<\/a> outlining this move said the program will determine if there are a legal case and ample technical capability to launch a digital currency in South Korea. This comes just six weeks after the South Korean National Assembly passed legislation that will provide a comprehensive framework for the regulation and legalization of cryptocurrencies and Bitcoin exchanges.<\/li>\n<li><strong>Twitter CEO &amp; Bitcoin Bull Jack Dorsey Pledges $1 Billion to COVID-19 Relief:\u00a0<\/strong>Jack Dorsey announced in a Twitter thread this week that Yesterday, Dorsey\u00a0<a href=\"https:\/\/twitter.com\/jack\/status\/69086465\" rel=\"nofollow\">announced<\/a> in a Twitter thread \u2014 it\u2019s quite fitting, I must say \u2014 that he will be \u201cmoving $1 billion of my Square equity,\u201d which purportedly corresponds with around 28% of his total wealth, to a LLC called \u201cStart Small\u201d to \u201cfund global COVID-19 relief.\u201d Start Small existed prior to this outbreak, but this is the first time it has seen mainstream attention. The Bitcoin bull intends to allocate the rest of the donation to the\u00a0promotion of Universal Basic Income and girl\u2019s health and education, calling both issues critical.<\/li>\n<li><strong><strong><a href=\"https:\/\/wncen.com\/2020\/04\/10\/bitcoins-booming-demand-to-be-a-boon-even-after-100-rally-heres-how\/\">Fidelity Sees Growth In Crypto Demand:<\/a> <\/strong><\/strong>Fidelity Digital Assets \u2014 the crypto services division of Wall Street giant Fidelity Investments, a firm with trillions under management \u2014 has confirmed it has seen an uptick in interest. <a href=\"https:\/\/www.theblockcrypto.com\/post\/61361\/fidelity-digital-asset-expands-crypto-trading-product-amid-business-influx\" target=\"_blank\" data-wpel-link=\"external\" rel=\"nofollow noopener noreferrer\">Speaking to Frank Chaparro of The Block<\/a>, a spokeswoman for the firm said that:<br \/>\n<blockquote><p>\u201cFrom a trading perspective, we continue to onboard new clients every month and are seeing significant pipeline growth. [\u2026] And in recent weeks, we\u2019ve seen more momentum across our business.\u201d<\/p><\/blockquote>\n<\/li>\n<\/ul>\n<pre>Photo by\u00a0<a href=\"https:\/\/unsplash.com\/@sandrokatalina?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow\">Sandro Katalina<\/a>\u00a0on\u00a0<a href=\"https:\/\/unsplash.com\/s\/photos\/neon?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow\">Unsplash<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Another week, another round of\u00a0Crypto Tidbits. Bitcoin has effectively been flat on the week, recently returning to around where it started the week after briefly interacting with the ever-important $7,400 resistance. Altcoins, interestingly, came into their own this week, with Ethereum, Link, Tezos, EOS, among other top altcoins posting double-digit percentage gains in the past seven days. Bitcoin&#8217;s stagnation over the past week comes as the stock market has mounted a strong comeback, with the S&amp;P 500 rallying 12% from last Friday&#8217;s close to Thursday&#8217;s close despite 6.6 million new unemployment claims in the U.S. and the ongoing coronavirus outbreak. Despite the non-action, analysts are still bullish on BTC and the rest of the cryptocurrency market. In fact, as reported by NewsBTC previously, BitMEX CEO Arthur Hayes said that while he could see Bitcoin revisiting $3,000, his year-end price target \u201cremains $20,000,\u201d which is 180% above the current price. As to why he thinks this is the case, he cited that the monetary and fiscal solutions that governments and central banks are enlisting to stave off precision: \u201cEveryone knows the shift is upon us, that is why central bankers and politicians will throw all of their tools at this problem. And I will reiterate, that is inflationary because more fiat money will chase a flat to declining supply of real goods and labour. There are only two things to own during the transition to whatever the new system is and that is gold and bitcoin.