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The Incredible Difference Between Current Bitcoin Rally And That Of 2017

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The Incredible Difference Between Current Bitcoin Rally And That Of 2017

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The cryptocurrency market has grown tremendously since the last notable Bitcoin bull run in 2017. As brought to Crypto-Twitter’s notice by analyst Joseph Young, there’s a long list of differences between Bitcoin’s rally in 2017, and the present bull run that began in 2020, which has now brought the market to its current state.

The Incredible Difference Between Current Bull Run And That Of 2017
BTCUSD Chart By TradingView

The most talked-about is perhaps the explosive institutional demand that Joseph Young highlighted in his tweet. Bitcoin bulls will recall that in 2017, retail traders were committed to pushing prices up at a time where institutional interest was at an all-time low. Active retailers in the market pushed the trading volume to the rooftop, causing Bitcoin to surge to an all-time high of $20k.

Four years later, the tables have turned and the market has witnessed a continuous inflow of cash from institutional investors. Institutional demand is expected to continue through the bull run. In fact, some analysts believe that institutional interest will carry the present bull run until this phase is over and the new phase comes.

FUD dying down

The level of fear, uncertainty, and doubt that hit market activities has been minimized. This is visible in the stability of exchanges, most of which were shut down and forced to relocate due to strict regulatory policies. China’s crackdown on exchanges also penetrated the market, sending three of the leading exchanges in the country at the time (OKCoin, Huobi, and BTCC) to rock bottom. It started with a warning from the country’s Central bank, reminding the firms to stay in line with the laws and regulatory guidelines.

In February of the same year, withdrawals were frozen by the government, with the introduction of new trading fees. It wasn’t until the later part of May that exchanges were granted access to funds. In mid-September, the Chinese government would eventually force the aforementioned exchanges to officially cease trading activities.

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Long-time Holders are more bullish than ever

With stronger regulation, the market began to recoup, allowing for old-time HODlers to change their culture of selling. With thousands of Bitcoins remaining stagnant since then. This year, as we reported a while back, the arrival of CEOs like Elon Musk has helped to reshape HOLders selling habits.

While Young added that the Tether FUD is no longer effective in the market, other Bitcoin users are arguing that Tether’s recent run with the SEC is a reminder the case of a crackdown should not be ruled out entirely.

However, Tether’s saga with the SEC does not take away from the fact that the market has hit new milestones, following the end of the last bull run. As such, it should not be considered a long shot to predict that the end of the current market will open more doors for Bitcoin as a globally dominating asset.


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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/the-incredible-difference-between-current-bitcoin-rally-and-that-of-2017/

Blockchain

Binance to Add Tradable Coinbase Stock Token After the Nasdaq Listing

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With the crypto and perhaps the entire financial world focused on Coinbase’s direct listing scheduled to occur today, Binance announced it will list the stock token after the Nasdaq public listing is complete.

Binance to List COIN/BUSD

CryptoPotato reported the latest initiative from the world’s leading crypto exchange Binance in which the company introduced zero commission tradable stock tokens. The so-called Binance Stock Tokens enable holders to qualify for economic returns on the underlying shares, including potential dividends.

The exchange said the first such token to see the light of day would be Elon Musk’s Tesla. It seems as the initiative has enjoyed a rapid adoption from users as the trading volume has neared $7 million in a matter of days.

Consequently, Binance has decided to expand its portfolio of available stock tokens by introducing a second one, which will also be settled with the exchange’s native stablecoin – BUSD.

“Binance will list the Coinbase Stock Token (COIN) on 2021-04-14 (UTC), during which the COIN/BUSD trading pair will be open. Users will be able to trade fractional Coinbase stock on the Binance website.”

It’s worth noting, though, that the Binance Stock Tokens are not available for everyone. Users based in Mainland China, Turkey, the US, and other restricted jurisdictions are prohibited from trading them.


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Coinbase’s Nasdaq Listing

All eyes are on the largest US-based cryptocurrency exchange today as its direct listing on Nasdaq Global Select Market is scheduled to complete by the end of the working day.

Coinbase averted from using the more traditional IPO process, which requires the usage of intermediaries called underwriters (usually banks) to facilitate the listing. Instead, the company chose the direct listing approach (also known as a direct public offering (DPO)). With it, Coinbase will be able to start selling shares directly to the public without the employment of intermediaries.

The community has outlined numerous potential evaluations ranging from about $90 billion to over $150 billion. The precise number will become known upon the official listing.

Nevertheless, Coinbase going public is highly essential news for the entire cryptocurrency industry as it validates the growth experienced in the past decade or so. Additionally, it opens the door for other firms from the space to follow along, with Kraken, Bakkt, and eToro announcing similar plans.

