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  • Top 3 Coins to Watch – Week 3

    Top 3 Coins to Watch – Week 3

    Judging by the first two weeks we cannot say that the cryptocurrency market has cooled off yet. Yes, Bitcoin does seem to have entered a period of mostly sideways trading with relatively high volatility, but other projects are pulling the space forward now. Just recently, Ethereum stepped into the limelight of the community’s attention by setting its new ATH price. But besides Ethereum, which is definitely worth keeping an eye on, there are many other cryptocurrency projects, that are looking to benefit from significant updates and the increased attention that comes with these upgrades. This week’s selection features three such projects.

    1. Curve (CRV)

    Curve is a protocol and a platform focused on providing a simple and easy-to-use way to swap certain Ethereum-based assets. The Curve DAO Token is the platform’s native token as well as its governance token. In addition, users providing liquidity to CurveFinance receive their rewards payed out in CRV.

    Buy/Sell CRV

    CRV is one of the Most profitable Cryptos of the past 7 days

    Ever since the beginning of the year the price of DeFi cryptocurrencies has been growing alongside the general cryptocurrency market. However, the Curve DAO Token (CRV) has been largely left out of this rally, at least until the end of the previous week, when the CRV rally started gaining momentum. The token’s price is up by more than 130% in the past seven days with a largest surge of over 50% seen on January 17. This makes CRV the best performing crypto in the past seven days in the top 100 by market capitalization. The late wake up is largely attributed to the fact that Curve recently added several new trading pairs, such as the ETH/stETH, and ETH/Aave’s interest-bearing assets, and established a collaboration with Yearn.finance that will allow any user to deploy trading pools for more esoteric and long-tail assets. Last but not least, CRV’s surge resembles the fact what yield farmers are earning more on Curve now. The fact that already $2.15 billion worth of capital is locked in Curve indirectly supports this statement. The token has been trading sideways in the past day, but it will be definitely interesting to further observe the price action following such a massive surge.

    Hedera Hashgraph (HBAR)

    Hedera Hashgraph aims to develop the world’s first mass-adopted public distributed ledger that will be able to support a vast array of applications. Using their hashgraph technology, users will be able to easily develop globally decentralized applications using and deploy them on the blockchain.

    Buy/Sell HBAR

    Hedera Hashgraph Testnet V0.11.0 Release Scheduled for January 21   

    As recently announced by the Hedera team, the testnet upgrade to version v0.11.0 is scheduled to take place on January 21 at 18:00 UTC. The new version will feature updated versions (v5) of all file formats for record streams, record stream signatures, event streams, and event stream signatures. All interested community members, but especially HBAR holders, should follow the testnet upgrade status here and are advised to read through the upgrade release notes, when they become available.

    TomoChain (TOMO)

    TomoChain is an Ethereum codebase-based blockchain that supports all EVM-compatible smart-contracts, protocols, as well as atomic cross-chain token transfers. TomoChain utilizes a Proof of Stake Voting (POSV) consensus with 150 Masternode that grant very low fees and instant transactions while maintaining security at the same time. In the future, the team aims to introduce sharding, EVM parallelization, and generation of private chains.

    Buy/Sell TOMO

    Zorro Upgrade Release Estimated for January 22

    The TomoChain team has announced that their Zorro mainnet upgrade is scheduled to take place at block number 30,915,660, which is estimated to be proposed sometime on January 22. For a more accurate estimation you should refer to the official countdown. The upgrade will bring improvements to the Ethereum Virtual Machine (EVM) and Solidity functionality, as well as the integration of TomoP mainnet code and an adjustment to the cancellation fees on TomoX based DEXs. The developers urge all TomoChain nodes and masternodes to upgrade their software to v2.3.0 by January 22. More information about the Zorro upgrade can be found in the project’s official blog post.

  • How Cryptocurrencies will boost the overall sportsbook scene

    How Cryptocurrencies will boost the overall sportsbook scene

    It only seems like yesterday that casinos and also sports betting sites started accepting cryptocurrencies from their players. The new payment method is not offered by many casinos, but it would be a lie for us to see that new betting sites are not emerging daily. The good news is that we have seen ample new Bitcoin betting sites setting up shop online, and also offering a good vast selection of crypto currencies being offered.  Apart from this, many online betting and sports sites also lure players and shower them with rewards and promotions if they deposit and use Bitcoins as their main payment method when playing at the said site. 

