Why The Bitcoin Price Will Break $60,000, Continue Going Parabolic In 2021

Why The Bitcoin Price Will Break $60,000, Continue Going Parabolic In 2021

As previous halving cycles along with the fundamental nature of bitcoin show, the BTC price is set to break $60,000 and go parabolic in 2021.

The price of Bitcoin has been consolidating for the last two months, and on-chain analytics and historical precedent suggest that Bitcoin is a caged bull below $60,000, ready for the next leg of parabolic price appreciation.

Halving Cycle Dynamic: Three Stages Of A Cycle


Many are familiar with the correlation between bitcoin’s supply issuance halving and the price action, but digging deeper can provide context to where bitcoin is in the current cycle, and what the future price action may hold.

The previous two bitcoin bull runs paint quite an interesting picture about the interplay of the protocol’s inelastic supply issuance schedule and the price action of the monetary asset.

To provide context: The Bitcoin network issues new supply every block on a predetermined schedule, with the amount of bitcoin issued by the protocol being reduced every 210,000 blocks, or approximately once every four years (as blocks come in at an average time of once every 10 minutes).

Stage One: The Parabolic Advance (First 70,000 Blocks After Halving)

Bitcoin miners can be thought of as the most bullish market participants, as large capital expenditure must be made before any bitcoin is even acquired, followed by the operational expenses that come with the energy needed to mine. As a result, miners hold onto as much bitcoin as they possibly can, oftentimes only selling the bare minimum to cover expenses.

Directly following a halving event, new supply issuance of bitcoin is cut by 50%, which puts downwards pressure on inefficient mining operations, which have to shut down as their revenue is cut by approximately 50% overnight.

This purge of inefficient mining operations causes network hash rate to temporarily drop off, leaving only efficient mining operations with cheap power sources and/or next generation ASICs to mine for blocks. With inefficient miners that operated with negligible profit margins out of the market, and hash rate pulling back significantly, difficulty adjusts downwards and the miners still in the market are left with significant profits, greatly reducing sell pressure in the market.

Inefficient mining operations will often be sold and/or relocated to a different jurisdiction with cheaper energy.

Hash rate in 2012 immediately following a halving event.
Hash rate in 2016 immediately following a halving event.
Hash rate in 2020 immediately following a halving event

Not only does the halving event decrease the quantity of new bitcoin supply issued per day immediately, but in the process, remaining mining operations see their competitors ousted simultaneously. With inefficient mining operations having to turn off and oftentimes geographically relocate, efficient operations enjoy greater market share, as well as wide profit margins.

These dynamics, coupled with increasing development, improved exchange and wallet infrastructure and a fresh wave of new adopters, create a massive disequilibrium between available bitcoin supply versus market demand, which serves as rocket fuel for the price of bitcoin. 

70,000 blocks following the 2012 Halving, +11,476.2%, +$1,360.45
70,000 blocks following the 2016 Halving, +838.7%, +$5,461.22
70,000 blocks following the 2020 Halving, block 700,000 expected on September 9, 2021

During the parabolic leg of a bull market following the halving, the price action and adoption of bitcoin is reflexive. A new all-time high is breached, and bitcoin is once again thrown in the center of the media circuit, catching the eyes of speculators and investors across the globe. It begins to sink in for many that Bitcoin has not “died” as they may have previously believed, and increased legitimacy, market liquidity, market infrastructure and the newfound support by respected investors increases demand, despite supply remaining completely inelastic.

A feeding frenzy is incited, as an exponential increase in demand for the monetary asset has to be priced against an absolutely fixed, verifiable supply. The 2012 and 2016 cycles saw this dynamic play out for approximately 70,000 blocks.

Stage 2: Large Drawdown (70,000 to 140,000 Blocks After Halving)

Following the parabolic advance, the price of bitcoin is an order of magnitude (or more) above where it was trading at the Halving. Even with a new wave of adopters in the market, the last two halving cycles have witnessed a protracted drawdown as new demand is exhausted and is unable to keep up with supply hitting the market. There are a few reasons this takes place.

A result of the rising bitcoin price is that the mining industry becomes extremely competitive. With the price of bitcoin increasing exponentially, mining profitability skyrockets. This creates an incentive for new market participants to enter, but because of the rapid increase in demand, supply of new mining equipment lags behind price. As the price goes exponential, hash rate follows, with new miners coming online throughout the cycle. A result of economic incentives, the new ASICs take time to be manufactured, shipped out and plugged in efficiently and effectively. This is why hash rate often will lag price, only to catch up later on after the cyclical top.

Because of the difficulty adjustment that is built into the protocol, the miners continue to fight for the same amount of bitcoin, despite increasing competition and difficulty. This dynamic means that with all else being equal, profit margins across the mining industry are diminished, thus increasing potential sell pressure as miners have capital expenditure and operating expenses denominated in dollars.

Hash rate (log) and price (log) over the course of the 2012 to 2016 market cycle 
Hash rate (log) and price (log) over the course of the 2016 to 2020 market cycle 

With increased sell pressure from miners later in the bull run, demand eventually cannot keep up. With the exponential increase in users and adopters (stackers/HODLers), an increasing amount of buy side pressure is exerted in the market in the early stages of the bull run. However, as bitcoin increases in value by an order of magnitude (or more) in a very short amount of time, newfound demand dries up, and the sell pressure from miners and long-term holders can no longer be met with increasing demand to sustain such a high price.

This dynamic can be seen with the Puell Multiple Indicator, which is calculated by dividing the daily issuance value of bitcoins in dollars by the 365-day moving average of daily issuance value. Even with demand increasing exponentially, if price rises too far, too fast, the new high in price cannot be sustained for long.

Interestingly, the 2013 bull run saw what some call a “double bubble,” as the price rose to a high of $250, then crashing down to $50, before reaching a high of over $1,100 later in the year. 

Puell Multiple over Bitcoin’s history 

The price floor is eventually found multiples above the previous cycle high as the new wave of adopters establish a steady stream of demand as HODLers/stackers continue to accumulate the asset despite the severe drawdown. In 2015, the price found a solid floor around $200, while in 2018 the floor was found around $3,200. The bottom is in when the sell pressure from the purge of inefficient miners (who are squeezed by ever-increasing hash rate), speculators and long-term holders is met by equal demand from strong-handed bitcoin accumulators, who come to understand the superior monetary attributes of the asset.

