Hashbon Moves to DeFi to Launch CDEX Platform and Connect Ethereum and Binance Smart Chains

As decentralized finance (DeFi) garners more traction in the blockchain industry, more projects also get launched into the market. By the end of 2020, the DeFi market size stood at approximately $16 billion. However, within the Q3 2021, the market size has grown to an estimated $154 billion in total value locked.

The exponential market growth is the major reason we have more projects entering the DeFi market. These new projects are not just launching into the market; they are offering solutions to some of the issues in the industry. This is the case of Hashbon FiRe (Finance Reinvented ecosystem) as it enters the DeFi market with its Hashbon Rocket, a decentralized cross-chain token exchange.

The Hashbon Rocket CDEX Platform

Hashbon Finance Reinvented prepares to launch its Hashbon Rocket on September 9, 2021. The Hashbon Rocket CDEX platform is to become the first cross-chain decentralized exchange. This pioneer CDEX platform seeks to solve the problem of exchanging any ERC-20 token for any BEP-20 token in a decentralized finance manner. Unlike the traditional decentralized exchanges that support only intra-chain swaps, Hashbon Rocket CDEX will begin with exchanges between Ethereum and Binance Smart Chain blockchain protocols. The platform will later expand to accommodate other Ethereum Virtual Machine (EVM) compatible networks.

Hashbon Rocket CDEX-platform will use the proof-of-stake (PoS) consensus mechanisms. Here, the arbiters (judges) make decisions, and the power of their share is dependent on their share of HASH tokens. The higher the number of HASH tokens that arbiters have, the higher the reward for a correct response and, conversely, the higher penalty for an incorrect vote. If you want to study the full details of the Hashbon Rocket algorithm, kindly see the project’s whitepaper.

According to the CEO of Hashbon Rocket, Grigory Bibaev, “cross-chain exchange between EVM-compatible blockchains is just the first step. In the future, we see Hashbon Rocket as a multifunctional DeFi platform that provides a variety of services from DeFi bonds for corporations to lending and staking.”

Token for Governing Hashbon Rocket (HASH)

HASH token is a BEP-20 and ERC-20 compliant token and can be tracked on EtherScan and BscScan. It will serve as the utility and governance token for the Hashbon Rocket cross-chain decentralized exchange. It is the fuel that empowers the different system participants. To make exchanges on the Hashbon Rocket CDEX platform, liquidity providers must pay arbiters with HASH tokens. In turn, these arbiters will use the tokens as voting power for verifying and approving transactions. The tokens can also give arbiters the power to submit proposals to Hashbon.

Also, the people wishing to issue DeFi bonds or launch a crowdsale make use of the HASH token. Currently, HASH is available on the Pre-Sale before Rocket’s launch for those who are ready to take advantage of its price and entering this DeFi ecosystem at the earliest stage. Before, HASH was listed on Uniswap, PancakeSwap, BurgerSwap, and also placed on CoinMarketCap and CoinGecko.

Overview of the Hashbon Ecosystem

Hashbon FiRe is a crypto payment ecosystem that was launched in 2016. The vision of the platform has been to bring crypto payments to crypto enthusiasts and day-to-day businesses. As the team seeks a new era of blockchain and decentralized finance development, “Finance Reinvented” (FiRe) became their mission.

In their quest to revolutionize the crypto payment landscape, Hashbon has created a diversified ecosystem that includes the following:

Hashbon Rocket CDEX-platform: Designed for swapping cross-chain tokens.

Hashbon Quant Wallet: Developed for the smooth transfer and receiving cryptos safely.

Hashbon React Payment Gateway: It allows merchants to accept payments in 30+ cryptocurrencies without having to pay any commission.

 

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TA: Ethereum Stages Major Rally, Why ETH Could Revisit $4K

Ethereum started a strong rally and it cleared $3,500 against the US Dollar. ETH price even climbed above $3,800 and it could rise further towards $4,000 in the next few days.

• Ethereum started a major increase above the $3,500 and $3,650 resistance levels.
• The price is now trading above $3,700 and the 100 hourly simple moving average.
• There is a key bullish trend line forming with support near $3,600 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could dip in the short-term, but it might find bids near $3,680 or $3,620.

