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After Bitcoin U-Turn, Nigeria Plans To Launch Central Bank Currency This Year

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According to Reuters, the Central Bank of Nigeria (CBN) plans to launch a digital currency pilot as soon as the end of this year.

Last month, the CBN Governor, Godwin Emefiele, made a U-turn on Bitcoin and other cryptocurrencies by saying he will “allow” them. Previously, the CBN had sought to restrict the cryptocurrency sector by imposing regulatory sanctions on monetary businesses that serviced cryptocurrency exchanges.

In a turn of fortunes, it now looks as though Nigerian officials are embracing blockchain technology. All the same, in what may well turn into a showdown between private and public cryptocurrencies in the future, arguments against central bank offerings remain as pertinent as ever.

The Nigerian Central Bank Digital Currency Has Been Years In The Making

Despite Nigeria’s purported aversion to fintech, it’s emerged that the central bank has been working on a digital currency for the past two years.

The CBN Director of Information Technology, Rakiya Mohammed, echoed what many other countries have mentioned in the past. That is, Nigeria will not be left behind in the technological revolution.

“We’re all aware that about 80% of central banks in the world exploring the possibility of issuing central bank digital currency, and Nigeria cannot be left behind.”

One of the reasons given for the CBN’s previous anti-Bitcoin position was a need to protect its citizens. In 2018, the CBN said that there is no legal redress if things go wrong in an unregulated market. There was also the usual spiel of links to illicit activity such as money laundering and terrorist financing.

Mohammed sells the idea of a central bank digital currency on it bringing financial inclusion and having the backing of the Nigerian government.

“If you have a central bank digital currency that is backed by the government, then people can make transactions online without fear of any default.”

Is This The End For Privacy?

As previously mentioned by billionaire investor Ray Dalio, governments will do all they can to maintain monopoly control of their money, even if that means outlawing the competition.

“every country treasures its monopoly on controlling the supply and demand. They don’t want other monies to be operating or competing, because things can get out of control.”

Anthony Pompliano rubbished this idea saying governments cannot ban Bitcoin. But he concedes that a scenario of coordinated global action could make life difficult for Bitcoin users.

And as cryptocurrencies continue to make their mark in the world of finance, regulators and policymakers may soon be forced to show their hand on the matter.

Unlike private cryptocurrencies, which operate on decentralized networks, central bank digital currencies would be issued and controlled by a central bank. This enables them, and by extension national governments, to track every transaction in their economies.

Liberal commentators view this situation as a significant blow to privacy. What’s more, as noted with several U.K banks refusing crypto transactions recently, central digital currencies have the potential to bring about a dystopian future in which transactions deemed “against the state” also get refused.

Source: https://bitcoinist.com/after-bitcoin-u-turn-nigeria-plans-to-launch-central-bank-currency-this-year/?utm_source=rss&utm_medium=rss&utm_campaign=after-bitcoin-u-turn-nigeria-plans-to-launch-central-bank-currency-this-year

Blockchain

Bitcoin Cash, Cosmos, VeChain Price Analysis: 01 August

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With Bitcoin soaring up to $42,000 today, other altcoins pumped too. BCH was preparing to test its immediate resistance, ATOM hiked by 8% overnight, and VET flashed signs of an uptrend. 

Bitcoin Cash

Bitcoin Cash, Cosmos and VeChain Price Analysis: August 1

BCH/USD, TradingView

Bitcoin Cash was trading at $554 on the back of a 2.1% gain over the last 24 hours. From the 4-hour chart, BCH depicted an upward movement towards its immediate resistance of $566. On failing to test the same, the prices could land near the $544 mark and then subsequently rest on $528. 

The Relative Strength Index despite noting a slight fall in buying pressure stayed well within the bullish territory. The green signal bars on the Awesome Oscillator depicted the presence of the bulls in the market.

