Venus (XVS) rallies 900%, TVL hits $3.54B after Binance Smart Chain launch

Venus protocol becomes the top-ranked DeFi platform on the Binance Smart Chain as XVS price and the total value locked in the platform reach new highs.

As decentralized finance continues to increase it hold on the wider cryptocurrency market, Binance Smart Chain (BSC) is beginning to emerge as a suitable option for traders looking to escape from high transaction fees on the Ethereum (ETH) network. 

With more attention being paid to BSC, DeFi projects operating on the chain have also seen an influx of buying activity in recent weeks as token holders rush to supply liquidity for recently launched protocols. One such project is Venus (XVS), an algorithmic money market and synthetic stablecoin protocol designed specifically for the BSC.

XVS/USDT 4-hour chart. Source: TradingView

Data from Cointelegraph Markets and TradingView shows that XVS price has exploded 775% from a low of $10.04 on Feb. 2 to an all-time high of $82.86 on Feb. 18 amidst an increase in activity on BSC.

Total value locked grows as the list of supported assets expands

A scroll through the project’s Twitter feed points to a rapidly expanding ecosystem that has been systematically adding top cryptocurrency projects to its list of assets that can be deposited to earn interest, participate in the liquidity mining program, or use as collateral to borrow other assets.

Cardano (ADA) is the most recent addition, while the other projects currently available are Ethereum (ETH), Litecoin (LTC), Polkadot (DOT) and Chainlink (LINK)

Similar to the MakerDAO (MKR) platform and DAI, users of Venus can borrow against their assets and mint Vai, the stablecoin for the Venus protocol. Since Feb. 1, the supply of VAI has grown by 360% from 42 million tokens in circulation to a current count of more than 195 million VAI.

According to the Venus dashboard, there is currently $3.54 billion in total value locked in the Venus protocol, making it the seventh-largest DeFi protocol by TVL behind SushiSwap which currently has $3.7 billion in TVL.

Total value locked, total borrowed and available liquidity on Venus. Source: Venus

A survey of the top-performing assets over the past week shows that BSC projects have outperformed the competition and are beginning to attract liquidity away from projects on the Ethereum network.

XVS/USDT price compared against direct competitors. Source: TradingView

High gas fees on the Ethereum network are likely to continue for some time and this could catalyze further growth in chains like BSC and DeFi protocols that are able to capitalize on its lower transaction costs.

With an expanding list of supported tokens and a rapidly growing TVL, Venus is quickly establishing itself as a top contender in the decentralized finance space.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Exmo crypto exchange suffers second attack in two months

The total volume on the crypto exchange has fallen 4.9% in the last 24 hours.

London-based cryptocurrency exchange Exmo suffered a distributed denial-of-service attack on Monday, causing the platform’s servers to become unavailable.

In a tweet on Monday, Exmo reported that hackers had targeted the exchange with $75 million in trading volume in a distributed denial-of-service, or DDoS, attack. These cyberattacks typically overload a system with numerous requests from multiple virus-infected servers.

The attack comes two months after the crypto exchange reported that hackers had stolen $10.5 million in Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH), Tether (USDT) and Zcash (ZEC). Executives later suggested some of the funds could not be recovered because the attackers had withdrawn $1 million in XRP and $2.8 million in ZEC through Poloniex.

According to data from CoinMarketCap, the total volume on Exmo has fallen 4.9% in the last 24 hours. The incident in December 2020 caused the exchange to lose about 5% of its total assets, though only Exmo’s hot wallets were reportedly affected by the hack.

Maria Stankevich, chief business development officer of Exmo, told Cointelegraph that since the December 2020 breach, the exchange has implemented a number of measures to reduce the possibility of a future attack. She said Exmo transferred cryptocurrency withdrawals to the custody arm of hardware wallet manufacturer Ledger and created a bug bounty program to test the exchange, among other solutions.

As of Jan. 10, all crypto exchanges in the United Kingdom are required to be registered with the country’s Financial Conduct Authority, which verifies they are in compliance with Anti-Money Laundering regulations. However, a number of firms that have submitted applications, including Exmo, have received temporary registrations from the FCA allowing them to continue trading until July 9.

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3 reasons why Theta price hit a new all-time high at $3.49

Big-name partnerships and the release of ThetaSwap DEX are just a few of the factors pushing THETA price to a new all-time high.

The sustained bullish performance from Bitcoin (BTC) and Ether (ETH) has increased the confidence of crypto investors and many are now looking deeper into projects that have strong fundamentals and offer real-world use cases. 

This week investors turned their attention to Theta (THETA), a decentralized network that allows users to share bandwidth and computing resources in order to stream video. In the last two months THETA price has increased by more than 350%, rallying from $0.66 on Dec.10 to a new all-time high of $3.44 on Feb.13.

