5 Reasons McAfee’s $2 Million Bitcoin Prediction May Not Be So Crazy

John McAfee $2 Million Bitcoin 2020

McAfee’s latest call for a $2 million bitcoin by the end of 2020 may seem a bit far-fetched but hear him out. Despite even the most optimistic models falling short of that value, here are five reasons why his prediction may not be so crazy.


$2 Million Bitcoin by End of 2020

During an interview with AIBCSummit, McAfee made the seemingly outlandish statement, doubling down on his previous prediction that Bitcoin would hit $1 Million by 2020:

Run the f***ing numbers. If Bitcoin is less than $2 million by the end of 2020, then mathematics itself is a flawed disappointment.

While most sane people, analysts, and economists remain healthily skeptical at McAfee’s words, if Bitcoin has shown us anything so far, it’s that anything can happen.

1. Bitcoin’s Scarcity Will Lead to a Price Surge

Bitcoin is scarce in nature with a capped supply of 21 million. On top of that, seven million have already been lost forever.

As the infrastructure and regulatory landscape continue to improve for institutional investors, the demand for Bitcoin will increase. Increased demand plus scarcity equals a massive price surge. Maybe even all the way to a $2 million bitcoin.

2. $2 Trillion+ Institutional Investment Dollars

Bakkt’s launch has been dire so far, but that doesn’t mean things will continue this way. Institutional investors are likely stalling due to the uncertain regulatory climate in the US.

However, according to data from the Federal Reserve Bank of St Louis, there are currently some $2.14 trillion dollars parked in institutional money funds right now just looking to find a home.

$2 Million Bitcoin Prediction John Mcafee

John Mcafee predicts Bitcoin will reach $2 million by 2020

If just a tiny percentage of these find their way into Bitcoin, the price would go hyperbolic.

3. Bitcoin Halving in May 2020

The next Bitcoin halving is coming up around May 2020. This event will hack the mining block reward in half.

Looking back at historical patterns, Bitcoin price tends to boom about a year after each previous halving. That may leave McAfee’s $2 million bitcoin prediction out of time by the end of 2020, but it could be a reality for early 2021.

4. Governments Holding BTC in Central Bank Reserves

OK, so this may not have happened yet. And it may be just starting with Venezuela considering the option, but let’s take a leap here.

If all countries follow the same trend as Pomp enthusiastically believes, the price of bitcoin could indeed go to the moon.

5. A Global Recession in 2020

The jury is still somewhat out on whether investors consider Bitcoin a safe-haven asset. However, as we’ve seen recently in Hong Kong, Venezuela, and Argentina when macro conditions are ripe, the stock markets tumble, and many investors drift toward Bitcoin.

If economists are right and there is a global recession next year, BTC could get a massive influx. With the network fundamentals better than ever, this could send things into the stratosphere.

A $2 million bitcoin by 2020 end? Highly unlikely. But there’s definitely potential for Bitcoin to become so much more than it is today.

Do you think Bitcoin will ever reach $2 Million per coin? Add your thoughts below!


Images via Shutterstock, Twitter @APompliano, Fed chart by fred.stlouisfed.org, video via Youtube @AIBCsummit

The post 5 Reasons McAfee’s $2 Million Bitcoin Prediction May Not Be So Crazy appeared first on Bitcoinist.com.

Source: Bitcoininst

Stablecoin Flows Between Exchanges Down $100M This Week

Stablecoin exchange flows down $100M

The flows of stablecoins between exchanges has slowed down dramatically over the past few days, signalling that no new sums are prepared to boost price action.


Stablecoin Parked on Exchanges, Awaiting Action

Stablecoins moving between exchanges are an indicator of potential trading activity. The past few days saw a surge of coin movements, followed by diminishing levels of inflows and outflows. Following those events, Bitcoin (BTC) was ready for the relief rally late on Sunday.

Stablecoins still offer significant support to BTC, with several assets taking the lead beyond Tether (USDT). Currently, more than 70% of BTC trading happens in the BTC/USDT pair, aided by other coins like USDC, PAX, and TUSD.

Token Analyst closely observes stablecoin weekly activity, as sending funds to exchanges is often a proxy for upcoming rallies.