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Source: https://cryptopotato.com/binance-to-add-tradable-coinbase-stock-token-after-the-nasdaq-listing/

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Coinbase CEO Brian Armstrong Urges for Fair Crypto Regulations

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Ahead of the long-anticipated public listing for his company, Coinbase’s CEO Brian Armstrong asserted that US regulators are wrong in believing cryptocurrencies are primarily used for illicit transactions. He added that the industry wants to be treated on the same playing field as traditional finance when it comes down to legislative frameworks.

Armstrong on Crypto Misconceptions

The belief that digital assets are mainly used for illegal transactions has been going on for years, perhaps since bitcoin’s usage in some dark web marketplaces starting almost a decade ago. Regulators have used it as a good bashing point, and US-based watchdogs have been at the forefront of those attacks.

US Treasury Secretary, Janet Yellen, has repeatedly outlined the alleged massive usage of bitcoin and other cryptocurrencies for terrorist financing, Ponzi schemes, buying illegal goods, and everything in between. Naturally, the Treasury’s FinCEN department proposed quite restrictive legislation, which, however, has been indefinitely postponed.

Brian Armstrong, the CEO of the largest US-based crypto exchange preparing for its direct listing today, touched upon these concerns during a CNBC interview. However, he asserted that cash and even the highly-regulated banking sector are more frequently utilized in illegal transactions than crypto.

He referred to a report published today by the recently launched Crypto Council for Innovation indicating that “less than 1%” of all digital asset transactions have illicit roots. Simultaneously, PwC estimations showed that the percentage is more than 4x higher with the traditional economy, and more specifically cash.


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“The data we have just indicates that crypto is really not uniquely crime written. In fact, the data suggests it’s better than cash in that regard.”

Treat us Equally

Armstrong further outlined the significance of adequate regulation for his company, especially now that it will become public, but also for the entire industry. He suggested that the US should treat the crypto space as other financial sectors.

“We want to be treated on the level playing field with traditional financial services at the very least and not have any kind of punishment for being in the crypto space.”

He also joined Kraken’s CEO, Jesse Powell, saying that the world’s largest country by nominal GDP risks falling further behind other nations, such as China, in terms of crypto and blockchain adoption.

“China has really embraced cryptocurrency and blockchain in a big way – starting from about six years ago. They are substantially far ahead.” – Armstrong added.

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Source: https://cryptopotato.com/coinbase-ceo-brian-armstrong-urges-for-fair-crypto-regulations/

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MakiSwap Raises $1.4M to Build AMM Platform on Huobi Eco Chain

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[Press Release – St, John’s Antigua, Barbuda, 14th April, 2021]

MakiSwap, the number one decentralized exchange on Huobi Eco Chain (Heco), has raised $1.4 million in seed and private funding to build the most robust and feature-rich automated market maker exchange and yield farming platform on Huobi Eco Chain.

The oversubscribed round was led by Inclusion Capital, which incubated and supported MakiSwap in its development efforts. Other participants include Kenetic Capital, LD Capital, NGC Ventures, Polygon Network, DAO Maker, Momentum 6, AU21 Capital, Xend Finance and others. Jawad Ashraf, Founder of Terra Virtua, also joined the round as an individual investor.

MakiSwap is the leading AMM on Huobi Eco Chain, a high-performance blockchain supporting the Ethereum Virtual Machine. Heco was launched by the Huobi Global exchange and was met with formidable community support in China and the Asia-Pacific region. Heco projects are now shifting their focus to the global market, looking to bring in DeFi users from other regions and other blockchains.

MakiSwap was developed by Unilayer, a cross-chain DEX aggregator and DeFi ecosystem. The exchange offers unique features for an AMM designed with the professional trader in mind, including limit orders, advanced charting tools, analytics, and more. MakiSwap also features lucrative yield farming opportunities designed to incentivize users to make the jump into the new protocol and blockchain.

“We’re extremely excited to launch MakiSwap on Huobi Eco Chain and to the public, we do see a big potential for HECO to capture a lot of market share compared to other blockchains in the near future,” said Geo, Founder of Unilayer and MakiSwap.

“Makiswap is leading a new wave of Defi by empowering Huobi’s ECO chain community with key tools and infrastructure. We are excited to support Makiswap in helping to transform global finance through Defi.” Jehan Chu, Founder and Managing Partner, Kenetic

MakiSwap is powered by the MAKI governance token, which will be airdropped to holders of Unilayer’s LAYER token on Ethereum and Binance Smart Chain.

About MakiSwap

MakiSwap is the leading AMM exchange on Huobi Eco Chain, developed and launched by Unilayer, a cross-chain liquidity aggregator and unified interface for decentralized exchanges. MakiSwap’s governance token is MAKI, distributed fairly to all holders of Unilayer’s LAYER token. MakiSwap includes an advanced set of features like limit orders and advance charting to offer the best experience for professional DeFi traders.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/makiswap-raises-1-4m-to-build-amm-platform-on-huobi-eco-chain/

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