Author: nicolaoptions

Price Analysis Feb 7: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, ADA, XTZ

Price Analysis Feb 7: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, ADA, XTZ

Price Analysis
The institutional investors have maintained their bullish stance on Bitcoin. Though the spot price is yet to hit $10,000, CME Bitcoin futures have already reached the five-figure mark. Additionally, the Bitcoin futures open interest on BitMEX has topped $1.5 billion. This shows that the institutional traders expect the rally to extend further.
Morgan Creek Digital Co-Founder Anthony Pompliano meanwhile has said that his idea of Bitcoin acting as a hedge for portfolios due to its non-correlated nature has only solidified over time.
He added that Bitcoin moved in the opposite direction to both the S&P 500 index and gold in May 2019 during the trade war. This shows that Bitcoin can add a layer of protection to the portfolio, which no other asset class can do.

Daily cryptocurrency market performance. Source: Coin360
Governors of six major central banks will discuss joint research on central bank digital currencies when they meet for an International Monetary Fund conference in April.
Japan’s former economy minister Akira Amari wants the “United States to set (digital currency) on the G7 agenda as chair.” Amari is concerned about the possible struggle for currency supremacy should China launch a digital yuan.
Though Bitcoin has risen about 35% year-to-date, its dominance continues to dip, though the total crypto market capitalization is attempting to hit the $300 billion mark. This shows that the “altseason” narrative is still in play.
BTC/USDBitcoin (BTC) has been trading above $9,600 for the past two days, which is a bullish sign. There is a psychological resistance at $10,000 but we expect it to be crossed. The next target to watch on the upside is $10,360.89.

BTC USD daily chart. Source: Tradingview
We anticipate the bears to mount a stiff resistance at $10,360.89. Therefore, short-term traders can watch this level closely and book partial profit if the bulls struggle to scale the price above it.
However, if the bulls can push the price above $10,360.89, the BTC/USD pair is likely to move up to the long-term downtrend line at $11,500. Both moving averages are sloping up and the RSI is close to the overbought territory, which suggests that bulls are in command. The traders can trail the stops on the long positions to $8,900.
Our bullish view will be invalidated if the pair breaks the series of higher highs and higher lows it has been making since bottoming out in December of last year. The first sign of weakness will be a break below the recent low of $9,097.15.
ETH/USDEther (ETH) picked up momentum after sustaining above $197.75 on Feb. 5. The sharp rally of the past three days carried the price above the overhead resistance at $223.999, which is a positive sign. If the price can sustain above $223.999, a move to $235.70 is possible.

ETH USD daily chart. Source: Tradingview
We expect the bears to mount a stiff resistance in the $223.999-$235.70 range. The overbought reading on the RSI also suggests a few days of consolidation or a minor correction. Therefore, the traders can book partial profits in this range and tighten the stops on the remaining long positions to $190.
We anticipate the bulls to buy the next dip to $197.75. A bounce of this level will increase the possibility of a break above $235.70 but if the level cracks, the ETH/USD pair can dip to the 20-day EMA at $183.72.
XRP/USDXRP crossed $0.28132 on Feb. 5, which was the minimum target objective of the inverted head and shoulders bottom. The bulls might face some resistance at the long-term downtrend line, which is just above the current levels.

XRP USD daily chart. Source: Tradingview
The RSI is in the overbought territory, which also suggests a correction might be around the corner. A dip from the current levels is likely to find support at the 20-day EMA at $0.25. A break below the 20-day EMA will signal weakness.
Conversely, if the bulls can push the price above the downtrend line, a rally to $0.31503 and above it to $0.34229 is possible. The traders can trail the stops on the long positions to just below the 20-day EMA at $0.245.
BCH/USDBitcoin Cash (BCH) soared to our first target objective of $440 on Feb. 5. The bears are currently defending this level but if the bulls can push the price and sustain above it, a move to $500 is possible.