Some stablecoins are starting to look more appealing than others, and are displacing the market share of USDT, shrinking it down to 95% of the entire stablecoin market. USDC doubled its supply in the past day, and TUSD and PAX are close behind. PAX and TUSD are two of the coins where the supply is turned over more than once each day. PAX sees a turnover of 139%, while TUSD moves each coin 1.12 times per day. The turnover for USDT is 474%, down from a peak of over 1,000%.

USDT Becoming Increasingly Influential

Heightened stablecoin activity can often foreshadow a short-term price movement for BTC, as well as act as a precursor to an altcoin relief rally. USDT is currently supporting a highly active Ethereum (ETH) trade, and is boosting Litecoin (LTC), XRP, and EOS volume.

The movement of stablecoins is unpredictable, and the pace may pick up again, especially after Monday’s minting of 10 million USDT. Later, transactions of millions of USDT were also seen moving onto leading exchanges.

Currently, crypto assets are at a decisive moment. BTC is seeking reassurance that the recent bottom of $7,800 was the last one, and that further recovery may be seen.

Trading volumes for the entire crypto market have remained relatively changeless in the past three months, with short-term spikes in activity. On most days, the trading volumes are between $50 billion and $60 billion in 24 hours. Stablecoin activity picked up as BTC shot up to the $8,200 range. Briefly, USDT “flippened” Bitcoin Cash (BCH), climbing to position four based on its market capitalization. A few days ago, USDT reached a record supply above 4.16 billion coins, and currently, the supply is above 4.108 billion coins.

What do you think about stablecoins and price action? Share your thoughts in the comments section below!


Images via Shutterstock, Twitter @thetokenanalyst, @whale_alert

The post Stablecoin Flows Between Exchanges Down $100M This Week appeared first on Bitcoinist.com.

Source: Bitcoininst

Indian Finance Minister Answers Crypto Questions at IMF Meeting

Indian Finance Minister Answers Crypto Questions at IMF Conference

At an IMF and World Bank meeting, Indian Finance Minister Nirmala Sitharaman talked about cryptocurrency and stablecoins when asked about Facebook’s Libra digital currency project. RBI Governor Shaktikanta Das also addressed the subject at the conference.

Also read: Indian Supreme Court Postpones Crypto Case to November, New Date Confirmed

Finance Minister Talks Crypto

At the Annual Meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund (IMF) in Washington, D.C., Indian Finance Minister Nirmala Sitharaman talked about cryptocurrency and stablecoins, PTI reported. The annual meetings and related events took place from Monday, Oct. 14, through Sunday, Oct. 20. The news outlet added that Shaktikanta Das, Governor of the Reserve Bank of India (RBI), also spoke about cryptocurrencies during one of the interventions.

Indian Finance Minister Answers Crypto Questions at IMF Meeting
Indian Finance Minister Nirmala Sitharaman in a group photo with other governors at the IMF and World Bank Annual Meetings 2019.

A group of reporters asked Sitharaman on Sunday about Facebook’s Libra crypto project. She responded, “On our side, the Reserve Bank governor spoke about it during our turn to intervene,” adding:

I got the sense that many countries were cautioning on rushing into this.

Since Facebook unveiled its plan for the Libra project in June, many regulators worldwide have been scrutinizing the project. France and Germany are even reportedly discussing banning Libra in their countries, at least until all the concerns have been addressed. As for India, former Secretary of the Department of Economic Affairs Subhash Chandra Garg previously said that the Indian government will not allow Libra in the country since it would be a private cryptocurrency.

Indian Finance Minister Answers Crypto Questions at IMF Meeting
Nirmala Sitharaman addressing the Plenary Session of the IMF and World Bank Annual Meetings on Oct. 19.

“Some of them (countries) of course even suggested that they shouldn’t be using, all of us shouldn’t be using the name stable currency because that’s the expression they used,” Sitharaman was further quoted by PTI as saying. “Many cautioned to the extent saying even the name should not be stable currency, it should relate to virtual currency or something of the kind.” The finance minister added that “countries will have to show extreme caution much before anything is said or moved on this.”

Nonetheless, some positive aspects of cryptocurrency were discussed, as Sitharaman revealed:

In fact, this morning some of the presentations were also highlighting the strengths of such virtual currency.