Stage Three: Consolidation (Market Attempts To Find New Equilibrium)

Following the protracted decline in price, the last approximately 70,000 blocks of the halving cycle see the price of bitcoin attempt to find a new price equilibrium. The price ranges above the bottom set approximately 140,000 blocks after halving, and below the all-time high set approximately 70,000 blocks following the halving. All the while, hash rate continues to rise as new miners plug in as lagging demand to mine bitcoin by increasingly deep pocketed and sophisticated investors with cheap energy sources is finally felt in the market.

What To Expect For The Rest Of 2021

If anything can be taken away from past market cycles and a multitude of various metrics and on-chain analytics, the price of bitcoin is set to continue to go parabolic throughout the rest of 2021.

Since the halving, price has surged 516% while hash rate has only increased by 33%. This can be attributed to a variety of factors, including a global semiconductor shortage. This is significant because it means that miner profitability has surged with the increase of price, while hash rate and subsequently difficulty has lagged far behind. This is extremely bullish as new waves of demand continue to push the bitcoin price higher, while miner selling pressure remains near non-existent.

The thirty-day change of the supply held in miner addresses since the 2020 halving.

With this in mind, with a high amount of certainty it seems that the “top” is nowhere close to being set, with the parabolic advance still having much of 2021 to develop. However, following the parabolic rise that comes with the first 70,000 blocks following a halving, will bitcoin see a protracted approximate 80% drawdown and bear market similar to past cycles? One must not be so sure.

This Time Different™

The traditional boom and bust cycle is well known at this point, but this cycle has seen developments that could alter the traditional market cycle that bitcoiners and investors have become accustomed to. Often called the four most dangerous words in finance: Is this time different? Yes, and here is why.

A Developed Market For Bitcoin As Collateral

Throughout the course of previous bitcoin bull runs, early adopters and HODLers grew specutaturly wealthy in very short amounts of time, off of what often began with a small allocation. These individuals naturally would look to sell/spend a proportion of their holdings, whether to diversify into alternative investments or to spend for personal enjoyment, as bitcoin is, at the most fundamental level, money, after all.

However, this cycle comes with optionality that was not present in previous cycles. The dynamic of a developed bitcoin futures and derivatives market, along with the increasing ease of deploying bitcoin as collateral changes market dynamics significantly.

No longer do long time holders need to sell their bitcoin to enjoy their recently exponentially increased savings/wealth. The advent of a market for dollar loans collateralized by bitcoin holdings is a massive deal, and has broad implications for both bitcoin and the dollar.

The value of the global market for collateral is estimated to be approximately $20 trillion. Currently, government bonds and cash like securities are the most prevalent forms of collateral. An efficient and liquid market for collateral is imperative for a fully functional financial system.

Collateralized loans can be beneficial to both borrowers and lenders, as lenders hold security against default risk, and the borrower can obtain credit that they would not have obtained otherwise and/or receive the loan on more favorable terms. Various forms of collateral come with their own sets of tradeoffs.

What is not very well understood outside of the bitcoin space is that the asset is the best form of collateral the world has ever seen, and this statement becomes increasingly relevant the larger and more liquid the bitcoin market becomes.

Bitcoin trades 24/7/365, has liquidity in every jurisdiction and market in the world, is highly portable, fungible, and is not subject to rehypothecation like many other traditional forms of collateral like bonds and other financial assets, and as a completely transparent ledger it allows any entity to audit ownership and know who exactly owns what.

With the ability to use an absolutely scarce, digital bearer asset as a form of collateral, lenders can mark to market positions every second, and in the case of a steep BTC/USD drawdown, liquidate the borrowers collateral. 

Market participants, specifically those with an extremely large amount of bitcoin, now have the option to never sell any of their holdings, while living off of their stack. With the assurances of steady devaluation across all fiat currencies, HODLers can borrow against a small proportion of their bitcoin stack and use the dollars to spend/invest. When it comes time to pay off the principal of the loan later on, more fiat can be borrowed and the fiat obligations can be rolled over.

This works because the centrally planned market rate for fiat currencies is coming up against the free market price of bitcoin; an absolutely scarce, digital monetary asset. Bitcoin will continue to appreciate at a greater pace than the interest rates set by central banks, which have attempted to warp the cost of capital to zero (or even negative in many jurisdictions).

Credmark, a leading company in the credit data space, shared data in a report released this February by Arcane Research, showing that the lending market has seen a sharp rise over the past year, estimating that approximately 400,000 BTC could already be in use as collateral in the lending market at the time of the report’s release.


This is occurring at the same time that the incumbent monetary system is at the tail end of the long-term debt cycle, and the explosive combination of a free market, absolutely scarce, global monetary asset — up against various centrally-planned national currencies that are issued by central banks which are forced to continue to pump liquidity into the system — will bring about an extinction event for the incumbent monetary regime/s.

Expect bitcoin to go parabolic throughout the rest of 2021, but be wary, this time may be different...

Coinbase Acquires Cryptocurrency Market Analysis Tool Skew

Coinbase Acquires Cryptocurrency Market Analysis Tool Skew

Coinbase has announced the acquisition of cryptocurrency market analytics firm skew, with hopes of adding features for institutional traders.

Cryptocurrency exchange Coinbase has acquired skew, a U.K-based data analytics firm for cryptocurrency markets, allowing the exchange to provide real-time data analytics to the institutions and traders who leverage its platform

Per a Coinbase announcement today, the acquisition is part of its work to strengthen services for institutional clients. According to Greg Tusar, vice president of institutional products at Coinbase, high-quality data access is “essential for institutions assessing investments in crypto assets.”

“We’re excited to integrate skew’s data analytics platform with Coinbase Prime, allowing our customers to track cryptocurrency spot and derivatives markets in real-time,” Tusar said, per the announcement. “With skew, we’ll arm professional traders with dynamic, aggregated market data, presented in a highly actionable format, all within our market leading prime brokerage.”

The integration of skew could help institutional users of Coinbase take advantage of deeper bitcoin market analysis.

The terms of the financial deal remain undisclosed and is expected to close in Coinbase’s second fiscal quarter. The announcement noted that Coinbase will continue to serve skew’s existing customers.

Recently, Coinbase has reported significant growth in revenue, estimating $1.8 billion in total revenue and 6.1 million monthly transacting users in the first quarter of 2021.

“By joining Coinbase, skew will benefit from a widely increased set of resources which will allow us to accelerate the pace of the platform’s development and support our product ambitions,” skew said in its own release.

