Top Crypto News: 02/21 – Cryptocurrency News
Let’s find out some interesting crypto news for today.
Fuse Network announced the introduction of the FuseDollar (fUSD), an asset-backed stablecoin. Moreover, fUSD is a 1:1, USDC-backed stablecoin which will be used as a medium of payment by the Fuse Network community. In addition, the team also has plans to link the Fuse mobile app with other payment options such as bank deposits, debit cards, credit cards, or Apple Pay. With this integration, users will be able to purchase FuseDollar and Fuse tokens directly from the mobile app. Furthermore, the team is also planning to add more stablecoins, such as DAI, for backing, which will allow users to diversify their portfolio.
PAID Network partnered with KYC3COM to integrate KYC3 into the Ignition platform. As per the tweet, KYC3 will enhance the Know Your Customer (KYC) process with 2-factor biometric authentication. This partnership helps PAID to examine the information of the businesses they are dealing with. Moreover, PAID will use KYC3 and Peer Mountain for this analysis and their primary focus will be areas such as credit, settlement, transaction, loan, and insurance organizations. Furthermore, this implementation will simplify the KYC process as well as it will reduce the cost and onboarding time.
Exeedme partnered with ChainGuardians to bridge blockchain and NFTs into gaming. According to the tweet, this will help gamers to monetize their skills, and ChainGuardians gamers could challenge each other using the Exeedme platform. Moreover, the team has plans to integrate NFT mining, which will give more mining options to ChainGuardians users. Additionally, Exeedme gamers will also earn $XED and exclusive NFTs that they can trade, sell, or use to access exclusive DeFi and gaming events.
Kolektivo Labs launched on Fuse Network to scale blockchain-based development in the island of Curaçao. Moreover, Kolektivo Labs is an innovative hub of socially influenced leaders and entrepreneurs, who are experienced in creating blockchain infrastructure tools. These tools are used to help and educate the people of Curaçao on cryptocurrencies. Additionally, this community created CuraDAI, which is a stablecoin that is backed by the local Antillean Guilder. Due to Ethereum’s high transaction fees and long waiting time, users were facing issues. Hence, the launch of Kolektivo Labs on Fuse Network will help users to send and receive CuraDAI in few seconds and under $0.01 despite any worries about the transaction amount. Furthermore, the team also has plans to bring governance and finance into a single dApp which will be available on iOS and Android.
The last crypto news we have from Utrust, which has announced the customized integration of Shopify for its merchants via the Utrust app. Moreover, Watches of Wales is the first to use this e-commerce facility. Watches of Wales is a leading name in the sale and purchase of the world’s finest brands, such as Omega, Rolex, and others. To use this service, the merchants have to file for an application to get limited access to the Utrust app. Additionally, the team has plans to add more merchants worldwide, which will increase the adoption of crypto assets globally.
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- A ‘crypto’ scam is brewing on Twitter, and social media at large
- Crypto Analyst Who Accurately Called Bitcoin Collapse Says Top Could Be Near – Here’s His New Forecast
- URGENT NEWS!! CRYPTO.COM BURNS 70 BILLION CRO COINS!! 🔥 Your Complete Guide to Crypto.com CRO | Coin Crypto News
- Swiss crypto ETP issuer passes $1B assets under management
- Indian Official Provides Updates on Crypto Bill and Transition Period for Crypto Holders: Report – Regulation Bitcoin News
Author: Shephali Bhatt
Crypto Analyst Who Accurately Called Bitcoin Collapse Says Top Could Be Near – Here’s His New Forecast
A pseudonymous analyst who nailed Bitcoin’s plummet from $11,600 to $6,400 in 2019 says the bull market top could be on the horizon.
In a new tweet, the crypto strategist known in the industry as Dave the Wave warns his 44,700 followers that Bitcoin’s furious rally from $20,000 to an all-time high of $57,505 in a span of a few months may be running out of steam.
“More symmetries. The Fibonacci measurement from where price meets the bottom of the channel to where price would meet the top of the channel gives the previous peak as the center.
When the parabola corrects, now or a little higher, predicting a 0.38% retracement as per previous spikes.”
According to Dave, Bitcoin can potentially top out at $68,710.15 before igniting a massive correction that would send the leading cryptocurrency all the way back down to its previous bull cycle high of $20,000.
“Looking at this chart, it’s quite conceivable to see BTC back to 20K at some point. Up to the present price has spent a full 2/3s of its time in the ‘buy zone’. As the channel converges, and with increasing price discovery, it’s likely this ratio will decrease – the near-year-long speculative episodes and equally long corrections should come to dominate in an increasingly liquid market at this transitional stage. Multi-year cycles, with extended bases, could become a thing of the past.”
In the long run, however, the trader believes that it is possible for Bitcoin to eventually regain its bullish momentum and climb all the way up to $100,000.
“Say price corrected to $20,000 and then went to $100,000. The current price is exactly half-way to that target in real terms. Time wise, you also see a symmetry between the peaks.”
Last year, the trader shared his analysis of Bitcoin’s long-term trajectory, which tracks the cryptocurrency’s past price movements and increasingly long cycles. His chart shows Bitcoin could reach $500,000 sometime around 2029.
“When peaks are ‘stepped,’ they meet on the logarithmic growth curve. With each subsequent cycle – from base to peak – an extra year is added.”