“But equally everyone without fail spoke about the challenges together with talking about it as a necessary step forward,” she continued. “So everyone was stepping cautiously on it.”

The Indian government is currently deliberating on the country’s crypto policies. A report and draft bill entitled “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019” were submitted to the Ministry of Finance in February and made public in July. Both were produced by an interministerial committee (IMC) headed by Garg who has since been reassigned to the Power Ministry.

Indian Finance Minister Answers Crypto Questions at IMF Meeting
Nirmala Sitharaman

While the Indian government has not announced any decisions regarding the bill or the regulation of cryptocurrency, it has told the country’s supreme court that the crypto bill may be introduced in the next session of parliament. In July, the finance minister talked about the IMC report, calling it “a very futuristic and well-thought-out report,” but admitted that she had “not spent time on it after the presentation.”

Meanwhile, the Indian crypto community has been actively campaigning for the government to reevaluate the IMC recommendations, emphasizing that the report is flawed. At least one lawmaker is willing to listen and help the community. Further, the RBI has prohibited financial institutions from providing services to crypto businesses. The ban, which went into effect in July last year, has been challenged in the supreme court, which is expected to resume hearing the case on Nov. 19.

IMF’s Approach to Crypto

At the same conference, IMF Managing Director Kristalina Georgieva also briefly talked about cryptocurrency and stablecoins such as Libra, PTI also reported. She revealed that the IMF has been engaged quite extensively with other organizations on this subject, such as the Financial Stability Board (FSB) and the European Central Bank, including assessing the benefits and risks involved. Georgieva elaborated:

We take a very balanced approach. We look at the ease of use, cost savings, and most importantly, financial inclusion as very important benefits. But we are also very mindful that they can be a risk for privacy, consumer privacy.

Indian Finance Minister Answers Crypto Questions at IMF Meeting

After noting the risks that digital currency can be “abused for illegal purposes,” the IMF managing director said that there are also “issues on sovereignty that need to be well understood and addressed. And in that sense, we will continue to work.” Georgieva further commented:

We are not specifically focusing on Libra. We are looking into, one, the inevitability of expanding digital money on the wave of the digital revolution, but then the necessity to do so, mindful of monetary stability.

Last week, the FSB chairman wrote a letter to the G20 finance ministers and central bank governors informing them that, unlike crypto assets, stablecoins with the potential to be adopted globally do pose financial stability risks. A recently released G7 report outlines some of these risks. In addition, the G20 issued a statement last week that stablecoins “with potential systemic footprints give rise to a set of serious public policy and regulatory risks,” adding that they “need to be evaluated and appropriately addressed before these projects can commence operation.”

What do you think of the Indian finance minister’s view on cryptocurrency and stablecoins? Let us know in the comments section below.


Images courtesy of Shutterstock and Nirmala Sitharaman.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

The post Indian Finance Minister Answers Crypto Questions at IMF Meeting appeared first on Bitcoin News.

Source: Bitcoinnews.com

4 Reasons Why Bitcoin is So Popular in South Africa

Bitcoin south africa

Bitcoin and cryptocurrencies, in general, continue to thrive in South Africa even as such interest comes with a multitude of scams and fraudulent investment schemes. The country even ranks second in the world for bitcoin searches according to Google Trends. Here are four reasons for the continued interest in bitcoin among South Africans.


(1) Internal and External Remittance

South Africa’s remittance market continues to grow, triggered by both rural to urban migration and the influx of migrant workers from neighboring nations.

According to Bloomberg, the country’s remittance market is expected to reach R34 billion ($2.3 billion) by 2023.

Bitcoin offers a cheaper alternative for sending money to relatives in rural South Africa or in neighboring countries.

Commenting on the role of bitcoin and crypto payments in the country’s remittance arena, Marius Reitz, general manager for Africa at crypto exchange platform Luno, opined:

There are large remittance flows from South Africa to other countries in the SADC region, of which a portion is informal due largely to the high costs and complexity involved. It is vital that we reduce the cost and complexity associated with moving money seamlessly across the continent.

Bitcoin Google Trends South Africa

(2) High Fintech Literacy

South Africa remains the sole fintech hub in Africa. Data from the United Nations Economic Commission for Africa (UNECA) shows that South Africa accounts for 31.2% of the fintech startups on the Continent.