Censored Russian News Agency Asks For Bitcoin Donations

Censored Russian News Agency Asks For Bitcoin Donations

Independent Russian news organization Meduza has launched a donations page with a bitcoin address after being penalized by the government.

The Russian Justice Ministry has added Meduza, one of the country’s leading independent news agencies, to its list of “foreign agent” media outlets, a label that poses a significant threat to the agency’s future, according to a statement published by Meduza’s Editor-in-Chief Ivan Kolpakov.

“[By] designating us as foreign agents, the Russian authorities are trying to convince our sources that we are enemies of the state,” Kolpakov explained. “It’s highly likely that our new status will rob us of many vital sources and complicate our access to leading experts. Make no mistake: the authorities’ goal is to kill Meduza.”

The designation has several financial impacts on Meduza, according to the statement. It would require the agency to add a “foreign agent” label in the place where it typically places advertisements. Its salaried writers could also become designated as “individual foreign agents,” and forced to report their income and expenses to the country’s justice ministry, with reporting errors subject to fines or felony charges.

In an attempt to improve the likelihood of its survival following this designation, Meduza has launched a donations page with a bitcoin address, a PayPal option, as well as addresses for other cryptocurrencies, such as ETH and BNB. Supporters can copy the bitcoin address from the web page and paste it into their own wallets as a receiving address in order to donate BTC.

Bitcoin’s properties make it particularly well suited for allowing permissionless donations to Meduza. For instance, its censorship resistance ensures that no government or third party can stop or seize transactions. At the same time, Bitcoin’s decentralized nature enables private contributions to be sent and received from anywhere in the world.

Many activist companies have been able to stay in business thanks to bitcoin donations. Famous nonprofit whistleblower site WikiLeaks received thousands of bitcoin transactions after being blocked by major payment providers. And Nigerian advocacy group The Feminist Coalition found a sovereign lifeline in Bitcoin after finding its fundraising restricted by legacy financial channels.

England’s central bank moves ahead with CBDC with 7 job postings

England’s central bank moves ahead with CBDC with 7 job postings

The Bank of England's CBDC-related job listings range from solution architect to senior manager.

The United Kingdom’s central bank, the Bank of England, or BoE, still maintains that it is unsure on a path forward regarding a central bank digital currency, although the entity is looking to hire at least seven CBDC-related job positions. 

The job listings recently surfaced on the BoE’s job posting website. One such position searches for a “Stakeholder Analyst - Central Bank Digital Currency (CBDC).”

As per the site, the bank is also searching for a project analyst, a solution architect, a technology analyst, a senior manager, and a senior enterprise architect — all CBDC-related, as well as a senior CBDC policy analyst. The site posted the listings on Tuesday and Wednesday.

“Like many other central banks, the Bank of England is actively exploring whether it should develop and issue a Central Bank Digital Currency (CBDC),” said the page for the stakeholder analyst job listing. “No decision has yet been taken on whether or not a CBDC is needed in the UK, but it is an important topic for the Bank to understand.”

The posting mentioned a number of specifics on the job, as well as the BoE’s focus in terms of looking into a CBDC.

Reporting earlier this month showed Her Majesty’s Treasury, or HMT, and the BoE jointly working on CBDC-related research, unveiling a CBDC task force. CBDCs have been a hot topic over the past year or so, with central banks acting at varied speeds.

Biggest one day USDC print in history marks lowest Bitcoin dominance in years

Biggest one day USDC print in history marks lowest Bitcoin dominance in years

The $3 billion USDC influx puts the total supply of the stablecoin at around $14,4 billion, reaching over a quarter of Tether's market cap.

More USD Coin (USDC) was printed on April 30 than at any time in the dollar-backed stablecoin’s existence, as just over $3 billion was minted in one fell swoop.

New USD Coins are minted whenever a customer exchanges their U.S dollars for the stablecoin, and Friday’s influx amounted to over 26% of its market cap at the time.

The sudden arrival of $3 billion worth of USDC into the cryptocurrency market coincides with a surging altcoin market, evidenced by Bitcoin’s (BTC) descent to its lowest market cap dominance in two and a half years.

Bitcoin’s dominance of 47.79% on Friday was the lowest since August 2018, as Ethereum (ETH), Binance Smart Chain (BSC), Cardano (ADA) and others saw their own market cap presence swell massively since the turn of the year. In early January, Bitcoin’s dominance was perched at over 70%, and has been on a steady decline since.

The value of USD Coin in circulation jumped from $11 billion to almost $14.4 billion on Friday, meaning USD Coin now has a market cap worth 28% of the most utilized stablecoin, Tether (USDT), of which over 50 billion are in circulation. In August 2020, USD Coin held a market cap worth just one tenth that of Tether, suggesting traders have found a definite use for USDC, perhaps at the expense of USDT.

Circle, which founded USD Coin in combination with well-known cryptocurrency exchange Coinbase, recently announced that it had tapped New York based Signature Bank to ensure the backing of USD Coin with appropriate reserves. USD Coin is reportedly backed by a mix of cash and short-term U.S treasury bonds.

Turkish Court Jails Suspects In Thodex Cryptocurrency Exchange Probe

Turkish Court Jails Suspects In Thodex Cryptocurrency Exchange Probe

A Turkish court has jailed suspects connected to the Thodex cryptocurrency exchange as its regulatory actions around bitcoin intensify.

According to a recent report from Reuters, a Turkish court has jailed six suspects as part of its investigation into local cryptocurrency exchange Thodex. The group of suspects, who are reportedly being held pending trial, include the brother and sister of Thodex CEO Faruk Fatih Ozer, as well as senior company employees.

Ozer fled Turkey earlier this month, leaving the funds of about 390,000 users of the exchange irretrievable. Bitcoin accounted for 1.73% of Thodex’s total volume at the time, more than $10 million worth. Thodex and Ozer cited liquidity problems, a years-old hacking incident and the inability to transfer shares to an outside investor as reasons for the apparent exit scam.

“At least 83 people were detained over the past week as users of the platform said the company scammed them and blocked access to accounts and money withdrawals,” Reuters reported. “Most of those detained over the past week have been released. Others, including seven on Thursday, were let go with judicial control measures.”

The Turkish government is also reportedly exploring the idea of establishing a central custodian bank for cryptocurrency exchanges following the issues with Thodex, as well as the local cryptocurrency exchange Vebitcoin. Turkish authorities reportedly arrested four employees of Vebitcoin earlier this week.

The Turkish government instituted a ban on cryptocurrency payments earlier this month as well, as its own fiat currency is rapidly being devalued.

