Author: Anna Galvez

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Crypto

Cryptocurrencies Market Dropped, Even Though 20% Of The Trading Companies Announced They’d Invest In Cryptos In 2018

According to a survey conducted by Thomson Reuters whose results were released yesterday, 20% of the trading companies of the world would consider investing in cryptocurrencies in 2018. However, despite the good news, the cryptocurrencies market dropped significantly today in the context of other external factors.

20% of the trading companies showed interest in investing in cryptocurrencies

This study, which has been conducted among 400 trading companies, also showed that among those companies considering cryptocurrencies as an interesting asset in 2018, about 70% are already making viable plans to invest in the next 3 to 6 months, while 22% of them are planning to start investing in 6 to 12 months.

According to some analysts, the survey’s results suggest that cryptocurrencies investments are viewed more as short-term projects rather than long-term investment.

“Cryptocurrencies still represent a small part of the trading market but this study shows that this niche segment is beginning to reach the public of the financial services industry. This is a major change from the previous year,” stated Neill Penney from the Thomson Reuters.

Cryptocurrencies market lost its bullish sentiment of the last days

Today, the cryptocurrencies market recorded massive losses despite the strong bullish sentiment which was surrounding the market until earlier.

Bitcoin (BTC) dropped by about 4% to $8,960, Ethereum (ETH) lost 11.4% hitting the $620 level, while Ripple (XRP), the 3rd coin by market cap, declined by 11.48% reaching at $0.81.

Also, the total cryptocurrencies market cap dropped from yesterday’s $426 billion to about $391 billion, at the time of this article.

After a strong upward momentum, which characterized the cryptos in the last few days, these generalized decline is due to the hack on MyEtherWallet.com, which is one of the most popular and used online cryptocurrencies wallets.

Although the total amount which was stolen is of only $136,000 in ETH, so nothing huge, the simple idea that, once again, a crypto-related digital asset has been hacked was enough for investors to keep themselves away from the market.

Nonetheless, the cryptocurrencies market will recover, for sure, and, since there is good news surrounding it such as the announcement that 20% of the trading companies are planning on investing in cryptos, the recovery might come sooner than expected.

Categories
Crypto

Ethereum (ETH) Gained Momentum And Broke Above $700 In The Context Of A Bullish Cryptocurrencies Market

The cryptocurrencies market is once again bullish as all the important crypto assets have gained a lot in the last days. The new trading day began positively for almost every cryptocurrency, all exceeding their resistance levels. Among the daily winners, there is Ethereum (ETH), which gained about 8% in the last 24 hours, passing the $700 level for the first time since the beginning of March.

Ethereum (ETH) was quiet lately and didn’t make in the news very often during the last month. Also, its gains were just normal, so, nothing spectacular being recorded about ETH in the last weeks, until now.

The bullish trending of the top cryptocurrencies in the market brought massive increases in the market’s capitalization in the last days. Accordingly, the cryptocurrencies market capitalization reached $426,5 billion in comparison with the $323 billion market cap registered just a couple of weeks ago.

Ethereum (ETH) broke above $700 in the context of a bullish cryptocurrencies market

The new trading day, April 24th, started normally for ETH as it was trading at about $636. Soon, it gained approximately 9% and passed over the $700 level at evening, gaining, accordingly, about $64 in just one day.

As we speak, Ethereum (ETH) is trading slightly above $700 sustaining the level for about 4 hours.

The 2nd coin in the cryptocurrencies market, ETH registers a market cap of about $70 billion, while it scored a trading volume of about $3,2 billion in the last 24 hours.

The coin is set to keep momentum and to go even more bullish than this. It is expected to close around $700 and, in the following days, Ethereum (ETH) is predicted to continue its growth towards its values against the USD it has registered before the cryptocurrencies market massive correction of a couple of months ago.

In conclusion, the cryptocurrencies market is bullish, with all the big cryptos showing significant gains. Among the winner of today, April 24th, there is Ethereum (ETH) which managed to break above $700, meaning that the coin will continue its uptrend if it gets support to sustain above $700.

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Crypto Finance

Cryptocurrencies Payments Are Significantly Cheaper Than PayPal, Which Increased The Fees

Recently, the electronic payment service PayPal announced an increase in its commissions. However, the increase in PayPal’s fees makes cryptocurrencies payments a much more beneficial option for users looking for alternative payments to traditional banking or online payment processors.

The new PayPal policy came into force at the end of the last week and implements a series new term of use, as well as the increase in the commission rate for international transactions. The new fees for PayPal services establish a base amount, depending on the country in which the sender is located, which varies between $2.99 and $4.99, to which is added a fee depending on the region where the transaction’s receiver resides.

Also, the payment service implemented changes in the conditions of use. Thus, from now on, all accounts must be fully verified, otherwise, users will only have access to their balance overview and to withdraw the money to the linked bank account.

