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Hacked Exchange Binance To Resume Deposits & Withdrawals Tomorrow

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The CEO of Binance, Changpeng Zhao (CZ) is in the latest cryptocurrency news for his announcement which shows that the hacked exchange Binance is preparing to resume with its deposits and withdrawals as of tomorrow, Tuesday May 14th.

“Our team is making progress and has been working through the weekend. In the past few days, we have made some significant overhauls to our system, with a large number of advanced security features added and/or completely re-architected. We will share details on some of the changes later,” Zhao wrote in a brief update describing the situation around the hacked exchange Binance.

“We aim to fully resume deposits and withdrawals on Tuesday. The time will be communicated at a later stage, depending on how the testing goes. This upgrade will require a trading halt. We will update you again tomorrow,” he added.

Right now, all of the withdrawal and deposit actions on the hacked exchange Binance are marked “Suspend” and can’t be carried out. However, the coming altcoin news show one user who said that the deposits can be sent to the address by way of previously identified addresses.

In the previous announcements, the hacked exchange Binance announced upcoming support for the hardware-based 2FA devices such as YubiKey.

The breach, on the other hand, went viral on many best cryptocurrency news sites last week, where the unnamed hackers apparently got away with 7,000 BTC (worth approx. $41 million at the time) from the hot wallets of Binance. They accessed both the user API keys and proceeded with the two-factor authentication codes to withdraw the cryptocurrency.

The hacked exchange Binance afterwards stopped the withdrawals and deposits but allowed the intra-token trading on the site. The hackers moved the stolen Bitcoin, causing many to speculate that they are preparing to launder the money through many cryptocurrency exchanges.

Right now, the coming altcoin news show a slight correction in the market and a total cryptocurrency market cap of $213 billion, with $77 billion in 24 hour trading volume. The Bitcoin dominance has decreased a bit and almost every coin in the top 10 – besides Binance Coin (BNB) – is correcting anywhere from 1% to 5%.

 

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Uniswap DEX Sees Huge Growth After Additional Token Listings

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The Uniswap DEX is among the leading decentralized exchanges which have seen huge growth over the past week since it cleared all-time highs in terms of the liquidity of the platform and ETH that was locked in the reserves as we are looking into it some more in the crypto news today.Achieving widespread adoption of DeFi requires most of the users to be capable of accessing the entire financial stack in a decentralized and permissionless manner. Thanks to this, most of the decentralized exchanges are now hailed as an integral part of the forward development. The centralized exchanges will continue to thrive in the future but for the DeFi narrative to speed up, there has to be more traction on the decentralized counterparts and now that is slowly happening.The Uniswap DEX is leading in terms of reserves, usage, and liquidity. The network effects are extremely important for protocols that rely on liquidity to grow. The exchanges, for example, are chosen by the investors and traders based on their ability to facilitate the trades. Order book depth and the trading engine of the exchange determines the efficiency of the platform. More liquidity accruing to the exchange leads to more users leading to more liquidity thus creating a circular effect. The ETH reserves in Uniswap sat at 45,320 before increasing by more than 68 percent to 76,260 coins in just days.The price of ETH surged by about 16 percent and Caleb Sheridan co-founder of Blocklytics noted that Uniswap added a record $10 million of liquidity in just one day. As the price of Ethereum increased, the demand for ETH derivatives also joined the rally. Uniswap liquidity is the highest for sETH at $13.88 million and this sum makes up about 30 percent of Uniswap’s total $46 million of liquidity. Some of the other tokens that are traded on the platform include Augur, Maker and Synthetix Network as well as other stablecoins.USDC, DAI, and SAI represent a total of 13.4% of Uniswap pool liquidity which makes it the best for the traders in terms of minimizing slippage. The larger traders usually prefer the use of DEX aggregators to reduce the slippage on their orders. Once the liquid reserves deepen for Uniswap, the slippage will have reduced dramatically.
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High Capital Influx In Crypto Expected This Year Because Of One Factor

