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Esports Industry Remains Well-Suited to Adpot Cryptocurrencies and Blockchain

CSGO Major Moscow Esports

In 2017 and 2018, the cryptocurrency world was convinced that blockchain technology and digital currencies would disrupt just about every industry. Today, Bitcoin’s price sits at less than half of its peak. Many of the ‘disruptors’ have failed or at least struggled to gain traction. While things haven’t happened as fast as many of us…

The post Esports Industry Remains Well-Suited to Adpot Cryptocurrencies and Blockchain appeared first on UNHASHED.

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In 2017 and 2018, the cryptocurrency world was convinced that blockchain technology and digital currencies would disrupt just about every industry.

Today, Bitcoin’s price sits at less than half of its peak. Many of the ‘disruptors’ have failed or at least struggled to gain traction.

While things haven’t happened as fast as many of us expected, that doesn’t mean cryptocurrency and blockchain technology aren’t well-suited to flourish in a variety of industries. In particular, the Esports industry has a ton of potential use cases.

Growing Esports Industry

Over the last few years, the Esports industry has exploded and shows no signs of easing up.

Tournaments streamed on Twitch or other streaming services can reach hundreds of thousands or even millions of concurrent users. Through advertising deals, tournament organizers can generate enough revenue to offer up millions of dollars in prize pools to participating teams/players. In the next month alone, there are two CS:GO major tournaments with prize pools of $500,000-$1,000,000. Games like League of Legends and DOTA tend to have even larger tournament prize pools.

The industry saw 2018 investment reach $4.5 billion, compared to $490 million in 2017. There are at least 10 Esports companies valued over $100 million.

All parties seem to be getting paid and raising capital, from tournament organizers to esports organizations, and even all the way down to the players.

Where Do Cryptocurrencies & Blockchain Come In?

Esports is a huge industry, but how can they benefit from cryptocurrencies?

Esports Betting

Gambling, including sports betting, is one of the best applications for cryptocurrencies and there are plenty of young adults looking to wager some BTC on the next Esports match.

Cryptocurrency “Esportsbooks” like the Mark Cuban backed Unikrn sportsbook have already seen success. Established Bitcoin casinos, like MintDice, have also announced plans to launch their own platform for Esports wagering.

Betting with cryptocurrencies is simply better than using other payment methods, so as Esports continue to grow, I expect the Esports crypto betting industry will grow right along with it.

Players Betting Against Each Other

While large organized tournaments have prize pools paid by the organizer, how can regular online competitive matches make things more interesting?

I expect some company will see success creating something similar to Poker’s Sit-n-Go and tournament models, allowing gamers to compete over a prize pool of each player/team’s entry fees.

This model could be used for two players/teams competing against each other or a tournament with many players/teams.

In-Game Purchases

The majority of popular competitive video games, like Apex Legends, now have their own in-game “currency” or “credits.” Currently, these credits are mostly limited to purchasing digital items, like “skins” and characters, in the game. I expect in the coming years we’ll see a major game attempt to launch a currency that can be used not just in the game, but also outside of it. Blockchain technology is perfect for this application.

Source: https://unhashed.com/cryptocurrency-news/esports-industry-remains-well-suited-to-adpot-cryptocurrencies-and-blockchain/

Blockchain

Cardano (ADA) Price Analysis: Support Turned Resistance Near $2.30

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  • ADA price started a sharp decline from the $2.60 zone against the US Dollar.
  • The price is now trading below $2.50 and the 55 simple moving average (4-hours).
  • There is a crucial bearish trend line forming with resistance near $2.35 on the 4-hours chart (data feed via Bitfinex).
  • The price could remain in a bearish zone as long as it is below the $2.35 resistance zone.

Cardano price is down over 10% and it broke the $2.20 support against the US Dollar, similar to bitcoin. ADA price must clear $2.35 to start a fresh increase.

Cardano Price Analysis

After struggling to clear the $2.65 zone, cardano price started a major decline against the US Dollar. The ADA/USD pair broke the $2.50 support to move further into a bearish zone.

The price even broke the $2.20 support level and settled below the 55 simple moving average (4-hours). Finally, there was a spike below the $2.00 level. A low was formed near $1.973 before the price recovered higher. There was a wave above the $2.00 and $2.05 levels.

The price also surpassed the 23.6% Fib retracement level of the recent decline from the $2.58 swing high to $1.97 low. An immediate resistance on the upside is near the $2.20 level.

The first major resistance is forming near the $2.35 level. There is also a crucial bearish trend line forming with resistance near $2.35 on the 4-hours chart. The trend line is close to the 50% Fib retracement level of the recent decline from the $2.58 swing high to $1.97 low.

If there is an upside break above the $2.35 zone, the price could rally above $2.40. The next major resistance could be near the $2.50 level. On the downside, an immediate support is near the $2.05 level. The main support sits near the $2.00 level. Any more losses might call for a sharp decline to $1.85 in the near term.