BCH USD daily chart. Source: Tradingview
Though the bulls are in command, the RSI has risen into overbought territory, which suggests a minor consolidation or correction for a few days.
Any dip from the current levels is likely to find support at the 20-day EMA at $374. If the price bounces off this support, the bulls will again attempt to resume the up move. A break below $360 will turn the trend in favor of the bears.
BSV/USDThe bulls have not been able to sustain Bitcoin SV (BSV) above the resistance line of the triangle in the past two days. This shows a lack of buyers at higher levels. The bears will now try to drag the price to the support line of the triangle.

BSV USD daily chart. Source: Tradingview
The range in the BSV/USD pair has tightened in the past few days. Usually, such price action is followed by a sharp move. However, it is difficult to predict the direction of the breakout.
If the price breaks out to the upside, $337.80 might offer some resistance above which, a retest of the lifetime highs is likely. Conversely, if the price breaks below the triangle, a dip to $236 and below it to $158.852 is possible.
LTC/USDThough Litecoin (LTC) broke above the minor resistance at $73.5259, it has not been able to pick up momentum. This shows that the bulls are tiring out and a few days of range-bound action is possible.

LTC USD daily chart. Source: Tradingview
The LTC/USD pair might consolidate between $80.2731 and $66.1486 for the next few days. On a close (UTC time) above $80.2731, a move to $96.439 will be on the cards. We might suggest long positions on the next dip to $66.1486.
However, if the bears sink the price below the critical support at $66.1486, the pair will lose momentum and can extend its decline.
EOS/USDThe bulls are finding it difficult to carry EOS to the overhead resistance at $4.8719. This shows a lack of buyers at higher levels. The altcoin might now dip to the $4.24 to $4.0 support zone.

EOS USD daily chart. Source: Tradingview
If the price bounces off the support zone, it will indicate aggressive buying by the bulls. This will increase the possibility of a breakout above $4.8719. Above this level, the EOS/USD can rally to $6.
Conversely, if the bears sink the price below $4, the pair might lose momentum and drop to the next support at $3.3555.
BNB/USDBinance Coin (BNB) picked up momentum after breaking out of $19 levels on Feb. 5. The bulls are currently attempting to sustain the price above the overhead resistance at $21.80. If successful, the next level to watch out for is $23.5213.

BNB USD daily chart. Source: Tradingview
We expect the bears to defend the $21.80 to $23.5213 zone aggressively. If the bulls struggle to push the price above $23.5213, the traders might book partial profits.
However, if the momentum can carry the price above $23.5213, a rally to $27 is possible. The traders can trail the stops on the long positions to $18. Our bullish view will be invalidated if the BNB/USD pair reverses direction sharply and breaks below $18.50.
ADA/USDThe bears are attempting to defend the overhead resistance at $0.065229. They will now try to drag Cardano (ADA) to the support at $0.0560221. If the support holds, the price might remain range-bound for a few days.

ADA USD daily chart. Source: Tradingview
If the bulls can push the price above $0.065229, the ADA/USD pair can extend its rally to $0.08. Conversely, the pair will lose momentum if the bears sink the price back below the 20-day EMA at $0.0522. The traders can trail the stop-loss on the remaining long positions to $0.054.
XTZ/USDTezos (XTZ) is facing resistance close to the $2.50 mark as suggested in our previous analysis. The RSI has risen into the bought territory, which suggests that a pullback or a consolidation is likely.

XTZ USD daily chart. Source: Tradingview
If the price turns down from the current levels, it is likely to find support at the breakout level of $1.85. A strong rebound off this support will increase the possibility of a breakout of $2.50. Above this level, the rally can extend to $2.90 and above it to $3.35.
Contrary to our assumption, if the bears sink the price below the critical support at $1.85, the XTZ/USD pair will turn negative.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Market data is provided by HitBTC exchange.

