BPSAA (Blockchain Privacy, Security Adoption Alliance) goes live assembling crypto gurus from multiple projects for the good of cryptomanity. BPSAA aims to bring collaboration through BPSAA verified projects in order to enhance Privacy, Security, Adoption for users in the crypto realm.
Projects in the Alliance:
Pirate Chain (Most Anonymous Crypto) https://bpsaa.vision/pirate-chain
Turtle Network (Interoperable DEX w/fiat) https://bpsaa.vision/turtlenetwork
Ether-1 (Decentralized Storage) https://bpsaa.vision/ether1
Sentinal (Decentralized VPN) https://bpsaa.vision/sentinel
Why Apple Users are Diving into the Cryptocurrency Trading Business
Last year, Apple hinted that it has been following the development of the cryptocurrency industry intently, leading some to speculate that the global electronics and payment giant was preparing to launch its own cryptocurrency or blockchain platform.
Though this prospect was quickly dismissed by Apple CEO Tim Cook, Apple has been shown to be researching blockchain technologies in a recent SEC filing and operates two major platforms that have helped potentially millions of people gain exposure to cryptocurrencies — the Apple App Store and Apple Pay.
Through the App Store, hundreds of thousands of users have downloaded cryptocurrency trading apps for popular exchange platforms like Binance, KuCoin, Coinbase Pro, whereas Apple’s payment and wallet service — Apple Pay — has enabled people to directly purchase cryptocurrencies using their credit and debit card at supported brokers.
Here’s why cryptocurrency trading apps are so popular with Apple product users.
Affluence and Crypto Investments
It’s no secret that Apple products are frequently used by affluent, successful individuals that have excess capital and don’t mind paying above the odds for quality. As you might expect, a fair chunk of these users also participate in online investing and trading, using their mobile devices as their portal to access online markets.
Although many of these users access traditional markets, like stocks, derivatives, and commodities using their Apple devices, an increasing number are turning to cryptocurrency trading as a side gig, due to the increasing accessibility of cryptocurrency markets. As wealthy and affluent individuals look to diversify their portfolio and open up new passive income streams, cryptocurrency trading, staking, and decentralized finance (DeFi) frequently crop up as an ideal option due to the high yields that can be generated by successful investors.
To help make cryptocurrency trading more accessible to Apple Pay users, a number of blockchain and crypto platforms have recently begun integrating Apple Pay as a payment option either for digital assets or for access to premium trading services and features. While many have released apps that can be downloaded from the Apple App Store.
The most recent of these is NewsCrypto, a platform that helps investors understand the fundamentals of cryptocurrency trading and provides the tools and insights traders use to identify lucrative trading opportunities. With the addition of Apple Pay as a payment method, NewsCrypto users can now purchase NewsCrypto
After all, unlike fiat currencies like the US dollar (USD) and euro (EUR) or shares listed by centralized stock exchanges, cryptocurrencies are issued by a protocol maintained by a decentralized ecosystem of miners and/or nodes. Because of this, cryptocurrency traders have true self-sovereignty of their funds and can trade without regional restrictions or needing to jump through hurdles first.
But more than this, cryptocurrencies have proven to be the most profitable asset class of the last decade, as popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and dozens of others achieved growth that was unmatched by any other speculative instrument during the same period — achieving more than 10,000% profit for some of the earliest investors and traders.
Due to their volatility and the rapid development of the cryptocurrency industry, there are now numerous ways to trade cryptocurrencies, which gives investors an opportunity to dive in to test the waters with simple brokerage platforms like Coinbase, before moving on to spot exchanges and derivatives trading platforms to pursue higher rewards (with higher risks).
