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Crypto News: HongKong Approves First Crypto ETF Fund Worth $100 Million

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Hong Kong, China has approved an Exchange Traded Fund (ETF) worth $100 million that would also include 10% in cryptocurrency. The ETF would be raised by Yibo Financial as per a report from Wu Blockchain.

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While the US regulators are yet to approve a crypto ETF specifically Bitcoin ETF but most of the applications submitted before the authorities have been rejected for years. Regulators have cited the small share of the crypto market that might lead to market manipulation. However, it is also important to note that there is a change in administration due to the Presidential elections and many believe and hope that the new administrators would allow for a Bitcoin ETF.

Vaneck, a multi-billion dollar company whose ETF proposal was rejected a couple of years ago has filed a fresh application as Bitcoin soared to new all-time-highs with great institutional interest.

China Looking Beyond Just Sovereign Digital Currency

China is currently at the forefront of the sovereign national digital currency race with its digital yuan nearing launch while many other countries have just begun the research process for CBDC which might take them at least 5 years to catch up with China. When the authoritarian state back in 2017 banned the use of Bitcoin and cryptocurrencies, many thought there was no turning back as China would never allow for any other form of currency to become popular.

The status quo against cryptocurrencies seems to near in end, not completely though, but that is understandable. Hong Kong, a controversial part of China has not just approved a crypto-based ETF but also issued its first crypto exchange license. However, it is also important to note that these services are not available for common traders rather for selected professional investors.

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Hong Kong’s growing interest in crypto assets might indicate the changing Chinese tactics towards the use of digital assets. While most of the countries are trying to incorporate better regulations China might not want to be left behind after the development of the digital Yuan.

To keep track of DeFi updates in real time, check out our DeFi news feed Here.

FBC13

Source: https://coingape.com/hongkong-approves-first-crypto-etf-fund-worth-100-million/

Blockchain

Libra Coin – A New Digital Currency Developed by FACEBOOK

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Libra, Let’s get started:

Technology has improved the world around us, it is easy to send text, pictures, and documents but why not money.
What if we made the money truly global, stable, and secure. What if everyone has invited to the Global economy with access to the same financial opportunities.
This thought laid a pavement for Introducing LIBRA a new global currency designed for the digital world, backed by the belief that money should be fast for everyone from any corner of the world.
Its powered by Blockchain, making it safe, accessible, no matter who you are and where you’re from.
Join the world of LibraCoin where money works for everyone.

Check out the following infographic on – Libra: Cryptocurrency By Facebook (In 5 Minutes) – Developed by WinBTC.net.

libra

 

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Blockchain

The Hard Sell

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The prices are low and the panic is high. Is this the time to sell?

If you’ve been around crypto for longer than a couple of months, you’re probably familiar with the feelings that come with your average market-wide correction.

Euphoria fizzling away as that first red candle starts dropping down, down, down. Confidence in a quick recovery giving way to sweaty-palmed anxiety as the correction passes the 10, 20, 30% mark. Is this the big one? We all know what happened on March 13th last year. Finger hovering over the “Sell” button, knowing that if you just pressed it this horrible feeling would go away.

And even worse are the recriminations. How could I have been so blind? How did I let this happen? Why didn’t I sell when the going was good? Will I ever feel joy again?

Unrealised profit and loss

Look, I’m not going to say I told you so, but if there has ever been a market in need of a correction it was the crypto market of the last two months. It wasn’t a question of if your alt was going to do a 50 or 100% day; it was a question of when. Meanwhile, Bitcoin basically tripled its 2017 all-time high over the course of eight weeks, making it (briefly) a trillion dollar asset.

It’s not that bitcoin doesn’t deserve to be in that August club, but more to point out that markets will always revert to the mean, no matter how compelling the background narrative might be. And in the same way that you don’t expect to see an elephant jump over a small apartment block, an asset of bitcoin’s size shouldn’t be tripling in size like it ain’t no thing. Especially not when it’s taken three long, hard years to get back to its previous peak.

Timing is everything

Here’s the thing though: in every other market that humanity has ever created, taking three years to make a new all-time high actually is perfectly reasonable, bordering on suspiciously fast. Investments aren’t supposed to be measured in days or weeks. They’re supposed to take years, if not decades to play out. But the speed, 24/7 relentlessness and hyper-visibility of the crypto markets means it’s very easy to lose sight of the bigger picture. People who bought in at the absolute peak of the last bubble are still up 250% – presuming that they had the patience to hold on for a measly three years.

Nonetheless, selling can produce a real and concrete advantage. Get out near the top and you might be able to buy back in close to the bottom, thereby compounding your gains. (Despite what the people of TikTok Investors would have you believe, this is far harder than it appears.)

More simply though, money is money and when assets are appreciating like crypto assets have recently that can mean getting ahead of your mortgage, or buying a car, or paying for a holiday for your family, or being able to cover rent for the next month. If what you’ve made could make a difference in your life, then it makes complete and total sense to sell some – even if you think the crypto market is going to keep on going up. As the old adage goes, no-one ever went poor from taking profits.

Respect the sell-out

That’s not an invitation or a suggestion to sell it all right now – a good rule of thumb is sell when it feels hard (i.e. on the way up) not when it’s easy (on the way down) – but more to start thinking about what your endgame is. What do you hope to gain from this bull run? How much is enough? And will you be strong enough to start getting out when you reach your target? (Also, on a more prosaic note, what would taking profits mean for your tax?)

These are questions without easy answers, but start planning now and you’re less likely to be swept up in the mania and delirium that marks the real, bloody and unmistakable end of the bull market. And until then? DIAMOND HANDS ENGAGE.