This relatively high fintech literacy also extends to mobile money adoption. Bitcoin in many ways constitutes an extension of a payment system already familiar and in popular use by the South African public.

South Africa also presents a departure from the norm in Sub-Saharan Africa as far as the unbanked population is concerned. While more than half the population in Sub-Saharan Africa is unbanked, more than 80% of South Africa is banked.

This degree of banking and mobile money penetration has made it easy for South Africans to purchase bitcoin from platforms like Luno.

Bitcoin Trading in South Africa

(3) Volatile Rand

According to Bloomberg, the South African rand — the country’s fiat currency, was the most volatile among the “major currencies.” Like in other countries experiencing such volatility, bitcoin presents a viable alternative.

According to Reitz, daily bitcoin trading in South Africa averages R90 million ($6 million). Data from Coin Dance shows an average of R15 million ($1 million) traded via P2P platform Localbitcoins for the month of October 2019.

(4) Absence of Stringent Regulations

Finally, South Africa is yet to enact strict cryptocurrency laws that might dampen enthusiasm for bitcoin. Apart from tax regulations and AML/KYC compliance, the country’s crypto space isn’t highly regulated.

However, as reported by Bitcoinst, there are plans by authorities in the country to begin robust crypto tracking modalities.

Do you think South Africa can become the leading crypto and blockchain hub in Africa? Let us know in the comments below.


Images via Shutterstock, Google Trends and Coin Dance.

The post 4 Reasons Why Bitcoin is So Popular in South Africa appeared first on Bitcoinist.com.

Source: Bitcoininst

Bitcoin Price Just Surged $400, But The Real Trouble Is Still Around The Corner: BTC Analysis & Overview

Just as expected, Bitcoin had produced its move. Just as we said in our recent analysis: “Unlike the crypto community on twitter, suggesting Bitcoin to $6K, in my opinion, the direction isn’t clear yet.”

Most of the traders lose money over time. Hence, they take the wrong decisions guessing the next direction of the market. This was another classic example, as Bitcoin price broke to the bullish side following reaching the end of the 4-hour short-term triangle’s pattern.

Does it mean we will see a Bitcoin’s all-time high soon? Very early to say. Bitcoin had done only a little positive step. The real ‘trouble’ is still waiting ahead, just around the corner.

Total Market Cap: $222.5 billion

Bitcoin Market Cap: $148.3 billion

BTC Dominance Index: 66.7%

*Data by CoinGecko

Key Levels to Watch

– Support/Resistance: Following a decent $400 daily price move, Bitcoin broke out of the short-term triangle, along with the 4-hour MA-50.

After reaching the resistance at $8300, Bitcoin got rejected and currently trading around the $8200 mark for the past hours. Nothing can assure it won’t go to retest the $8000 once again, but so far, it looks promising.

From the bullish side, Bitcoin is facing the first resistance at yesterday’s high of $8300. Slightly above is the $8400 level, before the $8650 resistance area. Then it becomes interesting: the $8800 – $9000 has a lot of seller’s waiting, this includes the significant 200-days moving average line (marked light green on the following daily chart) and the crucial descending trend-line started forming since June 26 (when Bitcoin 2019 high was captured at $13,880).

From the bearish side, after breaking it as resistance, the $8200, along with the 4-hour MA-50, are the first lines of support. Below lies the $8000 support, along with the triangle’s ascending trend-line. Further down is the $7700 – $7800 support area, which proved itself as strong shield support being tested successfully for a couple of times over the past month.

– The RSI Indicator (Daily): As stated in our previous analysis, the RSI needed to hold the higher-lows trajectory, and indeed, it did. As of now, the RSI is facing a critical level of resistance at 44. A break-up of this area could turn very bullish for Bitcoin, following the RSI forming a bullish triangle (as can be seen on the daily chart below).

– The Trading Volume: This is the only thing I really dislike here. The volume is at its lowest levels. Even the spike from yesterday couldn’t change it. For over a month, the volume amount didn’t reach real levels.

