Coinbase users in select U.S. states will soon have access to a new lending product. The exchange announced earlier today that eligible customers will have the option to borrow “secure cash” against their bitcoin holdings.
One of the most heavily regulated crypto exchanges around, Coinbase seems to be treading rather carefully with the maximum amount of bitcoin-backed loan customers can apply for. The exchange also didn’t clarify whether or not this feature (or a spin-off) would be made available for the platform’s international users.
Meanwhile, COMP, the native token in the asset lending DeFi protocol Compound, registered its biggest-ever candlestick yesterday and was ever so close to hitting a new all-time high. Continue reading for more on these and other big stories from the day:
Coinbase Kicks Off New Cash-For-Bitcoin Lending Service
Coinbase has confirmed that its maiden venture into the lending space will see customers get up to 30% of their bitcoin holdings up to a maximum amount of $20,000. The interest rate is reasonable going by industry standards and the maximum allotted period for repayment has been fixed at 12 months.
The application process for this service will be kept simple and the applicants can expect the loan to be credited in their account within 2 – 3 days, says the Coinbase announcement.
Bitcoin Retreats After Failing to Breach Key Resistance [Analysis]
The Bitcoin bulls seem to have lost the upper hand after the alpha-crypto failed to hold its fort north of $11,650 in the early hours of Thursday (UTC). As of this writing, the BTC/USD pair is facing short-term Fib resistance at $11,605.
According to BeInCrypto’s technical analyst Valdrin, Bitcoin may have started the C-wave of an A-B-C correction. While there is a bullish divergence in the six-hour MACD, the daily MACD is currently well in the red.
If the current trajectory continues, the BTC price could dip to as low as $10,250 in the coming days.
COMP Continues Climbing Towards New All-Time High
Compound (COMP) token, the native governance asset of one of the fastest-growing DeFi projects out there, almost reached a record valuation yesterday. Launched in June 2020, COMP has had a crazy ride so far with the price hitting an all-time high around $330 on June 21, less than a week since launch.
After the COMP/USD pair declined to almost $110 on Aug 2, the price has once again picked up momentum, albeit with crazy swings in both directions. It seems that yesterday’s price movement was the third wave, which came to an end this morning.
The fourth wave bottom appears to already have been hit earlier around $218.
5 Malaysian Bitcoin Miners Nabbed for Stealing Electricity Worth $59k Per Month
Malaysian law enforcement agencies have nabbed five individuals who were allegedly stealing electricity worth $59,000 each month. The lure of free electricity was too much for their thriving Bitcoin mining business.
The details surrounding the heist are a little fudgy. Although, it was confirmed that they were running a sizeable operation with at least 3,000 mining rigs, all of which have since been seized by the authorities.
Germany to Introduce Draft Law on Tokenized Blockchain Securities
In the latest pro-crypto move by the German government, the country’s Finance Ministry recently published a draft bill aimed at modernizing its securities law with the introduction of provisions catering to blockchain-based assets.
With unregistered token sales no longer tenable in several jurisdictions, the focus is now on fully-regulated asset tokenization.
EOS Fails to Sustain Prices Above $3
EOS kicked off a new upward move that culminated with a high of $3.48 on Aug 2. The high coincides with the 0.5 Fib level of the entire previous downward move which started in February.
The price was rejected on Aug 2, creating a bearish engulfing candlestick with massive volume. It is currently trying to hold on to the $2.96 support area, created by the 0.382 Fib level of the same decline.