Though it is not possible for a government to outright ban a decentralized financial system like Bitcoin, it can make it difficult for citizens to leverage, particularly by instituting restrictions on payments services and bitcoin exchanges. While the reported actions of Ozer and the operators of Vebitcoin appear to justify regulatory action, forthcoming government restrictions or custody requirements for Bitcoin could oppress what is meant to be a sovereign route to financial security for Turkey’s citizens.

MicroStrategy sees up to 52% revenue surge as Saylor confirms more Bitcoin buys ahead

MicroStrategy sees up to 52% revenue surge as Saylor confirms more Bitcoin buys ahead

New figures show certain revenue sectors boomed by over 50% in Q1 2021 compared to the same quarter last year.

MicroStrategy, the company which owns over 91,000 Bitcoin (BTC), saw an astounding surge in revenues in Q1, its latest figures confirm.

In a press release on April 30, CEO Michael Saylor revealed that the company's success had gone far beyond its Bitcoin profits.

Saylor: Hodling BTC creates "substantial value"

MicroStrategy has continued to hit the headlines for its flatly bullish position on Bitcoin and its future, adding to its reserves regardless of sentiment or price. 

Its advocacy has seemed to endear it to a new sector of clientele — nine months after beginning to convert its cash reserves to BTC, sales of its products and services have also boomed.

"Product licenses and subscription services revenues for the first quarter of 2021 were $31.3 million, a 52.3% increase, or a 49.8% increase on a non-GAAP constant currency basis, compared to the first quarter of 2020," the press release states.

Total revenues for Q1 were just over $122 million, representing a 10.3% increase over the same period in 2020.

"MicroStrategy’s first quarter results were a clear example that our two-pronged corporate strategy to grow our enterprise analytics software business and acquire and hold bitcoin is generating substantial shareholder value," Saylor commented.

He said that the company was "still happy" with its approach to BTC acquisition, adding that it would be adding to its already substantial reserves.

"We will continue to acquire and hold additional bitcoin as we seek to create additional value for shareholders," he concluded.

BTC (orange) vs. MSTR (blue). Source: Tradingview

As Cointelegraph reported, the company's stock price has experienced volatility this year, something which has echoed Bitcoin's own price discovery.

Bulls have "nothing to worry about"

The numbers are a familiar boon for Bitcoin bulls, who have been left hanging this week as rumors of major corporate buy-ins from the likes of Facebook went unsubstantiated.

This combined with equally familiar ranging price action has hit enthusiasm in some quarters, while analysts argue that there is nothing to be bearish about.

"So far, so good for Bitcoin. Still nothing to worry (about)," popular trader Michaël van de Poppe summarized to Twitter followers on Thursday.

An accompanying chart highlighted resistance beginning at $55,000 for the largest cryptocurrency to overcome as altcoins began to accelerate their own gains.

BTC/USD 1-hour candle chart (Bitstamp). Source: Tradingview

At the time of writing, BTC/USD traded at around $54,700, having come full circle over the past 24 hours which included a drop below $53,000.

Biden’s capital gains tax plan to pull crypto down to earth from the moon?

Biden’s capital gains tax plan to pull crypto down to earth from the moon?

More taxes may cause short-term volatility, “but long term, you may see more demand for DeFi applications and other collateralized use cases.”

There are often multiple causes for an asset’s sharp decline, but Bitcoin’s (BTC) 10% “nosedive,” which took place on April 22, may be blamed on the Biden Administration’s reported plan to tax capital gains at double the current rate on America’s wealthiest. 

Bitcoin is habitually volatile, so one probably shouldn’t read too much into a double-digit swoon in any given week, but this might be as good a place as any to reflect upon the possible impact of the United States capital gains taxes, and taxes in general, upon the future growth of cryptocurrencies and blockchain technology.

Could it hinder long-term adoption? If so, in what ways? Will the Biden plan even reach fruition, given the vagaries of U.S. politics? How, too, does one explain the mini-market eruption in the face of the mere possibility of more taxes in a single nation? What sorts of misperceptions might we be harboring with regard to crypto taxation generally?

“The price drop can probably be attributed to a number of factors and rumors — chiefly, the month-end expiration of future positions, which resulted in a liquidation of positions that triggered a slide,” Markus Veith, a partner in the audit practice at Grant Thornton LLP and leader of the firm’s digital assets practice, told Cointelegraph.

There were also reports, generally thought to be false, that Treasury Secretary Janet Yellen was spearheading an effort to impose an 80% capital gains tax rate on cryptocurrencies, “as well as rumors that the U.S. Treasury was investigating financial institutions for illicit use of cryptocurrencies, which the DoJ would do, not the Treasury,” added Veith, continuing: “Then, there were also comments about a drop in Chinese mining capacity.”

A lot was happening that week

David Trainer, CEO of investment research firm New Constructs, downplayed the BTC price gyrations, stating: “10% volatility is nothing new for BTC and crypto in general.” Meanwhile, Tyler Menzer, a CPA and doctoral student in accounting at the University of Iowa, noted: “While the tax news does coincide with the drop, it may only be one of many contributing factors.”

But taxes do matter. “The [Biden] proposal would put the effective tax rate at above 50% in certain states and would be detrimental to job creation,” Carlos Betancourt, co-founder of BKCoin Capital in Miami, told Newsweek, adding, “and would continue to accelerate the move from states like California and New York to more tax-friendly states like Florida and Texas that have no state income tax.”

This is still an early stage in a new administration, of course, and there is some question whether a doubling of the capital gains on the wealthiest to 39.6% — as proposed — will even make it through Congress intact, or if that rate will eventually be reduced.

“Someone needs to pay for all the stimulus, deficits, and national debt, so very likely you would see a tax increase in the near future — whether on capital gains or something else is still to be decided,” Mazhar Wani, a PricewaterhouseCoopers tax partner in San Francisco, told Cointelegraph.

However, Omri Marian, professor of law at the University of California, Irvine School of Law, said that the proposal will unlikely be accepted in its current form. “The Democratic majority in Congress is just too narrow for this,” Marian informed Cointelegraph. Chris Weston, head of research at the Pepperstone Group — a forex broker — said: “The numbers being proposed at this juncture will unlikely pass the Senate in its current form, and centrist Democrats will not back the touted numbers.”

But casting rumors aside, if a doubling of the capital gains tax does pass through Congress intact, would it necessarily mean stormy weather for cryptocurrencies and blockchain technology?

