Due to Increased Demand, Social Trading Platform Firm eToro Now Supports DOGE

Bitcoin may have brought cryptocurrencies to the limelight, but altcoins seem to be enjoying media attention in recent weeks.

The unprecedented surge in the value of small-cap cryptocurrencies has brought an influx of investors who have called for their listing on popular trading platforms.

The latest is meme-based cryptocurrency Dogecoin (DOGE) which enjoyed great fame following its bullish run in April.

In a few weeks that saw Dogecoin post over 300% increase in value, calls have continued to grow for the meme token to be listed on major crypto exchanges in the US.

The first response is coming from popular brokerage company eToro.

eToro US Lists DOGE

Israeli online brokerage firm eToro announced the listing of parody-based cryptocurrency Dogecoin on its U.S platform.

The listing will see Dogecoin join a host of other popular digital assets like Bitcoin (BTC), Ethereum (ETH), as well as, BCH, XRP, TRX, ETC, ADA, DASH, LTC, EOS, MIOTA, XLM, NEO, XTZ, ZEC, LINK, and UNI on the eToro US platform.

The brokerage firm with over 20 million active global users noted that this step was taken due to growing client demand for the meme coin to be listed.

eToro’s decision comes at a point in time when it witnessed remarkable rallies. It’s known as one of the most highly sought-after digital currencies.

It has also received backing from popular figures like Tesla’s Elon Musk and Shark Tank investor Mark Cuban.

Both men have contributed immensely to the continued success of Dogecoin.

At one point, Musk described DOGE as his favorite crypto.

This saw the price of the digital asset climb 20% with a further 10% when he confirmed his appearance on the popular tv show Saturday Night Live.

Cuban has been quite vocal too.

He has spent the better part of 2021 talking about cryptocurrencies and their potential to revolutionize the financial landscape.

In a recent tweet, he compared Bitcoin and gold as stores of value, noting that both are more or less financial religions in how they are used.

He also noted that BTC is easy to trade, create, and store with minimal delivery issues.

Also, Bitcoin allows for the transfer of value domestically and cross-border in contrast to gold which he said can be a hassle.

He also spoke on the decentralized platform Ethereum, which he said is far better, cheaper, and faster in authenticating financial transactions in a trustless manner through smart contracts than conventional financial institutions.

Cuban did not forget to speak about DOGE in his series of tweets. According to the billionaire investor, Doge may become a usable currency if more companies accept the digital coin in exchange for products and services.

Businesses Jumping on DOGE

Top on the list of companies adopting Dogecoin is NBA franchise Dallas Mavericks. The Mavs have since accepted Dogecoin as a form of payment for tickets and online merchandise. The solution was done in partnership with crypto payment provider BitPay.

Other businesses jumping on the Doge train have been consumer electronics company Newegg, Air Baltic, and Canada-based internet service provider EasyDNS.

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Author: Jimmy Aki

Gemini Survey Reveals Adults Are Becoming More Interested in Cryptocurrencies

With cryptocurrencies gaining more and more media attention, investors in traditional financial markets are gradually looking into cryptocurrencies. Beyond institutions, more women are starting to get involved with Bitcoin.

14% of US Populace Own Crypto

According to a Gemini State of Crypto Report for 2021 on 3000 US adults, crypto is beginning to broaden its investor base.

The document estimates that 14% of the US population, roughly 21.1 million adults, own crypto assets. It also showed that 74% of these crypto holders are male, while 77% are under the age of 45.

Women are not left out, as they make up 26% of crypto investors.

The document also pointed out that the average age of a cryptocurrency owner is 38 years old, making approximately $111,000 per annum.

Gemini spoke about another group of investors called the “crypto-curious.”

Gemini defines this group as investors who are yet to take the crypto plunge but planning to do so in 2021. This section comprises over 63% of US adults.

About 13% of this group plan to diversify their investment portfolio into cryptocurrencies in the next 12 months.

