Connect with us

Blockchain

Ripple’s xCurrent Saves Up-to $400 B/Year For Saudi Arabia’s Monetary Authority

The Kingdom of Saudi Arabia’s Monetary Authority (SAMA) has drastically cut down on costs, saving up to $400 billion a year following its decision to upgrade and modernize its payments system. The decision saw SAMA rope in Ripple and incorporated one of its three main solutions, the xCurrent, as a way of easing transactions between

Published

on

ripple

The Kingdom of Saudi Arabia’s Monetary Authority (SAMA) has drastically cut down on costs, saving up to $400 billion a year following its decision to upgrade and modernize its payments system. The decision saw SAMA rope in Ripple and incorporated one of its three main solutions, the xCurrent, as a way of easing transactions between local banks and global counterparts.

SAMA Partnership with Ripple: February 2018

In February 2018, Ripple signed a deal with SAMA which saw the launch of a program. The objective was to upgrade and improve the Kingdom’s payment and financial infrastructure by incorporating Ripple’s solutions.

Then, Ray Dalio–the global head of infrastructure innovation at Ripple, in a statement, said SAMA’s agreement proved that banks were beginning to accept the transformative effects of blockchain on remittance.

“Central banks around the world are leaning into blockchain technology in recognition of how it can transform cross-border payments, resulting in lower barriers to trade and commerce for both corporates and consumers.”

“SAMA is leading the charge as the first central bank to provide resources to domestic banks that want to enable instant payments using Ripple’s innovative blockchain solution.”

Adopting xCurrent has improved Access to Financial Services

Specifically, SAMA has opted for xCurrent, a Ripple platform that doesn’t use XRP—the native currency of the XRPL.

The ledger uses Distributed Ledger Technology and the coin has been pitched as a perfect tool for financial institutions to reduce operations costs and drastically slash down transaction times.

Typically, in the current arrangement, it takes several hours for a cross border transaction to reflect. However, the use of XRP as a liquidity tool via the On-Demand Liquidity (ODL) protocol reduces transactions settlement times to mere seconds.

Other than this, banks also spend funds that would typically be locked up in Nostro-Vostro accounts.

Still, SAMA didn’t settle with ODL and according to a report, chose xCurrent since it needed a system that is presumably more familiar while “inhibiting the transformative potential of the Ripple product.”

Following SAMA’s adoption and experimentation with local banks, the central bank is expected to save up to $400 billion a year through xCurrent.

Already, effects have been felt on the ground as financial services are now more accessible to small and medium-sized enterprises.

Source: https://coingape.com/ripple-xcurrent-400-dollar-saudi-arabia-authority/

Blockchain

Analysis: Current Bitcoin Rise Due To New Money Entering Crypto (And Not Altcoins Sell Off)

Published

on

Bitcoin is enjoying several consecutive bullish days, resulting in a break above $12,000. The movement may surprise some. A few days ago, news broke that the popular cryptocurrency exchange OKEx had suspended withdrawals after reports emerged that its founder was taken away by the police.

In early October, the owners of another large platform, namely BitMEX, were charged by the US CFTC with illegally operating a derivatives exchange.

Similar developments typically lead to adverse consequences for the cryptocurrency market. Although Bitcoin’s price indeed dipped briefly, the asset recovered swiftly. Moreover, it actually started accelerating.

On October 2nd, when the BitMEX news came out, BTC slumped to $10,400. With its price set above $12,200, this represents a 17% increase in less than three weeks. Since last Friday alone, when the OKEx events transpired, Bitcoin has gained about $1,000 of value.

Apart from building optimism within the community that a new 2020 high of above $12,500 is coming, BTC’s impressive performance raised questions about the nature of the funds going into Bitcoin.

You Might Also Like:

New Capital Enters

Popular cryptocurrency commentator Alex Saunders published a graphic on the matter called “Crypto Market Cycle Capital Flows.”

Crypto Market Cycle Capital Flows. Source: Twitter
Crypto Market Cycle Capital Flows. Source: Twitter

Saunders specified that the blue represented the entire cryptocurrency market cap, the black – BTC’s market cap, and the orange was the cumulative market cap of all alternative coins.

He outlined several periods when Bitcoin’s performance contrasted altcoins. This implies that when BTC was heading up, investors were swapping their altcoin positions for more significant exposure to Bitcoin and vice-versa.

However, the latest price increase for the primary cryptocurrency doesn’t fall under the same category. Saunders concluded that the data he collected “suggests the capital entering Bitcoin is new money rather than a rotation from Altcoins.”

Alternative Coins Stay Still

By examining the price performance of the altcoin market, one could see merit in his words. Although some alts have lost value lately, most have remained relatively stable.

On a weekly scale, Ethereum has lost less than 1%, while Ripple has dropped by about 2%, according to data from CoinMarketCap.

The altcoin market cap hovered around $148 billion a week ago and is slightly down to $147 billion now. The monthly scale even sees an increase from about $135 billion.

Altcoin Market Cap. Source: CoinMarketCap
Altcoin Market Cap. Source: CoinMarketCap
SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).