THETA/USDT 4-hour chart. Source: TradingView

Three reasons for Theta’s recent price growth include the project’s plan to engage with DeFi through its Theta DEX, the addition of smart contract capabilities and NFTs to its blockchain and a growing list of high-level partnerships that will help bring quality content to its video streaming network.

Community engagement via non-fungible tokens

Following the success of CryptoKitties during the 2017-2018 bull market, non-fungible tokens (NFT) have become a recurring hot topic in the cryptocurrency sector. Theta’s addition of smart contract functionality is an attempt to capitalize on this trend.

The Theta Token Minter allows users to create new TNT-20 tokens without needing any smart contract experience. This simplifies the process of minting new assets on Theta blockchain, including custom streamer assets and new DApps with their own tokens.

The token minter platform also makes it easy for users to trade and transact in their newly minted tokens.

ThetaSwap DEX bring DeFi-sized yields

Decentralized finance has rapidly become a cornerstone of the cryptocurrency ecosystem prompting projects that are serious about their long-term viability to create their own DeFi applications.

Theta joined the party by launching it’s ThetaSwap v1 decentralized exchange onFeb.4. ThetaSwap allows users to swap Theta-based TNT-20 tokens and Theta Fuel (TFUEL) in a manner similar to the user experience on Uniswap and SushiSwap.

The DEX allows NFT holders the opportunity to trade their collectibles in a simple and secure manner through the integration of the Theta Chrome wallet extension available on both the Chrome and Brave browsers.

Future upgrades to ThetaSwap will add support for wrapped tokens, including a wrapped form of Theta similar to wETH or wBTC, along with the possible addition of several stablecoins whose issuers have already expressed interest in minting TNT20 forms of their assets.

Big-name partnerships push THETA price higher

The third reason for THETA’s improving fundamentals comes from the increase in big-name partnerships.

On Feb.9 the team announced that entertainment powerhouse Lionsgate, home to popular movie titles like John Wick and The Hunger Games, would be joining the Theta ecosystem. The partnership will kick off with movie night screenings beginning in March.

Cointelegraph Markets Pro – VORTECS™ Score (green) vs. THETA price

Data from Cointelegraph Markets Pro shows that Theta’s price was decreasing on Feb.6 following a bullish breakout which appears to be the result of ThetaSwap’s release on Feb.5.

The VORTECS™ score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

On Feb.9 news of the Lionsgate partnership broke and by Feb.10 the VORTECS ™ score increased to 80, a move which was followed by THETA’s current rally to its all-time high at $3.49.

Other noteworthy Theta partners include NASA, which hosts a channel that live streams rocket launches and most recently a live feed from a Mars rover. World Series of Poker has also joined with Theta and its channel offers non-stop coverage of the world poker tour.

A rising tide lifts all boats

Theta’s entrance into DeFi, the steady addition of big-name streaming partners and the strength of the current crypto bull market all point to a growing ecosystem that is only beginning to display its true potential.

With Delaware’s Department of State showing a recent filing for a Grayscale Theta Trust LLC, the altcoins price appreciation may just be getting started as Bitcoin and altcoins are increasingly catching the eye of the mainstream investor.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Bitcoin bulls eye $50K as data show BTC’s liquid supply in steady decline

Several altcoins surged to new all-time highs while Bitcoin price consolidated in preparation for a renewed push to the $49,000 level.

On Feb. 12 Bitcoin (BTC) price hit a new all-time high at $48,985 before pulling back to the $46,000 level. 

A quick glance at the 4-hour chart shows the top-ranked cryptocurrency trading in what appears to be a brief phase of consolidation but BTC is still maintaining its bullish momentum through a pattern of higher highs and higher lows.

If BTC can maintain its current pace and structure, a move to the $50,000 level could possibly occur before the weekend ends.

BTC/USDT 4-hour chart. Source: TradingView

A report released by analysts at Decentrader shows that as Bitcoin’s liquid supply has been decreasing, demand for the top cryptocurrency has been increasing as the number of BTC that have not moved on-chain for an extended period of time also rises.

Bitcoin liquid supply. Source: Glassnode

As can be seen on the chart above, BTC currently has a liquid supply of roughly four million coins and the figure has been steadily decreasing since June 2020 as whales and institutional investors increase their exposure to this nascent asset class.

Further evidence of the growth of big-money players can be found by looking at the surge in wallets holding more than 1000 BTC.

Wallets holding at least 1000 BTC vs BTC price. Source: Decentrader

As the number of large wallets grows, the number of smaller wallets has remained flat or decreased, indicating that “larger players are scooping up bitcoin off smaller players.”

