Tron’s (TRX) DeFi Ecosystem Exceeds $5.7B in Total Value Locked

Tron's (TRX) DeFi Ecosystem Exceeds $5.7B in Total Value Locked 2

In brief:

  • Total value locked in Tron’s DeFi ecosystem has now exceeded $5.7 Billion
  • Tron’s proposal 51 has increased investors confidence in TRX as the digital asset is now deflationary
  • TRX’s value has more than doubled in value since the beginning of the year

The Tron (TRX) Defi ecosystem has reached a new milestone in the form of total value locked. According to the project’s founder and CEO, Justin Sun, over $5.7 Billion is now locked on the various DeFi protocols on the Tron network. Mr. Sun shared this milestone with the crypto community via the following tweet.

Tron is Now a Deflationary Asset as a result of Proposal 51

Also worth mentioning is that Tron is now a deflationary asset thanks to the implementation of proposal 51 by the network’s Super Representatives. According to data provided by Tron community member Crypto Petrov, a total of 54 million Tron (TRX) has been burned forever since the proposal was implemented on the 10th of this month. Additionally, 4,906,000,000 TRX is now frozen thus reducing the circulating supply of Tron.

Proposal 51 was implemented by the Tron community to achieve the following.

Increase the current near-minimal fees for bandwidth and energy by 3,5 times in order to encourage higher freezing rate of TRX, diminish low-value transactions (spam txs), increase security, reduce TRX in circulation, and promote the increase of TRX’s value by eventually making TRX a deflationary asset.

Tron’s Value Has More Than Doubled Since the Beginning of the Year

The implementation of Proposal 51 has had a positive effect on the value of Tron (TRX). At the time of writing, TRX is trading at $0.048 after posting a local high of $0.064 on the 19th of this month.

Tron (TRX) opened 2021 at a value of $0.026 which means that it has increased in value by a factor of 1.84x when compared with its current value and by a factor of 2.46x when compared with its recent peak value.

With the new month of March only days away, chances are that Tron (TRX) will retest or exceed the local peak of $0.064 in the days and weeks to follow. However, as with all altcoins, the fate of Tron is very much tied to that of Bitcoin. Therefore, Bitcoin needs to provide the perfect environment for TRX to thrive.

3 reasons Bitcoin price is quickly recovering from its ‘severe’ 23% correction

Bitcoin recovered quickly from $44,800 to over $50,000 in under 22 hours and here are three key reasons why.

The price of Bitcoin (BTC) quickly recovered from around $44,800 to over $50,000 within merely 22 hours. 

Behind the rapid recovery are three major factors, including low funding rates, Square's $170 million Bitcoin purchase, and the spot market stabilizing.

Bitcoin futures funding rates substantially drop

Across major futures exchanges, including Binance, Bybit and Bitfinex, the funding rate of Bitcoin has dropped to 0.01%.

The Bitcoin futures funding rate was consistently above 0.1% throughout the entirety of the rally from the $40,000s to $58,000.

BTC/USDT 4-hour price chart (Binance). Source: TradingView.com

When the futures funding rate is high, it means the market is overcrowded with buyers and the rally likely overextended.

This creates a major risk of a long squeeze, which can cause the price of Bitcoin to drop quickly in a short period.

With the funding rate back to 0.01%, the risk of a long squeeze is significantly lower and if a new uptrend ensues, the rally could be more sustainable.

BTC and ETH funding rates. Source: Bybt.com

Square buys $170 million worth of BTC

On Feb. 24, the U.S. payments giant Square bought $170 million worth of Bitcoin. This comes after purchasing $50 million worth of Bitcoin on Oct. 8 of last year. At the time, Square's chief financial officer Amrita Ahuja said:

“We believe that bitcoin has the potential to be a more ubiquitous currency in the future. As it grows in adoption, we intend to learn and participate in a disciplined way. For a company that is building products based on a more inclusive future, this investment is a step on that journey.”

The additional purchase of Bitcoin by Square carries a significant meaning because it shows that the company is confident in BTC over the long term.

The price of Bitcoin is substantially higher than where it was in August of last year, which indicates that as its price rises, the confidence from institutions also increases.

Spot market is stabilizing

When the price of Bitcoin was correcting, the price of Bitcoin on spot exchanges, like Coinbase, was much lower than futures exchanges

On Feb. 23, for instance, Bitcoin was trading $600 lower on Coinbase at one point when the price was near $44,800.

When the price of Bitcoin initially recovered from $44,800 to $48,000, there were signs of a bearish retest.

John Cho, the director of global expansion at GroundX, said:

"We were expecting it, but didn't think it'd come this soon or this fast. A solid bounce from here would be ideal; but some potential retracement support regions I'm watching. My bias is towards the 40-41k region as it would fulfill a 30% correction from ATH."

Bitcoin price has recovered above $50,000 since, and that could have reduced the likelihood of a bearish retest and the potential for more downside.

In the near term, if Bitcoin continues to remain above $50,600, which has turned into a support area, the probability of a rally toward the next resistance level at $56,000 rises.

Lastly, such corrections are quite normal for a Bitcoin bull market cycle, as Cointelegraph previously pointed out. In fact, they were commonplace during the 2017 bull market, which had nine major pullbacks between 20–40%. But despite these reoccurring "severe" corrections, the price of Bitcoin still increased by 20 times from its previous all-time high during that year.

Alameda Research doubles down on Maps.me, invests $40 million in Oxygen

Alameda Research is going all-in on a travel app to jumpstart DeFi adoption

How much are 140 million users worth? 

After a $50 million direct investment in travel app Maps.me earlier in the year, Alameda Research has announced today a $40 million investment in decentralized finance protocol Oxygen, a Solana-based lending platform that will plug into the app. 

Similar to lending protocols such as Aave and Compound, “Oxygen will first offer borrow-lending services via pools, in which users will deposit their assets and leverage Serum’s on-chain infrastructure to lend according to their desired terms. Users can also simultaneously lend to generate yield while borrowing against their portfolios,” reads the announcement.

While the specifics are hard to come by on official channels, Oxygen also boasts a host of planned features including cross-chain integrations with Ethereum-native protocols like Aave and Yearn, options writing, and fully decentralized governance. The protocol is currently in the Alpha stage with the largest debt pool listed at $1,000.

Alameda Research was joined in the round by investment firms MultiCoin Capital, Genesis Capital and CMS Holdings. 

“Oxygen will be the most sophisticated and elegant risk management tool in DeFi – with a strong team, growing liquid ecosystem and large potential user base we believe this is the next step in mass adoption," said Alameda Research CEO Sam Bankman-Fried of the acquisition.

Users, users, users

The $40 million investment comes after a $50 million investment in Maps.me Alameda Research announced in January. Combined with the $20 million Oxygen CEO Alex Grebnev reportedly paid to acquire Maps, the team has now invested into the app at a rate of over $.78 cents for each of Maps’ reported 140 million users. 

While many in the crypto community found the initial investment puzzling — it remains unclear if users of a travel app want or need DeFi functionality — Grebnev believes the user numbers are key to unlocking long-term value:

“Currently, DeFi space has at most circa 1 million users. How much would the Oxygen/Maps ecosystem be worth if Maps.me’s 140 million registered users started leveraging the protocol / platform?”

Part of the user-focused strategy might be a result of Grebnev’s previous efforts with Oxygen. In 2018, he launched a peer-to-peer lending service with the same name, but demand and product-market fit failed to materialize. He lists a number of potential reasons:

“First, it was a business model that didn’t scale – non-custodial peer to peer borrowing / lending of individual assets with no matching engine. Second, the market went down 80% from the time when we started working till 6 months later when we were ready to launch. Third, institutional demand which everybody was expecting – didn’t come through. We decided to pause the project.”

Embedded (de)finance

With Maps.me and a new version of Oxygen looking to replicate prime brokerage services, Grebnev is hoping for a different outcome. He says that internal research indicates that 47% of current Maps.me users “want financial services.” He points to similar user-jacking efforts that are common among tradfi companies. 

“Embedded finance is a big theme. Take QuickBooks introducing bank accounts. Or Apple offering credit cards. Companies leverage their userbases to offer relevant financial services,” he said.

What’s more, in the context of tradfi user-acquisition, the aggregate $110 million Alameda Research and Grebnev have invested into the travel app may actually be a bargain:

“These transactions enabled us to build an ecosystem that integrates DeFi tools with a user base of more than 100 million registered users. It took PayPal 20 years and billions of USD to get to 300m users. It took Revolut 5 years and hundreds of millions to get to 12 million registered users.”

Oxygen’s OXY governance token is currently available to select presale participants. The token will have an IEO on March 11th, following which it will be available on FTX, BitMax, and Serum DEX, per Grebnev.

Over a billion people will store wealth in Bitcoin by 2026, says MicroStrategy’s Saylor

MicroStrategy Targets $400 Million In Capital Raise, Intends To Use Proceeds To Buy More Bitcoin

CEO of MicroStrategy Michael Saylor in an interview on February 23 made a striking forecast, stating that a billion people will store their wealth in Bitcoin within the next five years using mobile devices.

The CEO who has become a Bitcoin proponent described Bitcoin as “the dominant digital monetary network,” and will soon be the saving method of choice for over a billion people. Saylor told reporters that Bitcoin is not really for spending but more of a saving tool where investors can store value just like a savings account. “We’re going to see a day when 7-8 billion people have a bar of digital gold on their phone, and they’re using it to store their life savings with it”.

Over a billion people will store wealth in Bitcoin by 2026, says MicroStrategy CEO
BTCUSD Chart By TradingView

Bitcoin became the world’s first trillion-dollar crypto asset class and touched a new all-time high on February 21, surging above $58,000. Bitcoin has surged over 40% in two weeks and has seen a 100% gain year-to-date. 

Bitcoin’s price however retracted after Janet Yellen, the new United States Treasury Secretary called it “inefficient,” leading to a monumental price dip from its all-time high. Saylor however stated that Yellen’s comments were of little to no weight when compared to Bitcoin use and its current adoption rate as it continues to change the financial scene. “The story here that’s not being told is that Bitcoin is egalitarian progressive technology,” he stated. 

Saylor also highlighted Bitcoin’s 12-year-journey to becoming a trillion-dollar asset, revealing that Bitcoin achieved that feat quicker than Multi-billion dollar corporations.

“So, the world needs this thing, and I think you can expect that we’ll have a billion people storing their value in essence, a savings account on a mobile device within five years, and they’re going to want to use something like Bitcoin,”

Michael Saylor, earlier this month revealed how corporate organizations can invest in Bitcoin to avoid the financial risks associated with fiat currencies. Speaking at a MicroStrategy virtual pro-Bitcoin conference, Saylor issued a warning to corporate institutions against “fiat derivatives” like bonds, stocks, and real estate, describing them as “treasuries” that are just taking the place of fiat currencies and any returns they yield would only be in the devalued currency. Saylor went ahead to suggest that the only solution to this would be for them to convert all of these into Bitcoin.

Binance Futures Daily Volume Hits ATH Above $100 Billion Amid Tumultuous Crypto Market

As the crypto market goes through a roller-coaster week, Binance saw a spike in trading activities on its derivatives platform, pushing the daily volume to a new all-time high (ATH). 

Binance Futures Daily Volume Surpasses $100B

In an email shared with CryptoPotato, the leading exchange noted that Binance Futures’ 24-hour volume exceeded $100 billion yesterday, with data from Coingecko and CoinMarketCap confirming the milestone. 

Launched in 2019, Binance Futures quickly became the largest derivatives platform in the crypto market by trade volume in September 2020. 

Aaron Gong, the Vice President of Binance Futures, talking to CryptoPotato, noted that while it is exciting for the exchange to witness this remarkable growth, it also presents a challenge.

He acknowledged that the adoption of Bitcoin and cryptocurrencies in general by large institutional investors had increased the public awareness of these virtual assets. 

Gong also said that with this new surge in interest, the exchange would have to keep up with the needs of its rapidly growing client base.

“Whilst exciting, the significant increase in user activity and trading volume also provides a challenge in our industry. Users naturally desire a smooth and fast trading experience, so this is as important a time as any to focus on ensuring we continue to provide a level of experience users would expect from a leading exchange.”

Improved User Experience And New Products

Gong added that Binance Futures is continuously improving its user experience to enable seamless transactions, in addition to introducing new investment products to its clients.

He mentioned Binance Futures’ latest investment product, the USDT-margined quarterly futures, which was released earlier this month. It offers “users the ability to choose according to two trading parameters (USDT-margined vs. coin-margined; quarterlies vs. perpetuals).”

When large traditional institutional investors are coming into the industry, the option of quarterly trading futures will enable them to engage in the crypto market in the same manner as they have been working in traditional finance.

$5.38 Billion Liquidated

While Binance Futures has recorded a new milestone in its daily volumes, investors were left counting losses as the crypto market suffered a big blow over the last 24 hours.

With Bitcoin dropping from $55,000 to a low $45,000 in hours, data revealed that a total of $5.38 billion was liquidated from the market across exchanges. 

liquidations
Total 24-Hour Liquidations Feb 23rd, 2021.

North America’s First Bitcoin ETF Surpasses $500 Million in AUM

The Purpose Bitcoin ETF, managed by Purpose Investments, has seen its total assets under management surpass the $500 million mark this week as inflows from institutional investors appeared to be unaffected by the market’s dip. According to data firm Glassnode, the Purpose Bitcoin ETF, the first bitcoin exchange-traded fund (ETF) in North America, reached $564 […]

Crypto.com Hits 10 Million Users, Chain Launch Imminent

Passing eight figures: Crypto.com has now welcomed 10 million users. 

Crypto.com Making Headways 

Crypto.com has hit 10 million users, the company announced today.

The company confirmed that its user base had doubled from 5 million to 10 million in only four months in a blog post. The post also revealed that revenue had increased 10x in 2020 alone. 

Crypto.com is one of the world’s most popular cryptocurrency apps. It offers users a Visa card while also running its own DeFi wallet and exchange for buying and selling digital assets like Bitcoin and Ethereum

It’s also working on its own blockchain called Crypto.org Chain. On Monday, the company announced it would be burning 70 billion CRO tokens in preparation for the project’s March 25 launch. It’s hoping to capture the fledgling DeFi and NFT markets. 

Crypto.com CEO Kris Marszalek shared some words in the blog post outlining the 10 million milestone and plans for the forthcoming chain. He said: 

“Crypto.com has demonstrated consistent double-digit growth rates month-on-month for over 2 years, in all market conditions, driving 10x revenue growth in 2020. With the bull market in full swing, we’re seeing growth accelerating even faster.” 

Marszalek also confirmed that the team had grown from 250 to 900 employees and that they’re expecting to reach 100 million users in the next couple of years (they’d previously targeted 100 million by 2025). 

He also clarified the company’s intentions to focus on the Crypto.org chain over the coming months. Concluding the blog post, he said: 

“With the recent launch of the Crypto.com Derivatives Exchange and the Crypto.org Chain Mainnet launch set for 25 March 2021, we are perfectly positioned to lead the cryptocurrency industry forward.” 

Disclosure: At the time of writing, the author of this feature owned ETH and a number of other cryptocurrencies. Crypto.com is a sponsor of Crypto Briefing. 

Ethereum Price Analysis: 24 February

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice The bears have collectively preyed upon the crypto-market over the last 48-72 hours, with major altcoins facing the brunt of their attack. For Ethereum, however, the pullback has been relatively less damaging, especially when […]

Bitmex to list ADA, DOT, EOS, UNI, XLM and YFI Perpetual Contracts

Bitmex to list ADA, DOT, EOS, UNI, XLM and YFI Perpetual Contracts 4

In brief:

  • Bitmex will list 6 new perpetual contracts in March of ADA, DOT, EOS, UNI, XLM and YFI
  • The new contracts will be launched in batches with DOT and UNI going live on March 3rd
  • Bitmex has fallen from being the top-ranked derivatives platform since the CFTC pursued charges against its top execs
  • The new perpetual contracts and the Bitmex Mobile Apps, might attract new and old users back to the platform

The popular derivatives platform of Bitmex has announced plans to list six new perpetual contracts for the following digital assets.

  • Cardano (ADA)
  • Polkadot (DOT)
  • EOS (EOS)
  • Uniswap (UNI)
  • Stellar (XLM)
  • Yearn Finance (YFI)

New Contracts to Be Listed in Batches Starting with DOT and UNI

According to the official announcement, the new contracts will be listed in batches with Polkadot (DOT) and Uniswap (UNI) being the first to be listed at 04:00 UTC on the 3rd of March. The two digital assets are already available on the testnet version of Bitmex for traders to get a feel of the markets.

Once DOT and UNI are listed, two more perpetual contracts of the digital assets on the list will be launched on the 10th of March. The final batch will be listed on the 17th of the same month.

Bitmex Drops from the Top to the 7th Ranked Derivatives Platform

In October of last year, the US CFTC and Department of Justice announced that they were charging the three owners of Bitmex – Arthur Hayes, Ben Delo and Samuel Reed – for illegally operating a crypto derivatives platform and anti-money laundering violations

When news broke of the charges against the top Bitmex execs and the now mandatory KYC procedures at the exchange, trade volume at the derivatives platform took big hit as traders migrated to other exchanges such as Bybit and Binance.

At the time of writing, Bitmex is now ranked 7th in terms of daily trade volume. Binance has now taken the proverbial throne, followed by Bybit and Huobi.

Bitmex’s Mobile App and New Perpetual Contracts Could Be What the Doctor Ordered

However, the introduction of the 6 new derivatives products by Bitmex will most likely attract new and old users who left, thus boosting the trade volume at the exchange. Additionally, Bitmex’s mobile app is bound to attract crypto users who love to carry out their trading on the go.

Bitcoin (BTC) And Ether (ETH) Futures Register Record Volumes During Price Correction

The last two days were a massacre on the Satoshi streets with Bitcoin (BTC) and other cryptocurrencies entering deep correction after an unprecedented bull run ahead this month. As it turns out, the Bitcoin (BTC) and Ether (ETH) futures registered record-high volumes every in its history.

On-chain data provider Skew analytics notes that Bitcoin (BTC) futures trading volume was at an all-time high on Tuesday, February 23.

Another data from Bybt suggests that during the Bitcoin (TC) price crash to $45K, 474,968 traders were liquidated with a record of $4.4 billion in total liquidations.

On the other hand, Bitcoin’s spot and options trading volumes registered the second-highest activity after January 11. Another crypto market analyst Joseph Young notes that the Bitcoin (BTC) futures funding rates have reset to 0.01%. He writes:

“Bitcoin at $51k, futures funding rate completely reset at 0.01%. What is this sorcery. When the funding rate is high, it means the market is highly overleveraged and overcrowded. For most of the rally from $40k to $58k, funding rate was 0.1%~0.15%”.

Ether (ETH) Futures Also Register Record Volumes

Along with the Bitcoin Futures, a similar scenario was visible for Ether futures. On Tuesday, the Ether (ETH) price took a dive below $1450 levels. As per data on Skew Analytics, the CME Ether Futures registered close to $160 million in record volumes.

Just before the Bitcoin price correction on Tuesday, whales made massive exchange deposits thereby liquidating most of their holdings.

However, the bottoms have been scooped very swiftly by some of the big players like the Purpose Bitcoin ETF and Square Inc who announced $170 million in fresh Bitcoin investments.

Earlier today, Bitcoin and the overall crypto market registered a sharp rebound. The overall crypto market is up 9.8% at press time with valuations soaring back above $1.5 trillion. As Bitcoin recover above $50K, Ethereum price has also surged 11% moving close to $1700 levels.

The post Bitcoin (BTC) And Ether (ETH) Futures Register Record Volumes During Price Correction appeared first on Coingape.

Former London Stock Exchange Chief Calls For Crypto Adoption in Post Brexit Era

A recent report authored by Xavier Rolet, the former chief of the London Stock Exchange (LSE) has called for the adoption of cryptocurrencies and blank-check firms or SPACs by the UK to progress in the post-Brexit era. He said,

“All the relevant U.K. government agencies should be resourced to thoroughly understand cryptocurrencies place London and the U.K. at the center of a reputable and safe financial market.”

Both cryptocurrencies and Special Purpose Acquisition Companies (SPACs) have come out as the true gainers when the financial world is in shambles. Investors have rushed to invest in crypto and SPACs alike in 2020 when the stock market and government bonds didn’t remain a lucrative choice. U.S. SPACs raised a record $39 billion during the fourth quarter, more than 10 times the same period in 2019. On the other hand crypto industry grew into a trillion-dollar industry indicating the growing demand for these new asset classes.

Former LSE Chief Calls For Regulatory Alignment to Beat European Union

Rolet in his report also talked about the importance of regulatory clearance when it comes to the new asset class and called for aligning regulatory control with the US capital market and China to leave the European Union behind. However, despite the Brexit deal, Britain would still have several financial ties with the European Union which could prove to be a hurdle when it comes to regulatory unity.

Digital assets or cryptocurrencies started drawing mainstream attention when Bitcoin started to rise towards the end of October and by the start of the new year, it had already broken its previous ATH of 2017. 2021 saw institutions such as MicroStrategy, Tesla, Square Inc, and many other un-disclosed companies invest in Bitcoin.

The US is already looking to regulate cryptocurrencies positively to compete with China in the digital currency space while many other European nations have made a similar call. Thus, the demand put forward by the former LSE chief seems to be because of growing regulatory changes around the globe.

The post Former London Stock Exchange Chief Calls For Crypto Adoption in Post Brexit Era appeared first on Coingape.

Hedera makes inroads in Africa as Standard Bank Group becomes node operator

Standard Bank Group has become the first African node operator on the Hedera network.

Standard Bank Group — Africa’s largest bank by assets — has partnered with enterprise-grade distributed ledger technology project Hedera Hashgraph.

According to a joint announcement, the African banking giant now joins other major corporations like Google, LG, and IBM as a member of the Hedera Governing Council.

Standard Bank will also become a Hedera node operator, the first in Africa with a focus on utilizing DLT to ease bottlenecks in cross-border trade on the continent.

Across Africa, innovations in domestic payment rails have created faster and efficient transaction systems. However, this advancement is yet to translate to the cross-border payment transaction scene with stablecoins already identified as having the potential to solve these issues.

For Ian Putter, head of DLT and blockchain at Standard Bank Group, the partnership with Hedera is part of the bank’s focus on utilizing decentralized technology to improve cross-border trade in Africa.

Putter told Cointelegraph that the bank views DLT as a viable base-layer for supporting cross-border in Africa and also connect the continent to partners in major markets like China, adding:

“We have completed [proofs of concept] have solutions in production and are partnering with these parties to scale and exploit these cross-border trade solutions. A key focus for us is to continue exploration and experimentation with this technology as it rapidly evolves, through partnerships and leveraging existing solutions to speed up implementation and scaling.”

Putter highlighted the growing interest in central bank digital currencies, or CBDCs, as a pointer to the potential for DLT-based technology to disrupt the global business process.

According to Hedera CEO Mance Harmon, Africa is poised to occupy a leading role in DLT utilization, telling Cointelegraph:

“With services like M-Pesa already widely used, we see a willingness for African companies to embrace new technologies like blockchain and distributed ledger technology to meet the changing needs of their customers. In addition to financial services/DeFi, we also see strong interest from companies in the region in leveraging DLT for use cases in healthcare, energy management, identity, and supply chains.”

Bitcoin PR Buzz Announces $1000 in Additions & Up to $1300 in Discounts for 30 Days Only

Bitcoin Press Release: Bitcoin PR Buzz is upgrading its services to better serve its long list of loyal clients. Upgrades include the addition of  AMBCrypto, APNews, Techbullion, and MorningTick to its distribution packages.

22nd February 2020, London, United Kingdom: As the cryptocurrency market indulges itself in optimism and sees record-breaking levels of innovation and development, Bitcoin PR Buzz, in its role as the megaphone of the growing cryptocurrency and blockchain industry, sees an opportunity to add even more value to its clients’ endeavors.

As the oldest press release distribution company crypto, Bitcoin PR Buzz provides a hassle-free and cost-effective marketing service for businesses looking for a voice in crypto. It leverages its experience to handle everything from the point of idea creation to getting those businesses the placements they deserve.

Breaking Through the Media Wall

Following recent changes, Bitcoin PR Buzz is pleased to announce the addition of both AMBCrypto and APNews to their most demanded and highest-profile package, worth over $500. Breakthrough guarantees placement of clients’ press releases and articles on media sites with exclusively over 1 million readers per month for the most ambitious projects. These sites include Yahoo Finance, APNews, Bitcoin.com, Hackernoon, Bitcoinist, NewsBTC, and over 300 additional sites in the Crypto & Fintech space.

AMBCrypto is one of the premier news media organizations in the cryptocurrency and blockchain space, whilst APNews is a globally renowned mainstream news media outlet, serving more than half of the world’s population in 250 locations worldwide on a daily basis.

Combined, the upgrade to include these media giants will allow Breakthrough clients to put their projects and press releases in front of up to 70 million more pairs of eyes each month.

For more on Bitcoin PR Buzz’s services or to book a free PR consultation, navigate to the website here

Gaining Traction and Momentum

For growing and large companies, the Momentum package balances great exposure whilst keeping costs in mind. Momentum delivers unmatched value, guaranteeing placement on sites with between 100,000 and 1 million readers per month on sites such as Yahoo Finance, Coinidol, BTC Manager, CoinGape, and over 150 more sites.

Momentum now benefits from the addition of London-based, but globally focused, mainstream FinTech news site, TechBullion. Replacing Coincodex, TechBullion has over 340,000 unique monthly views compared to the former’s 100,000, offering Momentum clients the potential to be seen additional 240,000 people worldwide.

The Traction package allows clients to get the word out in a big way on a small budget. Traction offers guaranteed placements on Zycrypto, Coinspeaker, and Cryptomode perfect for small crypto-startups or bootstrapped blockchain businesses looking to target sites with 10,000 – 100,000 readers per month.

Traction will now include MorningTick, a non-funded crypto-media platform that delivers unbiased reporting on all things crypto and fintech. MorningTick is also featured on Google News, ensuring clients get the chance to appear in front of up to 24 million monthly unique visitors.

For more on Bitcoin PR Buzz’s services or to book a free PR consultation, navigate to the website here

Up to $1300 off of Services at Bitcoin PR Buzz for 30 Days

To celebrate its recent upgrades, Bitcoin PR Buzz is offering 10% off all of its services for the next 30 days. So start your release distribution today whilst the offer lasts, and see what the buzz is about.

About Bitcoin PR Buzz 

Established in 2012, Bitcoin PR Buzz was the first marketing agency to form in the cryptocurrency and blockchain space. Leveraging exclusive relationships with media outlets crypto and mainstream, it provides a press release distribution service that is 100% guaranteed.

Having managed over 1,500 press releases for more than 850 clients including Stratis, Alphabit, Bitcoin.com, ARK, Bridge Oracle, SINOVATE, and DeFiChain, Bitcoin PR Buzz is highly experienced.

Bitcoin PR Buzz handles every stage of the content process from idea creation, content writing, outlet contact, payment, and reporting. Press releases are distributed to over 50,000 journalists at 500 blockchain and mainstream outlets, including Yahoo Finance, APNews, Cointelegraph, Bitcoin.com, Hackernoon, and many more.

For client testimonials, more on Bitcoin PR Buzz’s services or to book a free PR consultation, navigate to the website here

Follow Bitcoin PR Buzz on Twitter: https://twitter.com/BitcoinPRBuzz

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Media Contact Details 

Contact Name: Bitcoin PR Buzz Enquiries

Contact Email: contact@bitcoinprbuzz.com

 

About Bitcoin PR Buzz: Bitcoin PR Buzz has been proudly serving the crypto press release distribution needs of blockchain start-ups for over 8 years. Get your Bitcoin Press Release Distribution today.

Bitcoin PR Buzz is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

The post Bitcoin PR Buzz Announces $1000 in Additions & Up to $1300 in Discounts for 30 Days Only appeared first on NullTX.

US judge dismisses crypto fraud case against BNT token issuer

A U.S. federal judge ruled to dismiss a case against crypto firm Bancor, citing lack of personal jurisdiction and the plaintiff’s failure to prove losses.

A federal district court in the United States has dismissed a securities fraud class action against Israel-based cryptocurrency firm Bancor.

U.S. district judge Alvin Hellerstein ruled on Monday to dismiss a case against Bancor, stating that plaintiffs had failed to allege losses as well as citing lack of personal jurisdiction. The judge has also canceled an oral argument scheduled for March 4, 2021, entering judgment in favor of the defendants.

The case was brought by New York law firms Roche Cyrulnik Freedman and Selendy & Gay in April 2020, alleging that the Bancor protocol developer, BProtocol Foundation, violated federal and state securities laws in the U.S. by selling unregistered securities.

According to a filing seen by Cointelegraph, the court found that activities promoting the BNT token were not sufficient to give the court jurisdiction over the BProtocol Foundation. “The Court lacks personal or specific jurisdiction over the Defendants, and the case should be dismissed because of forum non conveniens,” the document reads.

The filing mentions that the BProtocol Foundation is operating under the law of Switzerland, with offices in Zug and Israel. The case’s plaintiff, Timothy Holsworth, alleged that he purchased 587 BNT tokens in 2019 from Wisconsin via a digital exchange in Singapore at an aggregate cost of $212.50. Despite Holsworth allegedly being able to buy BNT tokens from the U.S., the judge stated that the jurisdiction is not appropriate:

“The federal securities laws do not reach a purchase and sale outside the United States [...] Wherever the current business location of Bancor, New York is not a reasonable and convenient place to conduct this litigation.”

The judge also stated that Holsworth has failed to provide evidence that BNT coins declined in value. Furthermore, the plaintiff did not plausibly allege that the tokens were purchased from Bancor or in connection with its $153 million initial coin offering completed in June 2017. 

The latest court decision marks the latest ruling in a series of similar cases filed by investors represented by Roche Cyrulnik Freedman and Selendy & Gay. As previously reported by Cointelegraph, the law firms also represent similar filings against the world’s largest crypto exchange Binance, BitMEX, KuCoin, Block.one and others.

The firm is also involved in the lawsuit against Craig Wright, a self-proclaimed creator of Bitcoin (BTC), representing the estate of Ira Kleiman. The estate seeks 50% of Wright’s $1.1 million Bitcoin fortune, which the claimant argues rightfully belongs to them.

Crypto.com Aiming to Hit 100 million User Target by 2023 as CRO Surges

Kris Marszalek, Co-founder and CEO of Crypto.com. Source: A video screenshot, Youtube/ DELTA Summit The masterminds of the Crypto.com app said that their platform is experiencing “accelerated growth,” and is now expecting to reach the 100 million user mark by 2023, a milestone that it claims is a “full two years ahead of schedule.” In a blog post, the Hong Kong-based firm, which provides

PDAX exchange glitch allows user buy Bitcoin for $6,000

TL;DR Breakdown

  • Technical error allows PDAX users to buy Bitcoin at discounted rate
  • Exchange threatens lawsuit if users don’t refund the coin

One of Asia’s biggest crypto exchange, PDAX, is currently at loggerhead with its user who bought Bitcoin for $6,000 during a technical glitch.

PDAX exchange said the glitch led to Bitcoin price temporarily falling by 88 percent on the platform and trading suspended afterward in a press conference. When BTC price dropped on the exchange, some user easily bought Bitcoin for themselves at $6,000.

These users bought thousand of BTC from the exchange at a massive discount. Some other users withdrew their purchased Bitcoin up to the exchange’s limit on individual accounts of one BTC per 24 hours.

However, the exchange firm is demanding that the users refund BTC obtained during the crash under the threat of potential legal action. While the technical glitch occurred, trading was suspended for 36 hours as several worried users continued to complain and report being blocked from accessing their accounts.

What happened to PDAX?

Reportedly, on Feb 16, a whale sold his Bitcoin on PDAX in exchange for Philippine pesos. According to descriptions of platform users that day, the total dump was worth more than $5.3 billion or P257 billion worth of Bitcoins.

However, the whale made a mistake in selling each bitcoin for P300,000 instead of more than P2.5 million, which was its price that weekend when the cryptocurrency was at an all-time high at more than $50,000 per Bitcoin. One investor said the platform gave no clear explanation for the days-long interruption.

“They just said it it’s a system maintenance,” @mikel_pangan told Interaksyon. “It was only available for a concise period after the 36-hour fix they mentioned. We cannot cash out, even if they reversed the [Bitcoin] purchase.”

Outage becomes normal with crypto exchanges

During the press conference, PDAX CEO Nichel Gaba said what happened was because of a burden placed on the exchange by a flurry of unanticipated activity, which introduced a glitch and allowed an unfunded order to be matched with a funded order.

The CEO said it led to a cascade effect that dropped the price of BTC below reasonable levels.Users of the exchange were also shut out of the platform over the weekend during a pivotal moment in Bitcoin as the price surged above $50k for the first time.

Outage during Bitcoin price sure is fast becoming a normal thing as Coinbase, Binance also suffered a service outage severally as they try to meet their users’ demands. Coinbase is mainly prone to outages during a slight surge in Bitcoin price.

