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Brazil And Argentina Get Their Own Stellar-Based Stablecoins

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Brazil and Argentina made a partnership with Settle Network and Stellar in order to make the process for the unbanked people of sending and receiving remittances easier. In our latest Stellar lumens news, we are reading more about the new partnership.

Settle network and Stellar created two stablecoins for the Latin American market. The ARST will be tied to the Argentine Peso while the BRLT will be tied to the Brazilian real. The Stellar-based stablecoin will make remittances between these two economies easier. In a world where the banks are making international transactions very slow and difficult, blockchain technology provides a safe and fast, and efficient alternative for sending money. however, the volatility associated with crypto makes them a little scary for many people in the world.

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With this in mind, Settle Network and Stellar are now issuing two stablecons in Latin America, more specifically Brazil and Argentina. Settle Network is the biggest digital asset settlement network in Latin America for cross-border payments while Stellar is a blockchain created by Jed McCaleb who is a Ripple co-founder, in order to provide the people a decent infrastructure that is able to connect financial institutions via crypto payments. The announcement for stablecoins was made a few days ago during Stellar’s Meridian conference.

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However, many wonder why you should create a stablecoin for a currency that is low in value and volatile like the Brazilian real or the Argentine peso as both lost between 20% and 30% of their value compared to the US dollar in 2019? Well, users will have a much easier way to move their funds between exchanges by having their money running on the blockchain which will save the complex procedures that are involved in making fiat to crypto transactions if they want to enter the market at all. Pablo Orlando said:

“The new Settle Network and Stellar stablecoins, ARST and BRLT, allow users to virtually send Argentine Pesos (ARS) and convert them to Brazilian Reais (BRL) in a matter of seconds, opening a new world of possibilities for international remittances and cross border payments.”

The Argentinean and Brazilian economies were hit hard with the coronavirus pandemic so Settle Network is a strategic plan in the medium-term to boost the two biggest economies in South America. However, the complex bureaucracies and the social inequality in the region led to a substantial percentage of the population is unbanked or underbanked. According to research by the Brazilian FinTech company, AirFox revealed that about 44% of the total population in Brazil, doesn’t have a bank account while the CashEssentials report shows that 52% of Argentineans are unbanked.

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Source: https://www.dcforecasts.com/stellar-news/brazil-and-argentina-get-their-own-stellar-based-stablecoins/

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Breaking Down the Effect of Bitcoin’s $3,000 Drop on the Futures Market

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  • Bitcoin has undergone a strong drop since peaking at $19,500 just days ago
  • The coin currently trades at $17,000 as of this article’s writing
  • Analysis compiled by Coinalyze found that over the course of the past few days, $1 billion worth of open interest has been wiped from leading Bitcoin futures exchanges
  • This was accompanied

How the Strong Bitcoin Drop Affected the Futures Market For BTC

Bitcoin has undergone a strong drop since peaking at $19,500 just days ago. The leading cryptocurrency currently trades for $17,000, far below the highs.

The drop came in a short period of time, with liquidations pushing Bitcoin dramatically lower in a wave. The issue was that many market participants were overleveraged, meaning that a small correction triggered liquidations and stop losses, resulting in a rapid cascade lower.

Analysis compiled by Coinalyze found that over the course of the past few days, $1 billion worth of open interest has been wiped from leading Bitcoin futures exchanges.

This was also marked by a spike in trading volume, of $66 billion on futures exchanges and $7 billion on spot exchanges.

These two data points in tandem suggest that the recent correction marked a needed correction in the Bitcoin market to ensure that derivatives players were not getting too far overleveraged.

After the strong correction, the funding rates of top Bitcoin futures markets have reset. The funding rate is the rate that long positions pay short positions on a recurring basis to make sure the price of the future stays in line with the spot market.

According to ByBt, a crypto derivatives tracker, the funding rates of most leading exchanges have reset to the baseline of 0.01% per eight hours. Further, on OKEx in particular, the funding rates of many pairs have actually trended into a negative region, suggesting an increasing number of short takers.

Bitcoin may revert higher if there continues to be low and even negative interest rates and if consolidation takes place.

Par for the Course

Many say that this correction is par for the course in that it should be expected.