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Asian Crypto Conferences Are Being Delayed For Coronavirus Reasons

Asian Crypto Conferences Are Being Delayed For Coronavirus Reasons

News
A number of cryptocurrency-related conferences across Asia are being delayed in response to the regional coronavirus outbreak.
TOKEN2049, a major crypto event held annually in Hong Kong, is the latest one to postpone its conference. Originally scheduled for mid-March 2020, TOKEN2049 will now instead be taking place on October 7-8, 2020.
The TOKEN2049 team announced:
“Over the past weeks, we have been monitoring the global developments around the coronavirus closely. Whilst Hong Kong is managing the situation well and has taken strict precautions to contain any potential impact, uncertainty prevails.”
Crypto firms in Hong Kong cease operations amid coronavirus and political protestsHong Kong, which reportedly announced its plans to close border crossings with mainland China in a further push to control the deadly virus, has been experiencing even more uncertainty due to local anti-government protests.
As was recently reported by Cointelegraph, a major local blockchain remittance startup called Bitspark abruptly announced its closure earlier this week, citing internal restructuring issues alongside coronavirus and political protests.
Binance Blockchain Week Vietnam and Hong Kong Blockchain Week 2020 were also put on holdTOKEN2049 is not alone in postponing its event. On Jan. 3, popular global crypto exchange Binance announced the delay of its Binance Blockchain Week Vietnam, which was originally scheduled from February 29 to March 4, 2020. Binance said that it will reimburse registered guests, noting that a new date for the event would be announced later:
“We sincerely apologize for the inconvenience caused by the delay. If you have registered for the Binance Blockchain Week, you can get a full refund through the event registration platform […] We will inform everyone soon regarding further updates on this event.”
In late January, another major conference, Hong Kong Blockchain Week 2020, announced that it will put the event scheduled for March 2020 on hold. The event organizer said that they will make a public announcement of the new date as soon as it is determined.
Crypto community fighting against the deadly epidemicWhile the coronavirus outbreak has impacted the crypto and blockchain industry, a number of people and companies in the space have announced initiatives to tackle this fast-spreading epidemic.
As reported by Cointelegraph, blockchain-enabled applications developer Acoer recently launched a data visualization tool to track the deadly coronavirus. In order to fight against the epidemic, a blockchain-based platform called Hyperchain was launched in China, serving as a medical supply donations portal to support local hospitals. On Feb. 5, an academic at the University of Hong Kong claimed that blockchain and AI-based technology could better tackle the coronavirus epidemic by providing transparent recording of donations.
Binance CEO Changpeng Zhao previously announced that the exchange pledged to donate $1.5 million in order to help victims of the coronavirus in Wuhan, which is the epicenter of the coronavirus outbreak in China.

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Bitcoin DeFi Looms Closer as RSK Launches Ethereum Bridge

