Weekly Crypto Market Review (07.02.2021)

Positive News in the Crypto Market:

  • Binance’s new function on Binance App – introducing Binance Pay! 

Binance has just launched a beta version of Binance Pay – allowing users to pay and get paid in crypto all via your wallet using a QR scanner in the app. This new technology in the Binance App currently supports up to six currencies: BNB, BUSD, BTC, ETH, SXP, and EUR. If you want to know more about what Binance Pay has instore for us, check out the information HERE.

  • Visa’s API pilot program to aims to bridge the gap between crypto and institutional investors

Visa to Pilot Crypto API through their partnership with Neobank. The crypto API allows an easy bridge to crypto assets and blockchain networks. With Visa as the world’s leading payment processor, this is going to be huge!

The API pilot program is anticipated to launch later this year. It is not uncommon to see institutions doing a 180 on their view towards Cryptocurrency, Visa in the past was sceptical; but now Visa’s Head of Crypto says: “We see crypto assets as more like digital gold”.

  • Paypal to offer crypto payments for merchants

With PayPal making massive waves in 2020 with allowing cryptocurrency to be purchased on their platform, PayPal has even more in store for 2021. After their crypto launch, the volume of crypto traded exceeded their expectations and are now investing heavily in their new crypto, blockchain and digital currencies unit.

  • KuCoin recovers all stolen funds!

KuCoin has recovered all funds from September’s $285 Million Hack. While the news of an attack is negative, the fact they could identify the criminals that did this quickly and reassure their customers that their lost funds will be compensated is a significant step in the crypto space.  

Upcoming Events in Crypto

  • Yearn.finance ($YFI) – 3rd February and upcoming

On 3rd of Feb, the Yearn Finance (YFI) community voted for another 6,666 YFI to be minted along with the proportion of these minted tokens to be allocated to key contributors and treasury. The choice of the amount is in line with YFI’s peers (such as Aave for example when they minted 23% to migrate from LEND to AAVE). The final vote to increase the supply was 1,670 YFI for versus 331 against.

The choice of minting and why the majority of the community voted for, is to support the future growth of YFI after comparing the token distribution structures of other DEFI projects. YFI either had to EARN $56M, or mint a total of $56M of YFI inorder for future development. 

For the 16% of voters who voted against, an opposition raised concern regarding the lack of information related to vesting. While inflating a token is generally not positive news, look at the support from the YFI voters themselves. 84% were in support of this because while it may be a short term negative news, there may be some strong news to come for the YFI community based on this move.

  • Qtum Airdrop ($QTUM) – 14th February

This month, QiSwap, which is a 3rd party decentralised exchange building on Qtum’s blockchain will be airdropping QIAD tokens to Qtum holders.  The airdrop will begin February 14th and run for two weeks, where you will receive 1 QI for every 4.9 QTUM you hold.

  • Secret Network ($SCRT) – week of 15th February

Secret Network which is a rebrand of the Engima token, has recently announced earlier this month, the launch of the first and only crypto auction platform with privacy by default. The team have also announced the first front-running resistant, cross-chain AMM on its Secret Testnet. This will go live on Secret Network’s Mainnet the week of Feb 15. 

There was a review done by Coinbureau I’ll share in the video description which gives a good history lesson on this token and its use case. You can find the review HERE.

  • Sneak Peak in the Future: Cardano ($ADA) – End of February

In the past week, ADA has SERIOUSLY pumped… Well on the 3rd of Feb, Cardano successfully deployed the Goguen ‘Mary’ update to the Cardano public testnet, for FINAL testing prior to mainnet deployment. The ‘Mary’ codebase is due to be deployed on mainnet by the end of February 2021 if all testing goes as planned – so far so good.

Upcoming Launches:

  • Umbrella Network ($UMB) launching 9th of February

Umbrella Network is a scalable, cost-efficient, and community-owned oracle for the DeFi and blockchain community. The team actually provided a comparison between the oraclesAn interesting component is a fact that there are no pre-mined tokens and the community, which includes the public token buyers, developers, validators, and data partners, will own the majority of all publicly available tokens. Making it decentralised and COMMUNITY owned.


Upcoming with ADAPT Crypto:

What we have done:

We kicked off our FIRST Live-stream Altcoin TA with our very own, Tradesharpe and Gooding. Don’t forget to catch us EVERY Sunday at 7 pm Sydney, Australia time.  We also kicked off a DAILY Live-stream news event with MarshMcdan and Gooding – connect with the team daily and get your quick view on all the news circulating!

One of our team members has also just published a blog post on ‘Use Cryptocurrency to Create Financial Independence. This is just Part 1 of his series, so if you are loving what you are seeing from Gonzo, you have been blessed – THERE WILL BE MORE!

What is coming up:

This week we plan to provide our community with two GEM ALERT reviews of PolkaMarkets and Modefi. With Alpha and Sushi seriously pumping lately, our ‘Sushi Prophet’ aka Cryptobender will be providing our community with an outline on Alpha’s news and what is to come…

For a quick wrap up of the week ending 7th February 2021, check out our video below: