CBX Weekly Newsletter // 16 Sep 2020
- Bitcoin passes $10.7K
- Ethereum Gas Usage Hits Record September Highs
- Brock Pierce Served Court Papers for Fraud Lawsuit at His Own Presidential Campaign Rally
Bitcoin passes $10.7K
Bitcoin is making gains this week, despite trading sideways for a few days.
The price of bitcoin hit as high as $10,749, a level not seen since the beginning of the month.
It is believed that Buy liquidations, the crypto equivalent of a margin call that wipes out short-sellers might be helping to push bitcoin’s price up. A total of $19 million buy liquidations were more than double the $9.1 million in sell liquidations over the weekend.
Indeed, based on how options are currently trading in the market, it appears as if options traders are estimating a 10% chance that bitcoin will be at $20,000 by the March 2021 expiration date.
Ethereum Gas Usage Hits Record September Highs
Ether (ETH), the second-largest cryptocurrency by market capitalization, has been trading up this week.
The total amount of “gas” (or costs) used on the Ethereum network to send transactions and interact with decentralized finance (DeFi) protocols hit new highs in September. On Sept. 6, a record 80 billion units of gas was used on the network, and Friday (Sept. 11) was the second-highest usage day ever, at 79,743,954,147 units used.
Brock Pierce Served Court Papers for Fraud Lawsuit at His Own Presidential Campaign Rally
U.S. presidential candidate and crypto entrepreneur Brock Pierce was apparently served legal papers relating to a lawsuit alleging securities fraud during his campaign rally in New York on Monday.
Video footage posted to Twitter on Tuesday shows Pierce receiving what appear to be court documents resulting from a class action lawsuit brought against the founders and former executives of blockchain developer Block.one.
Lawyer James Koutoulas, who tweeted the video said his team had served Pierce for his alleged involvement in the EOS token sale, which raised $4.1 billion between June 2017 and June 2018.
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