Bitcoin DeFi Looms Closer as RSK Launches Ethereum Bridge

News
The RSK project announced the creation of Token Bridge, an interoperability protocol between the Bitcoin-pegged sidechain and Ethereum, on Feb. 6. It could have important implications for the burgeoning decentralized finance (DeFi) ecosystem.
RSK is a smart contract platform attached as a sidechain to the Bitcoin (BTC) blockchain. It uses a wrapped version of Bitcoin called rBTC as its native token. Users acquire the token by depositing BTC into RSK’s bridge wallet, which works as a two-way peg.
The team has now opened a similar bridge for the Ethereum blockchain. It allows a two-way transfer of any token between the RSK and Ethereum ecosystems. This means that Ethereum users can transact with wrapped representations of RSK’s rBTC and RIF tokens, thus gaining indirect exposure to the Bitcoin ecosystem. The same goes for RSK users, who are exposed to Ethereum-based stablecoins such as DAI.
How does it work?When a user deposits a token from either blockchain to an address provided by RSK, an equivalent amount of the appropriate Side Token is minted in the other chain. The Side Token is written according to the ERC-777 specification, a newer token standard that is backward-compatible with the highly common ERC-20 specification.
Any standard token on either blockchain can be ported to the other through the bridge. The total supply does not change from this operation, as the original tokens are locked up until their mirror image is redeemed.
Cointelegraph reached out to Adrian Eidelman, RSK Strategist at parent company IOVLabs. He explained in more detail how the bridge works, revealing that the current system is not yet fully decentralized.
Eidelman said that to connect the two blockchains together, a federation of “well-known and respected community members” oversees the peg process. The procedure is triggered when developers on either chain interact with the bridge smart contract. Using Ethereum as an example, he explained what happens:
“The original tokens will now be locked on the Ethereum chain, and an “event” is created. At this point, the federation initiates the bridge and sends the information to the RSK chain. Once 50% or more of the federates have voted for the same transaction — the bridge on the RSK chain creates RRC20 tokens for the same amount locked on Ethereum.”
The team does not consider this a fully decentralized measure, but Eidelman reassured that the system should reach “full decentralization” by the end of Q3 2020.
Potential for Bitcoin DeFiThe DeFi movement is largely limited to Ethereum and its token ecosystem, where it recently surpassed $1 billion in locked assets. ETH is used as the main collateral asset to generate the DAI stablecoin through its complex lending system. Nevertheless, Bitcoin-based DeFi is often considered DeFi’s next frontier. In a November 2019 interview with The Spartan Group, MakerDAO’s founder Rune Christensen said:
“When it comes to a solid decentralized collateral, I think ETH is king. The only thing that can come close to ETH in terms of its importance is of course Bitcoin.”
But Bitcoin has very limited smart contract functionality, which severely limits this use case. Christensen noted that porting Bitcoin into Ethereum would allow for it to be used as collateral, pointing to existing solutions such as Wrapped BTC (WBTC).
However, WBTC’s transfer process is custodial, instead of being a decentralized atomic swap. He explained that “it is essentially impossible to build more decentralized cross-chain solutions.”
The only available solution, according to Christensen, is to have many providers of Bitcoin on Ethereum:
“The way that we have to try to solve that with Maker is rather than just for WBTC to be the sole source of Bitcoin on Ethereum, we want to have hundreds of different versions of wrapped Bitcoin.”
Thus the release of RSK’s Ethereum bridge could be an additional step toward Bitcoin-collateralized DAI living on Ethereum.
Though Maker is the biggest decentralized stablecoin provider, it is not the only one. Money on Chain is a similar project built on RSK, which uses rBTC for collateral. The project already expressed interest in using the RSK bridge to enter the Ethereum ecosystem.
RSK also sees a potential use case for Ethereum DeFi to transfer to its platform. Eidelman claimed that the Ethereum market is “experiencing many difficulties,” pointing to higher fees and lower capacity. The project sees itself as an extension of Bitcoin, which it believes is the “strongest ecosystem in the blockchain space.” Despite the close association, RSK is still its own network.
Bitcoin DeFi could be close, but it seems unlikely that it will be based on the Bitcoin blockchain.

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Zero Chance Wikipedia Will Ever Use Bitcoin SV, Says Jimmy Wales

Zero Chance Wikipedia Will Ever Use Bitcoin SV, Says Jimmy Wales

News
Wikipedia co-founder Jimmy Wales has expressed skepticism regarding top-10 digital currency Bitcoin SV (BSV), claiming that the coin “offers nothing for Wikipedia.”
Wales made his statement right after the team behind the CoinGeek London conference — which promotes Bitcoin SV to stakeholders — announced his participation as a keynote speaker.
Wales’s questionable participation“Until the emergence of Bitcoin SV (BSV) to reclaim Bitcoin’s original design, no blockchain had the scalability to power micropayments to efficiently reward better user information and handle the staggering amount of data Wikipedia carries,” the speaker announcement read. However, Wales responded with a tweet on Feb. 7, saying:
“Your marketing materials need to be updated immediately — as people seem to be reading this as some kind of endorsement from me. I'm coming to speak my mind, which includes that BSV offers nothing for Wikipedia and that there is zero chance we would ever use it.”
The tweet has been liked by over 1,000 people at press time and has aroused mixed reactions throughout the crypto community as some commentators questioned Wales’s intention to attend the conference.
BSV underwent a major updateJust recently, Bitcoin SV performed a scheduled upgrade named Genesis on Feb. 3, which resulted in a minor chain split where two versions of BSV exist at the time. Genesis changes many of the consensus rules for BSV to remove all remaining limitations.
The block size is now effectively unlimited. Instead of being hard-coded in the node software, the block size limit is now a parameter that miners can reduce manually. Many other limits were raised as well, such as the maximum size of a transaction or the number of owners for a multisig wallet.
While Bitcoin Cash is the first major hard fork of Bitcoin created back in August 2017, Bitcoin SV is a subsequent hard fork of Bitcoin Cash and associated with the self-proclaimed creator of Bitcoin, Craig Wright, who has recently been accused of confusing the ongoing trial proceedings.

