Bitcoin falls again / DeFi on the rise / Tether at No. 4

Inside Bitcoin presented by Catalina Crunch.

Presented by Subscribe | View in browser Good afternoon Bitcoiners! If you woke up this morning hoping Bitcoin shot the moon, sorry to disappoint you. It fell deeper into the crater. But if there's a bright side, it's this: It's a great news day. Seriously, Tether made an end run around Bitcoin Cash and Litecoin, and the rest of the market. It's in the top 5 of cryptocurrencies by market cap. And Ten31 has launched the "first crypto-focused bank." You'll also particularly like the story on why crypto hoaxes succeed so well.  Don't forget our Twitter list of top Bitcoiners. I'm sure you'll find interesting peeps to follow. -- Allen        Market Watch: The market still hasn't recovered from its crash earlier this week. In fact, it went down even more yesterday and isn't looking too sharp right now. Almost everything is down, but it has been worse. Bitcoin: $8,075 (⬇️ 3.74%) // $145.04 billion market cap. Ethereum: $166.56 (⬇️ 1.48%) // $17.9 billion market cap. XRP: $0.24 (⬇️ 2.08%) // $10.3 billion market cap. Tether: $1.01 (⬇️ 0.14%) // $4.2 billion market cap. Bitcoin Cash: $215.81 (⬇️ 3.43%) // $3.8 billion market cap. Top 100 Winner: Dragon Coins: $0.08 (⬆️ 13.36%) // $31.08 million market cap. Top 100 Loser: Loom Network: $0.03 (⬇️ 9.86%) // $30.9 million market cap. Prices are as of 11:20 p.m. EDT.       1. Bitcoin fell to almost $7,800 yesterday after crashing hard on Tuesday. It's at the lowest price in 103 days, according to The Next Web's Satoshi Nakaboto. This week alone, BTC lost 20 percent of its value and closed below a key technical level, according to Bitstamp. Still, one analyst is looking for Bitcoin's second coming. While BTC lost 13 percent yesterday, this non-crypto fan doesn't expect a bust either. -- COINDESK Where do you expect Bitcoin to go next? Shoot me a message at allen.taylor@inside.com and let me know.       2. Decentralized finance (DeFi) locked-in value has increased to $1.22 billion as of September 12, according to DAppTotal. That's compared to only $180 million a year ago. Total ETH locked into DApps is 3.11 percent; for EOS, it's 10.02 percent. EOS REX is the largest DeFi platform with about $361.15 million locked in since launch in April and empowers EOS holders to stake tokens and earn rewards on resources they lend out. MakerDAO, the previous market leader, has only $262 million locked in. -- THE DAILY HODL       A MESSAGE FROM CATALINA CRUNCH What happens when a startup founder reinvents the cereal business? You start eating Catalina Crunch every morning. It's Keto-Friendly, Low Carb, Gluten/Grain Free has Zero Sugar and is packed with 10g Plant Protein and 6g Fiber. Catalina Crunch comes in 4 tasty flavors: Dark Chocolate, Cinnamon Toast, Maple Waffle & Honey Graham. Get 10% off your first order with code INSIDE10. Shop Now 4. 1Confirmation, a crypto-investment fund platform, raised $45 million for its second fund. Founded by former Coinbase employee Nick Tomaino in 2017, the firm launched its first fund with $26 million. The company is backed by heavyweights Peter Thiel, Mark Cuban, and Marc Andreessen. Tomaino has not disclosed the names of investors in its new fund. 1Confirmation was seeking $60 million for its second fund. Tomaino didn't say why 1Confirmation failed to meet its funding goal, but the company's portfolio consists of Bitcoin, Ethereum, MakerDAO, Augur, Cosmos, Polkadot, Nervos, and Brave. -- FORTUNE       5. If you didn't notice yesterday, Tether has risen to the No. 4 spot in market cap, shooting past Bitcoin Cash and Litecoin. That's why I added it to the Market Watch at the top of this newsletter yesterday. Tether has benefited from this week's crash. Its current market cap is almost $4.3 billion, and it has gained $36 billion in trading volume in 24 hours just two days ago. Tether has had its controversies, but it's likely that its rise to the No. 4 spot is due to traders using it as a hedge against the falling value of Bitcoin and the major altcoins. -- BE IN CRYPTO       6. About one-third of cryptocurrencies have had no development in 2019 so far, according to analysis by CoinCodeCap. The firm followed over 2,000 digital currencies on Github. Despite limitations on publicly available market data, CoinCodeCap found that at least 640 digital currencies failed to publish any new code this year. Interestingly, the firm also found that YoBit is the top digital asset exchange for cryptocurrencies with no code. It lists 62 no-code cryptos. The largest crypto on the list, Proton Token, is valued at $85 million and has not published any code since last year. -- ALL STOCKS       7. After Kik's fight with the Securities and Exchange Commission hit the news earlier this week, a Kik CEO impostor claimed Ted Livingston was resigning as CEO of Kik Interactive. The report was published on CoinDesk but has since been updated to "rectify inaccuracies." Other hoaxes in the past have caught news publications and readers off guard. In July, for instance, Tron Foundation founder Justin Sun was reportedly detained in China when he was actually recovering from kidney stones, and in 2017, Vitalik Buterin was the subject of a death report. Both were untrue. Hoaxes rely on speed and fear, making it easy to spread online in an age when crypto startups prefer blog posts and social media announcements to press releases. -- QUARTZ       8. Ten31Bank has launched the first ever "crypto-focused bank." @MatthiasHauff tweeted this morning that WEG Bank relaunched its fintech activities as Ten31 and is giving away 500k NIM and 2k TPay to the first person who tweets why they chose Ten31 as the name of the bank. TPAY is the symbol for TokenPay, a cryptocurrency that bills itself as a combination between banking and a closed-end private exchange. Ten31Bank has been in development for two years. -- TOKENPAY / TWITTER       9. Dan Conway talks about his escape from corporate America in his new book, "Confessions of a Crypto Millionaire". Anthony Pompliano interviews Conway in this edition of the Off The Chain podcast. Pomp and Conway discuss the process for writing his book, crypto volatility, and how Conway cashed out $13 million in January 2013. -- SPOTIFY / OFF THE CHAIN       10. Binance has launched a staking platform for clients who currently hold assets with the exchange. The staking platform allows crypto holders to earn dividends or interest on their digital assets. Currencies users can stake include NEO, Ontology, Vechain, Stellar, Komodo, Algorand, Qtum, and Stratis. The exchange plans to update its staking calculation methodology on October 1. -- FINANCE MAGNATES       Inside Bitcoin is written and curated by award-winning journalist and former newspaper editor Allen Taylor. Recognized by the Dallas Bar Association three times for excellence in legal reporting, Allen has since gone on to author, edit, or ghostwrite several white papers, books and e-books, and over 10,000 blog posts for clients ranging from small business owners to global management companies and corporate executives. Learn more about him on LinkedIn. Editor: David Stegon (senior editor at Inside, whose reporting experience includes cryptocurrency and technology).       Ad The first Keto-friendly, Zero Sugar, Low Carb Cereal brand. Get 10% off today with code INSIDE10.

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