A Bitcoin nonprofit partnered with American custodian and security firm BitGo the past week to bring custody services to crypto donations, according to a release shared with CryptoSlate.
Hot wallets for Bitcoin donations
BitGo’s wallet technology will integrate directly with BitGive’s donation tracking platform, GiveTrack, as it launches two new NGO partner campaigns, Save The Children México and Wild Tomorrow Fund, the release said.
— BitGive® (@BitGiveOrg) August 7, 2020
The two campaigns will be supported by a hosted wallet solution that includes multi-signature security, multi-user policy controls, and advanced security configurations that conform to the most rigorous industry standards.
It comes as BitGive’s nonprofit partners are exploring blockchain and cryptocurrencies for the first time, providing a seamless and easy-to-follow onboarding experience is imperative, the release said.
NGO partners can now create individual Bitcoin, and crypto, wallets for each charitable campaign launched, equipping them with total control and visibility of donations in real-time, directly from BitGive’s GiveTrack platform, the release added.
Connie Gallippi, founder and executive director of BitGive, said of the integration:
“Making donations in cryptocurrency is still a very nascent concept. Therefore, it can be challenging, especially for institutions and philanthropies, to overcome regulatory hurdles and find the proper resources.”
She added that NGOs work with “trusted partners that offer flexible and user-friendly solutions”
COVID-affected regions to benefit
Two beneficiaries of the partnership are Save the Children Mexico and Wild Tomorrow Fund. The former launched its COVID-19 relief campaign on GiveTrack last week.
Save The Children Mexico will supply nutritional meals and hygiene kits in areas of need. Meanwhile, Wild Tomorrow Fund simultaneously launches its emergency hunger relief campaign with BitGive to combat poverty in rural communities of South Africa, the release said.
— BitGive® (@BitGiveOrg) August 7, 2020
All partners are provided with an instructional page on setting up their own BitGo account and wallet, including information on password management and overall upkeep. Additional support from the BitGive team is offered to comprehensively assimilate beginners and minimize crypto adoption barriers.
GiveTrack also allows donors to have full transparency of their donations and choose their choice of contribution from a basket of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Dash, and other major ERC-20 tokens.
A chance for crypto
One of the most massive, and perhaps understated, benefits of using Bitcoin and other cryptocurrencies is the stateless transactional value. But custody remains troublesome. Cryptocurrencies remain at the mercy of protecting one’s keys to prevent loss of funds, but not every person/entity is equipped enough in this regard.
While creates a moot point, trusted custodians help in the regard, protecting cryptocurrencies to allow firms to spend resources on their business instead of key protection.
Times like a global pandemic — the ongoing coronavirus — serve a chance for the industry to shine and present a battle-test for the borderless narrative.
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Market Watch: Bitcoin Tumbles to $10,130 as Equity Markets Finish in Deep Red
After reclaiming some ground yesterday, Bitcoin has returned to its recent bearish trend by dropping below $10,300. Most altcoins follow with some notable price dips, resulting in a near $10 billion evaporated from the total market cap.
Bitcoin Dips Below $10,300
As reported yesterday, the primary cryptocurrency recovered some of the recent losses and traded around the previous 2020 high from February at $10,500. However, the asset couldn’t maintain its position and began free-falling once again.
In just a few hours, BTC went from its daily high of above $10,500 to its intraday bottom of $10,130 (on Binance). Since then, the digital asset has recovered some ground and is trading now just around $10,300.
Bitcoin’s current position places it close to the support level at $10,290. If BTC further breaks below, it could head towards $10,200 and the psychological $10,000.
Adverse price developments are evident among most financial markets. Gold, which typically performs similarly to Bitcoin, dipped from its high of $1,900 per ounce to about $1,850.
The most prominent Wall Street stock market indexes also closed in the red yesterday’s trading session. The S&P 500 went down by 2.4%, the Dow Jones Industrial Average by 2%, and Nasdaq lost the most value (-3%).
