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Cryptocurrency Trends To Watch Out For In 2021

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Cryptocurrency Trends To Watch Out For In 2021

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2020 was a chaotic and unpredictable year by all means. However, even with all the uncertainties that were in the cryptocurrency market, 2020 remains famous for the record-breaking prices of tokens and unprecedented industrial news.

Coming to 2021, blockchain technology and cryptocurrencies set off at a fast pace by adopting great institutional interests to spur industrial growth.

The future looks great for investors, and investment gurus are hoping for a massive revolution in the cryptocurrency arena. Here are some trends to watch out for in 2021, thereby benefiting accordingly.

What’s with the CBDCs Craze?

In 2020, several central banks were considering introducing digital currencies in their roots. Experts drawn from reputable central banks around the globe who sit in The Central Bank Group board are currently evaluating the pros and cons of using digital currencies as alternate financial instruments.

These central bank gurus are financial experts sourced from Germany, Japan, Canada, and England. They work in hand with The Bank for International Settlements (BIS) to ensure a global financial representation.

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The Central Bank Group is using a holistic approach to evaluate the effects of the proposed CBDCs. They will evaluate the proposed CBDCs on cross-border acceptance, economic impact in the transacting countries, and the general functional & technical issues related to CBDCs.

China has already taken the initiative by distributing its digital RMB to 4 major cities, and many more countries are following suit.

Blockchain-Based Fintech Solutions

When a global pandemic strikes, the demand for contactless financial transactions increases. Most businesses are searching for Fintech solutions for their business processes.

A perfect solution for contactless transactions is the adoption of Blockchain technology and incorporating it into the financial systems. With Blockchain-based solutions, Fintech companies have facilitated easier retrieval, issuance, and verification of digital certificates, hence promoting contactless transactions.

Bitcoin Uptrend 

At the end of 2020, Bitcoin’s market capitalization crossed the $500 billion mark outdoing key players like PayPal, Mastercard, and even Visa.

Since 2021 dawned, BTC’s uptrend has persisted, reaching a high of $61k and has maintained a low of $50,000. The purchase by institutional investors and hedge funds may have caused the performance.

BTCUSD
BTCUSD Chart By TradingView

Additionally, reputable companies like Square and PayPal have included BTC as a transacting option, boosting retail traders’ confidence. When the big players invest in a digital asset, it boosts the appeal of that digital asset and ultimately heightens further investment.

Decentralized Finances (DeFi)

DeFi uses Blockchain technology to eliminate “go-betweens” when dealing with financial instruments or executing financial transactions. DeFi uses smart contracts, a Blockchain-based system, promoting peer-to-peer interaction between borrowers & lenders, and buyers & sellers to interact peer-to-peer.

Additionally, one had to go through intermediaries such as banks, brokerages, and exchanges to acquire a financial instrument. However, the process has been simplified, thanks to DeFi.

At the beginning of 2020, DeFi’s locked assets were worth $683 million, but by the end of the year, the value had increased to $14 billion, a growth rate of over 2000%. Even with criticism in some quarters, renowned investors like Elon Musk have played a vital role in popularising DeFi.

The Future of Ethereum

Ethereum is the digital currency that’s expected to gain the most from the prevalence of smart contracts. DeFi is Ethereum-based, which means that Ethereum becomes more popular as DeFi’s popularity increases.

Investors should keep their eyes on Ethereum, thanks to several reasons, including the enhanced features coming to Ethereum 2.0. With the upgrade, transactions will be processed faster and securely, beating all the other cryptocurrencies. With such improvements, it’s bound to appeal to users.

ETHUSD
ETHUSD Chart By TradingView

Ethereum began the year on an uptrend and the price hit an all-time high of $2000. The price upsurge coupled with the above-mentioned advantages earns it a slot for a trend to watch out for in the space.

Key Takeaway

Understandably, most cryptocurrency investors get carried away with Bitcoin and its performance, overlooking other cryptocurrencies.

However, there are more lucrative opportunities in the cryptocurrency space. Opportune trends, including the above-mentioned, have begun shaping up and any investor worth their salt should be on the lookout.



DISCLAIMER Read More

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://zycrypto.com/cryptocurrency-trends-to-watch-out-for-in-2021/

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Amid Rumors Of Dumping Its BTC Holdings, Elon Musk Maintains Tesla Hasn’t Sold Any Bitcoin

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Amid Rumors Of Dumping Its BTC Holdings, Elon Musk Maintains Tesla Hasn't Sold Any Bitcoin

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Elon Musk has been dragged under the bus by countless bitcoin proponents as the price of the flagship currency continues to take a downward movement. Bitcoin dropped 20%, sending prices to $45,000 as of yesterday.

As of publication, Bitcoin imitates analysts’ predictions that the asset could continue to dip for the most part of this week, and with Bitcoin now trading at $45,065 at press time, their analysis remains valid.

BTCUSD
BTCUSD Chart By TradingView

The Bitcoin selloff continues

Asides from the “bearish” tweets from Musk, which to many is simply just the Billionaire’s expression of his dissatisfaction with Bitcoin, Bitcoin could sustain more losses if Tesla sold its remaining Bitcoin holdings.

Following Tesla’s announcement, onlookers spotted a Bitcoin transfer of 19,259, worth over $872 million at press time. Analyst William Clemente observed that the transfer time coincided with Musk’s tweet, hinting that Tesla may have indeed called it a day for Bitcoin.

Musk reveals Tesla’s $1.5 billion holdings still intact, prices soar

However, Musk has recently cleared the air on whether the Bitcoin holdings are still under Tesla’s belt. In what could be considered the most recent positive tweet from Musk on Bitcoin, he wrote “To clarify speculation, Tesla has not sold any Bitcoin.”

