Connect with us

Bitcoin News

Crypto Market Wrap: Ontology Still Moving on Paxos Partnership

Published

on

Crypto markets consolidate on Sunday; Bitcoin holding steady, BNB still gaining, Ontology making bigger moves.Market WrapThe weekend has been typically quiet on crypto markets but that is preferable over further declines. Total market capitalization has remained above $170 billion which keeps markets within their range bound channel.Bitcoin snuck over $5,300 a few hours ago during morning trading in Asia and is heading that way again at the time of writing. Currently trading at just below that level a further push to $5,400 could see BTC retest resistance just over $5,600 where the 50 week moving average lies. Daily volume has fallen back to $12.5 billion and Bitcoin is back at the same place it was this time last Sunday.Ethereum has crept up marginally and is just below $160 at the time of writing. ETH has made better gains than the rest of the top ten over the past 24 hours at 1.5 percent.Elsewhere in this section things are still flat from Saturday’s prices. The biggest mover is Binance Coin with just over 2 percent to reach $23. Litecoin is the only one in the red falling back to $72 again.There are larger gains in the top twenty with Ontology leading things as it adds another 6 percent today reaching $1.17. The news that regulated stablecoin PAX launching on the Ontology network has been driving momentum recently. Paxos will be issuing up to $100 million in stablecoins on the ONT blockchain;Ontology to Launch Regulated USD Stablecoin PAX on Ontology https://t.co/z4g0Ue3Rml @PaxosGlobal $PAX $ONT $ONG— Ontology (@OntologyNetwork) April 27, 2019
Other gainers today in the top twenty include Bitcoin SV and IOTA making 2 – 3 percent each. Tezos and NEM are falling back marginally and the rest are unmoved from yesterday.FOMO: ODEM PumpingThe top one hundred’s top altcoin at the moment is ODEM adding 18 percent on the day. A recent partnership with universal wallet app Ethos appears to be driving momentum for the on-demand education marketplace token ODE. Dent is also doing well today with a 14 percent spike.There are no big selloffs occurring this Sunday but yesterday’s two pumps are now predictably dumping as Maximine Coin and WAX shed all recent gains.Total crypto market capitalization has increased by $2 billion since Saturday and is now at $172 billion. It appears that the consolidation at this level is set to continue for a while, at least until Bitcoin makes a move. Daily volume has dropped back to $38 billion but weekends are usually quiet for trading. BTC dominance is still high at 54.4 percent as it takes chunks out of the altcoins.Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.

Like what you read? Give us one like or share it to your friends
original post…

Altcoin News

Grayscale Widens Net for Ethereum Investors with Trust’s FINRA Approval

Published

on

By

By CCN: Digital asset investment firm Grayscale Investments, which boasts $1.2 billion in AUM, has received regulatory approval for another cryptocurrency product to be traded in the secondary market. FINRA, which is a self-regulatory organization, has given its stamp of approval to the Grayscale Ethereum Trust for the over-the-counter (OTC) markets under the trading symbol ETHE.

While this investment vehicle launched back in 2017 during the last bull run, it was limited to institutional and accredited investors in private transactions requiring a minimum investment of a whopping $25,000. The FINRA approval creates the opportunity for individual investors to now capture the opportunity as well.  Grayscale Managing Director Michael Sonnenshein told Bloomberg:

“The secondary market really opens up the opportunity for any and all investors.”

FINRA Approval Expands the Net for Retail Investor Adoption

Rayhaneh Sharif-Askary, Grayscale’s Head of Sales and Business Development, told CCN:

“We are very excited about receiving FINRA approval for Grayscale Ethereum Trust. As the largest digital currency asset manager, Grayscale continues to bring new opportunities for investors to gain exposure to digital currencies.”

It’s a boon for an industry that is increasingly gaining the right kind of attention from regulators that has the potential to unlock sidelined capital into the space. Not only that, but it’s also a win for Ethereum, the second-biggest cryptocurrency by market cap. It means that retail investors can now gain exposure to ETH in their retirement and brokerage accounts, as Bloomberg points out. It’s a sign that cryptocurrencies are increasingly making their way into the mainstream even if it’s happening at a snail’s pace.