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Ex-TradingView COO Joins Binance as Director of Fiat, Europe and CIS

Ex-TradingView COO Joins Binance as Director of Fiat, Europe and CIS

News
Binance, one of the world’s largest cryptocurrency exchanges, is planning to further bolster its fiat-to-crypto gateways by hiring a former TradingView exec.
Iskander Malikov, a former chief operating officer at major trading chart analysis service TradingView, has joined Binance as the new director of fiat, the exchange announced Feb. 6.
Former TradingView COO to focus on fiat-to-crypto gateways in Europe and CISAfter serving for over three years at TradingView, Malikov will be now focused on fiat-to-crypto channels in regions across Europe and the Commonwealth of Independent States (CIS). The former TradingView executive will primarily work on establishing new gateways as well as extending the existing ones within Binance’s key markets in the regions.
Additionally, Malikov will be exploring more methods to simplify fiat-to-crypto and crypto-to-fiat conversions, the announcement notes.
Existing “red tape” is part of the biggest challengesAs reported, TradingView is one of the largest global social networks for retail traders and investors. Founded in 2011, the platform combines major trader tools such as analytics, web-based charting as well as social features for users to communicate.
Speaking to Cointelegraph, Malikov outlined that his past experience at TradingView would be particularly useful for building up new strategic partnerships for Binance:
“TradingView helped me learn how to tackle challenges on a daily basis. […] My product knowledge, operational and business development skills as well as years of executive experience at TradingView would definitely help build new, strategic partnerships.”
According to the new Binance’s exec, the most challenging part of his new role would be dealing with the existing unwillingness of some European and CIS jurisdictions to adopt the industry, partly due to “red-tape that hinders the process.” Malikov said:
“The challenge is that not all governments and financial institutions are ready to embrace crypto and even when they are, there is a lot of red-tape that hinders the process.”
Binance plans to unlock fiat-to-crypto trading for more than 180 fiat currencies in 2020 As reported, Binance has been actively expanding its fiat gateways to recently list euro trading against six cryptocurrencies including Bitcoin (BTC), Ether (ETH), XRP and Binance Coin (BNB).
The former TradingView executive’s addition to the Binance team comes in line with the exchange’s plans to enable fiat-to-crypto trading for more than 180 fiat currencies. The ambitious plans were announced by Binance CEO Changpeng Zhao on Jan. 2.
“One of our key goals for 2020 is to bring crypto to the masses. For this, we aim to enable fiat-to-crypto trading for 180+ fiat currencies,” he wrote about the company’s fiat plans for the coming twelve months.

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Switzerland to Require ID for Crypto Exchange Transactions Over $1K

