Connect with us
[crypto-donation-box]

Blockchain

China’s Central Bank to Partner With Alibaba’s Ant Group on Digital Yuan

Republished by Plato

Published

on

People’s Bank of China and Alibaba Group’s affiliate Ant Group have joined forces to create a platform supporting the central bank digital currency. According to Global Times, PBoC has been working together with Ant and Tencent for the last three years on developing the e-CNY.

A Move Towards e-CNY

VOA News announced on May 3rd that the Chinese central bank and Alibaba’s associate Ant Group have signed a deal on developing a digital yuan with mutual efforts. The move will be ”jointly promoted” and the development will be based on Ant’s Group platform.

The report revealed that the PBoC has been working together with Ant and Tencent on the digital yuan as well in the past three years. Despite some tension between Alibaba’s affiliate and the multinational technology company Tencent created by the Chinese government, both organizations have remained committed to building the CBDC’s structure and distribution channels.

However, Francis Lun – CEO of Geo Securities – raised concerns regarding the coalition between one of the largest payment providers in the country – Ant Group and the political situation in China:

”The Chinese authorities are telling Ant that you should hand over your big data to the central bank. The data won’t remain in private hands until the Communist Party is the boss.”


ADVERTISEMENT

In return, Ant demanded to lead the development and disputed that ”too much government intervention would drag the industry down.”

The Unique Nature Of The e-Yuan

Officials from China’s Central bank revealed that their CBDC will be one of a kind. According to the VOA report, the e-yuan will be a ”tool for government surveillance.”

Francis Lun said in his turn that the CBDC will enable the government to control every user’s transaction ”like a big brother.” He expressed high hopes that when it spreads abroad the digital yuan can give China a huge advantage and at some point, the country can surpass the economic dominance held by the US.

Lun concluded that PBoC looks at the partnership as win-win cooperation for the involved parties:

”By collaborating with the central bank [to launch the e-CNY], these fintech giants will be revealed from pressure in the regulator’s anti-monopoly probe.”

Even though the mass opinion about the digital yuan is that its goal is to hasten the decline of the US dollar, Anne Stevenson-Yang – research director of J Capital Research contradicted:

”I think there’s too much focus being placed on the idea that this is a totally distinct currency and they are in competition.”

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/chinas-central-bank-to-partner-with-alibabas-ant-group-on-digital-yuan/

Blockchain

Shiba Inu (SHIB) Mania, Dogecoin, Tesla’s Bitcoin Halt and Crypto Market Volatility: The Weekly Recap

Republished by Plato

Published

on

To say that last week was eventful would be an understatement. The entire market went through extreme volatility. Many altcoins charted new all-time highs and went through serious declines as well.

Let’s start with Bitcoin. The cryptocurrency is currently down about 10% on the weekly – last Friday, it was trading at around $57K. Unfortunately, it was all downhill from there, with the exception of the first few days as on Monday, BTC had an unsuccessful attempt at the coveted $60K mark.

On Thursday, Tesla announced that they would no longer support bitcoin payments for their vehicles, citing environmental concerns with BTC mining. This sent the entire market into a steep downturn, where the primary cryptocurrency crashed all the way to $45,700. Most altcoins followed.

Ethereum charted a fresh all-time high at around $4,400, but it was also affected by the downturn and crashed to $3,500 as a consequence. The same can be said for Binance Coin, Cardano, Ripple, and so forth.

However, Dogecoin clones such as Shiba Inu (SHIB), Akita, and so forth is where all the rage was this week.

Propelled by the sky-high increase in the price for DOGE, other cryptocurrencies with similar meme appeal, such as SHIB, Shiba Pup, Akita, and so forth, also took for the skies. Most of them shared one common trait – the developers had sent 50% of their total supply to the wallet of Vitalik Buterin as a “proof of burn.”

In a move that many didn’t see coming, however, Buterin started disposing of the billions worth of free money he had received. He donated large sums to charities in India, as well as to research facilities. This showed everyone that he doesn’t intend to keep these clone coins in a move that many considered a “rug.”

While a lot of these meme-inspired cryptocurrencies crashed and burned, some still brought massive gains to their investors. At the time of this writing, SHIB is up over 1500% over the past seven days.

All in all, it’s safe to say that it was a very exciting week in the cryptocurrency market. It’s interesting to see what the next week has in store.

Market Data

Market Cap: 2369$B | 24H Vol: 245B | BTC Dominance: 40.5%

BTC: $51,336 (-10.27%) | ETH: $4,139 (+18.36%) | XRP: $1.42 (-13.12%)

This Week’s Headlines You Better Not Miss

Vitalik Buterin Sells Off Dogecoin Clones: SHIB, AKITA, and Others Face Massive Dump. In a move that shocked many, Vitalik Buterin sold a lot of the meme-inspired Dogecoin clones that he received. This sold most of them in a severe downturn, though a lot are still performing very well over a seven-day period.

