Category: Coin

Natwest Bank to Refuse Service to Businesses That Accept Crypto

Banking Giant Natwest to Refuse Service to Businesses That Accept Cryptocurrencies

The major retail and commercial financial institution National Westminster Bank (Natwest) has categorized cryptocurrencies as “high risk” and refuses to serve business customers who accept digital assets for payments. A Natwest board member, Morten Friis, explains the bank has no appetite for dealing with these types of customers as Natwest is taking a “cautious approach” toward this technology.

Natwest Will Refuse to Do Business With Companies That Accept Cryptocurrencies
Reports show that the popular UK-based financial incumbent and wealth manager Natwest is refusing to serve business customers who accept cryptocurrencies. The same bank established in 1968 from a merger between Westminster Bank and National Provincial that suffered from intense scrutiny after being involved in the stock market crash of 1987.

The report written by theguardian.com’s banking correspondent Kalyeena Makortoff explains that Morten Friis, a Natwest board member and head of the bank’s risk committee is taking an adverse approach toward crypto-assets. Friis notes that the bank has no cravings for dealing with crypto customers and digital assets are “high risk” from Natwest’s perspective.

“We have no appetite for dealing with customers, whether taking them on as new clients or having an ongoing relationship with people, whose main business is backed by an exchange for cryptocurrencies, or otherwise transacting in cryptocurrencies as their main activity,” the bank’s risk manager stressed during a shareholders meeting on April 21.

Friis further asserted:

We think of cryptocurrencies as high risk and we’re taking, for that reason, a cautious approach to this. It’s an area where regulation is very much in evolution and we’ll obviously respond to that as things change.

A Few Banks Are Taking a Stand-off Approach Toward Crypto-Assets
Natwest’s current opinion echoes the same warning the UK’s Financial Conduct Authority (FCA) issued in March. The FCA warned that “younger investors are taking on big financial risks.” Moreover, the financial incumbent HSBC has been taking a stand-off approach toward crypto assets as well. Essentially, HSBC has chosen to bar investors from buying into stocks from firms that hold bitcoin. Reports this week also indicate that HSBC is even taking issues with Coinbase shares (COIN).

The bank Natwest has not been without controversy, even beyond the market rout on ‘Black Monday’ back in 1987. Ten years later in 1997, the corporate and investment banking arm Natwest Markets disclosed that the banking group had lost £50 million. Further research proved the loss was upwards of £90.5 million and because of these further investigations, faith in Natwest declined rapidly. However, the Bank of England (BoE) stepped in and curbed the resignation of top Natwest officials.

In 2016, Bitcoin.com News reported that Natwest was one of the first UK high street banks to introduce the charging of negative interest rates against its customers. Reports at that time noted that only business customers would feel the new policy, but the announcement shook markets and caused faith to drop as well.

Many crypto-asset supporters would say that Natwest is a shining example of why bitcoin and the myriad of digital assets exist. From the controversies in 1987, 1997, 2016, even today, the bank has witnessed a declining trust from the public. More recently, the Financial Conduct Authority (FCA) invoked criminal proceedings against Natwest for allegedly failing to comply with money laundering rules.

 

Bitcoin Revisits USD 60K, Ethereum – 2K, BNB, Altcoins Surge

Bitcoin Revisits $60K, Ethereum - 2K, BNB, Altcoins Surge

Bitcoin price extended its rise above the USD 59,500 resistance. BTC even spiked above the USD 60,000 resistance before correcting lower. It is currently (05:30 UTC) trading well above USD 59,000 and it might climb above USD 60,000 in the near term.

Similarly, most major altcoins are signaling more upsides. ETH is up 4% and it even tested the main USD 2,000 resistance zone. XRP/USD is consolidating above USD 0.550 and it might soon attempt a break above USD 0.600.

Bitcoin price
There was a steady increase in bitcoin price above the USD 59,200 and USD 59,500 resistance levels. BTC even spiked above USD 60,000 and tested USD 60,120. It is now consolidating gains near USD 59,500, with an initial support at USD 59,200. The first major support is now forming near the USD 58,800 level.
On the upside, a daily close above the USD 60,000 level could open the doors for a move towards the USD 61,800 and USD 62,000 levels.

