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How Artificial Intelligence Will Affect Health Care In The Future?

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Ethereum Gains 6% Intraday, Sets Sights For 2020 Higher High

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Bitcoin shocked the finance world yesterday rocketing more than $1,000 to over $13,000 per BTC at the high. Today, Ethereum is following suit, with 6% already on the books and a chance to soar much higher is here.

Here’s what to watch for in ETH and the signs to watch for if the Bitcoin soak up all the limelight, and has followed the top cryptocurrency’s showstopping pump yesterday with a rally of its own.

Related Reading | Crushing Bitcoin Dominance Could Decimate Altcoins Through Q1 2021

Following a breakout from an inverse head and shoulders bottoming pattern, Ethereum has already risen 6% intraday from low to high, all while Bitcoin has pulled backethereum ethusd

Ethereum breaks out from bottoming formation, targets retest of 2020 highs | Source: ETHUSD on TradingView.com

Another 2020 Higher High Could Be Next For Top Ranked Ethereum’s outperformance of Bitcoin on the USD pair can also be reflected in the duo’s ratio. On the ETHBTC trading pair, Ethereum has also gained over 5% on the day against the leading crypto asset by market cap.

Related Reading | Crypto PayPal News Sends Asset To New All-Time High, But It’s Not Bitcoin

Bitcoin set a new 2020 high yesterday but has still come up short of setting a higher high over the 2019 peak. Ethereum, however, has done so, and another higher high in 2020 would point to a continued uptrend into the next year.

ethereum ethbtc

Top-ranked altcoin begins to overtake Bitcoin on ratio | Source: ETHBTC on TradingView.com

Both top crypto assets benefitted enormously from yesterday’s reveal that PayPal would soon support them, alongside Litecoin and Bitcoin Cash. With both Bitcoin and Ethereum looking this bullish, and other altcoins following, a new crypto bull market could finally be brewing.

Featured image from Deposit Photos, Charts from TradingView

Source: https://www.newsbtc.com/analysis/eth/ethereum-gains-6-intraday-sets-sights-for-2020-higher-high/

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Franklin Templeton Join Series A For Institutional Bitcoin Custody Provider Curv

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Curv, an institutional crypto asset custody provider, today announced that global investment firm Franklin Templeton and fintech-focused venture capital firm Illuminante Financial Management have joined its Series A funding round — which already included CommerzVentures, Coinbase, Digital Currency Group, Team8 and Digital Garage.

“Curv is driving traditional institutional and crypto native demand for digital assets through multi-party computation (MPC) security technology, a critical requirement to safely transfer, store and manage any digital asset on any blockchain or DLT,” according to a press release shared with Bitcoin Magazine. “Their solution is used by dozens of institutions across the globe, including Franklin Templeton, which plans to leverage Curv’s infrastructure to expand into the burgeoning digital asset market.”

  • Curv uses a cloud-based wallet to manage digital assets, including bitcoin, on behalf of institutions. It also insures up to $50 million of digital assets for clients
  • The release credited a recent announcement from the U.S. Office of the Comptroller of the Currency allowing nationally-chartered banks to custody cryptocurrency for clients and similar announcements from other regulatory bodies with encouraging traditional financial institutions to collaborate with Curv on managing crypto assets
  • “The addition of Franklin Templeton is a barometer of the traditional industry’s shift into digital assets and a broader desire to bring public blockchain-based offerings to market,” Curv CEO Itay Malinger said, per the release.

Source: https://bitcoinmagazine.com/articles/franklin-templeton-join-series-a-for-institutional-bitcoin-custody-provider-curv?utm_source=rss&utm_medium=rss&utm_campaign=franklin-templeton-join-series-a-for-institutional-bitcoin-custody-provider-curv

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The Good and The Bad About Cryptocurrency on PayPal

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Global payments provider PayPal has almost 350 million users and 26 million vendors in its network so the introduction of crypto payments has been widely lauded as bullish for the industry.

Crypto markets surged and Bitcoin cranked to a new 2020 high of $13,200 during the hours after the news broke. Many industry experts have praised the move as a great thing for Bitcoin and the entire crypto ecosystem, but all might not be what it seems.

Enabling decentralized digital assets on a highly centralized platform with astronomical fees may not be the best combination, and here is why.

No Crypto Withdrawals, Big Fees

Firstly, PayPal will not allow crypto assets to be withdrawn to external wallets, so essentially once they’re on the platform PayPal can set whatever price it wants for users needing to convert back to fiat.

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If anyone has used PayPal to change currencies or send money to an account in another country they’ll be painfully aware of the forex spread which can be as much as 8% depending on the currency being converted. OKCoin COO Jason Lau pointed out the pain that may be in store regarding the fees.

Additionally, PayPal will not allow crypto transfers between different accounts as observed by lawyer Jake Chervinsky;

Essentially, PayPal has mimicked the purchasing of crypto assets on trading platforms such as Robinhood, offering users exposure to the asset but preventing them from owning it independently. Chervinsky added if you can’t make withdrawals to self-custody, and don’t hold your own keys, is it even Bitcoin?

The Taxman Cometh

The whole setup could also open a huge can of worms when it comes to taxes. PayPal is only offering crypto services to U.S. account holders initially, and America happens to have some of the harshest tax regulations on the planet.

The U.S. Internal Revenue Service (IRS), classifies crypto assets such as Bitcoin as property, not currencies, therefore they are subject to capital gains taxes. The means that PayPal users buying, selling, or spending crypto will be generating taxable events that need to be reported.

If a user buys a smartphone using Bitcoin, for example, they would need to declare the price they obtained the BTC at, and the price it was when they sold it for the item, paying taxes on any gains it may have made in addition to VAT on any items purchased.

The documentation for reporting is a minefield and PayPal has already stated it is down to the individual, not them, to complete tax returns.

“It is your responsibility to determine what taxes, if any, apply to transactions you make using your Cryptocurrencies Hub.”

The good news is that PayPal may introduce the concept of cryptocurrency to millions of new users, but the drawbacks will probably prevent them from using the platform in the long run.

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Source: https://cryptopotato.com/the-good-and-the-bad-about-cryptocurrency-on-paypal/

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