Tesla Stops Accepting Bitcoin: Price Slumps $3,000 In Response. The giant electric vehicle manufacturer, Tesla, has decided to halt payments using BTC for its cars. The company cited environmental concerns as the primary reason for the decision and stated that it would continue to hold bitcoin on its balance sheet.

MoneyGram to Enable Users to Buy Bitcoin and Withdraw it From Brick-and-Mortar Locations. One of the world’s leading money transfer companies, MoneyGram, will allow its users to buy and withdraw cryptocurrency for cash at traditional brick-and-mortar locations in the United States.

US Investment Bank Cowen to Offer Crypto Custody Services. More banks are getting involved in cryptocurrencies. Cowen Inc., a large multinational investment bank based in the US, announced plans to hold digital assets for hedge funds and asset managers.

Crypto Is the Solution to the Problem Created By the Federal Reserve: Stan Druckenmiller. Stan Druckenmiller thinks that the US Dollar could lose its status as the global reserve currency. This is because of the ongoing policy of the US Federal Reserve. He also believes that a ledger-based system can be the replacement.

eBay Now Allows the Sale of NFTs on its Platform. One of the leading online marketplaces, eBay, has become the first in its industry to jump aboard the non-fungible tokens (NFTs) bandwagon, as the company now allows the sale of NFTs on its platform.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Cardano, and Uniswap – click here for the full price analysis.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/shiba-inu-shib-mania-dogecoin-teslas-bitcoin-halt-and-crypto-market-volatility-the-weekly-recap/

Continue Reading

Blockchain

RARI, GHST and MATIC trading starts May 17 – Deposit Now

Republished by Plato

Published

on

Ethereum remains a driving force behind cryptocurrency innovation. In the last year, it has played host to an explosion in digital art and created a multi-billion dollar market. This has underlined the need for effective scaling solutions.

To that end, Kraken is supporting three new assets: Rarible (RARI), Aavegotchi (GHST), and Polygon (MATIC). 

  • Deposits for all three assets are available starting now. 
  • Trading will begin on May 17 at approximately 15:30 UTC for all assets. 

Effective today, trading is also now live for MKR, REN and ZRX. Kraken now offers trading on more than 60 digital assets. 

Note: Trading for these tokens is not available to residents of the USA, Canada, Australia and Japan.

Here’s a rundown of the new assets available for deposit on Kraken today.

Rarible (RARI) – The Rarible platform allows digital artists and creators to issue and sell NFTs. Rarible’s marketplace links sellers with buyers interested in purchasing these assets. By owning RARI tokens, Rarible’s native cryptocurrency, holders can vote on the proposals that affect the platform, moderate creators, and curate featured artwork.

Aavegotchi (GHST) – Aavegotchi is a crypto collectibles game where participants can create their very own ghost avatars as NFTs and interact with the Aavegotchi digital universe. The value of an Aavegotchis is determined by its specific physical traits, their accessories, and how many tokens were staked to create them. As the governance and utility token of the Aavegotchi metaverse, GHST enables holders to purchase digital items, including wearables for their avatars, or use them to vote and participate in the game’s development.

Polygon (MATIC) – Polygon is a Layer 2 scaling solution for Ethereum that aims to improve the speed, and reduce the cost and complexities of transactions on its network. MATIC is the utility token of the Polygon network and is used for securing the chain through staking, participating in network governance and as a unit of payment for transaction fees on the network.

What time will funding and trading start?

  • Funding: Already available – you can deposit RARI, GHST and MATIC now!
  • Trading: Starts May 17 at approximately 15:30 UTC (Kraken will enable order entry and execution at this time)
  • Updates will be posted on the status page near launch time

Trading Pairs for RARI, GHST and MATIC

Each new asset will be available for trading in the following quote currencies:  USD, EUR, GBP and BTC.

How to deposit

  • Navigate to “Funding” > Select the asset. You can find the asset either by ticking “Show all assets” or by searching (e.g for “RARI” or “MATIC”). 
  • Click “Deposit” next to the asset and follow the on-screen instructions.

Confirmations required before deposits credit

  • RARI: 20 (about 5 minutes)
  • GHST: 20 (about 5 minutes)
  • MATIC: 20 (about 5 minutes)

Trading minimums

  • 0.3 RARI
  • 5 GHST
  • 20 MATIC

Fees and funding minimums 

Which services will be available for RARI, GHST and MATIC?

Available

Not (yet) available

Will Kraken list more assets?

Yes! But our policy is to never reveal any details until shortly before launch – not even about which assets we are considering. Our client engagement specialists cannot answer any questions about which assets we may be listing in the future.

