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Weekly Update #30: Bitcoin price Drop, Central Banks And Simpsons

Bitcoin price Drop, Central Banks And Simpsons-blockchain24.coMarch has already begun, but it is still worth it to take a look at the summary of the last week of the previous month. The previous episode of Weekly Update brought you closer some updates about the Binance and a surprising story of CoronaCoin. What interesting happened at the end of the month? Red …

Artykuł Weekly Update #30: Bitcoin price Drop, Central Banks And Simpsons pochodzi z serwisu Blockchain24.co | portal with cryptocurrency bitcoin & blockchain news.

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March has already begun, but it is still worth it to take a look at the summary of the last week of the previous month.

The previous episode of Weekly Update brought you closer some updates about the Binance and a surprising story of CoronaCoin. What interesting happened at the end of the month?

Red charts

The end of February wasn’t favorable for the Bitcoin. The leading cryptocurrency (according to the market capitalization) noted a significant fall after the fantastic performance in the first weeks of 2020 when it achieved an impressive value above $10,000 for one coin. Now, Bitcoin has retreated to the price of around $8,500.

What may has caused this pullback? It might be explained by the price correction after the latest bull market, reasonable in situations while the value of some asset is quickly rising in a short period. Some people, however, associate the price drop with a further advancing coronavirus outbreak. Nevertheless, this situation isn’t necessarily ominous for Bitcoin. According to Kraken CEO, Alex Saunders, the cryptocurrency industry soon may notice the next, even more intense, bull run.

Central bankers: Blockchain is not needed for digital fiats

An intensified discussion about blockchain and decentralized currencies caused national central banks (like, for example, the Bank of France) to consider a potential utilization of this idea. But apparently, not every country is interested in such an improvement. During a conference in Kyiv, Ukraine, dedicated to the topic of CBDC (central bank digital currencies), the representative of the National Bank of Ukraine stated that previously tested utilization of distributed ledger technology for a fiat e-currency didn’t work in this case.

Similar voices came from representatives of central banks from Canada and the Netherlands. But why such institutions are getting involved in CBDC anyway? According to Jamiel Sheikh, who talked with CoinDesk about this topic, the reason is a fear of private banking, already teased by Libra. 

New Zealand and crypto taxes

Last year, New Zealand surprised public opinion with the announced possibility of salary paid in cryptocurrencies. Now, the country is going to improve the tax system to better fit for decentralized assets. As for now, cryptocurrencies are considered as property, which means they follow the rules of standard goods and services tax (GST). In such a situation, every transaction with decentralized assets is subject to a 15% tax, which leads to over-taxation. Proposed changes assume excluding cryptocurrencies from GST tax in some cases, when said decentralized assets works more like currencies or shares. 

Crypto-football deal called off

Last week we told you surprising news about the Australian football club, Perth Glory FC, being bought by the London Football Exchange (LFE) – a blockchain-focused project aiming for the tokenization of this sport. An owner of the club, Tony Sage, recently traveled to London to finalize the deal. However, things didn’t go exactly as both sides had planned, and Sage announced that the transaction is called off.

We can’t be sure about the reasons behind this decision, but it might be related to possible illicit connections of LFE. According to the investigation of an Australian radio station, 6PR, LFE CEO Jim Aylward is, in fact, James Abbass Biniaz, previously charged with attempting to defraud the U.K. tax office. 

Crypto use against sanctions

The tense situation between the USA and Iran was a hot topic at the beginning of 2020, causing a significant bitcoin price increase. And apparently, the conflict between those two countries is still related with the blockchain industry. Saeed Muhammad, a commander of the Iranian military branch called Islamic Revolutionary Guard Corps, opted for cryptocurrency utilization against the American sanctions.

As we may read on CoinDesk, the news was initially spread through Telegram, which is a very popular tool for communication and sharing information in Iran. It is worth to be noted that similar usage of cryptocurrencies is being used by North Korea.

Jim Parsons explains crypto in Simpsons

And for the end of today’s Weekly Update, we have something more casual. An ultimate crossover happened last week in a beloved animated TV series, Simpsons. In the episode titled “Frinkcoin,” the rules of cryptocurrency world get explained by Jim Parsons, an actor famous for his role as Sheldon Cooper in a “The Big Bang Theory” comedy series. He described the processes, which stand behind decentralized money and distributed ledger technologies.

For the cryptocurrency industry, every “cameo” of Bitcoin in any popular medium is gaining a lot of attention. Some people believe that such situations are taking us closer to more widespread adoption since they are popularizing the idea of blockchain. Will Simpsons episode about crypto will go down in history as the one which has revolutionized the crypto world? I rather doubt it. But it is still a pleasant surprise for blockchain enthusiasts.

