Popular Retail Trading App, Robinhood, Is Testing A Crypto Wallet, Shows Beta Version

Popular Retail Trading App, Robinhood, Is Testing A Crypto Wallet, Shows Beta Version

Online stock trading app Robinhood (HOOD) is testing the long-awaited new features in its crypto wallet that will allow users to send and receive crypto assets outside of the app.

The beta version of the brokerage service provider’s iPhone app showed that it is working on such features.

According to a Bloomberg report, the software also had a hidden image that showed a waitlist page for users signing up for the feature. The code for the app also referred to cryptocurrency transfers.

Discovered by software developer Steve Moser, the planned offering also shows the ability to set up two-factor authentication to use the feature.

CEO Vlad Tenev has repeatedly said that adding crypto wallets and allowing deposits and withdrawals is the company’s priority. “It’s something that our teams are working on,” he said on a call following the company’s second-quarter earnings release.

At the time, Tenev also said that they are growing their crypto team “hugely” this year and that they “might add some new coins along the way,” too.

The company that went public in July had 41% of its net revenue in the second quarter coming from cryptocurrency trading. And out of this $233 million revenue, 62% came from the meme coin Dogecoin (DOGE) alone. DOGE -3.81% Dogecoin / USD DOGEUSD $ 0.20
-$0.01-3.81%
Volume 1.77 b Change -$0.01 Open $0.20 Circulating 131.38 b Market Cap 26.38 b
10 h Popular Retail Trading App, Robinhood, Is Testing A Crypto Wallet, Shows Beta Version 5 d Coinbase is Coming for the Sizable and Lucrative Futures and Derivatives Market in the US 1 w Robinhood Trading App Rolls Out “Dollar Cost Averaging” for Crypto Investments

The new crypto features are being tested as part of the company’s “alpha program,” which will require the users to activate crypto sending and receiving. The enrollment page will require an identity check with the message reading, “Complete the steps to start sending and receiving crypto.”

Code in the app also revealed plans for spare change investing and an early deposit option for checking accounts.

This comes after Robinhood launched price volatility protection and recurring orders for crypto purchases last week.

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Author: AnTy

Global Crypto Adoption Surges 2,300% in the Past 2 Years, Retail Adoption Growing in Emerging Markets

Global Crypto Adoption Surges 2,300% in the Past 2 Years, Retail Adoption Growing in Emerging Markets: Report

Meanwhile, adoption in North America, Western Europe, and Eastern Asia is powered by institutional investment along with the “explosive growth” of DeFi and centralized services.

Global cryptocurrency adoption among individual investors surged 881% in the past year and over 2300% since Q3 2019, according to crypto analysis firm Chainalysis. Instead of trading and speculating, the firm focused on use cases related to transactions and individual saving.

Based on three factors: peer-to-peer exchange trading volume, the on-chain crypto value received, and on-chain retail value transferred, the firm found that the greatest crypto adoption by retail investors happened in emerging markets, with Vietnam ranking the first followed by India, Pakistan, and Ukraine. Chainalysis said in the report,

“In emerging markets, many turn to cryptocurrency to preserve their savings in the face of currency devaluation, send and receive remittances, and carry out business transactions.”

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It added that unlike the retail adoption in emerging markets, adoption in North America, Western Europe, and Eastern Asia over the last year had been powered largely by institutional investments.

The Chainalysis Global Crypto Adoption Index ranked 154 countries by three main metrics. Both the US and China saw their rankings dropping primarily because peer-to-peer trading volume declined. China ranks 13th, down from 4th last year, while the US is at 8th, from 6th.

This time, the firm took out one factor, the number of deposits by country weighted by the number of internet users, which is found to be skewing the rankings towards countries with comparatively more DeFi users, for which it has now created a completely separate DeFi Adoption Index, to be available in the coming weeks.

It is due to the “explosive growth” of DeFi along with centralized services that are primarily driving the crypto usage in the developed countries where there is already substantial adoption, as per the report. In emerging markets, P2P platforms are the ones driving new adoption.

“Cryptocurrency adoption has skyrocketed in the last twelve months, and the variation in the countries contributing to that show that cryptocurrency is a truly global phenomenon.”

