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Binance.US, the American affiliate of the world’s largest crypto exchange, has joined the Silvergate Exchange Network (SEN), a 24/7 instant settlement network used by some of the largest trading entities in the space. SEN, which replaces clunky wire transactions by allowing corporates to instantly move USD between crypto exchanges including on nights and weekends, saw […]

Quick Take

• 1inch continues to be the dominant DEX aggregator.
• v2 adds relevant features that will eventually help 1inch to evolve into a “one-stop-shop” for DeFi aggregation.

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The discussion of China’s digital yuan at a regional-level conference indicates the pilot is being included in state-level planning.

Billionaire investor Stanley Druckenmiller is betting on bitcoin, according to new comments made on CNBC.

“Bitcoin could be an asset class that has a lot of attraction as a store of value to both millennials and the new West Coast money,” said Druckenmiller, who previously served as a hedge fund manager and was the founder of Duquesne Capital, which operated from 1981 to 2010.

Druckenmiller highlighted the growing stabilization in the bitcoin market since its launch 13 years ago, comparing the act of investing in bitcoin to investing in gold.

“I own many more times gold than I own bitcoin, but frankly, if the gold bet works, the bitcoin bet will probably work better because it’s thinner and more illiquid and has a lot more beta to it,” he said.

Correlation between gold and bitcoin is trending upwards in recent weeks, though still far from its August high. 

The two followed a similar trend this morning when both bitcoin and gold dipped more than five percent after promising news from Pfizer and BioNTech on their COVID-19 vaccine.

© 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.

The Wall Street legend still owns far more gold, but said if gold does well, bitcoin will do better.

Digital rights advocates are expressing concerns over a proposal by European Union officials that would require communications companies to share encrypted messages with authorities, according to an Associated Press report.

According to the EU release, which was first reported by Austrian public broadcaster FM4, European police and intelligence authorities are unable to easily access communication platforms that make use of end-to-end encryption, like Signal or WhatsApp. 

The AP obtained a draft of the proposal, which states that “competent authorities must be able to access data in a lawful and targeted manner, in full respect of fundamental rights and the data protection regime, while upholding cybersecurity.”

The proposed mandate, which EU governments would have to put into place this month, is not legally blinding. However, it is a strong indicator of the bloc’s move towards a stronger regulatory regime for communications companies. 

“The proposed EU regulation is an attack on the integrity of digital infrastructure and therefore very dangerous,” German Left party lawmaker Anke Domscheit-Berg told the outlet.

© 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.

Some trade crypto because they have to; some of us just can’t stop. What it means to be addicted.

Also: Ripple is opening a new office in Dubai and President-elect Joe Biden mulls two crypto-friendly potential cabinet picks.

A U.S. agency focused on information technology and cybersecurity published a wide-ranging report on lessons learned during the COVID-19 pandemic — including one way in which blockchain could help resolve logistics problems.

The report — entitled “Building A More Resilient ICT Supply Chain: Lessons Learned During the COVID-19 Pandemic” — was published by a working group established to assess the impact of the COVID-19 pandemic, which is still ongoing in the U.S. and abroad. The report, published on November 6, aimed to “understand and document impacts to organization’s supply chains due to the pandemic” according to an agency statement. 

One area focuses on ways in which supply chains disrupted by the pandemic or similar crises can be restored. 

As the report notes (emphasis ours):

“During the pandemic, almost every mode of transportation in impacted areas was affected. To reduce the impacts of transportation and logistics issues, ICT companies can engage in scenario planning for different types of events and map out the alternatives that can allow for the supply chain to be restored as efficiently as possible. To further assist in these efforts, companies can utilize technology platforms that provide realtime, blockchain visibility into available logistics capacity. Companies can also study logistics patterns to help identify alternative providers for each key route.”

To be sure, the report doesn’t offer specifics on which platforms might apply. But it does offer an indication of how new technologies are being factored into discussions about post-pandemic preparations and the ways in which they can potentially resolve logistical problems that arise.

Though not directly related, a Congressional bill emerged in the spring that sought to apply a blockchain-centric solution to tracking the supplies held by the Strategic National Stockpile. The core argument of the bill is that the pandemic led to significant reductions in supplies across the country, and that greater visibility would have enabled a more effective response.

© 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.

Cryptocurrency markets whipsawed Monday morning during a broader market session driven by news from pharmaceutical firms Pfizer and BioNTech about their late-stage COVID-19 vaccine efforts.

The price of bitcoin bucked the broader market, falling by more than 5% after rallying above $15,800 earlier this morning. At last check, the price of bitcoin was trading slightly below $15,000. Meanwhile, global equities reacted positively to the vaccine news, which reports say has been found to be more than 90% effective. 

The S&P 500 index is trading up nearly 3% at the time of writing. Leading the charge were stocks most impacted by COVID-19 related lockdowns such as airline companies. 

Conversely, the news sent gold into a tailspin. After enjoying a months-long rally, the price of bullion was trading down nearly 5%. This price action is notable given that bitcoin has mostly traded in line with risk-on assets rather than safe haven assets such as gold. 

As for gold, one analyst said the metal is experiencing a “reset” after months of strong performance. 

“Perhaps we’re now seeing a bit of a reset moment for gold, where its correlation with risk assets starts to fade and it returns to its traditional roots as a safe haven instrument,” Craig Erlam of OANDA noted. “Although this may be a little premature at this stage.”

© 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.