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Source: https://www.blockchain24.co/weekly-update-30-bitcoin-price-drop-central-banks-and-simpsons/

Blockchain

GIBX Swap: Sky is the Limit for the Best Decentralized Exchange Platform

The era of decentralized exchanges has come with the maturity and application of digital technologies.

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The value of GIBX Swap, which focuses on mainstream cryptocurrencies, is predicted to continue growing, shortly after its recent launch, and its price has the potential to reach record heights.

The first and leading decentralized exchange platform in the world has been launched on Sep.14,2021. Two days later, it is announced that GIBX Swap has started trading.

Meanwhile, due to its reputation, it has officially been listed on CoinMarketCap, the world’s most-referenced price-tracking website for cryptoassets in the rapidly growing cryptocurrency space. 

Decentralized tech and business

DeFi, shortened for Decentralized Finance, has been catching on since 2020. GIBX Swap holds the view that being decentralized is prerequisite to DEX. Traditional exchanges tend to be centralized.

On the one hand, it serves as information intermediaries, solving the issue of asymmetry of information to some extent; on the other hand, it create a new information asymmetry in favor of itself by the monopoly and manipulation of information, sometimes at the cost of the legitimate interests of clients.

No matter how the stock market performs, centralized exchanges can rely on charges and fees to guarantee their revenues.

As far as GIBX SWAP is concerned, the era of decentralized exchanges has come with the maturity and application of digital technologies. As a new type of exchange, the decentralized exchange makes the fullest use of the decentralization of blockchain, building peer-to-peer trust and transactions, with no intermediary.

The transaction links are all on the chain and performed directly by the open-source smart contract. As long as the user has and keeps the private key, he/she doesn’t have to worry about property security.

GIBX Swap features decentralized technologies with its brand-new block chain trading underlying platform, new generation of trading contract and cross-chain decentralized exchange, and complete business model with asset safety, market liquidity, trading fairness, ecological openness and transaction experience.

It aims to become the benchmark for DEX platforms and the leading DEX platform for token swaps.

GIBX Swap is an automated market maker (AMM) that allows a user to exchange two tokens. The liquidity provided to the exchange comes from Liquidity Providers (“LPs”) who stake their tokens in Liquidity Pools. In exchange, a user gets LP tokens that can also be staked to earn X tokens in the “Pool”.

Blockchain security protection from inside and outside

GIBX Swap puts emphasis on blockchain security protection. For one thing, it strengthens its own security from inside; for another thing, it has its smart contract technology code audited. Certik, the world’s leading block chain security audit institution has provided an audit for the project.

Established by the research team from Yale University and Columbia University with a decade of research, Certik has been providing code security audit services for blockchain applications and smart contracts, and the highest level of code security solution.

It is announced that GIBX Swap has passed the Certik security audit, which is carried out in a comprehensive review from Static Analysis, On-chain Monitoring, Social Sentiment, Governance & Autonomy, Market Volatility and Safety Assessment in search of potential safety hazards and possible production vulnerabilities.

It is confirmed once again after the audit by Certik that the technical code delivered by GIBX Swap is at a very high level of security, and GIBX Swap has the initiative to perform security tests.

Price predicted to reach new high 

GIBX Swap is highly committed to the supplier of true value, fairness, and innovation to decentralized finance through high-quality products and services.

It aims to become a benchmark for DEX platforms and take up the mantle of becoming the leading DEX platform on the market for token swaps. GIBX Swap is fast, secure no which anyone can swap and earn tokens.

A growing number of people has been paid attention to GIBX Swap ever since its launch. There have been over 46,000 followers in twitter, and more than 90,000 members in its TG.

GIBX Swap has shown strong potential lately and this could be a good chance to invest. Its value is expected to continue to expand, as shortage tends to encourage price rise.

In terms of price, GIBX Swap has an outstanding potential to reach new heights. X is forecast to increase in value. GIBX Swap can hit the highest price of $23.62 till 2030.

GIBX Swap is affiliated to GIBX, an international comprehensive Internet brokerage firm created by GIB Global Investment Bank & Capital Trust and a digital asset trading platform covering forex functions. GIBX has teamed up with world-renowned cryptocurrency platforms and top liquidity providers, including but not limited to: CoinMarketCap, CoinGecko, JPMorgan Chase, Goldman Sachs etc. in order to provide users a more transparent and convenient trading experience. As a financial trading platform regulated by international authorities such as FCA, ASIC, NFA, GIBX strictly follows all rules and regulations and uses reliable risk management solutions to ensure the safety of users’ capital.