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Author: AnTy

Dash Releases App for Retail Commerce Payments Using DASH Token

Dash Releases App for Retail Commerce Payments Using DASH Token

The developers of the DASH cryptocurrency have launched a retail-focused app that will help customers to spend the cryptocurrency at retail and online shops across the United States.

In a press release shared earlier this week, the blockchain-based payments network confirmed that its app – called DashDirect – will help improve commercial payments and, most importantly, grow adoption for the asset.

DashDirect – Payments With DASH Made Easy

As the release explained, DashDirect will allow customers to shop at over 155,000 physical store locations and 125 online platforms across the United States.

Some big names – including Home Depot, BestBuy, Chipotle, and Staples – are part of those that will allow the service’s use. Speaking to news sources, Marshall Greenwood, DashDirect’s chief executive, explained that it will also offer sizable savings on products purchased through its interface.

As the executive explained, DashDirect is a non-custodial app. By leveraging Dash’s payment technology, the app will offer instant, low-cost payment capacities – especially for crypto micro-transactions.

So customers will be able to hold and control their DASH tokens from the app. It will also include a tipping feature and a dashboard for users to track their savings and expenses.

Greenwood pointed out that all users have to do is enter the amount of money they would like to pay on DashDirect. Immediately, the platform calculates a discount of up to 12 percent. Greenwood added that the primary objective is to make it as easy to spend DASH as it is to spend the dollar – whether physically or online. But, with DASH offering efficient and low-cost transactions, customers will enjoy impressive savings that aren’t available with the American fiat.

The CEO also pointed out that they are expanding their partner retailers, languages, and customer support.

Dash Working on Seamless Payment Integration

DashDirect is the latest in Dash’s efforts to boost adoption of the asset and optimize payments. Back in January, the Dash Core Group announced several updates to its smartphone app and the DashPay smartphone wallet.

DashPay is a social crypto payments wallet with human-readable addresses. As the January announcement explained, the development work for v0.17 of the app had been moved to the testnet phase. The Dash Core Group had been looking towards releasing the app before 2020, but delays in employment had pushed the work back.

Dana Alibrandi, the Head of Product at Dash, explained that DashPay is the biggest deployment of the Dash Platform. Its release will mark the biggest milestone in Dash’s long-term ambition for mainstream adoption.

With v0.17 now in testnet, Dash is looking towards v0.18 and some additional items on its agenda. The upgrade will feature more protocol involvements for light clients and greater functionalities for its Android and iOS apps.

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Author: Jimmy Aki

Macro Market Impact: Bitcoin, Stocks, Gold, and USD Reacts Ahead of FOMC Meeting

While PPI, just like the consumer price index, had its historical increase, retail sales figures actually fell in May, indicating the economy isn’t that hot. Markets are eagerly awaiting Fed chair Jerome Powell’s post-meeting news conference to decide where to next.

The Federal Reserve is to release new forecasts following its two-day meeting on Wednesday.

While some economists expect the Fed to mention tapering of the bond-buying program, much detail on the same isn’t expected.

Allianz chief economic adviser Mohamed El-Erian recently said in an interview that Fed officials had put themselves into a corner with their “backward-looking monetary new framework” that will make it very difficult for them to take their foot off the pedal.

Meanwhile, the producer price index (PPI), which measures the average prices of goods and services produced, rose 6.6% during the 12-month period ending in May.

Just like the consumer price index saw its biggest increase since 2008, the PPI figure was also the greatest in history ever since the Bureau of Labor Statistics first started calculating it in 2010.

The Fed, however, is maintaining that “inflation will be transitory” and that they’re “not thinking about raising rates.”

Based on annualized 2Y/2Y CPI reading, which gets rid of YoY denominator issues, “inflation is rising, but it’s nothing to get too concerned about yet,” also wrote Jeff Dorman, Chief Investment Officer at digital assets management firm, Arca.

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Interestingly, retail sales figures, which fell by 1.3% in May, showed that despite all the new money pumped into the market, the economy isn’t that hot. Analyst Mati Greenspan in his daily newsletter Quantum Economics wrote,

“This will have to be a topic of discussion in the upcoming Fed meeting tomorrow, where they will undoubtedly be asking themselves whether the juice is worth the squeeze.”

Effect on the Market

As we reported, the market is eagerly awaiting Fed chair Jerome Powell’s post-meeting news conference and how they react to the high inflation. Ahead of this meeting, Bitcoin has dropped under $39k.

