USDT USDC BUSD represent 93% of the stable coin market cap
The three largest stable coins USDT USDC BUSD represent a combined capitalization of $60 billion. Research from on-chain analytics provider Glassnode has revealed that the top three stable coins represent more than 90% of the sector’s entire market cap.
Enterprise blockchain solutions rally as businesses get hip to crypto
XRP, Stellar and XinFin see tremendous growth as enterprise solutions that offer cross-border solutions and serve the unbanked gain traction. The mainstream adoption of blockchain technology continues to pick up steam as stories like Microstrategy using Bitcoin (BTC).
Bitcoin bulls are confident even as a key BTC price metric hits a new low
Bitcoin’s long-to-short ratio has dropped to a five-month low, but bears are not taking the bait, suggesting bulls are still in control of BTC price. Margin trading allows an investor to borrow money or cryptocurrency to leverage their trading position and increase its size or the expected return.
Ethereum all-time high
It’s a sea of green across cryptocurrency on Monday as all-time highs come back within reach for Bitcoin. Ethereum is back with a vengeance this week as a new day’s trading gets underway with a fresh attack. After a weekend in which the largest cryptocurrency avoided a correction, Monday is looking bullish.
Major Thai bank experimenting with decentralized finance
Kasikornbank has identified asset-backed Defi as having the potential to create economic value for Thailand. Kasikornbank, or KBank, one of Thailand’s largest banks, has begun experimenting with Defi services as part of its business expansion plan.
BTC did make the final push upward towards the 60k region as covered in the last post, if this region continues to be rejected by BTC then we can expect a drop down towards the 40k region soon.
ETH did make a new ATH (all-time highs) and holding the 2100$ region, if BTC starts dropping towards the 40k region then we can expect ETH to be dropping towards the 1600$.
Mumbai: if India allows for the use of the existing public digital platforms, including APIs and Aadhaar, it can lippage the United States and China as the global leader on decentralized finance according to concept reports prepared by Balaji Srinivasa, former CTO of the world’s major crypto-base, and the IndiStack creator, Ispirt, Bengali-based think tank.
Balaji and an Ispirt expert team in a pair of “accompanying articles” published on Saturday argued that cryptography could solve the risk of overseeing such transactions by adding crypto, while also opening India up trillions of investment and giving the smaller nations “soft power” to develop crypto-solution solutions.
“India could champion an aligned movement, a Decentralised Movement, where countries were economically aligned behind decentralised crypto protocols like Bitcoin and Ethereum that all of them benefit from but none of them control,” Balaji, who is also a former general partner at VC firm Andreessen Horowitz, said.
“The NationStack concept is a long-term vision for India to help every country gradually replace services managed by American and Chinese corporations with locally-operated tech platforms and national digital currencies,” Balaji said, referring to a concept presentation published by the Indian Software Products Industry Round Table (Ispirt) on Saturday.
IndiStack on Cryptocurrency in India being Liked with UPI
In a separate blog post, Ispirt credited with IndiStack—a uniform software platform that allows Indian governments and businesses to access the railways Aadhaar, Digi-locker, and UPI—said that IndiaStack’s public crypto rail can help to bridge the Indian small-scale financing gap by helping small businesses and start-ups access a new form of guaranteed capital.
“Indian startups could benefit from crypto crowdfunding, Indian SMEs could access global Defi lending pools, and Indian students might even be funded with the emerging concept of personal tokens, like an equity-based version of microfinance,” the Ispirt note said, adding that the Indian government must give “serious considerations” to Balaji’s ideas.
“Balaji’s proposals have technical and social support from the very class of investors we would seek to attract. At least insofar as they relate to the issue of plugging the SME financing gap, we believe they deserve serious consideration by policymakers in India,” the Ispirt blog said.
Infosys Chairman thoughts on Cryptocurrency in India
Many prominent cryptocurrency and technological experts, most notably former Infosys chairman and Nandan Nilekani, the Indian Architect of the Aadhaar Project, used social media to endorse the Indian Crypto National Concept. Interestingly, this is happening at a time when India is about to ban cryptocurrencies for retail traders including bitcoin.
