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Crypto Markets

SBI Holdings Launched VCTRADE, Its Own Cryptocurrency Exchange Platform, With Ripple (XRP) As The Main Asset

SBI Holdings has officially announced the launch of its own cryptocurrency exchange platform called VCTRADE, which is, in fact, the first cryptocurrency exchange platform provided by a bank. The platform will start trading with the 20,000 customers who registered in October last year, who will be able to trade with Ripple (XRP) in exchange for JPY in VCTRADE.

The company plans to extend its services to more customers from July and include other cryptocurrencies such as Bitcoin (BTC) or Bitcoin Cash (BCH).

According to the statement, the company completed the registration and fees required to operate this type of business on Japanese territory since September 2017 and has since worked to prepare for the launch of VCTRADE.

In October 2017, SBI Holdings allowed customers interested in crypto trading to register and, not surprisingly, more than 20,000 applications have been submitted.

SBI Holdings launched VCTRADE, its own cryptocurrency exchange platform, with 0 fees for XRP/JYP trading

For the XRP/JPY exchange, there will be no commissions as the SBI Holdings’ statement said. Also, fees for withdrawals will be charged at the time of making these types of transactions.

In terms of security and safety, the company will be backed by the Japanese Secom Trust Systems and both companies will collaborate for the management of the wallets for the VCTRADE exchange platform.

SBI Holdings had connections with the cryptocurrencies market before

In early March, the company sealed the purchase of 40% of CoolBitX, a Taiwanese company that owns the CoolWallet Bitcoin (BTC) wallet.

In addition, also in early March, the bank has canceled its collaboration with the Chinese startup Huobi, which, at first, announced they’d support SBI in launching its SBI Virtual Currencies.

On the other hand, SBI has been working with Ripple (XRP) since January 2016 to meet the growing demand for cryptocurrencies market services in Asia and put the basis a new company called SBI Ripple Asia which operates in Japan, China, Taiwan, Korea and the countries of the Association of Southeast Asian Nations (ASEAN).

Now, with the launch of its own cryptocurrency exchange platform, VCTRADE, SBI Holdings secures its position as a leader in the Asian cryptocurrencies market

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Crypto Markets

Cryptocurrencies Market Dropped Today As Microsoft Acquired GitHub Code Repository

Mircosoft acquired GitHub code repository and the cryptocurrencies prices fell on Monday, today, as the crypto community is not yet sure how this acquisition will influence cryptocurrencies market. Bitcoin (BTC) fell by more than 2.9% after it had risen to $7,754. However, BTC has dropped below the 7,500 USD mark earlier and now is trading at $7,488.

Most virtual currencies collapsed in May after the U.S. Department of Justice opened a criminal investigation into the possibility that traders are manipulating the Bitcoin (BTC) market.

All major cryptocurrencies have also fallen today as Microsoft acquired GitHub

Besides Bitcoin (BTC), the Ethereum (ETH), the world’s second largest cryptocurrency by market cap, dropped to $587, shedding about 4.65% in the last 24 hours.

The third cryptocurrency by market cap, the Ripple (XRP) has fallen by 1.93% to 0.65, while the Litecoin (LTC) has reached the level of $119 after dropping by 5.30%.

The cryptocurrency community has not taken very well the news that the software giant Microsoft acquired GitHub, a well-known code repository that hosts many blockchain and cryptocurrencies projects.

In fact, on GitHub, the cryptocurrency community’s members can contribute to or gain a deeper insight into the code of the future projects. Now, as Microsoft has been announced that it acquired GitHub, many Twitter and Reddit users are concerned about the impact that a massive company, that is Microsoft, could have on the decentralized blockchain community on GitHub and beyond it.

A new cryptocurrency trading platform has been introduced in Europe

Besides the allegedly bad news that GitHub has been sold to Microsoft, Gibraltar, a British territory, has launched a regulated and licensed cryptocurrency trading platform called the Gibraltar Blockchain Exchange.

This is a subsidiary of the Gibraltar stock market, therefore, it would be one of the first cryptocurrency trading platforms to be regulated by a European Union stock market.

Gibraltar Blockchain Exchange cryptocurrency trading platform has started to operate with limited trading but the platform already has more than 300 retail accounts and even some institutional investors.

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Crypto Markets

Institutional Investors Might Trigger A Bullish Race In The Cryptocurrencies Market

One hypothesis that hints that the crypto market is up for a big uptrend, even bigger than the surge recorded during the last year, arises from the growing cryptocurrency demand. Powered by market’s popularity, connoisseurs forecast that more and more institutional investors will seek to take a part in the action and grab a big piece of this pie.

As increasingly more cryptocurrencies are emerging on the mainstream markets and forming alliances with major investors including PwC, Goldman Sachs, and Santander, among others.

Big institutional investors can’t stay far for too long and this will boost the cryptocurrencies market

The best part regarding these institutional investors is that these entities are not used to deal with low-profile investments. Thus, they will come to the cryptocurrencies market only to place large-scale investments, so helping the market grow in terms of volume of transactions and market cap.

