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Asia’s leading multi-asset exchange, Singapore Exchange (SGX) has started collaborating with CryptoCompare to launch two cryptocurrencies indices, for bitcoin and ether.
The price of bitcoin briefly surpassed the $12,000 mark overnight for the first time in almost two weeks, but the bulls were unable to push the cryptocurrency’s price further, leading to a short correction that saw it drop to $11,760 at press time.
Binance has announced the successful mainnet launch of Binance Smart Chain, which is a high-performance EVM-compatible blockchain that runs in parallel to the Binance Chain. This enables smart contracts and Binance Coin (BNB) staking.
Sponsored: London, September 1, 2020 Equilibrium has launched its NUT/EQ token swap! The swap began on August 31 and will continue for 30 days until September 29, 2020. EQ is Equilibrium’s new utility token.
Top stories in the Crypto Roundup today:
- Singapore Exchange and CryptoCompare Launch Bitcoin and Ethereum Indices
- Bitcoin Surpasses $12,000 as USD Index April 2018 Levels
- Binance Enters the DeFi Space With Mainnet Launch of Binance Smart Chain
- KSM, TRX, and BNB Are Moving the Crypto Market
- Sponsored: Token Holders Must Be Quick to Get 33% Bonus in Equilibrium’s Record-Breaking Token Swap
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Singapore Exchange and CryptoCompare Launch Bitcoin and Ethereum Indices
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Asia’s leading multi-asset exchange, Singapore Exchange (SGX) has started collaborating with CryptoCompare to launch two cryptocurrencies indices, for bitcoin and ether.
The indices will be under the SGX iEdge index suite and will only use transaction data from top-rated cryptocurrency exchanges. Both the iEdge Bitcoin Index and the iEdge Ethereum Index use a 24-hour volume weighted average price, giving the most liquid market prices more importance and making the impact of illiquid markets negligible.
The Head of Index Services at SGX, Somin Karaban, said:
"As the world moves swiftly towards digitalisation in the creation and accumulation of wealth, digital assets are increasingly being adopted by investors. We are excited about this collaboration with CryptoCompare to offer a suite of new indices for market participants in Asia, reinforcing our endeavour to innovate and meet market needs."
CryptoCompare’s Commercial Director James Harris noted that the cryptoasset data provider’s mission is to “bring greater transparency to the digital asset class by providing high quality, trusted data and indices.”
According to research data from CryptoCompare, the total assets under management (AUM) globally of digital asset tracker funds went up $220 million in March 2017 to over $4.5 billion by June 2020, representing a compound annual growth rate of 148%.
While much of the AUM is currently captured by asset managers based in the United States and Europe, Asia is well-positioned to raise its share of global AUM. Fiat-crypto trading pairs in the region now account for 43% of the total global spot trading volumes.
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Bitcoin Rejected at $12,000 as USD Index April 2018 Levels
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The price of bitcoin briefly surpassed the $12,000 mark overnight for the first time in almost two weeks, but the bulls were unable to push the cryptocurrency’s price further, leading to a short correction that saw it drop to $11,760 at press time.
The flagship cryptocurrency’s move past $12,000 came as the total crypto market cap increased by roughly 4% in the last 24 hours to $373.4 billion, according to TradingView data. On social media, the prominent pseudonymous Bitcoin analyst “PlanB” pointed out bitcoin’s price is still matching his “Bitcoin (BTC) Stock-to-Flow (S2F) Cross Asset Model“, which is an enhanced version of his original Bitcoin price prediction model “Bitcoin (BTC) Stock-to-Flow (S2F).“
Messari researcher Ryan Watkins noted that thanks to inter-blockchain liquidity protocols like RenVM, more than half a billions dollars worth of BTC have entered Ethereum’s decentralized finance ecosystem so far this year, in search of “yield bearing opportunities.”
Bitcoin’s performance also comes at a time in which the “U.S. Dollar Index” (DXY)— an index “of the value of the United States dollar relative to a basket of foreign currencies” designed and maintained by the ICE, reaches April 2018 levels. The DXY is currently at 92.56, down from over 102 back in March.
In the last 12 months the index has dropped over 5%. As MarketWatch reports, some people “fear the greenback’s weakness could mark a step toward eroding its status as the world’s premier reserve currency.”
Bitcoiners sees the decline of the U.S. dollar as a sign one day BTC could be accepted as a main reserve currency. Gold, just like bitcoin, has seen its value go up over the last few months.
