Connect with us

Blockchain

Traders in East Asia are the most focused on altcoins

Traders in East Asia are ready to take on more risk and trade a wider range of altcoins, said a recent report.

Avatar

Published

on

East Asia is the region most focused on trading altcoins compared to stablecoins and Bitcoin, according to a report by on-chain analytics firm Chainalysis.

In East Asian markets like Korea, crypto trading is a way toward a better life for young investors battling a tough job market. And the data speaks for that.

Altcoins made up over 16% of all trading volume originating from East Asian addresses, a higher percentage than any other region. Of those, Litecoin took a 2.9x larger share of trading volume for East Asia compared to other regions, with Bitcoin Cash, a controversial Bitcoin fork, accounting for a 1.2x higher volume than others.

Both professional and retail traders are active in the cryptocurrency market in East Asia, compared to their Western counterparts where professionals seemed to dominate investment activity. The former also take on higher risk, the report said.

East Asia has led in altcoin trading volumes. Image: Chainalysis

“Cryptocurrency investors in the East Asian market appear to engage in more speculative trading of a wider variety of assets compared to similar regions like North America, where the pros tend to focus more on Bitcoin and hold for longer,” said Chainalysis.

Over 31% of all cryptocurrencies transacted in the last 12 months came from East Asia-based addresses. The region also received over $107 billion worth of cryptocurrency in the past year, about 77% more than Western Europe, the second-highest receiving region, the report added.

Krishna Sriram, the managing director of blockchain security firm Quantstamp, said the larger activity from East Asia is a result of the region’s familiarity with electronic payments.

“Services like AliPay in China and LINE in South Korea were already quite popular by the time cryptocurrency began to gain steam, so the idea of electronic money wasn’t as big of a leap,” said Sriram.

Meanwhile, Chainalysis noted that Tether, the controversial stablecoin said to be backed by a 1:1 ratio with the US dollar, made up 33% of all value transacted on-chain from East Asian addresses. Some of it could be attributed to capital flight, as Chinese citizens are allowed to remit a maximum of only $50,000 per year.

From capital growth and capital flight, altcoins can boast quite the journey in East Asia.

Blockchain

Cardano long-term Price Analysis: 29 November

Avatar

Published

on

Disclaimer: The findings of the following article are the sole opinion of the writer and should not be taken as investment advice

Cardano recorded a stark surge in its price, despite its drop of 30% following Bitcoin’s correction on the charts. Altcoins are the ones that suffer the most due to Bitcoin’s volatility and the same has been true in ADA’s case.

However, what’s different is that Cardano’s bounce since the drop – the 30% drop – was almost fully retraced over the next 2 days. This underlined the strong buyback for ADA, one that was backed by a good volume surge on the charts.

At the time of writing, ADA’s outlook seemed 50-50. The cryptocurrency’s price was just above the 61.8%-Fibonacci level and could go either way.

Cardano 4-hour chart

Source: ADAUSD on TradingView

The 4-hour chart had Fib extensions, the moving averages, and indicators to it. While there was no pattern to it, ADA’s chart seemed eager to surge higher. A bounce from the 61.8% level could take ADA higher. However, failure to respect this level could push ADA down to the 50% level, which was at $0.1442.

Rationale

Since the odds seemed equally skewed, considering ADA’s correlation with BTC might help break it. At press time, the 60-day correlation between ADA and BTC had surged from 0.276 to 0.50.

Such a stark surge in correlation meant that ADA will promptly follow where Bitcoin goes. Since Bitcoin did show a bearish outlook, we can expect ADA to head south as well.

Additionally, there was the confluence of moving averages 50, 100, and 200. There hadn’t been a reversion to the mean between the price and these MAs. Hence, this supported the bearish scenario.

The OBV indicator showed a good surge in volume for the second wave, however, it still seemed to be lower than the previous surge. The RSI was testing the overbought zone yet again. A failure at this level would be higher, hence, a short position will make sense.

Levels to look out for

Entry: $0.162438
Stop-loss: $0.173178
Take-profit: $0.144140
Risk-to-Reward: 1.7

Source: https://eng.ambcrypto.com/cardano-long-term-price-analysis-29-november

Continue Reading

Blockchain

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

Avatar

Published

on

  • The San Francisco-based payment protocol has filed a document on Friday with the US Securities and Exchange Commission (SEC). It reads that Ripple Labs has entered into an agreement with MoneyGram, which entitles Ripple to sell up to 4,000,000 shares of common stock.
  • Ripple’s option to sell these shares will expire “upon the earliest of March 31st, 2021, the time at which the maximum amount shall have been sold, or the occurrence of certain other customary events affecting the issuer.” 
  • CryptoPotato reported last year that Ripple and MoneyGram announced a strategic partnership. The initial term of the agreement was for two years. Ripple had agreed to provide a capital commitment amounting to $50 million in exchange for equity through the two-year period.
  • As per the SEC filing, Ripple owns 6.22 million shares of the giant money transfer company (or 8.6% of shares outstanding). However, the blockchain company has a warrant to buy up to another 5.95 million shares, amounting to a total equity position of 12.2 million shares or 17% of MoneyGram’s shares outstanding).
  • With the initial investment in 2019, Ripple purchased the MoneyGram shares at 4.10 per stock, which was a significant premium to the market price. 
  • Nevertheless, MoneyGram’s stocks (MGI) have surged in 2020, closing Friday’s session at $7.42. As such, Ripple can cash out with an 80% profit, despite the initial premium.
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).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/ripple-plans-to-cash-out-33-of-its-moneygram-stake-with-a-significant-profit/

Continue Reading

Blockchain

South Korea To Postpone Previously Planned Crypto Income Tax

Avatar

Published

on

Lawmakers in Korea are planning to postpone a recently considered tax on crypto assets profits. Reports say the tax rule delay will be about three months – instead of October 2021, January 2022.

