Tag: Cryptocurrencies Market

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Crypto News

Stellar (XLM), Cardano (ADA), And OmiseGO (OMG) Skyrocketed Thanks To Good News

The cryptocurrencies market showed yesterday a general increase that has led to different altcoins such as Stellar (XLM), Cardano (ADA), and OmiseGO (OMG), to score significant gains. The total crypto market reached a value of more than $296 billion on Wednesday, according to CoinMarketCap.

In order to know the causes that are generating this behavior, two types of factors come into play. The first is the global aspects of the ecosystem itself, which include the good times the market is experiencing and the momentum it has taken over the past few days. The second relates to each particular crypto and the announcements that have been made over the past week that have had a positive impact.

Stellar (XLM) is Sharia-approved

Stellar (XLM), the sixth most valuable currency by market capitalization received a certification on Tuesday to use DLT technology in Islamic financial institutions. The trading volumes in the hours following the announcement were over $200 million, which led to a rise of 27% in XLM price. However, at the time of this writing, Stellar (XLM) trades at $0.30, scoring a 1.56% increase in the last 24 hours.

Cardano (ADA) might get on Coinbase

The market’s momentum also boosted Cardano (ADA), which experienced a 13% jump on Wednesday, although it already shows a slight correction, and is now trading at $0.18 increasing by about 2.1% in the last 24 hours.

The increase, which is still going on, could be due to Coinbase’s announcement that it is considering adding Cardano (ADA) to its platform, along with Zcash (ZEC), Stellar (XLM), Basic Attention Token (BAT), and 0x (ZRX).

OmiseGO (OMG) teamed up with McDonald’s in Thailand

In the case of OmiseGO, which rose 5% yesterday, the cause of its rise could be the announcement made by the CEO of McDonald’s in Thailand, Hester Chew, who talked about the successful conclusion of the partnership with the OmiseGO platform. The performance of this currency has been very uneven over the last day and is currently showing a slight correction.

As you may recall, McDonald’s subsidiary in Thailand reached an agreement last September establishing the use of the cryptocurrency payment service provided by OmiseGO.

OMG is now trading at $8.04, dropping by about 1% in the last 24 hours.

In short, yesterday, only good news surrounded a few of the most appreciated altcoins in the cryptocurrency market, including Stellar (XLM) and Cardano (ADA).

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Crypto News

Are We Witnessing Another Bitcoin (BTC) Bull Run?

Bitcoin (BTC) trades at about $6,735 after surging by about 2.60% in the last 24 hours. However, according to the majority of crypto investors, BTC must break above the $6,900 level to keep on rising. But, are we witnessing another Bitcoin (BTC) bull run?

According to the same experts, Bitcoin (BTC) might break above the $6,900 level very soon, and since that is achieved, BTC would surge even more towards $7,500 and then to $8,000.  And, more important, the technical analysis of Bitcoin (BTC) charts are matched by the current positive news regarding BTC, in this case.

Therefore, the latest news regarding the Bitcoin (BTC) futures, BlackRock involvement in BTC, and the emergence of institutional investors are all meant to help the leading cryptocurrency in the world by market cap to commence a new bull run.

Bitcoin (BTC) futures

The general sentiment characterizing the cryptocurrency enthusiasts and the Bitcoiners out there is that the US SEC will approve the Bitcoin (BTC) futures trading, recently filed by the CBOE.

And SEC might indeed approve it, following the models already established by more crypto-friendly countries, such as South Korea, Malta, Japan, Thailand, Germany, and Canada, among others.

Many predict that the SEC will approve it in August, triggering a true Bitcoin (BTC) bull run.

The BlackRock ETF trading platform involvement in cryptos and blockchain

Recently, BlackRock, the world’s leading ETFs trader, announced it would like exploring the advantages of the cryptocurrencies market and blockchain technology, and even mentioned Bitcoin (BTC) as their primary point of interest. Thus, BTC price surged by about $400 in less than a day, jumping from about $6,200 to approximately $6,400.

Institutional investors could boost the Bitcoin (BTC) trading volumes

Lately, the institutional investors showed a higher interest in the cryptocurrencies market and, on the other hand, some cryptocurrency-related platforms, such as Coinbase, started to provide specialized platforms for this type of investors who can skyrocket the trading volumes not only for Bitcoin but also for other cryptos.

One good example is the emergence of the Swiss SIX stock exchange into the cryptocurrencies market.

All these pieces of the puzzle, if placed together, yield a considerable opportunity for a new Bitcoin (BTC) bull run.

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Crypto Markets News

Bitcoin (BTC) Will Fail As A Currency, According To Leading US Economists

Three of the top U.S. economists have negatively spoken of Bitcoin (BTC) and its survival prospects during a meeting with Financial News on July 9th. Accordingly, Joseph Stiglitz, Kenneth Rogoff, and Nouriel Roubini made remarks claiming that Bitcoin (BTC) will collapse as a currency due to its lack of intrinsic value and its price volatility.

Bitcoin (BTC) is not a reliable fiat money alternative

Joseph Stiglitz also criticized the Bitcoin (BTC) traditional anonymity of transactions stating that it is contrary to the concept of a “transparent banking system.” According to him, crypto coins such as Bitcoin (BTC) provide support (unwillingly, of course) to “harmful activities” which “no government can afford.”

Kenneth Rogoff, the ex-chief economist at the International Monetary Fund (IMF) and a Harvard University professor, reaffirmed his dissenting view on Bitcoin (BTC), saying that the leading cryptocurrency in the world would be trading at just $100 in about ten years. He also mentioned government engagement in the crypto-verse, cautioning that “the people in power” will be in charge of overseeing “anonymous transactions.”