Source: https://cryptopotato.com/analysis-current-bitcoin-rise-due-to-new-money-entering-crypto-and-not-altcoins-sell-off/

Continue Reading

Blockchain

Bitcoin Price Moons to New 2020 Highs on PayPal News

Published

on

Newfound bullish momentum is omnipresent with Bitcoin’s price throughout the last few days. The cryptocurrency has increased by more than $2,000 since October 6th, and it shows no signs of slowing down.

Bitcoin Price Breaks 2020 Highs on PayPal News

Throughout the entire month of September, Bitcoin’s price was somewhat stagnant, with a few minor exceptions. This became a cause for increasing worries among cryptocurrency analysts and traders, many of whom were worried that the price would head lower and fill the (still) unfilled CME gap down at $9,600.

All of this changed on October 6th when BTC started its ascend. Since then, the price has increased by more than $2,000, with the momentum culminating today on some major news coming from PayPal.

The world’s largest online payment processor announced that it would enable its customers to buy, sell, and store Bitcoin and other cryptocurrencies as soon as the “coming weeks” for US-based accounts and the first half of 2021 for other countries.

Naturally, the market reacted in a positive way. Today, Bitcoin’s price has surged from a low of around $11,910 to a high of $12,888 on Binance Futures, before retracing to where it’s currently trading at $11,750. With this sudden move, Bitcoin broke the previous 2020 high marked on August 17th when the price reached almost $12,500.

You Might Also Like:
btcusd_Chart
BTC/USD. Source: TradingView

The Rest of the Market Stalls Against BTC

Somewhat expectedly, altcoins are bleeding heavily against Bitcoin. The market dominance of the world’s leading cryptocurrency is increasing aggressively over the past few days, as it’s now sitting at 61.%, up about 3% in the last month.

BTC_dominance_chart-min
Bitcoin Dominance. Source: CoinMarketCap

As CryptoPotato reported yesterday, BTC’s market dominance is sitting on a 2-month high, while altcoins are already feeling the pressure.

Moreover, a recent analysis indicated that the latest increase in the price of Bitcoin comes from fresh capital, and it’s not a rotation of funds from alts. This shows that the new money entering the space goes into Bitcoin, rather than alternative cryptocurrencies.

On an entirely positive note, it’s worth mentioning that this seems to be a news-driven event. The fact is, however, that PayPal still hasn’t allowed its users to buy Bitcoin, meaning that there might be more positive developments once the feature is rolled into the platform’s services. Moreover, the company has also stated that it will push for the adoption of using digital assets with its vast merchant network in the following year.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).


Source: https://cryptopotato.com/bitcoin-price-skyrockets-to-new-2020-highs-on-paypal-news/

Continue Reading

Blockchain

ETH Price Analysis: As Bitcoin Parties, Ethereum Sheds 25% BTC-Wise Since September

Published

on

ETH/USD – Bulls Rebound From 2019 Highs.

Key Support Levels: $364, $355, $345.
Key Resistance Levels: $396, $400, $410.

Over the past week, Ethereum was struggling to break above a very short-term falling trend line. The coin dropped into the support at the 2019 Highs around $364 yesterday which allowed it to rebound higher today.

After rebounding, ETH went on to break above resistance at $375.

ethusd-oct21
ETH/USD Daily Chart. Source: TradingView

ETH-USD Short Term Price Prediction

Looking ahead, if the buyers continue to push above $390, the first level of resistance lies at $396 (bearish .5 Fib Retracement & October highs). Following this, resistance lies at $400, $410, and $416 (bearish .618 Fib Retracement).

On the other side, if the sellers push lower, the first level of support is expected at the $364 level (2019 highs). Beneath this, additional support is found at $355, $345 (100-days EMA), and $336.

The RSI rebounded from the mid-line to show the buyers are refusing to give up their control of the market momentum.

ETH/BTC – ETH Penetrates Beneath Consolidation Pattern.

Key Support Levels: 0.03 BTC, 0.0295 BTC, 0.029 BTC.
Key Resistance Levels: 0.0311 BTC, 0.0315 BTC, 0.032 BTC.

Against Bitcoin, Ethereum was trading within a 1.5-month-old consolidation pattern as it ranged between the two boundaries of a symmetrical triangle. Throughout the week, the buyers defended the lower boundary of this triangle, however, with the recent push of Bitcoin above $12,000 the sellers managed to take over and caused to drop beneath the pattern.

After falling beneath ETH continued to plummet until support was found around 0.0307 BTC – provided by a downside 1.618 Fib Extension level.

It’s worth noting that since September 2nd, ETH has lost just shy of 25% against Bitcoin and the last time its value was as low was on August 2nd.

ethbtc-oct21
ETH/BTC Daily Chart. Source: TradingView

ETH-BTC Short Term Price Prediction

Looking ahead, if the sellers continue lower, the first level of support lies at 0.03 BTC. Beneath this, support lies at 0.0295 BTC (200-days EMA), 0.029 BTC, and 0.0284 BTC (Feb 2020 Highs).

On the other side, resistance first lies at 0.0311 BTC. Above this, additional resistance is expected at 0.0315 BTC, 0.032 BTC (100-days EMA), and 0.0327 BTC.

The RSI has plummeted to oversold conditions which could suggest that the market is slightly overextended and should reverse pretty soon.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

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/eth-price-analysis-as-bitcoin-parties-ethereum-sheds-25-btc-wise-since-september/

Continue Reading

Trending