S&P 500 and tech-heavy Nasdaq are unsure currently following their new peaks on Monday. Gold started the day by going down, continuing from last week, but is now seeing a slight rise in value at $1,860 per ounce. The US dollar index is also up above 90.5.

While “BTC exhibits a modest positive correlation to equity markets and gold. Its correlation to US 10y Treasury futures is very slightly negative,” noted Jonathan Cheesman, head of over-the-counter and institutional sales at crypto derivatives exchange FTX.

For this reason, statisticians often argue that BTC is not driven by macro, but “I would argue that while the daily correlations are obscured by crypto volatility, macro markets do have an impact. Particularly when there are substantial shifts in policy. Crypto has certainly enjoyed a significant tailwind from the policy response to the covid disruption,” he added.

According to hedge fund billionaire Paul Tudor Jones who is a Bitcoiner and is eyeing the meeting if the central bank officials talk down inflation and fail to take action, that would be a “green light to bet heavily on every inflation trade,” which involves BTC, gold, and commodities.

Raising interest rates, on the contrary, won’t be good for the stock market and even crypto. However, with crypto already having its 50% pullback, “digital assets are not nearly as overvalued as the stock market is right now,” said Greenspan.

With Bitcoin seen as a hedge against Fed money printing and the inflation, it causes, “if the Fed does crash the market, there’s a real chance that bitcoin, and possibly other cryptocurrencies, may be seen as safe havens,” Greenspan added.

Arca’s CIO is of similar opinion as he points out the great macro setup for digital assets — Fed balance sheet printing new all-time highs, low rates and declining US dollar, and the equity volatility index (VIX) back to post Covid lows.

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Author: AnTy

French Retail Multinational, Groupe Casino, to Launch Euro-Backed Stablecoin on Tezos

French Retail Multinational, Groupe Casino, to Launch Euro-Backed Stablecoin on Tezos Blockchain

It will be used for payments across the stores, trading, and loyalty rewards.

First reported by French publication Les Echos, Groupe Casino aims to revolutionize payments across its stores with the launch of its Euro-backed stablecoin, Lugh. The multi-billion revenue retail company plans to use stablecoin, ticker EURL, enhance payments, loyalty rewards, and trading in the future.

The stablecoin is created through a partnership with France-based financial service firm, Société Générale, audited by PricewaterhouseCoopers (PwC), the infrastructure provided by Sceme, and offered on the crypto exchange, Coinhouse. According to the report, the stablecoin is developed on the Tezos blockchain (XTZ) by crypto research and development company Nomadic Labs.

However, the stablecoin does not yet represent electronic money, with plans to introduce it to over 11,000 stores across France and Latin America currently underway.

The coin is named after one of the most prominent gods in Irish mythology, Lugh.

Nearly 500,000 EURL tokens will be released exclusively on the regulated crypto exchange, Coinhouse, during the testing phase – the full launch expected later in the year.

The French central bank announced trial phases of a digital Euro, in partnership with Société Générale last October, making it a one of a kind partnership in Europe. Notwithstanding, the central bank governor announced plans to launch a CBDC to keep up with China and other nations that are already launching their own.

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Author: Lujan Odera

Bitcoin: Get Ready to Take Cover if FOMC Meeting Misses the Mark

Market sentiments are in Bitcoin’s favor as on-chain data signals an influx of retail and with stimulus checks coming in, as long as Fed Chairman Jerome Powell doesn’t pull the rug on equities.

This week, the cryptocurrency market is experiencing some losses. Bitcoin went down to just under $53,350, not long after hitting a new ATH near $62,000 on Saturday.

The new high came amidst the highly leveraged trading as seen in the flying funding rates on perpetual contracts. As we reported, this means not only intense upward momentum but also equally extended drawdowns that normalize the funding rates, which also went negative for the first time in two months.

“There’s just an insane amount of leverage in the system at all times,” Jeff Dorman, CIO for Arca, an investment management firm specializing in digital assets, told Bloomberg.

“During any period of exuberance, you see investors borrowing to lever up, and over the weekend we saw all the risk metrics we watch start to really get frothy. Generally, when that starts to happen, it’s only a matter of time before the slightest hiccup starts to liquidate those levered positions.”