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URGENT NEWS!! CRYPTO.COM BURNS 70 BILLION CRO COINS!! 🔥 Your Complete Guide to Crypto.com CRO | Coin Crypto News
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Author: Post Author: CoinCryptoNews
Swiss crypto ETP issuer passes $1B assets under management
21Shares, a Switzerland-based provider of cryptocurrency exchange-traded products, or ETPs, has recorded a 100% growth in assets under management over the past two weeks.
The company announced Monday that 21Shares has passed the $1 billion mark in AUM across its diversified 12 crypto asset ETPs. 21Shares CEO Hany Rashwan said that the company has seen a meteoric rise in its crypto ETP products recently, doubling AUM in less than two weeks. The company previously announced that 21Shares broke $500 million in AUM on Feb. 8.
According to the announcement, the massive surge in 21Shares’ crypto ETP business is mainly attributed to the rapid adoption of crypto by institutional investors as well as the products’ availability on regulated European exchanges.
Rashwan said that institutional investors are able to invest in 21Shares’ crypto ETPs by using the International Securities Identification Number, or ISIN, which is a global standard used to identify specific securities such as bonds, stocks, derivatives, and others:
“With such institutional demand wanting to gain exposure to crypto via an ISIN, it took us less than two weeks from announcing $500 million in AUM to now exceeding $1 billion. It is rapidly becoming judicious for many wealth managers, private banks, family offices and individuals to allocate to crypto assets.”
According to a product break down chart in the announcement, the biggest part of 21Shares’ total AUM came from 21Shares Binance BNB ETP (ABNB) — an ETP tracking the investment results of Binance Coin (BNB). BNB’s dominant share in the total AUM comes amid Binance Coin’s recent surge, which saw it become the world’s third-largest cryptocurrency on Feb. 19.
As of Feb. 18, ABNB was apparently still behind 21Shares Bitcoin ETP, or ABTC, with AUM amounting to around $214 milion, while ABTC AUM stood at $272 million, according to official records on the 21Shares website.
Formerly branded as Amun AG, 21Shares is known for launching the world’s first multi-crypto ETP, listing the product SIX Swiss Exchange in November 2018. In just over two years after launching its first crypto ETP, 21Shares has been actively diversifying its crypto ETP offering, witnessing a 200-fold increase in AUM. In early February, 21Shares launched the world’s first ETP based on Polkadot (DOT).
Indian Official Provides Updates on Crypto Bill and Transition Period for Crypto Holders: Report – Regulation Bitcoin News
As the Indian government gets closer to moving forward with the cryptocurrency bill, an official from the Ministry of Finance reportedly explained what discussions the government has been having regarding the crypto bill and the impending legislation.
The Indian government is getting closer to introducing the cryptocurrency bill in Parliament. On Friday, CNBC TV18 and Bloombergquint provided some updates on the status of the bill and what discussions the government has been having regarding cryptocurrency. However, both news outlets cited anonymous sources.
According to Bloombergquint, “India will go ahead with a complete ban on investment in cryptocurrencies, while providing existing investors a transition period to exit the holdings … this would include a ban on transacting directly via foreign exchanges.” The publication cited “a senior finance ministry official on condition of anonymity.” The official also clarified that the ban will not be enforced overnight, noting:
Cryptocurrency investors will be given a transition period of three to six months after the implementation of the new law to liquidate their investments.
The official added: “India’s new law will be modeled on China’s regulatory regime, which has effectively banned on trading and usage of cryptocurrency, while the government is working on issuing its own virtual currency.”
Another update regarding the Indian crypto bill came from CNBC TV18 on Friday. The news outlet wrote, “Sources suggest the government is discussing rules on the Indian cryptocurrency framework and it’s likely to spell out the modalities soon.” Reporter Timsy Jaipuria explained that the rules will entail “the time period which will be given to withdraw from existing cryptocurrencies.” She noted that this was supposed to be around three months according to 2019 discussions. The framework will also specify how the central bank, the Reserve Bank of India (RBI), will derive the value of India’s official digital currency and the penalties for not complying with the rules.
Many people in the crypto community in India are reluctant to believe news from anonymous sources, questioning their credibility. Many times in the past, various news outlets reported that the government was planning to ban cryptocurrencies but there has yet to be an official announcement. Crypto influencers in India suggest that people do not speculate and wait for the official announcement from the government or the actual bill to be disclosed.
Meanwhile, the crypto community has launched a campaign to convince lawmakers to regulate cryptocurrencies instead of imposing an outright ban. Even amid the uncertainty of the crypto legislation, the crypto industry in India is booming, boosted by bullish news from outside of India such as Elon Musk’s Tesla buying $1.5 billion worth of BTC.
The “Cryptocurrency and Regulation of Official Digital Currency Bill 2021” has been listed to be introduced in Lok Sabha, the lower house of India’s Parliament, during the current Parliament session. However, there are reports that the government may fast track the bill.
Several questions regarding cryptocurrency have been asked in Rajya Sabha, the upper house of India’s Parliament, since the beginning of this month alone. Firstly, the government clarified its stance on cryptocurrency and the digital rupee, then the government explained that the bill was being finalized. The most recent questions were answered by the finance minister herself regarding the government’s plan for cryptocurrency legislation.
Do you think India will ban bitcoin? Let us know in the comments section below.
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