Blockchain Bites: Filecoin Strike, Bitcoin Fees Fall, Coinbase Censorship
Five of the largest Filecoin miners, which secure that data storage network, have gone on strike, bringing attention to the project’s “unfair” economic model. According to a report by 8btc.com, miners are required to stake a significant amount of FIL tokens to start mining operations. But there’s a critical lack of FIL tokens off the bat. Purchasing tokens on exchanges at what could be inflated prices is seen as unattractive. “All the miners have been off since the mainnet went live. This is not some sort of protest but we have to shut them down because we really don’t have the tokens as collateral to mine,” ST Cloud CEO Chuhang Lai said in the report. In response to miner’s concerns, Filecoin has decided to release 25% token rewards in advance once a miner builds a block on the blockchain.
Bitcoin’s (BTC) miners are seeing depressed earnings as on-chain transaction activity and price action cools. “Boring price action and low volatility tends to reduce the count of transactions to and from the exchanges,” Willy Woo, on-chain analyst and author of The Bitcoin Forecast newsletter, told CoinDesk over Telegram. Yesterday, there were only 231,437 transactions processed on the Bitcoin blockchain, the lowest since May 24 and down 40% from a peak on July 1, according to data provided by blockchain analytics firm Glassnode. With the network processing far fewer transactions currently, the percentage of miners’ revenue derived from fees also dropped to a three-month low of 3.49% over the weekend.
Noted Bitcoin skeptic Peter Schiff’s Euro Pacific Bank has become the focus of a major global tax evasion investigation. Initiated by the U.K., the U.S., Australia, Canada and the Netherlands, this investigation, dubbed Operation Atlantis, is seeking to determine if hundreds of “high risk” account holders were involved in tax evasion and money laundering through the bank. The investigation began in January and has its roots in the “Panama Papers,” which shed light on how some of the world’s wealthiest people and firms have been hiding money and evading tax in off-shore accounts.
Bitstamp, one of the world’s largest cryptocurrency exchanges, has introduced an insurance policy that covers the theft and other losses of user funds held on its platform. The Europe-based exchange said the new insurance policy will be provided by Paragon International Insurance Brokers in coordination with Woodruff-Sawyer, per a Thursday blog post. The policy applies to digital assets, such as bitcoin, that are held at the exchange both on and offline, and covers a number of crime-related circumstances, per the post. The underwriters will consist of various insurance companies and certain syndicates from one of the world’s oldest insurance markets, Lloyd’s of London.
Binance, the biggest cryptocurrency exchange platform by trading volume, is closing its dedicated Jersey branch, which offered fiat-to-crypto exchange for users trading with euros and U.K. pounds against a limited choice of crypto assets. Announced Monday, Binance said all deposits to the local platform will be disabled on Oct. 30, and trading and other services will cease on Nov. 9. Binance said its global service, Binance.com, now offers GBP deposits via the U.K.’s Faster Payments scheme, as well as SEPA payments for the euro. It also offers trading pairs against both currencies. As such, the company said, the growth of services on Binance.com has “extinguished the rationale for Binance Jersey as a distinct exchange.”
Binance recorded an all-time high spot trading volume in Q3 (Yogita Khatri/The Block)
MicroStrategy Redirects Hope.com to Bitcoin After $425 Million BTC Purchase (Robert Stevens/Decrypt)
Binance Destroys $68 Million of BNB in Most Expensive Burn to Date (Robert Stevens/Decrypt)
Coinbase’s New ‘Direction’ Is Censorship, Leaked Audio Reveals (Edward Ongweso Jr/VICE)
With Ripple’s $10 million donation, Mercy Corps strengthens its bet on crypto (Leo Jakobson/Modern Consensus)
In just the past three days, central bank digital currencies have been reported to be a means to bust economic sanctions, tools to strengthen local monetary policy and marginally worse versions of payment tech we already have.
The global CBDC conversation really got going in earnest after the Facebook-incubated Libra Consortium was announced to the world, which sparked regulatory backlash and calls for national digital currency experiments. In a recent International Monetary Fund (IMF) report, it’s clear Libra is still front of mind for many central bankers.
In a hypothetical scenario, IMF researchers describe a bait-and-switch where “Big Techs” advertise a corporate-run but fiat-backed stablecoin, only to de-peg them later on: becoming something of a stateless currency unto their own. This is clearly undesirable for central bankers, who wish to exert granular control over monetary policy.
