ETH BASED STABLECOIN IN UKRAINE

During a February 21 press conference, the National Bank of Ukraine (NBU) presents an outcome of the bank’s new crypto asset named e-hryvnia that has been very heavily promoted. Despite this, the central bank is not certain about how the new digital currency will impact the financial sector and its stability in the country.

According to a report by the National Bank of Ukraine, if a large part of the population of the country began using the new digital currency, traditional financial institutions will not be used as intermediaries for transactions. On the other hand, the release of e-hryvnia will not affect the natural inflation rate of the country’s currency, as the crypto asset will be developed by the National Bank of Ukraine.

Based on the central bank’s beliefs, the release of the digital currency will enhance the trust in the Ukrainian financial system. On the other hand, the circulation of physical money will also decrease, which can solve an issue that occurs in a number of countries. The pilot of the digital asset has been successful, however, the currency still needs more testing before entering the market.

There was also recently a new stable coin named UAX on the Kuna crypto asset exchange platform. UAX was introduced to the market on February 20 of this year and is based on the Ethereum system. The stable coin is currently being tested and will remain in this stage until the end of March of this year. Throughout the 2010s Ukraine has faced a number of issues regarding its financial stability and the UAX stable coin has appeared on the market to help with its stabilization. On the other hand, UAX will be compatible with other currencies based on the Ethereum network.

 

Coins based on Ethereum and the crypto coin itself have been gaining a lot of popularity recently. To get more information & details on Ethereum & its price, take a look at Ethereum Price updates as well as Ethereum Price Predictions.

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BITTREX 47K BITCOIN TRANSACTION

Crypto Whales are transferring their Bitcoin funds over the blockchain network. Recently, someone withdrew 414 million USD (47,450 BTC) from Bittrex with a small fee of 0.68 USD.

According to Whale Alert, a crypto news outlet that follows digital asset whales, 47,450 BTC has been sent through a transaction from the crypto asset trading platform, Bittrex. The address where the large number of Bitcoins was sent transferred the funds to another account almost immediately. What was most interesting is that the fee of the large transaction was only under 0.7 USD, which has become very normal for Bitcoin transactions on the blockchain as the fees keep decreasing.

There is also a high chance that the implemented soft fork named SegWit is also working towards reduced fees. According to a report by an industry news outlet, BelnCrypto, the adoption of SegWit on the Bitcoin network has reached a new all-time high at the beginning of the new decade. Currently, more than half of Bitcoin transactions on the network take place by the use of this implemented soft fork. SegWit encouraged the reduction of Bitcoin transaction fees. In fact, the decrease took place so noticeably that the average fees for BTC transfers fell down to 0.50 USD, compared to the 20 USD by the end of 2017. Based on transaction statistics, the transactions became cheaper for the average user as the demand for the first digital asset stayed on the same levels. A number of crypto critics have even said that the cheap transactions encourages the growth of mining and the network.

The crypto market very recently has been slightly bearish after the great start of the year. Bitcoin is, at the time of writing, trading at 8,825 USD with a resistance level at 9,500 USD and support level at 8,350 USD. Despite the downtrend, the Bitcoin price still has a long way to go as the halving approaches.

 

In order to learn more information on BTC and its price, check out Bitcoin Price updates and Bitcoin (BTC) Price Predictions.

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GOLD AND XRP CORRELATION

Before the recent price correction, the Bitcoin price has been pushing towards new heights over 10,300 USD and trying to hit a new highest price point this year. In the new decade, Bitcoin has been experiencing a strong push upwards helping all the Altcoins, specifically XRP, along to push their price limits. Because of this, the correlation between gold and Bitcoin has been questioned recently.

The trend that has been noted in the crypto community overall opens up doors for a longer period of value growth as the last prolonged period for Bitcoin price increase has been recorded in April and June of last year. The price volatility that has been observed in recent times has been a reason to challenge the assumptions that have been traditionally held about Bitcoin and large digital assets in general. A largely-held belief is that Bitcoin and gold have a strong connection. However, according to a recent analysis by a crypto news outlet, Cointelegraph, the myth that Bitcoin can be considered as digital gold because of a strong correlation to gold, despite being widely held by investors, is not very realistic. Considering that Bitcoin and gold have had a low price and returns correlation across the years, it is not hard to see why the idea that the first digital currency and gold have a strong relationship is challenged. This is also true about the myth that silver and Litecoin (LTC) have a correlation.

If we actually take into account the relation between the top 10 biggest crypto assets by market cap and gold in January of this year, we can see that XRP has comparatively a stronger relation to gold. While the correlation between Bitcoin and gold is slightly over 21 percent, the correlation of XRP with gold is more than 34 percent. Interestingly, Tether has a negative correlation of -37 percent with gold. If we consider 2019 as our time frame, the correlation of Bitcoin and gold is only 15 percent. On the other hand,XRP and gold had a correlation of only 7 percent last year.

 

Hence, XRP and gold correlation has increased recently. To learn more information on Ripple & XRP price shifts, check out Ripple Price updates as well as Ripple (XRP) Price Predictions.

 

 

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WALL STREET EXECUTIVE ON BITCOIN BANK

A former Wall Street executive, Caitlin Long, made an announcement that in early 2021 a new financial institution by the name of Avanti Bank will open in the state of Wyoming in the US becoming the first digital currency-native bank in the country. Before the announcement, Caitlin Long had succeeded in helping the state to implement 13 laws on the blockchain network. She broke the news on Avanti Bank on the social media platform, Tweeter, introducing the institution as a new United States-based bank for the digital asset market.

