Crypto News Weekly Round-Up August 01 – Bitcoin Rally, Defi, Chainlink and More


    Bitcoin ends with the highest monthly close and Defi market are very near to the $4 billion milestones in the total locked value(TVL).

    Chainlink ranked the top Defi project on the Coinmarketcap whereas BNB got featured in the list and withdrawn immediately

    A major set back for the crypto space as Russia outlaws Cryptos as a means of payment and Chinese police nab more than 100 suspects who were alleged in a crypto Ponzi scheme duping customers over $5.7 billion.

Bitcoin Witnessing a Major Breakout

The digital asset had a major breakout in the past few days wherein it reached $11000 and is anticipated to cross $12000 subsequently. Major crypto analyst and influencers predict a recreating of December 2017 phase. Moreover, some other crypto followers also anticipate Bitcoin to reach $15000 in August 2020, which is very close to 2018 high.

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Meanwhile, the Defi platform is bubbling up with more funds being locked. The Defi market is very close to clearing a milestone of $4 billion in terms of TVL. The past couple of months has witness surge in the crypto collateral on Defi platforms and smart contracts.

Also Read: Chainlink V/S Cardano – Which Alt Hit at $10 Billion Market Cap First?

Chainlink Ranks First in Defi Projects

Chainlink has ranked at the top of the list followed by Maker, Compound and Aave.

Conversely, BNB native coin of Binance manages to get the top spot on the list. However, due to baggage of criticisms, CMC quickly withdrew BNB from the list. The Defi ratings came on the same day when Binance announced the integration of the Binance Smart Chain with Chainlink Data oracles.

Also Read: Celebrating Ethereum’s 5 Years of Success With Super Interesting Facts on Ethereum’s Journey

Russia Outlaws Cryptos

The Russian lawmakers recently proposed a bill that outlawed cryptos and banned them as a means of payment. The Russian president Vladimir Putin signed the first two bills on digital assets.

According to the bill, companies that are registering with the Bank of Russia and satisfy the criteria can issue digital currencies. However, the cryptocurrencies would be treated as a type of property liable for taxes but not used as means of payment.

On the other hand, the Chinese Ministry of Public Security arrested more than 100 members of a crypto Ponzi scheme.

It defrauded $5.7 billion from over 2 million victims. Chinese authorities had been investigating the scheme since 2019 and also had arrested six participants previously.

What should we expect from the crypto market next week? Let us know via Twitter

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Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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