The Coinbase Wallet has just integrated with decentralized finance (DeFi) apps in order to allow its users to lend crypto assets and track the growth of their interest straight from the wallet app.
As an announcement made by Coinbase on Wednesday says, Coinbase Wallet users are already putting millions into DeFi platforms through the wallet’s Dapp browser and WalletLink. Still, Coinbase wants to make their experience even more enjoyable. Until now, they didn’t have the option to compare rates from different providers, nor were they able to see the total of their balance with these providers with out leaving the app itself.
We’re making it even easier to earn interest with DeFi apps by integrating them into the Wallet experience.
Compare different rates, make easy deposits and view your balances on a simple, unified dashboard. https://t.co/opqCEaV0pq
According to the Coinbase announcement, the new wallet feature allows users who own a Coinbase wallet account to interact with lenders such as dYdX and Compound, which are both DeFi platforms. They can choose their coin and a smart contract provider in order to invest as much crypto as they want into one of the DeFi products.
As said before, they can view how much interest they’re earning and their total balance without having to exit the wallet. iOS users will have the new feature this week, while Android users will still have to wait a few more weeks.
DeFi Products Are Risky
Coinbase wanted to warn investors about the fact that DeFi products are quite new and present a risk. Caution was advised when using them. Here’s what the announcement reads exactly:
“Before you get started, please be aware that DeFi lending apps are relatively nascent and come with risks.
DeFi apps are programs running on the blockchain, and like any computer code they can potentially have bugs that cause you to lose money. Returns are not guaranteed and your deposits are not insured.”
Basic information and the definitions of minimum collateral or contract’s assets under custody are being provided for the wallet’s users to know better what contracts to choose. However, they’re still advised to do their own research in order to understand how the apps work and the risks they’re about to take.
Popular privacy browser Brave teams up with top cryptocurrency exchange Binance in the latest release of Nightly. Giving its 13 million users a direct connection to easy buying, depositing, and trading all within the browser.
While this new feature hasn’t been rolled out to everyone just yet, it is available for download if you accept the Brave Nightly versions, which is more of an experimental playground for developers. It will roll out to all versions sometime in April.
The Binance Widget will allow Brave enthusiasts to trade crypto without having to leave the browser. Brave’s CEO Branden Eich explained how the new partnership is going to work by saying:
“Our focus has always been on our users. This time, it’s about making crypto more usable by more people.
We already have 1.6 million users who are crypto-savvy, they have signed up for the BAT Rewards Program; now they’ll be able to make crypto trades without leaving the browser”.
How Is Brave Going to Look?
Brave’s Binance Widget will be present in the new Nightly release from Brave, a version that is a test and development ground for playing with new features within the browser. While it doesn’t sound ideal for most users, if you want to play with the latest features Brave is updating this nightly (hence the name). Sometime next month, the Binance Widget is going to become available to the full version, making it possible for Binance account holders to log in and start trading.
Here is a sneak peek at how the new browser looks:
Eich said the widget is going to be mainly focused on trading, whereas Binance advanced features will be missing from it. However, it will have all the exchange’s trading pairs. This means Brave can rely on Binance when it comes to the Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance. Here’s what Changpeng CZ Zhao, Binance’s CEO, said about the Brave integration:
“The Binance widget on Brave’s privacy-oriented browser instills a safer way to buy and sell crypto and also reduces user friction to onboard, trade and interact with the Binance ecosystem.
We are looking forward to our long-term partnership with Brave to make it even easier to interact with crypto and encourage more utility in the near future.”
What Does the Future Hold for Brave?
Eich mentioned a few things about Brave’s future and said the browser may extend to messaging, and computer/smartphone operating systems, but for now, it’s only about the browser. He also talked about how the fully decentralized internet doesn’t seem to be in the cards at the moment, the more realistic projects being blockchain-based VPNs such as Brave VPN0.
In the meantime, Google has abandoned the launch of Chrome M82, focusing its resources for development on M83 as a result of the COVID-19 crisis. In case Binance manages to capitalize on the wide userbase at Brave, the battered crypto markets may meet a new liquidity influx.
Want to try Brave browser yourself? Click here to download the full version, or test out the Nightly release. Be sure to check out BitcoinExchangeGuide.com in the new browser to see that we are a Verified Brave Publisher.
