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July 2020

Bitcoin Continues to Face Tough Hurdle on Trade War Concerns

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Bitcoin

Bitcoin

One of the biggest events in the news cycle this year was the return of Bitcoin and the rally that went on in the first half of the year was quite remarkable. It helped in a surge of sorts in the wider crypto space as well, but many believed that the Bitcoin rally was going to continue.

However, in July, the momentum was lost, and since then, the world’s biggest cryptocurrency has struggled to reach its earlier heights. That being said, there had been hope that the rising trade war tensions between the United States and China were going to have a positive effect on Bitcoin.

At the time of a trade war, the markets suffer from extreme uncertainties and more often than not, investors look for other assets through which they can hedge their bets somewhat. Hence, many analysts believed that Bitcoin could emerge as the hedge against global uncertainties for many investors.

In August, it seemed that something like that was happening as BTC climbed after United States President Donald Trump announced the raise in tariffs on Chinese goods. It rose further when China devalued the Yuan and further escalated the tensions between the two nations.

>> Binance Coin (BNB) Tumbles Amidst Growing Competition

Just when it seemed that Bitcoin was going to continue to climb due to the rising tensions, it gave up almost all of its gains and plunged to $9325.29 by the end of August. It proved to be a bit of a disappointment for many traders who had believed that the cryptocurrency had emerged as a legitimate hedge against the economic risks.

However, it seems that it is gold that has emerged as the world’s favorite hedge at this point and it has continued to rise at a remarkable pace during this period of extreme uncertainty in the markets. It remains to be seen how Bitcoin fares in the last quarter of the year.

Featured image: DepositPhotos © timbrk

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Binance Announces Tezos Support and Acquisition of Dapp Platform

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Binance

Binance

Binance, the world’s second-largest crypto exchange by daily volume, has announced that it will begin supporting Tezos (XTZ) staking and also announced its acquisition of Beijing-based DappReview, which offers data-driven research and advertising services to blockchain-based decentralized applications (dapps).

Beginning from tomorrow, December 4, Binance users will be able to trade with XTZ and will begin distributing XTZ staking rewards on January 20, and on the 20th of each month thereafter. The exchange said that it will not charge for the staking service, unlike rivals Coinbase and Gate.io, which charge 25% and 33%, respectively; however, users must hold at least 1 XTZ in order to qualify for staking rewards. Staking refers to the practice of holding a digital asset in a wallet to support a blockchain network’s operations. Tezos is currently trading at $1.30.

Binance has also announced that it has acquired DappReview, which will help the exchange further develop its range of exciting dapps and create new uses for blockchain technology. In return, Binance will support DappReview by offering marketing and business development services.

“By working with Binance X [the company’s developer network] and Launchpad, DappReview will bring in more talented Dapp developers and assist promising Dapp projects on fund-raising,” Vincent Niu, founder of DappReview, said of the deal. The dapp platform is expected to release a new range of products in Q1 2020.

>> South Africa Plans New Crypto Regulations: Key Factors to Watch

Interestingly, the acquisition gives Binance a new foothold in Beijing after its Shanghai office was shut down last month following reports of a police raid on the premises. Despite appearing to embrace blockchain technology, the Chinese government has been cracking down on cryptocurrency businesses in the country that are outside the remit of government control. Chinese authorities recently issued a notice to the public directing individuals to report businesses engaged in virtual asset trading to the country’s central bank, the People’s Bank of China.

Featured Image: DepositPhotos © Grey82

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TRON Partners With Metal Pay to Enable Instant Purchase of TRX

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TRON

TRON

Over the past few years, TRON (TRX) has emerged as one of the more promising cryptocurrencies in the market, and today, there was another landmark announcement regarding the token. According to the announcement today, TRX has partnered with Metal Pay, a cryptocurrency service provider, and the agreement is expected to be beneficial for the cryptocurrency.

Major Details

By way of this agreement, users on the Metal Pay mobile application will be able to purchase TRX with fiat currency. This is a major development because it opens up TRX to a far bigger pool of investors and could have an effect on its price as well.

In this regard, it should also be pointed out that people who hold TRON can also earn 5% cash back in the form of MTLs, which are Metal Pay’s very own tokens. The Metal Pay platform offers other useful services as well. Users who hold TRX will be able to use the platform’s exchange to turn it into 20 other cryptocurrencies.

Cryptocurrencies like Ethereum (ETH) and Bitcoin (BTC) are included among those. Metal Pay has emerged as one of the more promising platforms in recent times, but it remains to be seen if TRX can manage to benefit from this partnership.

However, there are some things that need to be kept in mind by potential users of Metal Pay. A spokesperson for the company stated that identity verification will need to be completed in order to sign up for the service. Users need to make a bank account that is insured by the Federal Deposit Insurance Corporation in order to use Metal Pay.

>> Bitcoin (BTC) Soars 10% on Strong Momentum: A Change Coming?

Once identity verification is completed, a user can buy cryptocurrencies worth as much as $3,000 per day, $12,000 each month, or $40,000 a year. This is a service that will allow users to buy TRON tokens easily in exchange for fiat.

Featured image: DepositPhotos © hello.artmagination.com

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Libra Gets First Major Political Backer in US Congress

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Libra

Libra

Libra, the underfire planned cryptocurrency led by Facebook (NASDAQ:FB), has been dominating headlines in the world of crypto for all the wrong reasons. Regulators on both sides of the Atlantic have been staunchly opposed to the development of the coin, labeling it a threat to the economic and monetary sovereignty of nations. However, in a rare show of political support for Libra, Republican Senator for South Dakota Mike Rounds has written to Anchorage to endorse the project.

Anchorage, a South Dakota-based trust fund, is one of the 21 founding chartered members of the Libra Association, the non-profit organization that will oversee the project. Rounds described the project as an example of a technological advancement that he feels is needed to aid US consumers. “Technologies like Libra … have the potential to help unbanked and underbanked consumers right here at home […] It would be unfortunate to shun a new solution that could connect more of the most vulnerable Americans to our financial services system,” wrote Rounds.

Rounds also emphasized his belief in the importance of Congressional regulation of Libra and said he supports expanding US anti-money laundering law to cover cryptocurrency, but he was critical of the “archaic and inflexible nature of our regulatory and legal system” that drives companies to incorporate internationally. Rounds also described the negative reaction to Libra as “puzzling” and claimed that there is no legal way to define a cryptocurrency as a security, due to the fact the Securities Act of 1933 is outdated.

>> Huobi Intends to Open Fiat Gateway with Lira-Tether in Turkey

It is an interesting stance from Rounds, although undoubtedly motivated by the backing of a major trust fund located in his home state. However, it will be interesting to see if Rounds’ support of Libra leads to more politicians going against the grain and also voicing their support for the project. Mark Zuckerberg is due to defend Libra before congress at a meeting of the House Financial Services Committee next Wednesday, which will be chaired by one of its staunchest critics, Democrat Representative Maxine Waters of California.

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