Keep Them Coming

Not only the stock market is looking good, adding to positive market sentiments, stimulus-fueled bets that some of this money will move into Bitcoin also helped prop up the crypto over the past weekend. “The stimulus news was bid up by everyone in the Bitcoin world over the weekend,” said Dorman.

“Then we came in last night, futures were flat, 10-year was flat, and all of a sudden that started to unwind because there wasn’t nearly as much of a bullish overtone as some of the Bitcoin traders thought there might be.”

While this weekend was just some front running, according to a survey released Monday by Mizuho Securities, the majority of Americans are planning to spend their $1,400 stimulus checks on Bitcoin. 100 million checks will be sent to people over the next ten days, as per President Joe Biden.

In the short-term, stimulus checks are bullish for Bitcoin price, but any equity rebalancing and bearish Federal Open Market Committee (FOMC) meeting this week can bring more pain for the crypto asset, according to trader and economist Alex Kruger.

“I lean higher, but if Powell tanks the equity market on Wednesday, take cover aggressively,” said Kruger.

US Treasury yields have also been climbing up, which is not good for the risky-assets, including Bitcoin, ahead of the meeting. This would be time for Chairman Jerome Powell to assuage market expectations’ that the bonds sell-off won’t continue. Yields and prices and are inversely related.

The influx of Retail Traders

The amount of BTC held by exchanges is climbing in 2021. After reaching an all-time high in early 2020, BTC held on exchanges dropped after the March 2020 crash.

BTC reserves trended downward for most of the last year, only for the trend to reverse in November 202. Most of it is because of an increase in supply held by Binance and Gemini.

But this can be taken as a bullish sign as Coin Metrics says, “this potential signals an influx of retail traders holding their supply in exchanges instead of in their own wallets.”

Retail adoption continues to see a big jump as we reported; they are beating the institutions in Q1 of 2021. In Norway as well, a recent Arcane Research survey found that 7% of all Norwegian adults now own cryptocurrency. This is a growth of 75% since 2019.

As such, in the long-term, the “outlook remains very bullish, as many more leading financial institutions are considering adopting cryptocurrencies,” said Atichanan Pulges, CFO of Bitkub Capital Group Holdings Co., operator of Thailand’s biggest crypto exchange.

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Author: AnTy

43 Million Retail Investors Now Gets Access to SUSHI, MATIC, & SKL on Coinbase Pro

43 Million Retail Investors Now Gets Access to SUSHI, MATIC, & SKL on Coinbase Pro

SKALE (SKL) reacted the most to the Coinbase Pro listing. The three crypto-assets will begin trading on March 11 and are not yet available in New York State and on Coinbase.com or its mobile apps.

Coinbase, the leading US cryptocurrency exchange, has listed popular DeFi token SUSHI along with MATIC and SKL.

SUSHI is the governance token of Sushiswap, the second-largest decentralized exchange (DEX), managing about $500 million in daily trading volume. The DeFi token is trading at $18.50, up 450% YTD.

MATIC powers the Polygon Network that aims to provide faster and cheaper transactions on Ethereum using Layer 2 sidechains. Trading at $0.321, the token has been having a spectacular 2021 with 1,720% gains this year so far.

The company disclosed that its investment arm, Coinbase Ventures invested in the project Matic in 2019 and owns MATIC tokens.

Unlike the other two tokens, SKALE reacted to the listing the most with a 93% increase in value, currently trading around $0.55. It is an Ethereum-compatible decentralized network designed to scale Web3 applications.

All three crypto-assets are listed against USD, BTC, EUR, and GBP, with SUSHI having an additional pairing with ETH as well.

Now, US users will be able to get access to these DeFi tokens, which, as Coinbase revealed in its SEC filing, are 43 million. Also, institutions will be joining in as they now account for 64% of Coinbase’s volume by customer segment as of Q4 2020.

These cryptos will be available in all of the exchange’s supported jurisdictions except for New York State. For now, they are not yet available on Coinbase.com or through its mobile apps either.

While the transfers on Coinbase Pro accounts are now opened, trading will begin on March 11.

These listings are just one of the many DeFi tokens that the exchange has been exploring for listing. Several major DeFi tokens, including AAVE, Bancor (BNT), Synthetic (SNX), YFI, Uniswap (UNI), Maker (MKR), are already on Coinbase.