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A high capital influx is expected in 2020 in the cryptocurrency market - all because of one significant factor which may boost the prices up. In the cryptonews now, we can see that Bitcoin and other coins are decreasing, but the overall performance this year has been positive. This has led to an increased sense of hope among many active participants.Also, this may be a sign that billions of dollars worth of unannounced capital is close to being injected in the crypto markets with the allocation of this funding potentially allowing for ecological development in 2020.Coupled with the increasing technical strength and the bullish action that many coins initiated, the high capital influx may be enough to give the markets some further momentum throughout the year ahead, the Bitcoin news show.According to Ash Egan who is the head of crypto at Accomplice (a tech-focused venture capital firm), there is currently $2 billion in capital which is being allocated to US-based crypto funds. This capital is being distributed amongst a collection of various sized funds including "mega funds."
“There is ~$2B of unannounced capital being allocated into US-based crypto funds rn. Funds are distributed across 3 mega funds ($300m+), 4 large funds ($100m-$300m), and 4 sub $100m funds. 2020 is gonna be a wild year,” he noted.
https://twitter.com/AshAEgan/status/1220503778878607361Even though Egan did not provide a specific source for this information, the high capital influx has been backed by many other personalities in the industry.Injecting the potential billions of dollars worth of capital in the markets also comes close on the heels of recent comments from other crypto venture capitalists regarding the sense of capitulation amongst major funds.
“Spoke with multiple liquid crypto fund managers this week. They all have investors leaving their funds and leaving crypto altogether. Feels like true capitulation is finally happening,” Avigal Garg noted, known for his role as a co-founder at Electric Capital.
https://twitter.com/avichal/status/1213262413622956034However, Garg's comments came before the 2020 rally kicked off which may be a sign that the high capital influx did not come at that point. Now, the situation is different and if major funds really are on the bring of injecting billions to the markets, it is highly probable that the industry will blossom and potentially catalyze a major rally.
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Central Bank Digital Currencies Are Coming In Three Years: Survey

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Central bank digital currencies will approach the public soon enough as the banks are likely to launch then in three years' time according to an official survey as we are reading in today’s altcoin news.According to the survey on central bank digital currencies published by the Bank of International, Settlements published a few days ago, says that the central banks representing a 20 percent of the world’s population say that they are likely to launch a CBDC in the next few years and while the relative number of banks are smaller which represent 10 percent of the banks surveyed which is still twice as many as last year. About 70 percent of the central banks are not likely to issue any type of CBDC in the close future while 80 percent of them say that they are working on how to explore more into CBDC in one way or another.The banks that have moved on from conceptual research to development are now increasing in the market economies. The survey says that the smaller economies have a much stronger motivation to develop wholesale central bank digital currencies than the advanced peers which are a major concern to financial stability and payment safety. The emerging economy central banks will also be among the first to issue a general purpose CBDC and all banks will likely issue a central bank currency in a very short time on the emerging market.For economy central banks, increased efficiency and interoperability of cross-border payments are the major motivations for issuing a CBDC and it seems that economies are not rushing anywhere; instead, they are most focused on establishing better international collaboration. The BIS also asked the central banks about cryptocurrencies and one thing that sticks out from the survey is the central bank that has jurisdiction is facing serious civil unrest with a significant uptick in crypto adoption which sees wider public use for both domestic and cross-border payments. Another interesting thing is that while 60 percent of the central banks consider how can stablecoins impact monetary and financial stability and none of them are emerging market institutions.The motivations are now stable but the central banks with firmer plans to issue CBDC are now closer to doing so. About 10 percent of the central banks surveyed are likely to issue a CBDC for the general public in the shortest term which represents 20% of the population.
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Crypto Exchanges Report Large Decline In BTC Trading Volumes

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It's official - we are part of a declining crypto market which has led to lower trading volume of top cryptocurrencies, top crypto exchanges report now. However, a chance might not be on the cards which is what worries many people.A December review of the top crypto exchanges published today by one media outlet shows that Binance is quickly eating up the market share in derivatives and that volume has significantly fallen in recent months.Just like that, the crypto exchanges report shows that trading dropped to $432 billion in December and top-tier exchanges were hit the hardest - are now down by 26%. On top of this, the crypto exchange volume has been falling steadily month on month and was like this ever since the bullish crypto market transmogrified into a bearish one in the second half of 2019.Adding to this, the report that is now viral in the cryptocurrency news also found that the market was very skewed towards exchanges of poorer quality. In that manner, the top-tier exchange volume represented just 27% of the crypto market. The crypto exchanges report also shows a rise in wash trading which is prevalent in the industry now.Additionally, exchanges which charged fees such as maker or taker fees took a hit in December 2019, trading $319 billion in total or a figure which is down 18% from the previous month. Trans-fee mining exchanges, however, fell even harder with a volume of $108.7 billion in December 2019 which is down by 30% compared to the previous month.The Bitcoin price news might have affected the market from many aspects. However, there were some winners emerging from it, too. For instance, we can see that Bitforex was the top crypto-to-crypto exchange in December by its total volume, trading a total $35.64 billion in the month which is up by 5% from the November levels. It was also the top trans-fee mining exchange.When it comes to fiat-to-crypto exchanges, P2PB2B came out on top and traded $27.54 billion in December. However, this exchange was still down by 11% since November. Similarly IDEX was the biggest decentralized exchange of the month as it traded $8 million in December, up by 13% compared to the month before.The crypto exchanges report shows that traders are very hopeful that the market is breaking out of its downward trend and this may push things up a bit in the first quarter of 2020.
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