    If we look back to the history of cryptocurrencies, it definitely did not have a good start. When someone used to mention the term cryptocurrencies, our mind would definitely delve away to illegal sites, the black market and even the dark net. This has all changed with the introduction of sports betting sites that started accepting wagers in cryptocurrencies. These sites started to be referred to as Bitcoin betting sites, where you the player can sign up, choose cryptocurrencies as your main payment methods, wager in and play. If there was a stigma before tied to cryptocurrencies , you can thank both online casinos and sports betting sites for actually and really breaking this stigma. 

    Of course, cryptocurrencies also had a bad reputation at times in the gambling scene. Some Bitcoin betting sites used advanced blockchain technologies to start accepting wagers from places that gambling was still deemed as illegal.  If we lookback, we smile and think that we now live in a day and age where you will raise an eyebrow if cryptocurrencies are not accepted by major betting sites that include both casinos

    Fact: Sportsbook operators prefer it when you deposit with cryptocurrencies

    Did you know that all Bitcon betting sites prefer it when you deposit and play using Bitcoin.  Wondered why? Let us tell you just why. It is a known fact that fees and deposits done via this payment method are not enforced much by regulators. When it comes to you having e-wallets, we all know the frustrations that they pose, the hidden charges to receive and get you money and if you secure a win, a % of that win is taken away by the payment provider. This is not the deal when it comes to cryptocurrencies, and many casinos and sports betting sites have taken full advantage of such measures and laws. When you use an e-wallet at Bitcoin betting sites, you will surely have experienced delays also, something that does not exist in the crypto world. Apart from this privacy plays a massive role, as some e-wallets would also for verification, statements and even a video call to verify you. This is not the norm for Bitcoin betting sites. 

    Banking institutions do not have a way or means to regulate crypto transactions, and hence there is no actual enforcement. This fact allows Bitcoin betting sites to freely give you a better return on your deposits. This is how campaigns are formed and how such payment methods can award you better. In the meantime, we all know that some of the most prominent sports betting sites do not accept specific e-wallets, this all stems from inconsistent processes, customer feedback and also high fees that need to be paid. 

    With the introduction of cryptocurrencies, the gambling world took a new shape, a way that made gambling more attractive to many players worldwide. It was a new world also for many gambling sites as they morphed into becoming Bitcoin betting sites. There are also some sites that only accept Bitcoins and other cryptocurrencies nowadays, would you believe that?

    The Gambling Commission and beyond

    We all know that if you hold an MGA or a UKGC license, you would need to declare your annual turnover, and of course you would need to pay a % of the amount you make. The good news is, that if you have cryptocurrency as your main payment provider, you are not regulated by the UKGC. Possibly this is the reason that many Bitci[oin betting sites will give you a better bonus if you deposit using digital currencies. This is the future of online gambling and sports betting, but how long will it be until gambling license institutions will start implementing restrictions and also fees on using such payment methods?

    If the world of sports and online casinos continues to flourish the way it is, we will have more Bitcoin casinos and sites soon. Will this be a grey area?  Actually no, and funnily enough you will also find other sites that accept Bitcoins as their main currency. Is this the future of sports and online gambling?

  • How Do You Defend Against Inflation? Bitcoin or Gold?

    How Do You Defend Against Inflation? Bitcoin or Gold?

    Key highlights:

    • The global pandemic has produced a tailwind for the Bitcoin market
    • Investors are flocking to safe havens like Bitcoin and gold due to quantitative easing policies

    COVID-19 shocked the world in 2020, and governments responded to the pandemic by printing more money. Governments around the world have already deployed stimulus packages, and additional measures are on the way. Now, many experts are worried about the consequences of the quantitative easing policy in the post-pandemic world. 

    The situation has forced many investors to seek safe-havens to protect against the potential devaluation of currencies. Bitcoin and gold are two safe havens for investors. The investors want to protect themselves against future debasement, expecting a weakened position for the US dollar and  other fiat currencies. 

    Bitcoin as a store of value

    The pandemic resulted in a macroeconomic context that turned out to be ideal for BTC, and the world’s largest cryptocurrency has attracted the attention of many investors. Many institutional investors are joining Bitcoin, and they have understood the potential of BTC as a store of value. 

    Paul Tudor Jones expressed a bullish stance on BTC after the halving, and he was one of the early institutional investors who paved the way for other institutional players to enter the market as well. Now, we even see publicly-traded companies like MicroStrategy in the area. 

    The market infrastructure of Bitcoin has improved a lot in the recent two years, and the asset itself has many attractive qualities – BTC is decentralized and distributed, and the network cannot be influenced by any single entity. BTC has capped supply, which will ensure that it remains scarce. The demand for BTC has been growing for the past decade, but the maximum supply of Bitcoin is fixed – this presents a bullish scenario for the cryptocurrency.

    Bitcoin has some challenges on the way, though. Regulatory challenges are likely the most important factor. In this area, the United States is highly influential and their decisions are being closely monitored by cryptocurrency investors across the globe.

    BTC adoption in 2020 was massive, and Bitcoin now seems to be in a prime position for price appreciation. Institutional investors have started joining the space, and retail investors will join the caravan soon. 

    Gold is another haven for the investors

    Gold is another safe haven, and it is much less risky than Bitcoin – it has a 5,000+ year track record, while Bitcoin has only been around for a decade.

    Gold has proved itself as a store of value in the past. Currency debasement is an essential risk, and many investors choose gold to hedge against that possibility. Future depreciation of fiat currencies and interest rates are two crucial factors that drive the price of gold.

    However, investors that are willing to take more risks for the chance of bigger upside are increasingly looking to Bitcoin as a viable alternative to the precious metal.

  • ECB President Christine Lagarde Says Bitcoin Needs Regulation

    ECB President Christine Lagarde Says Bitcoin Needs Regulation

    Key highlights:

    • Christine Lagarde, the head of the European Central Bank, thinks Bitcoin is very speculative and needs regulation
    • Lagarde believes the crypto rules should be global, and the public should accept them
    • On the other hand, some politicians like Brian Brooks they favor blockchain technology

    Christine Lagarde comments on Bitcoin and central bank digital currency

    ECB President Christine Lagarde recently said that she considers BTC as a speculative asset that needs to be regulated globally. In her opinion, a lot of »funny business« has been facilitated through Bitcoin, and the asset has also been used to launder money. Lagarde called for a global approach to regulating Bitcoin, something that would be very difficult to achieve. 

    Lagarde has expressed her views about CBDCs (central bank digital currencies). She explained the digital euro at a conference and declared that they are considering public feedback about the issue.

    She pointed out that there has been significant interest from the public in response to the ECB’s consultation  regarding the digital euro. Many participants have answered their questions about the digital euro and what it should ideally look like. 

    According to Lagarde, they want to be careful about the topic, and they want to make the correct decision. Lagarde didn`t provide a timeline for launching digital euro, but said the process will likely be time-consuming. The ECB is taking a careful approach in order to ensure that the digital euro will be safe to use.

    Lagarde expects the digital euro to be made available in approximately five years, if the ECB decides to pursue the project. Even if and when the digital euro becomes a reality, it will not replace cash – bank notes will still be accepted, Lagarde explained.

    Not all official are crypto skeptics

    Not all government officials and politicians have adopted a negative stance towards Bitcoin and cryptocurrency – one of the prime examples of this is Brian Brooks, the former head of the U.S. Office of the Comptroller of the Currency. Under his leadership, the OCC has made several statements highlighting the importance of blockchain technology and its transformative potential in the financial sector.

  • Celebrities Are Promoting Cryptocurrencies Again as Lindsay Lohan Talks Bitcoin and Ethereum in Paid Video

    Celebrities Are Promoting Cryptocurrencies Again as Lindsay Lohan Talks Bitcoin and Ethereum in Paid Video

    Key highlights:

    • Bitcoin has reached new peaks, and it attracted crypto enthusiasts alongside new supporters.
    • Actress Lindsay Lohan published a paid video promoting Bitcoin and Ethereum

    As it makes new all-time highs, Bitcoin is now in the focus of the public’s attention once again. Astronomical price predictions are popping up left and right and even some celebrities are now publicly talking about cryptocurrency.

    Lindsay Lohan has made a video recently and uploaded it on Cameo, a site where users can pay celebrities to record videos. In the video, Lohan said that Bitcoin and Ethereum could increase to $100,000 and $10,000, respectively. These kinds of celebrity promotions are similar to what we saw in 2017, where many celebrities promoted ICOs.