Nimbus Platform (NBU), the Ultimate DeFi Ecosystem, Gains Listing on Uniswap DEX!

Nimbus platform – a DAO-governed ecosystem that generates over 10 reward streams for users based on the most-wanted financial tools, such as IPO participation – is finally launching on Uniswap on February 24th, 2021 at 12 PM GMT. The move to Uniswap opens up new exciting opportunities for users including arbitrage opportunities and the ability to execute larger swaps while preventing slippage on the rates. This was shared in an official announcement on Nimbus Telegram channel on Feb 11th

The listing aims to further grow the Platform’s existing 50,000 user-base by providing a simpler access to the main “key” of the Platform: the NBU token. The integration is also expected to boost the $32,000,000 NBU market cap even further above the current mark that has been achieved in less than a month since the NBU launch. 

Additionally, as NBU gets listed on more and more centralized exchanges and DEX’s, this allows for more arbitrage opportunities and makes it easier for traders to make swaps without facing much slippage on the token price. This comes as great news for all those who queue up to get their NBUs in higher batches while sticking to an attractive exchange rate. 

The Nimbus platform is a DAO-governed ecosystem of decentral applications that allows users to earn various revenue streams based on participation in IPOs, startup financing, peer-to-peer lending, liquidity provision, crypto arbitrage-trading anв so on. Unlike many other DeFi projects, most Nimbus solutions are based on tried-and-true financial tools that are rather simple to understand for an average user, yet efficient.

Nimbus platform is similar to Uniswap in that it also has its own automated market maker (AMM) – Nimbus Internal swap machine. The swap allows users to directly swap the NBU token for wBTC, ETH, DAI, or USDT and ensures the ecosystem runs in synergy. 

However, unlike Uniswap, each swap on the Nimbus Internal swap generates rewards for Nimbus governance token holders, liquidity providers, referral program participants, etc. Also, if you provide liquidity to the swap by adding your crypto assets to a pool, you will get a portion of the transaction fees and receive 100% APY on your assets. 

The platform’s internal Swap currently has $3.3 million in liquidity. During the past week, the Platform daily transaction volume peaked at $430,000. The numbers are expected to grow following the listing of NBU tokens on Uniswap as the volumes on the exchange gradually increase. 

All in all, the integration to Uniswap is expected to accrue NBU’s value as the bullish momentum in the crypto market and demand for DeFi products kicks on. Having the internal swap and Uniswap listing build a “perfect synergy” for users providing “benefits and opportunities both when holding and trading your tokens”, a Medium post from the Nimbus team reads. 

The post Nimbus Platform (NBU), the Ultimate DeFi Ecosystem, Gains Listing on Uniswap DEX! appeared first on Coingape.

First North American Bitcoin ETF Acquire 1,032 BTC in a Day as BTC Price Rise Above $51K

The first North American Bitcoin ETF launched by Purpose Group has seen tremendous growth over the past week, as the Canadain Bitcoin ETF now has 9320 BTC under its management within a week of its launch. Out of those 9320 BTC, nearly 1032 BTC came from the market yesterday which also saw the highest liquidation in crypto history worth $6 billion owing to the market crash that saw major cryptocurrencies lose nearly 20% of their market cap.

The Purpose Bitcoin ETF which was launched only last week had a phenomenal opening day as it traded nearly $180 million-plus worth of Bitcoin contracts on its very first day. The newly launched Bitcoin gathered stream on a day when most of the futures position was liquidated owing to a sharp price fall. The launch of the Purpose Bitcoin ETF has also heightened the demand for a similar bitcoin-focused exchange-traded fund in the US.

The US regulators up until now have rejected all the Bitcoin ETF applications claiming the market is not big enough to launch an ETF as it may lead to market manipulation. However, a change of administration along with rising institutional adoption of Bitcoin could play a catalyst in approving the first Bitcoin ETF in the US.

The crypto market breathed a sigh of relief today as Bitcoin bounced above $50K to register a new daily high above $51,000. Ethereum that fell bel0w $1,400 briefly also managed to climb above $1,700 and other altcoins also showed signs of recovery after a two-day blood bath.

Bitcoin Futures Record New ATH

Bitcoin Futures market registered its highest daily trading volume yesterday as markets crashed to weekly lows. Not just the Futures market, even spot and options registered one of the most active days in months.

CME Futures market also set a new record in terms of volume the day before yesterday when the market meltdown began.

However, it is important to note that despite Bitcoin losing more than $10K within two days, the fall was only 20% which is quite astonishing to think given not even a year ago, Bitcoin was trading below $4,000 after March mayhem last year.

The post First North American Bitcoin ETF Acquire 1,032 BTC in a Day as BTC Price Rise Above $51K appeared first on Coingape.

Blockstream CEO Says Institutional Investors Buying the Dip After Square’s $170,000,000 Bitcoin Purchase

Bitcoin pioneer and Blockstream CEO Adam Back says Square’s massive BTC purchase is a sign that institutions are scooping up the leading crypto asset amid the marketwide correction.

Back, who created a proof-of-work system before Bitcoin was invented, explains to his 247,500 followers the significance of Square’s latest BTC investment.

“Worth noting… from the $51,000 price implied, Square bought in the last 7 days, either before $58,000 or after, or a mix of peak and dip buying average. Keep that in mind before selling BTC under $50,000: both institutional and retail ETF buying up for cold storage.”

On Tuesday, the San Francisco-based payments giants announced that it had acquired 3,318 BTC at an aggregate price of $170 million. Combined with Square’s initial $50 million BTC investment in October 2020, the financial services firm’s BTC holdings now represent approximately 5% of its total cash assets.

Square’s latest Bitcoin purchase comes as the company reveals in its latest SEC filing that the revenue it made from selling Bitcoin via Cash App skyrocketed over 785% from $516 million in 2019 to $4.57 billion in 2020.

Says Square CEO Jack Dorsey,

“We’re going to focus on increasing transaction limits across the system for Cash App and going to double down on our commitment to Bitcoin and look for new ways to connect our products within the Cash App.”

The flagship cryptocurrency continues to trade below $50,000 as it goes through a significant correction that drove its value to a seven-day low of $45,290. At time of writing, Bitcoin is trading at $48,950, according to CoinMarketCap.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The post Blockstream CEO Says Institutional Investors Buying the Dip After Square’s $170,000,000 Bitcoin Purchase appeared first on The Daily Hodl.

Blockchain Australia ousts retail merchant crypto project Qoin

Blockchain Australia has terminated Qoin’s membership of the association amid allegations that the crypto project is a pyramid scheme.

Blockchain Australia — the industry body for the novel tech in the country — has expelled Qoin, a retail merchant crypto project based in Gold Coast, Queensland.

