Crypto News of the day 24.8. | Institutional investors are shorting Bitcoin the most in history, retail is longing and other news

Welcome to crypto news of the day 24.8. We have prepared for you an overview of the most important things that happened during the last day in the cryptoworld and crypto market.

Markets

Bitcoin peaked at $ 12,500 last week, but as the price of BTC rose rapidly, it fell rapidly again, dropping to $ 11,400 by the end of last week. Bitcoin has since recovered, now trading for $ 11,750. Some market commentators suggest that Bitcoin is still ready to return to the bear market. During today, crypto markets are still growing slightly, altcoins more than the market leader.

You can monitor the current prices of cryptocurrencies here.

Last crypto news of the day (21.8.) here.

Cryptocurrencies

Institutional investors are shorting Bitcoin more than ever before

According to the latest report from the Commitments of Traders, retail investors have the most longs in history on Bitcoin. On the other hand, institutional investors are now shorting Bitcoin like never before:

IOTA is running out of money

IOTA is working to expand its market opportunities by taking a more pragmatic approach to developing its technology. However, the team has yet to overcome the critical issues facing the project. The main obstacles to IOTA development include centralization, lack of commercial exploitation and a small ecosystem. In addition, the team may soon run out of money. So far, the foundation has just over 59.6 trillion MIOTA tokens worth $ 23.8 million at current prices. Over the last year, the average monthly combustion rate in the project was 4.6 Ti. At this rate, the IOTA Foundation has until August 2021 to run out of tokens.

Uniswap surpassed Tether in paying gas fees

Decentralized exchange Uniswap has overtaken Tether’s USDT as the largest gas payer in the Ethereum network. According to ETHGasStation, Uniswap outperformed Tether and paid $ 6.99 million for gas over the past 30 days, compared to $ 6.39 million for USDT. Uniswap operates as a decentralized crypto exchange, using automated market makers (AMMs) and liquidity funds, unlike order books used by most trading platforms. Protocol users are charged a fee of 0.3 percent for the execution of the trade, which is then distributed among the liquidity providers.

Crypto Exchanges, Banks, Companies

Binance launched the first hackathon for DeFi

Binance, the global blockchain company behind the world’s largest digital crypto exchange, today launched the Build for Bharat program, a hackathon program to support developers and startups in DeFi industry of India.

Huobi Global wants to strengthen its position in Russia

As part of its plans to expand into Russia, the Seychelles Huobi Global has appointed Vladimir Demin as the company’s chief adviser. Its main role will be to help develop the company’s market in the region. According to this announcement, he previously served as a partner and CEO of Huobi Russia. Demin believes that the market opportunities in the country for cryptocurrencies and blockchain “are huge”. He hopes to help Huobi Global expand the high demand for crypto products in Russia. The business volume of Huobi Russia reached almost 10% of the total volume of Huobi Global, taking into account that the exchange currently contains a customer database with more than 4,000 users.

DeFi

Aave allows lending without a guarantee

Aave, the DeFi money market, which allows users to earn interest on and borrow cryptocurrency, introduced a loan delegation in early July. This service allows someone who has a lot of collateral deposited with Aave and does not want to borrow against it to delegate their credit line to a third party they trust. In return for essentially signing a loan to a trusted third party, the delegate will receive a reduction in interest and an increase in the return on their deposit. This development represents a significant shift in DeFi lending, which has so far been based on only one of the traditional “four C” loans: collateral (guarantee).

Thank you for your time a reading crypto news of the day 24.8.