Category: Coin

Deutsche Bank: Bitcoin Now 3rd Largest Currency, Too Important to Ignore

Deutsche Bank: Bitcoin Now 3rd Largest Currency, Too Important to Ignore

Bitcoin Is Too Important to Ignore
Deutsche Bank Research published a report last week entitled: “Bitcoins: Can the Tinkerbell Effect Become a Self-Fulfilling Prophecy?” It is part three of “The Future of Payments: Series 2.” The report author, research analyst Marion Laboure, Ph.D., wrote:

Bitcoin’s market cap of $1 trillion makes it too important to ignore. As long as asset managers and companies continue to enter the market, bitcoin prices could continue to rise.

At the time of writing, the price of bitcoin stands at $57,455 and the cryptocurrency’s market cap is approximately $1.07 trillion based on data from markets.Bitcoin.com.

The report also discusses bitcoin as a commodity, currency, and equity. While noting that “bitcoin transactions and tradability are still limited,” the report states that the cryptocurrency’s “market cap is among the top ten, both as a currency and as a stock.” Comparing bitcoin to fiat currencies, the report details:

In terms of total currency in circulation, bitcoin is the third-largest in the world, after the US dollar and the euro.
“This is mainly due to the vast increase in bitcoin’s value recently,” the report continues, adding that “In early 2019, bitcoin represented ‘only’ 3% of the US dollars in circulation, but in February 2021 it surged beyond 40% of the US dollars in circulation.” The fourth-largest currency, according to Deutsche Bank Research, is the Japanese yen, followed by the Indian rupee.

Laboure asserted that “Bitcoin’s value will continue to rise and fall depending on what people believe it is worth.” She explained that “This is sometimes called the Tinkerbell Effect,” which is “a recognised economic term stating that the more people believe in something, the likelier it is to happen based on Peter Pan’s assertion that Tinkerbell exists because children believe she exists.”

Furthermore, the Deutsche Bank analyst opined:

Central banks and governments understand that cryptocurrencies are here to stay, so they are expected to start regulating crypto-assets late this year or early next year.

The Deutsche Bank report also notes that central banks “are also speeding up research on their own central bank digital currencies (CBDCs) and launching pilots.”

Laboure proceeded to discuss the future of bitcoin. In the short term, she said, “bitcoin is here to stay and its value will remain volatile.”

In the medium to long run, the analyst believes that “due to very strong network effects, there will likely be little room for using cryptocurrencies as a widespread means of payment.” Moreover, she cautioned that in the long term, bitcoin “will have to transform potential into results to sustain its value proposition,” elaborating:

In the long run, central banks are unlikely to give up their monopolies. And as long as governments and central banks exist and hold the power to regulate money, there will be little room for bitcoin—as a means of payment—to replace traditional currencies.

Source –Bitcoin News 

Islamic finance-focused Caizcoin enters cryptocurrency market

Islamic finance-focused Caizcoin enters cryptocurrency market

A new altcoin focusing on Islamic finance named “Caizcoin” has been introduced to the cryptocurrency market a year after it was founded in Germany.

“Approved as compliant with Islamic financial law by Islamic scholars, Caizcoin is opening the global cryptocurrency market to Muslims and non-Muslims alike for the very first time,” the initiative said in a statement.

“Caizcoin” is a portmanteau of “caiz,” which means “permissible according to Islam” and coin, the nickname for cryptocurrencies.

According to the statement, Caizcoin is a decentralized financial solution and cryptocurrency that “enables quick and cost-efficient international money transfers. It is the first to be certified as an official Islamic blockchain and cryptocurrency.”

“Caizcoin, founded in Germany in 2020, has assembled a team composed of internationally minded, dynamic leaders who specialize in the worlds of business, technology, and finance. The skilled enterprise works in tandem with international scholars, economists, and finance experts who offer guidance to ensure Islamic values are infused into every aspect of Caizcoin,” the statement added.

“Caizcoin encourages its global usage as a currency by offering a contemporary financial solution and API for third-party integrations. Worldwide investors to Caizcoin are exempt from fees until a certain ratio of withdrawal and will enjoy instant transfer of funds secured by blockchain technology.”

Source – DailySabah

XRP Whale Transfers 745 Million Coins, total value stand at around $330 million

XRP Whale Transfers 745 Million Coins, total value stand at around $330 million

XRP price jumped more than 10% in the last 24 hours after a rise in demand from retail investors. Anonymous XRP transactions are also on the rise amid price growth as an unknown user moved 745 million coins to an unidentified crypto wallet.

According to the latest data published by the blockchain tracking and analytics firm, Whale Alert, an unknown whale transferred $330 million worth of XRP tokens on 15 March at 20:34 UTC. As of writing, the cryptocurrency is trading around $0.47 with a market cap of more than $21 billion.

