DBS Group Holdings, the largest bank in Singapore and Southeast Asia, says its crypto business is “growing very rapidly.” The bank’s digital asset trading platform expects to double the number of members by year-end. Singapore’s DBS Expects Substantial Growth in Crypto Business DBS’s senior executives said in an interview, published by Reuters Monday, that the […]
Fidelity Digital released a survey report recently displaying substantial growth in a number of categories surrounding digital assets. Across Europe and the U.S., year-over-year growth existed in almost every category, which includes current exposure and perception and appeal. Let’s take a deeper dive into the survey and some of it’s takeaways. Crypto Catalysts: Fidelity’s Findings The 40-slide report outlines survey insights from over 1,000 respondents in Europe, Asia, and the U.S. between December 2020 and April 2021. Respondents included financial advisors, high-net-worth investors, hedge funds, family offices, endowments and foundations, and the like. Roughly half of the surveyed investors already had an investment in digital assets, with Asia and Europe showing higher rates of investment than the U.S. 70% of all surveyed investors had a neutral-to-positive perception of digital assets, and nine out of ten respondents said that they found digital assets to be appealing. Furthermore, roughly eight out of ten surveyed investors felt that digital assets have a place in a portfolio. What assets are investors targeting? Surprisingly, only 21% of surveyed U.S. investors own bitcoin, compared to 46% of surveyed investors in Europe and 45% of surveyed investors in Asia, respectively. Surveyed U.S. respondents also showed lower indexed crypto holdings of other major tokens as well, including ethereum, litecoin and XRP. Nonetheless, adoption continues to increase basically across the board year-over-year, with U.S. family offices and financial advisors seeing the largest upticks in adoption. Bitcoin’s strength is typically seen as the anchor for crypto’s broader growth and is quickly becoming the pillar of formal investment options as crypto ETFs come to life. | Source: BTC:USD on TradingView.com Related Reading | Forget Walmart, Here’s The Real Reason Why Bitcoin Crashed What’s Holding Respondents Back? The biggest points of crypto skepticism from Fidelity’s survey participants seemed to lie in crypto’s inherent volatility and mysticism. Over half of the surveyed investors cited price volatility as “one of the greatest barriers to investment.” And nearly half of the survey respondents said that a lack of fundamentals to gauge appropriate value was a barrier to entry as well. Furthermore, while questioning around the topic was limited, tokenization showed weaker enthusiasm relative to Fidelity’s previous survey. Only around a quarter of U.S. and European investors surveyed believed that real estate has great potential for tokenization, which was a twelve percent decrease from the last survey. Despite these reservations, the survey shows substantial optimism through-and-through. Over double the respondents in the U.S. said that they bought or invested in digital assets through an investment product compared to the prior year. As more formalized investment products come to market, it’s reasonable to expect this number to continue to grow. The reports comes just a few short weeks after Fidelity Digital’s ambitious future price target for BTC. Just a couple months ago, Fidelity Digital bolstered it’s workforce by 70% due to an increase in demand. Related Reading | Ukraine Adopts New Law To Legalize Bitcoin And Other Cryptocurrencies Featured image from Pexels, Charts from TradingView.com
submitted by /u/fallenkeith2018 [link] [comments]
My naive understanding of L2 scaling solutions is that transactions are "batched up" off chain and then submitted to L1 for verification. If that is the case, then what does this mean for mining? More specifically: Will there be fewer (but larger) transactions to process on L1 as users move to L2? Will mining profitability…
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On September 12th, 2021, Cardano successfully completed the final stage of its move to make the network compatible with smart contracts. The long-awaited Alonzo Hard Fork Combinator launch marked the beginning of a new era for Cardano. The developer behind the project, IOHK, took to Twitter to announce the successful upgrade. The new upgrade has been successful so far, with over 50 smart contracts already deployed on the network, and counting. Alonzo’s Hard Fork Combinator (HFC) marks the end of the road for smart contracts capability. But also marks the beginning of a lot of work yet to be done. The community has so far welcomed the upgrade with open arms. Although one thing remains a problem, the price has not gone up in value. Why is this? Related Reading | Cardano Network Upgrade And Hard Fork Gets Support From Binance Why ADA Price Is Down Last week, NewsBTC reported on the possibility of the Cardano smart contracts deployment triggering a “sell the news” event. So far, this seems to have been the case, or what this Twitter user aptly describes as “buy the testnet, sell the mainnet.” This does not mean that most users dumped their bags. In fact, a report from Cardano shows that at least 71% of ADA’s entire coin supply remains locked up in staking contracts, with the current total of staking wallets at approximately 825,755. ADA price down following smart contracts launch | Source: ADAUSD on TradingView.com A major reason that the price has not recorded any significant upward movement has to do with the fact that it will take a while before decentralized applications (DApps) are live on the network, as developers will need time to properly test and deploy their apps on Cardano. This means that it will take a while for traffic to pick up on the network. Triggering an increase in the price of the token as more users buy Cardano in order to carry out transactions on the network. ADA price will