BTC/USD BitStamp 4-Hour Chart

btc_oct21_4h-min

BTC/USD BitStamp 1-Day Chart

btc_oct21_d-min

The post Bitcoin Price Just Surged $400, But The Real Trouble Is Still Around The Corner: BTC Analysis & Overview appeared first on CryptoPotato.

Source: Crypto Potato

Could Ransomware Be Driving Up Bitcoin Prices?

Bitcoin Price Ransomware

Research is suggesting that the number of ransomware incidents has risen in 2019. The payment method of choice for the majority of this cybercrime is cryptocurrency, predominantly bitcoin. Could BTC price fluctuations be linked to the increase in this online nefarious activity?


Bitcoin Price and Ransomware

US state departments, public sector facilities schools, hospitals, and businesses are increasingly falling victim to ransomware attacks. According to a report by Malwarebytes, there has been a 363% year-over-year increase in the first half of 2019.

The attack uses malware to encrypt files on the victim’s computer. A small ransom is then demanded to decrypt the files and cryptocurrency is the payment method of choice.

Further research by cybersecurity company Emisoft claims that the average ransom increased by 89% to $12,762 in the first quarter of this year. It added that bitcoin was used in 98% of all ransom payments over the period and 96% of companies that paid the ransom received a working decryption tool.

Bitcoin is still the primary demand in these attacks though the remaining 2% is usually privacy-focused coins such as Monero and Dash. There is a possibility that those paying up are pushing up BTC demand and consequently its price.

In a medium post, it was suggested that the 2017 WannaCry attack, which infected more than 300,000 computers across the globe, had an impact on BTC prices at the time. Emisoft spokesman, Brett Callow, added that there appears to be a correlation between high-profile ransomware incidents and bitcoin prices.

This year, a variety of ransomware platforms obtained bigger ransom payout amounts. One of them was Ryuk which targeted logistics and technology companies as well as small municipalities according to TrendMicro.

Cybersecurity professor Alan Woodward added that ransomware may be part of it but the price of bitcoin is so volatile and has had such a dynamic range, it could be many factors combined. One of those factors could be that companies expecting a ransomware attack may have bought bitcoin in preparation.

Callow continued;

We know a considerable number of companies hoard bitcoin in case they are hit with ransomware and need to pay a demand. It would seem to make sense that the bigger the demands come and the more high-profile cases there are, the more companies will start to buy. We suspect that that is what is driving the increase in prices, rather than the actual ransom demands themselves.

The US currently gets the lion’s share of attacks with 53% according to reports, and now that cybercriminals are switching to higher-profile targets, more companies could start buying up bitcoin which of course will affect its price.

Could ransomware be affecting bitcoin price? Add your thoughts below


Image via Bitcoinist Image Library

The post Could Ransomware Be Driving Up Bitcoin Prices? appeared first on Bitcoinist.com.

Source: Bitcoininst

McAfee Envisions DEX in a World Where Crypto Won’t Be Traded for Fiat

In a recent video posted to Twitter. John McAfee states: “Imagine a world…where fiat currency is diminishing in importance.” Instead of pointing to the adoption of crypto by big money interests, the rogue politician and radical bitcoin proponent talks of a complete flip, where users won’t need to exchange their cryptocurrencies for fiat. Crypto will have become the dominant money. McAfee cites his recently launched decentralized exchange (DEX), mcafeedex.com, and featured stablecoins as evidence this world is coming soon.

Also Read: Earn More Interest on Your Crypto With These Comparison Tools

No Need to ‘Cash Out’

His recent Twitter update finds McAfee musing on a major problem with otherwise very functional decentralized exchanges: people can’t get their money out in fiat form. The beauty of no KYC, no AML, and no required email address is a double-edged sword that makes it tough to withdraw funds to the legacy financial system so many still depend on. According to McAfee, however, this won’t be an issue for long.

Citing DAI, a decentralized ERC20 stablecoin pegged to the U.S. dollar via smart contract, the former antivirus tycoon notes that such assets enable greater market stability and encourage crypto commerce. “You can already buy houses and cars and shoes and god knows what with crypto … so we already have the ability to acquire half of what we need with crypto,” McAfee emphasizes:

Soon we’ll have the ability to acquire everything we need with crypto.