Ethereum Price Extends Rally

Ethereum remains in a strong uptrend above the $3,500 pivot level. ETH gained pace and it was able to surpass the $3,650 resistance level. The price even surpassed $3,750 and settled well above the 100 hourly simple moving average.

Finally, there was a break above $3,800 and the price tested the $3,840 zone. A high is formed near $3,843 and the price is now correcting lower. It traded below the $3,800 level.

There was a break below the 23.6% Fib retracement level of the upward move from the $3,520 swing low to $3,843 high. Ether price is now consolidating near the $3,750 level. It is also trading well above $3,700 and the 100 hourly simple moving average.

Source: ETHUSD on TradingView.com

There is also a key bullish trend line forming with support near $3,600 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $3,800 level. The first major resistance is near the $3,850 level. If there is a clear break above the $3,850 level, the price could accelerate higher towards the $3,900 level. The next main resistance is near the $4,000 level.

Dips Limited in ETH?

If ethereum fails to continue higher above the $3,800 and $3,850 resistance levels, it could start a downside correction. An immediate support on the downside is near the $3,700 level.

The next major support is now forming near the $3,680 zone. It is close to the 50% Fib retracement level of the upward move from the $3,520 swing low to $3,843 high. A downside break below the $3,680 zone could lead the price towards the trend line support at $3,600.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is correcting lower from well above the 70 level.

Major Support Level – $3,680

Major Resistance Level – $3,850

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TA: Bitcoin Rallies, Why BTC Could Register A Close Above $50K

Bitcoin price started a steady increase above the $48,000 resistance zone against the US Dollar. BTC is now trading above $49,500 and it could accelerate above $50,000.

• Bitcoin started a fresh increase above the $48,500 and $49,000 resistance levels.
• The price is now trading well above $49,000 and the 100 hourly simple moving average.
• There was a break above a crucial bearish trend line with resistance near $47,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could accelerate further higher once there is a close above the $50,000 zone.

Bitcoin Price Breaks Key Barrier

Bitcoin price formed a base above the $46,500 zone and started a steady increase. BTC was able to clear the $48,500 resistance zone to move into a positive zone.

Besides, there was a break above a crucial bearish trend line with resistance near $47,750 on the hourly chart of the BTC/USD pair. The pair gained pace above the 61.8% Fib retracement level of the key decline from the $49,678 swing high to $46,533 low.

Bitcoin is now trading well above $49,000 and the 100 hourly simple moving average. It is consolidating near the $49,800 resistance zone. On the downside, an initial support is forming near the $49,650 level.

Source: BTCUSD on TradingView.com

The first key support is forming near the $49,500 level. If there is a downside break below the $49,500 support zone, the price might decline towards $48,800. The next major support is near the $48,500 level, where the bulls are likely to emerge.

More Upsides In BTC?

If bitcoin stays above the $49,500 support zone, it could continue to rise. An immediate resistance on the upside is near the $49,850 level. The first major resistance is near the $50,000 level.

A close above the $50,000 level could lift the price further. The next stop could be the 1.236 Fib extension level of the key decline from the $49,678 swing high to $46,533 low. Any more gains could lead the price towards the $52,000 resistance zone in the coming sessions. An intermediate resistance is near the $51,550 level.

Technical indicators:

Hourly MACD – The MACD is gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well above the 60 level.

Major Support Levels – $49,500, followed by $48,800.

Major Resistance Levels – $49,800, $50,000 and $50,400.

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We’re Right On Track For Bitcoin At $250,000, Billionaire Tim Draper

Bitcoin has been a part of billionaire Tim Draper’s investment portfolio for a while now. Draper had first gotten into bitcoin in 2011 when Peter Vincennes had convinced him to buy the digital asset. Draper had bought $250,000 worth of BTC, which he subsequently lost after the now-defunct Mt. Gox exchange crashed, where Draper had kept his coins.