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Binance Enters the DeFi Space With Mainnet Launch of Binance Smart Chain
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Binance has announced the successful mainnet launch of Binance Smart Chain, which is a high-performance EVM-compatible blockchain that runs in parallel to the Binance Chain. This enables smart contracts and Binance Coin (BNB) staking.
The idea of this “dual-chain architecture” is that users/developers will build their decentralized apps (DApps) and digital assets on Binance Smart Chain, while being able to use Binance DEX. The the firm, the advantages of the Binance Smart Chain include it being EVM-compatible, meaning it will support “all of the existing Ethereum tooling along with faster and cheaper transactions.”
Its interoperability with Binance Chain means it supports “cross-chain communication and scaling of high-performance dapps.” Its Proof-of-Staked Authority (PoSA) consensus mechanism is based on 21 validators, which will receive BNB rewards for executing tasks on the blockchain.
In a press release, Binance revealed the new blockchain gives developers the ability to build decentralized applications within the Binance Chain ecosystem “unlocking more opportunities to build decentralized finance (DeFi) products and solutions.”
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KSM, TRX, and BNB Are Moving the Crypto Market
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There are several tokens leading the charge in the last 24-hour period. Some of these are well-known cryptocurrencies with rather liquid trading pairs, so we’ll be focusing on these over low-cap cryptos.

- Kusama (KSM) – Kusama is an early, unaudited and unrefined release of Polkadot. It has been one of the strongest performers in the space, rising from $1.6 in March to over $54 at press time, after moving up 17% in the last 24 hours. Its market cap is now over $500 million, even though it’s n “unaudited trial network.”
- DFI.money (YFII) – YFII is a spinoff of YFI, the governance token of yearn.finance, a decentralized finance app that aggregates the yields of various DeFi lending protocols. Its success stems from the heightened interest in the decentralized finance space.
- Binance Coin (BNB) – The native cryptocurrency of the Binance Chain is up 7.1% in the last 24 hours thanks to the launch of the Binance Smart Chain. Each BNB token is currently trading at $25.
- TRON (TRX) – TRON’s TRX token has moved up 20.4% in said period thanks to a new partnership formed with Band Protocol “to bring secure and verified decentralized oracles to power its rapidly growing DeFi and decentralized application space.”
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Token Holders Must Be Quick to Get 33% Bonus in Equilibrium’s Record-Breaking Token Swap
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London, September 1, 2020 Equilibrium has launched its NUT/EQ token swap! The swap began on August 31 and will continue for 30 days until September 29, 2020. EQ is Equilibrium’s new utility token. Equilibrium is the first cross-chain money market on Polkadot that combines pooled lending with synthetic asset generation and trading and makes DeFi interoperable cross-chain.
During the first 5 days of the Swap, holders of Native Utility Tokens (used in EOS-based Equilibrium’s products) will be able to exchange their tokens for the new EQ utility token at a whopping rate of 1 NUT: 100 EQ. Users swapping > 5,000 NUT will receive an additional bonus on special terms. After the initial 5 days, the swap rate will gradually decrease, finally reaching 1:75 after 25 days. The swap will end after 30 days. A first come, first served principle is in place. On August 31, after only the first half day of the beginning of the swap, 25% of the total token allocation foreseen for the swap has already been filled. Thus, swappers must hurry to complete the transaction.
EQ tokens offer the following major utilities:
- Transaction and Product fees – Users pay transaction fees and product fees in EQ tokens on the Equilibrium blockchain.
- Staking and Governance – EQ holders will receive rewards coming from token inflation on EQ tokens staked to Equilibrium’s governance when Equilibrium migrates to NPoS consensus according to its roadmap to decentralization. Projected inflation will be around 2.5% a year.
- Bail liquidity provisioning – Liquidity providers can earn yield in EQ tokens on securing loans in the system by locking assets including EQ tokens in Equilibrium’s liquidity pool.
Compared to NUT, the EQ token brings additional value since it will be usable on all major blockchains and enable maximum liquidity across multiple chains and digital assets.
Equilibrium will become the essential missing link which will open the vast remaining potential of the DeFi market. If 92% of the current DeFi market is locked on Ethereum, ETH is only 12% of crypto, leaving colossal possibility for growth — which Equilibrium will make accessible by making DeFi interoperable.
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State of the Crypto by Top Tier Exchange Volume
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