Ripple price is trading with a bullish angle above the $0.1560 resistance area. XRP to USD is likely to continue higher towards the 0.1700 and $0.1735 resistance levels.
Key Takeaways: XRP/USD
Ripple price is currently rising from the $0.1450 support area against the US Dollar.
XRP/USD is currently following a contracting triangle with resistance near $0.1660 on the 2-hours chart (data feed from Bitstamp)
Bitcoin price is also rising and it is now trading above the $6,550 resistance level.
Ripple Price Analysis
After retesting the $0.1450 support area, ripple price started a decent increase. XRP to USD gained pace and broke the key $0.1500 and $0.1550 resistance levels to move into a positive zone.
Looking at the 2-hours chart, ripple price remained well bid above the $0.1550 level and the 50 simple moving average (2-hours, purple). Besides, there was a break above the 50% Fib retracement level of the key drop from $0.1760 to $0.1447.
It seems like ripple price is now following a contracting triangle with resistance near $0.1660 on the same chart. An initial resistance is near the $0.1640 level.
The 61.8% Fib retracement level of the key drop from $0.1760 to $0.1447 is also near the $0.1640 level to act as a resistance zone. If there is a break above the $0.1640 and $0.1660 resistance levels, the price could continue to rise in the coming sessions.
The next resistance is near the $0.1700 level, above which the bulls are likely to aim a test of the $0.1735 pivot level in the near term.
Conversely, ripple could fail to continue above the $0.1660 resistance level. In the mentioned case, the price could test the triangle support at $0.1600. If there is a downside break below the $0.1600 support is likely to accelerate its decline towards the $0.1520 level.
Any further losses may perhaps start an extended decline towards the $0.1450 support area. Overall, the current price action is positive above the $0.1600 level, but the price must break the $0.1660 level to set the stage for an extended rise in the coming sessions.
Blockchain firm, HashCash Consultants is set to launch a new crypto asset with a promise of potential profit despite the ongoing turbulent times in the financial market.
HashCash announced on Mar. 23 of its latest inverse ETF dubbed Corona Fund Index Cryptocurrency (CFIX) where traders will have an opportunity to gain profits at the current corona-driven bear market.
As per the press release, the new offering will be inversely linked to the S&P 500. In other words when the S&P 500 loses value the new offering gains its value. This will be achieved through holding different assets as well as derivatives to acquire an inverse exposure as well as create profits after the underlying index drops.
The new CFIX is set to be paired against the USDT and will be rolled on April 2.
According to the press statement, about 90% of the fees collected from CFIX is set to be used on Corona relief efforts. The firm will divert this money to its Corona Relief Fund where it is donating to organizations that are actively fighting the Corona crisis.
HashCash states that the new project aims at ensuring that the requisite resources essential in the development of vaccines, treatments, and drugs for the Corona pandemic does not get depleted.
The firm also revealed that not-for-profit organizations can apply. However, it did not reveal the names of partners or charities it is currently funding.
Raj Chowdhury, HashCash CEO, explained that the development of CFIX is in tandem with the startup’s aim of offering financial help to nonprofits as well as research organizations fighting the Coronavirus crisis across the globe. He stated:
“The ETF backing incentivizes CFIX, which benefits not only the traders but enables us to raise more funds for all who are affected by Novel Coronavirus, which is the ultimate goal of this initiative.”
HashCash is not the first firm to launch such an initiative. 4Chain introduced the CoronaCoin (NCOV), which is an ERC-20 token which has a supply equivalent to the global population, on Feb. 12.
Bank of China, a Chinese central bank, is continuing with its anti-crypto campaign, this time the bank has issued a long post in its official WeChat account lashing on crypto exchanges. According to Cointelegraph, the post which was released on March 22 is titled “3.15 Protetion of Financial Consumption Rights and Interests”.
Through the post, the bank warns the crypto worshippers against crypto investment highlighting three major issues or concerns being witnessed on crypto exchanges.
According to the post, the top three Chinese crypto exchanges have registered a significantly higher turnover rate compared to foreign exchanges licenced to operate in China which raises eyebrows about bots committing fraud transactions.
The post also points out that crypto exchanges cause deliberate breakdowns or downtimes to force leveraged trading positions loss. As per the post, a large crypto exchange platform reported six system downtime in one year, where three were reportedly unexpected and occured due to unknown reasons.
