Category: Cryptocurrency News

With BTC price under $57,000, bears appear to have a slight advantage in this week’s $950 million BTC options expiry.

Bitcoin exchange reserves have shown a sudden sharp spike recently, despite being in a declining trend for months. After Months Of Downtrend, Bitcoin Exchange Reserves Shoot Up As pointed out by a CryptoQuant post, on-chain data shows that BTC exchange reserves have spiked up in the past couple of weeks. The “all exchanges reserve” is an indicator that measures the total amount of Bitcoin stored in wallets of all exchanges at a particular point in time. If the value of the metric goes down, it means investors are taking their coins off exchanges. Holders may be withdrawing their BTC to accumulate them as they might believe that the price would appreciate further. As a result, this trend could be bullish for the crypto. On the other hand, if the indicator increases in value, it implies holders are transferring their Bitcoin to exchanges, possibly for withdrawing to fiat or for purchasing altcoins. Such a trend can prove to be bearish for the coin. Related Reading | Bitcoin Open Interest Remains Elevated Post Dramatic Dip Now, here is a chart that shows the trend in the BTC exchange reserves over the past few months: The indicator seems to have spiked up recently | Source: CryptoQuant As you can see in the above graph, the Bitcoin exchange reserves have been falling down for a while now. However, in the past couple of days, the indicator’s value has shown a sudden increase. This rise in the reserve amounts to around 39k BTC being deposited to exchanges between yesterday and today alone. Related Reading | The Bitcoin Saga: A Look At BTC’s History Of Up’s And Down’s Such sharp trend is usually an indication of whale activity. The price of Bitcoin has struggled recently so it’s possible some institutional investors could be preparing to pull out from the market. If it’s indeed a sign of whale dumping, then the outlook of the crypto’s price could be bearish at least in the near future. BTC Price At the time of writing, Bitcoin’s price floats around $56.4k, down 2% in the last seven days. Over the past month, the crypto has lost 8% in value. The below chart shows the trend in the price of the coin over the last five days. BTC’s price has mostly consolidated in the past few days | Source: BTCUSD on TradingView Over a week ago, Bitcoin had a crash triggered by fud from the Omicron COVID variant. The coin’s price dropped to as low as $53k, but a few days ago the coin recovered its losses. However, since then, the crypto has mostly trended sideways. It’s unclear at the moment which direction the coin might break out of this consolidation, but if the exchange reserve is anything to go by, BTC might face bearish trend soon. Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com

Two days ago on November 30, the price of bitcoin (BTC) tapped a high that day reaching $59,250 per unit, but it has since dropped close to 5% in value to just above the $56K region. Onchain statistics indicate that whales and long-term holders (LTHs) have been spending over the last month and blockchain parsers […]

