Coinbase to pay UK and EU customers 5% ‘interest’ on crypto holdings
Cryptocurrency exchanges could use staking to effectively pay their customers interest at more competitive rates than is on offer at traditional banks and blur the lines between what is a bank and what is not.
Having launched staking rewards on Tezos for US customers in November, Coinbase is now rolling out the offer to the UK, France, Spain and the Netherlands.
- Bitcoin Tests $9,500 a Day After Goldman Sachs Advises Against BTC
- Bitcoin Exceeds $9,500
- Martin Lewis’ Bitcoin warning revealed: ‘You could lose everything!’
- Bitcoin Price Forecast: BTC/USD ready for further growth after a move above $9,300 – Confluence Detector
- Bitcoin IRA™ Releases New Infographic on Bitcoin’s Major Halving Event
Bitcoin Tests $9,500 a Day After Goldman Sachs Advises Against BTC
The King of Crypto is once again doing what it does best by surprising investors and traders with a retest of $9,500. This is despite the earlier mentioned possibility of a possible slow week with CME Bitcoin futures expiring tomorrow, 29th May. Bitcoin is currently trading at $9.460 (Binance rate) and looks set to keep pushing upwards with less than 24 hours till the contracts expire.
The push to the local top of $9,540 comes a day after Goldman Sachs stated that Bitcoin and cryptocurrencies are not an asset class. This information was presented via slides apparently from the firm’s May 27th call that discussed the US economic outlook. One of the slides – available below – clearly states that Bitcoin and cryptocurrencies are not an asset class. Therefore, they are not viable investments. However, the authenticity of the slides circulating on Twitter is yet to be confirmed.
In a Tweet in response to news of Goldman Sachs advising against Bitcoin, Co-founder and CEO of Gemini, Tyler Winklevoss, put forth the notion that Goldman Sachs is pulling off a classic head fake by denying their interest in BTC.
The more I think about it, the Goldman report is probably a head fake. Seems like something the vampire squid would do. They’re probably rebranding to ‘Goldman Stacking Sats’ as we speak.
— Tyler Winklevoss (@tylerwinklevoss) May 27, 2020
A head fake is a term used by chartists who love to use Bollinger Bands when doing their technical analysis. A head fake occurs when the asset being analyzed seems to move in one direction, only to reverse course quickly and significantly. It is similar to how a rugby player sidesteps his opponent by suggesting with his head that he is moving in one direction only for his feet to the opposite.
Veteran Bitcoin analyst, Willy Woo, was of a similar opinion in that Goldman Sachs is advising against Bitcoin only for the investment firm to secretly stack some more Sats. Mr. Woo’s tweet went on to point out that Goldman Sachs invested in the crypto company of Circle. The full tweet by Willy Woo can be found below.
Goldman Sachs loves Bitcoin so much that they tell their clients to not buy it, so they can buy more, which includes their investment in Circle.
— Willy Woo (@woonomic) May 28, 2020
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of EWN or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.
Author: John P. Njui·Bitcoin (BTC) News·May 28, 2020
Bitcoin Exceeds $9,500
Bitcoin has started the day posting gains. At press time, the largest cryptocurrency by market cap is trading at $9,510.37 (+3.74%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has jumped to $221.07 (+6.72%), while XRP has grown by 1.91% and is now trading at $0.2.
FxPro’s team of analysts say:
“Bitcoin has grown by almost 4% over the past day to $9,500, an increase that has coincided with a proportional rise in trading volumes. At the same time there has been a significant transaction between whales. According to WhaleAlert, 11,660 BTCs ($111,259,669) have been transferred between two unknown wallets. While this does not necessarily mean that major changes have to occur, these types of transactions always attract a great attention. Bitcoin has been able to recover from $9,000, however, it has not yet reached a level of growth that allows us to speak of a real change of direction.
While growth of several percentage points per day would be an ideal scenario to attract new users, this is almost impossible. In fact, Goldman Sachs, the world’s largest investment bank, does not recommend its clients to invest in this type of asset.
In any case, this will not become an obstacle for true crypto enthusiasts, and Goldman has already been accused of being old-fashioned and of unfair play. Tyler Winklevoss thinks this could be a special strategy to convince the market by saying one thing and doing exactly the opposite. Time will tell if this is true or not, however, the crypto market will almost certainly keep making headlines.”
According to CoinMarketCap’s ranking, 9 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $265,058,858,126.
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Author: José Rodríguez
Martin Lewis’ Bitcoin warning revealed: ‘You could lose everything!’
Cryptocurrencies are a form of digital money that use encryption to secure transactions and control the creation of new units. As Bitcoins rise in value, so do the prospective profits of those investing in them. However, many have warned that this is not investing, but gambling, and that if the “bubble bursts”, it could see many lose their wealth. With its popularity growing, Martin Lewis warned that you shouldn’t get into it if you haven’t done your research.
He said in 2018 on the Money Saving expert website: “If you don’t understand Bitcoin you should not be investing in it.”
His advice is that, while you might not need to be an expert in the technical details, you need a thorough understanding of what you’re getting into.