    Many celebrities supported ICOs in 2017

    Many crypto enthusiasts remember 2017. It was an adventurous year, and it seemed like every entrepreneur on the planet was coming out with a new ICO (initial coin offering). It was difficult to distinguish between legitimate projects and those who were just after a quick cash grab at the expense of their investors. In order to attract more investors, many projects paid celebrities to promote their projects. 

    Floyd Mayweather and DJ Khaled are two celebrities that promoted the Centra ICO in 2017. Later, SEC accused Centra of fraud and faking partnerships with larger companies. Many investors lost their money in these projects, and now the investors are pursuing the mentioned celebrities via a lawsuit. 

    Lionel Messi was another superstar that promoted SRN, a project that raised capital for a particular Blockchain smartphone. Luis Suarez was another soccer player who announced a project named Stox. The project raised $33.3 million money in its ICO. Other celebrities like Ashton Kutcher and others supported different projects in 2017, and it seems that we see a similar event in 2021. 

    Bitcoin is now trading above the peak of 2017

    Bitcoin reached a new all-time high last week, and after that, it returned to around 35k. Bitcoin price is higher than the peak of 2017 right now. Ethereum, the biggest Altcoin, climbed above $1,000, a price level that was untouched since February 2018. 

    After reaching last week’s peak, BTC’s market cap increased to $700 billion, making Bitcoin more valuable than many major companies including Facebook. The main difference between the bull runs of 2017 and 2020 is that the previous bull-run was primarily driven by retail investors, while there’s a much greater number of institutional investors in the market now. 

    The published video shows that retail investors are returning to space. Retail investors, alongside institutional investors, could produce a colossal bull run that eclipses previous cryptocurrency market rallies. 

    The increased demand from retail investors is already being felt by cryptocurrency exchanges. Coinbase, one of the biggest crypto exchanges around the globe, experienced technical issues last week as its platform couldn’t keep up with the massive flood of users who were trying to trade cryptocurrency. 

  • 12th January: BTC/USD Rebounds to 36,000 and Turns Back Down, ETH/USD Repeats Bitcoin’s Graphic Pattern

    12th January: BTC/USD Rebounds to 36,000 and Turns Back Down, ETH/USD Repeats Bitcoin’s Graphic Pattern

    BTC/USD

    BTC/USD began the trading on 12th January at 35,468, according to the exchange rate at CEX.IO. In the first two hours, the pair edged down to 34,000. Then, starting from 03:00 UTC BTC/USD began an ascendency, which at 08:00 UTC took the pair to the 50-period simple moving average at around 35,600. The attainment of the moving average was a signal for a renewal of bearish price action, which was quickly confirmed: moving down consistently, the pair reached 32.501 in between 14:00 and 15:00 UTC.

    But the downside move was not final, the pair took a rebound to above 35,000, but its further progress was denied by 20-period and 50-period SMAs interlacing at 35,000 at around 18:00 UTC. Later in the evening, BTC/USD continued downward from under 35,000.

    The day’s picture shows a slightly reducing volatility. The rebound to the 50-period SMA on the 4-hour timeframe and the subsequent price drop, with the picture repeating on the hourly timeframe later in the day, is a clear indication that the correction is going to be continued in the medium term.

    The closest target for BTC/USD is the 2.618 Fibonacci retracement level at 31,000. Since that level has already been reached on 11 January, it will most likely not stand a second time. However, besides the 2.618 Fibonacci retracement level, the pair will also have to break the 20-day SMA on its way to lower domains. Further down the road, the 50-day SMA will be the next major target.

    ETH/USD

    Starting 12th January at 1,087, ETH/USD slipped to 1,040 in between 00:00 – 02:00 UTC. A recovery followed between 03:00 and 07:00 UTC, taking ETH/USD to the region around 1,140. Faced with the 50-period simple moving average on the 4-hour timeframe, the pair continued down, starting from 08:00 UTC, to 1,020, briefly falling below 1,010, according to the exchange rate at CEX.IO.

    From 14:00 to 18:00 UTC, the pair was on an upward course, rising to 1,120 at the top of the upswing and slightly above the 50-period SMA on the hourly timeframe. At 18:00 UTC, the pair began trending down, falling to 1,060 between 19:00 and 20:00 UTC.

