Eastern Europe’s sixth-largest crypto service is a darknet market

Blockchain forensics firm Chainalysis has found that darknet markets exert a disproportionate presence in Eastern Europe’s crypto sector. In an excerpt from Chainalysis’ 2020 Geography of Cryptocurrency Report, the firm asserts that Eastern Europe is responsible for “more global darknet market activity than any other region,” with the anonymous free market Hydra comprising the region’s sixth-largest crypto service. Regional shares of global darknet market transfer volume: Chainalysis The report estimates that Hydra generated more than $1.2 billion in crypto revenue between June 2019 and July 2020. The platform is among…

World’s largest banks lost 3x Bitcoin’s market cap during the pandemic

Since the outbreak of COVID-19, the world’s 14 largest banks have lost $635.33 billion in market capitalization. This is more than three times the current market capitalization of Bitcoin (BTC) and almost double the capitalization of all cryptocurrencies. Market capitalization of the world’s biggest banks. Source: Buy Shares. The starting point for this data is December 19. For reference, Bitcoin’s market cap at the time was $130 billion. As the world was entering the pandemic induced recession, six of the banks on the list had a market cap higher than…

Bitcoin market cap will match JPMorgan’s if the $16.5K CME gap closes

The sentiment around Bitcoin (BTC) has become noticeably positive after the breakout above $12,000 in August. If this momentum continuously strengthens over the medium term and BTC hits $16,500, it would equal JPMorgan’s market cap. Earlier today MMCrypto, an on-chain analysis firm, outlined major financial and tech conglomerates’ valuations relative to BTC’s potential price. At the following price points, Bitcoin would equal the market caps of the respective companies: BTC market cap share of top companies at various prices. Source: Twitter If Bitcoin price were to reach $18,324 it could…

ERC-20 market cap differential over Ethereum hits all-time high

Ethereum’s economic metrics are strengthening as transfer value and ERC-20 market capitalization continue to build momentum. Research by on-chain analytics platform Santiment has revealed that the market capitalization for all ERC-20 based tokens has flipped that of Ethereum itself. It added that it is currently the all-time highest market cap differential of ERC-20 coins over Ethereum. The total market cap for all current ERC-20 assets is $46.7 billion whereas that for Ethereum is currently just over $41 billion at the time of writing. There have been a couple of similar,…

Ethereum’s Market Structure “Firmly Bearish” as It Remains Below Key Level

Ethereum has seen some intensely positive price action in recent hours, with bulls catalyzing an upswing that led its price to highs of $380 just a couple of hours ago. It did face some intense resistance at this price region, however, and subsequently plunged towards $360. After rebounding from these lows, it now appears that ETH is caught within a bout of consolidation. Where it trends next will likely depend mostly on Bitcoin, as the benchmark cryptocurrency has been struggling to break above $10,400 throughout the past few hours. If…

Revolut expands to Japan as its first non-English speaking market

Revolut, a major European cryptocurrency-friendly trading application is expanding to another major market. The London-based firm has launched its digital banking app in Japan, as Revolut announced in a Sept. 8 tweet. According to a report by The Nikkei, Japan is the first non-English speaking market for Revolut. Headquartered in London, the company reportedly has 13 million users worldwide, operating in European countries, the United States, Australia and Singapore. As reported, Revolut’s initial roll out in Japan will be limited to “international transfers” and “managing money in 23 currencies.” Registered…

Bitcoin Needs to Bounce Here Or It May Not Be a “Proper Bull Market”

Bitcoin has resumed its descent to the downside as legacy markets have opened in the red once again. The leading cryptocurrency has been flirting with $10,000 all morning, nearing the trend lows. The cryptocurrency is reaching pivotal supports as it continues its descent. One trader went as far as to suggest that if BTC doesn’t bounce soon, it may not be in a valid bull market. This is in line with the sentiment of a number of other analysts as many believe that the support in the $9,500-10,500 region is…

Fortnite creator attacks Google’s chokehold on Android market in lawsuit over V-Bucks payments

In a Sept. 4 filing in Fornite creator Epic Games’ antitrust lawsuit against Google, the gaming firm has accused the omnipresent tech giant of violating its founding “don’t be evil” dictum and actively uses its market power to overcharge app developers. The core issue of the current case is that, earlier in August, Epic Games announced direct payments on mobile versions of Fortnite on Android and iOS. The payments would give customers a 20% discount on the app’s native V-Bucks — by circumventing the 30% fees that both Apple and…

LINK Price Jumps 20% Despite Bearish Market Bias; What’s Next?

LINK was among the biggest crypto gainers in the last 24 hours as its price jumped 20 percent. The Chainlink token rose to $13.40 before correcting lower on intraday profit-taking sentiment. As of the early Monday session, LINK/USD was trading at $12.50, just above the technical support offered by its 50-day simple moving average (the blue wave). Chainlink starts the week correcting lower. Source: TradingView.com On a broader outlook, LINK/USDT is trading downwards in a Descending Channel, confirmed by at least two lower highs and lower lows. The downside began…

Chainlink (LINK) Surges 25% Higher as Altcoin Market Recovers

Altcoins such as Chainlink took a strong beating over the past three days, plunging dozens of percent from their recent highs as Bitcoin and Ethereum plunged lower. While some altcoins remain near their lows as, LINK has undergone a strong bounce that has brought the cryptocurrency 25% higher in the past 24 hours. Analysts, though, are divided over what comes next for Chainlink. Related Reading: Here’s Why This Crypto CEO Thinks BTC Soon Hits $15,000 Chainlink Recovers as Altcoin Relief Rally Takes Place Santiment, a blockchain analytics firm, is optimistic about…