Timestamp Magazine

According to the security policy of the OKEx exchange, it is mentioned that access to its cold wallets “must require confirmation of two authorized parties. Further analysis needs to be performed on the identified OKEx cold wallets to ensure transfers happening between wallets which would nullify the argument of Xu being a required signatory for the cold wallets. If OKEx does not survive this incident, it is likely to cause the crypto market to plunge by hurting the confidence of users, which will also affect the popularity and application of digital currencies. Not only does this incident put OKEx negatively in the world map, but it gives rise to trust issues and uncertainty for anyone involved in crypto trading.

Legendary venture capitalist and Bitcoin maximalist Tim Draper blows hot on DeFi, seeks to introduce DeFi into the venture capital business. With the recent events unfolding: PayPal moving into crypto, Squares Bitcoin investment, Singapore’s largest bank launching crypto trading platform, JP Morgan’s coin JPM goes live and many more factors are pointing towards a bullish Bitcoin price scenario. With the continued support for contactless payment infrastructure and the need to shift the global adoption curve to an entirely new technological paradigm due to incessant printing of fiat out of thin air, blockchain and crypto continue to present itself as the most viable option. ” The Venture Capital Business – Says Draper Decentralized finance (DeFi) products took the world by storm in 2020 and are now gaining massive mainstream interest.

Several bullish events like PayPal’s involvement in crypto, Square’s Bitcoin investment etc have played a key role in the Bitcoin bullish momentum seen in the past weeks. Especially Uniswap and Curve that saw over $5 billion in total DEX trading volume pump in a single day. The aggregated DEX volume fell from $8 billion recorded in the first week of October sinking down to $3 billion, a number not seen since August. Although DeFi token value is plummeting, the Total Value Locked across DeFi protocol recently set a new all-time high of $12.48 billion on October 25.

As the country looks to strengthen global financial inclusion, a lot of analysts have argued the likelihood of China’s digital Yuan displacing the U. S dollar as the world’s reserve currency. According to a CNBC report on Nov. 2, David Roche, president and global strategist at Independent Strategy stated that China’s central bank digital currency or CBDC which has already passed pilot tests could potentially knock off the U. S dollar as a reserve currency, however it would take a “very, very long time. Amidst the rising debt structure and sinking U. S economy, Rochie has emphasized that despite the slow or negative growth experienced in the past 20 years, the dollar has maintained an   “increasing proportion of the settlement of international trade and an even bigger proportion of financial reserves” Rochie’s comment on the state of a U. S issued CDBC has been centered on the comment previously made by Jerome Powell — the U.S. Federal Reserve’s chairman who declared in October that the U.S government was less concerned about China’s first-mover advantage in the issuance of CBDC. The U. S dollar as a reserve currency of the world has always been a focal point when it comes to matters of international trade settlement and the basis of exchange, which makes it an object of concern with every policy coming out of the States.