- As the pandemic of coronavirus spreads, many people are looking towards technological solutions during such uncertain times.
- This has led many people into the crypto space.
As the pandemic of coronavirus spreads throughout the world at an alarming rate and continues to take the lives of many loved ones, many people are looking towards technological solutions during such uncertain times. This has led many people into the crypto space.
Cryptocurrency and blockchain are unique in many ways but as it is an investment vehicle for many people all over the world, it is one industry where everything can change after the blink of an eye. China is the leading player in the digital asset’s movement with its innovations including a digital yuan which has quickly developed the field of distributed ledger technology.
Not only has this virus had a negative impact on people’s health but the economy has taken a massive hit over the past few months. Many people are looking for alternative solutions to avoid using cash with bitcoin and other cryptocurrencies being at the top of the list. But it’s also worth noting that stable coins and central-bank digital currencies are still very much alive. In fact, they are basically just getting started as the People’s bank of China has stated “processes of top-level design, setting industry standards, developing potential functions and integration testing” were “almost complete.”
On the 12th of March, the world markets crashed due to the pandemic and after the outbreak of the coronavirus took effect, the supply of Stablecoins started to grow. Following the virus and its impact on the economy and people’s health, we need to look at the opportunities that will be present in the world. Nascent technologies such as crypto Will be looked at with a keen eye by governments and they better hope that they’re ready for it.
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!
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China’s central bank is making a lot of noise about cracking down on bitcoin just weeks after the president of China hailed the blockchain.This apparent difference between lawmakers and central banks is a new revelation of sorts for the millennial generation regarding our governance system.You see, whether in China, in America or anywhere else, the central bank is “independent.”Independent of who is the obvious question, with the answer being nothing else than independent of the people. Then who do they answer to?Presumably their boss is Agustín Guillermo Carstens (pictured left), the general manager of the Bank of International Settlements (BIS). BIS is summarized as:“An international financial institution owned by central banks which ‘fosters international monetary and financial cooperation and serves as a bank for central banks’.The BIS carries out its work through its meetings, programmes and through the Basel Process – hosting international groups pursuing global financial stability and facilitating their interaction.It also provides banking services, but only to central banks and other international organizations. It is based in Basel, Switzerland, with representative offices in Hong Kong and Mexico City.”An…Nov 22, 2019
Exchange software provider AlphaPoint has secured funding it says will finance the development of sophisticated trading features.,Mar 6, 2020
Payment enabler Simplex is now facilitating buying Bitcoin using Telegram, according to its latest Twitter announcement dated 18th December 2019.For cryptocurrency to become a viable currency, it needs to overcome a few obstacles. Among them, is making it easily accessible and finding some real-world use cases. The EU-registered fintech company that specializes in facilitating fraud-free and transparent payment processing is now taking a step further in propelling cryptocurrency adoption by making it more accessible.Simplex-Broxus make buying Bitcoin easierSimplex has come up with an innovative way to integrate Bitcoin into Telegram’s bot feature and to enable its users to buy and sell Bitcoin quickly and securely. The exciting collaboration between Simplex and Telegram’s official mobile crypto wallet Broxus will allow users to interact with Broxusbot and get access to Bitcoin price and buying and selling options.Buy and send bitcoin on @telegram! Crypto space takes a step further with @SimplexCC and @BroxusbotCheck it out at: https://t.co/r4ItObxmAH pic.twitter.com/CQVXvqfGkr— Simplex (@SimplexCC) December 18, 2019The Simplex-Broxus partnership will make the process of buying Bitcoin using bank cards more straightforward, and at the same time, Simplex’s…Dec 21, 2019
A peak of 43,000 people played Valve’s Half-Life: Alyx on Steam yesterday.Over six times more watched on Twitch as concurrent viewership passed 300,000.VR hardware requirements represent a prohibitive barrier to entry, excluding many fans of the franchise.Valve’s highly-anticipated Half-Life: Alyx launched yesterday. The VR exclusive has already amassed an impressive number of accolades from players and critics alike, including a slew of perfect scores.Many are calling it VR’s ‘killer app,’ marking a pivotal moment in VR gaming history as a title with the pedigree to catapult the niche technology into the mainstream.Half-Life: Alyx – A Huge SuccessThe numbers signal nothing short of a successful launch for a VR title. According to the Steam tracker website, SteamDB, Half-Life: Alyx recorded a peak of nearly 43,000 concurrent players yesterday (42,858 to be precise). Source: SteamDB As of writing, there are currently 10,135 players in-game. The number has naturally lowered as US-based players catch some sleep. It’s likely to rise again as the day progresses.By comparison, VR’s most popular title to date, rhythm game Beat Saber, boasts an all-time player peak of 4,472,…Mar 24, 2020
Bitcoin [BTC] is trading in a tight range between $7475 and $7600 on the hourly chart. The price of Bitcoin [BTC] at 6: 15 hours UTC on 25th April 2019 is $7550.Since there has been a lack of follow up to the bullish move on 23rd April, it is now beginning to threaten the ‘Bart Simpsons‘ pattern, which could reverse the surge back to $7150 levels. BTC/USD 1-Hour Chart on Coinbase (TradingView) There is considerable uncertainty among traders as the OI (Open Interest) on derivatives exchange dropping since Thursday. The IO on BitMEX dropped from around $533 million on 25th April to nearly $475 million. The funding rate has been positive at the taker rate of 0.003% indicating an end to the bearish bias in Bitcoin.The volume across spot exchanges has also dropped since the move as the traders wait on the sidelines looking for a more decisive trade. Bitcoin [BTC] BitMEX Open Interest (OI) (Source) Tommy Theta (alias), a crypto trader tweeted,I’m always wary of “bullish” closes outside a contested range, especially when they don’t follow up quickly and…Apr 26, 2020
