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Tag: cryptocurrencies

  • What China’s Digital Yuan Could Mean For Bitcoin

    What China’s Digital Yuan Could Mean For Bitcoin

    People’s Bank of China has recently revealed a digital renminbi – e-RMB. The Chinese bank also encouraged the people to shift to the digital currency. This is a hallmark moment as e-RMB is the first digital currency coined by a major economy which pose a credible threat to cryptocurrencies at large.

    A pilot test was run for the cryptocurrency in a few targeted cities where government officials received half of their salaries in the form of the new digital currency. After the success of the pilot, the cryptocurrency has been launched with the hopes of a mass scale adoption.

    Bitcoin (BTC) was primarily designed to be a digital currency by the infamous Satoshi Nakamoto. However, the cryptocurrency failed to become one. As the popularity of the crypto market rises, the masses debate on which crypto is better suited to become the digital currency of the future and while many people have realized Bitcoin is not fit for the role, others are still hopeful. Bitcoin has a high transaction cost, poor scalability and being valued at $60,000 it is definitely not fit to be a digital currency. The rise of a viable digital currency can mean displacing the king from its throne if it is not able to establish itself as an asset.

    The digital currency of China means the potential loss of around $1.4 billion potential and active users. The Asian market has had a love-hate relationship with cryptocurrency and the popularity of cryptocurrencies in the region does prove to be favorable.

  • Asia’s Love-Hate Affair With Cryptocurrencies

    Asia’s Love-Hate Affair With Cryptocurrencies

    Cryptocurrencies are notoriously known for their high riskiness. The crypto market is savage and unforgiving with losses even surmounting to hundreds of thousands during brutal dips. With more people being enticed by the high rewards of the market, many dip their toes into it without keeping the high risk in mind. The bull run of 2021 has resulted in the market capitalization of cryptocurrencies passing $2 trillion, regulators throughout the world are becoming wary of the situation and what it would mean for economies on a global scale if the cryptocurrency market crashes badly.

    Asian governments have been alarmed by the situation and the government of Thailand and Korea has been vocal about it. Further joining the ranks is the government of Sri Lanka. The Central Bank of Sri Lanka (CBSL) has issued a detailed notice on cryptocurrencies. The notice talks about what cryptocurrencies are and the risks they pose – especially in Sri Lanka because the crypto market is completely unregulated in the country. The monetary authority also warned the masses of the violation of the foreign exchange regulation as cryptocurrencies are assets.

    On the other hand, Vietnam’s cryptocurrency market is suffering from a different kind of problems. Miners in the country are selling off their mining equipment because of a fear of a crash. Computers, graphic cards and other equipment have more sellers than buyers and the situation may propel a bearish downturn.

  • Romanian University to accept Elrond for fees

    Romanian University to accept Elrond for fees

    A public university in the city of Sibiu, Romania has announced the acceptance of tuition fee in cryptocurrency. The university, Lucian Blaga, has a student body of around 11,000 and the tuition fee per student, on average, in around $1,000 annually. Students can now pay their tuition fee in Elrond (EGLD) which the university will then convert to the Romanian currency.

    Elrond is a network for decentralized apps but with a focus on increased scalability, efficiency and security. The block chain was launched in 2017 and is headquartered in Romania. Elrond also has multiple office in the country and employs graduates from the local university.

    The partnership was reached in an effort to support the Elrond network. The university, Lucian Blaga, has been a strong supporter of local communities and businesses and the university has announced that the partnership with Elrond is aligned with their mission.

    Elrond has had a few major developments like the launch of the mainnet. The cryptocurrency has been one of the well-performing ones in the current bull run, going up from around to $25 to $232 – at the time of press. The news could prove to be vital for Elrond’s upcoming price developments.

    The bull run of 2021 has bought the cryptocurrency market under a spotlight with many people realizing the potential that the block chain technology carry. Mass adoption of cryptocurrencies will become a reality if institutions continue to incorporate cryptos at the current rate.

  • From a crypto sceptic to staunch believer: Billionaire Mark Cuban

    From a crypto sceptic to staunch believer: Billionaire Mark Cuban

    The American entrepreneur, Mark Cuban, is a cryptocurrency believer. Cuban has revealed his cryptocurrency portfolio comprising 60% Bitcoin, 30% Ethereum, and 10% other altcoins. The billionaire believes Ethereum (ETH) to be the “closest to a true currency” while citing Bitcoin as a better alternative to gold. Per the entrepreneur, Bitcoin is better suited as a store of value and a safe haven asset – like gold but better. And Ethereum, with its scalability, is ideal for transactionary demand – making it a viable currency.