A Quick Look at the McAfee DEX

McAfee’s DEX runs on the Ethereum blockchain and is built on the Switchdex smart contract. Creating an account takes only one click, and anyone can add their own ERC20 token to the exchange for zero fees. Users can also be whitelisted for $85 in ETH in order to “trade on McAfeeDex with no platform fees for life.” Regarding other fees and restrictions, McAfee himself emphasized the DEX “Requires no name, no documents, no email, no bank info. Transaction details private. Nothing monitored. Nothing recorded. No restrictions. No listing fees. 0.25% transaction fees. Completely decentralized.”

McAfee Envisions DEX in a World Where Crypto Won’t Be Traded for Fiat
Mcafeedex.com

Volume across the already long list of 1,300+ trading pairs (base pairs being ETH, DAI, WBTC and TUSD) is still extremely limited, with many order books yet showing no activity. McAfee states, “It takes time for enough users to join to make it real, but if you play, and be patient, you will see it’s the door that frees us from the government’s cornerstone of control: Fiat currencies. It can’t be shut down.” Switch (ESH) and ether (ETH) trades currently dominate the DEX with about 100 transactions taking place on the pair since October 16, at press time. The libertarian presidential candidate is also encouraging users to further decentralize the operation by creating their own portals for a fee, an option which is expected to be automated in the future.

McAfee Envisions DEX in a World Where Crypto Won’t Be Traded for Fiat

DEXs Continue to Evolve

As news.Bitcoin.com has reported, DEXs are evolving quickly and becoming more user-friendly. Not only are technical advances encouraging growth and development, but as McAfee points out, there is an ever-quickening confluence of factors economic, philosophical and otherwise leading to more crypto users jumping ship from the heavily regulated — and some say iceberg-destined — cruise liner of centralized exchange. If crypto is to truly be a tool of economic sovereignty and survival in this climate of reckless government monetary policy and geopolitical tension, its number one value proposal of being sound, permissionless money must remain intact.

What do you think about McAfee’s prediction and his new DEX? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Images courtesy of Shutterstock, fair use.


Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry.

The post McAfee Envisions DEX in a World Where Crypto Won’t Be Traded for Fiat appeared first on Bitcoin News.

Source: Bitcoinnews.com

Bitcoin Price Bounces Back Above $8200, Are Bulls Finally Here?

bitcoin btc price bouncing

With most of the past two days spent below $8k bitcoin price has been looking extremely bearish. A big bounce in late trading on Sunday, however, sent BTC back above resistance to top out at $8,300. Altcoins are also having a green Monday as the bears are kept at bay for now.


Bitcoin May Have Bottomed

Last week was all bearish for bitcoin which fell back to $7,800 again. Support held out and a 4.5% bounce has kept the top crypto well within its range-bound channel again as it continues to consolidate above $8,200.

bitcoin

BTC price hourly chart – Tradingview.com

BTC has now remained within this range for almost a month so something must give soon. The death cross on the daily chart looks set to occur this week as the 50 day moving average drops below the 200 day signaling a continuation of the downtrend.

Trader and analyst Josh Rager pointed out that nothing much has really changed until we get some bullish momentum above current levels in a push up to $8,800.

“BTC is still in this sideways range, nothing really has changed outside of short term bullish price action until we see higher highs”

The bearish momentum could be starting to wane however and evidence is suggesting that long positions are beginning to accumulate. According to Skew, October has seen an increase in long BTC positions from institutional traders for CME futures.

He added that these are likely to be from pension funds, endowments, insurance companies, mutual funds and portfolio/investment managers whose clients are predominantly institutional.

Increasing economic turbulence and central bank interventions are likely to spur more institutional investment into safe-haven assets such as bitcoin and gold. If a global recession does materialize things could get very interesting for BTC and crypto markets.

Looking at previous market cycles bitcoin has bottomed in October only to rally in November then surge to new heights in December.

Altcoins Awaken

Bitcoin’s move has, as usual, been beneficial to the altcoins which are largely in the green during Asian trading this Monday morning. Ethereum has made a minor gain to reach $175 again but is generally still bearish.

Ripple’s XRP has held on to last week’s gains but failed to conquer the $0.30 barrier and remains just below it at the time of writing. The Swell event in Singapore next month could be the catalyst for XRP to push higher.