Cardano (ADA) Price

Cardano (ADA) Price

The chart indicates that ADA price is now trading below $2.20 and the 55 simple moving average (4-hours). Overall, the price could remain in a bearish zone as long as it is below the $2.35 resistance zone.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is still in the bearish zone.

4 hours RSI – The RSI for ADA/USD is now well below the 50 level.

Key Support Levels – $2.05 and $2.00.

Key Resistance Levels – $2.20 and $2.35.

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Source: https://www.livebitcoinnews.com/cardano-ada-price-analysis-support-turned-resistance-near-2-30/>

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Blockchain

Binance to cease these crypto-derivative offerings in Australia

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Once upon a time, regulators around the world weren’t confident about handling the crypto-ecosystem. This attitude, however, has changed of late thanks to the industry’s growth and the interest it has seen from traditional institutions and major investors.

The aforementioned change isn’t universal, alas, with some crypto-entities still coming under a lot of regulatory fire. Binance is a case in point. The platform has come under increased scrutiny from a growing number of regulators worldwide, including regulatory authorities from the U.K, the U.S, the Netherlands, and Canada.

Australia too has now been added to this ignominious list.

According to an official announcement made by the exchange, Binance will no longer offer Futures and Options trading in Australia. It read,

“As Binance constantly evaluates its product and service offerings to comply with local regulations, we will cease offering the following products to existing Australian users: Futures, Options, Leveraged Tokens”

Moreover, it revealed that ‘existing Australian users will have 90 days to reduce and close their positions for these products.’ Post 23 December, users will no longer be able to manually reduce their positions, and all remaining open positions will cease.

What does this mean for Binance and its executives?

Well, the aforementioned step is in alignment with its executives’ aim – To create a sustainable ecosystem around blockchain technology and digital assets. In fact, according to one of its executives,

“Binance welcomes developments to our industry’s regulatory framework as they pose opportunities for the market players to have greater collaboration with the regulators. We are committed to working constructively in policy-making that seeks to benefit every user.”

This move followed last month’s restrictions on Options, margin products, and leveraged tokens (New accounts were barred from engaging in).

And the “nightmare” continues… 

Binance took a similar hit in a different part of the world less than two weeks ago. It discontinued support for trading pairs in the Singapore dollar (SGD), again due to regulatory crackdown(s).
Binance found itself in troubled waters earlier this year, with regulators around the world zeroing in on the top exchange. The regulatory pressure forced the leading crypto-company to adopt a proactive approach to compliance. That being said, the jury is still out on whether these steps have been making any difference?
Moreover, US authorities are probing possible insider trading and market manipulation allegations involving Binance. The exchange, for its part, has denied these speculations. Binance has a “zero-tolerance policy for insider trading,” a statement said.
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Source: https://ambcrypto.com/binance-to-cease-crypto-derivative-offerings-in-australia

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Robinhood Testing New Cryptocurrency Wallet as Demand Rises

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The millennial-focused trading portal is edging closer to launching a long-awaited app that will enable its growing user-base to send and receive cryptocurrencies.

A beta version of Robinhood’s iPhone app showed the company’s latest upgrades on the new digital asset features, according to Bloomberg.

There is a hidden image showing a waiting list for users eager to get their hands on the app and code referring to crypto transfers, it added.

Delving Deeper into Crypto

Robinhood users can already buy and sell cryptocurrencies on the platform but they need to convert them to and from USD. With a native app, users will be able to send crypto assets to each other directly and set up two-factor authentication for additional security.

Robinhood Chief Executive Officer Vlad Tenev stated that adding crypto wallets is a priority for the company’s developers and they are actively working on such.


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“The ability to deposit and withdraw cryptocurrencies is tricky to do with scale, and we want to make sure it’s done correctly and properly.”

He did not specify a launch date, but the beta app leak suggests it is not too far away. Users of the new functions will need to activate crypto sending and receiving and the registration page will require an identity check, the report added.

On Sept. 11, CryptoPotato reported that Robinhood had launched incentives to promote longer-term cryptocurrency investing. The zero-fee recurring purchase feature enables users to schedule digital asset purchases for regular intervals with buys as low as a dollar.

This will encourage customers to build their cryptocurrency portfolios over time and “become a whole coiner,” stated Robinhood.

Robinhood Users Hungry For Crypto

Cryptocurrency trading has been one of the biggest drivers of revenue for Robinhood this year. Dogecoin has been the crown jewel, according to the company. It reported that 62% of its $233 million in second-quarter crypto income came from DOGE trading.

It added that more than half of all transaction-based revenue on the platform came from digital asset trading. The firm did warn that Q3 would not be as prosperous due to “seasonal headwinds and lower trading activity across the industry.”

Robinhood share prices have already fallen 43% since their all-time high of a little over $70 in early August. They are currently trading down 1.68% since Monday’s open at $40.70 according to Yahoo! Finance.

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Source: https://cryptopotato.com/robinhood-testing-new-cryptocurrency-wallet-as-demand-rises/

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