Ethereum price

Ethereum price outperformed bitcoin and it gained nearly 4%. ETH broke the USD 1,950 resistance and it even spiked above the USD 2,000 resistance. The price is now consolidating gains and it seems like it could rise further towards USD 2,040 and USD 2,100.
If there is a downside correction, an initial support is seen near the USD 1,975 level. The first major support is near the USD 1,950 level.

BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) rallied over 12% and it broke many hurdles near USD 315 and USD 335. BNB even surpassed USD 340 and it might accelerate further above USD 355. The next major stop for the bulls may be USD 380. On the downside, the USD 335 and USD 322 levels are decent supports.
Cardano (ADA) is still consolidating below the USD 1.200 and USD 1.220 resistance levels. A close above USD 1.220 is a must to start a steady increase. The next major resistance sits at USD 1.300. On the downside, the USD 1.165 and USD 1.150 levels are key supports.
Litecoin (LTC) is now showing positive signs above the main USD 200 resistance level. It seems like LTC bulls are back in action and they are aiming for a rally towards USD 240. The next major target for the bulls could be USD 250. On the downside, the USD 195 level is a decent support.
XRP price is now well below the USD 0.600 resistance level. However, as long as the price is above the USD 0.550 support, there are chances of a clear break above the USD 0.600 resistance. If not, it could drop to USD 0.500.

Other altcoins market today
Several altcoins gained over 10%, including HNT, DENT, EOS, ANKR, EGLD, SC, DOGE, BTT, FTM, SNX, and MKR. Out of these, HNT rallied over 30% and it cleared the USD 14.50 level. Meanwhile, SOL, ICX, and FLOW are down by 7%-9%.

Overall, bitcoin price is gaining momentum and it might settle above USD 60,000. If not, there could be a downside correction towards the USD 58,000 support level in the near term.

Source – Crypto News 

Cheap Cryptocurrency: Five Coins You Can Add to Your Wallet Today

Cheap Cryptocurrency: Five Coins You Can Add to Your Wallet Today

First off, whether you’ve got five bucks or $5 million, just about any cryptocurrency is within reach. The only boundary to entry is usually set up by the crypto exchange. One of our favorites, Coinbase, has a $2 minimum. That means you can purchase or sell as little as $2 worth of any cryptocurrency on that exchange.

And when it comes to buying crypto, you don’t have to buy a whole coin. Not by a long shot. Take Bitcoin for instance. Each Bitcoin is made up of 100 million satoshis. A satoshi is the smallest fraction that a Bitcoin can be broken down to. So as long as Bitcoin is trading for less than $200 million per coin, you can pick up a fraction of it for less than $2.

And I think you’d be hard pressed to find anyone that wouldn’t consider $2 a pretty cheap investment…

The other way to classify a cheap cryptocurrency is by finding one that’s undervalued. In other words, it’s trading cheaper than its perceived value. Now, finding an undervalued crypto coin can be a trickier endeavor. But as we’ve seen in the past year, Bitcoin has been outperforming just about every other asset classes. And it’s not hard to find analysts that predict a continuation of its bull run.

Will Bitcoin actually hit the $100,000 mark this year, as some forecasters predict? Who knows? But it is within the realm of possibilities. And if it does, that would certainly qualify Bitcoin as a cheap cryptocurrency right now.

But for our purposes, we’re going to look at five altcoins that have a whole lot more room for growth…

Five Cheap Cryptocurrency Coins Ready for Your Wallet

  • Ethereum (ETH)
  • Chainlink (LINK)
  • EOS (EOS)
  • Fusion (FSN)
  • SafeMoon (SAFEMOON)

Bitcoin’s Closest Rival

We’re starting our list with what is the second largest crypto coin by market cap. Ethereum is also probably one of the better known cryptos out there. Those looking to make a cheap cryptocurrency play could certainly find cheaper alternatives. But Ethereum’s growth potential shouldn’t be ignored. It’s blockchain tech plays a vital role in Initial Coin Offerings. And it is one of the biggest drivers behind decentralized applications. Unlike Bitcoin, Ethereum has moved well beyond the finance sector. If you’ve heard or read about any non-fungible tokens (NFTs), they were probably part of the Ethereum blockchain.