Maybe not. Nathan Goldman, assistant professor of accounting at North Carolina State University, told Cointelegraph — after consulting with his co-author on BTC taxation matters, Christina Lewellen — that the new capital gains taxes are geared to the wealthiest — those with more than $1 million in annual income — and they would be paid only upon the sale of the digital asset:

“As a result, it is not clear whether the proposed changes would significantly affect most cryptocurrency holders.”

Still, “taxes likely do have an effect on Bitcoin prices,” said Menzer, continuing, “as we have a lot of prior research on a wide variety of outcomes and aspects of life that are affected by tax rates, especially in the financial sector.”

Moreover, they could push crypto and blockchain technology in some interesting directions. Wani, for example, would expect to see more “short-term volatility due to certain investors cashing out at the lower rates, but long term, you may see more demand for DeFi applications and other collateralized use cases to create liquidity and avoid triggering gains.”

What about murmurs surrounding Yellen’s so-called 80% capital gains tax — which would be “punitive and unprecedented”? Goldman told Cointelegraph, “I do not believe there is strong merit to the rumors of an 80% capital gains tax on cryptocurrency” — a position echoed elsewhere. But some still believe that Yellen hasn’t really warmed to crypto.

“My own view is Yellen fundamentally doesn’t get Bitcoin,” Weston said, continuing, “and to go after digital assets to protect against criminal activity in an asset that leaves a record is odd” particularly because cash is usually favored in such transactions, given its untraceability. Meanwhile, Trainer added:

“I think Janet Yellen was looking to minimize the speculation in crypto. She believes that rampant speculation, like what we see in crypto, is not healthy for investors or the underlying asset over time.”

With regard to the capital gains issue in general, Menzner commented: “To the extent that higher taxes make it more expensive to use cryptocurrency or adopt it for new uses, it will be a setback.” However, he added: “It could also accelerate the use of stablecoins for certain cryptocurrency projects, as they are designed to minimize price fluctuations and thus minimize any gain or loss from a tax perspective.”

“We don’t often see tax as the controlling decision of whether to exit a position, but it may drive when an exit occurs; for example, if any corresponding losses should be harvested, when long-term/short-term holding periods are met, etc.,” Paul Beecy, tax services partner at Grant Thornton LLP, told Cointelegraph.

Does U.S. tax policy matter globally?

To what extent, though, is this all just a U.S. issue? Does it really even matter in Singapore or France what happens in the U.S. with regard to tax policy — especially for a globally purchased and held asset like Bitcoin?

“Competitive advantage is key here,” according to Wani, who added: “It matters if other countries follow similar policies for taxation.” Also, he believes other countries may try to become more competitive by offering “more incentives — i.e., less taxation — to attract more talent and businesses from this growing industry to their jurisdictions.”

“The only thing I can definitively say on how much U.S. tax policy affects crypto is that we don’t know,” added Menzer, but “U.S. policy can cause real changes in crypto-exchange economics.” Many global exchanges do not allow U.S. residents and citizens to trade, for example, thanks to U.S. policy, “thus effectively separating non-U.S. traders from U.S. traders, which slightly breaks down the idea that Bitcoin or other cryptocurrencies are uniformly global.”

It matters, said Marian, because “if you are a U.S. taxpayer, you owe U.S. taxes on your crypto trades no matter how you make them. It may be more difficult for the IRS to enforce if you hold your assets with a foreign custodian. But if you cheat on purpose, you wouldn’t care very much about a change in tax rates.”

What does seem clear is the lack of clarity with regard to taxes and cryptocurrencies, starting with the common misperception that you do not need to pay taxes on crypto. According to Goldman:

“You still need to pay taxes on the appreciation of your cryptocurrency assets. For example, if you bought a single Bitcoin on Jan. 1, 2016, for $434 and used that Bitcoin to buy a Tesla on April 1, 2021 — value $58,726 — you owe capital gains taxes on the difference.”

No hard and fast rules

More problematic still, there is no standard tax treatment for all cryptocurrency uses. As Beecy told Cointelegraph: “When digital currency is held [in the U.S.] by individual retail investors as a capital asset, the tax rules on buying and selling it are reasonably understood, and the capital gains tax that applies ought to impact digital currency transactions in a manner very similar to other financial capital assets.”

But when, by contrast, digital currency is structured as part of more complex transactions “and mimics other and more esoteric financial instruments — like derivatives, NFTs [nonfungible tokens], and certain security tokens — then the tax rules on those digital currency transactions are not really clear,” said Beecy.

All in all, last week’s BTC’s price gyrations might have been an over-reaction to some preliminary tax plans, but this response was probably predictable, given that “regulation is obviously a major grey cloud” that begets anxiety, as Weston noted, “but as we’ve seen many times of late, the market sells first, thinks about it, and calmer heads generally prevail.”

Taxation, of course, is a serious business, and even if doubling of the capital gains tax only directly impacts the wealthiest, history teaches that taxes can have a leveraged impact on long-term growth — so, one needs to pay attention.

Taxation is a form of regulation, and the mere fact that discussions like this are taking place in crypto’s only 12th year of existence may provide some confidence, arguably, that the U.S. is not going to ban or attempt to “shut down” cryptocurrencies. Indeed, the net effect could be an “increase [in] adoption as people feel more confident,” submitted Menzer.

Hotbit crypto exchange shuts down for maintenance after attempted hack

Hotbit crypto exchange shuts down for maintenance after attempted hack

The Chinese crypto exchange says funds are “SAFU” and that the emergency maintenance could take up to two weeks.

Cryptocurrency exchange platform Hotbit has shut down all of its services after an attempted cyberattack on Thursday.

“Hotbit just suffered a serious cyber-attack starting around 08:00 PM UTC, April 29, 2021, which led to the paralyzation of a number of some basic services,” a notice on the platform’s website reads.

The hackers were reportedly unsuccessful in gaining access to Hotbit’s wallets but did manage to compromise the platform’s user database. Thus, the Hotbit team has advised customers to disregard any communication from entities claiming to be representatives of the exchange.

With all normal operations currently paused during the ongoing maintenance, the Hotbit also revealed that pending trading orders are canceled to prevent losses. Also, the exchange promised to bear any losses stemming from exchange-traded funds listed on its platform during the duration of the maintenance.

According to the Hotbit announcement, the maintenance will last for at least seven days with reports that the investigation and system upgrade could take as long as two weeks.