Bitcoin’s two offshoots, BCH and BSV are both grabbing 6% at the moment and Chainlink is going strong with a 7% pump on the day. Total crypto market capitalization has gained $7 billion on the day to reach $223 billion.

Has bitcoin price bottomed yet and will it rally for Halloween? Add your comments below.


Images via Bitcoinist Media Library, BTC/USD Charts by TradingView, Twitter: @Josh_Rager, @skew_markets

The post Bitcoin Price Bounces Back Above $8200, Are Bulls Finally Here? appeared first on Bitcoinist.com.

Source: Bitcoininst

Bittrex Pulls Out of 31 Markets Citing Regulatory Uncertainty

Bittrex Pulls Out of 31 Markets Citing Regulatory Uncertainty

Cryptocurrency exchange Bittrex is discontinuing operations in 31 countries, including Venezuela and Zimbabwe. The trading platform has justified its decision on the basis of the regulatory uncertainty in these jurisdictions. Some of the nations in the list are going through political turmoil and socio-economic challenges.

Also read: Russia Blocks 2 Crypto News Websites

Zimbabwe and Venezuela Among Restricted Nations

Bittrex International, the global trading platform managed by the Seattle-based digital asset exchange, has informed clients residing in the affected countries that they will no longer be able to use its services. The main reason for the decision lies in the unstable regulatory environment there, the company explained in an announcement published on its website this Friday.

“All trading and account access for these impacted customers will be halted on Tuesday, October 29 date at 19:00 UTC/21:00 CEST,” Bittrex detailed. Users have been asked to withdraw their coins and tokens from the platform before the deadline. To do so, they’ll have to log into their Bittrex International account, click “Holdings,” search for the wallet, and click the withdrawal button.

Bittrex Pulls Out of 31 Markets Citing Regulatory Uncertainty

The exchange warns traders they won’t be able to withdraw their balance if it’s below a certain threshold. “The minimum withdrawal for all coins must be greater than 3 times the fee,” the company notes and provides an example: “Your balance in BTC must be .00150001 or greater as the fee is .0005.” Users can find additional withdrawal instructions in the FAQ section of the platform’s website.

Bittrex’s decision to halt exchange operations mostly concerns customers in developing countries. Many of these markets are in Africa, Asia and the Middle East, including crisis-hit Zimbabwe, Uganda, and Pakistan. Bosnia-Herzegovina is the only European jurisdiction on the list. Crypto traders in economically battered Venezuela are also among those that will not be able to use its exchange services in the future.

Crypto Exchanges Under Pressure from Governments

The move affecting its international trading platform comes after Bittrex delisted dozens of coins and tokens this summer that were available previously to U.S.-based traders. Although the exchange explains that a major criterion it considers in such cases is the lack of interest in a project, regulatory pressure in the United States may have also played a role.

Bittrex Pulls Out of 31 Markets Citing Regulatory Uncertainty

Evolving regulatory standards and other compliance issues have been listed among the key factors in its official token removal policy, which the company takes into account when determining whether to delist a coin or remove a market. For example, in April this year the New York State Department of Financial Services ordered Bittrex to cease operations after rejecting its application for a Bitlicense.

International sanctions have also influenced the business decisions of companies in the crypto space. Towards the end of last year, reports came out that users of leading digital asset exchange Binance had been cut off in certain countries. Iran, Belarus, Serbia, Bosnia, Myanmar, and other restricted jurisdictions were affected. Some of those are on the sanctions lists of the UN Security Council and the U.S. Treasury Department’s Office of Foreign Assets Control.

What’s your opinion about Bittrex’s decision to withdraw from 31 countries? Share your thoughts on the subject in the comments section below.


Images courtesy of Shutterstock.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The Local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

The post Bittrex Pulls Out of 31 Markets Citing Regulatory Uncertainty appeared first on Bitcoin News.

Source: Bitcoinnews.com

Earn More Interest on Your Crypto With These Comparison Tools

Earn More Interest on Your Crypto With These Comparison Tools

2019 has been the year in which crypto lending has really taken off. Centralized and decentralized finance have been major growth areas, aided by crypto exchange integration and a backdrop of negative interest rates in the banking sector. Why be penalized for saving fiat when you can be rewarded for saving crypto?

