We invite you to the new episode of the weekly summary with Coinquista.
On the BTCUSD chart on the bitstamp exchange, we can see that an upward triangle formation is beginning to form (on a 4-hour interval), which is also an announcement of further increases. It is highly likely to test last year’s high of $ 13,800. The further behavior of the price will be dictated to a large extent by the sentiment in relation to the virtual currency after the upcoming presidential election in the United States.
After several weeks of stagnation for most decentralized financial protocols, the DeFi bulls are back in action. The amount of all funds blocked in various decentralized finance protocols has risen to a record level.The increase came after Bitcoin reached a new peak in 2020 of $ 13,200 and was probably initiated by information about the entry of the payment giant PayPal on the cryptocurrency market. Spencer Noon says the bull market for decentralized finance is about to enter its second phase. Unfortunately, however, many tokens still go down, reaching levels over 40% lower than in the last month, including projects such as Meta, bZx, Augur, SushiSwap, Swerve and Curve.
PayPal is entering the cryptocurrency market with a bang. Paypal users, thanks to the partnership with Paxos, will now be able to buy, store and sell four different cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC). But that’s not all. Cryptocurrency services will soon be available to over 346 million active users worldwide. There are indications that this move will contribute to the massive increase in the popularity of cryptocurrencies. In addition, PayPal is the first entity to receive the green light for a virtual currency license from the New York State Department of Financial Services. Despite this, PayPal continues and is in the process of negotiating to buy the BitGo trust company. BitGo provides custody solutions that allow its clients, primarily institutional investors, to safely store Bitcoin. His clients include, for example, Coinquista and Bitstamp.
Dash holders will soon be able to access a wide variety of decentralized financial services through their partnership with StakeHound. Thanks to this cooperation, users will be offered the possibility to generate a DASH token representation on the ERC-20 chain called stakedDASH. StakedDASH will be marketable and usable on major DeFi platforms such as UniSwap, Aave, Curve and others.
Information from developers indicates that Ethereum 2.0 will be launched in the zero phase later this year. The protocol’s smart escrow contract feature should be announced this week (it is a service that allows ETH sending between Network 1.0 and Network 2.0). After starting the beacon chain, 500,000 Ethers are still blocked for staking. After that, the network will prepare for the official launch for several weeks. Green light without the possibility of launching the main ETH 2.0 network in phase 0 is also expressed by Quantstamp, which offers software code verification with its services.
For more information, check out today’s video episode.