Conversely, however, the MACD flashed red bars on the histogram at press time after a bearish crossover yesterday, although it was declining in size marking a reversal of the bearish sentiment on the indicator. 

Cosmos (ATOM)

Bitcoin Cash, Cosmos and VeChain Price Analysis: August 1

ATOM/USD, TradingView

ATOM displayed a considerable hike of almost 8% within a day. It alt was priced at $12.88 at press time. If it continued moving on the upside, the token might cross the immediate price ceiling of $12.96. 

If ATOM reaches the $12.96 mark over the upcoming trading sessions, it could expect strong resistance at $13.60. If the coin dips below its current price level, the support region lies at $12.00 and then eventually at $11.53. 

Overall technical outlook of ATOM remained quite bullish with the Relative Strength Index spotted above 60 despite a minor fall. Awesome Oscillator showed amplified green signals bars validating the same. 

Bollinger Bands widened suggesting chances of market volatility as prices kept touching the upper band. 

VeChain (VET)

Bitcoin Cash, Cosmos and VeChain Price Analysis: August 1

VET/USD, TradingView

VET had seen a period of consolidation a few days back, however, it rebounded from that and registered steady gains over the last few days. VET’s price at press time stood at $0.0913 as it recorded a 5.2% gain overnight. 

The technical analysis chart showed that VET witnessed a bullish trade, with the Relative Strength Index touching the overbought zone just 24 hours ago. At press time, however, the indicator fell below the overbought territory.

Chaikin Money Flow, over the last few days, registered increased capital inflows and was pictured in the bullish zone despite the minor fall in capital inflows at press time. 

Bollinger Bands opened up in anticipation of increased market volatility. With prices touching the upper band, the bulls might push the prices higher. The immediate resistance for VET lay at $0.93, failing to test that, the support region awaited at $0.0870 and then at $0.801.

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Source: https://ambcrypto.com/bitcoin-cash-cosmos-vechain-price-analysis-1-august

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What you should know about Paraguay’s push to welcome Bitcoin miners

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Of late, Paraguay seems to be offering Bitcoin miners exactly what they need and thus, it has emerged as the latest country many miners are migrating to.

China – Not the powerhouse anymore?

China’s wariness towards crypto is an open secret and so is its intention to drive most crypto miners away from the country. While China has historically been a powerhouse of the Bitcoin network, generating a huge chunk of its hash power, the recent crackdown on miners has fueled a migration.

While some chose Kazakhstan and the United States of America to set up shops, there is another country miners are now increasingly turning to.

Paraguay to the rescue?

Paraguay is home to two of the world’s largest hydroelectric dams in Itaipú and Yacyretá. In fact, it generates 100% of its electricity through hydroelectric power. What’s more, the country is also responsible for the generation of the most renewable electricity per capita in the world.

The damns generate nearly 8,500 MW of power, out of which Paraguay only consumes less than half while sharing the rest with Argentina and Brazil, among others.

This surplus can help miners choose Paraguay over any other location in the world. Benítez Rickmann, CEO of Paraguay-based mining firm Digital Assets S.A, shares this sentiment.

According to the exec,

“In China 6,000 MW were turned off and that coincides with what there is in Paraguay that has an energy surplus of 5,500 MW. It is very attractive for them.”

The road ahead

Right now, the country is welcoming eight China-based Bitcoin mining firms. Following the same, 500,00 machines will be installed in the country. One mining operation alone will set up 90,000 Bitcoin mining rigs, he added. In light of the surplus in electricity generation, miners and others might find some relief in mining Bitcoin with renewable energy in Paraguay.

On the legislative front, the country’s lawmakers are also working on a bill to regulate miners and attract foreign business.

Rickmann, an advisor to the aforementioned bill, is of the opinion that such efforts have been fruitful.

“The bill is designed for large mining companies to come to Paraguay. In China, 6,000 MW were turned off and that coincides with what there is in Paraguay, which has an energy surplus of 5,500 MW. It is very attractive to them. I have many names of companies from all over that are very interested in coming to Paraguay.”