Nouriel Roubini, also known as “Dr. Doom” for his supposed “prophecy” of the 2008 financial crisis, claimed that Bitcoin (BTC) has none of the features of fiat money. Roubini also complained about BTC price volatility, scornfully stating that Bitcoin “is not even accepted at BTC conferences, and how can something that falls 20% one day and then rises 20% the next day be a stable store of value?”

Central banks and governments are not threatened by Bitcoin (BTC)

Some worldwide governments have, in fact, given clear declarations that crypto is a non-threatening phenomenon to traditional finance. Also, the same concept is accepted by central banks around the world.

The Bank of Korea (BOK) also argued that crypto assets do not present risks to the domestic financial market because of their not very large volumes in comparison to other stock market’s assets, for example. Another example comes from the Netherlands where the government stated that cryptos pose only a low risk to the country’s financial stability.

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Crypto Markets News

Bitcoin (BTC) Vs. Altcoins As Cryptocurrency Payment Methods

It’s no secret that most conventional economists don’t think much about cryptocurrencies. Bitcoin (BTC) and the altcoins, Ethereum (ETH) and the rest, not only produced the “biggest bubble in history,” but they are “neither a serious method of payment nor a good way to store capital,” according to Bank of America and Nouriel Roubini. However, while traditional financial experts have spent countless hours complaining that the volatility of cryptos makes them unfeasible as real money, a wide variety of stores, especially online, implemented cryptocurrency payment methods.

Which cryptocurrency is the most used one for payments? Well, perhaps as expected, the answer to this question is Bitcoin (BTC), only because it is accepted as a payment method more widely than any other cryptocurrency in the market.

However, altcoins such as Ethereum (ETH) and Litecoin (LTC), among others, with their superior scalability may end up outperforming the leading digital coin in the cryptocurrencies market. But not just yet, as we’ll see together below.

Bitcoin (BTC) Vs. Altcoins – BTC is widely accepted as cryptocurrency payment methods, but Altcoins grew in popularity

Currently, 54 major companies allow cryptos, according to Virtual Coin Squad (although the actual number is much higher), and only two of them, MazeFit (sportswear) and Shiny Leaf (cosmetics), do not accept Bitcoin (BTC). The other 53, including Microsoft, Expedia, Mozilla and Shopify, all accept Bitcoin (BTC), while 25 also accept Litecoin (LTC), 13 accept Ethereum (ETH), 14 accept Bitcoin Cash (BCH), 12 accept Monero (XMR), and 15 also accept Dogecoin (DOGE).

In other words, Bitcoin (BTC) is the most adopted by the stores which accept cryptocurrency payment methods, for the simple reason that any merchant who agrees with any crypto is almost sure to admit BTC, while the same cannot be said of altcoins.

However, lately, altcoins grew in popularity and adoption as payment methods.

This growth in the acceptance of altcoins not only demonstrates the growing people’s familiarity with cryptos but also results from the increasing prominence of cryptocurrencies market payment services designed for businesses, such as Coinbase Commerce which allows merchants to accept payments in multiple digital currencies.

However, such merchants still remain in the minority, for the most part, once again suggesting that Bitcoin (BTC) is still the most widespread among the cryptocurrency payment methods.

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Crypto Markets News

Flow Traders NV, The European Leading Trading Company, Entered The Cryptocurrencies Market

Flow Traders NV, based in Amsterdam, has entered the cryptocurrencies market despite warnings from the Dutch Authority for the Financial Markets (AFM).

Europe’s largest trader of listed funds, Flow Traders NV, is reportedly the first company to buy and sell quoted tickets based on Bitcoin (BTC) and Ethereum (ETH). According to Bloomberg, these publicly traded notes could increase the attractiveness of cryptocurrencies by making it easier and cheaper to invest in such assets.

Flow Traders NV Co-Executive Director Dennis Dijkstra said that cryptos are underestimated, and added that cryptocurrencies market “is big, and it’s going to be regulated very soon. Market participants are much more professional than people think. Institutional investors are interested. We know they are because they ask us to.”

The AFM did not share the enthusiasm of Flow Traders NV, but while the FMA can make recommendations and public warnings, it can do little to prohibit a company from trading in regulated securities on a regulated market.

We discourage activities in cryptocurrency by both consumers and professional licensees. Because of its novelty and the anonymity it potentially offers, it is very prone to abuse. Given its inability to serve the promised purpose as currency, we do not consider it an asset class.

Nienke Torensma, a spokesman at the Authority for the Financial Markets (AFM).

The Dutch Authority for the Financial Markets is concerned about cryptocurrency investments, while the Dutch government militated for a balanced regulatory framework for cryptos in May

According to Dijkstra from the Flow Traders NV, the company was hedging its cryptos transactions with futures contracts managed by CME Group Inc. and Cboe Global Markets Inc. He stated that the new approach has “great indirect benefits” for the development of Flow Traders NV’s foreign exchange trading business.

According to Bloomberg, in the first quarter of 2018 Flow Traders NV traded the equivalent of $284 billion in Euros of ETFs worldwide, including the equivalent of $167 billion in Europe, making the company the largest trader on the “Old Continent.”

The Authority for the Financial Markets raised concerns about investments in cryptocurrency in mid-June by sending a letter to market participants seeking to offer investment opportunities in cryptocurrency. The regulator said the related risks meant that these companies might not live up to their licensing obligations.

On the other hand, one month before that, in May, the Dutch government released a report stating that cryptocurrency poses a low risk to the country’s financial stability. The report predicts that the risks associated with crypto will increase with greater involvement of government financial institutions and stresses the need for balanced financial regulation.

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