Addressing users on the exchange’s Telegram group, Alex Zhou, the chief security officer at Hotbit revealed that user funds were not affected by the attack, stating, “The attacker tried to break into the wallet server to steal funds but the action was identified and blocked successfully by Hotbit risk control system. All users' funds are safe.”

“At the same time, Hotbit is in the process of transferring all funds in hot wallet to cold wallet, the details of the whole integration could be seen on the chain,” he said.

Source: Etherscan

Indeed, data from Ethereum transaction monitoring tool Etherscan shows multiple token outflows from one of Hotbit’s known wallets to another address that currently holds about $14 million in several altcoins.

However, the length of time given for the maintenance is causing significant unrest among Hotbit users judging by comments on social media and on the platform’s Telegram channel.

Fears over the incident being an exit scam by the Hotbit team are palpable. Earlier in April, two major exchanges in Turkey went offline with their executives fleeing with millions in user funds. Both incidents have led to sweeping arrests by law enforcement agencies as well as plans by the government to establish a central custodian bank for cryptocurrency exchanges in Turkey.

Coinbase to acquire skew crypto data analytics platform

Coinbase to acquire skew crypto data analytics platform

Some of skew's institutional clients include One River Asset Management and Susquehanna International Group.

United States’ cryptocurrency giant Coinbase has acquired institutional-grade blockchain data analytics platform skew.

Greg Tusar, vice president of institutional products at Coinbase, announced the news Friday, stating that the new acquisition will help customers make more informed trading decisions using real-time data analytics.

“We’re excited to integrate skew’s data analytics platform with Coinbase Prime, allowing our customers to track cryptocurrency spot and derivatives markets in real-time. With skew, we’ll arm professional traders with dynamic, aggregated market data, presented in a highly actionable format, all within our market leading prime brokerage,” Tusar noted.

The acquisition is part of Coinbase's broader strategy to serve institutional clients. According to Tusar, the exchange will continue to serve skew’s institutional customers, who include One River Asset Management and Susquehanna International Group.

This story is developing and will be updated.

Find The Best Books About Bitcoin

Find The Best Books About Bitcoin

The best 20 books about bitcoin are in this educational bookstore.

We’re excited to announce that we’re expanding our online store to include educational books for all ages. For young children we offer “Bitcoin Money: A Tale Of Bitville Discovering Good Money,” while for teenage and adult beginners we offer “The Little Bitcoin Book: Why Bitcoin Matters For Your Freedom, Finances, And Future,” among many other offerings.

These titles include the 20 best books about bitcoin. 

This children's book offers a simple and easy way to learn about bitcoin. 

Are you a developer who wants to learn more about software and the Bitcoin network? Look no further than “Programming Bitcoin: Learn How To Program Bitcoin From Scratch.” An experienced Bitcoin user who is passionate about the history of decentralized money? For you, we offer “The Blocksize War: The Battle Over Who Controls Bitcoin’s Protocol Rules” and “Layered Money: From Gold and Dollars to Bitcoin and Central Bank Digital Currencies.” 

This book covers everything from gold to cryptocurrency.

What about if you are looking for a gift for a friend, wife or daughter who just doesn’t understand what is so cool about Bitcoin? We even have a book for that, “Cypherpunk Women,” which covers both Bitcoin and broader social movements. It’s the perfect book for nocoiners who aren’t attracted to the hard money narrative. There will be a limited supply of this anthology available for pickup this June at the conference in Miami, so be sure to reserve your copy in advance. All the rest of our books are available for purchase either online or in person in Miami, so everyone can enjoy our collection of books about Bitcoin. 

Even a complete beginner who is not tech-savvy can use this curriculum to go from understanding bitcoin basics, with beginner books like “Bitcoin Clarity: The Complete Beginners Guide to Understanding” and “Inventing Bitcoin: The Technology Behind the First Truly Scarce and Decentralized Money Explained,” to experienced bitcoin users with a comprehensive understanding of how inflation, supply and demand all impact the economy.

This educational book about bitcoin is perfect for beginners. 

You can basically give yourself a PhD in Bitcoin just by reading our whole curriculum with the best 20 books about bitcoin. In terms of economics text books, we recommend “The Sovereign Individual: Mastering The Transition To The Information Age” and “Economics In One Lesson: The Shortest And Surest Way To Understand Basic Economics.” And, of course, no Bitcoin curriculum would be complete without “The Bitcoin Standard: The Decentralized Alternative To Central Banking.” Prioritize your own self-sovereignty by getting the educational resources you need to learn all about Bitcoin.

This book includes economic history and broader context about how bitcoin is a perfect example of hard money.

For more tools for your bitcoin journey, everything from hardware wallets to Bitcoin swag, it's all available in our store

Turkey jails 6 in probe into missing Thodex crypto exchange CEO

Turkey jails 6 in probe into missing Thodex crypto exchange CEO

The arrested siblings of the missing Thodex CEO reportedly own millions of dollars worth of crypto.

Turkish authorities are progressing with an investigation into local cryptocurrency exchange Thodex, which abruptly halted trading last week.

On Thursday, a Turkish court jailed six suspects pending trial, including siblings of the missing CEO and senior company employees, Reuters reported.

As part of a probe, Interpol reportedly issued a red notice for Thodex CEO and founder Faruk Fatih Özer, who had reportedly flown to Albania. “When he is caught with the red notice, we have extradition agreements with a large part of these countries. God willing he will be caught and he will be returned,” Interior Minister Suleyman Soylu said.

Local authorities detained over 83 individuals suspected to be involved in the case amid growing concerns that Thodex was a scam after the platform halted money withdrawals.

Some suspects indicated that Özer’s siblings — Güven Özer and Serap Özer — could have been serving major roles in Thodex's operations, noting that both had significant crypto holdings, local news agency Anadolu Agency reports.

Güven Özer reportedly holds nearly 22 million Turskish liras ($2.7 million) on two major local crypto exchanges including BtcTurk and Paribu. Güven reportedly served as an active executive at Thodex despite not having an official role at the company.

Serap Özer, the missing CEO’s sister, reportedly had over 120 million liras ($14.6 million) worth of crypto transactions on her Binance account between 2018 and 2021. She claimed that the account was not hers. Serap allegedly oversaw financial activities at Thodex.

As previously reported, the missing Thodex CEO is reported to have run off with as much as $2 billion worth of crypto, but according to the latest reports, Interior Minister Soylu said that the company’s portfolio totaled $108 million.

