Connect with us

Blockchain

Will A Digital Currency Be Issued By An American Firm In The Near Future?

Questions are lingering over which U.S. firm is going to be the first to issue its own digital currency. Already Eastman Kodak has disclosed that it is considering unveiling a cryptocurrency. A Kodak brand licensee, Wenn Digital, is expected to issue these new coins meaning that it will not be exactly a product of Eastman […]

The post Will A Digital Currency Be Issued By An American Firm In The Near Future? appeared first on dippli.

Published

on

Questions are lingering over which U.S. firm is going to be the first to issue its own digital currency. Already Eastman Kodak has disclosed that it is considering unveiling a cryptocurrency. A Kodak brand licensee, Wenn Digital, is expected to issue these new coins meaning that it will not be exactly a product of Eastman Kodak.

According to most digital currency investors the adult entertainment sector is going to be the first to issue its own virtual coin. Also touted as likely to issue a digital currency are gamer apps. According to an angel advisor and investor in the Bay Area, Elena Masolova, there is speculation that adult website Pornhub with its half a billion users will join blockchain.

Masolova added that the management of the adult website had been taking part in blockchain conferences of late. Per Masolova a gaming firm known as WarGaming was also a likely candidate for the launch of a virtual currency.

Adult entertainment

Mid last month adult entertainment firm, Playboy, disclosed that it would be developing its own virtual currency wallet in order to allow for payments of products and services of the firm in virtual currencies. According to the chief operating officer of Playboy, Reena Patel, this would give fans of Playboy more payment choices. In a statement Patel added that the adult entertainment firm would initially be accepting Vice Industry Token (VIT). This is a utility token that was launched earlier in the year and which lets Playboy video audiences enjoy discounts. During its Initial Coin Offering VIT raised approximately $14.5 million.

However the one American firm that would have the biggest impact were it to launch a virtual currency is online retail giant Amazon. Not only is Amazon said to be venturing into financial products and services but the e-commerce giant is making investments in blockchain technology which means it has the infrastructure set up if it ever wanted to delve into virtual currencies.

Huge impact

While there are no indications that Amazon is about to launch a digital coin the impact of that if it came to pass would be huge. For one it would enable mass adoption as it would ensure that virtual currencies gained mainstream acceptance. This would have the ripple effect of more people buy virtual currencies with the hopes of making a quick buck. One advantage that Amazon would enjoy is that it already has a customer base and would therefore not require to raise funds for a new coin via an Initial Coin Offering.

However despite a lot of startups and investors in Silicon Valley being highly involved in virtual currencies the vanguards have kept away from the sector. Some are even turning their backs on virtual currencies, Stripe a Y-Combinator startup used to accept bitcoin (BTC) but now no longer does.

While there is a lot of appreciation for blockchain technology the same cannot be said of virtual currencies. The regulatory crackdowns on Initial Coin Offerings by the likes of the U.S. Securities and Exchange Commission means that a lot of established Silicon Valley titans are adopting a wait-and-see attitude.

Dippli is an independent media outlet that covers the current events in the crypto space. Got breaking news or a story to share? Then feel free to contact us at [email protected].

The post Will A Digital Currency Be Issued By An American Firm In The Near Future? appeared first on dippli.

Source: https://dippli.com/2018/12/14/will-a-digital-currency-be-issued-by-an-american-firm-in-the-near-future/

Blockchain

Here’s how Options traders can take advantage of Bitcoin’s window

Published

on

It is exciting to see market sentiments in a volatile crypto-environment. The past couple of weeks, for instance, have seen Bitcoin and most altcoins at their bullish best. However, the aforementioned period has also seen these assets face a steady stream of drawdowns.

Consider this – Bitcoin is currently undergoing corrections and a mixed response should have been expected from traders. Alas, that hasn’t been the case.

Are traders too bullish at the moment?

Source: Skew

Put/Call Ratios today touched a level of Open Interest last seen back in early January. At the time, it was a key bullish signal, one which led Bitcoin all the way to $42k by mid-February.

It can be a bullish signal this time too. It might help Bitcoin break the $42k barrier once again, an essential range to recover in terms of market structure.

Source: Skew

Bitcoin Options Open Interest were resoundingly bullish, with call buys dominating both short-term and long-term expiries. Here, it’s worth paying attention to the 297 BTC expiring tomorrow at $40,000.

Does Options Interest matter that much?

A clearer picture in that regard can be underlined by Deribit’s recent Institutional newsletter. According to Deribit, the total turnover was $40.4 billion in July, 24% lower than the turnover in June 2021. Total Options turnover also dropped by 23%, registering a figure of $14.6 billion.

