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Market Wrap: Bitcoin Hits $18.4K; $260M in Ether Options Expire in December

Bitcoin’s price is making gains not seen since back in 2017 while traders increasingly bet on ether’s December performance.

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Author: Daniel Cawrey

Promoters of Rapper TI’s 2017 ICO Ordered to Pay $103K Penalty

The associates are also barred from selling digital securities for five years.

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Author: Danny Nelson

Binance Sues Forbes for Defamation Over ‘Tai Chi’ Document Leak

Binance sued Forbes for defamation Wednesday over a story last month that purported to reveal regulatory evasion tactics.

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Author: Danny Nelson

DeFi Exploits Can’t Be Pinned on Flash Loans, Industry Leaders Say

DeFi’s novel flash loan products aren’t to blame for the recent string of exploits, industry leaders say.

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Author: William Foxley

Vijay Boyapati’s Four Mental Models for Valuing Bitcoin

From “Tulip Mania” to “the World’s Reserve Currency,” these valuation models show the full range of bitcoin’s long-term possibilities.

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Author: Nathaniel Whittemore

Will Eth2’s Phase 0 launch happen on December 1? Polymarket betters say no

The Ethereum network has been moving toward a multi-stage transition from a proof-of-work system to a proof-of-stake model with developments around the Ethereum 2.0, or Eth2, upgrade.

While the full transition will occur in several phases, Eth2’s Phase 0 is scheduled to launch on December 1. Phase Zero will involve the genesis of the so-called beacon chain, which will serve as a kind of backbone for the nascent blockchain network.

But will that December 1 date pan out? Participants on crypto prediction market Polymarket don’t appear to think so.

For Phase 0 to go live, at least 524,288 ETH (currently worth about $247 million) needs to be deposited in the Eth2 staking deposit contract, by November 24 (seven days prior to December 1).

So far, however, only 101,984 ETH, i.e., around 20% of the target, has been deposited. Maybe that’s the reason Polymarket betters don’t see the Eth2 Genesis block launching on December 1.

Specifically, Polymarket betters are giving the odds of Phase 0 not launching on December 1 at 61% and launching at 39%. Interestingly, the odds were the opposite just about two weeks ago.

On November 6, Polymarket betters were giving the odds of the genesis launch date at 75% and not launching at 25%. What changed? The staking deadline is getting closer, and deposits probably aren’t growing at expected levels.

ETH holders could very push the staked amount upward at the last moment, as they currently have little incentive to lock up their ETH now. 

Deposits in the Eth2 staking contract can only be withdrawn when Ethereum fully transitions to a proof-of-stake system, or once the Ethereum mainnet becomes a shard — a development expected to occur sometime in 2021.

It is possible that some large ETH holders support the Eth2 launch when the deadline nears. Ethereum creator Vitalik Buterin, for instance, has thus far contributed 3,200 ETH, an amount currently worth about $1.5 million.

Besides Polymarket betters, some other Ethereum community members appear to remain skeptical of the Eth Phase 0 launch date. Eric Conner, for instance, has suggested a two-step approach. In his view, the genesis launch date should be extended to December 15 and the minimum contract deposit level of 524,288 ETH should be removed.

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Author: Yogita Khatri

Bitcoin’s Rally Could Be Caused by a Supply Crunch in China

Chinese miners are struggling to sell their crypto in ways that would quickly get them much-needed cash in the face of a government crackdown on local exchanges.

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Author: Omkar Godbole

OKEx Token Rallies on Rumors Founder Xu Released From Custody

The token has rallied nearly 13% Wednesday.

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Author: Zack Voell

Thai SEC Revises Net Capital Rules in Bid to Open Liquidity, Support Digital Asset Businesses: Report

The revised requirements are aimed at adding liquidity to the Thai market, while also allowing digital asset businesses to hold part of their required capital in cryptocurrencies.

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Author: Jaspreet Kalra

The Dark Future Where Payments Are Politicized and Bitcoin Wins

If the payments system ever becomes seriously politicized, Bitcoin’s apolitical nature could become more appealing. But that’s not a scenario worth looking forward to.

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Author: JP Koning