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Source: https://www.financemagnates.com/thought-leadership/gibx-swap-sky-is-the-limit-for-the-best-decentralized-exchange-platform/

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Blockchain

Solana, Polkadot, Algorand: What is the Bitcoin effect on these altcoins

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With the market trading in red today pretty much all coins including Bitcoin and Ethereum are falling. However, there are some coins that made excellent gains in the last 2 months which are now facing huge price falls as well.

Which alts though?

Solana, Polkadot, and Algorand were three altcoins that successfully rallied between July and August. Polkadot rose from $12.34 all the way to $34.45 registering a 214.33% growth. Similar gains were observed for Algorand as the coin breached $2 and marked a 230.26% rise. 

The most gains were seen by Solana holders though mainly because the altcoin shot up 713.94%. An increase this high was the result of the NFT hype which took it up from $26.68 to $191.07

Solana’s 713% rise | Source: TradingView – AMBCrypto

In fact, Solana and Algorand even registered new all-time highs during this time period. But each of these coins is now observing significant price falls as well. 

In the last 24 hours ALGO fell by 15.26%, DOT came down by 14.37% and SOL lost 16.8% of its price as of press time.

A huge reason behind this fall is also their exhausted momentum since even after the September 7 fall, DOT and ALGO witnessed another price rise before they finally hit a slowdown.

Algorand’s 15.26% drop | Source: TradingView – AMBCrypto

Owing to this investors are possibly getting rid of their holdings in both spot and derivatives markets. Sell volumes at the time of this report have increased and liquidations rose to millions for all 3 altcoins. Since SOL gained the most, it lost the most as well and its liquidations touched $25 million.

Solana liquidations at $25 million | Source: Coinalyze – AMBCrypto

Can Bitcoin save them?

Well since Bitcoin’s price movement commands the market’s movement it is obvious that BTC needs to reduce losses first. But more importantly, these assets’ correlation to Bitcoin will determine how much they will be affected by BTC. Right now Algorand is at the lowest at 0.57, followed by Solana at 0.7, and at the highest is Polkadot (0.88)

However, surprisingly, investors are most positive about Algorand of all three hoping for a recovery soon.

Investor sentiment | Source: Santiment – AMBCrypto

Once Bitcoin and Ethereum change their movement, other coins would follow suit. And that’s when some recovery can be expected.

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Source: https://ambcrypto.com/solana-poladot-algorand-what-is-the-bitcoin-effect-on-these-altcoins

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Blockchain

Kraken Daily Market Report for September 19 2021

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Overview


  • Total spot trading volume at $598.4 million, the 30-day average is $1.36 billion.
  • Total futures notional at $223.4 million.
  • The most traded coins were, respectively, Bitcoin (-2.2%), Ethereum (-3.1%), Tether (0%), Solana (-9.9%), and Cosmos (+8.8%).
  • Cosmos continues its hot streak, up 8.8%. Also strong returns from OMG (+10%).