Source: Deribit

The letter added,

“295,920 BTC and 1,991,591 ETH options contracts were traded in July 2021, down 25% and 8% versus June 2021.”

Back in July, Bitcoin was consolidating between $35000 and $30000 until the last week, when a bullish breakout unfolded.

 But, has Bitcoin confirmed a rally yet?

Source: TradingView

Rallying and confirming a bull rally can be considered two different things, technically. One has more direction than the other. For example, a bull rally can be close to being confirmed once Bitcoin closes above $42,000 on the daily chart. It isn’t doing so right now but still, it is rallying somewhat, right?

But, a ‘rally’ might not be the reason why Options traders are so bullish. It might just be a strategy.

The Bull-Call Spread and its limited action

Now, a bull-call spread is an Options strategy that takes advantage of a limited increase in an asset’s value. Traders set up two Options where one is a Call Option at a lower strike price and a Sell Option at an upper strike price. Here, both are meant to expire on the same date. It is a reduced risk strategy that caps gains, but limits massive losses. Without getting into the technicals, here is how it works.

Bring those 297 BTCs expiring with a strike price of $40,000 on 5 August into play. Now, the play here would be to set another Sell Option at the strike price of $41,000. Now, if BTC touches $40,000 and goes beyond, the trader would sell a Call Option at a higher strike price that has the same expiration date as the first Call Option and collect the premium.

If the price of Bitcoin does not go above $40,000, then the Options strategy expires worthlessly and the investor loses the net premium paid at the onset. But, it is limited since there are two opposing contracts at play.

Moral Point?

If that bit of information got a little dizzy, then here is the shorter version – There is a possibility that traders are bullish on Bitcoin for a limited time period to cover the bullish spread. Bitcoin is in play for them, but they are acting in particularly bullish windows.

Hence, Bitcoin Options traders might not be overly bullish, just momentarily.

Where to Invest?

Subscribe to our newsletter

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

Click here to access.

Source: https://ambcrypto.com/heres-how-options-traders-can-take-advantage-of-bitcoins-window

Continue Reading

Blockchain

Why it’s best Cardano’s traders remain on the lookout

Published

on

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

While some altcoins have been quite volatile over the week due to Bitcoin’s hike above $42,000 and its subsequent retracement, the same cannot be said for Cardano.

Broader market cues did not seem to have a drastic effect on ADA’s price as it remained gridlocked between the strong resistance of $1.38-$1.40 and support at $1.25. However, tracking its movement since 19 May highlighted the formation of a pennant and a potential swing could be in store over the coming week. The question is – In which direction?

Cardano Daily Chart

Source: ADA/USD, TradingView

Since the 19 May sell-off, Cardano has formed four higher lows at $1.95, $1.86, $1.49, and $1.38. An upper sloping trendline was used to plot these points on the charts. Similarly, a lower trendline was plotted along the slightly higher lows of $0.95, $1.0, and $1.02.

This created a pennant pattern which indicated two possible outcomes going forward.

Bullish Outcome 

Let’s discuss a bullish outcome first since this seemed achievable with one simple development. Buyers need to target a hike above the $1.38-$1.40 resistance – A result that could trigger a near 40% surge in value towards the highest point in ADA’s pattern at $1.88. Excited? Well, it wouldn’t be that plain and simple.

This scenario would require ADA to close above its weekly 20-SMA (red) (not shown) which has run bearish since 5 July. Moreover, the Visible Range noted a decent number of sellers at ADA’s aforementioned resistance zone.

Bearish Outcome

Quite a few developments need to take place for this result. For starters, ADA would need to drop below its daily 200-SMA (green) and Visible Range’s POC at $1.21. Ideally, ADA would find support at the higher low at $1.05, but a close below this level might lead to a sharp sell-off in the market. The 23 April swing low of $0.92 would be in focus in such a situation.

Winner?

At press time, the buyers were at an advantage. The RSI was above 60 – A sign of bullish strength in the market. The Squeeze Momentum Indicator noted upwards pressure, while the MACD maintained its northbound trajectory, albeit with some choppy movement. However, the indicators had not yet matured to levels to indicate a clear winner in this battle.

Conclusion

ADA did flash positive signals as it traded close to the resistance zone of $1.38-$1.40. Traders should be on the lookout for a break above or below key levels to ascertain ADA’s next destination over the coming weeks.

Where to Invest?

Subscribe to our newsletter

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

Click here to access.

Source: https://ambcrypto.com/why-its-best-cardanos-traders-remain-on-the-lookout

Continue Reading

Blockchain

Indian Olympic Medal Winners to Get Free Bitcoin (BTC) and Ethereum (ETH)

Published

on

The cryptocurrency platform Bitbns intends to open a systematic investment plan (SIP) in digital assets for Indian athletes who win medals at the ongoing Tokyo Olympics. The exchange will reportedly grant around $2,700 in crypto for gold medal winners.