But again, Ethereum isn’t cheap. However, its value has been steadily rising faster than Bitcoin’s. And no doubt you’ve seen how well Bitcoin has performed in the past year. Like we said at the top, “cheap” is relative. But compared to where Ethereum could be valued at a year from now, there’s a good chance it’s trading at a discount. That’s why, despite its current price, Ethereum still deserves a spot on this list of cheap cryptocurrency coins.

Connecting Two Different Worlds

Chainlink is another crypto that hasn’t put all of its eggs in the finance basket. And that’s likely to keep it important for years to come. As its name suggests, the technology developed by Chainlink allows it to act as a connector between decentralized networks (on a blockchain) and off-chain outside resources. This is a pretty big deal because it allows decentralized applications (operating on Ethereum for instance) and helps them to access off-chain data.

Any outfit that’s connecting those working on a blockchain with off-chain data requires trust from developers. And Chainlink has earned that trust so far. As blockchain technology becomes more widespread, Chainlink won’t remain a cheap cryptocurrency for long.

Not-Quite the Ethereum Killer

When EOS first came out, it was touted as a big threat to Ethereum. As the native crypto on the EOS.IO blockchain, it is hugely scalable. There are currently more than 100 decentralized apps on its network. And there are thousands who use and rely on it every day. While it didn’t quite kill off Ethereum, it has found a way to foster a healthy relationship right alongside it.

One of the most compelling elements of EOS is its ability to process 1 million fee-less transactions per second. The company has also scored some high-profile partnerships, including the likes of Google. That alone is almost sure to keep EOS rising along with other cheap cryptocurrency coins.

A Cheaper Entry Point

Back when Bitcoin was the talk of the town in 2018, Fusion made a decent splash of its own. When crypto prices fell, so did fusion. However, during this current bull run in the crypto space, Fusion has remained pretty steady. That is to say, its value hasn’t risen much. This despite the fact that Fusion has been steadily ticking all the boxes on its proverbial to-do list.

Fusion has established its ticketed proof-of-stake algorithm. The company has rolled out its smart contract features. It’s also introduced an NFT management system. And going forward, it has plans to develop a cross-chain ecosystem to support transactions between blockchains. If Fusion can crack the code on this, that could make it a household name. And that’ll result in Fusion quickly being ushered off any cheap cryptocurrency lists.

The Penny Crypto with Lots of Potential

Any investment has some element of speculation in it. But the SafeMoon cryptocurrency is about as speculative as it gets. Nonetheless, we’ve decided to include it on our list due to all of the interest its already garnered. This despite the fact that it’s still pretty difficult to invest in. So, should it land on some of the major exchanges, SafeMoon could skyrocket in value.

One of the more interesting elements of SafeMoon is that it rewards holders and punishes sellers. Those that sell their stake in SafeMoon are hit with a 10% penalty tax. Half of that tax is redistributed to holders. The idea here being that the longer folks hold, the more crypto they get.

For now, the path to entry is a bit of a hard one. First, users need to set up a crypto wallet. You can check out some of our favorites here. Users need to set up their wallets to work on the Binance Chain Network. Then they need to buy BNB coins in their Binance account. Then put them in their wallet and visit pancake swap. Connect the wallet to pancake swap and exchange for SafeMoon. If it sounds tricky, it is. So here’s a video that also explains the process in more detail.

SafeMoon is far from a sure bet. But it certainly qualifies as a cheap cryptocurrency. And based on the laws of supply and demand, continued interest in SafeMoon could send it upwards fast.

The Bottom Line on Cheap Cryptocurrency

The old saying, “You get what you pay for” doesn’t really apply to cryptocurrency. It’s all ones and zeros on a server somewhere. But as interest grows and they become more mainstream, those ones and zeros can add up to a serious chunk of change.

We already know the Fed is exploring a digital dollar. Big banks are offering crypto access to clients now. And there are even crypto ETFs out there. The journey of cryptocurrency into the mainstream is just warming up. And these cheap cryptocurrencies could turn a healthy profit when we get there.

If you’d like to stay on top of all things crypto, we suggest signing up for our Manward Press e-letter. In it, Andy Snyder details his journey into cryptocurrency, how he became an expert and what altcoins are getting his attention.

