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CEX.IO to Offer Instant Cryptocurrency-Backed Lending Service in 217 Countries and Territories

Issuance of the USD and EUR loans as large as $500,000 will be facilitated by a multimillion-dollar liquidity pool. CEX.IO, one of the largest international exchanges in the cryptocurrency market, is set to launch a digital asset-backed lending service in September. Available in 217 countries and territories – including Australia, the United Kingdom, the European […]

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Issuance of the USD and EUR loans as large as $500,000 will be facilitated by a multimillion-dollar liquidity pool.

CEX.IO, one of the largest international exchanges in the cryptocurrency market, is set to launch a digital asset-backed lending service in September. Available in 217 countries and territories – including Australia, the United Kingdom, the European Union, and most nations in Asia – CEX.IO LOAN will allow various cryptocurrency market participants to borrow funds against their digital asset holdings within a few minutes and without credit checks.

As part of a flexible lending service, CEX.IO customers can decide on the duration and size of a loan they take out. Loan durations range from a week to one year, while CEX.IO customers can borrow any amount between $500 and $500,000. Larger and longer duration loans will enjoy smaller interest rates.

The service will be facilitated by a multimillion-dollar liquidity pool, a significant portion of which has already been committed by CEX.IO and its partners.

To borrow funds, users first have to deposit cryptocurrency, which serves as collateral for a loan, to their accounts. Currently, CEX.IO LOAN users can borrow funds against their Bitcoin (BTC) and Ethereum (ETH) holdings, with a 50% Loan-to-Value (LTV) ratio. Registered and verified customers receive the loans instantly. New clients will need to open an account at CEX.IO and complete a KYC procedure before sending a loan request.

A successfully issued USD or EUR loan gets credited to the borrower’s user account. The borrower can then withdraw the funds to a card or a bank account or use the money to trade cryptocurrency on the platform. After the full repayment of the loan’s interest and principal, CEX.IO automatically releases the digital asset collateral back to the borrower.

Digital asset-backed loans provide use-cases for multiple participants of the cryptocurrency market. Borrowing fiat against digital assets, instead of selling these assets, becomes a practical alternative for those who need extra capital. A loan provides necessary funds without having to give up a potential upside from cryptocurrency appreciation. For traders and investors, this liquidity injection can fuel uninterrupted market activity. For startups and sole entrepreneurs, a loan can cover operational and growth expenses.

“Our clients are a vibrant and diverse group of market participants, whose needs evolve with the industry. We aspire to provide our clients with capital that helps them capture opportunities coming their way. Our loans offer that extra boost, which traders, investors, startups, and entrepreneurs in general, need, while they can still benefit from the potential appreciation of assets they own,”- Anton Chashchin, Commercial Director for the CEX.IO LOAN service, stated.

About CEX.IO

CEX.IO LOAN is a part of the CEX.IO Group. Founded in 2013, the London-based CEX.IO operates one of the largest international exchanges of the cryptocurrency market, which has been featured among Crypto Compare’s ten best exchange services and Coin Metrics’ trusted service providers.

With a multi-functional digital asset exchange, CEX.IO serves over 3 million customers worldwide with a team of over 250 professionals and offices in the UK, USA, Ukraine, Cyprus, and Gibraltar. From entry-level cryptocurrency users to professional traders as well as institutions and businesses, CEX.IO suits the needs of various crypto market participants with a reliable, high-security digital asset service.

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Source: https://beincrypto.com/cex-io-to-offer-instant-cryptocurrency-backed-lending-service-in-217-countries-and-territories/

Blockchain

Bitcoin sell-off over? Strong ‘buy the dip’ signal flashes for the first time in 5 months

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The price of Bitcoin (BTC) has dropped to the key $44,000-$45,000 support level on Feb. 28 for the third time in the past week.

BTC/USD 1-hour candle chart (Bitstamp). Source: Tradingview

The BTC/USD pair briefly dipped below $44,000 on Bitstamp before paring some of the losses, bouncing back above $45,000 at the time of writing. 

‘Full rest’ for SOPR, funding rates

Some analysts have pointed out an uptick in miners’ selling as the reason behind the latest drop in price. 

Fortunately, the third retest of this key support level may have a silver lining for the bulls. Data analytics resource Glassnode noted that the daily Bitcoin Spent Output Profit Ratio (SOPR) has seen a “full reset.”

The SOPR essentially shows whether spent outputs are in profit or loss at the time of transaction. This key metric turned negative for the first time since September 2020. In other words, investors are now moving BTC at a slight loss on average, suggesting that profit-taking has abated, according to Glassnode. 

“In total, we saw an on-chain net realized loss of $243 million yesterday,” the analysts added.

“That is the lowest daily value since April 2020.”

Bitcoin funding rates. Source: Bybt.com

Meanwhile, popular trader Philip Swift, the co-founder of trading suite Decentrader and creator of the Golden Ratio multiplier method, also pointed out the SOPR crash.

He considers this a potentially bullish turnaround for BTC price in combination with last week’s reset of derivatives funding rates because such events have previously coincided with the start of new uptrends.  

“The SOPR has now reset (green on the chart) meaning that wallets selling are now selling at a loss,” he explained, adding:

“This is a strong ‘buy the dip’ signal in a bull market. This alongside derivative fundings having reset is bullish.”