Despite this, the billionaire was not deterred. So when another opportunity presented itself in the form of U.S. Marshalls auctioning off bitcoins seized from criminals, Draper took advantage of this opportunity. At the auction, Draper had bought 29,656 bitcoins at $632 apiece, which had totaled $18.74 since the coins were sold for $14 above the going rate on exchanges.

Related Reading | Quant Explains Why Bitcoin Bull Cycle Is Only In Phase 1

The investor has never backed down from his belief in the future of cryptocurrencies, especially bitcoin. Even giving some very optimistic predictions regarding the price of the asset in the coming years.

Draper Predicts Bitcoin At $250,000 By 2022

The first time the billionaire had made this prediction had been in 2018. Back then, the price of the digital asset was still trading below $10,000, so this did not seem as believable as it might be today. But Draper never faltered on his prediction.

The driving factor behind this prediction has been that the billionaire believes bitcoin will become an accepted mode of payment everywhere. Another important factor lies in the fact that there is a limited supply of BTC. This self-induced scarcity of the digital asset has the billionaire believing that the price will keep going up, saying, “because there are only 21 million of them.”

Related Reading | Deloitte Survey Shows 76% Of Finance Execs Think Physical Money Is Nearing Its End

Only one thing has differed in Draper’s price prediction for bitcoin. The billionaire had adjusted the timeline for his prediction by moving it farther to late 2022 or early 2023. But the price prediction remains unmoved at $250,000.

Trends Put BTC On Track For $250,000

Venture capitalist Tim Draper was on Benzinga’s Crypto Festival to talk about the number 1 cryptocurrency. Draper noted some trends which he believes will be the driving force behind bitcoin hitting $250,000 in 2022. Widespread adoption was one of these trends. He noted that people will eventually be able to use BTC in the way they currently use fiat currency. “One that happens,” Draper said, “there’s going to be a switch thrown in people’s heads.”

Related Reading | Billionaire Who Predicted 2008 Housing Crash Says Bitcoin Is “Worthless”

A second trend the billionaire sees pushing bitcoin towards this price prediction is the inflation rate. Since governments have been constantly printing money, people have become worried about the future of their savings. This will push more investors into BTC as a way to hedge against the inevitable high rate of inflation that will follow limitless money printing.

The rise in bitcoin uses in retail spending was set to go higher, Draper said. Noting that women do about 80% of total retail spending, Draper sees women demanding more ways to pay with bitcoin. Explaining that the number of women investing in bitcoin had grown tremendously, growing from one in 14 BTC wallets owned by women to one in three BTC wallets currently owned by women.

BTC price still trading north of $47,000 | Source: BTCUSD on TradingView.com

When asked when he planned to sell his coins, the billionaire replied, “Why would I want to sell the future currency for the past currency? I just can’t imagine anything more important for humanity than this.” As for Draper’s $250,000 prediction for the digital asset’s price in late 2022 or early 2023, he said, “I think we’re right on track.”

Featured image from AtoZ Markets, Chart from TradingView.com

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Why The Terra Ecosystem Delayed A Major Mainnet Upgrade For Late September

After a 130% rally over the past month, Terra (LUNA) is one of the best-performing assets in the crypto market. At the time of writing, LUNA trades at $31.95, a little over a year ago it was barely breaking out above $1.

LUNA moving sideways in the 24-hours chart. Source: LUNAUSDT Tradingview

The massive price appreciation is driven by a growth in the LUNA ecosystem and an increase in demand for its stablecoin UST. In order to support this growth, Terraform Labs (TFL) has been planning to introduce an update.

Called Columbus 5, its mainnet deployment has been delayed for 3 weeks, according to an official post. The update will take place at the height of block 4,724,000, on September 30, 03:30 UTC.

The team behind Terra claimed that they want to “implement some extra precautionary measures” to roll out the update. They added:

(…) the Columbus-5 mainnet upgrade is massive. Behind the scenes, numerous moving parts require attentive and thorough examination from multiple perspectives + reviews between TFL, eco partners, the community, and projects dependent on Terra applications.

In addition, they provided 3 main reasons that led them to delay the update. First, the network will have a new version of Mantle, their framework to write indexes or Extract-Transform-Loan (ETL) logic.