    The tech billionaire hadn’t always been big on cryptocurrencies. Cuban has been vocal about the absence of any intrinsic value of Bitcoin, at the same time, he compared Bitcoin to gold – stating both gold and Bitcoin will serve to real purpose to an average investor, rather pose problems because of their complications. Cuban’s comment “I’d rather have bananas” on Bitcoin and gold had become quite famous.

    Now, with the cryptocurrency market in a boom primarily due to the popularity of the decentralized block chain technology, the billionaire like many others have had a shift in fundamentals and is now a staunch believer of cryptocurrencies as well as their underlying technology. Cuban pointed out towards the decentralized technology of cryptocurrencies and how that has the potential to become the “next big thing” in a growingly connected world.

  • Record high open interest of billion observed by Binance Futures

    Record high open interest of $10 billion observed by Binance Futures

    The rise of crypto derivatives is closely linked with the rise of the cryptocurrency market. The bull run since December of 2021 appears to still be sustaining with minor market retracements and the cryptocurrency market is not losing its appeal any time soon.

    Binance Futures, Binance’s cryptocurrency derivatives platform, has recently hit a record high open interest of $10 billion on Saturday with a yearly growth of a staggering 3,900%. The sharp increase in the value of derivatives that are not yet settled is indicative of the high capital inflows in the market.

    The derivatives platform has now over 180 pairs being offered. The record high open interest is attributed majorly to increased retail interest as Binance is regarded as the platform for retail investors. Increasing retail interest in the cryptocurrency sphere points towards the mass adoption of cryptocurrencies being sooner than expected.

    After establishing the record high 24-hour open interest, the exchange open interest moved lower than the $10 billion mark. However, the open interest stayed close to the $10 billion level – touching it several times.

  • Cryptocurrencies on the rise in India: Launch of NFT marketplace

    India, the second most populous country, has been fighting for cryptocurrencies. The merging market has a gigantic gross product of $2.8 trillion and has the potential to become a true economic power. Unlocking the world of cryptocurrency to the huge population will mean extraordinary things for the cryptocurrency market.

    There has been a rampant increase in the demand for cryptocurrencies in India by Twitter users with the IndiaWantsCrypto hashtag having been trending quite a few times. WazirX – India’s largest crypto trading platform – has been showing phenomenal performance which is indicative of the rise in the popularity of cryptocurrencies in the country. The platform crossed $240 million in daily trading volume which is the highest recorded by any exchange in India.

    Launch Of NFT Marketplace In India

    The development team of the largest crypto trading platform, WazirX, has announced the launch of a NFT marketplace as well.

    NFT Marketplace tweet

    The Indian government has been wary of the cryptocurrencies and heated debates have ensued on the merits of banning cryptocurrencies. The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 proposed by the Reserve Bank of India extensively plans out the regulation of digital currencies while banning private coins entirely.

    Read More: Bitcoin (BTC) to overtake gold soon?

    Regulators throughout the world are confused about navigating through the tricky waters of the crypto world but seeing the interest of the masses. The growth potential of the fin-tech sector cannot be ignored by Indian regulators and, of course, the public interest.

  • Top 3 Altcoins to watch in 2021

    Top 3 Altcoins to watch in 2021

    You really want to know what’s happening in the crypto world and which digital coins suit you best to buy this year.

    Back in 2017, when cryptocurrencies first surfaced on the bigger financial scale there were many speculations regarding their origin, security, and reliability. From an investor’s perspective, back then, things were much volatile and uncertain. But with passing time, things have changed in the crypto sphere.

    We have seen more adoption of altcoins from renowned global companies, financial services platforms, and governments. Bitcoin (BTC) has become a global phenomenon in the financial world. The emergence of Decentralized Finance (DeFi) will change the picture of financial services that are used in today’s modern era.

    In recent times, the financial services giants PayPal and Visa have started to allow their users to use altcoins for daily transactions. Moreover, CNBC has just learned that Goldman Sachs is close to offering its first investment vehicles for bitcoin and other digital assets to clients of its private wealth management group. This will be another major breakthrough for cryptocurrencies. So, in the middle of high expectations and a strong potential future, let’s have a look at the top three altcoins to watch for in 2021.