Also read: How to Trade Crypto in Person Safely

Crypto Lending Options Are Stacking Up

Competition among crypto lending platforms is heating up. With major exchanges such as Binance throwing their considerable weight behind the movement, incumbent platforms have been sharpening the pencil in a bid to offer their lenders and borrowers a better APR. This week, for instance, Nexo, cut its borrowing rates to as low as 5.9%. Given that many crypto lenders are prone to charge up to 4% in origination fees and 5-13% in liquidation fees, Nexo is confident that its improved offer will entice crypto borrowers shopping around for the best deal.

Earn More Interest on Your Crypto Interest Rate

That shopping process has gotten a lot easier thanks to the emergence of crypto lending comparison portals. These platforms provide a side-by-side comparison of what the leading centralized and decentralized lending solutions have to offer. Last week, Coinmarketcap launched a product that heralds its entry into the growing defi market. The tool, which the listing site has dubbed Coinmarketcap Interest, features finance data such as the best annualized interest rates for borrowing and lending cryptocurrencies across a variety of platforms.

Coinmarketcap doesn’t hold first mover advantage in this sphere, however, as there are already a number of high-level tools for analyzing the lending marketplace.

Loanscan

Loanscan is perhaps the gold standard in the sector, and after a redesign in May the site is better than ever. Originally built as a stealth tool for the crypto lending app Linen, Loanscan now serves as a standalone interest comparison product. The site is packed with features, information and graphical visualizations, making it fun just to play around with, depending on your love for data.

The site allows you to view address, protocol, or asset level analytics across a range of timeframes, such as 24-hours, week or month. For those who take a keen interest not only in where the market is today, but where it has been, Loanscan has a historical data tab too.

Earn More Interest on Your Crypto With These Comparison Tools
Loanscan

The range of possibilities with Loanscan is significant, so whether you want to know what the current value of all outstanding loans in the market is ($142M) or what the one-month repayments are ($67M) you shouldn’t have trouble finding the answer. Most importantly, Loanscan also provides comparison tables of the best interest rates for loaning and lending cryptocurrencies featuring DAI, ETH and BTC on platforms such as dYdX, Dharma, Fulcrum and Makerdao.

Due to its depth of information and rich presentation style, Loanscan is probably still the best all-round destination for experienced crypto users, however, there are simpler information sources out there.

Earn More Interest on Your Crypto With These Comparison Tools
Loanscan

Coinmarketcap Interest

While Coinmarketcap Interest doesn’t offer the same level of graphical wizardry as Loanscan, instead opting for a plain yet clean UI, it does pack a punch in terms of the information offered and ease of use. For those already well acquainted with the CMC layout and style, there is little adjustment required to get up to speed with Coinmarketcap Interest.

Earn More Interest on Your Crypto With These Comparison Tools

For the 30 or more stablecoins and cryptocurrencies which feature on CMC Interest, each has two tabs: “Earn Interest” and “Borrow Crypto.” All you need to do is select the currency you’d like to borrow or lend on the left, and then select a preferred platform depending on annualized interest rate, whether the platform is CEX or DEX, and the duration of the loan.

All in all it’s a pretty slick operation and while you don’t get the same level of control or information as you do on Loanscan, for those who just want to make money or borrow it without any of the deep-level analysis, CMC Interest works well.

Defi Pulse

If you’re more interested in broader ecosystem statistics than individual loans, Defi Pulse is another great analytical tool for decentralized finance and statistics geeks. For instance, if you want to know the total amount of money locked up in smart contracts on the Ethereum blockchain, Defi Pulse has got you covered. Want to know the current public network capacity of the Lightning Network? Defi Pulse has that too. You can also find out how much is locked up in DEXs, derivatives, assets and more, making it a highly useful tool for anyone doing deep research into the overall market.

Crypto networks are built upon open access and transparency. Thanks to monitoring sites and comparison tools that tap into solutions built upon these blockchains, cryptocurrency users can determine the best way to maximize their holdings. If you’re interested in interest, it pays to do your research.

What are your favorite defi and lending comparison sites? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Images courtesy of Shutterstock.


Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry.

The post Earn More Interest on Your Crypto With These Comparison Tools appeared first on Bitcoin News.

Source: Bitcoinnews.com