‘Faster, Higher, Stronger’ And Earn Crypto

The Economic Times reported that Indian athletes at the Olympic Games could receive cryptocurrencies as a gift if they manage to win a medal at the tournament in Tokyo.

The trading venue that will reportedly provide the offer is Bitbns. The first athletes that can get cryptocurrency exposure for free are the winners Mirabai Chanu and PV Sindhu. The former won a silver medal in 49 kg women’s weightlifting while the latter acquired bronze in the women’s singles badminton at the Tokyo Olympics.

Bitbns plans to roll out a SIP account and grant nearly $2,700 in digital assets for Olympic champions, $1,350 for silver medal winners, and $675 for bronze medalists. It will transfer the amount into their accounts, and after completing the Know Your Customer (KYC) norms, the athletes will have exposure to cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).

The trading venue explained that it would structure the SIP for a 3-5 year period, and thus the medal winners will be able to generate profits in the long term through Bitbns. Gaurav Dahake – the Chief Executive Officer at the platform – noted:


ADVERTISEMENT

“Bitcoin and Ethereum have been the best-performing assets in the last decade, and have given exceptional returns and we aim to get our winners indulge in this rewarding journey.”

Indians Love Cryptocurrencies

According to a recent research, Indian residents increased their digital asset investments from $200 million in 2020 to $40 billion for the first six months of this year, indicating that their appetite for cryptocurrencies surged significantly.

What is even more impressive is that Indians, who are well-known gold admirers, started switching their investment strategies from the precious metal to virtual currencies. A local investor explained:

“I would rather put my money in crypto than gold. Crypto is more transparent than gold or assets and yields higher returns in a shorter period of time.”

The survey added that the number of people who trade cryptocurrencies in India is 15 million. It significantly surpasses a well-developed country such as the UK, for example, where 2.3 million individuals have entered the market. Sandeep Goenka – the co-founder of the platform ZebPay – revealed the reasons why the second-most populated country saw this massive increase:

“They find it easier to invest in crypto than gold because the process is so much simpler. You go online, you can buy crypto, you don’t have to verify it, unlike gold.”

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

Click here to access.

Source: https://cryptopotato.com/indian-olympic-medal-winners-to-get-free-bitcoin-btc-and-ethereum-eth/

Continue Reading
Blockchain5 days ago

Bitcoin’s Back to $40K, Millions of Shorts Liquidated: The Weekly Crypto Recap

Uncategorized4 days ago

Don’t Listen to the Experts Saying Bitcoin Price Can Drop to $15K or Reach $100K. Do This Instead.

Blockchain5 days ago

$45B Asset Manager GoldenTree Has Reportedly Bought Bitcoin

Blockchain5 days ago

Mastercard Has to Be in the Cryptocurrency Space, Says CEO

Blockchain5 days ago

Binance Completes Polygon Mainnet Integration For Deposits and Withdrawals

Blockchain5 days ago

The Bullish and the Bearish Case For Bitcoin Following the Rally to $40K (On-Chain Analysis)

Blockchain5 days ago

Are Axie Infinity, ENJ, ALICE’s performances proof that ‘gaming summer’ is upon us

Blockchain4 days ago

Ethereum: Are you wrong to expect ‘changes’ from London

Blockchain4 days ago

MicroStrategy Secures A Whopping $1.4 Billion In Bitcoin Gains – Not Dumping Anytime Soon

Blockchain4 days ago

eToro Listed Shiba Inu (SHIB) While ShibaSwap TVL Drops Almost 80% in Two Weeks

Blockchain4 days ago

Ethereum: These will be the signs of ETH rallying to a new ATH

Uncategorized5 days ago

Commercial Paper Reserves Of Tether Under Heavy Regulatory Scrutiny

Featured4 days ago

Robinhood Stocks Closed First Week Of Trading Down By 7.5%

Blockchain4 days ago

German Institutional Funds Can Now Invest 20% of Portfolios in Crypto

Blockchain4 days ago

What you should know about Paraguay’s push to welcome Bitcoin miners

Blockchain5 days ago

The GBA Annual Achievement Awards

Blockchain5 days ago

MicroStrategy to Buy More Bitcoin Despite Q2 Impairment Loss

Blockchain4 days ago

Six years on, this is how Ethereum is REALLY faring on these counts

Uncategorized4 days ago

DeFi in style? Here’s how women can break into the game

Featured4 days ago

eToro Lists SHIB While ShibaSwap TVL Drops 80% In Two Weeks

Trending