The New Crypto Income Tax Rule To Wait Until January 2022

According to a recent media report, the South Korean congress plans to put off the recently considered cryptocurrency income tax rule. A planning and finance committee of the National Assembly has issued a report, which proposes the necessity of implementing the crypto income tax rule from at least 2022.

A few months ago, in July, a report stated that South Korea’s Minister of Finance and Economy believes that the country should come up with a tax on cryptocurrency trading and investing. Back then, he added that South Korea has been in discussion with other countries about introducing a new digital law.

In July 2020, the country’s Ministry of Economy and Finance amended its tax code, where it included the plan for charging residents a 20% tax on gains from cryptocurrency trading, which are worth more than 2.5 million Korean won (about $2,000).

Lawmakers in the National Assembly are to approve the Government’s plan, which was to carry into effect the cryptocurrency income tax rule from October 2021.

Reason For The Delay – Time Is Tight

As per the media report, the reason for the postponement of the crypto tax law is based on some concerns, raised by local crypto exchanges. They have claimed the lack of time to build their proper tax reporting system and infrastructure, needful for the process to begin.

The so-called “Specific Financial Information Act” would be enforced from March next year, so crypto exchanges have to complete the necessary reporting system by September 2021 for verifying their real names of deposit withdrawal accounts.

As CryptoPotato reported, South Korea announced the planning of the crypto income tax in June this year. The Asian country went through some different views on how and whether it should tax profits from cryptocurrency. Firstly, at the beginning of 2020, the Ministry of Economy and Finance did not consider that digital asset trading gains as taxable income. A month later, another local report said the Ministry believes that the nation could start label cryptocurrency trading profits as “other income.”

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).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/south-korea-to-postpone-previously-planned-crypto-income-tax/

Continue Reading
Blockchain4 days ago

PayPal Reportedly Restricted a User’s Account for Trading Cryptocurrency

Blockchain3 days ago

South Korean crypto market records more trades in Altcoins

Blockchain3 days ago

Wrapped- DGLD brings Swiss vault held Gold to Ethereum

Blockchain19 hours ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain3 days ago

Libra Hired New Payments Subsidiary General Counsel: Report

Blockchain2 days ago

Digital Euro: German finance minister urges ECB to accelerate its CBDC development

Blockchain18 hours ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain5 days ago

Lattice and DEX Alternatives that Counter CEX Practices

Blockchain18 hours ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain4 days ago

This upcoming 45 billion token airdrop is one of the reasons why retail is pumping XRP

Blockchain5 days ago

Verge Price Prediction – How High Will XVG Price Reach in 2021?

Blockchain16 hours ago

Bitcoin Price Prediction: BTC/USD Resumes Upside Momentum, Struggles to Break Above $18,000 Price Level

Blockchain4 days ago

How To Buy Ethereum With PayPal

Blockchain4 days ago

The FBC Fund Has Invested in Vectracoin

Blockchain18 hours ago

Ripple price prediction: XRP to hit $0.67 next, analyst

Blockchain18 hours ago

Bitcoin and Crypto Worth $4 Billion Seized From PlusToken Ponzi Group

Blockchain18 hours ago

Guggenheim Fund Files to Be Able to Invest Up to Almost $500M in Bitcoin Through GBTC

Blockchain2 days ago

Bitcoin Worth $3B from PlusToken Ponzi Scam Seized by Chinese Authorities

Blockchain16 hours ago

Bitcoin and Crypto Worth $4 Billion Seized From PlusToken Ponzi Group

Blockchain16 hours ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain4 days ago

Market Analysis Report (25 Nov 2020)

Blockchain4 days ago

American Investors Given 14 Days to Get Off Binance

Blockchain16 hours ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain4 days ago

Tron Price Prediction – Could 2020 Be the Year of the TRX?

Blockchain4 days ago

Ripple price prediction: XRP to move short towards $0.45

Blockchain3 days ago

Yes, You Can Spend Your Bitcoin This Black Friday

Blockchain3 days ago

Yearn. Finance Price Analysis: Spike in Buying Pressure Could See YFI Prices Soar To $25k

Blockchain3 days ago

$100M Liquidated From Compound Following Flash Loan Exploit

Blockchain17 hours ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain17 hours ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain15 hours ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain5 days ago

Coinbase, Citing Regulations, Ends Margin Trading Services

Blockchain5 days ago

Coinbase Pro Ends Margin Trading Services

Blockchain19 hours ago

Bitcoin and Crypto Worth $4 Billion Seized From PlusToken Ponzi Group

Blockchain2 days ago

Market Analysis Report (27 Nov 2020)

Blockchain16 hours ago

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

Blockchain15 hours ago

Bitcoin Price Prediction: BTC/USD Back Above $17,500 Level as the King Coin Recovers

Blockchain5 days ago

Kraken Daily Market Report for November 24 2020

Blockchain19 hours ago

Following Binance Uganda closure, Binance P2P makes strong inroads in Africa

Trending