Blockchain

Forex brokers attract traders using BitPay for instant Bitcoin deposits

BitPay Deposit allows brokers to accept Bitcoin and cryptocurrency deposits, fund user accounts in minutes, and receive next day irreversible bank account settlement in EUR, USD, or other local currency.

Published

11 months ago

May 12, 2020

Republished by Plato

Today’s traders expect access to funds in minutes, not days. Fast deposit options are no longer just an important aspect of the platform trading experience, but rather a requirement when choosing where and how much to trade.

Nearly 100% of traders say that they want immediate access to funds when making a deposit.

Yet, as brokers and platforms work to make deposit options easier for their customers, they are limited by the inherent challenges of the available payment methods. Traditional ACH, wire transfer, and credit card processing can be costly, time consuming, and frustrating. In fact, delayed deposits can be a significant reason why a trader changes platforms, or chooses one platform over another.

Traditional deposit methods are too slow and cumbersome

Bank Accounts: Traders are required to enter sensitive data, await account verification, and wait (again!) for collected funds to become available.
Wire: Customers have to involve their bank, navigate detailed and complex instructions that contain sensitive data, wait for the wire to transmit, and then wait again for funds to be posted and available.
Card Payments: Consumers need to share sensitive card and personal data which is authorized, stored, and then processed. Access to customer funds is fast … but card limits often prevent big dollar transactions.

The business impact of legacy deposit methods

Legacy payment methods can result in significant challenges for brokers and platforms competing in this digital era.

Slow: Depositing funds via wire or bank account transfer can take hours or even days, causing friction between you and your customers.
Expensive: Bank account or card transactions can be expensive to you and/or your customers. Unfortunately, you’re also often on the hook if these transactions are reversed or charged back.
Source of Fraud: Payments tied to bank accounts or credit cards can make you, the merchant, hold all the risk and liability for fraud. Bank account and card payments are 100% reversible for up to 90 days–unlike blockchain or push payments.

We’re proud to introduce BitPay Deposit, a fast, safe, and secure account funding alternative for online forex brokers and platform providers.

BitPay Deposit allows brokers to accept Bitcoin and cryptocurrencies deposits, fund user accounts in minutes, and receive next day irreversible bank account settlement in EUR, USD, or other local currency. BitPay supports BTC, BCH, ETH, XRP and stable coins USDC, GUSD, PAX and BUSD for deposits. Because blockchain payments are push payments versus pull payments, BitPay Deposit eliminates the risk of chargebacks and shields against any risk of Bitcoin or other cryptocurrencies price volatility. BitPay Payout allows brokers to immediately fund customers wanting to cash out via a single batch payout, and handles sending Bitcoin or other cryptocurrencies to any number of recipients worldwide, for a flat 1% fee.

BitPay provides brokers:

Potential to expand user base. Tap into a large and growing number of BitPay users and cryptocurrencies users who are likely to have traded online and at a larger average transaction size than other payment methods.
Lower costs. BitPay charges a flat 1% transaction fee paid either by brokers or passed on to their users.
Elimination of chargebacks. Bitcoin transactions are pushed by the sender rather than pulled by the receiver (like a merchant pulls money out of your bank account to settle a purchase), eliminating the risk of the payer claiming a payment was unauthorized.
Global operations. Accounts can be funded from anywhere in the world, without banks or any other third party.
Added volume and liquidity, with an expanded market and faster deposits.

and their clients:

Speed: Bitcoin transactions are confirmed by the network and settled, on average, in about ten minutes, allowing users to trade within minutes of funding an account and providing liquidity for arbitrage
Lower costs: No wire transfer fees, credit card fees, or interest.
Large deposit options: BitPay-funded accounts aren’t subject to wire transfer or credit card limits.
Borderless: Bitcoin and cryptocurrencies can be sent anywhere in the world in minutes, no bank account required.

Expand your deposit options to include BitPay Deposit and open your platform to a large and unique cryptocurrencies audience.

