Connect with us

#Bitcoin

Fidelity Investments falls in line with the larger Crypto plan after MasterCard and Visa

Published

on

Fidelity Investments through its hat into the hot ring of alternative currencies systems which in the latest week have seen the likes of MasterCard and Visa

It appears that the big players of institutional financial investors in the Americas are exploring the final frontiers of the current digitized cryptocurrency financial products. On Sunday, Fidelity Investments through its hat into the hot ring of alternative currencies systems which in the latest week have seen the likes of MasterCard as well as Visa take initial steps into these decentralized ledger technology platforms.

The latter two payment card players have their own short-term exposure plans that are backed by long-term goals of cryptocurrency adoption upon market maturing into mass adoption of these currencies. Fidelity Investments apparently chose to enter the competition for crypto-adoption based on the increase in the demand for such currencies by its rich and well-heeled clientele.

 

Bitcoin’s fluctuations are the backdrop

One of the biggest challenges for governments across the world to venture into mainstream cryptocurrency adoption has been the availability of a multiplicity of coins and the disparate difference in values between what is considered as the Major Coins – namely, Bitcoin, Litecoin, Ethereum, and the Minor Coins or altcoins.

The price fluctuations that are legendary with the Bitcoin has dampened the efforts to mass adoption and has instead encouraged low-profile investment plans.

However, with prices of this bell-weather coin having achieved reasonable stability between the price range of $5,000 to $7,000 to a bitcoin in the past few months, there are new investment channels being explored by investor community and the financial institutions.

Gemini-exchange-backed ETFs and other applicants have since been rejected by the United States regulatory body; thus signally the country is not ready with structures required for the handling and management of non-fiat currencies.

On the other hand, the stepping of financial institutions such as BlackRock in association with Coinbase Exchange could well mark the transition to trust-based trading practices. The price fluctuation and the continued differences in trading values have always pressurized the small investors and mainstream investors from being part of the bigger investment setup.

For Fidelity Investments there is scope for a wide range of products, based on the blockchain technology platform. One such example is the bitcoin futures contracts. However, such products require more technical research and analysis and are perhaps in different stages of development by respective institutional investors before they are available for public consumption.

Experts even indicate that Pension funds and Asset managers could also consider the movement of their funds into virtual assets such as bitcoin.

Despite the uptrend in institutional investors making a beeline towards these secured and authentic investments, the onus is on the cryptocurrency industry to handle the current crop of issues. These could be the question of “trust,” crypto hi-jacking other key concerns which investors are currently discussing. The main concern will be about ensuring the safety of the products introduced by these big-investment players. Therefore Custody solutions will be the necessary products in the first step towards capital fund flow from Wall Street.  Currently, Fidelity Investments is already offering custody services, and it could be an incremental step forward to offer these non-fiat currency products.

#Bitcoin

Donald Trump policies push Mexico to Bitcoin

Published

on

Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse.

Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse that remittance payments of Mexican migrants in the United States of America will potentially be the target of new restrictions essentially ending the possibility of Mexican migrant workers to be able to cheaply send money back home to their families.

 

Mexico adopting Bitcoin:

Mexico has been experiencing a massive increase in the number of transactions on localbitcoins. Mexican migrant workers are believed to be exploited by the remittance companies which are charging around 10% fees. What is essentially being discussed here by the Trump Whitehouse is a new tax on these migrant workers. The number that they are currently floating around is a 3% tax on the remittances going from the USA to Mexico. This may not seem super crazy but considering the $33.4 billion which were sent to Mexico in 2018 alone, that extra 3% could mean $1 billion more per year for the United States government.

 

98% of the transactions that were sent during the last year, were sent via electronic means which means that there is actually a very strong remittance route that is ready for mass disruption going from the United States to Mexico and Bitcoin could be the perfect answer. However, the average size of a remittance payment from the United States to Mexico is $322 last year and the problem is that if the fees rise again exponentially on bitcoin, then bitcoin might not be the ideal cryptocurrency for these kinds of smaller remittance payments. Maybe we are going to see some other cryptocurrency being adopted in that situation. But regardless of which cryptocurrency is used, we can see that there is a clear need for disruption as government policies again seeks to impede or overly exploit the free float of money.

Continue Reading

#Bitcoin

Bitcoin Crashes Downwards: Is BTC Going to Fall Back to $4000?

Published

on

Bitcoin fell down to test the $5000 support level. If the current support around $5000 is broken, BTC might really crash to $4500 and $4200 support levels.

Bitcoin fell down to test the $5000 support level which is the most crucial level for BTC currently. The downward correction started after bitcoin tested the $5500 resistance level yesterday at around 18:00 UTC.

 

The resistance around $5500 proved very strong and pushed the price downwards sharply. The sharp declining pattern attracted a lot of sellers which even pushed the price below $5200 support level and BTC tested the $5000 support reaching up to $5018.

BTCUSD Price Chart- Coinbase

BTCUSD Price Chart- Coinbase

Bitcoin is currently trading around $5070 (at the time of publication) showcasing a bearish pattern.

 

Bitcoin Price Drop:

The sudden price drop has led to people speculating that BTC might soon crash back to the $4000 range. Earlier, analysts were also predicting the sudden rise of bitcoin to be a conspiracy. Also, Bloomberg had also called the sudden rise a Blip. If BTC had successfully crossed over the $5500 range, the next major resistance was around $5800, however, BTC fell sharply losing more than $400 in value over the last 24 hours.

 

The bearish move does not clearly indicate a crash towards $4500 and $4000 range, however, if the current major support around $5000 is broken, BTC might really crash to $4500 and $4200 support levels. With the price of bitcoin falling, other major altcoins are also in the red zone today with Ethereum falling more than 8% in the last 24 hours, XRP falling more than 6% and Litecoin falling around 12% in the last 24 hours.

Continue Reading

#Bitcoin

China to completely ban crypto mining: Bitcoin about to Crash Hard?

Published

on

As reported by Bloomberg, China is moving towards putting a complete ban on mining bitcoin and other crypto as it causes serious wasatage of resources.

As reported by Bloomberg, China is moving towards putting a complete ban on mining cryptocurrencies such as bitcoin. In accordance to a document posted by the National Department and Reform Commission of China, the mining of cryptocurrencies should be completely banned as it causes serious wasatage of resources.

 

China is known to be the largest hub of cryptocurrency mining with huge mining rigs been set up in the country. Earlier, China has also banned small investors to invest in security token offerings or STOs and only large investors with more than $1 million funds are allowed to invest in such projects. Now, the country is planning to take strict action against cryptocurrency miners in the country.

 

Cryptocurrency miners were earlier attracted to China due to their cheap electricity rates and subsidies in the country, however, due to the strict actions being taken by the government with the guidelines of the NDRC which has disincentivized cryptocurrency mining, a lot of miners have shut down their operations or moved to other nations.

 

Largest Mining Pools in China:

China has been a hub for some of the largest cryptocurrency mining polls. Even though the mining pools have been shifting to other countries, there has been some effect of the ban on the market for bitcoin and other cryptocurrencies as the mining is a major part of the overall working of cryptocurrencies.

 

How do you think the complete ban on cryptocurrency mining in China will effect the bitcoin price? Tell us in the comments section below.

Continue Reading

Keep up with Bitcoin & Blockchain Technology Trends

Simply enter your email address in the box below and sign up for emails from Coinnounce regarding trending cryptocurrency, bitcoin & blockchain topics and offers.

This information will never be shared with third parties.