[embedded content] [embedded content]

ETHE Gets Its Value from the Ethereum Price

The value of the Grayscale Ethereum Trust is based on the Ethereum price, the latter of which has seen its value expand by some 80% year-to-date. It will give investors the opportunity to capture some of the gains that ETH has been achieving in 2019 “without the challenges of buying, storing, and safekeeping Ethereum,” according to the announcement, which goes on to state:

“As of April 30, 2019, each Share of ETHE represents ownership of 0.09662399 Ethereum. “

Ethereum price chart

Ethereum’s value has expanded by more than 75% year-to-date. | Source: CoinMarketCap

In addition to the Ethereum trust, Grayscale’s bitcoin and Ethereum Classic trust products are also open to institutional and retail investors. Investors can expect to begin buying and selling ETHE via their “investment accounts in the same manner as they would other unregistered OTC securities” in approximately two weeks.

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading

Bitcoin News

Robinhood Zero-Fee Trading App Officially Launches in New York

Published

on

American stock brokerage Robinhood Crypto has officially launched its zero-fee crypto trading app in New York, the company announced in a blog post on May 23.

Following the acquisition of a BitLicense by the New York State Department of Financial Services (DFS) in January 2019, Robinhood now allows New York citizens to trade in seven major cryptos with no commission fee using its Robinhood Crypto platform.

From now, the Robinhood Crypto service is available in 39 states in the United States, including California, Washington and Florida, among others.

The Robinhood trading app allows for the trading of bitcoin (BTC), ethereum (ETH), bitcoin cash (BCH), litecoin (LTC), bitcoin SV (BSV), ethereum classic (ETC) and dogecoin (DOGE). Robinhood users can also track price alterations and updates for those cryptos and 10 additional coins, the blog post notes.

Earlier in April, Robinhood applied for a bank charter with regulators in the U.S. in order to offer traditional banking products and services.

Previously, the DFS granted a BitLicense to a institutional-grade crypto trading platform Tagomi Trading, enabling the company to offer trade routing and order execution services for non-security cryptos including bitcoin, ethereum, litecoin and bitcoin cash.

Recently, on April 18, Bloomberg reported that the ICE was considering acquiring a New York BitLicense to launch bitcoin futures, citing anonymous sources familiar with the matter.

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading

Bitcoin News

Here’s Why Bitcoin, Ethereum and Litecoin is undervalued at Spot Rates

Published

on

Heres-Why-Bitcoin-Ethereum-and-Litecoin-is-undervalued-at-Spot-Rates

Heres-Why-Bitcoin-Ethereum-and-Litecoin-is-undervalued-at-Spot-Rates

Bitcoin, Ethereum and Litecoin are still incredibly undervalued as present valuations stand. This is on account of the potential of these coins and planned upgrades to make them better according to a crypto trader and enthusiast.

Yes, Bitcoin may have rallied back to possible bull territory. However, it is still fair to say that the coin sits below its true and projected position as a currency and security. Bitcoin came about as an alternative currency with decentralization as a catch for investors and enthusiasts alike.

Bitcoin is resilient and has shrugged off legitimacy questions from naysayers time and time again. The price volatility is just a consequence of intense speculation and uncertainty common with new inventions. Nonetheless, Bitcoin’s transcendent ability to transform the financial world remains effectively eliminating borders and regulatory overreach.

Bitcoin as Digital Gold

Bitcoin is a finite currency. Notably, every fiat currency will return to its inherent value of zero at times of hyperinflation. This is clear from the Venezuelan Bolivar which is worth less than its printing paper at the moment. In this light Bitcoin can become an alternative to collapsed currencies especially in failed states.

It’s become a trusted alternative when fiat money’s value is corrupted by politics”

-John McGinnis and Kyle Roche of Wall Street Journal.