The news comes as the Turkish government hardens its stance on crypto, with the country’s central bank officially banning crypto payments effective today. Another Turskish crypto exchange, Vebitcoin, also announced last week that it would be ceasing operations amid employee arrests and allegations of fraud.

Additional reporting by Erhan Kahraman.

Uzbek presidential agency proposes legalizing domestic crypto trading

Uzbek presidential agency proposes legalizing domestic crypto trading

Uzbekistan wants to lift its ban on cryptocurrency purchases after barring residents from buying crypto in 2019.

A major governmental agency in Uzbekistan seems to be rethinking its stance on cryptocurrencies.

The National Agency for Project Management under the President of the Republic of Uzbekistan, or NAFT, issued an official document proposing several amendments to licensing procedures for crypto trading.

NAFT proposed to officially allow local residents to conduct “all types of crypto exchange trades involving crypto assets and tokens in exchange for the national currency and the foreign currency.” The authority stressed that crypto investors would trade and invest at their own risk.

The proposal also aims to establish processes for the registration, issuance and circulation of digital assets, authorizing licensed crypto companies in Uzbekistan to issue their own tokens. According to official records, the proposed amendments are open to discussion until May 14, 2021.

The latest news shows an apparent change of heart toward cryptocurrencies at the NAFT. In late 2019, the agency banned the country’s residents from purchasing cryptocurrencies like Bitcoin (BTC) . Despite barring crypto purchases, the authority reportedly still allows locals to sell their crypto holdings.

In January 2020, Uzbekistan debuted its first regulated cryptocurrency exchange, Uznex, which is only open to non-residents. The platform was launched by Kobea Group, a technology company from South Korea acting as a tech adviser to the government of Uzbekistan.

100M euro digital bond was a CBDC test, says Banque de France

100M euro digital bond was a CBDC test, says Banque de France

European financial institutions are using pilots to make a case for the digital euro.

It turns out the 100 million euro digital bond issued by the European Investment Bank earlier this week was actually a trial of a European central bank-issued digital currency, or CBDC.

An April 28 announcement from France’s central bank, Banque de France, revealed the digital bond was settled using a CBDC on a blockchain.

The two year-bond was issued on the Ethereum public blockchain on April 27 and settled the following day, with a maturity date of April 28, 2023. The sale was led by Goldman Sachs, Santander and Société Générale.

“From a technological standpoint, the experiment required the development and deployment of smart contracts under secured conditions, so that the Banque de France could issue and control the circulation of CBDC tokens and so that CBDC transfer occurred simultaneously with the delivery of securities tokens to the investors’ portfolio,” Banque de France said.

The bank also revealed plans for further experiments in the future, noting that its efforts are part a push to provide evidence of use cases for a European CBDC:

“In the coming months and in cooperation with the market, the Banque de France will conduct additional experimentations to assess other uses of central bank digital currency in interbank settlements.”

The news that the EIB had issued the bond on Ethereum pumped the Ether (ETH) price to $2,709 on Wednesday. Danny Kim, head of revenue at crypto broker SFOX told Reuters the announcement “triggered a bullish institutional use case for Ethereum.”

Despite the bullishness on Ethereum, the wait for a digital euro may still take some time, as the European Central Bank did not participate in the pilot.

In January this year, President of the European Central Bank Christine Lagarde said that the development of a digital euro is "going to take a good chunk of time to make sure it's safe," adding, "I would hope that it's no more than five years.”

On April 12, ConsenSys South Africa lead Monica Singer warned that Europe may be left behind if its too slow to pull the trigger:

“If the central bank in Europe is gonna wait until 2028, by then there won’t be a central bank. Because who’s gonna use the euro in its current form? There are gonna be so many choices.”

SEC enforcement chief steps down just days after appointment

SEC enforcement chief steps down just days after appointment

The official's conduct in past litigation was brought into question by a U.S. District court judge.

The United States Securities and Exchange Commission new enforcement chief, Alex Oh, has resigned from her position with the Securities and Exchange Commission just days after taking the role.

According to an official SEC announcement, Oh stepped down for personal reasons. However, in Oh’s resignation letter to Chairman Gary Gensler — as seen by Bloomberg — the former enforcement chief revealed she was stepping down to avoid becoming a distraction, as she deals with controversies arising from a case she worked in the past.

Oh was previously a partner at the Paul, Weiss, Rifkind, Wharton & Garrison private law practice, where she represented, among others, oil giant Exxon Mobil Corp. The case in question reportedly relates to Oh’s defense of Exxon against allegations that the firm had supported the torture and murder of Indonesian villagers.

Oh’s conduct during the litigation was brought into question by U.S. District Court Judge Royce Lamberth on April 26. Oh was asked to provide evidence for the unsupported claim she made during a deposition for the case that her opposing counsel was “agitated, disrespectful, and unhinged”.

“A development arose this week in one of the cases on which I worked while still in private law practice. I have reached the conclusion that I cannot address this development without it becoming an unwelcome distraction,” said Oh, in her resignation letter to the SEC chairman.

Oh will be replaced by Melissa Hodgman, who previously served in the role in early 2021. Hodgeman will serve as the acting director of enforcement going forward.

Gary Gensler's appointment as SEC chairman in mid-April was seen as a possible boon to the cryptocurrency space, given Gensler's history as a blockchain educator, and his acceptance of Bitcoin (BTC) and other cryptocurrencies' role as new financial tools.

However, Oh's resignation means Gensler is now without his first pick for the role of enforcement chief. How much this will disrupt Gensler's plans during his tenure as SEC chairman remains to be seen.

Intercontinental Exchange sells Coinbase stake for $1.2B

Intercontinental Exchange sells Coinbase stake for $1.2B

Intercontinental Exchange has sold its 1.4% stake in Coinbase to reduce the company’s debt.

Intercontinental Exchange, the operator of the New York Stock Exchange and the owner of Bakkt digital asset platform, has sold its 1.4% stake in the newly Nasdaq-listed cryptocurrency firm Coinbase.

Announcing the news Thursday on a financial results call for the first quarter of 2021, ICE chief financial officer Scott Hill said that the company sold its Coinbase stake for $1.2 billion. The executive noted that the sale generated approximately $900 million net after taxes.

Hill said that the proceeds were used to reduce ICE’s debt at the end of the first quarter. He noted that the company’s pro forma leverage, or total indebtedness rate, would have been closer to 3.6x compared to 4.2x when ICE acquired mortgage-focused software company Ellie Mae in September 2020.