A condition that, although it seeks to avoid the use of PayPal for money laundering and financing illicit activities, limits the privacy of the users of PayPal.

PayPal’s stricter regulations and higher fees may turn out to be beneficial for cryptocurrencies payments

On the other hand, the limitations implemented by PayPal can stimulate the adoption of cryptocurrencies as a method of payment for international transactions.

Especially considering the low commissions currently handled by the most used cryptocurrencies such as bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP).

It is important to bear in mind that the transactions fees in the cryptocurrencies market do not depend on the geographical location where a transaction is generated or received but on the immediacy with which the confirmation of the transfer is required. A feature that leaves open the possibility of sending a million dollar transaction in Bitcoin (BTC), for example, for only 0.08 cents, of course, if you are willing to wait between 6 and 8 hours for its verification, according to the current speed of the blockchain.

It is necessary to emphasize that PayPal is a much more popular payment tool than the cryptocurrencies payments, therefore it is more common to get businesses and people willing to accept PayPal than they may have been willing to accept cryptocurrencies.

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Crypto

Ripple (XRP) Will Reach $1 In Just A Few Days

Yesterday it was said that the sentiment surrounding Ripple (XRP) is positive and that the coin was sustained by communities. Today, it is clear that the uptrend of XRP is unstoppable now and Ripple (XRP) will reach $1 in just a few days.

The cryptocurrencies market rally

The situation of this generalized cryptocurrencies market uptrend was hypothesized by some cryptocurrencies holders and crypto investors, as well.

According to one of the hypothesis, this great influx of investors is because of the American tax season ending and thanks to the Americans who decided to invest their refunds in cryptocurrencies. Little probable but not impossible.

The second hypothesis says that all these gains are due to the Islamic scholar who stated that Bitcoin (BTC) and cryptocurrencies are acceptable by the Sharia law. A more plausible theory than the first one since the Bitcoin (BTC) spike of about $1,000 on April 12th came right after the declaration made by the Islamic scholar. Possibly, his announcement made religious communities of the Islamic world invest in cryptos.

Ripple (XRP) – Price

By taking a look at the XRP graph, is noticeable that the crypto has set a support level of $0.80 and a resistance level of $0.88, in the weekend. Yesterday, the XRP kept the community’s and investors’ support and these facts reflected in its uptrend today, as Ripple (XRP) passed over the $0.90 level, meaning that is on its way to $0.95 and even further to $1.

At the moments of this article, Ripple (XRP) is trading at $0.92, recording a gain of 5.05% in the last 24 hours. Yesterday, XRP closed at $0.87.

The 3rd crypto coin in the world, with a market cap of more than $36 billion, XRP has also registered a more than $1.2 billion traded volume in the last 24 hours.

We presume Ripple (XRP) will hit the $0.95 level somewhen tomorrow but that would not mean that XRP will jump right to the $1 level. However, after it will stabilize above $0.95, Ripple (XRP) will reach $1 in just a few days.

Categories
Crypto Finance News

Goldman Sachs Plans On Opening A Cryptocurrency Trading Desk

On this Monday, April 23rd, it was reported that Goldman Sachs, a major US investment bank, hired an expert in cryptocurrency trading and was evaluating the possibility of opening a cryptocurrency trading desk.

According to the sources, this trader is Justin Schmidt and joined the ranks of Goldman Sachs the previous week with the position of vice president and leader of the area of cryptocurrencies markets of this firm. Also, spokespersons of the company explained that this is the first time they hired an expert in cryptocurrencies and that they have made this decision due to the growing interest that their clients have in the cryptocurrency trading.

On the other hand, according to sources related to Business Insider, Schmidt would join Goldman Sachs to explore the options the company can have in the cryptocurrencies market, including the launch of a desk of cryptocurrencies investments.

Goldman Sachs would be the first bank in the US to implement a cryptocurrency trading desk

If the possible launch of a trading desk focused on cryptocurrencies materializes, Goldman Sachs would be the first US bank to offer this service to its clients.

Rumors of a possible opening of a cryptocurrency trading desk by Goldman Sachs have been heard since last December since Bloomberg published an article claiming that this bank was planning to launch this trading desk but, back then, officials from Goldman Sachs denied these rumors.

Goldman Sachs already offers its clients some services related to cryptocurrencies since it offers exposure to its clients of the future Bitcoin (BTC) contracts launched by CBOE and CME Group, that is, so far the role of Goldman Sachs in the cryptocurrency market.

Just last week, it became known that Barclays, an investment services company based in London, was studying the launch of its own cryptocurrency trading desk, which would be the first of its kind in Europe. So, more than one important financial institution is evaluating offering this type of services to its clients. We shall see if Goldman Sachs will implement such a crypto-related service soon.

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