Source: https://bitpay.com/blog/forex-traders-want-to-use-bitcoin-for-instant-access-to-their-deposits-for-faster-and-cheaper-trading/

Blockchain

Kraken Daily Market Report for April 12 2021

Published

2 hours ago

April 13, 2021

Republished by Plato

Overview

Total spot trading volume at $1.74 billion, up from the 30-day average of $1.34 billion.
Total futures notional at $555.7 million.
The top five traded coins were, respectively, Bitcoin, Tether, Ethereum, Ripple, and Cardano.
Strong returns from Uniswap (+25%) and Flow (+11%).

April 12, 2021 $1.74B traded across all markets today Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD
XBT $59918. ↓0.3% $641.7M	USDT $0.9994 ↑0.03% $317.0M	ETH $2135.2 ↓0.9% $216.1M	XRP $1.3753 ↑1.9% $126.6M	ADA $1.2994 ↑2.6% $84.1M
USDC $0.9999 ↑0.0% $46.7M	DOT $40.310 ↓2.6% $39.1M	LTC $245.33 ↓2.9% $34.7M	TRX $0.1331 ↑8.9% $33.3M	FLOW $37.468 ↑11% $30.6M
UNI $37.402 ↑25% $23.6M	FIL $166.62 ↓7.0% $18.9M	XLM $0.5751 ↓1.0% $18.6M	XDG $0.0712 ↓3.4% $17.9M	XMR $321.10 ↓2.8% $17.9M
LINK $32.707 ↓3.9% $12.3M	MANA $1.0822 ↑1.0% $11.5M	BCH $669.88 ↓3.0% $11.0M	SC $0.0266 ↓3.5% $9.87M	ALGO $1.4637 ↓4.1% $9.85M
GRT $2.0962 ↑9.6% $9.61M	AAVE $403.67 ↑8.4% $9.51M	ATOM $22.173 ↓5.6% $9.42M	KSM $428.66 ↓2.4% $9.33M	EOS $6.4521 ↓4.5% $7.34M
XTZ $6.2194 ↓3.5% $6.97M	ZEC $218.94 ↓1.5% $5.36M	DASH $277.71 ↓3.4% $4.59M	STORJ $2.4142 ↓0.7% $4.51M	DAI $0.9994 ↓0.03% $4.08M
COMP $446.04 ↓3.0% $3.75M	SNX $19.596 ↑3.0% $3.13M	ICX $2.6855 ↑4.2% $3.06M	OMG $9.6585 ↑0.3% $2.8M	BAT $1.4119 ↓2.1% $2.57M
KAVA $6.5938 ↓5.9% $2.53M	OCEAN $1.6560 ↓3.6% $2.42M	QTUM $14.663 ↓1.9% $2.27M	CRV $3.0164 ↓3.2% $2.18M	ANT $10.697 ↓4.6% $1.93M
NANO $5.6921 ↑1.4% $1.91M	KNC $3.5034 ↓4.6% $1.86M	YFI $42840. ↓5.2% $1.68M	ETC $19.193 ↓5.8% $1.44M	OXT $0.7723 ↓3.9% $1.43M
WAVES $15.288 ↓2.2% $1.35M	REP $47.281 ↓4.1% $1.27M	LSK $6.4095 ↓6.1% $1.09M	KEEP $0.7189 ↓4.0% $1.07M	EWT $16.354 ↓4.3% $768K
MLN $85.518 ↓4.3% $674K	PAXG $1741.0 ↓1.0% $663K	BAL $51.182 ↓1.2% $600K	REPV2 $46.957 ↓4.2% $367K	GNO $172.93 ↓0.03% $292K
TBTC $60697. ↓0.8% $50.2K

#####################. 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 (April 12 2021)

Figure 2: Mid-size trading assets: (measured in USD) (April 12 2021)

Figure 3: Smallest trading assets: (measured in USD) (April 12 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 (April 12 2021)

.

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

Returns and Volume

Figure 5: Returns of the four highest volume pairs (April 12 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 (April 12 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. (April 12 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.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://blog.kraken.com/post/8612/kraken-daily-market-report-for-april-12-2021/

Blockchain

Bitcoin Prepares For its Next Move: Where is the 100 SMA, the Key BTC Level?