Switzerland to Require ID for Crypto Exchange Transactions Over $1K

News
The Swiss Financial Market Supervisory Authority (FINMA) passed an anti-money laundering provision on Feb. 7. Citing additional risk, the threshold for unidentified crypto exchange transactions is lowered from 5,000 CHF to 1,000 CHF (approximately $1,020 USD).
The provision comes following the enactment of the new Financial Services Act and Financial Institutions Act, which came into force on Jan. 1. FINMA introduced the revised ordinance in response to these acts, and will hold a consultation on follow-up regulation until April 9.
One of the key changes from the new provision is the normalization of Swiss national regulations with the Financial Action Task Force or FATF’s directives from June 2019. The international body mandated a maximum transaction limit of $1,000 for unidentified cryptocurrency exchange operations.
All financial providers involved in cryptocurrencies will have to collect data on anyone initiating transactions amounting to more than $1,000. The information must be regularly submitted to the authorities for review.
The initiative is part of a global trend pushing for stricter anti-money laundering regulation. By implementing the directive, FINMA is “acknowledging the heightened money-laundering risks” in cryptocurrency transactions, according to its press release.
The European Union has also implemented its Fifth Anti Money Laundering Directive (5AMLD), which came into force this year. The new regulation specifically addresses some types of cryptocurrency transactions, notably requiring strict customer information reporting.

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CME Bitcoin Futures Hit $10K as BTC Price Finally Nears Five Figures

CME Bitcoin Futures Hit $10K as BTC Price Finally Nears Five Figures

Markets News
Bitcoin (BTC) crossed the $10,000 mark for swathes of institutional investors this week as markets looked increasingly likely to surge higher still.

Bitcoin 7-day price chart. Source: Coin360
CME reaches $10K per BitcoinData from CME Group’s Bitcoin futures shows the implied price of Bitcoin reaching the symbolic five figures on Feb. 6.
Since then, a slight correction has sent BTC/USD a shade lower — it currently trades at $9,800, while CME’s futures are hovering around $9,900.

CME Bitcoin futures 2-week chart. Source: TradingView
Considerable enthusiasm has accompanied sustained price momentum for Bitcoin throughout the past week’s trading.
After challenging $9,000 support on Feb. 4, an abrupt upward surge saw the largest cryptocurrency reach new local highs of $9,840 — its best position since mid-September.
As Cointelegraph reported, Bitcoin’s year-to-date performance currently stands at more than 35%, second only to Tesla stock in terms of gains since Jan 1.
Analyst eyes $10K futures closeFor Cointelegraph Markets analyst filbfilb, press-time levels represented an important watershed for BTC/USD, with a major move in either direction a strong possibility.
“Overall picture is good going into the close… Would be glorious if CME takes us across 10k into the close,” he summarized to subscribers of his Telegram trading channel on Friday.
Filbfilb added that he eyed potential support at $9,550 should a sell-off ensue.
Futures markets meanwhile continue to reach new achievements, with fellow operator BitMEX seeing new record open interest for its own futures product — $1.5 billion.

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Bitcoin Blockchain Daily Confirmed Transactions Hit 5-Month High

Bitcoin Blockchain Daily Confirmed Transactions Hit 5-Month High

News
Hot on the heels of surpassing the 500 million transaction milestone, Bitcoin (BTC)’s daily confirmed transactions (txs) are soaring too.
The latest available data on Blockchain.com, for Feb. 6, indicates 315,370 daily txs on the blockchain, and 368,604 on Feb. 5.
These are levels not seen since early Sept. 2019 — though they still stop short of a 2019 peak in May, which saw the network breaking above 450,000 txs daily.

Daily confirmed txs on the Bitcoin blockchain, Feb. 2019-Feb. 2020. Source: blockchain.com
Green across the boardMeanwhile, markets are seeing a solid flush of green, with Bitcoin now tantalizingly close to reclaiming the $10,000 price point: 5% growth on the week has brought the cryptocurrency to $9,800 as of press time.
The top coin’s strong stats contrast starkly with its hard-forked descendent, Bitcoin Cash (BCH), which last week saw not a single block confirmed for over five hours due to a mining anomaly — a hitch that was easily cleared due to the network’s relatively low usage.
Beyond the spot markets, Bitcoin futures Open Interest at BitMEX exchange has risen to a new high at $1.5 billion, and fresh data from Skew Markets reveals Bitcoin futures with a May 2020 and June 2020 expiry date rising to $10,000+ on a handful of trading platforms.
Earlier today, Cointelegraph reported on another major milestone in the industry, as the total value locked in the DeFi markets hit $1 billion.