Ripple Goes For Asia Amid Continuing Legal Battle In United States

Ripple Goes For Asia Amid Continuing Legal Battle In United States

US-based major blockchain company Ripple that is still fighting a major legal battle with American regulators said it has agreed to acquire 40% in Tranglo, an Asian cross-border payments specialist.

The transaction is expected to be closed this year, while TNG Fintech Group will remain the majority shareholder in Tranglo, Ripple said without providing any other details about the deal.

With this acquisition, the blockchain company aims “to meet growing customer demand in the region and expand the reach of RippleNet’s On-Demand Liquidity (ODL) service.” ODL uses the XRP token to send money. The US Securities and Exchange Commission (SEC) accused Ripple’s two co-founders and executives of personally profiting from the sales of XRP, which it claims is an “unregistered security,” to the tune of around USD 600m.

As the legal battle is still ongoing in the US, the company aims to broaden its ODL footprint in Southeast Asia, “the fastest-growing region for RippleNet adoption.” Last week, Ripple announced Brooks Entwistle as Managing Director of Southeast Asia.


Brad Garlinghouse, CEO of Ripple, previously said that if the SEC were to say that XRP is a security, “a lot of what Ripple does in the Unites States, we could continue, no problem.” According to him, “more than 90% of RippleNet customers are outside the US,” so Ripple would “continue to build the business and grow.”

Source – Crypto News

Bitcoin price jumps after Visa set to allow payment settlement using crypto

Bitcoin price jumps after Visa set to allow payment settlement using crypto

The price of Bitcoin jumped back above $57,000 on Monday morning after Reuters reported that Visa (NYSE:V) is to begin allowing the use of cryptocurrency USD Coin to settle transactions on its payment network.

The programme has been launched with crypto platform Crypto.com and Visa said they plan to offer the option to more partners this year.

USD Coin
The USD Coin is a digital stablecoin whose value is pegged directly to the US Dollar and runs on the Ethereum blockchain. Each USD Coin is backed by a US Dollar held in reserve. As of March 26th, 11.0bln USD Coins were in circulation, according to Circle, the founder of USD Coin.

“We see increasing demand from consumers across the world to be able to access, hold and use digital currencies,” said Cuy Sheffield, Visa’s head of cryptocurrencies. “And we’re seeing demand from our clients to be able to build products that provide that access for consumers.”

The announcement by Visa will remove the need to convert digital coins into traditional money for a transaction to be settled.

Corporate moves into crypto
The latest news from Visa follows its largest competitor Mastercard Inc (NYSE:MA) also announcing a foray into the digital asset space earlier this year.

In February, Mastercard announced they would start supporting select cryptocurrencies directly onto their network this year.

“We are here to enable customers, merchants and businesses to move digital value — traditional or crypto — however they want,” said Mastercard in a statement.

Other companies, including Bank of New York Mellon (NYSE:BK), PayPal Holdings Inc (NASDAQ:PYPL) and Tesla Inc (NASDAQ:TSLA) have also announced plans regarding digital assets.

Last week, Tesla said they would be accepting Bitcoin as payment for vehicles after previously announcing a $1.5bln purchase of Bitcoin to diversify their reserves. Tesla’s CEO Elon Musk also confirmed the electric vehicle maker would not be converting Bitcoin used as payment into fiat currency.

Source – Investing News 

Crypto Market slows as Bitcoin, Ethereum and Altcoins Recovery Unravels

Crypto Market slows as Bitcoin, Ethereum and Altcoins Recovery Unravels

Bitcoin price failed to settle above the USD 57,000 resistance, resulting in a strong decline. BTC broke many important supports near USD 55,000 to enter a bearish zone. It even broke the USD 53,000 support and it is currently (05:30 UTC) consolidating losses near USD 52,000.

Similarly, most major altcoins declined sharply. ETH is down 5% and it even broke the USD 1,600 support zone. XRP/USD trimmed most of its gains and settled below USD 0.500.

Total market capitalization

Bitcoin price
After a recovery above USD 55,500, bitcoin price failed to settle above the USD 57,000 resistance. A high was formed near USD 57,200 before the price started a major decline. It broke the USD 55,500 and USD 55,000 support levels. The bears even pushed the price below USD 53,000 and the price tested USD 51,500.
If there are more losses, the bears might test the USD 50,000 support zone. Conversely, a recovery wave could face sellers near the USD 53,000 and USD 53,200 levels.