Trade with caution

Limit orders are recommended when trading starts since the markets may be illiquid initially. Be extremely careful with market orders and orders that trigger market orders (e.g. stop loss).

Invest with caution

Listing an asset or token for trade is not a recommendation to buy, sell, or participate in the associated network. Do your own research and invest at your own risk.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://blog.kraken.com/post/9079/rari-ghst-and-matic-trading-starts-may-17-deposit-now/

Continue Reading

Blockchain

Grayscale Ethereum Trust (ETHE) Premium Sets All-Time-Low at -14.3%

Republished by Plato

Published

on

advertisement
Pointpay


Grayscale Ethereum Trust (ETHE), the institutional crypto investment fund for the second-largest cryptocurrency registered a negative 14.3% premium reaching its lowest since listing. Grayscale being the world’s largest crypto asset manager offers a range of crypto-based trust funds to invest, in absence of a regulated ETF in the United States.

advertisement

Merchant Token

Grayscale ETH trust
Source: Skew

These private investment funds have also turned into an important market indicator and institutional interest and a rising premium suggests higher demand and vice versa. The Grayscale Ethereum trust fund currently holds $13 billion worth of assets out of which nearly $1.28 billion has flowed in this year.

ETHE
Source: Ycharts

A similar trend was seen with its highly popular GBTC fund which for the majority of its trading period has had a positive high premium rate, but over the past month the GBTC premium has come down significantly and even fell to negative during the last month’s 20% Bitcoin price correction.

advertisement

ETH Price Recover After Yesterday’s Fall

Ether’s price has bounced back above $4,100 from yesterday’s crash to $3,549 and currently trading with a 9% surge at $,133. Yesterday saw another crypto blood bath with the majority of tokens falling by over 10%, but the markets rebounded sharply today, and even Dogecoin which was down over 30% has risen above $0.54 to register a 28% gain.

ETH is on a highly bullish momentum and price discovery mode where it has registered a new ATH every other day in the past couple of weeks. The aggressive price gains by ETH have helped it leap over Bitcoin in terms of year-to-date returns as well. The recent surge in price is being attributed to declining market supply as the balance of Ether on centralized exchanges reached a two-year low, and growing institutional demand, where the likes of JP Morgan has lauded the depth of the ETH market that has helped it recover from large correction quite quickly when compared against Bitcoin.

To keep track of Crypto updates in real time, Follow us on Twitter & Telegram.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

Handpicked Stories

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://coingape.com/grayscale-ethereum-trust-ethe-premium-sets-all-time-low-at-14-3/

Continue Reading
Blockchain3 days ago

Palantir Accepts Bitcoin for Payments and Considers Adding BTC to Balance Sheet

Blockchain3 days ago

Justin Sun Offers $50M Dogecoin For TRX And BTT SpaceX Satellite Launch

Blockchain3 days ago

Bitcoin Vault inks major deal with ESE to co-produce Gaming & Esports Talent Show in five countries

Blockchain5 days ago

Decentralized Storage Project ColdStack Becomes First IDO on SuperStarter Launchpad

Blockchain3 days ago

Billionaire Druckenmiller says ledger-based system could replace USD worldwide

Blockchain5 days ago

Matic is nearly wiped off of exchanges! What is the effect on the price?

Blockchain5 days ago

The rise of crypto charities: Elongate and Munch raise millions for various causes

Blockchain3 days ago

Sigmax.io introduces an innovative trading bot that simplifies arbitrage trading

Blockchain5 days ago

Post the SNL bloodbath, here’s a ‘Dogecoin strategy’ that could work

Blockchain3 days ago

XRP Lawsuit ramifications: Is the SEC hurting the same community it vows to protect?

Blockchain5 days ago

Globe announces the upcoming Balancer Liquidity Bootstrapping Pool for GDT

Blockchain2 days ago

First Spot: Coinbase’s App Surpassed TikTok, Instagram, and Facebook on iOS in the US

Blockchain4 days ago

Binance Lists SHIB, Will It Become The Next DOGE?

Blockchain2 days ago

Raze Network Kicks Off Testnet Phase With UI Community Voting

Blockchain3 days ago

Dfinity’s ICP token sees violent first day of trade on major exchanges

Blockchain5 days ago

Why Ethereum ‘is uncapped in terms of how high it can go’

Blockchain2 days ago

Casper Network’s CSPR Spot Trading Now Open on OKEx

Blockchain2 days ago

How did Internet Computer (ICP) become a top-10 cryptocurrency overnight?

Blockchain4 days ago

Data Agnostic Oracle Network ORAO Chooses TRON’s Blockchain Over Ethereum’s

Blockchain5 days ago

Bitcoin Moves Sideways, But Looks Set For A Moon Week

Trending