Even before the pandemic-led economic crisis, the global economy was cooling. Global productivity, wage growth, inflation and GDP stagnated in the 2010s, leaving most central banks without the “ammunition” to stimulate sufficiently. With many financial chiefs, like Federal Reserve Chairman Jerome Powell and Bank of England Governor Andrew Bailey, eschewing long-standing central bank political independence to call for a coordination of monetary and fiscal policy.
While CBDCs are seen as a panacea, the IMF thinks it could expand central banks’ toolbox, providing new ways to deal with old problems. For instance, CBDCs could allow central banks lower policy rates “below the effective lower bound,” letting them exert better control over their economies.
Still, initial reports back from the world’s most advanced CBDC experiment in China have been wanting. Early still to see how a “digital yuan” might be used for state economic programming, the first trial has painted a scene where people are uninterested in using the novel currency.
The city of Shenzhen and the People’s Bank of China launched a “red envelope” lottery earlier this month, giving away 20 million of the digital yuan (worth around $1.5 million) to locals. Many found the play-money inconvenient and similar to existing payments apps like Alipay.
“It’s especially important to offer convenience and other benefits to promote the use of digital yuan,” a senior economist at PwC China told Reuters. It’s just another bind for the central banks.
Who won Twitter?
Tomochain’s (TOMO) Rejection Casts Doubt On Bullish Prospects
While the Tomochain (TOMO) price is resting above several crucial support levels, technical indicators and the wave count suggests that the price has begun to correct. TOMO Holds on to Support The TOMO price reached a high of $1.55 on Aug 13, but dropped significantly shortly afterward, culminating with a low of $0.52 on Sept […]
The post Tomochain’s (TOMO) Rejection Casts Doubt On Bullish Prospects appeared first on BeInCrypto.
While the Tomochain (TOMO) price is resting above several crucial support levels, technical indicators and the wave count suggests that the price has begun to correct.
TOMO Holds on to Support
The TOMO price reached a high of $1.55 on Aug 13, but dropped significantly shortly afterward, culminating with a low of $0.52 on Sept 5.
The price then bounced and reached a high of $1.20 on Sept 30 but dropped sharply once more. This move served to validate the $1.15 area as resistance.
However, the price is still trading above an ascending support line that it has been following since reaching a bottom on March 13, and is trading above the $0.63 support area. As long as it does so, the possibility of continuation remains valid.
Despite the considerable support below the current price, technical indicators on the daily time-frame have turned bearish.
- The MACD has crossed back into negative territory.
- The RSI is trading below 50.
- The Stochastic Oscillator has made a bearish cross.
Therefore, any price rallies are considered corrective, while the main trend is considered bearish.
Cryptocurrency trader @tradingtank outlined a TOMO chart, stating that as long as the price manages to hold on above the $0.75 support, he expects an upward move towards $0.959.
However, since the tweet, the price has fallen below both the $0.75 and $0.70 support areas. After attempting to initiate an upward move, TOMO was rejected by the $0.70 area.
Technical indicators show that the move has lost strength, and a fall towards the range low at $0.65 is likely.
Since the previous Aug 13 high, the TOMO price seems to have begun a complex W-X-Y corrective structure (shown in black below), currently trading in wave Y.
Since the W wave is created by three subdivisions and X did not retrace more than the 0.618 Fib level, the correction is a W-X-Y instead of an A-B-C.
The Y wave is comprised of another A-B-C correction (orange), in which the price is still in the A wave. We can outline a bearish impulse (blue) for the A wave, which gains more validity due to a lack of overlap (red solid line).
Therefore, the price should decline to $0.50 before beginning a corrective move up. Due to Elliott wave rules, more specifically the fact that wave 3 cannot be the shortest, a fall that would take the price lower than $0.50 would invalidate this particular wave count.
For BeinCrypto’s Bitcoin analysis, click here.
Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto.
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