Tag: Crypto

Singapore’s largest commercial bank reportedly launching crypto trading
Crypto News, Trading

Singapore’s largest commercial bank reportedly launching crypto trading

DBS, Singapore’s largest retail and commercial bank, seems to be entering the cryptocurrency space with three new offerings. According to a description of the platform shared with Cointelegraph, DBS’s upcoming crypto service — the DBS Digital Exchange — will support four major cryptocurrencies including Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH) and Ethereum Classic (ETC). The list of supported fiat currencies includes the United States dollar, the Singapore dollar, the Hong Kong dollar, and the Japanese yen. The DBS Digital Exchange will also allow small and medium-sized enterprises as well as large corporations to issue security tokens. In the prospectus, DBS Bank said that digital assets are set to play a crucial role in the global economy. As a company regulated by the ...
BTC hash rate slumps amid seasonal miner migration in China
Crypto News

BTC hash rate slumps amid seasonal miner migration in China

Mining data aggregators attribute a slump in Bitcoin’s hash rate to the end of the wet season in Sichuan, resulting in many miners migrating to other jurisdictions. On Oct. 26, Thomas Heller of Bitcoin (BTC) mining blog Hashr8 reported that roughly 22 exahashes per second (EH/s) of mining power had left the Bitcoin network, coinciding with the end of the season the previous day (based on weather forecasts). Kevin Zhang of mining-focused Digital Currency Group subsidiary Foundry also estimated a 20 EH/s drop, noting the seven-day average for Bitcoin’s hashrate was 132.9 EH/s while daily hash rate concurrently tagged 112.9 EH/s. Blockchain.com estimates Bitcoin’s hash rate to have fallen from 151.1 EH/s on Oct. 24 to 116.3 EH/s the following day. Bitcoin hash rate 12-month chart: Blockc...
Alibaba’s Jack Ma praises the disruptive nature of digital currencies
Crypto News

Alibaba’s Jack Ma praises the disruptive nature of digital currencies

Jack Ma, the now-retired founder of Alibaba Group, recently spoke to a crowd of bankers and regulators at the Bund Summit in Shanghai about the role digital currencies will likely play in the future global financial system: “Digital currency could create value and we should think about how to establish a new type of financial system through digital currency.” He opined that the current financial system governed by Basel Accords is too conservative and does not fit China’s growing economy: “After the Asian financial crisis, the risk control highlighted in the Basel Accords has been only focused on risk control, not on development, and rarely do they consider opportunities for young people and developing countries.” The Basel Accords provide international regulation for banks that...
Market is proving Bitcoin is ‘ultimate safe haven’ — Anthony Pompliano
Crypto News

Market is proving Bitcoin is ‘ultimate safe haven’ — Anthony Pompliano

Bitcoin (BTC) “could not be more uncorrelated” with the stock market, Anthony Pompliano says as data shows that BTC is leaving macro assets behind. In a series of tweets on Oct. 26, the Morgan Creek Digital co-founder, also known as “Pomp,” took critics to task over their accusations that Bitcoin was a poor store of value. Pomp on safe haven Bitcoin: “The market is proving it” Pompliano uploaded a chart from behavior analysis platform Santiment, which showed Bitcoin hitting 0 for 30-day correlation with the S&P 500. “It could not be more uncorrelated than it is right now,” he added in comments. Bitcoin vs. S&P 500 rolling correlation chart. Source: Anthony Pompliano/ Twitter Continuing, Pompliano highlighted Bitcoin beating macro asset returns since the Coronavirus crash in M...
Abra CEO’s portfolio is 50% Bitcoin as cash is ‘becoming worthless’
Crypto News

Abra CEO’s portfolio is 50% Bitcoin as cash is ‘becoming worthless’

The co-founder and CEO of major cryptocurrency company Abra is clearly bullish on Bitcoin (BTC). In an Oct. 23 tweet, Bill Barhydt, CEO of peer-to-peer payments platform Abra, claimed that he has significantly increased his Bitcoin holdings a few weeks ago. According to the CEO, Bitcoin now accounts for 50% of his total investment portfolio. Barhydt talked about his holdings on an episode of Money Talks. In an Oct. 23 YouTube live stream, Barhydt reiterated his bullish stance on Bitcoin, claiming that “Bitcoin is the single best investment opportunity in the world right now.” The executive said that Bitcoin’s scarcity is one of the biggest reasons why the cryptocurrency is the best investment option. “As the minting of new Bitcoin approaches zero in the coming years, its value versus ...
The future of NFTs in DeFi: A conversation with Aavegotchi’s Jesse Johnson
Crypto News