The post also states that after a thorough analysis of withdrawal data from the crypto trading firms, the central bank found some evidence of suspected money laundering activities.
The post stated:
“First of all, the amount of fraud transactions with bots is serious. The average turnover rate of the top three overseas crypto currency exchanges is much higher than that of foreign licensed exchanges. Second, market manipulation exists in these exchanges where forced leveraged trading eventually causes the exchanges to explode. Third, money laundering is a big issue.”
The post also cautioned the public that the saying that Bitcoin is a safe haven when it comes to investments, stating that this is false as the king coin is highly volatile and can lead to huge losses. The central bank urged the public to avoid following the crowd and keep away from any crypto investments.
The post comes at a time when the financial markets are experiencing tough times and people have been exploring the crypto space as an alternative to the traditional money markets. This post aims at stemming the increasing interest on cryptocurrencies in China despite massive crackdown on crypto-based businesses by government authorities.
Crypto lending and borrowing firm, Cred, has signed an agreement with NBA Brooklyn Nets basketball star and tech entrepreneur Spencer Dinwiddie to enhance crypto lending. Cred rolled out a new post on their website to encourage Dinwiddie’s fans to start using their current holdings to earn interest.
As per the partnership, Cred will allow clients to make money by using stablecoins as well as other crypto-assets. The users will earn a 10% annual interest as per the advert. The users will also access lending services by collateralizing their crypto assets.
The new deal specifically targets Dinwiddie’s fans by allowing them to earn money from their stablecoins. Dinwiddie praised the deal saying that he will use the opportunity to create awareness about crypto and blockchain among his fans. He stated:
“This partnership comes at a critical time, where I can educate my fans on the power of cryptocurrencies and blockchain while they earn interest on their digital assets.”
The partnership will require the users to lock their assets in Cred platform for about six months. However, interests will be paid on a monthly basis in the form of fiat or crypto.
Part of the proceeds from the partnership will be given to Dinwiddie Family Foundation that offers college scholarships to disadvantaged youths in the society.
Although Dinwiddie has made his name in the basketball space, he is also actively involved in the blockchain and crypto space. The NBA star launched the Dream Fan Shares which is a tokenization initiative developed on Ethereum in September last year. The initiative aims at introducing ‘Professional Athlete Investment Tokens’ that allows accredited investors to buy securities linked to an athlete’s success.
As per the project, Dinwiddie’s contract was set to be the inaugural security but the NBA was reluctant to approve the idea, however, the status of the project remains unclear to date.
While the partnership with Cred may look strange, it is a huge boost for the NBA star whose belief in the crypto world has never been in doubt if his Twitter activity is anything to go by.
A crypto FinCEN regulated crypto exchange launched its own debit card with which digital asset holders can make payments for services and goods using their digital assets.
CoinZoom is based in Utah and made on Wednesday the announcement that it’s going to start onboarding new retail and institutional clients, also that it will provide a Visa debit card that converts crypto into US dollars instantly, making payments the same way.
CoinZoom is FinCEN Registered in the US
CoinZoom is a FinCEN registered business that offers money services. It’s regulated by the agency in most US territories and states, which means it has to respect the local laws, including the ones concerning know-you-customer (KYC) and consumer protection. More than this, it also has a money transmitter license in the same country and another one in Australia as a digital currency exchange.
CoinZoom supports the most important cryptocurrencies like the Bitcoin (BTC) and the Ether (ETH), which are paired with the US dollar and provide an asset class fiat gateway. Furthermore, its platform runs a selected proof-of-stake (PoS) coins staking facility that gives holders rewards.
CoinZoom Can Also Be Used as a Remittance Solution
CoinZoom’s CEO and founder, Todd Crosland, said the exchange already has an Apple iOS trading app available and can be used as a remittance solution. Here are his exact words on the Visa debit card news:
“CoinZoom is not only the first U.S. cryptocurrency exchange to provide a Visa card to its customers, but also offers … industry-first features like ZoomMe, CoinZoom’s free Peer-to-Peer crypto and fiat payment system.”
Coinbase Also Released Its Own Visa Debit Card
Let’s not forget that last year, Coinbase, the famous crypto exchange that’s also based in the US and registered with FinCEN and even MSB, has released its own Visa debit card too. However, only its users from the EU and the UK can use it. On Tuesday, Coinbase made the announcement that the same card is now integrated with Google Play.
