Here’s why data regarding Ethereum’s investor composition may be extremely bullish
The past few years have not been kind to Ethereum, with the cryptocurrency finding itself caught within an intense downtrend that led it to plummet from early-2018 highs of over $1,400 to lows in the $80 region. This intense selloff has left a trail of proverbial “bag holders” in its wake, with the vast majority […]
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- Anonymous users have moved more than 200 million XRP
- Second Generation Stablecoins Drive Next Wave in Crypto Adoption
- Q1 Crypto Trade Volume Jumps 61%, Bitcoin’s Price Performance Trumps Equity and Gold Markets | Market Updates Bitcoin News
- Crypto Privacy Is a Financial Tonic to Government Intervention
Anonymous users have moved more than 200 million XRP
Although the price of XRP is slow but will definitely go up and the transaction price during the writing of XRP was $ 0.18, both anonymous retailers and anonymous traders actively send large amounts of XRP between each other's wallets and send them to Major cryptocurrency exchange.
More than a dozen transactions were made to transfer 211 million XRP worth $ 39,518,525.
According to the data on the Bithomp website, Binance and Bithumb are part of the cryptocurrency exchange submitted.
XRP is trading at $ 0.18
At the time of writing, the third largest currency is trading at $ 0.1875, a slight 4.57% increase over CoinMarketCap.
Traders expect the price of XRP to rise to $ 0.20 and then drop to $ 0.14.
At the same time, on Monday, Congressman David Gokhshtein expressed support for Ripple's token and said that "XRP is useful".
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Information source: compiled from 0x information from BTCMANAZIN. The copyright lies with the author Atilla Günduğ and may not be reproduced without permission
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Second Generation Stablecoins Drive Next Wave in Crypto Adoption
Crypto adoption needs a major push and second generation stablecoin may be able to provide that.
Following the wax and wane of the 2017 bull run and subsequent 2018 crash, blockchain has found itself at an impasse. One impediment in particular is the lack of real-world adoption. Despite significant institutional interest, billions of dollars in value, and no shortage of proposed applications, the actual use of blockchain technology remains low. Many cryptocurrency “users” are more or less traders that jump arbitrarily from one digital asset to another – few of which are used for anything besides trading. Where is this decentralized token economy of the future?
Stability, or lack thereof, has proven a significant hindrance to adoption. The three primary characteristics of money are: a unit of account, store of value, and medium of exchange, but most cryptocurrencies only satisfy the latter due to aggressive volatility. This gap in the market has given rise to a surge in stablecoin projects – assets pegged to relatable currencies such as the US dollar. However, despite easily understandable assets and the boom in decentralized finance ($650 million USD locked in smart contracts, up from $400 million the same time last year), most people still don’t know what Tether is, let alone Dai. And that doesn’t begin to address the challenges people face when trying to use blockchain.
In contrast, branded currencies, loyalty and rewards points, gift cards, coupons etc, have long functioned as alternative currencies, accounting for billions of dollars in value. In 2017, United States corporations held approximately $100 billion in outstanding points liability. Furthermore, these assets already exist in the pockets of millions worldwide, with Americans holding in excess of 3.8 billion unique program memberships. Notable brands such as Facebook and Walmart have begun exploring the emerging asset class of branded stablecoins: non-volatile assets issued by brands that can be overlayed with unique features and built directly into the consumer experience.
— CZ Binance 🔶🔶🔶 (@cz_binance) December 25, 2019
Branded stablecoins tackle friction felt across both the loyalty and blockchain industries. Backed by real dollars, they command recognizable value, with the potential to expand utility past the issuing brand – most points programs are siloed and afford consumers limited redemption options. Branded stablecoins can also exist within established consumer applications, leveraging existing infrastructure and active communities, granting them a familiarity many cryptocurrencies have yet to develop. Millions of users can be introduced to blockchain technology instantly, leveraging all of its benefits while requiring little to no change in learned behaviour.
“Blockchain is revolutionary technology, but the space has become more of a developer playground than anything else,” says Michael Luckhoo, DigitalBits VP of Operations. “We need to bring this technology to the masses, in existing applications that people use everyday. Technology should be easy, seamless, and able to provide value to the end consumer without changing learned behaviour.”