XRP is the 7th largest cryptocurrency in the world. The digital asset is up more than 100% since the start of 2021. The cryptocurrency has erased all losses caused by the SEC’s lawsuit against Ripple and its executives in December 2020.
Despite the recent delisting announcements by digital exchanges around the world, the institutional interest in the 7th largest cryptocurrency has increased substantially during the last few months. According to a report published by CPA Australia, the central bank of France is actively considering XRP Ledger as a potential platform for the launch of a central bank digital currency.

XRP and Ripple
Ripple, the San Francisco-based blockchain firm, announced earlier this month that the company is testing a private version of the XRP Ledger to support central banks in the issuance of central bank digital currencies (CBDCs). The SEC termed XRP as a security in December last year and filed a lawsuit against Ripple Labs and its two executives including CEO, Brad Garlinghouse. The crypto market reacted negatively to the news and digital currencies lost nearly $50 billion in market cap following the SEC’s announcement. Around 6,000 XRP holders have attempted to insert themselves as third-party defendants in the lawsuit.

Anonymous cryptocurrency transactions have been on the rise for the last few weeks. On 16 February 2021, an anonymous crypto user moved nearly 220 million XRP from digital exchange Coinbase to an unknown wallet.

Source – Finance Magnates 

US Judge Denies Request to Add XRP Holders as Intervenors in SEC’s Lawsuit Against Ripple

US Judge Denies Request to Add XRP Holders as Intervenors in SEC's Lawsuit Against Ripple

A U.S. judge has denied the request to add XRP token holders as intervenors in the Securities and Exchange Commission (SEC)’s ongoing case against Ripple. In a ruling made one day after the motion was filed, the judge, Analisa Torres denied the token holders’ request “without prejudice to renewal.”

Protecting Interests of XRP holders
In their motion filed on March 14, 2021, XRP holders said their desire to be included in the SEC’s proceedings against Ripple was on the grounds that this would enable them to protect their interests. They added that “disposing of the action may as a practical matter impair or impede their ability to protect its interests.” Also, the motion suggests that “existing parties do not adequately represent the interests of XRP holders.”

Nevertheless, in their motion, XRP holders claim that if accepted as intervenors, they will not “unduly delay or prejudice the adjudication of the original parties’ rights.” Furthermore, the holders said:

If granted leave to intervene, XRP Holders will significantly contribute to the full development of the underlying factual issues in the case and to the just and equitable adjudication of the legal question presented.

Yet barely 24 hours later, the court had dismissed the motion and the case is now set to proceed without the inclusion of XRP holders as intervenors.

New Front in SEC’s fight against Ripple
Meanwhile, the court’s rejection of this request came shortly after reports suggested that two Ripple executives had approached the same court seeking to quash the SEC subpoenas. As part of its strategy against Ripple executives, the U.S. regulator had asked six banks to release the “personal finance information” of directors at Ripple.

However, in their submission, the executives claimed the subpoenas were a “wholly inappropriate overreach” and an “invasion of privacy.” At the time of writing, the court has not ruled on this submission.

Source – Bitcoin News 

Bitcoin critic Peter Schiff son moved 100% of his portfolio into the cryptocurrency

Bitcoin critic Peter Schiff son moved 100% of his portfolio into the cryptocurrency

Spencer Schiff, the son of bitcoin detractor Peter Schiff, has decided to move 100% of his portfolio investments into the world’s most popular cryptocurrency.
“My son @SpencerKSchiff went all in on #Bitcoin on the last drop below $50k,” the outspoken CEO and president of Euro Pacific Capital said in a tweet Thursday. “100% of his portfolio is now in Bitcoin.”
Calling him “brainwashed,” Schiff said his son sold the last of his silver stocks to raise the cash for it. “He’s HODLing to infinity or bust,” he added, using the slang term in the crypto community for holding a cryptocurrency rather than selling it.
US entrepreneur Anthony Pompliano, host of the Pomp Podcast, said in response at least someone in Schiff’s family was growing their wealth this year. But Schiff hit back saying he needed to “disinherit” his son, otherwise his hard-earned wealth would be wasted on bitcoin.

Schiff is one of bitcoin’s best-known critics, saying that it will never function as money and a permanent move down to $0 is not “inevitable.” He has previously told FOX Business that anybody investing their money in bitcoin is a fool because they don’t realize that it’s all just a “scheme.” Schiff believes gold is far more reliable as a store of value than the digital asset.
“It doesn’t fit the very definition of money,” Schiff said on FOX’s “Making Money with Charles Payne.” “Money needs to be a commodity. It needs to have actual value unto itself, not just the uses and means of exchange.”
During bitcoin’s price crash in 2020, Schiff predicted it would plunge by more than $4,000. At the time, bitcoin was trading around $3,600. The price of bitcoin quadrupled in value through 2020, eventually hitting an all-time high of $58,000 in February 2021. It was last trading around $55,021 on Thursday.

