Coinbase Temporarily Shut Down (Again) Due to XRP Rise

On November 24, the price of XRP jumped to over $ 0.90, before falling rapidly by about 30%.

This course was only seen on Coinbase and as a result of the madness its website temporarily went down.

XRP is benefiting from an extended price rally, but still falls short of its previous all-time highs

The price of Ripple’s XRP token, currently the third-largest cryptocurrency in the world by market cap, climbed to $ 0.90 today, only to fall rapidly by 30%.

This was apparently motivated by Bitcoin Code users as the price of XRP has not reached the same levels on other exchanges. Bitfinex, Bitstamp, and Kraken, for example, recorded numbers as low as $ 0.80 during the same period.

In light of this, some believe the market has reached a stage in the bull run where prices are starting to diverge on different exchanges – a phenomenon that can often be attributed to liquidity issues.

Shortly after the peak and the mini-crash that followed, “Coinbase” started trending on Twitter in the United States. As in the past, the surge in activity appears to have crushed Coinbase’s website.

This is not without precedent and seems to have happened again despite CEO Brian Armstrong’s statements about the preparation. “We are working hard to add additional capacity (both at the server and customer support level) to cope with the increased traffic,” he tweeted on November 18.

Target previous summits

As previously reported by BeInCrypto, XRP had a historically good week, climbing 100% in seven days, including a 40% increase from $ 0.32 to $ 0.45 in just 24 hours between November 21 and 22. .

According to Forbes , the latest rally was primarily driven by the news that the company behind XRP, Ripple, which owns around 60% of the tokens, said it was looking to capitalize on a central bank rush to digitize its currencies. .

Despite its current rise, XRP is still down around 80% from its 2018 high.

DeFi are here to stay, despite signs of bubble,‘ says Binance CEO

Cryptomoints like Bitcoin are the best form of money, says Binance’s CEO.

DeFi are here to stay, despite signs of a bubble,‘ says BinanceNOTÍCIAS CEO
Changpeng Zhao, the CEO of the world’s largest crypto exchange, Binance, said decentralised finance is here to stay, although many DeFi projects show signs of being in a bubble.

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In a November 17 interview with the Russian news agency RBC, Zhao argued that „many DeFi projects are already in a bubble, and I also believe there are some signs of a bubble in the DeFi industry, but that does not mean that DeFi will eventually disappear completely. ”

Zhao went on to say that the DeFi industry has much potential Bitcoin Profit for growth, noting that DeFi still remains popular amid a continued boom in Bitcoin (BTC). He also stressed that initial currency offerings, or ICOs, were called bubbles in 2017, but a number of projects born in ICOs – including Binance – are still going very well:

„Companies create new tokens and issue them as rewards. This is not a long story. But I think DeFi is here to stay. Even now, with Bitcoin’s popularity growing again, DeFi is still popular. We think there is a great potential for growth in DeFi. ”

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However, Zhao said that some DeFi projects „may not last long,“ although the industry provides a number of incentives through DeFi income and liquidity farms.

Zhao also said that cryptomoedas like Bitcoin are the best form of money, defining it as „freedom money for millions of people around the world. The CEO predicted that the market for cryptomorphs has the potential to grow by as much as 100,000%, as digital assets are supposed to become more widely adopted than the decree.

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While he sees a future for DeFi, Zhao has highlighted obstacles for the industry to achieve mass appeal. In August, he said centralized exchanges will remain popular until decentralized exchanges become easier to use.

La revolución del CBDC llegará en tres años, dice el pesimista de Bitcoin Roubini.

La palabra „cripto-moneda“ es un nombre equivocado porque no es una moneda, según Roubini.

Nouriel Roubini, economista galardonado y conocido escéptico de Bitcoin (BTC), confía en que las monedas digitales de los bancos centrales, o CBDC, son el futuro del dinero.

De acuerdo con Roubini, los CBDCs globales como el yuan digital son capaces de reemplazar los principales servicios financieros y las criptodivisas en un futuro próximo. „Van a estar desplazando a los sistemas de pago digital, o en el sector privado, empezando con las criptodivisas que no son realmente monedas“, dijo el economista en una entrevista el 7 de noviembre con Yahoo Finance.

