Two key entities that affect the crypto market dynamics have announced the launch of new Bitcoin products on the same day. The Chicago Mercantile Exchange (CME) and Bakkt appear to be pursuing a common goal, the evolution of their crypto-based services to attract new investors.
The CME financial derivatives platform announced that it will offer micro-Bitcoin futures contracts. This new product will be rolled out on May 5, pending regulatory review, and will be worth one-tenth of a Bitcoin.
Backed with fiat money, the micro futures contracts are intended to give a new “tool to hedge against the price of Bitcoin” and its fluctuations in the spot market, according to an official statement.
The statement claims that this new type of futures contract was demanded by a large portion of the CME’s clients. Something similar was revealed by Morgan Stanley when it announced the launch of 3 funds to give access to Bitcoin: a massive demand from its customers.
The derivatives platform stated that its products have seen steady growth in the level of liquidity since its launch in 2017. Institutions represent the sector that has shown the most interest in this asset class, according to Tim McCourt, CME Group Global Head of Equity Index and Alternative Investment Products.
In parallel, Intercontinental Exchange (ICE) subsidiary Bakkt Holdings has launched a new Bitcoin wallet to “change the game.” Called Bakkt App it will allow its users to hold their funds in multiple cryptocurrencies under one platform.
The product will allow funds to be converted into fiat and will give users rewards in gift cards, loyalty points, and others. Users can download the app from the Google Play Store and the App Store. Bakkt CEO Gavin Michael said:
The average consumer holds a wealth of digital assets – from gift cards to loyalty points to bitcoin – but lacks the tools to adequately track and utilize their value. We’re thrilled to bring the Bakkt App to the public as a step along our journey to expand digital asset access to all.
PayPal made a similar announcement. The payment processor will allow its U.S. customers to use their cryptocurrency funds in a new checkout service. It is expected that in the coming months, the company will allow all its users globally to have access to this service.
Today, we are announcing the launch of Checkout with Crypto, a new way for PayPal customers to check out with #Cryptocurrency to pay for select online purchases. https://t.co/RbOe8aLtlz pic.twitter.com/zGWHgbwVlU
— PayPal (@PayPal) March 30, 2021
Bitcoin’s performance after recent announcements
Bitcoin price has reacted positively and shows gains of 1.5% on the last day’s chart. Trading at $58, 880, the cryptocurrency records gains of 8.3% on the 7-day chart, after two weeks moving sideways.
Data from the firm Glassnode indicates that over the past 6 months, more than 9.51% of the Bitcoin supply has “matured” to the 6 million age range. In other words, these coins have gone that period without being spent. Glassnode indicates that these coins were acquired during last year’s bull market.
Firm Santiment records an increase in the funding rate for BitMex. According to the firm, this indicates an increase in investors’ “greed”.
🤑 When #Bitmex funding rates get high, it’s one of the best public examples of crowd greed. Vice versa when funding rates go negative, indicating fear. Read about our new model that shows when local tops & bottoms are close with this very accurate metric! https://t.co/6fvirfq4ZJ pic.twitter.com/JDWmI9EmZF
— Santiment (@santimentfeed) March 29, 2021
Expert panel divided over best way to achieve diversity in crypto sector
While almost everyone agrees the blockchain industry needs to address the under representation of women in the sector, experts remain divided on the best way to achieve it.
Should we take an interventionist approach or hope that as blockchain becomes more widespread it will hold more appeal outside of its core demographics?
Recent data from trading platform eToro, which has 18 million registered users, suggests women account for just 15% of Bitcoin traders, and 12% of Ether traders.
Panellists at an Australian Blockchain Week event on April 21 offered a range of views on how to provide more diversity in the crypto and blockchain sectors moving forward.
Rupert Colchester, the Lead Client Partner for IBM said he was amazed how many “things are built by teams that aren’t diverse,” as he feels that diverse perspectives can help ensure user-friendliness and also help to create better products. Colchester stated his solution to the problem was to “build his teams right” with a 50/50 male-to-female ratio from the ground up:
“I think designing, you know, good ethics, designing diverse applications designed by diverse people and that whole kind of wave of diversity, that’s how you get here. You know, that’s how you get to a good thing.”
Sue Keay, the CEO of Queensland AI Hub & Chair of Robotics Australia echoed Colchester’s sentiment, noted she’s in favor of a more interventionist approach to diversity regulation because a failure to do so could lead to a future of homogenized thinking and values when it comes to blockchain tech development:
“The big risk is that we will have a future that looks very much like it’s populated by you know, 18 to 30-year-old white Anglo-Saxon men who live on the west coast of the US and reflects only those points of view.”
While Professor and Future Fellow at RMIT University Ellie Rennie didn’t disagree she suggested we may not need to put the emphasis on quotas to force diversity. Noting that “one of the many things that’s interesting about Blockchain is that it’s really not just about developers,” she pointed to the growth of different crypto sub sectors such as DeFi and NFTs which attract very different, and diverse, crowds.
“So DeFi, it’s very much about people with financial expertise, in NFTs it’s artists and they’re bringing, you know, creative and interesting work and contributions into these infrastructures that I think is, you know, often overlooked because we focus so much on who’s making the code.”