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Blockchain Payments Platform Paystand Raises $20M in Series B Round

Blockchain Payments Platform Paystand Raises $20M in Series B Round

News
Paystand has successfully raised $20 million in its Series B funding round, VentureBeat and others reported on Feb. 6. The company will use this money to accelerate the growth of its blockchain-based commercial payment platform.
The current round includes investment from DNX Ventures, Battery Ventures, Epic Ventures, Commerce Ventures and Wildcat Ventures. Existing investors Leap Global Partners, BlueRun Ventures and others also participated.
The company will use the funds to expand its teams in Scotts Valley, California and Guadalajara, Mexico, as well as funding the expansion of its product lines. Paystand offers a blockchain-based platform for its customers that digitizes the settlement of commercial payments in many industries.
Jeremy Almond, CEO of Paystand, said to VentureBeat:
“It’s like Venmo for complicated transactions for commerce. We are rebooting the financial infrastructure because a lot of it was built pre-internet. It holds companies back. We’re coming in with a new business model, doing payments-as-a-service.”
Paystand fully automates the payment procedures for certain industries. For example, it allows insurance companies to digitally receive premium payments and send settlements for claims. Industries such as manufacturing, transportation and pharmaceuticals also benefit from the digitized cash cycle.
Paystand also uses smart contracts to negotiate conditions between companies. As Almond explained:
“We enable the infrastructure between companies to use what they call smart contracts. We pay you on these terms. How do you ensure that happens? Blockchain infrastructure is good for that kind of thing.”
This is made possible by a hybrid blockchain system, made of a public component for security and traceability, connected to private infrastructure for scaling.
The company is on a fast track for growth, having more than doubled its year-over-year revenue in the past 24 months. In the same time frame, it added over 80 large enterprise customers. Some of its current clients include JCB, Bugaboo, Covetrus, Parachute Home and Silicon Valley Bank.

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You Can Now Use Cryptocurrency to Trade ‘TRUMP-2020’ Futures

You Can Now Use Cryptocurrency to Trade ‘TRUMP-2020’ Futures

News
Cryptocurrency derivatives exchange FTX has created a new, specialized futures contract for traders to bet on President Donal Trump’s reelection in 2020.
Dubbed TRUMP-2020 (TRUMP), FTX announced on Feb. 5 that the contract expires to $1 if Donald Trump wins the 2020 US presidential general election, and $0 if otherwise.
The launch of TRUMP coincides with a fresh poll from Gallup this week, suggesting that the President's job approval rating has risen to 49% — his highest in any Gallup polling since he took office in 2017.
Among Republicans, moreover, his approval rating is up six percentage points since early January and is now three points higher than his previous best.
The poll was conducted on Jan. 16-29 in the midst of the Senate impeachment trial — which has since resulted in the president’s acquittal.
How to trade TRUMPAs FTX outlines, setting interest rates, fees, inefficiency, spread aside, the price of one TRUMP contract should equal the probability that Trump is reelected: i.e. a 52% likelihood would mean the contract should theoretically trade at $0.52.
All risk calculations on the contract are based on a “risk price” of $5 per contract, with the following required margins for one TRUMP:

Required margins on the FTX TRUMP-2020 futures contract. Source: ftx.com
However, for those going long, the maximum initial and maintenance margin is the mark price, and $1-mark price for those going short.
With the election scheduled for Nov. 3, 2020, FTX says it will settle the contract once all the major media outlets have unanimously projected a candidate as the winner — without necessarily waiting for the official vote tallies on a state-by-state basis to be fully concluded.
Notably, trading on FTX is not open to U.S. residents, nor to those in the E.U., U.K, Hong Kong, Singapore and other barred jurisdictions.
Market rulesAside from being subject to market speculation, Trump’s interactions with the crypto community have until now been fractious: he notoriously scathingly opposed both Bitcoin (BTC) and Libra via his favorite medium, Twitter, in summer 2019.
Yet this too, provided some fuel for traders, with many in the industry thanking him for the “no news is bad news” publicity for cryptocurrency, or “Trump bump.”

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