Roubini predijo que una „revolución“ impulsada por el CBDC llegará tan pronto como en tres años:

„Así que no sólo no necesitas la criptografía, ni siquiera necesitas a Venmo. Ni siquiera necesitas una cuenta bancaria. Ni siquiera necesitas el cheque. Y la gran revolución que veremos en los próximos tres años serán las monedas digitales del banco central“.

Además, el mundialmente conocido economista confía en que la criptodivisa en sí misma es un „nombre equivocado“, porque una moneda necesita proporcionar una unidad de cuenta. „Nada tiene precio en Bitcoin o en cualquier otra criptodivisa“, argumentó Roubini, afirmando que la criptodivisión no proporciona ni un „numerador único“, ni un „medio de pago escalable“.

Sin embargo, Roubini sí admitió que Bitcoin podía servir como almacén de valor, que es una función importante del dinero junto con una unidad de cuenta y un medio de intercambio:

„Es quizás un almacén parcial de valor, porque, a diferencia de otros miles de lo que yo llamo shitcoins, no puede ser tan fácilmente degradado porque hay al menos un algoritmo que decide cuánto aumenta el suministro de Bitcoin con el tiempo, porque para la mayoría de esos otros, literalmente, se hace ad hoc, y se están degradando más rápido que lo que hace la Reserva Federal“.

Roubini también ha criticado las finanzas descentralizadas, una de las principales tendencias del mercado criptográfico en 2020. „El DeFi fue vaporoso desde su inicio“, argumentó el economista a fines de septiembre de 2020, agregando que la industria está „totalmente vacilante ya que la cadena de bloques siempre fue la tecnología más sobrevalorada de la historia de la humanidad“.

Kraken’s Position on the Likely Hard Fork of Bitcoin Cash

Kraken is the latest cryptocurrency exchange to disclose its position on the potential division of the Bitcoin Cash chain.

The exchange says it supports Bitcoin Cash Node in the event of a split.

If Bitcoin Cash ABC attracts more than 10% of the hashing power, Kraken will credit users with newly created coins.

The main cryptocurrency exchange Kraken will support The News Spy if a split in the BCH chain occurs this month. The trading platform will only credit users with Bitcoin Cash ABC if it manages to attract noticeable hashing power after the introduction of a controversial network upgrade on November 15.

Exchanges and other cryptocurrency companies continue to reveal their own positions in the face of any upcoming chain split. So far, the responses have been varied.

Another hard fork?

The cryptocurrency industry increasingly expects a new division of the Bitcoin Cash chain later this month. A controversial and apparently marginally supported network upgrade threatens to create two versions of Bitcoin Cash. Those responsible for the change plan to implement it on November 15.

The upgrade is focused on the issue of developer funding. Some community members support an 8% developer payout taken directly from bulk rewards.

Meanwhile, others disagree, arguing that bulk rewards shouldn’t fund developers. Those in favor of a hard fork to bring in an integrated development fund form the Bitcoin Cash ABC camp. Meanwhile, opponents support the implementation known as the Bitcoin Cash Node.

Assistance Kraken

Kraken is the latest exchange to announce its position on the issue. The cryptocurrency trading platform, which recently became the first to boast a banking license, said in a blog post that it will support Bitcoin Cash Node regardless of the outcome of the hard fork.

The exchange says it will refer to Bitcoin Cash Node as “Bitcoin Cash”. It will also continue to use the symbol “ BCH ” for the implementation of the non-developer fund. It justifies its position by referencing 70% of network signaling support for Bitcoin Cash Node versus less than 1% for Bitcoin Cash ABC.

Kraken will only support Bitcoin Cash ABC if it attracts at least 10% of the total hashing power of Bitcoin Cash Node. He adds that it may not support full Bitcoin Cash ABC trading.

If the new version attracts enough hashing power, the exchange will credit users holding BCH at the time of the split of an equal number of Bitcoin Cash ABC. However, Kraken’s support may be limited to only allowing withdrawal of funds.

If he takes over the implementation of the development fund, he will do so under the symbol “BAB”, referring to the asset as “Bitcoin Cash ABC”. The exchange recommends that these Bitcoin Cash margin traders close their positions before the fork.