Projects such as DigitalBits, recently listed on Kucoin, aim to become the de facto platform for branded stablecoins, and lead the next wave of crypto adoption. These unique assets, considered the second generation of stablecoins, move beyond simply combining blockchain with stability, and look to enhance the relationships and interactions that occur between brands, consumers, and payment providers. Big consumer brands have already begun to explore the platform and will likely employ stablecoins within their existing ecosystems. This holistic integration of established infrastructure and nascent technology lays the groundwork for the dynamic tokenized economies that are often referenced in whitepapers but remain a niche for developers and blockchain enthusiasts.
Author: by News Desk
Q1 Crypto Trade Volume Jumps 61%, Bitcoin’s Price Performance Trumps Equity and Gold Markets | Market Updates Bitcoin News
For well over a month now, a great number of countries have been living under lockdowns and stay-at-home orders due to the coronavirus outbreak. Meanwhile, central banks like the Fed, Bank of England (BoE), and European Central Bank (ECB) have funneled trillions into the hands of private financial incumbents. Despite the market carnage on March 12, cryptocurrency markets have gone against the trend and remain resilient. Bitcoin and digital currency trade volumes in the first quarter (Q1) of 2020 have outshined Q1 2019’s volumes by 61%.
Also read: The Bitcoin Cash Network’s Block Reward Officially Halved – Block 630,000 Mined
The coronavirus scare has ravaged the global economy by touching every continent on the planet. The covid-19 virus can lead to severe illness and even death as it has caused the nation state’s politicians to shut down the economy. Bureaucrats have forced the citizenry to stay-at-home with specific lockdown mandates. Bureaucratic leaders have also shut down major industries including services like hotels, restaurants, airlines, cruises, and more. Essentially, depending on your jurisdiction, a shelter-in-place (lockdown) order means residents are asked to stay home and not leave their residence to travel unless it’s an emergency.
All of these actions have caused the stock market to crumble, real estate markets shudder, and oil has dropped below $20 per barrel of crude. Just like bitcoin and cryptocurrency markets, on ‘Black Thursday’ March 12, gold took a big hit and dropped to a low of $1,579 per Troy ounce. Since then, gold has gained 5.3% in value to-date, as an ounce of fine gold is selling for $1,661 at press time. BTC dropped to a low of $3,800 on March 12, but prices have since gained 90.78% in value. Even though the global economy has been stumbling, digital assets have surpassed equity and precious metals markets by a long shot.
Exchanges reported that ‘Black Thursday’ saw a record $70 billion in global trade volume, as trading platforms were swamped with both buyers and sellers. Bitcoin options skyrocketed to a record $198 million that day as well as crypto derivatives, specifically options and futures, had a landmark month. Chicago Mercantile Exchange (CME) swapped $347 million worth of bitcoin futures contracts on April 2. Moreover, the derivatives exchange Bitmex has lost dominance to other futures market players like Okex, Huobi, and Binance.
The Block’s Steven Zheng reviewed the volumes of 22 major crypto exchanges and discovered a considerable spike in Q1 2020 compared to 2019’s first quarter. Zheng’s statistics indicate that trade volumes jumped to over $154 billion in Q1 2020, which was a 61% increase compared to Q1 2019. Despite the rising volumes, some analysts think that the crypto trade volumes need to continue increasing or adverse trends will crush optimism.
There’s also been an influx of peer-to-peer (P2P) exchange volume in certain countries on platforms like Local.bitcoin.com, Paxful, Mycrypto, Hodlhodl, and Localbitcoins. Regions that are seeing a lot more P2P trade volume in countries like Argentina, Chile, Colombia, Egypt, India, Kazakhstan, Kenya, Mexico, Morocco, South Africa, Sweden, Tanzania, and Venezuela. Additionally, the San Francisco exchange Coinbase saw its best month of trade volumes in March. The blockchain analysis firm Chainalysis recently noted that exchange volumes in mid-March were 9X higher than the usual daily average.
The London fintech firm Mode Banking’s cryptocurrency application saw a 1,000% increase in trade volume at the end of March. Mode detailed that the week after the United Kingdom was placed on official lockdown, the Mode app saw a massive spike in crypto trading activity. 90% of the trades were buyers and most of Mode’s user base stems from the U.K. Mode Banking attributes the massive crypto buying to the coronavirus and stimulus packages being funneled to private banks.