On the other hand, when reviewing the cryptos’ partners, it might be possible to not observe the bigger picture. Therefore, any news regarding the partnerships between big companies and cryptos seem isolated events. However, on the overall, firms like Facebook, MoneyGram, Santander, or Walmart, all of which are already involved in the cryptocurrencies market, to some extent, might influence other companies of the same level to go with the stream and get involved in the cryptos.

And, once it will happen, there will be a competition going on between the institutional investors, which will benefit only the cryptocurrencies market, in the end.

Cryptocurrencies market seeks widespread adoption

In short, the more companies will invest in cryptos, the more the market will stabilize and grow. Basically, this would mean widespread adoption and money infusions of up to $10 billion might be experienced which, eventually, would lead to a significant boost of the cryptocurrencies market.

All these, however, are founded on simple hypothesis and a market that operates in an almost perfect setting but, above all, it could happen if the big institutional investors would see the importance and the bright future of the cryptocurrencies market as both digital currencies and blockchain technologies.

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Crypto Markets

ICON (ICX), Cardano (ADA), And Nano (NANO) Price Analysis

Today, the cryptocurrencies market have benefited from a rapid upward movement. ICON (ICX) has been in full upswing, Cardano (ADA) is also “green”, while Nano (NANO) is dropping, losing about 4.7%. On the other hand, Bitcoin (BTC), the biggest crypto by market cap, has also risen in value against USD yesterday by shed the gains today, currently trading at $7,382.

ICON (ICX) price analysis

The ICON price is currently trading higher than the moving averages on the 30′ chart. In addition, the split between the 50 SMA and the 100 SMA is now starting to shrink to signal that purchasers are recovering their grip.

The bullish traders are struggling to break the $2.60 resistance but are keeping their eyes on the $2.7 and $3.0 levels. The short-term support regions will arrest the downward trend at $2.5 and $2.4 support levels.

Now, ICON (ICX) trades at $2.57

Cardano (ADA) price analysis

The Cardano ADA price has recently quoted the new May minimums after plummeting under $0.20. Yesterday, the ADA/USD pair exceeded the critical resistance level at $0.18 but stood at over $0.17 level.

Also yesterday, Cardano (ADA) chart presented a strong resistance level around $0.20. As Cardano (ADA) moved over this level (trading at $0.204, at the moment of this article) will encounter more resistance at the 78.6% Fiber Retracement level, with a peak at $0.31 and a minimum at $0.172.

However, the sentiment is bullish for the time being.

Nano (NANO) price analysis

The Nano (NANO) price was among the major earners in the cryptocurrencies market yesterday as its value against the USD soared by more than 14%.

Unfortunately, today Nano (NANO) plummeted below the $4 support level as it is now trading at $3.87, as it records a quite massive drop of about 6% in the last 24 hours, at the moment of this review.

Nano (NANO) lost the momentum it gained yesterday when the bulls pumped in the cryptocurrencies market and is now supporting a correction which might force the coin drop even more.

In short, today, May 30th, the cryptocurrencies market is continuing the slight recovery after a long period of turmoil and significant drops.

Categories
Crypto Markets

Coinbase Cryptocurrency Exchange Acquires Paradex Cryptocurrencies Trading Platform

Coinbase, the renowned cryptocurrency exchange platform, has made another move to hold a larger share of the growing cryptocurrencies market. Accordingly, Coinbase acquires Paradex cryptocurrency trading platform.

Thus, it is righteous to think that the leading cryptocurrency exchange platform in the United States has acquired the Paradex cryptocurrency trading platform to gain a wider market share in cryptocurrency trading and spread its dominance in the cryptocurrencies market.

The amount paid by Coinbase for the acquisition of Paradex remains unknown, at this moment.

Coinbase acquired Paradex and will soon support a larger number of cryptocurrencies

Paradex permits its customers to trade currencies directly between themselves through the use of digital wallets, rather than via a centralized cryptocurrency exchange platform such as Coinbase, that keeps tokens in safekeeping on behalf of its clients..

At this moment, Coinbase is only offering operations in the four largest cryptocurrencies, namely Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).

Additionally to these, Coinbase will take advantage of the Paradex platform which makes it easy to trade in hundreds of cryptocurrencies.

As a result of the acquisition, the number and types of cryptocurrencies that clients can exchange and trade with the Coinbase cryptocurrency exchange platform will expand substantially.

The purchase of Paradex is meant to help Coinbase attract more institutional investors

As we speak, Coinbase is the most popular and appreciated cryptocurrency exchange platform in the United States, as well as in other places in the world. However, Coinbase’s team wants more from the platform as to attract more institutional investors.

The acquisition of Paradex cryptocurrency trading platform might be a step forward in this direction as the Paradex platform is offering the possibility of trading in about a hundred cryptocurrencies and will now become, thanks to Coinbase, active on the US market which would’ve been an impossible task, otherwise, due to SEC regulations.

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