According to a notice of disciplinary action issued on Feb. 19, Blockchain Australia initially served Qoin with a summons to respond on Jan. 29.

However, Qoin reportedly failed to respond to the notice, forcing Blockchain Australia to expel the project from its membership ranks. Detailing its decision, the notice reads:

“On 17 February 2021, the Board of Blockchain Australia, having considered the Notice and the Response and the circumstances of the matter, resolved, pursuant to the Constitution, to terminate the Member’s membership of Blockchain Australia. The former Member has been asked to cease the use of the Blockchain Australia logo and name in connection with their business or promotional activities.”

However, the Qoin team claims that it was not given ample time to respond by Blockchain Australia. Speaking to Cointelegraph, Andrew Barker, the project's chief marketing officer said that Qoin was appalled by the industry body's decision:

“The fact that a National Association like BCA has chosen to attack rather than support Qoin, being the largest Australian-based Digital Currency project that engages over 400 families that service 28,000 validated merchants and near 50,000 Qoin wallet holders, is simply bewildering to us.”

According to Barker, Blockchain Australia is acting on allegations propagated by third-party entities who have expressed such views on social media channels like Twitter. The Qoin website no longer displays the project’s membership to Blockchain Australia.

Indeed, Blockchain Australia’s action comes amid allegations that Qoin is a crypto pyramid scheme. Tweeting back in January, crypto educator and founder of Nuggets News Alex Saunders stated:

According to Qoin’s website, the project works by incentivizing retail merchants to accept the crypto with over 28,000 participants according to the website. However, critics like Saunders say members are unable to cash out from the system.

According to the country’s consumer law, pyramid schemes are illegal and participants in such programs face fines of up to 200,000 Australian Dollars.

Blockchain Australia did not immediately respond to Cointelegraph’s request for comments.

The ‘Indian Warren Buffett’ Urges Regulators to Ban Bitcoin

Amid the clamor for nuanced crypto regulations in India, one billionaire investor appears not to be sold on the value proposition for cryptocurrencies and has advocated for a Bitcoin (BTC) ban.

Bitcoin Hangover will be ‘Much Worse’

Speaking to CNBC on Tuesday (Feb. 23, 2021), Rakesh Jhunjhunwala, dubbed the “Indian Warren Buffett,” slammed Bitcoin, calling the largest cryptocurrency by market capitalization “speculation of the highest order.”

According to Jhunjhunwala, the cryptocurrency market hangover will be much worse than the euphoria from the gains posted by tokens. The negative comments are keeping in with similar sentiments espoused by Warren Buffett, who once called Bitcoin “rat poison squared.”

The billionaire investor also advocated for a ban on cryptos, stating:

I think regulators should step in and ban bitcoin.

The Indian billionaire sentiments are at odds with the growing crypto community in India that has routinely expressed frustration at the lack of clear-cut regulations in the country. Also, they differ from the growing acceptance of BTC among the institutional investment class in the United States.

Indeed, some U.S. companies like MicroStrategy and Tesla have added BTC to their balance sheets. Before the current price correction, Tesla had reportedly seen its Bitcoin outlay print about $1 billion in profits in barely a fortnight since the investment became public.

To Ban or Not to Ban?

Jhunjhunwala’s comments are coming at a time when speculation is rife that the Indian government will soon issue a blanket ban on cryptocurrencies. Earlier in February, reports emerged that the total crypto prohibition will see holders given a grace period to liquidate their virtual currency holdings.

India’s crypto community has been forced to grapple with negative cryptocurrency policies from the government. Back in March 2020, the Supreme Court overturned a ban by the central bank prohibiting commercial banks from servicing crypto exchanges.

Even after the reversal of the ban, some exchanges still reported facing difficulties in opening bank accounts with commercial banks in the country.

For Jhunjhunwala, India’s government should focus on creating a digital rupee. Indeed, the subject of central bank digital currencies (CBDCs) is increasingly becoming more popular in several countries, with pilot tests being carried on sovereign digital currencies.

The Indian government’s crypto aversion has not, however, spread to blockchain. Several state agencies have announced plans to adopt the novel technology as part of their operations.

Featured image courtesy of Bloomberg Quint

China’s PBOC to Test Cross-border Digital Currency Payments With Other Central Banks

With its accelerated development on CBDC, China’s Central Bank PBOC is now exploring a digital currency cross-border project in collaboration with central banks of Thailand, Hong Kong, and the United Arab Emirates. PBoC is looking to tap into the current zeal with CBDCs in the Asian markets.

Also, FinTech developments in the Arab market are also catching up pace slowly. Over the last year, the Bank of Thailand (BOT) and the Hong Kong Monetary Authority (HKMA) have been working together to explore CBDC applications.

These two banks have been exploring the use of distributed ledger technology (DLT) that is at the core of decentralizing operations with no single players having the final say or the monopoly.

Joining them ahead in this project is the digital currency research institute of the People’s Bank of China (PBoC) and the Central Bank of United Arab Emirates. Hong Kong’s central bank said that this new project will explore ways of using DLTs to “facilitate real-time cross-border foreign exchange payment-versus-payment transactions”.

Traditional financial institutions have failed to improvise Cross-border payments technology over the last two decades. They have been relatively slow and take around two days for settlements as of date. Blockchain-based digital currencies are now completely changing the market hinting at a major financial technology (FinTech) revolution ahead.

Well, it has even got the central banks interested to transition their systems towards DLT and blockchain.

China’s Growing Focus on Digital Currencies

While China banned public cryptocurrencies 3.5 years back in 2017, it has been increasingly focused on having its own central bank digital currency aka the Digital Yuan. Over the last two years, China has accelerated its work on CBDC. The People’s Bank of China (PBoC) has been conducting pilot tests in some of its cities like Chengdu and Shenzhen.

With the CBDC race, China is planning to push the use of its Yaun in the global market while reducing its dependency on the U.S. dollar. Linghao Bao, an analyst at Trivium China, told CNBC:

“The evidence is the PBOC is still focused on domestic payments. But this sort of internationalization of the renminbi is the long-term strategic goal”.

The post China’s PBOC to Test Cross-border Digital Currency Payments With Other Central Banks appeared first on Coingape.

The Reserve Bank of India is concerned over cryptocurrencies’ impact on financial stability.

The Reserve Bank of India is concerned that cryptocurrencies may impact the financial stability of Asia’s third-largest economy, a view that could shape upcoming anti-crypto regulations on the asset that is breaking price-records around the world. The RBI has conveyed these “major concerns” to the government, Governor Shaktikanta Das said in an interview with CNBC […]

1 Million First-time Buyers Bought Bitcoin on Dorsey’s Cash App Last Month

2020 was a bumper year for Jack Dorsey’s Square and its crypto-embracing Cash App mobile payments app – but one that could soon be eclipsed, after the company revealed that “over three million customers” bought or sold bitcoin (BTC) on its platform in 2020, while January this year saw “more than 1 million customers” purchase bitcoin “for the first time.”

