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3 Latest Blockchain and Crypto-Related Announcements That You Should Know

April 9, 2021 by Blockchain Consultants

3 Latest Blockchain and Crypto-Related Announcements That You Should Know

This article talks about the 3 latest announcements related to Blockchain and crypto space that every Blockchain enthusiast must know. 

Table of Contents 

  • Overview
  • Latest News and Announcements This Week
  • New Kind of Network(NKN) Price Rallied to a New All-Time High 
  • Indian Tech Giant’ Tech Mahindra’ to Launch Stablecoin Tool for Banks
  • India’s Largest Cryptocurrency Exchange, WazirX Launches NFT Marketplace
  • Concluding Lines 

Overview

The uncertainties in 2020 have resulted in a cryptocurrency boom. Blockchain technology has proven to be distributed, transparent, safe, and reliable. Right from its use-cases in finance to supply chain and healthcare, Blockchain has its use-cases in every domain. 

As this sector is booming and shows no sign of slowing down, Blockchain and crypto always remain in the limelight. Let’s talk about top announcements related to this domain.

Latest News and Announcements This Week

In this section, let’s talk about the latest news and accomplishments in the crypto and blockchain domain.

  • New Kind of Network(NKN) Price Rallied to a New All-Time High 

Backed by Blockchain Technology, a New Kind of Network, also known as NKN, is a new type of peer-to-peer(P2P) network connectivity protocol that uses economic incentives to promote users on the internet to share and distribute their network connections and employ unused bandwidth.   

This network has risen 1,400 percent from a low of $0.052 on March 8 to a new all-time peak of $0.779 within two days on April 6, making it one of the month’s unexpected risers.

According to its official website, since its launch in starting in 2018, the project has steadily expanded its active population to become the “world’s largest blockchain network in terms of full consensus nodes,” with 67,266 nodes already running on the network with the capacity to host millions of full consensus nodes. Following Binance’s announcement on March 11 that NKN holders could gain 20% APY on their assets if they deposited them into their Binance savings account, the NKN price began to rise.

  • Indian Tech Giant’ Tech Mahindra’ to Launch Stablecoin Tool for Banks

Indian tech firm Tech Mahindra is revealing and developing a new stablecoin service targeting financial institutions and banks. The tech giant has collaborated with Dutch blockchain application incubator Quantoz to launch a “stablecoin-as-a-service” tool to lessen transaction fees and processing rates.

As a part of the announcement, Rajesh Dhuddu, Blockchain and cybersecurity leader at Tech Mahindra, expressed his views and stated that the recent OCC statement promoting the use of stablecoins for the settlement of financial transactions by banks would drive demand and accelerate innovation in global payments.”

Tech Mahindra’s collaboration will help users integrate Quantoz’s Nexus transaction processing platform into their legacy infrastructure. 

  • India’s Largest Cryptocurrency Exchange, WazirX Launches NFT Marketplace

Another big announcement related to Blockchain and crypto space came from one of the leading largest crypto exchanges, WazirX. Recently, the Indian-based crypto exchange platform announced that it is launching the NFT marketplace for the exchange of digital art, assets, intellectual property, and more. This announcement comes after a strong month for the exchange’s in-house WRX token.

WazirX founder Nischal Shetty believes that it is the first of its kind in India. He further expressed his views regarding the launch and stated that his entire team is delighted to launch India’s first Non-Fungible Token marketplace. As a part of the launch, he explained that creating and listing NFTs will be free on the platform, and work is apparently underway to repeal the bedrock gas fees that increase when minting NFTs on multiple Blockchains. He further stated that, at present, his team is working around certain basics to make NFTs more profitable for their customers.

Concluding Lines 

Apart from these announcements, the XRP price surges 55%, as it has renewed its aim on the creation of a cross-border payment network. The number of crypto projects has also risen, according to Cointelegraph. It says that a new benchmark has been achieved, with the market capitalization of 100 cryptocurrencies reaching $1 billion.

If the domain of crypto and Blockchain interests you, you can get enrolled in Blockchain Council and become a Certified Blockchain Expert. 

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council.  