PayPal delves deeper into cryptocurrency

Additional bullish news for the cryptocurrency sector came as PayPal announced that it plans to extend its crypto services to residents of the United Kingdom.

This marks the first time users outside of the U.S. will be able to purchase crypto through the platform which should be available on the PayPal and Venmo apps by the end of Q2 2021.

In an effort to keep up with the likes of PayPal and the Cash App, Apple Pay has unveiled a new partnership with BitPay that will allow Apple Wallet users to use their BitPay card to make purchases.

It has also emerged that Grayscale Investments may soon bring a new level of exposure to decentralized finance as a newly filed corporate registration in the State of Delaware shows that the asset manager is considering Yearn Finance as a potential future offering.

Choppy trading sets the tone in traditional markets

Traditional markets faced early pressure on Friday following the Feb.11 announcement that federal regulators have launched probes into Robinhood and Reddit for signs of market manipulation related to the recent wild moves seen in stocks like GameStop and AMC.

After weathering the early downturn, all three major indices managed to climb higher and finish the day in the positive with the S&P 500 and NASDAQ closing out the session at record levels, up 0.47% and 0.50% respectively. The Dow also managed to squeeze out a positive gain of 0.09%.

The wider cryptocurrency market continued its bullish upsurge as multiple projects saw double-digit gains and new all-time highs.

Daily cryptocurrency market performance. Source: Coin360

Ether (ETH) ventured deeper into uncharted territory on Friday by setting and set a new all-time high at $1,863, while Polkadot (DOT) was the best performing top-10 coin, experiencing an increase of 21% overnight for a new high at 29.52.

Other notable performers include the pure proof-of-stake protocol Algorand (ALGO), which increased 38% for a 2021 high at $1.84, and Tezos (XTZ), which saw its price increase 23% for a new record high of $5.41.

The overall cryptocurrency market cap now stands at $1.48 trillion and Bitcoin’s dominance rate is 60.4%.

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Bitcoin price hits $46,794 as altcoins, stocks rally to new highs

Bitcoin price hit a new all-time high at $46,794 on the same day Tesla revealed its $1.5 billion investment into BTC and stock markets rallied to new highs.

On Feb. 8 Bitcoin (BTC) price broke out to a new all-time high at $46,794 after documents from Tesla revealed that the company had allocated 7.7% of its gross cash position to BTC. The purchase gives Tesla a sizable $1.5 billion position in the top-ranked digital asset. 

Data from Cointelegraph Markets and TradingView shows Bitcoin is currently up by 18.5% and trading near $46,000. Meanwhile, the majority of altcoins and DeFi tokens have also surged to notch double-digit gains for the day.

Daily cryptocurrency market performance. Source: Coin360

While some analysts are speculating on which large company will be the next to jump on the Bitcoin train, Royal Bank of Canada Dominion Securities analyst Paul Steves thinks that Apple will be the next institutional player to join the trend.

According to Steves, if Apple were to launch a crypto exchange or buy Bitcoin, it could lead to an estimated $40 billion in annual revenue.

Bitcoin’s bullish price action came at a crucial time as the digital asset had seen a decline in overall sentiment in recent days as the price struggled to break above the $38,000 level.

BTC price vs. 30-day avg. sentiment score. Source: TheTIE

Dogecoin (DOGE) also broke out as bulls pushed the popular meme coin to a new all-time high at $0.0839. This move came shortly after Mark Cuban gave a nod of approval by calling the altcoin the “best entertainment bang for your buck available” in the crypto market.

Cardano (ADA) price rose to a new mulit-year high at $0.72, an increase of 100% since Feb. 1, after the successful testnet implementation of smart contracts and the potential of future DeFi integration boosted investors’ outlook for the project.

Traditional markets rise on anticipated stimulus payments

Investor optimism involving the possibility of a new round of stimulus from the U.S. government, including direct payments of $1,400 and a tax credit of $3,000 per child, helped bolster the traditional markets on Monday.

The S&P 500, Dow and NASDAQ all established new record highs, closing the day up 0.74%, 0.76% and 0.94% respectively. The past six trading days have marked the longest winning streak for the S&P 500 since August 2020, and the Dow has experienced its best start to February since 1931, rising 4.7% so far this month.

Altcoins also benefited from BTC bullish momentum and many rallied by double-digits and standouts like Terra (LUNA) and BitTorrent gained in excess of 100%.

Polkadot (DOT) rallied 20.23% to a new high at $23.27, while Elrond (EGLD) gained 40.7% in the last 24-hours to establish a new all-time high at $191.73. Theta (THETA) also rallied 25.55% to set a new high at $2.86.

BTC/USDT 4-hour chart. Source: TradingView

The overall cryptocurrency market cap now stands at $1.32 trillion and Bitcoin’s dominance rate is 62.9%.

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