Bob Loukas, a long-time Bitcoin investor and macro analyst, recently pointed out that the previous bull run was punctuated with drawdowns similar to the one taking place now:

“Most have a short memory. Remember in Jan 2017 just shy of #Bitcoin ATH’s, boom 34% decline. The 2 months later a sharp rally, new ATH’s, and double boom 34% decline. Never a one way street.”

Countless others in the space have corroborated this, arguing that it is actually healthy for bullish markets to pull back.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Macro Analysis Predicts Bitcoin Has Begun Rally Toward $100k

Source: https://bitcoinist.com/breaking-down-the-effect-of-bitcoins-3000-drop-on-the-futures-market/?utm_source=rss&utm_medium=rss&utm_campaign=breaking-down-the-effect-of-bitcoins-3000-drop-on-the-futures-market

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Facebook’s Libra Could Reportedly Arrive in January 2021 in a Scaled-Down Version

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  • Although Facebook failed to launch Libra in mid-2020 as initially planned, the social media giant could do so in early 2021.
  • Finance Times cited three people working on the project claiming that Libra’s long-awaited launch could come in January 2021 but in a scaled-down version.
  • CryptoPotato reported before that Libra already changed its original idea from being a “single global digital currency” to creating a series of various digital coins. 
  • The FT coverage asserted that Libra could see the light of day after receiving approval to operate as a payments service from the Swiss Financial Market Supervisory Authority (FINMA). However, the Libra Association would initially release just a single coin backed one-for-one by the dollar. The other set of currencies would be rolled out later, should the FINMA application is successful.
  • Facebook rattled the financial world last year after announcing plans to launch its own cryptocurrency called Libra. After receiving scrutiny from world watchdogs, the Libra project underwent numerous changes, including executive replacements.
  • Libra suffered more blows when several notable partners left. Those included PayPal, Mastercard, eBay, Vodafone, and more.
  • In an attempt to salvage the project, the Association decided to make further changes by renaming Libra’s wallet provider from Calibra to Novi.

Featured Image Courtesy of AlJazeera

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Source: https://cryptopotato.com/facebooks-libra-could-reportedly-arrive-in-january-2021-in-a-scaled-down-version/

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Bitcoin Worth $500 Million Withdrawn From OKEx as Users Look for Other Alternatives

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Users withdrew a record 29,300 BTC from OKEx after the Malta-based cryptocurrency exchange resumed withdrawals yesterday. This comes after bitcoin (BTC) price kickstarted its epic freefall dropping to levels near $16,500 before bouncing back up again. But what is the reason behind the massive bitcoin exodus out of OKEx?

OKEx Sees Significant BTC Withdrawals And Deposits

As per the latest update from on-chain and market analysis firm Glassnode, OKEx users have withdrawn a record 29,300 bitcoins after the exchange gave the green signal for resuming withdrawals yesterday. These BTC transactions amount to roughly $5 billion (considering the current spot rates).

Glassnode also observed a deposit of 21,600 BTC on OKEx. Withdrawals and deposits together had a depreciating effect on the exchange’s overall bitcoin balance which reduced to around 212,000 BTC.

The potential cause behind the massive exodus of bitcoin holdings could be a result of users leaving OKEx in search of other alternatives. Binance, Huobi, and some third party wallets were at the receiving end of the initial bitcoin transfers from the exchange.

Users Dissatisfied With OKex; Seek Other Alternatives

OKex announced the resumption of withdrawals on November 19. Few folks welcomed the developments, but most of them seemed miffed with the exchange’s recent bitcoin and crypto withdrawal suspension, with a lot of users demanding compensation else they make their move to other platforms.

Large BTC Deposits Point To ‘Centralized Failure’ Risks

As reported by CryptoPotato, OKEx had more than 200,000 BTC stored in their wallets during the ‘withdrawal lockdown.’

Although OKEx CEO Jay Hao assured users that their funds are safe and that there’s no “cause for alarm,” the vastness of the above bitcoin stash is pretty alarming. Especially because it is controlled by one single organization.

What’s more disappointing is that the official who had access to the private keys was ‘out of touch’ with the management. The OKEx personnel wasn’t able to reach out to him. This is not desirable since it poses huge risks to these BTC stashes falling prey to coordinated attacks that target centralized points of failure.

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Source: https://cryptopotato.com/bitcoin-worth-5-billion-withdrawn-from-okex-as-users-look-for-other-alternatives/

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