Crypto Trading Services – Trade Bitcoin on Paypal?
July 27, 2020
Bitcoin on the Rise in Africa
Chris Maurice, CEO of Yellow Card – a thriving crypto exchange in Africa states the prevalence of cryptocurrency in Africa is growing across the continent. At present, it is gaining prominence in Nigeria, South Africa, Ghana and Kenya and is expected to expand across the rest of the continent of Africa.
Although the majority of the crypto usage are not used on formal exchanges – mainly informal OTC like messengers like Whatsapp, the volume of crypto usage is said to be at least five to eight times higher than actual numbers. Maurice further states that he estimates the number of people owning Bitcoin to be 10% of South Africa’s population.
The crypto interest in Africa started around 6 years ago, and crypto usage is a logical adoption as cryptocurrency is away from government control, major currencies like Bitcoin allows for self-sovereign money storage and fast transactions.
The substantial growth of cryptocurrencies like Bitcoin is expected to present itself as a problem solver to global issues.
Source | Cointelegraph
Chinese Blockchain Projects to Push Mainstream Adoption
Major decentralized blockchain platform, NEO is partnering with Blockchain-based Service Network (BSN) to push for mainstream adoption of blockchain technology.
The main goal of the partnership is to overcome barriers of strict entry requirements and fragmented developer experiences. BSN plans to provide a public repository of blockchain resources while reducing development costs such as deployment and operations. To overcome barriers preventing mass adoption, NEO will leverage BSN’s global public city nodes and portals to help developers.
To accelerate the project, BSN and NEO will join forces with industry giants Chinese State Information Center, China UnionPay and China Mobile. The adoption of blockchain has accelerated dramatically over the past few years and it is expected to grow in future.
Source | Cointelegraph
PayPal to offer Crypto Trading services?
Digital payments giant Paypal reportedly is partnering with United States stablecoin operator, Paxos to offer crypto trading services. The launch of crypto trading services will be through a new brokerage service of Paxos, though it is not confirmed which cryptocurrency Paypal will be supporting.
Paxos has earlier launched a crypto brokerage to enable crypto trading functionalities for firms – to be used through integration of a simple application programming interface along with a regulatory compliance management system. This same service will be used by Paypal to put out its crypto trading features.
Previously, Paypal has announced that the firm is still working on developing its own cryptocurrency capabilities. Although withdrawn from the governing council for Facebook’s proposed stablecoin, Libra Association, Paypal took further steps to enter into the crypto industry and that indicates a major development for the whole industry.
Source | Cointelegraph
Mastercard offers Partnership to Crypto Firms
Mastercard is driving forward the cryptocurrency market by recently expanding a cryptocurrency card program and is offering partnership to crypto firms to support their market entry, continued growth and global expansion plans. In return, these crypto firms are to assist Mastercard in integrating this new technology.
Mastercard has previously worked with Bitpay, a blockchain payments provider to launch prepaid cards to users in the United States. This time, Mastercard will offer its cybersecurity and market research expertise to crypto partners to issue their crypto cards. Although the onboarding process of new crypto partners will be streamlined, there will be strict rules resolving around consumer protection and laws & regulations, to adhere to.
The first crypto partner of Mastercard’s crypto card program is Wirex, a London based crypto payment processor and the partnership has allowed Wirex to convert crypto to fiat currency instantly.
CEO & Co-founder of Wirex, Pavel Matveev has stated that the partnership represents growing interests and recognition of the cryptocurrency, and that the partnership will help to realize the equality of all currencies – fiat or crypto.
Source | Cointelegraph
Bitcoin Price Almost Hits $11,000 For First Time Since 2019: What Traders Are Saying
HANGZHOU, CHINA – JULY 24: A mobile phone screen showing the Shanghai Composite Index is pictured on … [+] July 24, 2020 in Hangzhou, Zhejiang Province of China. (Photo by Long Wei/VCG via Getty Images)
The price of Bitcoin (BTC) reached $10,956 on BitMEX, officially surpassing $10,900 for the first time since 2019. It has broken out of a multi-year trendline, dating back to 2017.
Traders and technical analysts are generally optimistic toward the breakout of Bitcoin. The rapid upsurge from $9,933 to $10,956 on a single day officially eliminated the chance of a triple top forming.
The price of Bitcoin surges past $10,900 on BitMEX.
The term triple top refers to three consecutive peaks at a similar level. Until its recent breakout above $10,500, BTC was at risk of seeing the dreaded technical pattern.
Overall Optimism In The Cryptocurrency Market
The price of Bitcoin was stuck in a two-month range since May, struggling to see much volatility. It remained relatively stagnant in the $9,000 to $9,500 range, consolidating under the $10,500 resistance level.