Red Dominates The Altcoin Market
Most alts bleed out today. Ethereum has declined by nearly 4% and it trades at $325. Ripple (-3%) fights to stay above $0.22. Bitcoin Cash, Binance Coin, Crypto.com Coin, and Litecoin have also dropped by about 3%.
Some lower-cap alts have decreased by double-digit percentages. DigiByte (-18%), Ren (-15%), Orchid (-13%), Reserve Rights (-12%), UMA (-12), OMG Network (-10.5), and Algorand (-10%) lead the way.
A few coins trade in the green as well. Helium has surged by 40% after being listed on the leading cryptocurrency exchange Binance. Uniswap (13%) and HedgeTrade (10%) follow.
Ultimately, though, the crypto market cap has dropped from yesterday’s peak at $332 billion to $325 billion.
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Trader Who Transformed 0.2 BTC Into $100,000 Sounding Alarm on Bitcoin, Crypto, and Stock Markets
A popular Bitcoin trader who turned 0.2 Bitcoin into $100,000 in a recent trading contest is now putting out bearish warnings about both the stock market and BTC.
The pseudonymous trader SalsaTekila just shared a chart of the plunging S&P 500 Index, quoting rapper Eminem and noting he “wouldn’t want to be long on anything right now.”
The trader, who is known as one of the most transparent in the crypto community, says he’s surprised “BTC isn’t nuking already.”
$SPX drowning hard I wouldn’t want to be long anything right now… Every market I watch heavy, vomit on the sweater already, mom spaghetti he’s nervous, but on the surface he looks calm and ready, he punts shorts, on $BTC already pic.twitter.com/QH602kcnw1
— SalsaTekila (@SalsaTekila) September 23, 2020
Although he’s concerned about the macro economy, the trader says the bottom might be in for Chainlink (LINK). He says he placed a substantial bet on the coin below $7.80, hoping it makes a big move to the upside.
The day trader, who finished second in the profit-and-loss individual rankings of Bybit’s World Series of Trading, now plans to sit back and watch the market for a while.
“I’ll probably keep my green button disabled on BTC until and unless legacy and commodities bounce. All those markets feel heavy together, rather stay side-lined. Big expiry coming Friday.
React to upcoming moves or events rather than predict them. Don’t give today’s gainz back.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Gemini Enables GBP Deposits for Crypto Purchases in the UK
The exchange received FCA recognition last August.
Gemini, a cryptocurrency exchange and custodian, has announced on Thursday its expansion into the United Kingdom by ‘fully’ launching its services and adding support to the British pound.
This came after the Winklevoss twins’ exchange received recognition from the Financial Conduct Authority (FCA) in August as a crypto exchange for its locally formed entity and also received an electronic money institution (EMI) license.
The registration process was made mandatory by the market regulator under the European Union’s Fifth AML Directive (AMLD5), and Gemini became one of the first to register itself as a local crypto exchange.
According to the official announcement, both ‘individuals and institutions’ in the UK can now access Gemini’s services and purchase digital assets with the British pound. The exchange has opened debit card support along with other bank transfer options, including Faster Payments, CHAPS, and SWIFT.
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“Going live with our full services available in GBP in the UK is another exciting step forward in Gemini’s international expansion, advancing our mission to empower individuals and organizations around the world through crypto,” Gemini CEO, Tyler Winklevoss said in a statement.
Institutions Remain in Focus
Additionally, the exchange highlighted that UK institutional investors can access crypto trading, market data, and custody services on the platform on behalf of their clients.
Though headquartered in New York, Gemini is aggressively expanding its international presence and has services also in Canada, South Korea, Hong Kong, Singapore, and Australia. It is strengthening its overseas presence with major hires as well.
“The UK is a global center of financial innovation with a stringent and progressive regulatory regime…We look forward to welcoming consumers and institutional customers to our platform,” Winklevoss added.
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