Qume Market Mondays-25/01/2021
Welcome to another edition of Qume Market Mondays
Bitcoin:
A report released by BitMEX this week crashed bitcoin by 11%. The price moved from $36,000 to the $30,000 mark. The report claimed that it registered a critical flaw in Bitcoin as BitMEX’s fork monitor registered the bitcoin being double-spent on the bitcoin blockchain.
Double spending means that someone can spend the same bitcoin twice. Blockchain was thought to have solved the problem of double-spending when Satoshi Nakamoto published the Bitcoin whitepaper way back in 2009.
Though the CTO of Bitfinex later in an e-mail explained what happened. According to him, two blocks were mined simultaneously which caused a chain reorganization and hence wasn’t a double spend. A chain reorganization is a common event for Bitcoin blockchain and happens once in two weeks on an average.
Andreas Antonopoulos clarified that same on social media that indeed it was a chain reorganization.
Bitcoin has moved up 12% from the last week’s low and is likely to make full recovery this week as institutional and retail investors utilize this price dip.
Ether:
Ether hit its all-time high today, the asset crossed the $1,450 mark and is currently changing hands at $1,400 price levels.
The number of addresses holding at least 10,000 ETH jumped to a 13 month high of 1,103 over the weekend. The increasing accumulation of Ether by big investors may have pushed Ether’s price to a record high.
Rising Ether prices have also lifted the yield generated through DeFi platforms and the total asset value locked in DeFi is now over $26B.
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