The 2021 Official Digital Currency Bill on the Cryptocurrency & Regulation is based upon a Parliamentary Committee recommendation, headed by former Secretary of Finance Subash Garg.
It is expected that the bill will not simply criminalize commerce, but also hold cryptocurrency assets to the dismay of the nascent industry cryptocurrency in India, which has been driving a Bitcoin bull rally in recent months.
India takes a leaf out of China, and as an alternative to paper money develops its digital coin supported by sovereign reserves. The possibility has been studied by an internal RBI committee.
“This is a vision of national software stacks and neutral crypto protocols. Put another way, by adding both a digital rupee and cryptocurrency support to IndiaStack, the country would (a) run a permissioned ledger for domestic transactions via the digital rupee and (b) use decentralised ledgers for international affairs,” according to Balaji.
“That would give India the best of both worlds: a domestic digital currency fully controlled by the Reserve Bank of India (RBI), and international.
BuyUcoin Thoughts on Cryptocurrency in India integration with AADHAR
Also, with an internal discussion with BuyUcoin Team on the same topic, ShivamThakral said
“We at BuyUcoin really looking forward to seeing the Cryptocurrency market becoming mainstream and available as an investment for Indian Economy, use of multiple technologies integrating with UPI & AADHAR will not only give birth to financial freedom and security but also an open path for new developers and entrepreneurs to innovate and Create (Make in India). Balaji Srinivasan and Nandan Nilekani has remained on the forefront to help India become a global leader in the crypto industry “
Blockchain Developers in BuyUcoin, Ashwin Singh Parihar, presented his thought while the debate was on,
“Blockchain technology is very diversified when comes to integration and innovating new financial independence for Users. Such an opportunity will bring new tasks, and Government Projects to participate and boost Indian Tech Position in the global market.”
Where these two were solid and positive on the outcome of the UPI and AADHAR integration with Cryptocurrency, Shreyasth Singh (Support Engineer) said,
“Such integration is still future, as the government first needs to regulate and provide protocols for such integration for the long run.”
Bitcoin mining company follows Tesla by setting up shop in Austin
Blockcap cited electric car manufacturer Tesla setting up one of its “Gigafactories” in Austin in announcing the move. Tesla CEO and billionaire Elon Musk recently purchased a home in the Texas state capital for more than $3 million on Lake Austin west of the downtown area, while the firm is breaking ground on the Gigafactory on the east side closer to the Austin-Bergstrom International Airport with Bitcoin. XRP seeing a monster rally, Ethereum could go to $10K in 2021.
Binance Coin (BNB) market cap passes Santander and UBS
To date, Binance Coin has rallied 900%, which makes the token’s $64 billion market cap larger than Santander, the Bank of Montreal and UBS. 2021 has been an impressive year for Binance Coin (BNB), which so far has rallied by more than 900%. One of the primary drivers of BNB’s growth was continued congestion on the Ethereum network.
XRP seeing a monster rally when Ripple is worth just $3B on the secondary market
Ripple is reportedly trading at a $2 to $3 billion valuation but its XRP holdings are worth around $70 billion. The equity of Ripple, the company that builds the infrastructure around XRP — the digital asset used by networks like RippleNet to process cross-border payments — is reportedly trading at $2 to $3 billion in the secondary market.
Ethereum could go to $10K in 2021 and outperform Bitcoin, says veteran trader
According to professional trader Scott Melker, Ethereum’s “tremendous upside potential” could overshadow Bitcoin this year. Ethereum is likely to outperform Bitcoin, at least in the short term, said veteran trader Scott Melker.
Melker sees this period of Bitcoin’s price consolidation as particularly bullish for the second largest cryptocurrency, that recently reached new all time highs.
NFTs, DeFi and Web 3.0 are intertwined
Explosive growth in asset tokenization and NFTs is fueling Web 3.0 growth, and testing DeFi resolve. Asset classes resulting from DeFi protocols and NFTs avail themselves of the advantages of fractional ownership of the assets, blurring the lines between asset classes and using constructs like digital wallets as a receptacle for them. This is all supported by underlying layers of Web 3.0 that provide security.