But when an asset consolidates under an important resistance level for a prolonged period, it raises the likelihood of a breakout.
Following Bitcoin’s abrupt increase to $10,900, traders, investors, and technical analysts responded positively.
Barry Silbert, the CEO of Grayscale and major crypto VC firm DCG, said the next resistance for Bitcoin is at $13,000.
Rafael Schultze-Kraft, the chief technical officer at Glassnode, shared a chart which shows low resistance or selling pressure above $10,900. That could indicate that the recent upsurge was a critical breakout to sustain the momentum of Bitcoin.
What Is To Come In The Future?
Investors appear to be expecting two things following the strong Bitcoin rally. First, some investors anticipate alternative cryptocurrencies to underperform. Second, market research firms foresee a room for a bigger rally, based on strong fundamentals.
Ari Paul, the CIO at BlockTower Capital, explained prior to the rally:
“A big part of altcoins rallying for the last few months has been BTC in a tight range. IMO, most alts likely to underperform BTC if it breaks out in either direction.
As the momentum around Bitcoin continues to build, Glassnode researchers emphasized that on-chain fundamentals of Bitcoin are only strengthening. They said:
“With BTC breaking $10k and on-chain fundamentals growing stronger, Bitcoin hit one of its highest GNI scores this year – pushing deeper into the bullish regime.”
But in the near-term, cryptocurrency trader Scott Melker explained that Bitcoin has to close above the $10,500 level at a higher time frame. A close of the daily candle above it would confirm a proper rally. He wrote:
“Bitcoin just made a macro higher high for the first time in a year. I like to wait until a candle closes for confirmation, because a close below that red line would be an epic bearish SFP. Today is the moment of truth.”
While some traders are seemingly taking caution at a big resistance area, other investors and on-chain market researchers foresee a stronger rally ahead.
Author: Joseph Young
US Crypto Exchange Coinbase Now Has 35,000,000 Retail and Institutional Traders
The leading US crypto exchange Coinbase says its user base of retail and institutional traders has grown to 35 million.
In its Crypto H1 2020 report, the San Francisco-based firm says in the first half of 2020, it witnessed a significant uptick of institutional investors such as multi-strategy hedge funds, venture capitalists, leading university endowments and large family offices that directly buy digital assets.
“Today, Coinbase operates the largest regulated exchange in the world – a central pool of liquidity that combines the assets of our 35mm retail users and institutional clients.”
The exchange says a growing number of these institutional clients are convinced that cryptocurrency, particularly Bitcoin (BTC), offers an alternative to the current financial system regulated by central banks.
“Investors are still in the early days of untangling the relationship between macroeconomic policy and crypto, but we are seeing a growing base of our institutional clients organizing around the thesis that BTC, specifically, provides exposure to an alternative monetary policy system with supply mechanics that are diametrically opposed to those of central banks in 2020: scarcity versus expansion, predictability versus uncertainty, decentralization versus centralization, software versus humans.”
Coinbase also says it noticed increased interest in crypto among fintechs and brokerages including Square, Robinhood, SoFi, eToro, Paysafe, and Zeux. The US crypto exchange says it’s preparing for the entry of new players in the crypto space as it expects the trend to accelerate in the coming years
“We anticipate that the combination of Coinbase’s rapidly advancing crypto-as-a-service capabilities, which make adding crypto easier for fiat-native businesses, as well as visible success stories from public companies that have embraced digital assets, will continue to drive new entrants from the fintech, brokerage, and banking sectors.”
Swiss SIX Exchange Lists Actively Managed Bitcoin ETP
Swiss SIX Exchange, one of the world’s largest stock exchanges, is listing a new cryptocurrency exchange-traded product, or ETP.
Dubbed the “Bitcoin Capital Active ETP,” the new trading product represents an actively managed crypto ETP, trading Bitcoin (BTC) against 14 top altcoins like Ether (ETH) and exiting to fiat without active involvement from investors.
Claimed to be the world’s first actively managed crypto ETP, the new product is now listed on SIX Exchange under index BTCA.
The BTCA is registered by Swiss-based crypto investment management firm FiCAS and issued by Bitcoin Capital AG. The new ETP product is issued at 100 Swiss francs, the firm said.
Mattia Rattaggi, chairman of the FiCAS Board, explained that the issue price of the BTCA was driven by the desire to accommodate and facilitate market liquidity, retail concerns and portfolio management rebalancing requirements.
Rattaggi noted that investors now have a new option of investing money into a crypto ETP that discharges their direct involvement, comparing the BTCA to traditional discretionary portfolio management. Rattagi added that the new product should be a good fit for the nascent crypto market:
“Time will tell how this innovation will impact the industry. Arguably, an actively managed, discretionary ETP may be better suited for the still nascent cryptocurrency markets, because it focuses on active risk management more than in a systematically-driven passive ETP.”