Gemini notes that this could see 19.3 million new crypto holders coming into the space, which would double the crypto population in the North American nation.

The survey also shows an interesting trend. Women are more likely to buy crypto soon as 53% of female respondents say they plan to own a digital asset by the end of the year. 4% of the current female crypto owners are 55 years or older, and the average age is 44 years.

Regarding demographics, 52% of current investors reside in urban or suburban areas, while 26% are domiciled in small towns and rural areas.

Bitcoin Still Most Dominant Digital Asset

Even though cryptocurrencies are gaining mainstream acceptance and more investors are coming into the crypto space, the knowledge of the various virtual currencies on offer is still lacking.

95% of respondents still associate crypto with Bitcoin and claim partial knowledge of other digital assets.

Even though Ethereum is the second most valuable cryptocurrency globally, just 38% of respondents said they have heard about it.

Bitcoin forks, Bitcoin Cash and Litecoin, followed after that with 24% and 16% of respondents claiming knowledge about these lesser traded digital coins, respectively.

Foremost stablecoin USDt could only gather 11%, while San-Francisco blockchain firm Ripple Labs’ XRP had 6%. Oracle provider Chainlink had 8% of respondents saying they must have come across it once.

The least known projects were Cardano’s ADA and Polkadot’s DOT which secured a meager 2% given their influence in the crypto space.

This showed that most crypto investors and enthusiasts are still experiencing knowledge gaps regarding the various crypto assets in the blockchain ecosystem. According to Gemini, this can be addressed with accessible educational crypto materials to turn the crypto-curious into active crypto investors.

The survey also noted that most crypto investors view these digital assets as a long-term investment strategy.

A whopping 69% of investors buy and hold for long-term appreciation compared to 36% who trade short-term for profits. 27% of the respondents use digital assets to make purchases online.

Another survey by analytics firm Piplsay points to a growing faith in the safety of trading cryptocurrencies, with 50% of respondents stating their willingness to invest in the space. A further 57% demanded that consumer companies like Amazon and Apple start accepting cryptocurrencies as a form of payment.

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Author: Jimmy Aki

Total Value Locked in Binance Smart Chain Surpasses $15B; Brave Joins in with Wrapped BAT

To “dramatically inspire mass adoption and inclusive finance.”

Basic Attention Token (BAT), the native token to the privacy-focused browser Brave, has joined Binance Smart Chain and will be available on BSC as wrapped 34BAT, announced the team on Monday.

“Our hope is that BAT and Brave will take crypto mainstream and to make DeFi user-friendly for the mass market,” said Brendan Eich, CEO, and co-founder of Brave.

Brave browser has more than 25 million monthly active users (MAU) and over 9 million daily active users (DAU).

With this integration, BAT holders can now participate in BSC-based projects like DEX PancakeSwap and lending project Venus among many others. Xiaoguang Zhang, Binance Smart Chain Ecosystem Coordinator said,

“With this strategic integration … we will introduce seamless UX together for crypto users to access DeFi and Dapps in BSC and other blockchains, which will dramatically inspire mass adoption and inclusive finance.“

Currently, the browser supports both Ethereum and BSC through a configuration change in the wallet, but Brave is planning to preconfigure support for BSC later this year, allowing users to access the blockchain without the hassle of creating new wallets or downloading additional apps.

The low cost of BSC has been attracting a lot of users, particularly smaller ones priced out of the Ethereum network. This has resulted in the total value locked (TVL) in BSC exceeding $15 billion, as per BSCProject. However, it is nowhere near Ethereum’s $65 billion.

Recently, many popular DeFi projects like Alpha Homora, 0x, Matcha, and SushiSwap also deployed their contracts on BSC as part of the “multi-chain future.”

Brave, meanwhile, is further exploring the use of BSC to enable P2P tipping within the browser as Eich said, “We are especially excited by the low transaction fees and scalability” of BSC.