Source – Businessinsider Markets

Reef Finance Debuts as the First Polkadot Project on Binance Launchpool, new initiative

Reef Finance Debuts as the First Polkadot Project on Binance Launchpool, new initiative

“Binance Launchpool, a new initiative designed to bring the decentralized finance (DeFi) experience to Binance users, today announced its new project, Reef Finance, a multi-chain smart yield engine and liquidity aggregator where any financial hub can integrate into.” Pioneering DeFi on Polkadot: Binance Launchpool Introduces Reef Finance, Binance.com, Dec 22, 2020

Reef gives the retail investor access to the DeFi landscape with a very low technical barrier of entry while at the same time it augments the decision making process based on user’s risk levels. On the heels of its latest integration with Binance, one of the leading crypto exchanges globally by trading volume, Reef Finance is introducing its native token REEF to the extensive user base on the Binance platform through the Binance Launchpool. The strategic collaboration enables Binance users to take advantage of crypto purchases with FIAT and trading through the Reef Finance platform in a non-custodial manner. In addition, Reef Finance eyes the potential offering of Binance Chain support to its users in the future.

Binance’s Launchpool platform was created by the exchange to facilitate new digital farming for users. The project is now aiming to simplify the reward acquisition process for staking BNB and other assets on the Binance platform. Historically, with Hard Protocol and Unifi DAO, Binance launch pools have catapulted projects into new heights by market cap. During Launchpool participation users will be able to stake their BNB, BUSD, or DOT tokens into separate pools to farm $REEF tokens, starting from 2020/12/23 at 0:00 AM (UTC). Binance will then list REEF in the innovation zone at 2020/12/29 6:00 AM (UTC) and open trading for REEF/USDT and REEF/BTC and trading pairs. Reef is also the first Launchpool project where Binance users would be able to stake their DOT tokens and earn staking rewards. To sum up, DOT holders can now farm Reef on Binance, whereas usually, one could farm with BNB, BUSD, and ETH. Now with Reef, one can farm using BNB, BUSD, and DOT.

Reef is positioned as a hub for DeFi and other cryptocurrency financial services on Polkadot. As a founding member of the Polkadot DeFi Alliance, which will support and grow the overall success of the ecosystem as a cross chain solution with a cohort of members and partners Interlay, Equilibrium, and Moonbeam.

Source – cryptobriefing 

Bitcoin mounts fresh assault on $55k – but is $60,000 now in its sights?

Bitcoin mounts fresh assault on $55k – but is $60,000 now in its sights?

Bitcoin has steadily stepped its way out of what was looking like a long check-in below $50,000 to climb back into touching distance of the $55,000 mark.

Trading volume had slipped away towards the end of last week, making way for a stop-start weekend which saw it meander from $49,000 to $47,000 – so often an historical pattern that signals a period of sideways movement for the market-leading cryptocurrency.

However, the start of the working week had clear intentions of putting the psychological barrier of $50k into the rear-view mirror as a series of solid-looking upward movements carried Bitcoin (BTC) to $51,500.

A steep trajectory, though, stalled and lost a little altitude on $51,600 before freefalling back to $49,000 and seemingly preparing to stick to the kind of price script so often narrated over recent years.

As ever with BTC, the rollercoaster seldom delivers a smooth ride and, before Monday had even laced up its boots, the measured climb over $51,000 had begun again in earnest with minimum resistance.

The early hours of this morning saw a massive surge as BTC clipped $52,000 – jumping a full thousand dollars around the 2am GMT hourly – with some smaller steps allowing it to backfill its way to $54,000.

Gathering re-enforcements
As the sun blinked over a waking Greenwich Park this morning, BTC looked to have dug-in around $53,800 as it eyes up a move on $55,000 and, potentially, gathers re-enforcements for another offensive on the significant high ground of $60,000.

Cautious words will echo around empty trading halls though – the last time Bitcoin took up position here, it was mercilessly torn apart and sent into a desperate double retreat to lick its wounds at $45,000 before regrouping on $43k.

Many traders will also note the volume pattern today looks quite similar to that of last month’s alarming slips, but with the added small print that altcoins (cryptocurrencies other than Bitcoin) are seemingly locked in step with BTC’s eight per cent morning lift.

This is with the exception of ADA which appears to be enjoying a contrary pattern to just about every other coin on the market. When the charts show green across the board, Cardano’s native appears keen to go for the scarlet wardrobe that day, only switching to the green costume when the others fancy a more crimson look. It’s a curious narrative, and one that deserves attention as the week rolls on.


Source –Cityam