Published

2 hours ago

April 13, 2021

Republished by Plato

Bitcoin price is consolidating above the $59,500 support zone against the US Dollar. BTC is now showing a few positive signs, but it must clear $61,200 for a fresh rally in the near term.

Bitcoin is holding gains above the $60,000 and $59,500 support levels.
The price is now trading well above the $59,500 level and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $59,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to start a sharp upward move once it clears the $60,800 and $61,200 levels.

Bitcoin Price is Showing Positive Signs

Bitcoin remained in a range above the $59,000 level and it is showing a few positive signs. Recently, BTC made another attempt to clear the $61,200 resistance, but it failed.

It corrected lower and retested the $59,500 support level. A low is formed near $59,432 and the price is now moving higher. It is also trading well above the $59,500 level and the 100 hourly simple moving average.

There was a break above the 50% Fib retracement level of the recent decline from the $61,212 high to $59,432 low. There is also a key bullish trend line forming with support near $59,400 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

Bitcoin is now trading above $60,400, but it is facing resistance near $60,800. It is close to the 76.4% Fib retracement level of the recent decline from the $61,212 high to $59,432 low.

A successful break above the $60,800 level could open the doors for a move above $61,200. If the bulls succeed in clearing $61,200, the price could rally in the coming sessions.

Dips Limited in BTC?

If bitcoin fails to climb above $60,800 and $61,200, there could be a short-term downside correction. An initial support on the downside is near the $60,000 level.

The main support is now forming near the trend line, $59,500 and the 100 hourly simple moving average. If the bulls fail to protect the 100 hourly SMA, there could be a major decline. In this case, the price might decline towards the $58,000 level.

Technical indicators:

Hourly MACD – The MACD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.

Major Support Levels – $59,500, followed by $59,000.

Major Resistance Levels – $60,800, $61,200 and $62,000.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.newsbtc.com/analysis/btc/bitcoin-prepares-for-next-move-61k/

Blockchain

USDT, USDC, and BUSD represent 93% of stablecoin market cap

Published

2 hours ago

April 13, 2021

Republished by Plato

Research from on-chain analytics provider Glassnode has revealed that the top three stablecoins represent more than 90% of the sector’s entire market cap.

Glassnode’s April 13 “Week On-chain” report found that the top three stablecoins — Tether (USDT), USD Coin (USDC), and Binance USD (BUSD) — have seen significant growth over the past six months to represent a combined capitalization of more than $60 billion, equal to 92.75% of the stablecoin market.

By contrast, six months ago the combined stablecoin capitalization for those three was less than one-third of its current levels at $19.2 billion. This time last year, stablecoins were worth just $7 billion combined.

The analysis compared the growth of stablecoins with Bitcoin’s market cap, identifying a clear correlation between the two. The report also found that USDT’s supply has continued to increase during recent weeks despite BTC trending sideways, whereas growth for USDC and BUSD has slowed.

*BTC market cap vs stablecoin supply: Glassnode*

The report notes historic lows for its Stablecoin Supply Ratio (SSR) metric, which measures Bitcoin’s market cap relative to the total stablecoin supply to estimate the global “buying power” of the stablecoin sector.

When BTC prices are low, the supply of stablecoins can buy a larger portion of it to push prices up. Conversely, as prices increase the available stablecoins can purchase less which reduces the influence on prices. Glassnode concluded:

“The growth of stablecoin supplies throughout 2020-21 has held the SSR metric near historical lows suggesting a relatively high buying power of digitally native dollars. The demand for digital dollars appears to be keeping pace with demand for Bitcoin and cryptocurrencies as a whole.”

Tether’s market cap has over doubled since the beginning of 2021 to currently sit at a record $45.6 billion, according to the Tether transparency report. Circle’s website reported an all-time high of $11.5 billion USDC on April 9, while Goingecko estimated BUSD’s supply to be $5.1 billion on April 13.

On April 7, Circle CEO Jeremy Allaire predicted its USDC stablecoin could soon surpass PayPal by settlement value.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/usdt-usdc-and-busd-represent-93-of-stablecoin-market-cap