Connect with us

Cryptocurrency

Bitcoin Gains 1.67 Percent to $11,050 Per Coin Amid Liquidity Issue

Published

on

Bitcoin

Bitcoin Rises to $11,050 Per Coin on Friday

Bitcoin rose above $11,000 per coin on Saturday after weeks of trading in a range, between $10,867 and $10,960 despite liquidity drying up across exchanges.

The cryptocurrency most dominant coin gained 1.67 percent to settle at $11,050 per coin as at 8.04 pm Nigerian time on Saturday.

“Markets are looking weak on drying-up liquidity on exchanges while BTC hardly managed to reach back above the $11,000 level and couldn’t sustain it,” said Jean Baptiste Pavageau, partner at trading firm ExoAlpha.

Indeed, major USD/BTC exchange volumes are looking feeble, with Friday tallying a $211 million total so far while daily averages the past month have been $364 million.

Rupert Douglas, head of institutional sales at crypto brokerage Koine, said he is concerned that stock markets are about to start correction that could potentially hurt crypto as investors look to unload risky assets.

“I think equities are headed lower and if that happens digital assets will get sucked down, too,” Douglas told CoinDesk. “The tech shares are too frothy,” he added

Another factor crypto investors are tracking: Bitcoin dominance, a measure of its market capitalization as a percentage of total cryptocurrencies. September has seen bitcoin hit 2020 dominance lows, hovering around 60% Friday.

So far, bitcoin dominance has largely been sliding downwards since the beginning of 2020,” said Andrew Tu, an executive at crypto quant trading firm Efficient Frontier. “It will be interesting to see if we see a short-term reversion of the bitcoin dominance back upwards.

Pavageau of ExoAlpha explained that Decentralized Finance (DeFi) is captivating the crypto market, and that is causing decline in bitcoin.

The market is focused on DeFi. It seems that locking value is also draining liquidity from exchanges as traders are noticing higher slippage when executing in the market,” Pavageau said. “A question to ask might be: Is the total value locked a threat to market liquidity for active traders?

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Cryptocurrency

Bitcoin Hits Record $19,259 a Coin on Tuesday as Demand Jumps Through the Roof

Published

on

Demand for the world’s most dominant cryptocurrency, Bitcoin, rose to a record high on Tuesday amid Trump’s renewed attack on China and general global uncertainty.

Bitcoin rose by 5.2 percent to $19,259.64 or N9.471 million per coin as of 2.24 pm Nigerian time on Tuesday.

Ripple rose by 25.05 percent to 0.00003271 BTC or N233.25 per coin, representing over 100 percent increase in the last one week.

Similarly, Bitcoin Cash advanced to fourth place among the most capitalised cryptocurrencies after gaining 16.90 percent in the last 24 hours to 0.00154 BTC or N129,101 per coin with N2.36 trillion market capitalisation and N170.29 billion volume of trade in the last 24 hours.

Demand for cryptocurrencies rose late on Monday after President Trump renewed his trade war with China, in a move that suggested he is out for revenge.

Few reports have said China was supporting the President-elect, Joe Biden, prior to the US presidential election, and as such was using cyberspace to push that agenda like Russia did in 2016.

The surged in global tension despite COVID-19’s three different vaccines led to an increase in demand for cryptocurrencies by institutional investors in the last 24 hours.

Also, demand for crypto assets on both PayPal and CashApp platforms has exceeded the entire supply of newly minted bitcoins, suggesting a serious supply pressure and likely surge in price above the current level in the near-term.

Bitcoin could set a new all-time record high in few days if demand remains high.

Continue Reading

Cryptocurrency

Paypal Bullish on Bitcoin But as a Currency

Published

on

bitcoin to Nigerian Naira

Dan Schulman, the Chief Executive Officer, PayPal, said he is positive about bitcoin’s usefulness as a currency and believed that single fact will prevail over the buy and hold ethos.

According to Schulman, there will be more use cases for cryptocurrencies over time. This, he said would boost cryptocurrency acceptability, growth and stability.

He said “I think that there’ll be more and more use cases for cryptocurrencies,” that make bitcoin more widely accepted, more stable and probably “more valuable” over time.

Schulman further explained that at this stage, central bank digital currency is now a global inevitability. As that happens, “you’ll have more and more utility happen with cryptocurrencies,” he said.

“Both may play important roles going forward,” he said.

PayPal got into cryptocurrency space as an exchange two months ago after pulling out of Facebook’s Libra Group following parliament’s rising scrutiny into Facebook businesses.

Continue Reading

Cryptocurrency

Symatri Launches Kala Pro Wallet With Enhanced Cryptocurrency Protection

Published

on

Kala Wallet, which is used by over 30,000 people, has today launched its Pro Wallet, which comes with enhanced security features and three levels of theft insurance cover: Bronze, which covers up to $1,000; Silver, up to $10,000; and Gold, up to $100,000.

The new Kala Pro Wallet is protected through a partnership with Coincover, creators of the safety standard for crypto, which provides theft cover underwritten by Lloyd’s of London.

While cryptocurrency continues to grow in popularity, a constant concern for anyone that holds – or is considering holding – crypto is the potential to lose access to their assets, whether through an accidental loss of their keys, or a malicious attack.

With Coincover in place, the Kala Pro Wallet provides peace of mind by offering financial protection should a user’s cryptocurrency be inaccessible or stolen. It also notarizes the insurance policy on the Kala blockchain for further proof of coverage.

Darren Olayan, CEO of Symatri, said, “Our community of 30,000 Kala Wallet users already benefit from Kala blockchain’s inherent value and asset verification capability within the Symatri ecosystem, and with the launch of our Pro Wallet they can access enhanced protection against theft and loss.

“We aim to provide the most versatile, secure and usable cryptocurrency and platforms, and our partnership with Coincover supports this ambition.”

David Janczewski, co-founder and CEO of Coincover, added, “As more people benefit from their crypto assets being protected, the popularity of cryptocurrency will continue to grow, and we’re delighted to help companies like Symatri make cryptocurrency an important and useful part of people’s daily lives.”

Kala Pro Wallet offers coverage at three levels, paid annually: Bronze, up to $1,000 coverage for $45; Silver up to $10,000 for $195; and Gold up to $100,000, for $1,020.

Continue Reading

Trending