He added: “You need to understand how it works as an investment, how liquid it is (ie, can you get out when you want to), the level of risk and what can drive the price up and down.”
His advice is not to invest “just because a friend told you to”, but to do your own research and make the decision that’s right for you.
Martin Lewis news: Martin Lewis warned of the dangers of bitcoin (Image: getty)
Martin Lewis news: Bitcoin has risen in popularity (Image: getty)
Mr Lewis continued: “To be created Bitcoins have to be mined and there are meant to be only a limited possible number to be found.”
The Money Saving Expert founder emphasised that the Bitcoin market is gambling.
He said: “Putting money in it is a form of gambling.
“That means if it does well, you could make serious amounts – 10, 20, 30 times or more what you put in; or just as possible, if it goes badly wrong, you can lose everything.”
Mr Lewis instead advises that people looking to invest in cryptocurrencies need to be prepared for the risks.
Martin Lewis news: It is a cryptocurrency (Image: getty)
Although the value of Bitcoins has rocketed, particularly since the start of 2017, he warns that “past performance is no indication of future performance”.
Mr Lewis added: “It may be that this speculative rise will continue. Which means if you put your money in now you will make a fortune.
“On the other hand, as we’ve seen often in history – whether it’s the canal mania of the 18th century or the first internet boom – this could just be a bubble and soon burst.
“We’ll only know with hindsight – you have to accept the uncertainty.”
Bitcoin’s worth has fluctuated at times, declining in the second half of 2019.
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Martin Lewis news: The first Bitcoin ATM (Image: getty)
Martin Lewis news: He also warned of scam Facebook ads (Image: getty)
Overall however, the value doubled across the whole year.
In March, Mr Lewis warned of Facebook scam ads involving his name.
He Told Good Morning Britain: “There’s another plague of Facebook ads with me in – the ‘Bitcoin Code’ or ‘Bitcoin Trader’ scam, which lies saying I suggest investing in it.
“In fact they’re not even about Bitcoin but about binary trading, something no one should touch with a bargepole.”
Author: Charlie Bradley
Bitcoin Price Forecast: BTC/USD ready for further growth after a move above $9,300 – Confluence Detector
The intraday chart shows that the RSI stays inside an overbought territory, though there are no signals of reversal as of yet. It means that the coin may repeat the attempt to break above $9,500-$9,600 in the nearest future.
Let’s have a closer look at support and resistance levels clustered around the current price.
Bitcoin IRA™ Releases New Infographic on Bitcoin’s Major Halving Event
LOS ANGELES, May 29, 2020 /PRNewswire/ — Bitcoin IRA, the world’s first, largest, and most secure digital asset IRA technology platform that allows clients to purchase cryptocurrencies and other digital assets for their retirement accounts, has published a new infographic detailing Bitcoin’s third halving event—and in the aftermath what it could mean for investors.
The Bitcoin halving, which occurs every four years, is a monumental event for the cryptocurrency in which the rate of supply of Bitcoin is cut in half. This year, Bitcoin’s rate of production went from 12.5 bitcoins every ten minutes to 6.25.
The result is a combination of decreased supply and increased demand for Bitcoin, creating upward price pressures. Additionally, the halving event in 2020 has now lowered Bitcoin’s inflation rate to 1.8%, which is lower than the target rate of the U.S. dollar and other global currencies.
Consumers can view the full infographic here.
While it’s too early to tell the exact effect this year’s halving will have on the price of Bitcoin, historic data suggests that dramatic price increases could follow. Shortly after the halving in 2012, Bitcoin’s price increased 8,189%, and after 2016, another bull run followed with a price increase of 2,237%. With the third halving just happening in early May 2020, Bitcoin’s price could soon rise to exceed $280,000.
“Our internal data at Bitcoin IRA shows signs of increased demand for Bitcoin inside IRA & 401(k) accounts,” explains Chris Kline, COO and Co-Founder at Bitcoin IRA, citing record transaction volume in April and May of 2020. “As more investors look for retirement alternatives to the traditional stock market and awareness of cryptocurrency continues to build, a promising trend will continue for Bitcoin.”
Individuals interested in adding Bitcoin, other cryptocurrencies or even physical gold to their IRA can learn more at bitcoinira.com or by calling 866-333-4307.
About Bitcoin IRA
Bitcoin IRA, available at bitcoinira.com, is the world’s first, largest, and most secure digital asset IRA technology platform that allows clients to purchase cryptocurrencies and physical gold for their retirement accounts.
The company provides a trading platform for self-directed retirement accounts which allows clients to set up a qualified digital asset IRA account, transfer funds from an existing IRA custodian, execute trades in real-time 24/7 through a leading exchange, and store the funds in an industry leading multi-signature digital wallet from BitGo, Inc.
Bitcoin IRA is a financial services technology provider, and as such, is not a financial adviser, cryptocurrency, exchange, custodian, wallet provider, initial coin offering (ICO), or money transmitter. Bitcoin IRA is privately funded and based in Los Angeles.
Learn more about Bitcoin IRA at bitcoinira.com or call 866-333-4307.
SOURCE Bitcoin IRA
Author: Bitcoin IRA