    The 50-period SMA has been crossed down by the 20-period one on the 4-hour timeframe, which is a good signal for continued downward dynamics.  However, overall Ethereum looks less bearish than Bitcoin in January 2021, which is probably due to the catching up with Bitcoin’s upside progress generated in December 2020.

    Still, the downside course presently remains the likeliest in the medium term, the closest target being the 2.618 Fibonacci retracement level at 906.4. And we will most likely see it tested until the end of the week of 11th January.

  • Ripple CEO Brad Garlinghouse Comments on Recent SEC Lawsuit

    Ripple CEO Brad Garlinghouse Comments on Recent SEC Lawsuit

    Key highlights:

    • The SEC announced a lawsuit against Ripple in December last year, accusing the company of selling unregistered securities
    • The value of the XRP cryptocurrency plummeted in response to the news
    • Ripple CEO Brad Garlinghouse recently responded to the most common questions surrounding the lawsuit

    Ripple CEO comments on the SEC’s lawsuit

    Ripple CEO Brad Garlinghouse recently discussed the SEC’s lawsuit against Ripple and also talked about the possibility of the company settling with the SEC. Ripple’s general counsel Stuart Alderoty also commented on the issue, and the two pointed to some critical problems regarding the SEC’s allegations that Ripple’s sales of XRP are an unregistered securities offering. 

    Garlinghouse and Alderoty say that Ripple is actively working to defend itself against the allegations put forth in the lawsuit, and plans to provide a detailed response in the coming weeks.  Ripple is planning to break the silence and clarify the allegations around the company. 

    Garlinghouse touched on five critical questions on his Twitter, including the potential for a settlement and the allegations that Ripple paid businesses entities to utilize XRP. According to Garlinghouse, it’s normal for a payments network like Ripple to pay incentives to its customers, citing Mastercard and Visa as examples. 

    The Ripple CEO didn’t say anything about Ripple’s attempts in persuading platforms to list XRP, but he said that XRP is decentralized, and they have no control over which venues list or delist the asset. He also explained the recent issue involving investment company Tetragon. Tetragon invested in Ripple’s 2019 Series C and now wants Ripple to redeem its shares following the SEC lawsuit. Garlinghouse says that Tetragon only owns around 1.5% of Ripple, and that he is disappointed Tetragon is trying to take advantage of the SEC’s lawsuit against the company. 

    Before we can learn more about the case between Ripple and the SEC, we should wait until February. The two parties will discuss the case in a pre-trial conference on February 22. Ripple and the SEC may be able to find a solution regarding the issue that appeases both parties. Meanwhile, holders of the XRP cryptocurrency saw the value of their holdings plummet after the SEC announced legal action against Ripple.

  • Cryptocurrency Derivatives Ban Comes Into Effect in the UK

    Cryptocurrency Derivatives Ban Comes Into Effect in the UK

    Key highlights:

    • The UK announced the prohibition of cryptocurrency derivatives in October, and it came into effect recently
    • Crypto enthusiasts have criticized the decision, and they think it will be harmful

    Cryptocurrency derivatives were prohibited in the UK starting from January 6. The Financial Conduct Authority (FCA) first announced the news in October, following extensive discussions around the issue. The ban prohibits companies from offering crypto derivatives, including options, futures, and other similar instruments to customers in the United Kingdom.

    The FCA says the ban is designed to protect  retail investors, but the critics believe the decision will just  make the situation worse. Some argue that retail investors will simply move to unlicensed and unregulated platforms outside the UK to resume their trade. 

    Some critics like Dermot O`Riordan believe the  FCA doesn’t have enough knowledge to regulate the issue. He says there are good players like Coinshares for crypto derivatives in the UK, and the ban will force the users to go to other platforms that can`t protect them as well. Crypto derivatives fans will continue their trades in unlicensed places or some foreign venues, which will ultimately expose them to more risks.

    UK companies have started to abide by the ban

    Firms like CoinShares and eToro will suffer the most from the decision. They manage many crypto assets, and under the new rule, they will not be able to offer the same products as before. 

    IG is one of the other companies were forced to stop offering their cryptocurrency derivatives products. The company has CFD products that will discontinued so that the company can abide by the new rules. Coinshares believes these actions won`t have a big impact on its business, as their operations are diversified. The company believes in its user base and thinks it can manage the situation very quickly. 

