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First Mover: Binance CEO Sees Future in DeFi While Bitcoin Volatility Turns Minuscule

It might be part of every job in crypto to anticipate and react to fast-moving developments that seemingly change the industry’s direction overnight. 

And apparently not even Changpeng “CZ” Zhao, the high-profile leader of Binance, the world’s largest cryptocurrency exchange, is immune to the industry’s capricious shifts. 

In a 

Binance CEO Changpeng “CZ” Zhao told CoinDesk’s Muyao Shen in a video interview that “nobody complains to Vitalik” when a newfangled DeFi project fails on the Ethereum blockchain.
Source: Zoom/CoinDesk

Read More: Binance CEO Says He Fully Expects DeFi to Cannibalize His Crypto Exchange

Bitcoin Watch

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Ether-bitcoin implied volatility.
Source: Skew.

With the U.S. elections just five weeks away, the market focus looks to be shifting back to bitcoin from ether. 

The spread between the six-month implied volatility (IV) for ether (ETH) and bitcoin (BTC), a measure of expected relative volatility between the two, fell to a 2.5-month low of 4% over the weekend, according to data source Skew. 

The IV spread peaked at 21% in mid-August and has been declining ever since. 

“The decline could signal a change in market leadership back to bitcoin after a couple of months focus on the Ethereum complex,” Skew’s CEO Emmanuel Goh told CoinDesk. 

The impending U.S. elections could be the most contentious in modern history and have a significant impact on traditional markets. As such, bitcoin, which some investors argue has evolved into a macro asset over the past six months, could lead the price action in the crypto markets in the near term. 

– Omkar Godbole

Token Watch

Filecoin IOU (FIL): Three years after $257 million initial coin offering, blockchain-based data-storage provider says main network is set to launch around mid-October

Ocean Protocol (OCEAN): Artificial intelligence and data service suspends old contract on Ethereum blockchain and hard-forks project to help thwart $150 million KuCoin hack. 

What’s Hot

Coinbase CEO Brian Armstrong’s we-don’t-engage-societal-issues stance draws Twitter jeers alongside the cheers (CoinDesk)

California enacts new consumer financial protection law with new rules and research efforts for cryptocurrencies (CoinDesk)

European crypto brokerage Bitpanda gets $52M Series A funding led by Peter Thiel’s Valar Ventures (CoinDesk)

CFTC charges firm with illegally providing leveraged trading of crypto, gold (CoinDesk)

Publicly traded crypto mining equipment maker Ebang blames coronavirus for 51% 1H 2020 revenue plunge (CoinDesk)

Crypto’s dependence on U.S. dollar could prove its undoing, Shiv Malik writes (CoinDesk)

Silvergate Bank’s deposits stagnate despite utility of SEN instant payment network (CoinDesk Research)

Analogs

The latest on the economy and traditional finance

U.S. House Democrats release new $2.2T stimulus proposal (Bloomberg)

Consumers expect stimulus to remain in place with continued government support, surveys from the Federal Reserve Bank of New York’s Center for Microeconomic Data show (New York Fed)

Low interest rates are worsening retirement prospects worldwide (Bloomberg)

Just as Fed-fueled stocks rally fades, giant public pension systems decide maybe they’re missing out and should allocate more money into equities (WSJ) 

Amnesty International is suspending operations in India after New Delhi froze its bank accounts in response to criticism of Prime Minister Modi’s government (FT)

Global equities rally cools ahead of U.S. election debate (FT)

The U.S. economic response to coronavirus crisis “sparked a massive stock-market rally that left the rest of the world in the dust” (CNBC)

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