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Etoro Warns Customers to Brace for Suspension of Crypto Buy Orders due to an ‘Unprecedented Demand’

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Etoro, a trading and investing platform, has warned its customers to brace for possible limitations on their buy orders this coming weekend. The company says it might be forced to take this and other steps if the anticipated and unprecedented surge in demand for cryptos occurs. Unprecedented Demand and Limited Liquidity The Israeli company’s warning…

The post Etoro Warns Customers to Brace for Suspension of Crypto Buy Orders due to an ‘Unprecedented Demand’ appeared first on Bitcoin News Miner.

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Etoro Warns Customers to Brace for Suspension of Crypto Buy Orders due to an 'Unprecedented Demand'

Etoro, a trading and investing platform, has warned its customers to brace for possible limitations on their buy orders this coming weekend. The company says it might be forced to take this and other steps if the anticipated and unprecedented surge in demand for cryptos occurs.

Unprecedented Demand and Limited Liquidity

The Israeli company’s warning follows its curb of European investors’ “ability to trade cryptocurrencies on margin” in the past week. The company had reportedly made this decision in “response to soaring risks in the market.”

Etoro’s notice, which implies that customer demand for cryptos remains high, comes less than a week after the BTC price plunged by more than 20% in less than 48 hours. This plunge caused the value of the entire cryptocurrency market to drop from over $1.1 trillion to $854 billion. Meanwhile, this recent BTC plunge occurred shortly after the crypto set a new all-time high (ATH) of over $41,900.

Still, in its notice, Etoro suggests that demand for bitcoin and other cryptocurrencies is outstripping the supply. In the email sent to customers on Jan. 13, Etoro says:

The unprecedented demand for crypto, coupled with limited liquidity, presents challenges to our ability to support buy orders over the weekend. In light of this, it may be necessary for us to place limitations on crypto buy orders over the weekend.

Therefore, as part of the steps to curb this unprecedented demand, Etoro says it may set a “maximum exposure per crypto-asset per client.” Additionally, the trading platform might consider “temporarily suspending the ability to place new crypto buy orders.”

Incredible Volatility

Furthermore, one report quotes an unnamed Etoro spokesperson saying “crypto markets are incredibly volatile at the moment and the weekends present the greatest challenges.” This market volatility is epitomized by bitcoin which on Jan. 13 had regained 10% of value in 24 hours of trading.

Etoro Warns Customers to Brace for Suspension of Crypto Buy Orders due to an 'Unprecedented Demand'

At the time of writing, bitcoin is trading at about $39,341 and its market capitalization is about $733 billion.

What are your thoughts on Etoro’s limitation plan? You can share your views in the comments section below.

Source: https://www.bitcoinnewsminer.com/etoro-warns-customers-to-brace-for-suspension-of-crypto-buy-orders-due-to-an-unprecedented-demand/

Blockchain

PlotX v2 Mainnet Launch: DeFi Prediction Markets

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[PRESS RELEASE – Please Read Disclaimer]

AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, congratulates PlotX – a cross-chain prediction market protocol on their v2 Mainnet launch on the Polygon Network on May 14 at 12:00 p.m. UTC.

PlotX Version 1 (“v1”) was launched in October 2020 as a decentralized non-custodial prediction market protocol on the Ethereum Blockchain. PlotX allows crypto-traders to use their skills to predict the future value of digital assets like ETH, BTC. Markets on PlotX v1 were automatically created in intervals of 4 hour, 1 day and 1 week.

The v2 has been under development since December 2020 and the testnet was released on April 13th, 2021 for the public. After rigorous testing by the community, the launch of PlotX v2 on the Polygon Mainnet is now scheduled on May 14th, 2021.

PlotX v2 has focussed heavily on simplifying the prediction-making experience for users thanks to a consistent dialogue with their community via the research forum and their official community telegram group. It brings the experience closer to mainstream applications while retaining the DeFi ethos of being non-custodial and permissionless.

This can be seen in the marquee features that PlotX announced via their recent blog post about the mainnet release:

  1. Gasless prediction-making – via meta-transactions that abstract the process for users so they only have to make a single transaction while making predictions
  2. Smooth token bridging – via cross-chain swap technology, that enables users to move $PLOT between Ethereuem, Polygon and other EVM compatible chains like BSC & Solana, from within the application itself
  3. Guaranteed liquidity provisions – via incentive alignment of market creators for providing liquidity for new markets, making it lucrative for users to participate in
  4. Simple onboarding experience – for users, especially ones who are not familiar with metamask and RPC changes, to login using their email addresses without compromising on the non-custodial nature of the dapp

The team has built a class product and is highly receptive to the community. As per the roadmap, upgrades in V2 do not end here; numerous new features are slated to be introduced that will equip users with exciting new prediction opportunities.

Ish Goel, co-founder PlotX, shares his thoughts “It has been an exciting journey for us since the launch of PlotX v1 in October 2020. Prediction markets have always been an exciting derivative for crypto traders. However, they have always faced the challenges of a complex UX, high gas fees & low market liquidity that has also resulted in a lack of growth of the space. With PlotX v2 we have worked alongside our community to solve these challenges by introducing an overhauled UX, deploying on Polygon and introducing liquidity bootstrapping mechanisms for new markets. The community has reacted positively to these features and we’re super excited to reveal the mainnet app to them as well as the larger crypto trading community!”

