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The Facebook-linked stablecoins that has been continuously targeted by lawmakers, Libra, could launch as early as January 2021 in fiat currency-pegged format, as opposed to the original multi-currency basket proposed.
Lenders on decentralized finance protocol Compound have gotten over $103 million worth of funds liquidated over an apparent oracle exploit on the DAI stablecoin, that saw it lose its peg to the U.S. dollar and soar to $1.3.
The number of bitcoin holders with at least 1,000 BTC, dubbed “whales,” has hit a new all-time high as data shows that while those with smaller holdings have started selling at different price points, BTC whales kept on accumulating.
While hardware wallets are often too expensive to be worthwhile for small investors, the recent gains make it more important than ever to secure your funds. Cryptocurrency hardware wallet manufacturer Ledger is running a Black Friday sale giving users 40% off the Ledger Nano X and Ledger Nano S.
Top stories in the Crypto Roundup today:
- Facebook-Linked Libra Stablecoin Could Launch in January 2021
- $100 Million Liquidated on DeFi Protocol Compound After DAI Price Rise
- Bitcoin Whale Population Hits All-Time High as Large Holders Keep Accumulating
- Black Friday Sale: Secure Your Cryptoassets for 40% Less
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Facebook-Linked Libra Stablecoin Could Launch in January 2021
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The Facebook-linked stablecoins that has been continuously targeted by lawmakers, Libra, could launch as early as January 2021 in fiat currency-pegged format, as opposed to the original multi-currency basket proposed.
The Financial Times reports that, according to “three people involved in the initiative,” the Libra project will launch a single dollar-pegged stablecoin next year. Stablecoins pegged to the value of other fiat currencies could launch at a later date.
Facebook’s Libra project was unveiled in June 2019 and faced severe regulatory backlash from lawmakers, who cited concerns the proposed currency, backed by a basket of fiat currencies, had the potential to threaten financial stability.
Behind the project isn’t just Facebook but the Libra Association, a governing council that currently has 27 members, including giants like Shopify, Uber, and Coinbase.
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$100 Million Liquidated on DeFi Protocol Compound After DAI Price rise
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Lenders on decentralized finance protocol Compound have gotten over $103 million worth of funds liquidated over an apparent oracle exploit on the DAI stablecoin, that saw it lose its peg to the U.S. dollar and soar to $1.3.
The stablecoin was trading at a premium of 30% on coinbase Pro, an exchange form which Compound gets its pricing data. On Compound users can borrow funds, but each loan has to be overcollateralized. Since the price of DAI surged by 30%, some became undercollateralized and liquidations ensued.
Alex Svanevik, chief executive officer at analytics firm Nansen, pointed out the liquidations affected the protocol’s third-largest liquidity miner, who lost $46 million. Per Svanevik, Compound itself worked “exactly as it should,” although “questions will be asked about the oracle.”
This was the platform’s biggest liquidation to date. In July, $6.3 million worth of cryptoassets were liquidated in 24 hours. Some on social media criticized the firm for relying on a centralized platform for price feeds.
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Bitcoin Whale Population Hits All-Time High as Large Holders Keep Accumulating
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The number of bitcoin holders with at least 1,000 BTC, dubbed “whales,” has hit a new all-time high as data shows that while those with smaller holdings have started selling at different price points, BTC whales kept on accumulating.
On-chain market analysis firm Glassnode has revealed on Twitter that the number of bitcoin whales has hit a new all-time high after more than four years, showing there are slightly less than 2,000 BTC whales.
Data from on-chain analytics firm Santiment shows that while smaller holders have been selling their bitcoin during the recent bull run at various price points, whales are still accumulating.
The whale population isn’t the only one growing in the bitcoin ecosystem, data shows, as Glassnode also pointed out in a separate tweet that the number of BTC addresses that hold at least 10 BTC, worth $173,000 at press time, has reached a four-month high of 154,720.
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CryptoCompare Launches Decentralized Finance Token List
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Decentralized Finance (DeFi) has taken the cryptocurrency space by storm, growing from around $670 million in total value locked in early December of last year to around $14.3 billion today.
Several leading projects in the DeFi space - including Maker, Compound, Aave, Uniswap, Curve, and Yearn.Finance - have launched their own tokens and these are trading on leading cryptoasset exchanges.
To help keep you up to date with the DeFi market, CryptoCompare has launched a list of tokens associated with the DeFi space and its projects. Using the list of nearly 100 tokens - and growing - you can keep tabs on DeFi projects.
The DeFi coin list can be accessed by toggling the coinlist from all Cryptocurrencies to DeFi.
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Black Friday Sale: Secure Your Cryptoassets for 40% Less
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With the price of Bitcoin surpassing $19,000 this week and threatening to break into a new all-time high, and Ethereum making it past the $600 mark cryptocurrency investors, all of a sudden, have a lot more to lose.
To ensure your cryptoassets and future financial stability are safe, hardware wallets are one of the preferred storage methods. Using them you can keep your money offline. Even if hackers break your security and access your personal devices, they will not be able to touch your cryptocurrency.
While hardware wallets are often too expensive to be worthwhile for small investors, the recent gains make it more important than ever to secure your funds. Cryptocurrency hardware wallet manufacturer Ledger is running a Black Friday sale giving users 40% off the Ledger Nano X and Ledger Nano S.
CryptoCompare has reviewed the Ledger Nano X in the past: it’s a Bluetooth-enabled hardware wallet that supports over 1,000 cryptoassets. Use this link to get 40% off at checkout and ensure your funds are safe.
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State of the Crypto by Top Tier Exchange Volume
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