    Final thoughts

    Crypto is a new field, and it can’t be regulated by using the traditional rules standard in finance or stocks. Many governments don’t yet have enough expertise to regulate the space in the best interests of the public. The governments need the cooperation of the crypto community in the area of rules. Without this cooperation, newly-introduced rules could make the situation worse for both investors and businesses instead of improving it.

  • Online Casinos Adapt to Decentralized Digital Currencies

    Online Casinos Adapt to Decentralized Digital Currencies

    The gambling industry faces unique challenges other industries usually aren’t subject to resolving. During 2020, online casino operators took on unprecedented hurdles they never expected or were prepared to tackle. One of the things that makes the online gambling sector so impressive is its ability to adjust and adapt without substantially faltering. Tech advances spun online casinos upside down by continually releasing gaming and software updates that enhanced players’ experiences. For example, mobile casino gaming platforms raged in popularity and value through the improvement of mobile devices.

    Online operators’ primary goal targets improving a player’s gaming experience to entice loyalty. Much like any other profitable business, online casinos take extra measures to funnel players into devoted VIPs. Virtual casinos are improving mobile casino gaming’s cross-platform experience by creating interactive elements to increase participation. The most crucial tech advancement to hit the gambling world is undoubtedly cryptocurrency’s introduction.

    Examples of How Cryptocurrency and Blockchain Ledgers Rocked Online Betting

    The majority of online players placing bets have heard about or used cryptocurrencies, such as Bitcoin or Litecoin. Cryptocurrencies function similarly to traditional monetary transactions. The essential difference between the two financial options is the currency’s decentralization from regulated platforms. Regular money gets regulated by third parties using a central platform controlled by institutions.  Rather than dealing with processing times and transaction fees, cryptocurrency allows players to skip the middle man’s involvement, which generally would be centralized institutional platforms.

    Online casinos quickly pounced on digital currency’s potential by introducing crypto casinos. Crypto casinos don’t accept other currencies other than digital currencies on blockchain ledgers. The exclusive use of digital currencies eliminates unbalanced conversions that take advantage of online gamers. Players at crypto exclusive casinos rarely face the same financial frustrations that plague traditional monetary platforms.

    In the past, most crypto casinos only accepted Bitcoin because it was the most well-known out of the growing selection of digital currencies. More virtual casinos began taking varying cryptocurrencies after the industry suffered a severe hit from the 2020 pandemic. Sportsbook operators mimicked online casinos by also implementing cryptocurrency transactions and support. Cryptocurrency correlates with online gambling accordingly to positively engage with consumers using alternative spending and gambling practices. A lot of the major bitcoin sports betting sites now accept at least 3 cryptocurrencies.

    Making Room for New Digital Currencies and Casinos

    Blockchain technology created a decentralized ledger platform that consequently set the internet gambling world ablaze. Thanks to blockchain technology’s protective and anonymous ledger, players began trusting digital currencies besides Bitcoin. CryptoCasinos maintains an updated menu of prestigious casinos that cater to sportsbook players using the most popular digital currencies. Sportsbook players instantly switched to digital currencies to utilize total anonymity, mainly because of the stigmas related to sports betting.

    Bitcoin busted open the casino and sportsbook markets and worked hard to gain players’ trust. Several cryptocurrencies launched after Bitcoin became an instant hit with casino operators and players alike. XRP, Litecoin, and Ethereum became accepted by a plethora of casino operations that catered to players from around the world. Mobile casino apps recently began utilizing crypto transactions after multiple digital currencies reached all-time high values.

    Resolving Problematic Issues Relating to Responsive Gaming

    Since the launch of online gambling, players have expressed complaints regarding slow transaction times, delayed deposits, and limited withdrawal methods. Virtual casinos responded by introducing responsive transactions with cryptocurrencies and blockchain ledger transactions. Players have access to responsive, anonymous gaming platforms with multiple financial selections.

    Virtual reality casino gaming possibly could replace brick and mortar casinos entirely. Machine learning and artificial technological advances continue to bring more realistic and exciting gaming opportunities for sports betting and casino gaming. 4K resolution and live streaming table casinos meshed with secure digital currency have revamped the appearance of even the most prestigious online casinos.