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So I have 58 MATIC (ERC-20) on my MetaMask that I’m trying to move, or sell, or anything rather than just keep it there. The balance is currently on my Trust Wallet with $20 in ETH beside it. So, basically right now I have $140 stuck in limbo that I can’t move around without paying…
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Hi All – I just published a blog on my website about ongoing talks of banning Cryptos in India. Check this link on the website – https://livingstable.com/good-signs-for-indian-crypto-ecosystem-02-dec-2021/ Summary of the blog post : Asides from reassuring people that all remains fine, my other observation is – Contrary to what the criticizers of industry think, decentralized…
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The internet has radically changed commerce and opportunities for entrepreneurs and small and medium enterprises (SMEs) globally. The ability for smaller merchants and businesses to operate internationally has been a game-changer. However, numerous payment problems have arisen resulting from the rapidity of the change, and financial services are struggling to keep up. Legacy infrastructure is holding back business It is frustrating for many SMEs that they can now operate across borders, but legacy banking infrastructure often labels smaller businesses as ‘high-risk’. This can make transactions difficult, risky, slow, and expensive. For example, a business receiving an international payment will probably use SWIFT and won’t receive the money for between one and five days, on average. There is no transparency in the process, there will be fees attached and, probably, an unfavorable exchange rate. Then there are the risks for the merchant that arise from credit card fraud. The recent 2021 Chargeback Field report found that between 2018 and 2021, there was a 21 percent increase in criminal fraud. There are solutions available for P2P transactions and larger companies, but SMEs have been largely excluded. As smaller businesses often operate on very tight margins, this is holding back a lot of enterprises. Fortunately, solutions have been appearing thanks to nimbler fintech companies, innovative new platforms, and the adoption of cryptocurrencies. High-risk SMEs and cross-border transactions are on the rise Companies are generally labelled ‘high risk’ for a couple of reasons. First, the type of industry is one of the broader and often more arbitrary ones. These can include online pharmacies, VoIP providers, and even subscription services to things like magazines. Some industries deemed high risk are vast. The online gaming industry, for example, was worth US$37.65 billion in 2019 and is expected to be worth US$122.05 billion in 2025. Cryptocurrencies and related businesses are similarly deemed risky, yet Bitcoin alone is valued at $1.03 trillion (as of 26th November 2021). Secondly, SMEs are frequently labeled high risk as they tend to have low sales and transaction volumes. Also, smaller companies operating outside of wealthier countries or blocks – such as the US, Canada, Japan, Australia, and the EU – are grouped into this ‘risky’ category. However, this is incredibly limiting, especially given that SMEs account for 90% of all businesses worldwide. The internet is still expanding, and smaller merchants are suddenly able to reach global markets. Unfortunately, the legacy banking infrastructure has fallen behind in how it labels risk and penalizes SMEs making cross-border transactions. However, fintech is finding solutions, and the banks are being forced to play catchup. Cryptocurrencies solve the main problems with traditional banking systems Ironically, given its frequent labelling as ‘high risk’, it seems that cryptocurrency might be a solution. Fintech companies like XanPool, and its platform XanPay, have developed infrastructures that bypass legacy banking networks. XanPool’s founder and CEO, Jeffery Liu, explains how his company’s cross-border payment solution came about. “As an entrepreneur, I am also on the lookout for problems people are having, and I then set out to try and provide a solution,” he says. “XanPool was founded in 2019 because there was a problem onboarding and offboarding from fiat currencies to crypto. The issue was that to buy and sell crypto with local currency, you had to go through the legacy banking infrastructure with all its fees, delays, and risks. Given that Bitcoin was invented to bypass traditional systems, the situation was crazy. So, we designed a way around that.” XanPool is essentially a market-making software that lets buyers and sellers – liquidity providers – trade crypto using various digital wallets or bank accounts. “We have cryptocurrency and a network of local currency liquidity providers that allows users to bypass traditional banking systems. This means they can also avoid the extra fees and exchange rate problems and, as transactions are instant, there aren’t days of delays and risks of chargebacks and fraud,” Liu says. Once XanPool was up and running, Liu saw another problem that could be fixed. By leveraging XanPool’s existing cryptocurrency and liquidity pool, cross-border payments could also bypass traditional international banking infrastructure. SMEs had been left behind, but that is changing “We knew SMEs had been largely ignored by the banking system, with regards to making international payments. This was especially true in countries and industry sectors that established finance deemed risky. This includes most online businesses and nearly all of the Asia Pacific region countries,” Liu says. Given that there are an estimated 213 million SMEs globally and almost 132 million of them are in the Asia Pacific region, there are a lot of enterprises being deemed ‘high risk’ and excluded from easy cross-border transactions. “To solve this problem, we created XanPay,” Liu explains. “It’s a payment platform that every high-risk business from SMEs to eSports can use. As it works with local existing payment platforms, it is straightforward to implement and use. Furthermore, because it is built on XanPool’s infrastructure, these enterprises benefit from instant international payments with no risk of chargebacks or credit fraud. Having transactions that are 40 per cent cheaper and are instant decreases the risk that got them penalized in the first place.” The advantage of fintech solutions like XanPay is that they were able to start with a fresh slate. Banks are struggling to adapt their systems and make them more efficient, but newer companies can start from scratch and incorporate advances like eWallets and cryptocurrency. As more SMEs in developing countries move online, the number of businesses labeled ‘risky’ will continue to rise. Even a few years ago, this was a significant issue. Now, thankfully, there are several fintech solutions – and if the banks don’t catch up, they will be left behind.

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Paxos, a crypto services platform, announced today that MercadoPago, the financial services arm of LATAM market portal MercadoLibre, will offer its Brazilian customers the opportunity to buy, sell and hold Bitcoin, Ethereum, and the Paxos-issued US dollar-backed stablecoin USDP. This is Paxos’ second LATAM integration this week, as Uruguay-based app Prex also integrated Paxos. Importantly,…
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