The future of NFTs in DeFi: A conversation with Aavegotchi’s Jesse Johnson

Non-Fungible Tokens (NFTs), once the red-headed stepchild to more popular smart contract implementations, are finally beginning to have their day in the sun. Average purchase prices of NFTs on peer-to-peer exchanges are rising sky-high. Six-figure sales are no longer uncommon. Dapper Labs, the minds behind the great-granddaddy of NFT collectible projects, CryptoKitties, have attracted significant investment for their native blockchain Flow -- including investment from NBA stars. All this progress leads some to wonder, however: where are NFTs going next? One person who might be able to glean some insight is Aavegotchi co-founder Jesse Johnson. Johnson was working with asset-backed products in the NFT space long before they became widely popular. One of his early efforts, Bullionix, was...
Top 5 cryptocurrencies to watch this week: BTC, ETH, XRP, LTC, XLM
Crypto News

Top 5 cryptocurrencies to watch this week: BTC, ETH, XRP, LTC, XLM

Hot on the heels of Paypal’s crypto adoption, JPMorgan’s Global Markets Strategy division released a report detailing how Bitcoin (BTC) could offer “considerable” upside “if it competes more intensely with gold as an 'alternative' currency.” According to the analysts, the three reasons for their long-term bullish view on Bitcoin are the large valuation gap between Bitcoin and gold, the growing utility of cryptocurrencies, and millennials preferring Bitcoin over gold in the long-term. This report shows that institutions are gradually realizing the huge potential of cryptocurrencies and are willing to take a U-turn on their previous apprehensions. Crypto market data daily view. Source: Coin360 Galaxy Digital CEO Mike Novogratz said that PayPal’s decision on crypto could force other big...
How to build a crypto mining rig in 2020 to earn Bitcoin and Ether
Crypto News

How to build a crypto mining rig in 2020 to earn Bitcoin and Ether

In a time of global crisis, a pandemic, and a generally unstable political and social environment, cryptocurrencies have shown remarkable stability. Moreover, the pandemic-induced economic downturn played into the hands of the industry by not only attracting professional cryptocurrency traders but also reviving mining as a way of generating passive income. It is not surprising that countries experiencing difficult political and economic situations have witnessed a boom in the purchase of GPU cards in recent months. In the region of Abkhazia, where all crypto activities have been illegal since 2018, citizens spent more than $500,000 on mining equipment over a period of six months. Another factor that has worked to further popularize mining is strong crypto prices. Bitcoin (BTC) has rise...
Corporate disclosure is the only way to get crypto institutionalized
Crypto News

Corporate disclosure is the only way to get crypto institutionalized

Some people predicted that crypto assets were going to be a fad that would quickly come and go. But in just a short time, we’ve seen crypto assets become the focus of new innovation. Cryptocurrencies have offered value exchange, the ability to generate income, and a viable investment option. Young companies are turning away from traditional VC to offer token options to investors. And blockchain technology is offering new value in the form of frictionless data exchange. As a result, crypto is making an ever-expanding effect on global economies, technology and culture. Because of this, crypto assets are becoming a fully institutionalized asset class, which can only be a good thing. Scaled buy-in from investors, brokers, financial services companies and more can only improve the recognitio...
Gold ‘breaking down’ against Bitcoin is highly bullish for BTC — Analyst
Crypto News

Gold ‘breaking down’ against Bitcoin is highly bullish for BTC — Analyst

Earlier this week, Bitcoin (BTC) advocate and Real Vision CEO Raoul Pal said gold is breaking down against BTC. If the dominant cryptocurrency continues to gain momentum against BTC, it could strengthen its perception as a store of value. In the past month, the price of Bitcoin gained 30.36% against the U.S. dollar, from $10,136 to $13,217. In the same period, gold has gained about 2.25%, from $1,863 to $1,903. Gold slumps against Bitcoin. Source: Raoul Pal, Bloomberg Why is Bitcoin outperforming gold and stocks? In the past two weeks, while the price of Bitcoin rallied strongly, both gold and the U.S. stock market steadily recovered. The confluence of three major factors likely contributed to the upsurge of Bitcoin since early October. First, PayPal's crypto integration announcem...