3 Latest Blockchain and Crypto-Related Announcements That You Should Know

Source

Filed Under: blockchain technology, cryptocurrency Tagged With: art, article, Banks, Binance, blockchain, Blockchain and Crypto, blockchain council, blockchain news, blockchains, crypto, crypto exchange, Crypto Exchanges, Cryptocurrencies, cryptocurrency, cryptocurrency exchange, cryptocurrency news, cybersecurity, Digital, digital-art, exchange, Exchanges, Fees, finance, founder, healthcare, India, Infrastructure, Internet, Market, market capitalization, marketplace, news, nft, NFTs, p2p, payments, Space, stablecoin, Stablecoins, supply chain, tech, Technology, token, transaction fees, WazirX, xrp

CoinMarketCap removes South Korea crypto exchanges from Bitcoin price tracker

April 6, 2021 by Blockchain Consultants

Crypto price trackin website CoinMarketCap has removed many South Korean exchanges from its calculations for the price of Bitcoin as the coin dipped under $58,000 again.

As of today, CoinMarketCap’s Bitcoin price tracker shows no data from major South Korean crypto exchanges including Upbit, Bithumb, Coinone, and Korbit. The website uses data from many exchanges to estimate the average price for cryptocurrencies. At the time of publication, the price of Bitcoin (BTC) is $57,721, having fallen more than 2% this morning.

Speaking to Cointelegraph, CoinMarketCap content manager Molly Jane Zuckerman said the removal was due to the premium observed on crypto exchanges based in South Korea. The crypto analytics provider estimates the BTC price to be roughly 6% higher than that on other exchanges.

“If the prices on South Korean exchanges stabilize, then we will add the data back in, but that hasn’t happened yet,” said Zuckerman.

The last time the price tracking website took similar action was in 2018, when CoinMarketCap announced it had “excluded some South Korean exchanges in price calculations due to the extreme divergence in prices from the rest of the world and limited arbitrage opportunity.”

During roughly the same time three years ago, the price of XRP was falling significantly after reaching an all-time high of $2.96 on Jan. 2. However, the token is looking bullish today, having briefly surpassed $1.00 for the first time since 2018 after it rose more than 20% in the last 24 hours. The price has since fallen to $0.9694 at the time of publication.

CoinMarketCap said only its Bitcoin price index was affected today, given the large volume of the crypto asset on South Korean exchanges. Last month, the volume of transactions in the South Korean digital currency market — driven in part by the price of BTC reaching an all-time — briefly exceeded the daily average transaction amount of the country’s stock market.

CoinMarketCap removes South Korea crypto exchanges from Bitcoin price tracker

Source

Filed Under: blockchain technology Tagged With: Bitcoin, Bitcoin Price, btc, btc price, Business, coinmarketcap, crypto, Crypto Exchanges, Cryptocurrencies, Currency, data, Digital, digital currency, Exchanges, index, korea, Market, other, South Korea, stock market, token, world

Report: India Mulling Banning IP Addresses of Crypto Exchanges

March 23, 2021 by Blockchain Consultants

Speculations are growing that the government may consider blocking internet protocol (IP) addresses of crypto-facing businesses and firms operating in the country. 

This step was originally taken against adult sites and Chinese apps like TikTok. Cryptocurrency exchanges are about to receive the same treatment as the government cracks down on crypto use.

The Indian government is reportedly preparing to present a Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in the coming days. The bill is widely supported by the Reserve Bank of India (RBI). If it passes, we could see a blanket ban on private ownership of cryptocurrencies in the country.

The Indian populace has criticized this move, with crypto exchanges and key actors in the crypto space labeling the move inappropriate and bigoted. Concerted efforts have been made with some crypto actors launching an online campaign tagged #IndiaWantsBitcoin to influence the government’s decision.

A senior government official informed Reuters that an outright ban on cryptocurrencies was likely as the government is bent on stamping out the volatile asset class. 

The official noted that the government would give crypto investors 3 to 6 months to liquidate their crypto holdings, and deterrents would be fined and not imprisoned.

The Indian government has previously said it is modeling its crypto laws according to neighboring Asian nation China. The government’s position on crypto has remained clear and is captured in the RBI’s statement that cryptocurrencies like Bitcoin were a danger to an already fragile economy.