Hoping ADA to jump into top three cryptos with the launch of Shelley is setting yourself up for failure – said Charles Hoskinson
Bitcoin will maintain the store of value status & be a multi-billion dollar ecosystem, just like gold
Central banks’ stimulus for too long can force a banking crisis which will be the time for crypto to shine and “we’re building for that”
Proof-of-stake (PoS) blockchain Cardano (ADA) Founder Charles Hoskinson conducted his latest AMA last week where he shared the delay of its Shelley era has been due to several factors. As Hoskinson explained,
“Byron reboot and the Shelley Haskell testnet – once those two events happen then we are a hundred percent confident.”
Recently, there have been reports that the Shelley update has been postponed because of the coronavirus (Covid-19) which Hoskinson was quick to deny, calling it “fake news.”
The most significant release, Byron Reboot has been said to be “100% re-written code, security audited, built with formal methods and it’s 100% built in-house.” This critical milestone will enable the migration from the Rust programming to Haskell.
Hoskinson isn’t concerned about the delays or the time taken to release Shelley on the mainnet. But he did share that even such a big release won’t affect the price of ADA.
“We are in a market condition right now where if you launch Shelley it’s actually not going to significantly impact the price of ADA. So if you are hoping for Cardano to somehow become top three cryptocurrencies the minute Shelley comes out, I think you are setting yourself up for unrealistic expectations and failure.”
And if you wanna know why the cryptocurrency price is currently so low — $0.024, down 63% in the past month and 98% from its ATH — that’s because
“everything else is low and when everything else goes back up it goes back up. Real decoupling takes years.”
During his livestream, Hoskinson also talked about working on implementing commercial infrastructure, which can be expected in the coming months. According to Hoskinson, it is what Cardano needs “to be competitive against other cryptocurrencies.”
ADA “significantly better crypto” than Bitcoin
The CEO of IOHK, the company behind the cryptocurrency, also believes ADA will surpass Bitcoin, the world’s leading cryptocurrency.
This is because “we have more utility and we’re just a significantly better cryptocurrency.” According to him, Cardano is the first to offer the same security principles as of Bitcoin but with none of the downsides which “makes no sense for Bitcoin to rule the roost.”
Cardano, he said, is the first one to “come at it with the same overall technological goals of Bitcoin but do so in a way that vastly surpasses it,” in terms of extended UTXO, matched all of its security properties, and has smart contracts.
He further talked about how Bitcoin mining spends more power than the country of Switzerland while Cardano only spends 10 kilowatts. Hoskinson said,
“We have so much utility and we can complete the entire enhanced transactions so the asset the identity component; the metadata component, the contractual component as well as the regulatory component, given that we can do all those things and Bitcoin cannot, there’s just no reason to use Bitcoin as a medium of exchange or as a Dapp platform.”
The only good thing bitcoin can be, according to him, is a good store value and,
“I believe firmly it will maintain that status and it will still be a multi-billion dollar ecosystem. But it’s just like gold and it’s just one of many options. It has its place in purpose but it doesn’t do everything.”
Central bank stimulus to force a banking crisis
During his AMA, the co-founder of Ethereum also touched upon the central banks’ stimulus and how too much of it will lead to a crisis.
“We can’t have trillion-dollar quantitative easing and stimulus packages and zero percent or negative percent interest rates. You just can’t do that. If you do it too long, the system will start crunching and then those of if they’re too heavy will force a banking crisis.”
But that would mean, cryptos will be at the center stage and that’s what Cardano is preparing and building for, said Hoskinson.
“That’s going to be the time for crypto to shine, can’t tell you when it’s gonna happen but I tell you it will happen and when it does that’s our time and we’re building for that.”
The ongoing environment he said is a very risky time, where a bank run can take Bitcoin to $100k or collapse it to a thousand dollars.
Bitcoin’s 90-day correlation with the S&P 500 jumps from 0.1 to over 0.5
Before the sell-off, large amounts of Bitcoin were transferred to exchanges
BitMEX’s massive liquidations wiped out liquidity
This week the market suffered a panic sell-off and went down to $3,850, seeing the third-largest percent drop of 37.53% after 2011’s 38.67% and 2013’s 48.57%.