With over 3.8 million monthly transacting users and over 13 million Brave/BAT Rewards wallets, the team is planning to use the token to receive discounts and pay fees in an upcoming Brave DEX Aggregator.

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Author: AnTy

JPMorgan: Corporate Demand for Bitcoin Is A Strong Vote of Confidence for its Future

The tables have turned.

As Bitcoin gets special attention from the publicly traded companies, the banking giant’s views are also changing about the leading digital asset.

According to JPMorgan, Jack Dorsey’s Payment company Square investing $50 million investment in Bitcoin is a “strong vote of confidence for the future of bitcoin.”

What started with MicroStrategy, the first publicly-traded company to put $475 million worth of Bitcoin in its Treasury, has gained strength with Square’s 1% bitcoin allocation. Yesterday, $10 billion asset manager Stone Ridge also announced that it had made BTC its primary treasury reserve asset.

According to the bank’s strategists, including Nikolaos Panigirtzoglou, this signals that Square sees a “lot of potential” for the cryptocurrency as an asset.

Not only it expects Square to make more BTC purchases in the future, but it also expects other payments companies to follow in its footsteps or risk being left out of a growing segment.

Square already has a deeper connection with Bitcoin; it allows people to buy the digital asset and even actively participates in its development through a special division of Square Crypto. Not to mention, its CEO is a vocal Bitcoin proponent who sees BTC becoming a currency of the internet.

JPMorgan also noted that millennials have been using Cash App to buy BTC; this demand, along with the purchases made by companies like MicroStrategy, indicates the demand for Bitcoin surpassed its supply at a greater level in Q3 than in Q2.

Amidst this source of corporate demand, Bitcoin’s price is trading around $11,400, down from above $11,700 it reached yesterday.

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While BTC has made a good head start this month, JPMorgan only sees a “modest headwind” for Bitcoin in the short term based on its intrinsic value. Although a drop in September eliminated much of the “froth,” it remains 13% higher than the intrinsic value estimate.

Futures show that “there still appears to be an overhang of net long positions.” Meanwhile, options contracts volume is rising, which strategists said is likely that retail traffic is driving this surge.

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Author: AnTy

Band Protocol Says its CTO Only Reviewed SushiSwap’s Code for ‘Safe’ Deployment

Over the weekend, Uniswap clone SushiSwap became the center of attention when its anonymous creator Chef Nomi converted his SUSHI tokens for $13 million worth of Ether.

Unlike Uniswap, SushiSwap has its own token SUSHI through which people can earn a portion of the automated money market’s (AMM) revenue by providing liquidity.

Just a week and a half old project that still has $1.26 billion in total value locked (TVL) got a new masterchef on Sunday, FTX CEO Sam Banman-Fried.

Besides all this, there have also been rumors that Chef Nomi is actually the CTO of another DeFi project, Band Protocol.

The 65th largest cryptocurrency by market cap for nearly $175 million is down 11% today. Overall, BAND has lost 50% of its value since last week’s high of $16.8.

At the time of writing, the BAND token of the popular oracle provider has been trading at $8.45.

The community, however, is expecting more losses on the back of these rumors. As such, the team of Band Protocol issued a statement where it said, “Band Protocol CTO and Co-Founder, Sorawit Suriyakarn, is NOT NomiChef, the creator of Sushi Swap.”

They argued that the Hearthstone-related code that is being used to make Suriyakarn’s connection to SushiSwap is not the only one he contributed to; Suriyakarn also starred in other 90+ repositories.

As for sharing the same IP hosting service, it has been “used by some of the largest tech companies.” Also, since then, they changed the hosting service to Netlify to avoid confusion.

The team clarified that they are not involved in the operation of SushiSwap in any capacity.

However, Suriyakarn did review the initial code deployment of SushiSwap, which he often does for other projects as well, to make sure the DEX was “safe for public use.” The statement reads,

“We value our partnerships and want to assure our investors, partners, and community that our initial interest in Sushiswap was straight forward — if it became successful, Band token, as a ‘farmable’ asset, would gain more visibility and therefore would boost its usage.”