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Author: AnTy

Crypto Exchange OKCoin Delists Bitcoin Forks, BCH & BSV to Prevent New Retail Investors from Being Deceived

Crypto Exchange OKCoin Delists Bitcoin Forks, BCH & BSV to Prevent New Retail Investors from Being Deceived

The exchange is open to revisiting this decision if both the communities “listen to the broader market and choose to rebrand away from Bitcoin in pursuit of their own path.”

Cryptocurrency exchange OKCoin has announced the suspension of Bitcoin forks, Bitcoin Cash (BCH), and Bitcoin SV (BSV) starting March 1, at 7:00 pm PST.

In the past 24 hours, the exchange recorded just under $70 million volumes per Coinmarketcap, out of which BCH/USD and BSV/USD accounted for 0.38% and 0.26% of it, respectively.

The prices of both the digital currencies are unaffected, with Bitcoin Cash trading at $738, up 112% YTD, and Bitcoin SV at $250 (52% gains).

Besides these assets, other pairs are also getting delisted, including ETC/USD, EURS/EUR, BTC/EURS, BCH/EUR, and BSV/USD, along with spot and margin trading for BCH/USD.

Users are advised to cancel open orders for these pairs, or the system itself will cancel them within two working days. Those who borrowed from the BCH/USD margin pair are also required to return the borrowed value before March 1st.

Exchange CEO Hong Fang specifically shared the reason behind the decision to delist the Bitcoin forks, which she said “was not an easy” one.

This is because, while on the one hand, the exchange believes that “we should let our customers make their own decision” regarding investing in certain crypto assets, on the other hand, they “feel very disturbed by the copyright claim and threat of legal actions” that Craig Wright, the infamous self-proclaimed creator of Bitcoin and BSV supporter, is waging against the open-source community.

Wright’s claims challenge the ethos of open-source, decentralized, and community-driven consensus, which is the foundation of Bitcoin, she said.

By allowing BSV trading on the platform, of which Wright is a significant and influential stakeholder, the exchange runs the risk of implicitly supporting an attack on the open-source community.

Moreover, with a new wave of investors entering the crypto market amidst the bull market, the misuse of Bitcoin’s brand to promote themselves as the ‘true Bitcoin’ “can be very misleading to new retail investors.”

Fang said they would be happy to revisit their decision to delist these two cryptos if both the communities “listen to the broader market and choose to rebrand away from Bitcoin in pursuit of their own path.”

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Author: AnTy

JPMorgan Strategists Find Current Bitcoin Price “Unsustainable,” says Retail Demand Is Pushing It

JPMorgan Strategists Find Current Bitcoin Price “Unsustainable,” says Retail Demand Is Pushing It

The retail demand, which has been strong since January, is showing no signs of abating.

As Bitcoin surpasses $52,000, JPMorgan Chase & Co. strategists are back at calling the current price of the cryptocurrency “unsustainable,” saying the volatility needs to ease to prevent the rally from fizzling out.

The market cap of Bitcoin has reached above $977 billion, rising 1.8x in just over two months.

In the last five months, the market value of the leading cryptocurrency has risen by more than $700 billion while the aggregate institutional inflow was only around $11 billion, strategists led by Nikolaos Panigirtzoglou wrote in a note Tuesday.

It may be limited supply and the retail demand, which “remains strong with no signs of abating,” pushing up the price, they said.

While there is an increase in interest from real money investors, speculative investors seek to front-run it. And retail inflows have significantly magnified the institutional flow, notes the strategists.

Not only the US retail impulse, strong since January, has been a driving force for bitcoin but also for equities.

“Movements since January this year appear to have been more influenced by speculative flows,” the team said.

Grayscalebitcointrustflow

Source: JPMorgan Report

This “remarkable” jump means that Bitcoin has “already” surpassed gold in risk capital terms, and looking at the biggest bitcoin and gold funds — the 3m realized vol for the Grayscale Bitcoin Trust stands at 113% vs. 16% for GLD, the largest gold ETF by AUM.

Given that bitcoin, at current market prices, has more than doubled relative to gold in risk capital terms, JPMorgan finds Bitcoin prices “unsustainable.” The last time they felt the same was when BTC was at $48k.

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Author: AnTy