Bitcoin, the world’s most famous cryptocurrency, reclaimed the Bitcoin price $60,000 mark on Saturday after trading sideways since the beginning of the month. At 12:10 p.m. IST, the digital asset was trading at $60,675.87, up 4.5 percent, while there was trading at $2,173.63, up 4.7 percent.
Bitcoin price
After six months of double-digit returns in bitcoin price (BTC), the crypto market’s volatility has dropped in recent weeks. Experts, on the other hand, believe that a major shift is on the horizon.
Bitcoin reached a low of $777.76 in 2017 and a high of $19,497.40 in the same year. The world’s oldest cryptocurrency is up 109 percent so far this year.
Bitcoin rose 30% in March 2021, thanks to institutional demand and the passage of a $1.9 trillion Covid-19 relief package in the United States. With April becoming the second-best performing month on average, Kraken Intelligence predicts bitcoin will finish higher, tying for the longest winning streak since the cryptocurrency’s inception.
Bitcoin gained 30% in value thanks to institutional demand and the passage of a $1.9 trillion Covid-19 relief package in the United States. The second quarter of the calendar year is usually a positive yielding quarter for both bitcoin and ethereum, according to historical evidence. When looking back to 2011, BTC has returned an average of 256 percent in 2Q, while ETH has returned an average of 141 percent in 2Q.
Except for the second quarter of 2018, bitcoin has always provided a positive return in the second quarter, with an average return of 256 percent.
Given bitcoin’s end-of-March price of $58,786 and the assumption that it closes 256 percent higher in the second quarter of 2021, it could trade for about $209,000 on July 1, 2021. Using a more fitting statistical formula, a median second-quarter return of 39.5 percent, the world’s largest cryptocurrency will be worth around $82,000.
According to Kraken, if history repeats itself and ethereum rises 141 percent in the second quarter, the world’s second-largest cryptocurrency would be worth $4,643. This number comes out to $3,281 if you use the median 2Q return of 71 percent.
Enterprise-level partnerships send VET, VeChain price to new highs
Real-world use cases and enterprise-level partnerships are just a few factors behind VeChain’s recent breakout to a new all-time high. Since February enterprise-level adoption and a wide array of use cases have worked in favor of VeChain (VET), a blockchain-powered supply chain platform that seeks to use distributed governance and Internet of Things (IoT) technology to optimize supply chain management systems. VeChain is a blockchain platform designed to enhanced supply chain management and business processes. The live VeChain price today is $0.133818 USD with a 24-hour trading volume of $2,044,901,618 USD.
SingularityNET (AGI) rallies 1,000% as industries aim to merge AI with blockchain
The price of SingularityNET’s AGI token has been on the move as Defi capabilities, cross-chain integrations and layer-two functionality drive demand higher. One AI-focused cryptocurrency project that has seen tremendous growth since the beginning of 2021 is SingularityNET and its talented humanoid robot named Sophia. Blockchain is a technology that enables the existence of cryptocurrency.
NFT gaming and a tsunami of trading volume lift Waves to a new all-time high
Waves price swelled to a new all-time high as NFT airdrops and exchange listings attracted new users to the project’s growing ecosystem. Nonfungible tokens (NFT) have handsomely rewarded early investors over the past few months, especially as they gained mainstream attention thanks to record-breaking digital art sales and well-known influencers like Paris Hilton throwing their support behind the sector.
Meitu now holds $100 million in BTC and Ether after the latest Bitcoin purchase
The tech company has been on a buying spree of late, racking up $100 million worth of Bitcoin and Ether. Hong Kong tech company Meitu has taken the total value of its cryptocurrency holdings to approximately $100 million after the firm disclosed the purchase of an additional $10 million worth of Bitcoin (BTC) on Thursday.
Crypto traders on Robinhood jump six-fold to 9.5 million in Q1
Robinhood currently allows customers to buy, sell and hold cryptocurrencies. While central banks remain skeptical of digital currencies, analysts say more real-world uses of bitcoin will increase its appeal as a long-term store of value. Bitcoin has also made its way into the corporate treasuries of Tesla Inc, Square, and MicroStrategy Inc.