BTC price vs. SOPR. Source: DecenTrader/Twitter @PositiveCrypto

The last time the SOPR flipped green was five months ago when Bitcoin was trading around $10,000. At the time, this was a key hurdle for BTC to trigger a new bull market. Since then, the price has surged more than five folds to new all-time highs of around $58,000. 

Nevertheless, many traders remain cautious as the market enters the month of March, which has historically been bearish for cryptocurrencies, and all markets in general. 

“I think March may be slow with a lack of confidence in traditional markets but overall I am bullish Bitcoin and expect significantly higher over the next three months,” said Swift in private comments. 

$44K-$45K remains the key level to watch 

In the meantime, Bitcoin traders are keeping a close eye on the $44,000-$45,000 level. Trader Willy Woo, for instance, says the $45K level is very strong support and expects any dips below this level to be bought up aggressively should they occur. 

Furthermore, researchers at on-chain analytics firm Santiment believe that the entire cryptocurrency market now depends on Bitcoin holding above this key level.

“It’s been a red weekend thus far, with most eyes on Bitcoin as it has rallied back vs. the climb altcoins were making,” they said, adding: 

Keep an eye on the $44k support level for BTC as an indication to monitor for all of crypto. As well as BTC’s on-chain activity. 

Source: https://cointelegraph.com/news/bitcoin-sell-off-over-strong-buy-the-dip-signal-flashes-for-the-first-time-since-september

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Blockchain

Ethereum, Tezos, Elrond Price Analysis: 28 February

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It was a bearish day for the crypto markets as Bitcoin dipped beneath the $45,000 mark. Ethereum, Tezos, and Elrond all registered losses over the past few hours as selling pressure mounted. Ethereum lost the $1437 level, while Tezos was on its way to test the $3.2 mark as support yet again. Elrond could see a bearish retest of $132, and a drop below $115 is likely to grind to a halt in the vicinity of $100.

Ethereum [ETH]

Ethereum, Tezos, Elrond Price Analysis: 28 February

Source: ETH/USD on TradingView

Ethereum dropped in value from $2040, bounced off $1437 to test $1691 as resistance before another drop past $1437. ETH was trading at $1330 at the time of writing and showed strong bearish momentum on the 4-hour chart.

On the 4-hour chart, the RSI stayed below neutral 50 to denote bearish sentiment remained strong. Losing the $1300 level will likely see ETH drop toward $1196.

It has been reported that Ether’s strong correlation to Bitcoin, Ethereum’s network congestion, dropping transaction number of transactions on the network, and transaction volume, are all contributing factors to the dropping value of Ether.

Tezos [XTZ]

Ethereum, Tezos, Elrond Price Analysis: 28 February

Source: XTZ/USD on TradingView

Tezos dropped below $3.76 over the past few days and repeatedly tested it as resistance while forming a range with its lower boundaries at $3.22. This range-bound trading activity for XTZ is likely to end with a move to the downside.

Bitcoin dropped beneath the $45,000 mark and over the next few days, the selling pressure could see BTC drop toward $42,000. This will likely see the altcoin market shed value as well, XTZ being no exception.

The OBV notes steady selling pressure and, even though $3.22 was defended multiple times, the sellers have been dominant. This is likely to result in XTZ dropping below $3.22 to visit $2.92 over the next few days.

Elrond [EGLD]

Ethereum, Tezos, Elrond Price Analysis: 28 February

Source: EGLD/USDT on TradingView

The 4-hour chart and fractals were used to give a better representation of the important points for EGLD over the past couple of weeks.  A descending channel pattern emerged, and recently the price attempted to break out above the channel.

However, it faced stiff resistance at $140 and was forced to drop beneath the $132 level of support- which is the 23.6% retracement for EGLD for its move from $26 to $216.

The Awesome Oscillator was above the zero line but, in the shorter timeframes, momentum was already rising in favor of the bears. A retest of $132 followed by a fall for EGLD can be expected over the next few days.


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Source: https://ambcrypto.com/ethereum-tezos-elrond-price-analysis-28-february

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How Bitcoin miners can help its price movement right now

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Following the massive drop in price over the past week, the Bitcoin market did hold on to the $47k price level for a while, but the support range eventually lost out to the bearish pressure and the coin currently trades around the $44k price range. From the peak of $58k, the largest cryptocurrency has fallen by over 17% in the past six days and despite the past few days’ increased bearish sentiment the coin may now be heading upwards as bullish momentum slowly creeps in.

Source: TradingView

The past week’s correction could have been the result of miners who were selling their Bitcoins since the end of 2020 when the digital asset was trading under $30k.

However, according to a market analyst, Lex Moskovski this selling from miners’ end has finally ended and accumulation was once again visible in the BTC market.

The above chart indicated that the miners were increasingly selling their Bitcoin for the past two months. The Miner net position change indicated long red bars until late January when the value of BTC hit close to $35k. However, as February kicked in and the market was seeing increased volatility in the price, the miners’ net position to sell had reduced and on 27 February it was showing a positive trend.

Apart from miners selling their BTC, the correction led to massive liquidations on exchanges and other platforms like Grayscale. The largest Bitcoin accumulator lost $2.6 billion in a single day when the correction set-in. Grayscale’s holdings of Bitcoin have now dropped from $32.832 billion to $30.724 billion, at the time of writing.

However, as the miners’ attitude towards the digital asset reverses we may the price of Bitcoin gain strength at the current level.


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Source: https://ambcrypto.com/how-bitcoin-miners-can-help-its-price-movement-right-now

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