Based on what Caitlin Long said the new crypto-based bank would serve as a needed bridge for traditional financial institutions and the digital asset market. She also believes that this is a significant step for the United States market in order to be able to keep up with other countries in the crypto sphere. Due to its unique nature, Avanti Bank will be able to accomplish what most banks and financial institutions can not as a result of regulations. According to Long, Avanti Bank will pay special attention to their institutional clients, it will also provide Bitcoin and a number of Altcoins, yet, it is still not clear which digital currencies the bank will offer to customers.

When discussing regulations in the United States, Caitlin Long stated that her financial firm will operate according to anti-money laundering (AML), know your customer (KYC)  as well as anti-terrorist financing laws. The new company has recently applied to the Wyoming Division of Banking for a bank charter. Once the application is approved, the first crypto-based bank will open its doors in 2021.

 

At the same time, digital assets, specifically the largest of them all Bitcoin, have been experiencing value increases since the beginning of the new year and the upward trend for BTC will continue for at least 19 months. To learn more information on BTC and its price, check out Bitcoin Price updates as well as Bitcoin (BTC) Price Predictions.

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GEMINI CO-FOUNDER’S EXPENSIVE BTC PURCHASE

A billionaire and famous Bitcoin investor, Tyler Winklevoss, recently gained the attention of everyone in the crypto community as he bought the most costly ticket to outer space in the world. Winklevoss is famous for being the co-founder of Gemini, a crypto asset exchange platform.

As reported by Luno on February 24, a digital currency platform, this purchase took place in January 2014. At the time of purchase, the ticket that he bought, which was a passenger-carrying spaceship by Virgin Galactic, cost the billionaire 321 BTC coins, which is currently equivalent to more than 3 million USD, however, at that moment this amount of Bitcoins was equal to 250,000 USD. This means that since the initial purchase the price of the crypto giant’s investment had increased by more than  1,100 percent.

Virgin Galactic is a spaceflight firm which was established in 2004 and also a part of the Virgin Group conglomerate. Paying this much for the ticket to the company, Winklevoss afterward compared this to the first purchase ever made with Bitcoin which was a pizza. This transaction took place a decade ago in May 2010 and it was so significant to the crypto community that the day was announced as the Bitcoin Pizza Day. The two pizzas cost 10,000 BTC coins at the time, which currently would be 97 million USD.

This year has been incredible for the value of Bitcoin and considering previous data the Bitcoin price will keep rising for at least the next 18 months. The average price of Bitcoin has been over 9,000 USD this year, which is even more than in 2017 when the coin reached its current highest price. As the halving that is supposed to take place in May approaches people in the industry have increasingly bullish predictions for the price of the first crypto asset.

 

For more information on the most popular digital currency, BTC and its price as well, take a look at Bitcoin Price updates as well as Bitcoin (BTC) Price Predictions.

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ETHER BULLISH RUN CONTINUES

Since the beginning of the new decade, the second largest crypto asset on the market, Ether (ETH), has been experiencing a steady rise of value. This lead Ethereum owners to think about how long would the bullish run last before a weekly correction occurred. Despite the fact that long-term predictions on Ethereum prices are currently unstable, it is very likely that the digital asset will keep the upward movement in the market for some time, yet, it may not be a very smooth climb for Ether.

Based on information from CoinMarketCap, at the time of writing the market price of Ethereum is slightly more than 269 USD. and the market cap of Ether is 29.7 billion USD. According to the 24-hour chart, the Ethereum price has undergone a positive change of almost 2.40 percent during the last day. On the other hand, considering the 4-hour chart, we can see an ‘Adam and Eve’ formation which can be a sign of short-term and the pattern is considered bullish.

If Ethereum price pushes past another price resistance level it is highly possible that the coin would reach and surpass 290 USD in a matter of days. After that, it is possible that another resistance breach will lead to a rise above 320 USD. However, considering the ‘Adam and Eve’ formation if Ether fails to break above the resistance level could cause issues slowing down the process of price growth. At the same time, on the 4-hour chart, there is also a symmetric triangle pattern, which is also a bullish sign. Looking at the two patterns on the chart, it is possible that Ether will stay in the region under 290 USD for some time before the breakout takes place.

 

In order to get more information & details on Ethereum & its price, take a look at Ethereum Price updates and Ethereum Price Predictions.

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IOHK RELEASES NEW CARDANO UPDATE

The IOHK, the firm that created Cardano, has recently made a considerable update that is associated with the release of the new era of the Cardano network called Shelley. The system now went from the Byron era (Ouroboros Classic) consensus protocol to an update named Ouroboros BFT (Byzantine fault tolerance).  Based on an announcement by the company, following extensive testing on the testing system, Cardano is in the process of transferring to Ouroboros BFT from Ouroboros.

In the announcement, there was also mentioned that the change from Ouroboros Classic to Ouroboros Praos and integrated in the update. On the technical side, the update is a hard fork, which is a radical and planned change to the protocol of a Blockchain system. The update is a link between Ouroboros Classic and Ouroboros Praos that will establish the beginning of the Selley era.

Ouroboros BFT is a consensus protocol that is considered very safe, however, the decentralized nature of the system was compromised on the original version of the update. Ouroboros BFT is an algorithm that is linked to the family of Ouroboros, which also includes Ouroboros Classic, the current protocol of the Cardano network. According to a statement by IOHK, the network will fully shift to the new era later in the year of 2020. After that, the Ouroboros Praos will be implemented.

Owners of the ADA coin by Cardano were encouraged by IOHK to upgrade their system in order not to experience issues with the system. At the same time, new digital assets were not generated during the update. Users of the Daedalus wallet by Cardano were also notified to check that they are using the latest version that supports the update.

 

To find out more information and detail about Cardano & ADA price, take a look at Cardano Price updates and Cardano Price Predictions to be more conscious of the market and your investment decisions.

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