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April 2018

Ethereum (ETH) Eyes Further Gains as Liquidity Increases

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Ethereum

Ethereum

Ethereum (ETH) resurgence continues to gather pace after a rollercoaster 2018. The second largest cryptocurrency by trading volume has crossed the $300 barrier, after moving up by more than 300% since the start of the year.

Ethereum Resurgence

In recent trading sessions, ETH has traded in unison with Bitcoin (BTC), which is also flying high after imploding in 2018. The broader cryptocurrency market turning bullish in 2019 comes as renewed investor interest grows with mainstream adoption.

For ETH, 2019 has turned out to be an inflection year after bottoming out from lows of $92 as of December. One of the riggers fueling ETH’s upward momentum has to be the high levels of liquidity associated with the cryptocurrency.

Ethereum continues to see the biggest inflows of funds from Tether (USDT) and Bitcoin, underscoring the love it continues to receive from cryptocurrency enthusiasts. From the BTC market, ETH has attracted more than $1 billion in inflows as $1.14 billion has come in from Tether market.

ETH Price Catalysts

Concerns that Ethereum is undervalued, relative to Bitcoin, is another development that is fuelling the cryptocurrency price. ETH is currently at the lower range of its cycle against BTC at 0.028 BTC compared to peak levels of 0.15 BTC.

>> Bitcoin Mining Equipment Demand is Exceeding Supply

BTC stagnating on another leg high after the recent spike to the $11,000 level could work in favor of ETH. While BTC has recouped a substantial amount of losses accrued over the past year, ETH is still a shadow of its record highs of $1,400. For that reason, any stagnation in BTC could result in a shift of attention to ETH.

ETH price could receive a significant boost on the arrival of the staking in 2020. Staking of 3–5 ETH could pose significant supply challenges for the ETH coin, something that could result in a price spike.

Ethereum price could also inch higher on the increase in the number of transactions carried out on the Ethereum network. Currently, more than 800,000 transactions are carried out on the Ethereum network, further ramping up ETH’s credibility and support.

Featured image: DepositPhotos © yuliang11

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Ernst & Young Unveils Blockchain Solution for Government Spending

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blockchain solution

blockchain solution

The crypto space has come a long way over the past few years, and so has the blockchain solution space. While it is true that for most people, crypto and blockchain are synonymous, it needs to be kept in mind that the latter is a form of technology that has a wide variety of uses.

Nowadays, many of the world’s biggest firms are making attempts to use blockchain technology, and the latest in the line is consultancy giant Ernst & Young. The company announced that it is all set to launch a blockchain platform that is meant for public funds and is going to increase transparency substantially.

Key Details

One of the most important things to point out about a blockchain solution is the fact that it allows a company to come up with solutions that are completely data-driven. The bias that may creep up from other sorts of analytical solutions simply vanishes when blockchain is used, and that has possibly made it such an attractive proposition for some of the bigger companies in the world. Public finance management can be an extremely intricate subject for any company, and hence, it is no surprise that Ernst & Young has decided to use blockchain in order to increase the levels of transparency.

>> Facebook Officially Launches Libra Despite High-Profile Departures

The system that has been installed by the company is apparently capably of tracking the direction in which public funds are being directed in real-time. Such a thing can be a hugely beneficial thing for the public, which might want to find out the agencies which are being given government funds.

Ernest & Young stated, “Modern public financial management requires focusing on the things that matter most — transparency, accountability and robust evidence for decision-making — all factors that can be enhanced by blockchain technology.” It is a highly innovative and bold step from the company, and it remains to be seen how a blockchain solution will help in such a large-scale project.

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Binance Introduces Native XRP on Binance Chain

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Binance

Binance

Over the years, Binance has consistently proven to be one of the most innovative crypto exchanges in the world, and hence, it is no surprise that it is currently the biggest exchange in the world by trading volume.

New Products

The exchange has been very proactive in introducing new products and tokens that have gone on to become major players in the entire crypto ecosystem. In a new development, the company has announced that it is going to launch a new token that is 100% backed by XRP, the third-biggest cryptocurrency in the world by market cap.

The news was supposed to be revealed sometime later, but the Chief Executive Officer of Binance, Changpeng Zhao, revealed the whole thing on Twitter. The coin in question is meant for users who trade on the company’s decentralized DEX exchange and gives them the opportunity to invest in a crypto asset that is going to mirror the performance of XRP. He went on to state that the coin in question is not meant for trading purposes, but he believes that the launch of this new token could, in fact, lead to a higher demand for XRP tokens in the wider crypto sphere.

>> Libra Labeled a ‘Monetary Threat’ By Senior US Bank Executives

Zhao said, “The supply would still be ‘in circulation’, just on the Binance Chain. They should be actively used for trading. Nothing changes from the supply perspective. Demand should increase though as there is more use-case/trading going on.” That being said, the more important question on the minds of most people in the XRP community is whether the launch of this token will have a positive price effect.

Despite the crypto rally in the first half of 2019, the performance of XRP has been a major disappointment for many. However, the launch of this new token from Binance is perhaps an indication that all is not going that badly for the world’s third-biggest cryptocurrency.

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BitGo Commences Service for Staking Coins

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BitGo

BitGo

Over the years, the crypto exchange industry has evolved at a remarkably fast pace, and one of the well-known innovators in this space has been BitGo. Recently, the crypto exchange space has seen a spike in the development of staking services for customers, and in a new development, BitGo has decided to launch that service as well.

BitGo’s Staking Service

A staking service is a deposit on an exchange by way of which a user can earn annual returns on their crypto holdings. According to the announcement made by the crypto exchange, the staking service is going to be available in algorand and dash.

It is a significant step from BitGo, which has gradually grown into one of the more popular crypto exchanges in the world. Considering the fact that some of the biggest exchanges in the world, like Coinbase, are going to offer staking services, it is only natural that other exchanges are rushing to offer the same services.

The Chief Technology Officer of the company, Ben Chan, spoke about the development: “In order to be a great custodian, we need to provide our clients with the ability to use their assets in custody. Staking provides our clients with returns on their investments without ever moving their assets out of custody.”

>> Binance Introduces Native XRP on Binance Chain: What to Expect

In this regard, it should be noted that the exchange has stated that it is going to provide annual returns in the range of 7% and 13%. While it is true that those returns are higher than what is being provided by Coinbase, it is going to be interesting to see whether the company can actually poach customers due to higher rates.

Coinbase is going to offer annual returns of 6.6% at this point in time. BitGo went on to state that even when the tokens remain in cold storage, it is going to continue to generate returns for the user.

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