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Author: AnTy

Mad Rush to BTC Coming Soon as Dave Portnoy Declares ‘I Want to Buy All the Bitcoins’

Dave Portnoy, the founder of Barstool Sports, has now turned his attention to Bitcoin as he said, “I want to buy all the bitcoins.”

Portnoy took to Twitter to rant about how he doesn’t know how to buy bitcoin and doesn’t want to deal with hardware wallets in order to keep his assets safe. He doesn’t want to deal with lengthy passwords. A concern is probably holding back a lot of new comers.

“I don’t wanna do bitcoin because I don’t understand the fuck it is,” said Portnoy.

He also shared how he “bought Bitcoin in that original Bitcoin age,” and that he spent an estimated $20,000 that is “just sitting in the ether.” But he doesn’t know how to access it or what has become of his investment.

Back in June, Portnoy shared a video of another rant about bitcoin from 2017 and said his stance hasn’t changed over these years. At the height of the bull market, he said he “can’t get enough” of bitcoin even though he said, “It’s like Mario brothers.”

On Tuesday, he invited the Winklevoss twins, the now Bitcoin billionaires that co-founded the cryptocurrency exchange Gemini, to explain Bitcoin to him.

“I’m officially inviting the Winklevoss twins to my office to explain bitcoin to me,” Portnoy said. “If the Winklevosses want to come over and tell me how to do this in a way that I understand, I will look into Bitcoin. I want both of the Winklevosses, I want them in their little fucking row outfits, and I want them sitting in this chair being like, ‘This is how you do it,’” he said.

Tyler Winklevoss accepted the invitation with his brother Cameron adding, “I’m in too.”

Portnoy has been stealing the limelight in 2020, having built a reputation as a stock market day trader during the coronavirus lockdown, launching his own series he dubbed ‘Davey Day Trader Global (DDTG)’. He has been riding the massive rally the stock market is seeing thanks to all the unprecedented market intervention, money printing, by the US Federal Reserve to prop up the economy.

The crypto community welcomed Portnoy’s interest in Bitcoin. This could turn out great for the digital asset if Portnoy’s day trader army; his 1.7 million followers on Twitter, jumps into Bitcoin as well.

Trader Cantering Clark said a meeting with the Winklevoss twins would make Portnoy “see the clear value proposition in Bitcoin.” He also expects Portnoy “to be quite vocal about it afterward.”

“The REAL retail craze will come after ATH’s. But, if @tylerwinklevoss and @stoolpresidente want to give the @RobinhoodApp retail crew a head start on the mad rush that will be coming soon, then I say WELCOME to the party!” said another trader Mr. Anderson.

Already, the Bitcoin market is enjoying an uptrend since it broke above the critical $10,000 level. The largest cryptocurrency is up 54% YTD and more than 190% since its March lows.

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Author: AnTy

University of Waterloo Prof: Ripple’s XRP is More Environment-Friendly Than PoW Based Bitcoin

The recent coronavirus pandemic has brought back attention towards maintaining a cordial relationship with our environment. In the wake of the COVID-19 outbreak, the whole world has come to a standstill as roads become empty and factories shut down.

While the pandemic for sure has created a sense of uncertainty, it has also given a pause to mother nature from constant carbon emission and pollution which in turn has resulted in clearer skies and improved conditions for our ozone layer.

While the world will not be the same once we get past these troubled times, its time for some introspection and how we take our environment for granted.

Blockchain and Cryptocurrencies are going to play a pivotal role in the financial future, and thus sustainability should be a top priority for the decentralized space as well. Ripple, one of the key players in the decentralized space, is at the forefront of this initiative where its University Blockchain Research Initiative (UBRI), in association with the University of Waterloo is looking into ways that cryptocurrency can be made more sustainable.