About AscendEX

Originally founded in 2018 as BitMax.io, AscendEx is a leading crypto and digital asset financial platform catering to both professional and retail traders. Our venue offers spot, futures, margin trading and staking products and incorporates key elements from the DeFi space to foster a unique market structure for users. AscendEx is led by a team of Wall Street veterans who have applied traditional markets’ rigor to create a robust, secure, and reliable experience for all participants; and a consistent source of liquidity for primary offerings.

About PlotX

PlotX is a cross-chain Prediction Market protocol built by the ex-CTO of Nexus Mutual (>$1bn mcap). It enables crypto-asset price predictions, like “What will be the price of BTC/USDT in the next 1 hour?”

Dubbed as the Uniswap of Prediction Markets, PlotX is the simplest and most fun DeFi derivative for crypto traders.

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Source: https://cryptopotato.com/plotx-v2-mainnet-launch-defi-prediction-markets/

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Blockchain

CBDCs Are Not That Stable And May Eventually Kill Bitcoin, Says Financial Expert

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Edward Chancellor – a British journalist and financial historian, explained that the first central bank digital currencies are likely to raise inflation which can lead to the destruction of Bitcoin. He agreed that CBDCs are ”cool” but certainly not stable.

CBDCs Would Mean The End Of BTC

Nowadays, many central banks of numerous leading economies such as China, Japan, and the US, are researching the option of launching their own CBDC. In a recent interview for Reuters, Edward Chancellor opined that central bank digital currencies are highly risky projects.

He said that CBDCs might even kill Bitcoin. Chancellor explained that it is much easier to distribute and ”print” digital currencies rather than cash, and that will cause an utterly high level of inflation.

He then added that in order to solve the issue, the governments and central banks would have to fix the emission of their digital coins – which number would be much higher than 21 million bitcoins:

”When banks get it right with CBDCs this will kill Bitcoin.”

The historian analyzed that changes in the form of money are normal and have happened multiple times in the past. As an example, he pointed to the paper money which once replaced metal coins. Chancellor predicted that in the process of the financial revolution, digital currencies would invade the world, but he opined that Bitcoin would not be among one of them.


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In conclusion, the journalist said that central bank digital currencies are ”cool” as a project but can not qualify as stable.

Deutsche Bank on CBDCs

Recently, the multinational investment banking giant – Deutsche bank – shared similar thoughts. The CIO of the German institution – Christian Nolting – predicted that CBDCs could damage Bitcoin’s role as a payment instrument. He also suggested that the primary cryptocurrency could serve as a store of value.

According to Nolting, the crypto industry is ”here to stay.” On the other hand, he warned that ”governments and more digitally-aware populations might ultimately prefer to go with CBDCs,” instead of relying on the decentralized nature of BTC. Furthermore, some potentially harming legislative frameworks developed by world regulators could reduce digital assets’ chances of serving as international payment instruments:

”A widespread introduction of CBDCs accompanied by higher regulation of cryptocurrencies could create a more challenging environment for crypto assets as some of their advantages compared to traditional financial assets would fade in the longer term.”

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Source: https://cryptopotato.com/cbdcs-are-not-that-stable-and-may-eventually-kill-bitcoin-says-financial-expert/

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Blockchain

North Dakota City to Accept Cryptocurrencies for Utility Bill Payments

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Williston, a city in North Dakota, plans to accept cryptocurrencies for utility bills online payments, becoming the first in the state to adopt crypto assets.

According to City Finance Director Hercules Cummings, the city has partnered with BitPay, one of the largest bitcoin payment service providers in the U.S. Payments will be converted from crypto to fiat in real-time.

Paying Bills with Crypto

The city council would first monitor how citizens respond to crypto payments. Utility bill payments are the only bills available to be paid with crypto.

However, if volume and interest are significant, the city will expand the options by allowing landfills, permits, and licenses to be paid with crypto. 

Individuals willing to do so only have to visit the official website of the city of Williston, enter their account information to receive an emailed BitPay invoice, and choose their digital wallet and the crypto in which they want to pay.


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Citizens can benefit from cost savings when using crypto as well. Exchanges only charge 1% for every transaction, unlike other payment services, which can charge up to 3%.

North Dakota Embracing Technological Change

Cummings outlined that his city is only responding to a growing trend and technological changes. He added that cryptocurrencies represent innovation for the city’s finance department and a significant step to take the lead in the state and nationwide.

“We are pioneers in the state. This is just one of many, many things that’s going to be rolling out of the finance department. We’ve got a lot of exciting things to unveil later on to be the first of many. Our goal is to be industry leaders, not industry laggers.” Said Cummings.

Williston is the third government entity in the U.S. to embrace cryptocurrencies as adoption takes a fast pace in the country. Wyoming is one of those states, which registered Ripple as an entity and has several crypto-friendly laws.

Featured image courtesy of US News.

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Source: https://cryptopotato.com/north-dakota-city-to-accept-cryptocurrencies-for-utility-bill-payments/

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