Bitcoin continues to climb – market value exceeds $ 500 billion for the first time

Bitcoin jumps over $ 27,000, making it almost the 10th largest company in the world.

Bitcoin ( BTC ) continues to climb inexorably on Christmas weekend, which resulted in the 27,000 US dollar mark being passed on December 27th today. This means that the market capitalization of the cryptocurrency has cracked half a trillion US dollars for the first time.

Bitcoin cracks $ 500 billion

The new record high comes just three days after breaking the resistance at $ 24,000 . Accordingly, the Bitcoin price has doubled in the past two months, with almost $ 10,000 plus in December alone.

Bitcoin’s market capitalization has soared to more than $ 510 billion as a result of the recent jump, which makes the cryptocurrency almost as valuable as the holding company Berkshire Hathaway, which belongs to investment guru Warren Buffett and is the tenth largest company in the world. Yesterday, Bitcoin was able to leave its big “ competitor “ and payment service provider Visa behind.

In addition, Bitcoin is currently above the calculated average value of the popular Stock-To-Flow (S2F) forecast model, which predicts a price increase to 100,000 US dollars by December 2021 . The market-leading crypto currency is clearly on target on this path.

The current high seems to be far more sustainable than the record run of 2017 , because the crypto experts assume that things will continue to improve in the coming months

The main reasons for this are the continuing interest of institutional investors , strong fundamentals, a declining supply on crypto exchanges and the so far low interest from private investors . As can be seen from the Google search queries for Bitcoin (see below), the hype about the crypto currency is not quite as strong as in 2017, despite new record highs, which is why there is still a lot of room for improvement as soon as word of the soaring gets around in the mainstream.

Nonetheless, there is still a risk of a severe downturn in the short term, possibly triggered by the psychologically important resistance at $ 30,000.

“Vertical price movements usually end in a similarly strong correction (do you still remember summer 2019?). These corrections often lead to a sideways movement, ”as Cointelegraph Markets expert Michael van de Poppe warns on December 27th . However, he adds:

“Don’t let such a correction shake you off. The upward trend will last even longer. You should think long term. „

DeFi hacker captures 8 million US dollars

Nexus Mutual was created to protect DeFi investors against hacks. Now the platform’s CEO has himself become the victim of an attack.

A spectacular hack is causing a stir in the DeFi space. The team at DeFi platform Nexus Mutual announced the theft of 370,000 NXM via tweet on December 14. The platform-owned tokens came from a private wallet belonging to Nexus CEO Hugh Karp. As of Monday, their value was equivalent to $8.2 million.

Nexus Mutual acts as a community solution to mitigate risk in the DeFi sector. Investors can secure their smart contracts against hacks and bugs there. So the recent attack is not without a certain irony. Meanwhile, the Nexus Mutual team assured that user deposits were not affected by the attack.

Hacker was cunning

Apparently, the attacker gained access to Karp’s device. There, he installed a modified variant of the wallet service MetaMask. Although Karp stored his tokens in a hardware wallet, the hacker was able to get him to confirm a transaction that sent all of his NXM tokens to the attackers.

Meanwhile, what’s explosive is that only registered Nexus Mutual users are able to obtain NXM tokens and convert them to the freely exchangeable wrapped NXM (wNXM) variant. Thus, the hacker must have gone through the platform’s know-your-customer procedure. Since his identity is still not established, identity theft thus does not seem to be ruled out. Karp and his team are working with investigative authorities. There are indications that he was able to establish the IP of the attacker.

4,500 ether as ransom

Already on Monday, Karp had congratulated the hacker on his dubious success. In a tweet, he promised a reward of $300,000 and the waiver of charges in return for the return of the tokens.

However, the hacker is pursuing other plans. US$2.7 million is said to have already been laundered, according to transaction data. In a Dec. 16 message embedded in the input data of an Ether transaction, he demands US$3 million as ransom for the remaining tokens:

Hi Hugh. I will not sell wNXM again until wNXM recovers its value or you send me 4.5k ETH. If you need any kind of negotiation with me, send a msg [message] to my eth address.

As a result of the hack, the wNXM price had been tumbling for the past few days. The sudden sell off of such a large amount of the tokens could send the price even further towards zero.

Andre Cronje, founder of Yearn Finance is named DeFi “Person of the Year”

Andre Cronje of Yearn Finance takes first place in DeFi Prime’s DeFi Person of the Year category.

Major DeFi influencers are listed for several accomplishments.

Notable absentees: SBF and Vitalik Buterin

Decentralized finance has been the fuel of the crypto industry this year. From its humble beginnings have emerged a series of new protocols and the personalities who founded them.

DeFi analytics portal, DeFi Prime has compiled a list of the industry’s top personalities and innovators this year. The outlet, however, did not disclose the criteria it used in this list that does not take itself too seriously from nascent financial industry agitators.

The creator of the Yearn Finance yield aggregator, Andre Cronje, stood out not only for his development of such an innovative product, but also;

He is also an incredibly humble and knowledgeable leader who laid the groundwork for creating quality DeFi services together with a global community of engaged stakeholders.

