Decentralized App BCH Bull Prepares for Launch, Platform Allows Users to Long or Hedge Bitcoin Cash Against a Myriad of Tradeable Assets – Defi Bitcoin News

Decentralized App BCH Bull Prepares for Launch, Platform Allows Users to Long or Hedge Bitcoin Cash Against a Myriad of Tradeable Assets – Defi Bitcoin News

Just recently the developers behind the Bitcoin Cash-centric project Anyhedge released the alpha version of the Anyhedge Whitelabel and since then, 284 smart contracts were created onchain, and more than $32,900 in funds hedged using the alpha protocol. Furthermore, this month, General Protocols, the engineers behind Anyhedge, revealed the team plans to launch a decentralized application (dapp) on the Bitcoin Cash blockchain that allows anyone to long bitcoin cash against a myriad of tradeable assets.

General Protocols to Launch a Decentralized Application That Allows Users to Hedge or Long Bitcoin Cash, Anyhedge Alpha Whitelabel Recently Released

In recent times, there’s been a few different projects building within the Bitcoin Cash (BCH) ecosystem. One protocol called Anyhedge just released the protocol’s alpha version, which allows users to create smart contracts onchain. Furthermore, the team behind Anyhedge, General Protocols, recently summarized the Anyhedge Extension, which was made possible after the new ruleset changes were applied to the BCH network last May.

Decentralized App BCH Bull Prepares for Launch, Platform Allows Users to Long or Hedge Bitcoin Cash Against a Myriad of Tradeable Assets
This month, General Protocols aims to launch the decentralized application (dapp) BCH Bull.

This month, General Protocols has plans to launch a dapp called BCH Bull, an application that allows people to long BCH against a number of tradeable assets. BCH Bull is a permissionless and noncustodial dapp built on the BCH chain. Tradeable assets that can be used to long or hedge bitcoin cash include assets like the U.S. dollar, bitcoin (BTC), ethereum (ETH), or the precious metal gold.

“Utilising the AnyHedge protocol (built by General Protocols), BCH BULL will allow users to instantly create up to 10x leverage smart contracts directly with their own wallets without the need for any sign-up,” General Protocols BCH Bull announcement explains. The team’s dapp announcement adds:

On the other side of the contract, those users wishing to stabilise their purchasing power will also be able to create hedging positions against those same assets, thus providing a trustless and novel crypto stability solution, essential for risk-averse users such as merchants, miners, and other businesses operating with cryptocurrency.

General Protocols details that because Anyhedge smart contracts leverage the unspent transaction output (UTXO) properties offered by the BCH network, the smart contracts have an advantage. Benefits included “being able to handle high volumes with low fees, whilst all contracts are stateless and remain independent of each other, thus improving privacy and reducing any systemic security risk.”

So far, the project’s creators detail that the alpha testing saw more than 100 onchain contracts and every one of them executed “perfectly” and “seamlessly.” The Alpha testing of Anyhedge ended on September 28, and General Protocols summarized the achievements.

“284 smart contracts created onchain with over $32,900 hedged,” the team explained on October 2. The BCH Bull beta release is set to launch at some point this month and interested parties can check out the project’s updates via the General Protocols Telegram channel.

Tags in this story
alpha, Anyhedge, Anyhedge Protocol, BCH Bull, BCH Bull Beta, BCH Network, Beta, bitcoin cash, Bitcoin Cash analysis, Codebase, contracts, decentralized finance, derivatives, Futures, General Protocols, hedge, Hedging, Long or Hedge, Noncustodial, Open Source, oracle, Short, Software, technology, White Paper

What do you think about the upcoming BCH Bull application built by General Protocols? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




Image Credits: Shutterstock, Pixabay, Wiki Commons, BCH Bull website,

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Exchanges Close Q3 With Massive Bitcoin Outflows, Why A Rally Is On The Horizon

Exchanges Close Q3 With Massive Bitcoin Outflows, Why A Rally Is On The Horizon

The third quarter of 2022 was a rollercoaster for the price of bitcoin. BTC’s price had fluctuated wildly during this time and ended up hitting lower lows than expected. However, this has not changed investors’ convictions about the cryptocurrency. As the third quarter drew to a close, there had been a massive withdrawal spree from centralized exchanges, which led to more than $600 million in outflows.