This would be a crucial development going forward. Especially since Bitcoin hash power was hit badly when the Chinese exodus was in full flow.

As per data provided by Crypto Parrot, mining revenue surged by 179.4% over the last 30 days. Miners earned heavy amounts on 26 and 27 July with $36.49 million and $13.06 million, respectively. Furthermore, cumulative earnings were reported to be $841 million over the last 30 days.

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Source: https://ambcrypto.com/what-you-should-know-about-paraguays-push-to-welcome-bitcoin-miners

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Blockchain

Six years on, this is how Ethereum is REALLY faring on these counts

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$12, $205, $450, $208, $330, $2350

The figures are not random prices. They are Ethereum’s 30 July market valuations since the year 2015. Yes, the Ethereum network went live six years ago and since then, the aforementioned date has been celebrated as the world’s largest alt’s birthday. Just like other networks, the Ethereum network too has evolved with time. However, has it been able to fare better than its counterparts? Well, let’s find out.

A question of profitability

Most Ethereum HODLers, at the time of writing, were in profit. The same was indicated by IntoTheBlock’s In/Out of the money indicator. According to the same, if the current price of an asset is more than the average cost required to purchase it, the address is said to be in profit or ‘in the money.’

As per the year-to-date average, close to 94% ETH addresses (93.97%, to be precise) were ‘in the money’ while the remaining 6% were either ‘out of the money’ or in a no-loss no-gain state. Well, those numbers are pretty impressive, aren’t they?

As a matter of fact, no other cryptocurrency in the market has been able to project such good profitability figures. For instance, the percentage of Bitcoin, Dogecoin, Cardano, Uniswap, and Chainlink addresses in profit stood at around 85%, 83%, 69%, 71%, and 74%, respectively.

So, it is safe to conclude that ETH has been one of the most profitable assets of late. Additionally, as can be seen from the chart attached, the current phase has been one of its most profitable phases in history.

Source: IntoTheBlock

What’s more, the number of ETH HODLers has increased from 24.3 million to 35.7 million over the past year. Interestingly, the HODLing period has also risen with time, with ITB pointing out that HODLers, on an average, cling on to their token(s) for a period of 1.5 years.

More and more TVL

During the initial few months of this year, Ethereum ended up losing a fair share from the market’s aggregate TVL. However, the same has been on the rise since May. Over the past three months, Ethereum’s dominance has soared by roughly 8%.

Interestingly, in the same timeframe, Binance Chain has ended up shedding 12% of its dominance (dropped from 20% to 8%). Polygon, on the contrary, noted a 4% hike from 1% to 5%. Even so, however, the latter couldn’t match ETH’s pace.

As can be seen from the chart attached, a little over $60 billion worth of ETH is currently locked in smart contracts.

Source: Coin Metrics

Benchmark of millions

The total annual transactions carried out on the ETH network have also increased over the years. The 100 million benchmark was crossed for the first time in 2017. Over the subsequent years, the number took off to a level close to the 350 million range.

As far as this year is concerned, ETH is currently on the brink of completing 300 million transactions. In fact, according to Our Network Founder Spencer Noon, ETH will most likely cross the 500 million mark by the end of this year.

What’s more, the number of unique addresses associated with the network has already touched its yearly ATH (30 million). With 5 months still left for 2021 to officially wrap up, the number could potentially cross the 60 million mark.

Source: Twitter

The aforementioned analysis suggests that ETH’s fundamentals and on-chain metrics have been getting better with time. In fact, in most cases, the alt has been able to fare way better than its counterparts.

Looking at ETH’s consistent growth pattern, it can be said that the crypto is on the right track and investors need to patiently cling on to their HODLings and wait for ETH’s price to surprise them in the coming months.

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Source: https://ambcrypto.com/six-years-on-this-is-how-ethereum-is-really-faring-on-these-counts

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