Bitcoin has been seeing a drop in its prices since the past month in line with the stock market, so much so that the 90-day correlation between the BTC price and S&P 500 climbed to its highest level ever, particularly after the recent price drop,
In a matter of a day, the correlation went from 0.1 to over 0.5, which could be expected to take a drastic fall again.
Large amounts of BTC transferred to exchanges
The reason behind the sell-off is not just the stock market and bitcoin but also typical safe-haven assets like gold and treasuries has been because of the rapidly spreading Coronavirus (Covid-19) outside of its epicenter China.
However, for the bitcoin market, it has been a little more than that. As we saw on Feb. 13, the crypto asset was trading at $10,500 that fell down to $8,000 level on March 12 when the extreme sell-off took place.
There have actually been whales dumping BTC as large amounts of bitcoin were transferred to exchanges prior to this sell-off. To start with, the $2.9 billion pyramid scheme PlusToken that has been still holding 61,229 bitcoins transferred 13,000 of bitcoin from its wallets to exchanges via mixing services over the last weekend.
Historically, the transfers from PlusToken wallets have coincided with large widespread sell-offs in the market just like this time, according to Arcane Research. Following this wallet transfer, bitcoin plummeted from $9k to $7,500. 13k BTC that were sent to exchanges has been likely to be sold off in the market as the selling persisted over a longer time frame which could be part of the reason behind the price crash on Thursday.
Additionally, another 1000 BTC that belongs to an old mining wallet that dates back to 2010 were also sent to 55 different exchange wallets on Thursday. And soon after BTC price fell from $8k to $7,500 which could have initiated the third-worst trading day in the history of bitcoin.
BitMEX liquidations wiped out liquidity
Besides these huge amounts of Bitcoin, BitMEX liquidations also played a part in the Bitcoin price crash. On Thursday, the crypto derivatives exchange had its largest liquidation rate ever, liquidating $76 million during the massive and a violent sell-off.
These liquidations were further extended into the night when more than $300 million were liquidated only to come at a screeching halt as BitMEX went down for maintenance due to hardware issues.
It has been during this period, that the price of bitcoin bounced hard, jumping 35%, going to $5,200. As we reported, many speculate that it had nothing to do with hardware issues but was done to avoid a total collapse.
The liquidations were likely larger than the liquidity, leading to a massive feedback loop of liquidations which means it could have potentially led to clearing the order book all the way down to zero.
However, BitMEX denied such theories and provided evidence that the downtime was actually due to CPU pressure. The exchange also said that they have a healthy insurance fund for these kinds of events.
Currently, staying above $5,000, the market is in “extreme fear” but if it starts going down, the support is present at $4,000, a level that has historically seen a lot of trading activity.
Today, the crypto market crashed, with a strong decline in bitcoin cash below $250.00 and $200.00. BCH to USD is down more than 35% and it is now trading well below the $200.00 support.
Key Takeaways: BCH/USD
Bitcoin cash price is down more than $100.00 and it broke the key $200.00 support against the US Dollar.
BCH/USD dived below a major declining channel with support near $247.50 on the 2-hours chart (data feed from Bitstamp).
Bitcoin is also down more than 25% and it broke the $6000 support area.
Bitcoin Cash Price Analysis
Today, it was a bad day for most traders as the crypto market crashed more than 25%, including bitcoin cash price, ethereum and XRP. BCH/USD broke many supports near $250.00 and $200.00 to enter a bearish zone.
Looking at the 2-hours chart, bitcoin cash price gained bearish momentum after it settled below the $250.00 support area and the 50 simple moving average (2-hours, purple).
More importantly, the price dived below a major declining channel with support near $247.50 on the same chart. It opened the doors for more losses below the $200.00 support.
The price is down more than 35% and it even broke the $180.00 level. A new multi-month low was formed near the $166.83 level and the price is currently trading in a nasty downtrend. An initial resistance is near the $191.40 level since it is close to the 23.6% Fib retracement level of the recent dive from $270.81 to $166.83.
The first major resistance is near the $200.00 handle, above which the price correct towards the $220.00 level. The 50% Fib retracement level of the recent dive from $270.81 to $166.83 is also near the $218.82 level.
Conversely, the price might continue to move down below the $166.00 and $165.00 levels. In the mentioned case, bitcoin cash price could even test the $150.00 support area in the near term.
Any further losses could lead BCH price towards the $132.00 and $125.00 support levels. Overall, the market is super red and it could dive further.