\u201d Related Reading: Crypto Tidbits: Bitcoin At $7,000, FATF Regulation, Coinbase Backs Ethereum DeFi Bitcoin &amp; Crypto Tidbits Crypto Industry Sees Layoffs: The Bitcoin community and broader crypto space have not been spared in the recent economic carnage. According to a\u00a0\u201c100% user-generated\u201d\u00a0list of companies on\u00a0recruiting\/job site Candor, Bitcoin.com, crypto\u00a0mining\u00a0firm Bitfarms, and\u00a0mining hardware manufacturer Bitfury are among the firms in this industry that have begun to lay off staff over the past few weeks. Outside of this, one of the original crypto companies, Factom, has purportedly gone into liquidation, despite securing millions of dollars worth of funding over the past five years and garnering a grant from the U.S. Energy Department. Ethereum DeFi Has Seen Stellar Growth: In a report published April 9th, blockchain analytics site DappReview revealed that transaction volume across Ethereum-based DeFi projects has increased by nearly 800% when comparing Q1 2020\u2019s metrics to that of Q1 2019. Much of this growth was attributed to projects like Maker and Compound \u2014 which offer decentralized loans and stablecoin solutions \u2014 and derivatives providers like Synthetix and Augur. This growth comes as crypto upstart Thesis and other partners are soon to release tBTC \u2014 a project that will act as a decentralized representation of Bitcoin on the Ethereum blockchain. Analysts expect for the launch of this project to boost DeFi adoption, with both ETH\u00a0 and BTC holders Bitcoin Cash &amp; Bitcoin SV See Block Reward Halvings:\u00a0Both Bitcoin Cash and Bitcoin SV have seen their block reward halvings pass in the past 72 hours. As a result, both networks saw their hash rates and difficulty drop. The halving resulted in an instant 50% reduction in mining revenues for those operating on the BCH and BSV chain, forcing operators running on tight margins to turn off their machines or mine on other networks. Fewer machines mean fewer computers processing blocks, resulting in slower transactions. South Korea Launches Digital Currency Project: On Monday, South Korea\u2019s central bank, the Bank of Korea, revealed that it has launched a pilot program for testing a digital won, which is slated to run to December 2021.\u00a0 A\u00a0release outlining this move said the program will determine if there are a legal case and ample technical capability to launch a digital currency in South Korea. This comes just six weeks after the South Korean National Assembly passed legislation that will provide a comprehensive framework for the regulation and legalization of cryptocurrencies and Bitcoin exchanges. Twitter CEO &amp; Bitcoin Bull Jack Dorsey Pledges $1 Billion to COVID-19 Relief:\u00a0Jack Dorsey announced in a Twitter thread this week that Yesterday, Dorsey\u00a0announced in a Twitter thread \u2014 it\u2019s quite fitting, I must say \u2014 that he will be \u201cmoving $1 billion of my Square equity,\u201d which purportedly corresponds with around 28% of his total wealth, to a LLC called \u201cStart Small\u201d to \u201cfund global COVID-19 relief.\u201d Start Small existed prior to this outbreak, but this is the first time it has seen mainstream attention. The Bitcoin bull intends to allocate the rest of the donation to the\u00a0promotion of Universal Basic Income and girl\u2019s health and education, calling both issues critical. Fidelity Sees Growth In Crypto Demand: Fidelity Digital Assets \u2014 the crypto services division of Wall Street giant Fidelity Investments, a firm with trillions under management \u2014 has confirmed it has seen an uptick in interest. Speaking to Frank Chaparro of The Block, a spokeswoman for the firm said that: \u201cFrom a trading perspective, we continue to onboard new clients every month and are seeing significant pipeline growth. [\u2026] And in recent weeks, we\u2019ve seen more momentum across our business.\u201d Photo by\u00a0Sandro Katalina\u00a0on\u00a0Unsplash<\/p>\n","protected":false},"author":497,"featured_media":420501,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[679,1020,19067,54512,1946,6691],"class_list":["post-420499","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin-price","tag-blockchain","tag-crypto-tidbits","tag-defi","tag-ethereum","tag-layoffs"],"acf":[],"yoast_head":"\n<title>Crypto Tidbits: Bitcoin Loses $7k, Blockchain Layoffs, Ethereum DeFi Explodes<\/title>\n<meta name=\"description\" content=\"Another week, another round of\u00a0Crypto Tidbits. 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