IP Ban May Not Work Due To Workarounds

But despite reports growing by the day of a blockage of crypto exchanges’ IP addresses, industry experts say this could be hard to enforce.

The government’s ban on Chinese apps like TikTok has enjoyed minimal successes due to the prevalence of virtual private networks (VPNs).

The anonymous protocol, which provides services otherwise inaccessible based on a user’s location, could provide a backdoor through which crypto investors can continue trading in the country. Other routes have been earmarked as loopholes:

“…peer-to-peer (P2P) trading, using cash to buy or sell virtual currencies and using external wallets to store and transfer crypto-assets, using part of the money permitted to send abroad for investment within the liberalized remittance scheme limit of $250,000 can be diverted for buying cryptocurrencies- remain loopholes,” the source stated.

But still, the country is divided in its crypto law. Some government officials like Minister of Finance and Corporate Affairs Nirmala Sitharaman had said the government would take a dynamic approach in regulating the nascent industry. Others have called for an outright ban, the most outcry coming from the RBI camp- an independent but integral part of the Indian financial system.

Crypto analysts say if the government proceeds with the ban, the country could see about 7 million crypto investors lose out on the burgeoning industry.

Report: India Mulling Banning IP Addresses of Crypto Exchanges

Source

Filed Under: blockchain Tagged With: Apps, Bank, Bitcoin, Cash, China, crypto, Crypto Exchanges, Crypto Holdings, Cryptocurrencies, cryptocurrency, Currencies, Currency, Digital, digital currency, economy, Exchanges, finance, government, India, indian government, Internet, investment, IP, Law, money, other, p2p, Regulation, remittance, Reserve Bank of India, Space, tiktok, Trading, wallets

Nigeria’s Apex Bank Says Crypto Ban Will Protect Banking Sector

March 22, 2021 by Blockchain Consultants

A representative of the Governor of the Central Bank of Nigeria (CBN) Governor Godwin Emefiele, has come out to clarify the regulator’s stance on cryptocurrencies in the West African nation. The official said the banks were restricted from providing crypto services, not individuals.

Crypto Trading Not Banned In Nigeria

The representative named Adamu Lamtek told local news outlet Today NG that the apex bank had only sought to protect financial institutions operating in the country from cryptocurrencies due to their volatile nature.

According to Lamtek, this decision does not transmit to a ban for private individuals who want to trade crypto-assets.

“The CBN did not place restrictions from the use of cryptocurrencies, and we are not discouraging people from trading in it,” Lamtek said, according to Today NG. “What we have just done was to prohibit transactions on cryptocurrencies in the banking sector.”

The clarification rides on the back of a backlash by the Nigerian populace who have said the central bank is myopic by failing to take advantage of the burgeoning industry. The CBN had reportedly instructed all commercial banks in the country to close down and discontinue providing crypto services to their customers in a circular.

Following year-long crypto purchases, the African giant became a crypto hotbed in as little as a year. Financial institutions have heeded the governing bank’s instructions and have taken measures to block financial services depicting cryptocurrencies.

Crypto Investors Troop To P2P To Trade Crypto

Danny Oyekan, CEO of investment firm Dan Holdings and social investment app Coins App, feels that this does not transmit to much. According to Oyekan, the government is not changing its position anytime soon on crypto, and the central bank cannot declare the embattled digital assets legal without the approval of the Nigerian Securities and Exchange Commission (SEC).

Oyekan is right in his assessment of the situation as crypto rightly falls under the SEC’s purview. In a September release of last year, the commission said it was providing regulatory guidance to the rapidly-growing industry due to a growing wave of illegal activities. The SEC said this was done in the investing public’s best interest and to promote market integrity and provide transparency.

The commission also seized the opportunity to classify crypto-assets as securities and said this classification is subject to debate by crypto exchanges and issuers. All digital assets will be treated as securities unless a crypto-facing business can prove otherwise to the SEC.

Even though popular crypto platforms like Luno have seen their businesses hit rock bottom following the CBN circular banning crypto earlier in the year, the country’s crypto space has not slowed down in any way. Instead, crypto investors have turned to peer-to-peer (P2P) platforms like Binance.