Professor Hasan and Research Associate Crystal Roma along with their team recently published a research paper on the cost of running an XRP Validator node.

The research found that running one for a year would cost around $63, which was a great contrast to the fact that mining a single Bitcoin cost anywhere between $531 to $26,170. Professor Hasan noted that:

“Energy consumption is a big issue for blockchain, and it’s important that we identify better alternatives that can replace Proof-of-work algorithms.”

Bitcoin and the Environmental Woes Associated With PoW Based Mining

Bitcoin is certainly the king of cryptocurrencies, be it in terms of monetary value, its market cap or market dominance.

However, being such a prominent name also bring a lot of criticism along with it and while there have been many controversies associated with the king coin including its scalability and price volatility issue, the most prominent one is the label of being not so environment-friendly primarily because of its mining consensus Proof-of-Work.

The debate around high electricity consumption for mining Bitcoin, and its respective carbon footprint, arose during the last quarter of 2018. It’s estimated that the amount of electricity consumed in the bitcoin mining process is equivalent to the energy footprint equivalent to the size of a country like Austria.

Experts have since debunked the allegations of having a massive carbon footprint, claiming a majority of the power utilized to mine Bitcoins come from clean source energy, however, there is no denying the fact that Bitcoin mining does consume a significantly high portion of electricity without any direct output of that consumption.

While in many cold countries, miners have modified their mining rigs to use it as a modified thermostat, yet the concerns loom large.

Proof-of-Work mining consensus is considered the most secure consensus at present as it requires multiple miners to input their hashpower to mine the next block, making it difficult for hackers to gain control over the network.

On the other hand, Proof-of-Stake the second-most popular mining consensus select a miner on the network based on their on-chain activity and thus instead of hundreds of miners putting in their hashpower, which in turn leads to a lot of wastage of electrical energy, only the selected one mines the block.

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Author: Rebecca Asseh

Gemini To Add Sixth Crypto To Exchange; Brave’s BAT Opens For Trading on April 24th

The famous New York-based cryptocurrency exchange Gemini is going to add the Basic Attention Token (BAT) on Friday, April 24, says a statement.

The trading of the token is going to begin at 9:30 am ET, on the same day. BAT will be tradeable against Bitcoin (BTC), Ethereum (ETH) and the US dollar. Back in September 2019, Gemini created its institutional-grade platform for custody services and started with 18 cryptocurrencies, amongst which the BAT was included.

What Is BAT?

BAT is Brave browser’s native currency. Brave is a Chromium privacy-first browser that gives its users the ability to choose what ads they’re viewing and the opportunity to earn tokens for looking at ads. At the same time, it lets them tip websites in crypto. What’s also great about is that it keeps identities and personal data protected. BAT commodifies the attention of users.

The distributed ledger on which it’s built collects accurate data on what ads are going on and their effectiveness. When knowing all this, advertisers become more able to create very efficient marketing campaigns at lower costs. BAT can also be used to pay content publishers for their ad space, and users for the ads they have watched or clicked on.

What Makes BAT So Special?

BAT is a special token because it’s used to reward Brave users for interacting with ads. Besides, targeted ads make the browser experience much better, not to mention that pages with fewer advertising pop-ups load much faster. BAT keeps things private because it uses the ANONIZE algorithm in order for the information on its users to remain confidential.

Before their 2017 token sale, BATs were pre-mined. At the moment, the total BAT supply is of 1.5 billion tokens. A billion BAT were sold at the ICO, whereas 500 million are held in reserve for developing the BAT platform and increasing the numbers of token holders.

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Author: Oana Ularu

When’s Bitcoin Likely to Moon?

  • Bitcoin investors attention should be on just a few of the crypto exchanges and they wouldn’t miss a thing
  • There’s still fake volume in the market but Digital Asset Research says it is “not materially impacting the price”
  • If BTC holds at $7,800, the bottom might be in but a move up means “we’re likely to moon for the next few months at least”

Bitcoin is off to its best start of the year since 2012, gaining 20% in two weeks. The day BTC climbed to $8,900, 2020 high, the market registered record volumes across the market.