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Some excited Bitcoiners are holding on to the news as a sign that Tesla has not lost all interest in Bitcoin, despite Musk’s tweets that Dogecoin is a superior asset to Bitcoin. On the other hand, skeptical Bitcoiners are convinced that in a matter of time, Tesla will pull through with its Bitcoin sale.

Recall that Elon Musk teased that this could be the case, given that Bitcoin proponents have continued to critique Tesla’s decision. Shortly after hinting that Tesla might give up its $1.5 billion Bitcoin holdings.

However, Bitcoin has since surged by 7% since Musk’s clarification on Tesla’s Bitcoin holdings.

Bitcoin doesn’t need Elon Musk

Meanwhile, analysts’ who heavily bought the dip have insisted that Bitcoiners pay no mind to the bear market.

In unison, key players agree that “Bitcoin doesn’t need Musk. Rather, Musk needs Bitcoin.” It is unclear where the market is headed going forward, but the sentiments from top Bitcoin proponents similarly claim that the bear trend is only temporary, as Bitcoin is still yet to bottom.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://zycrypto.com/amid-rumors-of-dumping-its-btc-holdings-elon-musk-maintains-tesla-hasnt-sold-any-bitcoin/

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Live Dealer BTC Casino Games – What Can I Play?

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Discover if you can play live dealer casino games at leading crypto casinos using Bitcoin and other options with our guide.

In many ways, Bitcoin casinos can offer virtually the same experience as a conventional online casino. This is terrific news if you are thinking of making the jump but are concerned about missing out on games, promotions, and other services. Where do live dealer games fall, though? As only a handful of software providers have committed to introducing cryptocurrencies into the accepted range of currencies for their games, are cryptocurrency casino players set to miss out on playing the hottest live dealer games around? We have had a look, and we have got an answer.

Can You Play Live Dealer Games with Cryptocurrencies?

In a word – yes. Admittedly, not every casino software provider has taken to cryptocurrencies. Many Evolution Gaming live dealer games can be played at cryptocurrency casinos, but you may not be able to “wager” using BTC on some of them. Instead, your Bitcoin deposits will be converted into US dollars for gameplay. It is the same story for many of the smaller live casino software providers out there, too. However, you can certainly expect to play live dealer games at cryptocurrency casinos, even if you cannot wager with them. There are, of course, one or two providers who go one step further and do permit BTC wagers.

Which Software Providers Allow This?

Ezugi is the leading casino software provider to approve Bitcoin as one of their games’ accepted currencies. Ezugi has made sure that you can deposit, wager, and withdraw using BTC on many of their most popular titles. Naturally, you do not have to do this if you choose to play at a cryptocurrency casino that accepts FIAT currencies, as you will be able to wager using FIAT options, too.

What Types of Games Can I Play?

There are several types of gambling and casino games that you can choose to play. If you merely want to play live dealer games at cryptocurrency casinos, you will have an ample array of all the most popular games, ranging from baccarat to blackjack, roulette, table poker and money-wheel and game show titles. Alternatively, if you pop over to Ezugi’s collection, you can also find dice games, lottery-style titles and even keno games, and these can be played using Bitcoin.

Top Casinos Offering Live Dealer Crypto Games

To make the most out of playing live dealer cryptocurrency casino games, you need to find a top site offering them. However, we would advocate that you choose a casino that also accepts FIAT currencies alongside Bitcoin and other cryptocurrency options. Sites such as BitcoinCasino.io fit the bill rather nicely. The main reason for choosing to do this is that you will have access to a full array of games from many live dealer providers. This way, even if you cannot play live casino games using BTC, you can still use FIAT currency options to enjoy an ultra-realistic, live-streamed casino gambling experience.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.livebitcoinnews.com/live-dealer-btc-casino-games-what-can-i-play/

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Galaxy Digital report details Bitcoin consumes less energy than banking and gold.

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Galaxy Digital has released a report on Bitcoin energy consumption, detailing how it consumes less than traditional financial industries and the value it can bring. The analysis uses several calculations to ascertain how much energy the Bitcoin network uses and how it stacks up against the banking and gold industries. The authors also noted that the energy usage criticisms are not usually applied to traditional industries. 

Bitcoin’s annual energy consumption is estimated to be 113.89 TWh/yr.

Galaxy Digital report lauds Bitcoin for being transparent, while incumbent companies are opaque and don’t often disclose their energy footprint. The authors accept that the Bitcoin network consumes a great deal of energy but assert that this is exactly what secures the network and makes it so robust. According to Galaxy Digital’s calculation, the annual electricity consumption of Bitcoin is estimated to be 113.89 TWh/yr. For some perspective, the energy consumption of always-on devices in the US is 1,375 TWh/yr — 12.1 times that of Bitcoin’s consumption. 

The total energy consumption of the gold industry is estimated to be 240.61 TWh/yr.

For the gold industry, the analysts took a look at all of the processes involved, including those directly emitting greenhouse gasses, those indirectly emitting them, and emissions stemming from refinement and recycling. Multiplying the total 100,408,508 tCo2 in emissions with the global IEA carbon intensity multiplier estimates the total energy consumption of the gold industry to be 240.61 TWh/yr. The analysts also noted that the consumption of the gold and banking industries is hard to estimate because of a lack of data on energy usage. This makes it difficult to “have an honest conversation” about Bitcoin’s energy use. The report estimated the banking industry’s energy consumption to be 238.92 TWh/year. Earlier, Tesla announced to discontinue bitcoin payments citing environmental issues.  

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://coinnounce.com/galaxy-digital-report-details-bitcoin-consumes-less-energy-than-banking-and-gold/

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