The Avantgarde Finance, a lead developer of blockchain asset management protocol Melon, recently announced the release of v2.0 of the Melon Terminal (a.k.a. Melon Manager Interface).As the lead developer of the Melon protocol, Avantgarde Finance developed a new browser-based and open-source interface to access the Melon protocol for Melon managers and investors. Major improvements in performance and stability have been made for v2.0 from Manager Interface v1.0. v2.0’s interface runs on a new version of the Melon protocol (v1.1.0) deployed in February and vetted by the Melon Council through a protocol upgrade vote. Note this is the first release by Avantgarde Finance. v.20 interacts with the protocol contracts using the melonjs library. Melon Terminal FeaturesBrowsing the Terminal as an InvestorIn order to be able to subscribe to funds, investors need to log in with an Ethereum account; they can do so with Metamask, Frame, Coinbase Wallet, Dapper Wallet and Fortmatic (more to be added). Once logged in, investors can visit the Invest/Redeem section of the fund they are interested in and make an investment request. This same interface allows for…Mar 6, 2020
Bitcoin’s (BTC) options markets are finally taking off at CME. This week Cointelegraph reported that the combined volume traded over the last ten days surpassed $140 million, as institutional investors delved in call options.The buyer of a call option can acquire Bitcoin for a fixed price on a predetermined date. For that privilege, this investor pays an upfront premium for the call option seller.CME Bitcoin Options Volumes – USD. Source: SkewAs halving uncertainties became less of a risk, institutional investors began mounting bullish positions. Despite being more complicated then futures trading, options markets allow investors to leverage their positions without liquidation risk.Open interest is a more relevant metricIn simple terms, open interest is the total number of contracts held by market participants. Imagine a scenario where $70 million worth of call options are traded one week and reverted on the following one. Both the buyer and seller would be closing out their positions and risk. Despite $140 million being traded, market exposure (open interest) for such a scenario would be zero.CME Bitcoin Options Open Interest – USD. Source: SkewAs per…May 18, 2020
With Singapore’s Payment Services Act coming into effect, crypto exchange platforms can now apply for operating licenses in the country. Crypto Exchange Platforms Now Legalized in SingaporeBack in September 2019, Singapore’s parliament passed the Payment Services, Bill, into law, creating the Payment Services Act with the new law coming into effect on Tuesday (January 28, 2019).As part of the bill, crypto exchange platforms in Singapore can now apply for operating licenses from the MAS. The new laws also grant the regulatory agency, monitoring and supervisory powers over businesses in the country’s crypto space. The new payment laws contain two regulatory frameworks — payment systems designation and licensing requirements. Together, both parallel aspects of the new laws should help the MAS in overseeing crypto and other payment systems under a unified regulatory paradigm. Speaking to Bloomberg, Sherry Goh, general manager for Luno Singapore hailed the development, declaring:[The new law] provides regulatory certainty to industry players but, more importantly, it provides consumers with a clear sense of the players they can trust. According to Bloomberg, Luno and Liquid Inc. plan to apply…Jan 28, 2020
Bitcoin has done extremely well over the past 24 hours. After falling as low as $6,800 on Wednesday, the cryptocurrency mounted a strong comeback on Thursday morning, rallying from $7,050 to $7,800 in an explosive fashion to mark an over 10% gain. (As a note: some of that rally has since been reversed as bears have tried to reassert control.)It was a move that caught many traders off guard. Case in point: data from Skew.com, which tracks crypto derivatives, registered that nearly $70 million worth of short positions on BitMEX was entirely liquidated during the move — the largest amount of daily liquidations in a month.Here are some likely factors that contributed to Bitcoin’s sudden rally.BitMEX’s Bitcoin Funding Rate Was NegativeAs shared by trader and economist Alex Krüger, the Bitcoin funding rate on BitMEX — which is the amount that long positions pay short positions — has trended negative ever since the March 12th “Black Thursday crash.”Negative funding rates, meaning that short traders pay long holders to keep their positions open, increases the chance that a short squeeze will transpire as…Apr 23, 2020
Tomorrow’s halving helped Bitcoin price make another strong push to $10,000, but the first-ever cryptocurrency failed to breach the key level.However, according to the structure of a massive rising wedge, there may be yet another wave up to nearly $11,000 before a correction and pullback ensue.Started From the Bottom: Bitcoin Forms Rising Wedge After Bounce at $3,800The Black Thursday selloff that rocked the stock market and cryptocurrencies, took Bitcoin price down to $3,800.There, the leading cryptocurrency by market had a powerful bounce that has nearly reached the highs set prior to the crash in late February.Related Reading | The Greatest Shakeout: Bitcoin Reclaims Generational Log Curve With 160% Rally On the way up, each peak and trough back and forth has formed a rising wedge that points to significant downside in the days ahead.Rising wedges can form as a reversal pattern within an uptrend, or as continuation patterns within a downtrend.However, according to one crypto analyst, there’s room for one more wave left in the current structure, suggesting another pump will occur before the real drop happens.$btc update:The diverging TL’s of…May 11, 2020