As Ethereum continues to grow in adoption and price, Aave has plans to make sure they are the primary DeFi protocol on the platform. Integrations Lead Marc Zeller told BitpushNews they plan to launch Aave on top of several layer 2 solutions in the coming weeks, are continuing to innovate with new ideas, and predict 20 million DeFi users by the end of 2021.

The liquidity protocol Aave was launched in 2017 under the name ETHLend, and was one of the first decentralized lending protocols on Etheruem. In 2020, they rebranded to “Aave,” which is the Finnish word for ghost, and represents how they want to make a transparent and open financial system. They have achieved $3.5 billion in deposits from users since their launch, due to their constant innovation and relevancy in the DeFi space. Some of their most useful features include flash loans, stable borrowing rates, and credit delegation. …

Assets under management (AUM) across all crypto ETPs has risen 95% since December to $35.96 billion, according to a recent report.

The Digital Asset Management Review report, by research firm CryptoCompare, says that the majority of AUM for ETPs is in the Grayscale Bitcoin Trust (GBTC) — which increased its AUM by 93.7% in the past 30 days to $22.6 billion.

Crypto ETPs are useful for investors who want to expose themselves to cryptoassets, but don’t want to custody their own holdings. The Grayscale Bitcoin Trust (GBTC) is often used as an indicator of institutional interest in the crypto market.

Crypto ETP volumes almost tripled this month, CryptoCompare notes, to $837 million a day. …

After an impressive 72 hour rally, Ether’s price has crashed by as much as 7% over the past 24 hours, spelling trouble for ETH bulls.

At the time of writing ETH is trading at $1,318 and is down 4.31% despite finally breaking past its 2018 all-time high price of $1,428 yesterday. Three factors help explain the sudden and sharp correction.

PC: Ethereum Price via CoinMarketCap

The depreciation in Ethereum’s value corresponds to a poor day for the top five DeFi assets with almost all of them trading down over the past 24-hours by at least three percent, data from Messari Research shows. UNI, AAVE, SNX, MKR and YFI are all reporting losses over the past day. …

Arxnovum Investments Inc. filed with the Ontario Securities Commission in Canada for the “Arxnovum Bitcoin ETF” on January 11, 2021. The New York-based, Winklevoss-owned Gemini Trust company will be the sub-custodian of the bitcoin held by the ETF. The sub-custodian is a trusted company qualified to custody the product’s assets held outside of Canada. The long-discussed bitcoin ETF, therefore, becomes the hot topic again.

Bitcoin ETFs are exchange-traded funds that track the value of Bitcoin and trade on traditional market exchanges rather than cryptocurrency exchanges. …

In late September 2020, the KuCoin exchange was hacked for over $250 million. Even though cryptocurrencies are supposed to be decentralized, many affected projects have begun to freeze or roll back stolen funds. This has led some to argue that these cryptocurrencies are more centralized than they appear.

On September 26, 2020, the centralized exchange KuCoin announced in a blog post that they had detected withdrawals out of their hot wallets. The hack resulted in a loss of $281 million in funds in many different cryptocurrencies, including Bitcoin, Ethereum, XRP, and plenty of ERC20 tokens. Though a devastating loss, KuCoin was quick to respond, and promised users that their funds would be reimbursed through their insurance fund. They also worked with other exchanges, such as Binance, Huobi, and, to blacklist all of the addresses associated with the hack so the hacker would be unable to exchange any of their stolen cryptocurrencies. Then, on October 3, CEO Johnny Lyu announced that the authorities have found a suspect of the hack. …

Retail investors are taking a stronger interest in cryptocurrencies, a new report from crypto intelligence firm Bitcoin Uncharted reveals.

In late December visits to the website’s of the top four crypto exchanges tripled as retail investors explore the crypto world. Data from Google Trends also shows that searches for ‘Bitcoin’ spiked in December.

PC: Google Trends data for ‘Bitcoin’ searches

While retail investors are only just now breaking into the crypto world, institutional investors who have been circling crypto this year began doubling, or even tripling, down on investments over the past several months. Grayscale investments bought nearly $260,000 worth of Bitcoin in the second half of 2020 for their BTC Trust, dramatically increasing their BTC holdings.
While the crypto world is seeing an influx of new investors, it is also seeing new trading patterns. …

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Jeff Currie, Goldman Sachs’ global head of commodities research, stated that the Bitcoin market becoming more mature in an interview with CNBC this week.

Currie mentioned that it can be very difficult to predict Bitcoin’s price because of the volatility in the market, but added that most nascent markets behave this way. He implied that as the Bitcoin market matures it may become less unpredictable.

“The key to creating some type of stability in the market is to see an increase in the participation of institutional investors and right now they’re small,” Currie said.

At the time of writing Bitcoin is trading hands for $38,589 and is up 7.56%. The leading cryptocurrency by market cap stormed headlines last week when it surpassed the $40,000 price level.

By Emily Mason

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Hardware wallet firm Ledger faced harsh scrutiny after its database was breached leading to the exposure of 270,000 customers’ data, today the company launched a 10 BTC bounty to discover the actors responsible for the breach, according to a recent announcement.

Ledger has traced the possible culprit through e-commerce platform Shopify, which manages Ledger’s hardware wallet sales. On Wednesday, Ledger launched a bounty to discover the Shopify employees responsible for allowing the breach which revealed customers’ names, emails and addresses.

By Emily Mason

It now takes $2 billion total value locked (TVL) to break into the top five DeFi protocols, however skeptics are still wary of using TVL as a true metric of which protocol is in the lead.

TVL was coined by DeFi data analytics platform DeFi Pulse and is used to judge the popularity of various DeFi protocols. The value reports how much crypto is committed to smart contracts. TVL has risen drastically over the course of the summer as DeFi protocols have become increasingly popular. In mid-May TVL first broke past $1 billion and today that figure stands at $20.92 billion. Currently the top five DeFi protocols all have more than $2 billion TVL. Maker, Aave, Uniswap, Compound and Synthetix hold the top five spots with $3.83 billion, $2.68 billion, $2.54 billion, $2.41 billion and $2.32 …

Host of CNBC’s Mad Money Jim Cramer stated in a recent interview that while he still believes in Bitcoin in the long run, he does not plan on buying any more until the price falls below $20,000 again.

“My goal was to get my cash out so I don’t have to think about it,” Cramer said. “If it goes back under $20,000, I’m a buyer again. But I got my cost out, and I’m playing with the house’s money. This is no different than an entirely erratic stock.”

The CNBC host reported he had sold enough Bitcoin last week to cover his initial stake in the crypto asset. At the time of writing Bitcoin is trading hands at $33,836 and is down 10.46%.

By Emily Mason

Bitpush News

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