Crypto holders can buy and sell crypto-assets via over-the-counter (OTC) deals facilitated through crypto exchanges. Even though the average Nigerian is quite skeptical in trusting anyone with their money, the decentralized ethos of crypto originals like BTC has seen the nation embracing P2P and still playing an active role in the global crypto markets, Oyekan notes.

Nigeria’s Apex Bank Says Crypto Ban Will Protect Banking Sector

Source

Filed Under: blockchain Tagged With: Bank, Banking, Banks, Binance, Bitcoin, btc, Business, Central Bank, ceo, crypto, Crypto Ban, Crypto Exchanges, Cryptocurrencies, Deals, decentralized, Digital, exchange, Exchanges, financial services, government, Investing, investment, Market, Markets, money, news, Nigeria, p2p, Regulation, SEC, Securities and Exchange Commission, Space, Trading

Deutsche Bank Calls for Crypto Regulation, Says Bitcoin is ‘Too Big To Ignore’ 

March 19, 2021 by Blockchain Consultants

Bitcoin’s increasing market capitalization has caused Deutsche Bank to list it as an important asset that is too important to ignore. The premier cryptocurrency has gained more than 1000% since falling below the $4,000 mark in March 2020. It is currently trading close to the $60,000 mark and has a market cap above $1 trillion.

Deutsche Bank’s Stance On Bitcoin

In a report released by the global banking giant, the Deutsche Bank analysts suggested that the Bitcoin price could continue to rise further as long as asset managers and companies continue to enter the market. 

The 18-page report titled “The Future of Payments: Series 2 Part III Bitcoins: Can the Tinkerbell Effect Become a Self-Fulfilling Prophecy?” discussed Bitcoin in its entirety. It also analyzed the key drivers of its historical price growth to a $1 trillion asset.

Deutsche Bank expects governments to start regulating Bitcoin by the end of 2021. The bank stated that Bitcoin had become such an integral asset that central banks and governments now understand the need to start regulating Bitcoins and other cryptocurrencies.

Deutsche Bank is convinced that Bitcoin will remain volatile due to its limited tradeability and liquidity. Although Bitcoin was created to serve as a medium of exchange, it has become more of a speculativce asset in recent years.

According to the researcheres, less than 30% of transactional activity in Bitcoin is related to payments. Therefore, implying that most people hold cryptocurrency as an asset.

Deutsche Bank Custody Plans

Deutsche Bank is not ready to be left behind as it joins banks exploring digital assets or virtual currencies.

In December, the bank announced its plans to develop a fully integrated custody platform designed to cater to institutional clients and their digital assets.

The German lender’s plans were included in a report published by the World Economic Forum. The report indicated that Deutsche bank aims to achieve the milestone by partnering with brokerages and top crypto exchanges worldwide.

The bank also disclosed its plans to create a trading and token issuance platform, bridging digital assets with traditional banking services, and managing the array of digital assets and fiat holdings in one easy-to-use platform.

Bank of New York Mellon, the world’s largest custodian bank, has also announced its entry into the custody market. Last month, BNY Mellon said it would roll out a new digital custody unit later this year to help clients deal in digital assets, including cryptocurrencies.

Meanwhile, Deutsche Bank’s previous survey released in January revealed that Bitcoin and U.S. tech stocks are viewed by investors as the biggest market bubbles right now.

The survey was based on responses from 627 market professionals between Jan. 13-15.

Deutsche Bank Calls for Crypto Regulation, Says Bitcoin is ‘Too Big To Ignore’ 

Source

Filed Under: blockchain Tagged With: Bank, Banking, Banks, Bitcoin, Bitcoin Price, bitcoins, BNY Mellon, Companies, crypto, Crypto Exchanges, Cryptocurrencies, cryptocurrency, Currencies, Custody, deutsche bank, Digital, exchange, Exchanges, fiat, Market, market capitalization, New York, other, payments, Regulation, Stocks, tech, Trading, u.s., world

What keeps Bitcoin price similar across different crypto exchanges?