This new version of Mantle will be more scalable and will be able to support “significantly” more traffic. It will be introduced with Colombus 5. Terraform Labs claimed:

Mantle plays a critical role in mediating application network traffic on Terra, ensuring the compatibility of the new version between Col-4 and Col-5 is paramount, requiring additional testing to verify the new design changes.

The second reason for the delay is due to Terra’s partners and third-party projects. The team behind the ecosystem wants these projects to have more time and “breathing room” to migrate to Columbus 5.

This includes projects like Mirror, Anchor, TerraSwap, Shuttle. Before the update, the developers behind these applications must be familiar with the updated mainnet.

Terra Will Update To Support Massive Growth

As Terraform Labs said, the LUNA ecosystem’s total value locked (TVL) stands at $7.3 billion with “tens of thousands” of new stakeholders, and builders coming into the platform. Thus, why they have decided to grant their community and developers more time to prepare:

The original timeline produced a hurried window for some projects to properly prep for Col-5. Giving projects more time to acquaint themselves with the Col-5 testing environment and migration plans for major apps ensures a smoother runway for projects launching post-Col-5.

In that sense, the team made a commitment to provide more documentation and educational material for the community to “use the update properly”. In this documentation, they will address some of the community and third-party project’s concerns on Col-5.

The official migration guides for Mirror and Anchor will be released on September 13th, meaning web apps, contracts, and bots will be functional and operational on Bombay for users by this time. TerraSwap has already been migrated.

In the coming weeks, Terraform Labs will give more information on the “sequence of events” leading to the mainnet. Thus, they will make it a priority to “guarantee” a “smooth” Col-5 launch.

14/ With swelling billions of TVL, tens of thousands of new users, and an amazing and devoted community, prudence is the optimal path forward for such a significant launch.

Thanks for your patience and understanding.

More updates to follow soon. Please stay tuned.

— Terra (UST) 🌍 Powered by LUNA 🌕 (@terra_money) September 1, 2021

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Mid-Cap Altcoins Crushed Bitcoin And Ethereum In August

Data shows mid-cap altcoins have crushed Bitcoin and Ethereum in the month of August as their returns reach almost 60%.

Mid-Cap Altcoin Index Ahead of Bitcoin And Ethereum

As per the latest report from Arcane Research, the cryptocurrency market has seen a great month overall as indexes retain most of their gains till the monthly close.

The great month is despite the boring last week where many coins have produced flat numbers. Bitcoin, however, has been fairly quiet in the month, and altcoins have surely taken advantage of the fact.

Here is a table that shows the weekly percentage change of the total market capitalization of the major cryptocurrencies:

The total market capitalization of the various cryptos | Source: The Arcane Research Weekly Update - Week 34

As the table shows, not only Bitcoin (down 0.26%) and Ethereum (up 0.29%), but most of the crypto market published similar low percentage changes in the last week of August.

Related Reading | Stablecoins Reserve Hits A New ATH, What Does It Mean For Bitcoin’s Price?

Now, here is a chart that reveals how the market capitalization of various indexes has changed in the past month:

Mid-cap altcoins seem to be leading in monthly performance | Source: The Arcane Research Weekly Update - Week 34

On examining the graph, it becomes apparent that mid-cap cryptocurrencies started August strong, and surpassed all other indexes by the middle of the month. These coins came out first in the market as their returns finished at about 59% at the monthly close.

Related Reading | Quant Explains Why Bitcoin Bull Cycle Is Only In Phase 1

The large-cap altcoins are up 33% while the small-cap cryptos are up around 36%. Therefore, the mid-cap index is almost double the second highest in the chart.

Bitcoin’s returns are about 17% as the crypto continues its recovery that started in the last week of July.

BTC And ETH Prices

At the time of writing, Bitcoin’s price floats around $47.5k, down 2% in the last 7 days. Over the past month, the cryptocurrency has gained 19%.

The below chart shows the trends in the price of the coin over the past three months:

BTC's price continues to go down | Source: BTCUSD on TradingView

Bitcoin’s downtrend looks worrying as its trading volume has also dipped in the past week. It’s unclear when the trend might change, but if the coin has to retest $50k, some trading activity will be needed.