Bitfinex/Tether’s Settlement With NYAG and Square’s Commitment to Bitcoin Calm Market’s Nerves

Although the Bitcoin price went as low as $44,845 on Bitstamp yesterday (February 23), some annoucements that were made later in the day seem to have helped Bitcoin get above $50K, thereby calming the crypto market’s nerves. According to data by TradingView, although Bitcoin started Tuesday (i.e. 00:00 UTC) around $54,173, by 11:45 UTC, the […]

Tron (TRX) Price Analysis: Key Breakout Zone Sits At $0.051

  • Tron price started a strong decline and traded below the key $0.0500 support against the US Dollar.
  • TRX price is now recovering from $0.0380, but it is still well below the 55 simple moving average (4-hours).
  • There was a break below a key contracting triangle forming with support near $0.0560 on the 4-hours chart (data feed via Bitfinex).
  • The pair could start a fresh increase if it clears the $0.0510 resistance zone in the near term.

TRON price is correcting losses above $0.0450 against the US Dollar, similar to bitcoin is rising. TRX price could start another upward move above $0.0510 and $0.0520.

Tron Price Analysis

After a steady increase, tron price failed to continue higher above the $0.0650 barrier against the US Dollar.  As a result, TRX price started a fresh decline below the $0.0600 support and the 55 simple moving average (4-hours).

There was a break below the $0.0580 and $0.0550 support levels. There was also a break below a key contracting triangle forming with support near $0.0560 on the 4-hours chart. Tron price declined below the $0.0500 support and it even spiked below the $0.0400 level.

A low is formed near $0.0378 and the price is currently correcting higher. It is trading above the $0.0420 level. There was a break above the 23.6% Fib retracement level of the downward move from the $0.0648 high to $0.0378 low.

An immediate resistance on the upside is near the $0.0500 level. The first major resistance is near the $0.0510 level. It is close to the 50% Fib retracement level of the downward move from the $0.0648 high to $0.0378 low.

The next major resistance is near the $0.0520 level. A clear break above the $0.0510 and $0.0520 levels will most likely pump the price above the $0.0550 resistance. The next major hurdle for the bulls sits at $0.0600.

Conversely, the price might struggle to settle above the $0.0500 level. An initial support on the downside is near the $0.0450 level. The next major support is near the $0.0420 level, below which there is a risk of a drop towards the $0.0365 support zone.

Tron (TRX) Price

Tron (TRX) Price

The chart indicates that TRX price is clearly approaching a major hurdle near $0.0510 and $0.0520. Overall, the price could start a fresh increase if it clears the $0.0510 resistance zone in the near term.

Technical Indicators

4 hours MACD – The MACD for TRX/USD is slowly gaining momentum in the bullish zone.

4 hours RSI – The RSI for TRX/USD is rising towards the 50 level.

Key Support Levels – $0.0450 and $0.04520.

Key Resistance Levels – $0.0520, $0.0520 and $0.0550.

The post Tron (TRX) Price Analysis: Key Breakout Zone Sits At $0.051 appeared first on Live Bitcoin News.

European Central Bank Petition EU Lawmakers for Stablecoin Veto Power

The European Central Bank (ECB) has asked the parliament for veto powers in matters concerning Facebook’s Diem and other stablecoin projects.

  • According to a Reuters report on Tuesday (Feb. 23, 2021), the ECB has asked European Union (EU) lawmakers for veto powers on stablecoin regulations in the Eurozone.
  • An excerpt from the ECB’s formal opinion on crypto regulation reads:

“Where an asset-reference arrangement is tantamount to a payment system or scheme, the assessment of the potential threat to the conduct of monetary policy, and to the smooth operation of payment systems, should fall within the exclusive competence of the ECB.”

  • Detailing its plans for stablecoin regulations, the ECB’s document included a provision for issuers to adhere to strict liquidity and reserve laws similar to those demanded of commercial banks.
  • Justifying this provision, the ECB maintained that such robust reserve compliance will protect the holdings of stablecoin owners and prevent a “bank run” in times of payment stress.
  • In addition to wanting the final say on stablecoin regulations, the ECB has asked EU lawmakers for a complementary rule change that will make the central bank’s decision binding on all national authorities in the EU.
  • The ECB also reiterated its commitment to creating a digital euro within the next four years. According to the document, the ECB wants the digital euro to be exempted from the laws being prescribed for private stablecoin.
  • Meanwhile, the ECB’s proposition is in line with the bank’s stance on stablecoins. As previously reported by CryptoPotato back in September, the ECB argued that the name “stablecoins” was inappropriate, while stating that it has the tools to regulate stablecoins.
  • Also, the ECB president Christine Lagarde is a notable crypto critic. Earlier in February, Lagarde said it was unlikely that central banks would adopt bitcoin.

India’s central bank ‘very much in the game‘ with digital currency project

The Reserve Bank of India is getting ready to launch its own central bank digital currency.

Indian authorities continue to express support for a government-backed digital currency to replace privately-issued cryptocurrencies.

According to Bloomberg, RBI governor Shaktikanta Das has expressed the central bank’s determination to create a digital rupee. According to Das, India’s central bank is “very much in the game” and wants to emulate China’s digital currency electronic project, the digital yuan.

The RBI chief also revealed that the digital rupee project is a major focus for the central bank. While there has been no official release date for the proposed CBDC, Das said that the RBI is currently finetuning the technological and procedural protocols of the sovereign digital currency system.

As part of the interview, Das maintained the RBI’s anti-crypto stance expressing concerns that cryptos are a threat to India’s financial stability.

According to Das, the RBI has reported these concerns to the authorities in government and could shape incoming crypto regulations.

As previously reported by Cointelegraph, speculation is rife of an incoming blanket ban on cryptocurrencies with crypto holders given a transition period to liquidate their virtual currency assets.

Promoters of initial public offerings have reportedly begun issuing affidavits stating that they will sell their crypto assets within 24 hours of a government ban.

Crypto stakeholders in India are once again having to make the case for their industry in the face of government opposition. Back in March 2020, the Supreme Court reversed the RBI’s earlier ban on commercial banks servicing crypto exchanges.

Earlier in February, former Coinbase chief technology officer Balaji Srinivasan panned the rumored crypto ban. According to Srinivasan, banning cryptos would be akin to prohibiting the “financial internet.”

However, government authorities are not the only anti-crypto elements in India. Recently, billionaire investor Rakesh Jhunjhunwala, dubbed the “Indian Warren Buffett” called for a cryptocurrency ban adding that the RBI should prioritize the creation of a digital rupee.