    Ethereum (ETH)

    Ethereum (ETH) is a smart contract platform for creating decentralized apps (DApps). The blockchain program comes up with its programming language known as Solidity. Ethereum is the second largest crypto by market cap and has grown massively since the start of the new year.

    Ethereum is the one who laid the foundation for DeFi and that’s the reason why a large portion of the DeFi ecosystem is based on Ethereum’s blockchain. According to analysts, after Bitcoin, Ethereum is the most interesting crypto in the space, especially the way it has popped up in recent times. So, Ethereum is definitely one of the best altcoins to look at in 2021.

    Cardano (ADA)

    Cardano (ADA) is a cryptocurrency network and open-source project that aims to run a public blockchain platform for smart contracts. It’s known for its innovative approach with its unique blockchain network.ADA is a proof-of-stake (PoS) blockchain platform: the first to be founded on peer-reviewed research and developed through evidence-based methods.

    Cardano is also one of the top-rated cryptos in the market and it has been in the picture along with top assets like Bitcoin, Ethereum, and others. For investors, Cardano has sparked a strong image with the ongoing bullish trend of the market. ADA is a must watch altcoin this year.

    Litecoin (LTC)

    Litecoin (LTC) is among the top-rated altcoins in the market and certainly one of the top altcoins to watch for in 2021. Litecoin has turned to be a great investment option over the past years. The reason Litecoin has grown into such a big network is that it’s one of the first alternatives to Bitcoin.

    Litecoin has a market cap of $12.9 billion and currently trades at the 9th spot in the market. The digital has much upside at the moment and seems a healthy investment option in the market.

  • The Highly Anticipated Crypto Market Following the FinTech Payment networks Go live with digital currencies

    The Highly Anticipated Crypto Market Following the FinTech Payment networks Go live with digital currencies

    PayPal and Visa allow their users to deal with their daily transactions in cryptocurrencies.

    We have seen that the adoption of cryptocurrencies is rapidly growing. In recent times, financial payment services have begun to allow digital currencies to be used for daily use and to hold crypto assets.

    Elon Musk, who has been one of the biggest crypto enthusiasts, recently announced that his EV firm will also accept Bitcoin as payment for Tesla cars. Now, PayPal and Visa, both the payment services giants have announced that they will support the use of crypto assets.

    What’s Next?

    We already knew that PayPal was in line to support cryptocurrencies in form of payment. Now, with the recent announcement, US users can do just that with its “Checkout with Crypto” feature.

    As per Reuter, PayPal is set to move one step forward in opening crypto accounts for users. The US consumers will now be able to pay at millions of its online merchants globally. With this move, we can foresee the future of e-commerce built upon digital payments.

    Users holding cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin in PayPal digital wallets will be able to convert their holding into fiat currencies to make online purchases. The company believes that it will be serving almost 29 million merchants on its platform. For the first time, we will see digital assets used as smoothly as credit and debit cards online.

    Moreover, Visa is also ready to roll the crypto plan soon. Visa will allow the use of digital coin, USD Coin, for transaction payment. This is another big acceptance of crypto in the mainstream payment world.

    While telling Reuters, Visa Inc. mentioned that it has launched its pilot program with payment and crypto platform Crypto.com. The financial services corporation intends to offer more partners in the second half of this year.

    The USD Coin (USDC) is a stable coin that is pegged again the US Dollar. Visa’s step toward crypto adoption is one of the most highly anticipated decisions of the present. We can see how finance firms are attracted towards cryptocurrency including BlackRock, Mastercard, and BNY Mellon. The companies have realized that cryptocurrencies are a great investment opportunity and more than that a better payment processing system.

    Elon Musk’s is an inflection figure in the world business and investors keenly follow him, whether it’s the stock market or crypto market. Last week, Musk said that customers can buy its electric vehicles with bitcoin. This is a great push for cryptocurrencies and we will see more companies adopting crypto in the future.

    This move from Musk is a strategic move for investment and from this Tesla can make double the amount of money with the sale of EVs. Because Tesla will not fix the price of Bitcoin against the price of the car in USD. It will be just like a free-floating exchange rate.

    Bitcoin (BTC), the crypto deity is trading just over $59K and heading back towards a record-high of $61K. The future awaits much hyped and highly forecasted Bitcoin prices.