Bitcoin Outflows Grow

The last day of September has proven to be an important trading day for bitcoin. Given that it was both the last day of the month and a Friday, meaning the close of the trading week, bitcoin investors seemed to have taken this as a sign to move their BTC off exchanges.

Data shows that on this last day, investors moved 34,723 BTC out of centralized exchanges. This came out to Rond $668.07 million at the time of the withdrawals. It also follows the accumulation trend that has been gaining momentum since mid-September. This happened while the digital asset trended below $20,000, and it is now apparent that this accumulation trend had been behind the brief spike above $20,000 on Friday.

More than 34k BTC leaves exchanges in one day | Source: Santiment

On-chain data aggregator Santiment notes that this is the 4th largest daily BTC outflow that has been recorded for the digital asset in 2022. Additionally, it is also a new 3-month record for the digital asset. Part of a large “bank run” that has seen the BTC held by centralized exchanges drop by more than 60,000 over the weekend.

Can This Trigger A Breakout?

For bitcoin, such large removal of BTC from centralized exchanges is always a bullish indicator. Investors tend to do this when their long-term conviction is high, and they want to safeguard their coins as they hold out for the future since it is common knowledge that “Not your keys, not your coins.”

What this does is remove a substantial supply of bitcoin from the open market, leading to a supply squeeze. Demand has also been on the rise for the digital asset, which means buy pressure is mounting. Santiment also notes in its post that the last time that the digital asset had seen such a massive movement of coins off exchanges, BTC’s price had rallied more than 22% in the next month.

Bitcoin price chart from TradingView.com

BTC settles above $19,000 | Source: BTCUSD on TradingView.com

Interestingly, October has always been a historically bullish month for BTC and the general crypto market. This means that a rally from this present level could see the price of bitcoin hit $23,000 over the next 4 weeks. However, it is also important to bear in mind that the worst of the bear market is not over. So while a breakout is possible, it will be hard for bitcoin to maintain such high levels, and a downward correction could lead to new lows.

Bitcoin is trading at $19,189 at the time of this writing. This puts it 10% below its 50-day moving average of $21,234. The next significant resistance point lies at $19,900, while the digital asset is seeing mounting support at $19,050.

Featured image from CryptoSlate, chart from TradingView.com

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Binance signs MoU with Kazakhstan to fight financial crime

Binance signs MoU with Kazakhstan to fight financial crime

Global cryptocurrency exchange Binance has signed a memorandum of understanding (MoU) with the Financial Monitoring Agency of the Republic of Kazakhstan as a part of its global law enforcement training program.

The program, which involves officials from regulatory and law enforcement organizations worldwide, aims to strengthen industry cooperation with national and international law enforcement in the fight against financial crime and cybercrime.

The program further aims to identify and block digital assets obtained illegally and used to launder criminal proceeds and finance terrorism.

Kazakhstan has emerged as one of the leading crypto nations for Bitcoin (BTC) mining and in recent times, the Central Asian nation has also been developing favorable crypto regulations such as allowing crypto exchanges to open bank accounts, and even looking to legalize crypto use more broadly. Binance obtained an in-principle approval to operate in Kazakhstan earlier in August this year.

Gleb Kostarev, regional head of Asia for Binance told Cointelegraph that Kazakhstan’s pro-crypto stance was one of the key reasons behind the partnership. He explained:

“The government of Kazakhstan has significantly adjusted the relevant legislation, legitimizing activities in the field of mining and circulation of cryptocurrencies. We see great potential in the country for further growth of the industry, and as leaders, we will be happy to contribute to this.”

The Binance law enforcement training program has been conducted in Israel, Canada, Brazil, Brazil, France, Germany, Italy, the United Kingdom and Norway. The program was officially launched on Sept. 26, but the company’s investigations team has been holding workshops for law enforcement for the past year.

Related: Binance signs MOU with Kazakhstan to further crypto adoption and regulation

In the absence of any robust crypto regulatory framework among the majority of the countries, the expansion of crypto exchanges like Binance in these jurisdictions comes with its own challenges. Thus, with the help of the training program, Binance hopes to raise awareness among law enforcement agencies and officials to develop cooperation at a global level.

The crypto exchange’s focus on compliance and regulations comes after facing several warnings and investigations from financial regulators around the globe. However, the exchange has managed to improve and even returned to several jurisdictions such as Italy and France where it was deemed illegal to operate.

Binance attributed its recent regulatory approvals in France, Italy and Spain to the compliance measures it has undertaken recently.