most likely trend around its current price point for the foreseeable future while developers work to launch their apps on the network. With the number of smart contracts being deployed on the network, there will be a large influx of DApps coming to the network, leading to a rise in decentralized exchanges and finance on the network. Only The Beginning Of The Road For Cardano While the upgrade is a big leap for Cardano, it is no doubt that there is still a lot of work left to be done. To truly be able to compete with already established networks like Solana and Ethereum, Cardano will have some bumps in the road. These will include some good and not-so-good DApps on the ecosystem, and great development teams and terrible ones alike. Cardano has its work cut out for it given that the ecosystem is a permissionless, decentralized blockchain so it will have to deal with the good, the bad, and the ugly that comes with this. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course Security is also a big issue that the network will have to deal with as decentralized applications debut on the network. Already, Cardano has issued a bug bounty in conjunction with HackerOne to find vulnerabilities in its network, offering up to $10,000 in bounty to hackers who report bugs. With all of the hacks recorded in the decentralized finance space recently, it is important that the network is as secure as can be for users to start trading on the network. Currently, the price of ADA is trading below $2.5. The asset has recorded a price dip of 6.50% in the past 24 hours, leading to a $0.20 loss. Featured image from Blockchain News, chart from TradingView.com
Many posts make it seem as if many people have a very profound understanding of crypto concepts and what event will affect it how and every time I try to really understand crypto I am quite discouraged by the amounts of information available and the complexity of it. Also the info is super different from…
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Just another Monday for Bitcoin as the market rallied and immediately crashed over a fake Litecoin partnership with Walmart. BTC’s price turned green quickly after as it came out of a sideways weekend. At the time of writing, Bitcoin and other major cryptocurrencies record small losses. BTC’s price trades at $44,669 with a 2.5% and 13.4% loss in daily and weekly charts, respectively. Analyst Ali Martinez showed that current levels could prove to be “weak” support. The In/Out of the Money Around Price (IOMAP) indicator, used to measured potential support/resistance levels, indicate that around 150,000 addresses bought Bitcoin in the $42,900 to $44,220 region. Thus, if BTC’s takes another dive below those levels, it could probably return to the high in the $30,000 region with $40,250 to $37,600 acting as the next support. #Bitcoin sits on weak support! 🥴 The IOMAP shows that 150K addresses had previously purchased over 440K $BTC between $42,900 and $44,220. A downswing below this demand wall might encourage traders to sell, increasing the odds for a bearish impulse toward $37,600-$40,250. pic.twitter.com/RJTA3yy4nK — Ali Martinez (@ali_charts) September 13, 2021 Analyst Checkmate for Glassnode Insights claimed that the recent crash, that saw Bitcoin dropped from $52,000 to $43,000, was triggered by yet more over-leverage positions in the derivatives market. Most of the traders in this sector were taking long positions. Thus, the crypto market was once again vulnerable to a liquidation cascade as it happened on every major movement to the downside since May 2021. In this context, and has it was highlighted by Martinez, the short squeeze to $47,000 took place with a weak market structure. Before the Walmart and Litecoin fake report, CryptoQuant recorded a high amount of Bitcoin inflow into exchange platforms. Over 5,000 BTC entered these platforms potentially suggesting that large players were preparing for a sudden move in the market. Despite the bearish trend Brian Pasfield, CTO at Bonded Finance, said the following on the recent crash: (…) this is an opportunity for smart players because weak hands are spooked by newsbites and leave coins all over the floor to be bought up by the smarter players. Bitcoin Holders Still Bullish, Why The Rally Could Have More Fuel Checkmate noted a dropped in the funding rates, used to determine the percentage that long or short positions pay to the other side of a trade, have gone down significantly. As seen below, the analyst believes the market has deleverage. In addition, the crash was unable to produce a spike in the Entity Adjusted Dormancy metric, used to measure the amount of the Bitcoin supply that exchanges hands in a specific period. Whenever this metric rises, BTC’s price follows with downside action at least in the short term. This suggests that the market “has a preference for longer term holding”, as Checkmate said. In addition, the HOLD Waves metric, used to measure “age distribution” in the BTC supply suggest that the interest in the crypto market stands at an all time low. This correlates with “late-stage bear markets”, the analyst added. The opposite is typically true in late stage bull markets (red) and cycle tops, where the maximum number of old coins are spent and transferred to new investors, attracted by hype, media coverage and price appreciation. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course
Cardano, the third cryptocurrency ranked by market cap, has successfully applied the “Alonzo” hard fork, adding smart contract capabilities to its functionality. The update, that had been deployed in testnet days ago, finally was incorporated in mainnet yesterday. Cardano is now looking to deploy defi apps, and there are already several parties working on widening […]
Personally I think ETH cannot survive w high gas fee, but I want it to, it’s my favourite coin. If people see 500gwie gas fee on ETH2.0, that’ll be the end I guess If you call this FUD, screw you. submitted by /u/Sharan-Reddy [link] [comments]