Ethereum price

Ethereum price also followed bitcoin and it declined over 5%. ETH broke the USD 1,650 and USD 1,600 support levels. The bulls are now protecting the key USD 1,550 support. If there are more losses, the price might test the USD 1,500 level.
On the upside, the USD 1,600 is a short-term hurdle. The main resistance is now forming near the USD 1,650 level (the recent breakdown region).

BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) broke the USD 250 support level and extended its decline. BNB is now consolidating above USD 240, with a risk of more downsides towards the USD 230 and USD 225 levels. Any more downsides could lead the price towards the USD 200 level.
Cardano (ADA) is still above the USD 1.050 support zone, which is a positive sign. It seems like ADA might continue to trade in a range above the USD 1.000 and USD 1.050. If there is a bearish break below USD 1.000 and USD 0.998, the price could drop sharply. On the upside, the USD 1.120 level is an immediate resistance, followed by USD 1.150.
Litecoin (LTC) topped near the USD 195 level and declined heavily. LTC even broke the USD 180 support level and tested the USD 172 zone. It is now consolidating losses and there could be a drop towards the USD 165 level. On the upside, the USD 180 level may now act as a hurdle.
XRP price topped near the USD 0.600 level and started a fresh decline. The bears took control and pushed the price below the USD 0.500 support level. The bulls are now defending the USD 0.450 support and there might be a fresh increase above the USD 0.500 level.

Other altcoins market today
Several altcoins declined over 10%, including TFUEL, MIOTA, THETA, FTM, ZRX, OMG, ONT, BTMX, REN, NEAR, SUSHI, CRV, DOT, STX, SC, RSR, EGLD, and UNI. Conversely, NPXS and VGX are up over 10%.

Overall, bitcoin price broke the main USD 53,200 and USD 53,000 support levels. If there is no quick close back above USD 53,200, there could be a drop towards the USD 50,000 support.

 

Source – Crypto News

Cryptocurrency Is Not Regulated in Turkey, and It’s Thriving after lira collapsed

Cryptocurrency Is Not Regulated in Turkey, and It’s Thriving after lira collapsed

When news broke that Turkey’s President Recep Erdoğan had suddenly replaced the head of the nation’s central bank on March 19, Tilbe Yardım, 30, rushed to convert her Turkish lira into crypto.

“Turkish investors and people who understand finance are really angry and saddened about what happened on Friday night,” Yardım told CoinDesk.

The abrupt firing marked the third replacement of a central bank chief by Erdoğan since mid-2019, and signaled currency and institutional instability to investors. Erdoğan, who favors unorthodox monetary policies like slashing interest rates to curb inflation, allegedly fired the central bank head after he raised interest rates. Following Erdogan’s surprise move the lira, Turkey’s local currency, plunged 15% against the U.S. dollar on Monday, although it has recovered slightly since then.
Central bank instability tends to attract people to cryptocurrency. As the lira dropped on Monday, internet searches about cryptocurrencies spiked in Turkey, while searches for precious metal gold (Turkey’s go-to safe-haven asset) remained flat. In Turkey, where the crypto space is not regulated, its young tech-savvy population can buy and trade digital assets freely. Crypto exchanges do not need licenses to operate and there are currently no specific tax laws that apply to crypto.

But the uptick in crypto searches on Monday is the continuation of a much larger story. Turkish interest in crypto has been growing steadily for years, according to Ismail Hakki Polat, lecturer at the Kadir Has University in Istanbul, Turkey, where he teaches a course on cryptocurrency and blockchain.

“From the very beginning of bitcoin, Turkish people have been eager for and interested in cryptocurrencies so it’s not a new thing like in Venezuela or Argentina,” Polat told CoinDesk, referring to countries that have more recently seen a dramatic growth in crypto use as a hedge against inflation.

In fact, local media reported that in the beginning of 2021, moving in tandem with the bitcoin price run, the two largest crypto exchanges in the country, Paribu and BtcTurk, were trading over $1 billion worth of crypto daily. By 3:12 p.m. local time on Wednesday, 11 popular crypto exchanges in the country recorded a combined 24-hour trading volume of more than $6 billion.

Source – Coindesk News