However, there’s only a handful of exchanges that are key to setting the prices. Only 10 markets including Binance, Coinbase, Huobi, HitBTC, and Liquid are where most of the price discovery takes place and then migrates to other sites, according to Digital Asset Research.

“There’s some lessons here that most of the time, most of your attention should be on a smaller group of these exchanges,” Doug Schwenk, chairman of DAR told Bloomberg.

This should go some way to ease the concerns of the US Securities and Exchange Commission who has rejected applications from firms seeking to start Bitcoin ETF because of worries over market manipulation.

“Even though we know there’s fake volume in the market, that fake volume is not materially impacting the price,” said Erin Friez, general counsel at DAR.

The firm also found that futures contracts on derivatives exchange BitMEX may have an impact on the digital asset’s price.

Bitcoin pushing towards $10,000 in the next few days

Now, after climbing to $8,900, Bitcoin has now come back down to $8,670 level.

A consolidation after a rally of this size, Mati Greenspan, founder of Quantum Economics says it is a “natural thing to happen.” Greenspan in his daily newsletter, explained,

“We’re now near the top of the channel that we’ve been tracking. Some might even say we’ve broken it. More importantly though, we’re now testing that 200-day moving average.”

We could also see a pullback as there might not be enough steam for BTC to bust through the channel. If BTC holds at $7,800 while on its way to the downside, the former eToro analyst says, it would be safe to say that the bottom is in.

But if Bitcoin does end up surging, after all, Greenspan wager, “we’re likely to moon for the next few months at least.”

Analyst Galaxy also sees Bitcoin pushing towards $10,000 in the next couple of days if we manage to hold $8,500 level.

The analyst also shared another hopium induced chart yesterday where he said if BTC manages to break an important line it will trigger the next parabolic movement that would take us to a new all-time high (ATH).

With Bitcoin price slowly making its way downwards and the Crypto Twitter divided between the bears and bulls, it’s to be seen the direction Bitcoin will move in next.

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Author: AnTy

South Africa’s Financial Regulator Dismisses Karatbars (KBC) Crypto Assets As A Financial Product

Karatbars International controversial KBC coin will no longer be getting attention from South Africa’s financial markets regulator, the Financial Sector Conduct Authority (FSCA). The regulator had earlier on issued a warning terming the KBC coin a ‘fraud’; German’s BaFin also made similar moves in response to Karatbars operations within its jurisdiction.

FSCA Vs Karatbars International

The FSCA warning to Karatbars back in November triggered a response in which the digital asset-oriented firm acknowledged involvement in marketing activities for its Karat Gold coin. However, the firm noted that the underlying crypto asset would launch in the SA market at a much later date. Karatbars also said that they are actively involved in the sale of gold bullions.

Looking back, it is notable that FSCA warning was mainly driven by the ‘crypto asset’ product mention. This SA regulator moved in after Karatbars started its marketing campaign and information circulated on the sale of KBC coins via WhatsApp. The recent developments however show that FSCA might have changed its strict stance towards Karatbars and instead opted to ignore.

According to a Dec 13 update by the FSCA, none of the Karatbars products fall within the SA financial market jurisdiction. This is simply because they do not meet the definition of financial products as one would say for securities. Despite being a significant statement, turning a blind eye on potential securities fraud by Karatbars can further give the firm leverage to market and sell its products in South Africa.

The Controversial July KBC Coin Hype

The KBC coin market hype back in July triggered a bull run for the digital currency which saw it rise to around 12 cents. However, this was very short lived as the price slid back to 3 cents in a month’s time. Some Analysts within the crypto industry said that the marketing efforts were part of a pump and dump strategy in which top promoters and management cashed out.

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Author: Lujan Odera