September 19, 2021 
 $598.4M traded across all markets today
 Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD 
BTC 
$47237. 
↓2.2% 
$159.9M
ETH 
$3328.3 
↓3.1% 
$112.5M
USDT 
$1.0001 
↓0.01% 
$66.5M
SOL 
$152.62 
↓9.9% 
$39.4M
ATOM 
$44.205 
↑8.8% 
$34.8M
ADA 
$2.2816 
↓3.7% 
$33.9M
DOT 
$33.828 
↓2.9% 
$28.0M
USDC 
$1.0 
↓0.01% 
$19.8M
ALGO 
$1.975 
↓4.8% 
$16.0M
XTZ 
$6.5085 
↑1.1% 
$16.0M
XRP 
$1.0480 
↓2.5% 
$11.6M
LINK 
$27.364 
↓3.3% 
$8.56M
DOGE 
$0.2329 
↓3.3% 
$7.51M
LTC 
$181.89 
↑0.24% 
$7.26M
OMG 
$9.6562 
↑10% 
$6.8M
KSM 
$400.45 
↓4.2% 
$6.65M
EOS 
$4.912 
↓9.9% 
$4.86M
CRV 
$3.0345 
↑5.8% 
$4.84M
BCH 
$610.63 
↓3.2% 
$4.79M
DYDX 
$14.288 
↓12% 
$4.55M
MATIC 
$1.3112 
↓4.1% 
$4.14M
XLM 
$0.3134 
↓2.7% 
$3.04M
MOVR 
$387.12 
↓2.1% 
$2.95M
MINA 
$5.38 
↑1.7% 
$2.88M
ZEC 
$133.55 
↓3.8% 
$2.77M
TRX 
$0.1037 
↓2.0% 
$2.4M
AAVE 
$339.02 
↓4.5% 
$2.29M
SC 
$0.0180 
↓5.1% 
$2.02M
XMR 
$260.10 
↓4.2% 
$1.99M
FLOW 
$20.114 
↓2.9% 
$1.93M
DAI 
$1.0002 
↑0.01% 
$1.85M
ANT 
$5.9664 
↓3.2% 
$1.76M
MLN 
$123.19 
↑2.4% 
$1.72M
SNX 
$12.82 
↑1.7% 
$1.47M
DASH 
$192.81 
↓3.6% 
$1.32M
NANO 
$5.5184 
↓0.9% 
$1.31M
OXT 
$0.3665 
↓2.7% 
$1.29M
ETC 
$55.316 
↓2.8% 
$1.26M
SRM 
$9.8570 
↓8.9% 
$1.23M
KAVA 
$6.0120 
↓4.3% 
$1.09M
CQT 
$1.193 
↓2.6% 
$907K
ICX 
$1.7976 
↓6.7% 
$837K
SDN 
$5.84 
↓2.7% 
$819K
KEEP 
$0.4473 
↓6.4% 
$809K
UNI 
$23.906 
↓2.3% 
$807K
WAVES 
$27.5 
↓5.1% 
$798K
KAR 
$9.941 
↓11% 
$790K
FIL 
$83.437 
↓1.0% 
$725K
YFI 
$32933. 
↓2.6% 
$649K
COMP 
$392.7 
↓2.1% 
$599K
QTUM 
$12.145 
↓3.3% 
$577K
OCEAN 
$0.7578 
↓5.7% 
$577K
SUSHI 
$12.017 
↓5.3% 
$513K
REN 
$0.8905 
↓5.9% 
$501K
GRT 
$0.8017 
↓3.4% 
$429K
RARI 
$19.69 
↓7.9% 
$406K
KNC 
$1.7345 
↓3.5% 
$339K
STORJ 
$1.3421 
↓3.9% 
$318K
PAXG 
$1763.7 
↓0.21% 
$305K
BAT 
$0.7403 
↓1.3% 
$269K
CTSI 
$0.6513 
↓3.6% 
$268K
AXS 
$63.35 
↓2.2% 
$245K
ENJ 
$1.5619 
↓4.9% 
$220K
LSK 
$3.6100 
↓0.6% 
$216K
ZRX 
$1.047 
↓5.4% 
$207K
EWT 
$10.199 
↓4.7% 
$197K
BAL 
$24.71 
↓3.9% 
$191K
MIR 
$3.6362 
↓3.0% 
$177K
CHZ 
$0.3165 
↓3.6% 
$156K
1INCH 
$2.9619 
↓4.3% 
$142K
GNO 
$265.44 
↓5.0% 
$141K
PERP 
$14.055 
↓5.7% 
$139K
MANA 
$0.7986 
↓2.8% 
$136K
BADGER 
$20.576 
↓8.8% 
$136K
OGN 
$1.0027 
↓5.0% 
$125K
MKR 
$2730.0 
↓2.9% 
$115K
INJ 
$10.950 
↑2.0% 
$99.1K
REP 
$25.857 
↓1.8% 
$95.5K
LPT 
$18.11 
↓4.2% 
$89.2K
ANKR 
$0.0947 
↓0.3% 
$76.3K
LRC 
$0.4531 
↓1.5% 
$71.4K
GHST 
$1.6867 
↓1.2% 
$56.2K
BAND 
$8.852 
↓4.2% 
$48.2K
SAND 
$0.7381 
↓4.7% 
$43.9K
TBTC 
$48240. 
↓3.4% 
$32.5K
REPV2 
$25.234 
↓3.7% 
$27.3K
BNT 
$3.923 
↓1.3% 
$15.5K
WBTC 
$47699. 
↓0.4% 
$12.3K



#####################. 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 (September 20 2021)



Figure 2: Mid-size trading assets: (measured in USD) (September 20 2021)



###########. Daily Returns. #################################################

Daily Returns %


Figure 3: Returns over USD and XBT. Relative volume and return size is indicated by the size of the font. (September 20 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.

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Source: https://blog.kraken.com/post/11070/kraken-daily-market-report-for-september-19-2021/

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