To put the spotlight on these influential creators, here are Defiprime’s 2020 People of the Year, starting with our pick of the most important creator of the year!

Other DeFi contenders

Among the finalists was Chainlink co-founder Sergey Nazarov, whose platform took leaps forward in 2020, becoming the standard solution for oracle-based data and courses.

U niswap founder Hayden Adams made the list to pilot the world’s largest decentralized exchange and put Ethereum back in the limelight. Uniswap at one point had more trading volume than Coinbase and a collateral lock-up of over $ 3 billion at the height of UNI’s farming madness .

Aave co-founder and CEO Stani Kulechov was named as the loan protocol team shipped a high-quality version after a high-quality post since January. The protocol’s AAVE token was also the best performing DeFi asset of 2020 with an increase of around 5,000% since the start of the year.

Robert Leshner of Compound Finance and Synthetix founder Kain Warwick have also emerged for triggering this year’s yield farming madness.

A handful of coders and developers have stepped in, namely “samczsun” who saved a few smart contracts and “banteg”, Yearn’s lead developer.

It is a little doubtful that Uniswap cloner and founder of SushiSwap , „Chef Nomi“, was included in the finalist nominations, given that he let go of his investors by selling his stash. DeFi Prime justifies this by stating;

Biden-Regierung wahrscheinlich für Bitcoin erwärmen

Circle CEO zu den Gründen, warum sich die Biden-Regierung wahrscheinlich für Bitcoin erwärmen wird

Circle CEO glaubt, dass sich die Biden-Administration für die Kryptotechnik erwärmen und wahrscheinlich eine kryptozentrierte Wachstumsstrategie verabschieden wird

Die neue Regierung des Weißen Hauses wird wahrscheinlich die Kryptotechnologie annehmen, sagt Jeremy Allaire.

Jeremy Allaire ist der CEO und Gründer von Circle, einem Technologieunternehmen, das sich auf die mobile Peer-to-Peer-Zahlungsplattform Bitcoin Fast Profit konzentriert. Jeremy Allaire teilte seine Ansichten in einem Tweet mit. Er unterstützte seine Ansichten auch in einem Interview mit der Squawk Box von CNBC.

Es ist eine Änderung der Infrastruktur

Während des Interviews meinte Jeremy, dass die Kryptotechnologie einen Paradigmenwechsel darstellt, der das Aufkommen des kommerziellen Internets in hohem Maße widerspiegelt. Aus dieser Perspektive ist es offensichtlich, dass der Aufstieg und die Weiterentwicklung der kryptobasierten Technologien unaufhaltsam sind, trotz der vielen Versuche ihrer Gegner, ihre Verbreitung zu verhindern.

Seiner Ansicht nach glaubt Jeremy, dass die Biden-Administration Anstrengungen unternehmen wird, um die USA in der vorteilhaftesten Strategie zu positionieren, um die Vorteile der Technologie zu nutzen. Es bleibt jedoch die Frage der Regulierung. Gegenwärtig ist der Kryptomarkt weitgehend unreguliert, eine Situation, die lange Zeit von Hassern genutzt wurde, um Kryptos zu zerschlagen, indem sie sie als unzuverlässige und unsichere Investitionsgüter bezeichneten.

Krypto-Regulierung ist ein komplexes Thema

Jeremy stimmt zu, dass die Krypto-Regulierung ein heikles Thema ist, da sie verschiedene Märkte und Branchen betrifft, die einander lange Zeit misstraut haben. Eine gemeinsame Grundlage für die Zusammenarbeit aller Beteiligten zu finden, ist eine gewaltige Aufgabe, da ihre Interessen unterschiedlich sind, und wenn die Parteien sich nicht gegenseitig unterstützen, könnte dies zu kontraproduktiven Regulierungsmaßnahmen führen, die der gesamten Wirtschaft schaden könnten.

Auf der positiven Seite ist Jeremy optimistisch, dass der neue Präsident aus der Mitte heraus regieren und alle Mitglieder dazu bringen wird, einen Konsens zu erzielen, der es der Kryptoindustrie letztendlich ermöglichen wird, neben dem Banken-, Blockchain- und Technologiesektor zu gedeihen. Dies wiederum wird die wirtschaftliche Position des Landes auf der Weltbühne stärken.

Krypto-Befürworter werden darum kämpfen, es legal zu machen

Außerdem ist es sehr wahrscheinlich, dass die Befürworter der Kryptographie weiterhin mit den zuständigen Behörden kämpfen werden, während sie sich bemühen, Kryptographie legal zu machen. Jeremy erinnert sich an 1996, als die Befürworter eines freien Internets gegen die wenigen Parteien siegten, die das Internet zu ersticken und zu monopolisieren suchten.

Infolgedessen setzte sich die Netzneutralität durch, als das Internet zu dem erblühte, was es heute ist. Die nächste Blütezeit könnte die Kryptoindustrie begünstigen.