At the same time, Ethereum’s price is around $3.5k. The coin is up 11% in the last 7 days, and its monthly gains are about 35%.

Here is a chart for ETH’s price over the past three months:

ETH shoots straight up | Source: ETHUSD on TradingView

Ethereum on the other hand looks to be quite bullish as the crypto has started on a sharp uptrend. Though, it remains to be seen how long the coin can retain the momentum.

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Why So Bearish? Fidelity Suggests Bitcoin Price Could Rise To $100 Million

Boston-based investment firm Fidelity presented one of the most bullish scenarios for the price of Bitcoin, Anthony Pompliano said in his podcast “The Best Business Show”. Based on the Stock-to-Flow model develop by analyst Plan B, BTC’s price could stand at $100 million by 2035.

With over $10.4 trillion in assets under management, Fidelity investment and its digital assets stand-alone company Fidelity Digital has been bullish on Bitcoin for a long time. The company started dabbing into the crypto space as early as 2014, Pompliano said, and started developing mining capabilities and BTC-based products.

The Bitcoin price prediction was presented during a Fidelity webinar called “Understanding Bitcoin, What Can History Teach Us?” by Jurrien Timmer, the firm’s Director of Macro. Timmer is a Bitcoin bull and has been making updates on BTC’s price via his Twitter account.

On several occasions, he has compared BTC with Gold in 1970. The chart below was shared by Timmer on August 20th, showing the similarities between the cryptocurrency and the precious metal’s chart.

Source: Jurrien Timmer via Twitter

As the chart suggests, Bitcoin’s recent price action looks similar to that of Gold during that year. From this comparison and due to the growth in its fundamentals, Timmer believes BTC is “ready to resume its uptrend”.

The Stock-to-Flow model presented by Timmer predicts continues appreciation in BTC’s price due to a reduction in its annual inflation rate. By the end of the decade, when Bitcoin’s inflation rate will be around 0.5%, this model predicts that the cryptocurrency will be valued at $1,000,000.

5 years later, as the same metric drops to 0.2%, BTC’s price will stand at $100,000,000. As Pompliano said, it’s unclear if the investment firm believes the prediction will be fulfilled, but

(…) according to the Stock-to-Flow model, which they appear to be believers (…) that is what the Stock-to-Flow model will show. Fidelity, as they become more interested in Bitcoin, appear to become more and more bullish on the asset itself.

Bitcoin To Overshadow Gold’s Bull-Run In The Coming Decades?

In the 1970s, Pampliano said, the price of Gold stood at around $35. After the U.S. de-pegged its currency from the precious metal, embracing the Fiat Standard, Gold has risen to over $1,800.

This has been one of the most “incredible repricing” of an asset in the past 100 years. If the same were to occur with Bitcoin, the cryptocurrency could see a 2000x increase from its current value at $48,845, at the time of writing. Pompliano added:

(…) if they (Fidelity) are saying that basically we are in the 1970s of gold but for Bitcoin now, they are calling for a very very material increase in the price of Bitcoin. To see Fidelity, show a chart that says that Bitcoin is going to be at 100 million dollars by 2035 is very incredible (…).

Pompliano reiterated that the fact that Fidelity, one of the biggest investment firms in the world with a lot of time exploring BTC and the crypto market, is showing this model to clients it’s a positive signal.

The Stock-to-Flow model evaluates an asset to make a price prediction based on its supply/demand. The model has been applied to Gold, equities, and other assets and proven to be accurate.

Analyst Plan B was the first to apply this model to BTC and, according to recent updates, it has proven to be accurate. However, the model is controversial and has many detractors that believe that it won’t be successful due to BTC’s characteristics.

#Bitcoin August closing price $47,156 .. like clockwork pic.twitter.com/3hkp71FTXo

— PlanB (@100trillionUSD) September 1, 2021

At the time of writing, BTC displays strength in the daily chart as the bulls attack the resistance at current levels. A break above $48,500 could lead BTC’s price to the lows at $50,000.

BTC on a rally in the daily chart. Source: BTCUSD Tradingview

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