“We are definitely a bit ahead of schedule, been paying down debt faster than we sort of expected when we started the deal. I mean I would say we were doing that, though, before the Coinbase sale,” ICE’s incoming CFO Warren Gardiner added. He stressed that Coinbase proceeds gave the company “some additional flexibility” as ICE moves into the rest of the year. “We are down to about 3.6 leverage, the target is about 3.25, where we can start to think about buying back stock,” he noted.

ICE’s decision to sell Coinbase shares comes amid the company posting record revenues in Q1 2021 totaling $1.8 billion and up 4% year-over-year. “First quarter revenues, operating income, adjusted net income and adjusted earnings per share were all the best in the history of our company,” the CFO said. He stated that, while ICE’s total transaction revenues slightly declined versus last year, the amount of total recurring revenues increased by 9%.

As previously reported, ICE’s digital asset trading platform, Bakkt, is set to go public on NYSE in Q2 2021 through a merger with VPC Impact Acquisition Holdings.

The biggest crypto exchange in the United States, Coinbase went public on Nasdaq on April 14 with a direct listing of its COIN shares. The shares opened at $381, marking heightened institutional demand as the stock’s pre-listing reference price was just $250. The Coinbase stock closed Thursday trades at $294, following a gradual decline after the listing, according to data from TradingView.

COIN share all-time price chart. Source: TradingView

As previously reported by Cointelegraph, multiple COIN investors including Coinbase executives sold $5 billion in COIN stocks shortly after listing. Notable sales included those of Coinbase CEO Brian Armstrong, selling nearly 750,000 shares netting at a total of around $292 million. 

We all know the issues with DeFi — but what are the answers?

We all know the issues with DeFi — but what are the answers?

High costs and transactions prioritized by gas fees often make using DeFi protocols challenging to say the least. Does it really need to be this difficult?


Decentralized exchanges have indelibly changed the way that cryptocurrencies are traded. But in the grand scheme of things, the technology that’s driving these platforms is relatively young… meaning it’s inevitable that teething problems have emerged.

Some of the heavy hitters that dominate the market at present are known as non-orderbook markets. While it’s tantalizing and somewhat romantic that these platforms are controlled purely by supply and demand, it often results in some unexpected downsides.

There’s one glaring disadvantage that we don’t need to mention too extensively — high swap fees. We currently live in a world where it can cost hundreds of dollars to execute a small number of seemingly straightforward transactions on the best-known decentralized finance protocols. For the DeFi sector’s true potential to shine, these transfers need to be cheaper and faster than anything a centralized rival can provide.

Annoyingly, one of the things that makes cryptocurrencies so exciting can also stand in the way of these assets being practical as a medium of exchange… and that’s blockchain. On networks like Ethereum’s, miners end up prioritizing transactions that pay the highest gas fees — and this can prove calamitous for traders who are in a hurry. Opportunistic users who aim to snap up tokens at low prices risk ending up paying much more than they bargained for, especially if an asset’s value has risen by the time the trade is finalized.

We’ve also seen institutions begin to take a growing interest in this space — and in many cases, these corporations can be big spenders who like to snap up their digital assets in bulk. Right now, DeFi can end up being a poor fit for those seeking to execute big trades, and that’s because the size of these transactions can end up dwarfing the liquidity that’s available in the market.

Experiencing all of these hurdles also assumes that you’ve managed to get to the stage where you’re comfortable with using a DeFi protocol. Clunky, confusing user interfaces can make these ecosystems exceedingly off-putting — even to those who know their way around a traditional trading platform. And given the calamitous consequences that can arise if funds are sent to the wrong place, or if a wrong number is typed into a box, it’s crucial for newcomers to have confidence.

At first glance, it seems a radical rethink is needed to build upon the extraordinary success that first-generation protocols have enjoyed already — protecting the attributes that make DeFi platforms so popular, all while ripping a few pages out of the playbook used by centralized rivals. The end result can be enjoying the perks that a CEX provides, without the inherent dangers associated with putting trust in a third party.

What if bulk buys and bulk sales could be performed without liquidity being a concern, and an asset’s price going through the roof? What if decentralized finance protocols didn’t involve putting up with endless bottlenecks that affect a trader’s bottom line? Is there a way of ensuring that everyone’s transactions are equal, and can all of this be achieved while a user has full control of their funds?

‘The perfect decentralized exchange’

One top priority for the crypto sector needs to center on ensuring that a trading platform, decentralized or otherwise, gives equal opportunities for all. The design of some ecosystems often creates an unpleasant trade-off — one that benefits traders more than market makers, or vice versa.

Orderbooks can serve as a knight in shining armor here — responding to changes in global sentiments on traded assets in a split second. This can help eliminate the price slippage that oh, so many traders end up grumbling about… and put an end to the agonizing waits traders experience while their urgent transactions wind their way through the blockchain at glacial speed.

Polkadex Orderbook brings such a concept to life — ensuring makers can create markets by placing buy and sell orders, and takers can consume them. The project delivers a layer-two system on top of the Polkadex Network, and it’s claimed that the orderbook can accept trades in 20 milliseconds — with capacity for 500,000 trades to be processed per second.

Frontrunning becomes a distant memory by getting rid of fees altogether — meaning there’s a “first come, first serve” mentality toward processing trades. Simultaneously, this deals with the recurring issue of blockchains being too expensive to use.

Although this may initially seem like there’s a risk of centralization creeping into the DeFi space, an innovative twist comes in the form of decentralized Know Your Customer checks. User privacy is preserved thanks to how Polkadex never ends up receiving the details of the traders who use its platform ­— instead, they merely receive cryptographic proof that the checks have been completed.

Users remain in control of their funds at all times, and traders can also delegate their assets to a third party to benefit from algorithmic trading. An array of trading bots is also supported — including high-frequency trading bots that are geared toward investors of all sizes, giving everyone that split-second advantage that often proves crucial in a fast-moving market. Risk management bots, powered by machine learning, are also becoming more popular.

Polkadex is also set to offer a fully on-chain IDO platform that will deliver a one-stop-shop for new projects, from the fundraising stage to the listing of tokens, all while removing barriers to entry for consumers who want to get on the ground floor of startups they’re passionate about.

According to Polkadex, decentralized exchanges need to evolve — and need to evolve now. The team behind this project believes their approach, which blends a fast orderbook and plentiful levels of liquidity with a slick user experience, could fire the starting gun on a new generation of DeFi.

Learn more about Polkadex

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.