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Pirate Weekly Meeting | 2.19.2020

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Market Watch: Will The New Week Finally Move Bitcoin Price?

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Bitcoin has continued to overcome the recent adverse news and jumped to an intraday high of $11,550 a few hours ago. Ethereum has also increased in value to about $375, while most other large-cap altcoins remain relatively still.

Bitcoin Sees A $11,550 High

As reported yesterday, the weekend was fairly bullish for the cryptocurrency market. Despite reports indicating that the popular digital asset exchange OKEx has suspended withdrawals as its founder was purportedly taken away by the policy, Bitcoin stood firm at $11,350.

In the past 24 hours, the primary cryptocurrency has continued its way upwards. After gradually increasing to about $11,400, BTC spiked to a 3-day high of $11,550 (on Binance). This was the highest level since before the OKEx news broke out on Friday.

However, the bulls couldn’t keep the run going, and BTC dipped to $11,410 in the following hours. Nevertheless, the asset has reclaimed some ground and currently hovers around $11,440.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

The latest price increase could be related to the developments with US stock futures. The futures contracts of the Dow Jones Industrial Average and the S&P 500 jumped by 0.5%, while the Nasdaq 100 futures rose by 0.7%.

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Stability Among Large-cap Altcoins

After breaking above $370 yesterday, Ethereum has kept its momentum. Another $1.5% increase for ETH has pushed the second-largest cryptocurrency to about $375.

In contrast, Binance Coin has dropped by 2% despite the recent massive burn. As a result, BNB has dipped below $30.

The remaining top 10 representatives have displayed an untypical lack of volatility. Ripple (-0.5%), Bitcoin Cash (0.2%), Polkadot (0.4%), Chainlink (0.1%), and Litecoin (-0.2%) have essentially kept their value at the same levels as yesterday.

Cryptocurrency Market Overview. Source: quantifycrypto
Cryptocurrency Market Overview. Source: quantifycrypto

Filecoin is the most substantial loser for a few consecutive days now. FIL’s recent 22% dump has taken the asset to $31. As CryptoPotato wrote yesterday, FIL miners have it the worst.

Crypto.com’s native cryptocurrency has also lost a significant chunk of value. CRO’s 11% price slump means that it trades below $0.12.

The most impressive gains are evident from Aave and Uma. LEND has jumped by 20% to $0.49, while UMA (17%) trades at $8.75.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/market-watch-will-the-new-week-finally-move-bitcoin-price/

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Users Unimpressed by China’s Digital Yuan Following a $1.5 Million Giveaway

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After a week of utilizing the $1.5 million worth of digital yuan sent to 50,000 Shenzhen citizens, those who used the funds to make regular everyday purchases weren’t impressed. However, analysts claimed that the trials are a significant step towards a real-life practical usage for China’s digital currency.

Digital Yuan Doesn’t Impress Shoppers

Numerous world central banks are reportedly working on launching their own central bank digital currency (CBDC). Although multiple reports in the past year suggested that China leads this race, the end-results were mostly theoretical.

However, it seemed that the landscape changed last week when news broke that the Shenzhen government gave away 10 million yuan (about $1.5 million) worth of the digital currency in a lottery to 50,000 people.

After downloading a designated app, users were able to receive and spend the funds at over 3,000 merchants in the region. This was the first notable practical usage for a digital currency.

Following a week of trials, the results surfaced earlier today, as reported by Reuters. Most users’ general conclusions indicated that the app and the digital currency operated similarly to already existing online payment applications such as Alipay and WeChat Pay.

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Having this in mind, senior economist at PwC China, G. Bin Zhao, said that the central bank and the government have to “invest heavily” in education, marketing, and applications for the digital yuan to become popularly accepted. He added that “it’s especially important to offer convenience and other benefits” to differentiate the digital yuan from the other applications.

A Global Game-Changer?

Despite the pessimistic conclusions from users, the real-life applications of China’s digital currency have put on edge other global superpowers such as the United States.

The digital yuan operates outside existing financial infrastructures like Swift. As such, the report highlighted the growing fears from the West that if the digital yuan reaches mass international usage, it could undermine the US dollar dominance as the most utilized global payment currency.

Chief China economist at ANZ, Raymond Yeung, asserted that the government would prioritize the digital yuan usage as it would allow authorities to monitor currency circulation more closely. He also broached other merits, such as preventing money laundering schemes and “levying negative interest rates on cash.”

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Source: https://cryptopotato.com/users-unimpressed-by-chinas-digital-yuan-following-a-1-5-million-giveaway/

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