The list of cryptocurrencies authorized for trading is defined and driven by SIX Exchange, the Rattagi said, “We have chosen coins that have their own blockchain, high market capitalization and a large liquidity pool.” He noted that the ETP does not include privacy coins.
In traditional finance markets, an ETP is a type of security that is priced derivatively and trades based on investment tools such as a commodity, a currency, a share price, or an interest rate. Opposed to crypto exchange-traded funds, or crypto ETFs, crypto ETPs are always 100% backed by the assets they are tracking.
Swiss SIX Exchange has listed multiple crypto ETPs since listing the world’s first crypto ETP in late 2018. At the time, the stock exchange listed Amun’s Crypto Basket ETP (HODL), which tracked five major cryptos like Bitcoin, Ether, XRP, Bitcoin Cash (BCH) and Litecoin (LTC). Since January 2020, SIX Exchange has also been actively listing numerous ETPs backed by crypto asset manager 21Shares.
BitMEX Arthur Hayes Confirms: It’s A Bull Market
As if things couldn’t get any crazier in the DeFi world, yEarn.Finance has risen to the ranks as the hottest new DeFi player. yEarn is a yield aggregator for lending platforms like Aave, Compound, Dydx, and Fulcrum.
What drew a lot of attention from the project is the potential to earn overly high returns. It allows people to use multiple DeFi platforms simultaneously to generate the highest yield possible.
Many investors see this as one of the largest sources of passive income. And many have already jumped on board. It currently has over $113 million assets locked up.
In July 26, it hit its all-time high at roughly $345 million TVL.
Previously known as iEarn, yEarn is the brainchild of developer Andre Cronje.
Cronje had recognized that yield farming had become way too complex and anticipated that complexity to worsen over time. As more people wanted to combine multiple lending platforms to stack up more earnings, it became harder and harder to assess if they were actually making profits.
In response to this, Cronje knew that he needed to provide a new product that would simplify the process and allow anyone to seed these yield farming schemes instead of manually choosing between them.
yEarn functions as a decentralized aggregator of yield farming opportunities. It allows users to optimize their yield farming results by combining different platforms.
When a user deposits tokens to the platform, their tokens are converted to yTokens. yTokens are regularly rebalanced to choose the most profitable DeFi services.
Curve happens to be the leading integrator of yTokens as it has created an Automated Market Maker (AMM) between yUSDT, yUSDC, yTUSD, yDAI. In fact, users are able to earn lending fees and trading fees on Curve simultaneously.
This allows profit-switching between different DeFI platforms like Aave, Compound, Curve, etc. autonomously.
yTrade allows you to leverage trade up to 1000x with initiation fee and 250x without. Supported currencies tokens include $DAI, $USDC, $USDT, $TUSD, and $sUSD. This system is still in beta phase so use at your own risk.
This is an automated liquidation mechanism for Aave. yLiquidate allows 0 capital liquidations on a first-come-first-serve basis.
This enables the creation of a 5x leveraged Dai vaults with USDC.
The yswap exchange offers a stable AMM, which allows single sided liquidity provision.
YFI is the governance token of the yEarn ecosystem. It is distributed to users who provide liquidity to any of its platforms with yTokens. It is considered one of the most decentralized token evern issued since it has no pre-mine, pre-sale, or even allocation to the founder.
It was created as a way to surrender the governance of the yEarn system to the community.
In further efforts to give up this control (mostly because we are lazy and don’t want to do it), we have released YFI, a completely valueless 0 supply token. We re-iterate, it has 0 financial value. There is no pre-mine, there is no sale, no you cannot buy it, no, it won’t be on uniswap, no, there won’t be an auction. We don’t have any of it.
But as it turns out, the community apparently disagrees with Cronje, seeing that the token has risen from 0 to over $3,000. Furthermore, it can now be traded on Poloniex, MXC, CoinEx, Uniswap, and other marketplaces.
You can earn YFI by providing liquidity to any of the yEarn products.
Before you can stake yTokens be sure to provide liquidity to Curve’s YPool by going to this page and connecting your web3 wallet.
Once done, you will be able to get yTokens. Then, a new “Stake unstaked” button will appear.
Click it and confirm to spend your yTokens. Now you can start earning YFI. Your share should be reflected on your profile page.
yEarn brings DeFi to a whole new level with its innovative functionality. It is not meant to compete with existing DeFi protocols, but rather, to work with them.
The objective of yEarn.finance is to help yield farmers make the most of their tokens. It doesn’t limit users to one platform but enables to work with multiple DeFi platform at the same time.
Furthermore, it is also one of the most decentralized projects ever conceived in the space considering that the founder basically handed control over to the community.
Author: Published 19 hours ago on July 27, 2020