The limited availability means Bitcoin can efficiently store value at times of financial crises. This is eerily similar to gold which is also a great commodity to store value that rises in value in hard times for fiat. This has led to some proponents calling Bitcoin digital Gold and rightfully so. As such, the value of $8,000 is momentary as the developed world economy is still doing well.

Ethereum And Litecoin As Alternatives

Ethereum is a great alternative for Bitcoin. That said, the price of $270 is still on the low because of the incredible potential given the possibilities of Smart contracts. More significant is the upcoming Serenity or Ethereum 2.0 upgrade. This upgrade will significantly improve the coin by incorporating technical improvements that improve scalability and performance. At the premier Ethereum Supermeetup, hosted at Token2049, Vitalik Buterin explained the update as follows;

“(It is) a way to bring technical improvements, like PoS and sharding, together to improve the Virtual Machine, Merkle Trees, the efficiency of the protocol, and a whole bunch of small technical things that you have never heard of.”

Ethereum is in this regard still on the downside price-wise. The upgrades are necessary and timely to keep the protocol efficient.

Litecoin, on the other hand, is essentially a better version of Bitcoin. This is because the coin, while having essentially the same possibilities as Bitcoin, is more adaptable to change such as the introduction of smart contracts.

Charlie Lee, a former Google employee, who founded Litecoin, has also given financial support to the Lightning Network.  There are also possibilities of incorporating Mimble Wimble that will inherently scale the network while introducing better security and privacy for the end user. When we add the halving mix in the equation, investors and traders are convinced that we are in the early stages of a mega bull run that will propel asset prices, valuing them fairly.

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading

Bitcoin News

Smart contract platform Fantom chooses Binance Chain for interoperability

Published

on

Binance Chain, the blockchain from cryptocurrency exchange company Binance, and DAG-based smart contract platform, Fantom, announced today they will be working together to create a multi-asset and cross chain ecosystem.

The Fantom team said it will be supporting a multitude of tokens including the ERC-20 standard, native Fantom token (FTM) standard, along with the BEP-2 token standard on Binance Chain.

“Our reason for choosing Binance Chain as our interoperability partner over any other blockchain is simple, we’re seeing an increasing trend of great projects moving towards Binance Chain, and we want to contribute to the Binance Chain ecosystem so that all these great projects may garner added value from our contributions. Binance and Binance Chain are in a rare position of having the strongest centralized exchange and liquidity on one end, and a very cohesive decentralized ecosystem on the other end, and we believe that there is no better partner for Fantom in its push for greater interoperability within the industry.”

The Fantom Foundation

The collaboration will offer Fantom users a chance to transact and trade FTM while being in custody of their own tokens on Binance DEX.

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading

Bitcoin News

Robinhood Opens Trading for 7 Cryptocurrencies in New York

Published

on

Robinhood, the popular stock and crypto investing app, has officially launched bitcoin, ethereum, and other cryptocurrency trading in New York.

Silicon Valley-based Robinhood received a BitLicense from the New York Department of Financial Services (NYDFS) in January 2019 and on Thursday opened access to crypto trading in the Empire State.

From the press release:

Currently, you can invest in seven cryptocurrencies on Robinhood Crypto: Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ethereum Classic, Litecoin, and Dogecoin. You can also track price movements and news for those and 10 additional cryptocurrencies.

New York is unique and problematic for crypto traders because all purveyors must apply for a BitLicense, most notably for companies that are “storing, holding, or maintaining custody or control of virtual currency on behalf of others,” according to NYDFS.

Many crypto startups have avoided the requirements entirely by becoming BitLicense refugees and refusing to do business in the state.

“Here we are two miles from the Statue of Liberty and you cannot sell CryptoKitties in the state without that license. That’s the absurdity of what’s happened here,” ShapeShift CEO Erik Voorhees complained in 2018 when asked about the controversial license at CoinDesk’s Consensus conference in New York.

Image courtesy of Robinhood

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading
Advertisement

Recent Posts

Copyright © 2019 The Crypto Report