Source: https://blog.coinjar.com/the-hard-sell/

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Blockchain

Kraken Daily Market Report for March 02 2021

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Overview


  • Total spot trading volume at $1.68 billion, down from the 30-day average of $2.09 billion.
  • Total futures notional at $584.1 million.
  • The top five traded coins were, respectively, Bitcoin, Ethereum, Tether, Cardano, and Polkadot.
  • Strong returns from Curve Dao (+12%), Flow (+5.1%), and Melon (+6.4%).

March 02, 2021 
 $1.84B traded across all markets today
 Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD 
XBT 
$47305. 
↓4.6% 
$623.9M
ETH 
$1472.1 
↓6.3% 
$297.8M
USDT 
$1.0002 
↓0.04% 
$226.1M
ADA 
$1.1855 
↓8.6% 
$168.3M
DOT 
$34.578 
↓3.3% 
$92.7M
LINK 
$27.706 
↓0.13% 
$39.1M
LTC 
$171.43 
↓2.6% 
$32.2M
USDC 
$1.0001 
↑0.02% 
$29.3M
XRP 
$0.4248 
↓4.7% 
$25.3M
FLOW 
$29.937 
↑5.1% 
$23.5M
BCH 
$510.82 
↑1.8% 
$16.7M
XLM 
$0.4002 
↓7.0% 
$14.2M
ATOM 
$18.076 
↓3.2% 
$11.1M
XDG 
$0.0494 
↓2.2% 
$10.4M
ALGO 
$1.0438 
↓4.2% 
$9.52M
UNI 
$24.705 
↓4.2% 
$9.48M
GRT 
$1.7315 
↓10% 
$8.56M
AAVE 
$380.08 
↓1.4% 
$8.27M
KSM 
$220.21 
↓3.6% 
$6.96M
XTZ 
$3.5045 
↓3.7% 
$5.26M
XMR 
$213.01 
↓7.9% 
$5.15M
CRV 
$2.2335 
↑12% 
$4.49M
COMP 
$491.44 
↓0.6% 
$4.4M
SNX 
$21.110 
↑2.0% 
$4.39M
DAI 
$1.0002 
↓0.1% 
$4.27M
DASH 
$211.44 
↓5.7% 
$4.06M
FIL 
$37.555 
↓2.7% 
$3.94M
EOS 
$3.5797 
↓3.5% 
$3.43M
KAVA 
$3.8026 
↑2.2% 
$3.35M
BAT 
$0.5661 
↓3.4% 
$2.89M
TRX 
$0.0455 
↓4.9% 
$2.81M
ZEC 
$117.22 
↓5.8% 
$2.81M
YFI 
$32530. 
↓6.6% 
$2.73M
ICX 
$1.5690 
↓6.2% 
$2.6M
OMG 
$4.4644 
↓3.3% 
$2.21M
SC 
$0.0098 
↓3.3% 
$1.84M
OXT 
$0.4676 
↓4.9% 
$1.84M
NANO 
$5.0287 
↓5.4% 
$1.71M
LSK 
$3.0426 
↓3.9% 
$1.7M
QTUM 
$4.9728 
↓5.7% 
$1.6M
MANA 
$0.2564 
↓1.5% 
$1.36M
ANT 
$4.2684 
↓2.1% 
$1.28M
ETC 
$10.633 
↓4.6% 
$1.21M
WAVES 
$9.1388 
↓4.2% 
$1.1M
PAXG 
$1743.6 
↑0.8% 
$994K
REPV2 
$28.646 
↓3.7% 
$752K
KNC 
$1.6191 
↓4.0% 
$599K
MLN 
$38.687 
↑6.4% 
$408K
GNO 
$125.99 
↓2.9% 
$384K
REP 
$30.292 
↓2.0% 
$374K
KEEP 
$0.3289 
↓2.6% 
$369K
BAL 
$36.054 
↓5.7% 
$311K
STORJ 
$0.6081 
↓9.3% 
$268K
TBTC 
$49624. 
↓4.5% 
$25.9K


#####################. Trading Volume by Asset. ##########################################

Trading Volume by Asset


The figures below break down the trading volume of the largest, mid-size, and smallest assets. Cryptos are in purple, fiats are in blue. For each asset, the chart contains the daily trading volume in USD, and the percentage of the total trading volume. The percentages for fiats and cryptos are treated separately, so that they both add up to 100%.

Figure 1: Largest trading assets: trading volume (measured in USD) and its percentage of the total trading volume (March 02 2021)

Figure 2: Mid-size trading assets: (measured in USD) (March 02 2021)

Figure 3: Smallest trading assets: (measured in USD) (March 02 2021)


#####################. Spread %. ##########################################

Spread %


Spread percentage is the width of the bid/ask spread divided by the bid/ask midpoint. The values are generated by taking the median spread percentage over each minute, then the average of the medians over the day.

Figure 4: Average spread % by pair (March 02 2021)



.


#########. Returns and Volume ############################################

Returns and Volume


Figure 5: Returns of the four highest volume pairs (March 02 2021)


Figure 6: Volume of the major currencies and an average line that fits the data to a sinusoidal curve to show the daily volume highs and lows (March 02 2021)



###########. Daily Returns. #################################################

Daily Returns %


Figure 7: Returns over USD and XBT. Relative volume and return size is indicated by the size of the font. (March 02 2021)



###########. Disclaimer #################################################

The values generated in this report are from public market data distributed from Kraken WebSockets api. The total volumes and returns are calculated over the reporting day using UTC time.

Source: https://blog.kraken.com/post/8108/kraken-daily-market-report-for-march-02-2021/

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