March 11, 2021 by Blockchain Consultants

Bitcoin trades in countless locations across the globe, including on numerous exchanges. The asset, however, largely trades near the same U.S. dollar value across the market, aside from some countries’ outlying price action from time to time. How is this possible? 

Numerous trading products exist in the crypto space, including Bitcoin (BTC) futures and options, but how is the price of actual transactable BTC, called spot BTC, determined in the crypto market, especially given the vast number of exchanges?

“The price of BTC at any moment is really no more than a function of the price people are ready to buy or sell BTC at that time,” Justin d’Anethan, sales manager at Equos — a digital asset exchange under Diginex Group — told Cointelegraph. “That is why it will vary — very slightly — from one exchange to the other,” he explained, adding:

“Naturally, market makers and arbitrageurs will play off that difference and minimize it (selling when it’s higher; buying when it’s lower so that it naturally corrects). Often, data providers and exchanges themselves use an index as a base, which is composed of the current price monitored across a selection of different exchanges.”

Arbitrage is one aspect of the market that helps keep Bitcoin’s price similar across exchanges. If BTC trades at $50,000 per coin on one exchange and $60,000 on another, people would likely buy BTC for $50,000, send it to the other exchange, sell it for $60,000, and keep the profit of $10,000 per coin. A number of factors play into arbitrage, however, such as transaction timing, exchange restrictions and bots.

Filbfilb, a crypto analyst and trader, also sees arbitrage as a significant component in determining Bitcoin’s spot price on the market. “Generally speaking, arbitrage bots play a major role in eliminating pricing differences brought about by isolated volume,” he told Cointelegraph. “They effectively reward people who correct market price discrepancies, with profit,” he added. Filbfilb explained:

“A high volume dump on one exchange, A, which presses price down beyond that of exchange B, will see arbitrage participants buy the cheaper coins on exchange A and sell them at a higher price on exchange B. This will continue until price A and B are equalized and the opportunity is eliminated. Obviously, that is a simplistic example, but it’s going on literally all the time.”

Arbitrage opportunities have also existed between Bitcoin futures and spot trading, according to a strategy once mentioned by Bitcoin stock-to-flow model creator PlanB. The tactic essentially involves shorting BTC futures while purchasing spot Bitcoin.

Certain Bitcoin futures, such as those tradable on the Chicago Mercantile Exchange, sometimes trade above the asset’s price near the beginning of their contract periods, depending on the expiration, finding their way closer to the spot price of BTC by the time expiration comes around. This system depends on a number of factors, however, such as the length of the chosen Bitcoin futures contract.

“Buy orders and sell orders from participants across the globe determine the real-time price of Bitcoin,” Rob Levy, co-founder of Hxro — a crypto trading platform — told Cointelegraph. “The markets are all connected — from the spot markets to the derivatives markets (futures, options, swaps),” he said, adding:

“The most advanced market participants, often called liquidity providers or market makers, trade across all of the most active exchanges across the globe simultaneously. The advanced trading systems built by high-frequency traders monitor the order books on all of the major exchanges around the clock.”

Levy noted fast arbitrage as the force maintaining comparable BTC pricing on various crypto trading platforms.

Additionally, the CME’s BTC futures trading impacts the market price for spot Bitcoin, according to a report by Wilshire Phoenix, an investment firm. “The findings of Wilshire Phoenix […] indicate that CME Bitcoin Futures contribute more to price discovery than its related spot markets,” the report said.

The CME opened cash-settled Bitcoin futures trading in 2017. In tandem with its BTC futures, the Chicago trading entity uses the CME CF Bitcoin Reference Rate — a value for Bitcoin, taking into account data from exchanges on the BTC spot market.

Overall, although certain factors can play a part in standardizing Bitcoin’s price across exchanges, the asset derives its overall worth based on a number of rationales, including its role as a store of value.

What keeps Bitcoin price similar across different crypto exchanges?

Source

Filed Under: blockchain technology Tagged With: analyst, Bitcoin, Bitcoin Futures, Bitcoin Price, Books, bots, btc, Chicago, Co-founder, crypto, Crypto Exchanges, data, derivatives, Digital, exchange, Exchanges, Futures, index, investment, Market, Markets, Model, other, phoenix, Space, Trading, tradingview, u.s.

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