“The impact of Coronavirus aid packages and monetary stimulus programs,” Mode wrote on April 9. “Trillions of dollars have been pumped into economies and stock markets around the world. This has been causing longer-term concerns about the U.S. dollar and other currencies becoming debased, and inflation rising.” Mode further stated:
The nature of Bitcoin means that quantitative easing and other monetary measures do not directly affect its price and thus it can be used to hedge against the impact of these on fiat currencies.
At the time of publication, the crypto economy is hovering around the $210 billion zone and there’s roughly $25 billion worth of global crypto trades right now. Most of the top 20 coins are relatively stable but cryptos like tezos, bitcoinsv, chainlink, and bitcoin gold have seen decent gains on Thursday. A number of lesser-known digital assets are doing well like bora, ethlend, acute angle cloud, hdac, and swftcoin. Overall traders and enthusiasts are positive about the market holding up during all the lockdowns and stimulus injections.
Moreover, people will see even more inflation when countries like Spain, Canada, and the U.S. toss out helicopter money to the citizenry. On Wednesday, Treasury Secretary Steve Mnuchin told U.S. politicians from the House of Representatives that around 60 million Americans will get their stimulus check next week if they used the IRS direct deposit system. Although, Mnuchin recently admitted that those who did not register with direct deposit would not get a check until late August.
What do you think about crypto prices and volumes going against the grain? Let us know in the comments section below.
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Author: Market Updates by Jamie Redman
Crypto Privacy Is a Financial Tonic to Government Intervention
It is no secret that the global economic outlook is continuing to worsen as the coronavirus pandemic continues to rage – and with many parties looking for the security of privacy in harsh financial times, the call for privacy is on the rise as government-led intervention skyrockets.
This quest, in turn, may lead many to turn to market-leading cryptocurrencies and privacy coins.
Indeed, with central banks taking a more hands-on approach than ever before in the fight against economic recession (or worse still, depression), some are looking for ways to wrestle back control over their own financial destiny.
Weiss Ratings analyst and frequent Cryptonews.com contributor Juan Villaverde opined that crypto safe havens could become more viable as central banks become more active.
He wrote, in a blog post,
“True cryptocurrencies, like bitcoin (BTC) and leading altcoins, protect their owners from government devaluation and confiscation. Government-controlled digital money does nothing of the kind.”
He stated that privacy coins like monero (XMR) in particular might prove popular, even if the powers that be disapprove. He added,
“Most governments don’t like monero. They fear its privacy features will enable criminals and spies. We don’t deny that risk is real. But […] technology is neutral. And this type of privacy may become an essential feature demanded by millions of honest actors in the years to come.”
Other industry players concur, and state that digitization and encryption drives will develop a new impetus in the weeks, months and years ahead.
In a Project Syndicate post, Coinbase CEO Brian Armstrong wrote,
“As businesses rush to adapt to the new world of social distancing, the pandemic has accelerated an already inexorable trend toward digital commerce. This broader shift should also include the widespread adoption of digital currencies, which provide stronger consumer financial and privacy protections.”
Armstrong added that in times of national and international emergencies such as World War II, humankind has naturally turned to encryption to solve its problems. He said that these same principles, when applied to finance, could see less-centralized technological solutions emerge.
The Coinbase CEO added,
“Cryptocurrencies hold the promise of creating a more open financial system, with worldwide access, instantaneous fund transfers, lower costs and vastly improved consumer-privacy protections.”
Meanwhile, per a press release shared with Cryptonews.com, Swiss startup Nym Technologies says it has developed an “advanced mixnet” that it says can “defeat National Security Agency-level adversaries in a bid to resist mass surveillance.”
The mixnet operators say the solution could help with the “current timely internet privacy problem exacerbated by COVID-19.”
The company opined that “if we don’t deploy privacy-preserving measures now, we might not get our privacy back post-COVID-19.”
Dave Hrycyszyn, Nym Technologies co-founder, stated that fighting “traffic analysis at scale” was becoming important, and concluded,
“Privacy is one of our most important rights. This is a critical time to adopt technologies that will help us protect them.”
Author: By Tim Alper