Karen Cohen, the Director of Blockconsulting Group and the head of Melbourne’s Women in Blockchain, told Cointelegraph that she feels there is “still a long way to go” for gender diversity in crypto and finance”. She pointed to the Chief Executive Women ASX200 census in September 2020, which revealed only 10 Female CEOs of ASX 200 companies.
But Cohen noted that a quota is only “one tool in the diversity toolbox”, and emphasized that “mentoring, sponsorship, training and succession planning” are also important pieces of the puzzle:
“We need to think more holistically about this issue and have a succession plan for every role in the business and how we can prepare women for the next level. If they haven’t got the skills to step up to the next role now, what investment and training do they need to get there?”
She said that projects making an attempt to hire an equal number of women and men for entry-evel positions would help as well as designing appropriate “family-friendly policies and procedures to ensure you retain your women in the business and also allow men to take parental leave so women can choose to go back to work as well.”
Bitcoin tumbles 10% in 12 hours to trade below $50,000
The price of Bitcoin has fallen below $50,000 for the first time since March, with BTC shedding roughly 10% in the last 12 hours.
On April 17, the $60,000 range was rejected, driving a crash in the Bitcoin price of nearly 20% in a single hour. While the markets consolidated near $55,000 for several days, bulls failed to defend the range on April 22, resulting in sustained bearish action over the past day.
Yesterday, Cointelegraph reported that significant profit-taking in the Bitcoin markets may suggest an impending local top, with today’s slump appearing to confirm the hypothesis. Analysts from JP Morgan similarly warned of sustained bearish action should BTC fail to reclaim the $60,000 level.
The move below the psychological $50K mark has prompted mixed reactions on Twitter, with Messari researcher Mira Christanto noting the markets have only retraced from the all-time high by 23% — significantly less than the typical pull-backs experienced during the 2017 bull run that produced losses of 35% on average.
But notorious gold bug and crypto-skeptic, Peter Schiiff, was also quick to comment on the market action, poking fun at Bitcoin proponent Anthony Pompliano.
— Peter Schiff (@PeterSchiff) April 23, 2021
Pompliano responded: “Bitcoin is up 600% in last year. Gold is up 3% in last year. No more tweeting until gold can beat inflation, Peter!”
Twitter-user “Fintwit” also replied to Schiff, noting that “gold is up 0% since 2011.”
Ethereum also tumbled today, shedding roughly 8% in the past 24 hours. However, Ether has outperformed BTC over recent days, rallying to tag a new all-time high above $2,600 on April 22.
Yesterday’s highs saw ETH/BTC trading at its strongest level since August 2018, with Ether trading for 0.047 BTC. Ethereum last changed hands for 0.045 BTC.
Ether has dropped 11% over the past seven days, while Bitcon’s is down 21% over the same period.
Leading Yield Farming Ecosystem DYP Now on Binance Smart Chain
DeFi Yield Protocol (DYP), a leading crypto yield farming ecosystem offering an innovative yet secure way for the crypto community to earn returns just grew bigger. The platform handling over $45 million in crypto assets has recently integrated Binance Smart Chain (BSC) to its staking and governance infrastructure. By doing so, it has enabled enhanced liquidity for the community while opening doors to further innovation in the space.
With Binance Smart Chain integration, DYP users are now able to diversify their investments by providing liquidity to PancakeSwap as well as Uniswap pools and receive rewards in ETH, DYP and BNB denominations. The new PancakeSwap pools introduced following the latest development includes DYP/BNB, DYP/ETH and DYP/BUSD. The bridge between ETH and BSC blockchains makes DYP available on both ledgers and can be swapped for BNB at any time.
A Platform That Encourages Yield Farming
Yield Farming is an important feature of the DeFi ecosystem as it enables users to provide liquidity and earn rewards in exchange. However, the staking process on most of the platforms isn’t really that user-friendly, making it hard for those who aren’t expert crypto users to benefit from it.
DYP is presenting a solution by providing one of the most user-friendly and secure yield farming protocols in the present-day crypto market. On DYP, anyone can provide liquidity and earn rewards in ETH or BNB. With potential yields of up to 442.63% APY, the DYP ecosystem has so far paid close to $16.5 million in ETH and BNB rewards to its community.
Apart from the easy-to-use intuitive interface, the platform incorporates automated vaults and a unique Anti-Manipulation Feature that prevents the whale advantage. The Anti-Manipulation feature automatically converts DYP farming rewards to ETH or BNB every 24-hours to prevent large token holders from dumping the platform’s native token. The conversion is carried out in such a way that the price drop is restricted to -2.5%.
With Binance Smart Chain integration, the DYP ecosystem has signaled its intention to eventually become a blockchain agnostic yield farming protocol. With sustained momentum, the platform could achieve it sooner than expected.
Start Yield Farming on DYP
DYP has recently released a detailed tutorial to onboard both new and existing users to yield farming on BSC. Users can follow the instructions to stake their BNB and DYP tokens on PancakeSwap with 3-, 30-, 60- or 90-day lock-in periods.
Meanwhile, DeFi Yield Protocol allows users to swap DYP tokens from Ethereum Network to Binance Smart Chain Network using DYP Bridge dApp. Instructions for which are available here.
DYP has few more announcements in store for the near future which will include the DYP Earn Vault that is currently awaiting a security audit report, DYP Tools, under development DYP NFT dApp V1.0 and a brand-new UI design.
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