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Binance Imposes Transaction Fees on P2P Trading

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Binance - Investors King

Binance, the world’s leading cryptocurrency exchange company, announced on Wednesday 30, June 2021 that starting from today, July 1, 2021 P2P traders will start paying transaction fees.

The exchange giant disclosed in a statement sent to traders.

The statement reads, “Starting July 1, Binance will apply transaction fees to P2P trading. We would like you to understand the fee schemes should not significantly affect your trading experience on Binance P2P.  

“Binance P2P maintains absolutely 0 fees for takers who buy and sell cryptocurrencies on our highly secured platform. Supporting over 70 fiat currencies and 300 payment methods, we are the world’s largest peer-to-peer trading platform, and we strive to provide the best trading experience while maintaining the lowest trading fees in all markets.   

“If you intend to create trade advertisements and offer trades on Binance P2P, we would also like to welcome you to become a verified Binance P2P merchant for more benefits and discounts. All Binance P2P merchants who will enjoy a 20% discount on trading fees until further notice.”

 

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.

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Bitcoin

Bitcoin Will Hit All-time Highs Again This Year, Crypto is Inevitable Future: deVere CEO

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Bitcoin Price - Investors King

Bitcoin will hit its previous all-time highs again by the end of the year with prices driven higher by the “carefully considered arguments” and “new measured tone” being put forward by the likes of Elon Musk, Jack Dorsey and Cathie Wood, affirms the CEO of deVere Group.

The bullish Bitcoin price prediction from Nigel Green, chief executive and founder of one of the world’s largest independent financial advisory and fintech organisations, follows Wednesday’s The B Word Conference.

At the live virtual event, Tesla and Space X founder Elon Musk, Twitter founder Jack Dorsey, and Ark Investment’s Cathie Wood all advocated for the cryptocurrency and talked about its massive future potential.

Bitcoin surged as much as 10% on the back of their comments.

Nigel Green says: “Musk, Dorsey and Wood are three of the most important and forward-thinking business leaders of our time.  What they say matters.

“Crucially, the tone was less sensationalist than it has been in past, with all the panelists putting across carefully considered, fact-based arguments about why they are all bullish on the future of Bitcoin and crypto generally.

“This will not have gone unnoticed by investors.

“As such, I believe that with these hugely influential figures pursuing this stance and this new tone, we can expect the price of Bitcoin to hit, or even surpass, its mid-April all-time high of $65,000 by the end of 2021.”

Demand will boom because of what Musk, Dorsey and Wood said for two main reasons, says Mr Green.

“First, both institutional and retail investors were given a considerable crypto confidence boost by comments the panelists made about their own multinational businesses and their visions for the future.

“Musk, one of the world’s most successful and richest entrepreneurs, confirmed for the first time that both of his companies, Tesla and Space X, and that he personally, owned Bitcoin.  And that neither he nor his companies, will sell the cryptocurrency.  He also revealed Tesla is likely to restart taking payments in Bitcoin.

“Similarly, Dorsey hinted that Twitter will soon allow advertisers to pay for advertising on the giant social platform in crypto.

“He went on to say the cryptocurrency could function as the internet’s ‘native currency’ and this would help all businesses in a much faster way.

“Second, Dorsey and Wood – and Musk to a lesser degree – addressed the environmental impact of Bitcoin mining, an issue which has weighed heavy on the price in recent months.”

Wood, in particular, spoke about how Bitcoin aligns with the environmental, social, and governance (ESG) investing growth trend.

She highlighted how Bitcoin “will be much more environmentally friendly—certainly more than traditional gold mining or the traditional financial services sector. In many ways, it already is.”

She added that Bitcoin has much to offer in the ‘social’ bracket “by providing financially underserved people with “access to payment technology… everywhere around the world without friction”; and the ‘governance’ bracket by offering transparency “unlike the opaqueness of financial systems and the toll-takers in the traditional financial world.”

The deVere CEO affirms: “All of this will help drive Bitcoin prices higher and this will have a knock-on effect to the wider crypto market.”

He concludes: “The message from mega-influencers Elon Musk, Jack Dorsey and Cathie Wood was clear: crypto is the inevitable future.”

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Cryptocurrency

Digital-only Cryptocurrency Artwork Predicted to Sell for $270,000+

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Binance NFT- Investors King

A digital artwork that only exists as a high-resolution file by British artist Adrian Chesterman, and which showcases the parallel between traditional money and cryptocurrencies like Bitcoin, is expected to surpass its reservation price of $160,000.

The Crypto Train, which is now in an online auction specializing in the hottest new investment trend, Non-Fungible Tokens (NFTs), was viewed by several of its owners’ high profile clients before going live.

NFTs are digital collectibles that are encoded onto a blockchain – the same technology on which cryptocurrencies run – creating a unique digital watermark showing ownership and the digital rights to that collectible.

In recent months many major household name artists and musicians, as well as global sports franchises and fashion brands have launched their own NFTS.  In April, auction house Christie’s sold a digital-only artwork, and it became the third-most-expensive work ever sold by a living artist.

“Even before The Crypto Train went to auction, we received significant offers from serious crypto enthusiasts and Silicon Valley investors who are the ones who currently seem to most understand this exploding virtual investment trend,” says Stephen Howes, Director of Thomas Crown Art, a leading independent international art agency.

He continues: “They know – like most major global brands are just now only getting to know – that NFTs are an investment megatrend of the decade.

“This is the next stage in art history and they don’t want to miss out on the early adoption stage.  This is why they were expressing keen interest before the auction, probably hoping to bag themselves a bargain.

“This pre-auction interest suggests that the artwork will surpass its $160,000 reservation tag.  I wouldn’t be surprised if it were eventually sold for $270,000+, such is the demand.”

Howes adds: “But the interest is not only driven by investment potential. In its own right as a piece of art, it’s a fascinating piece which depicts the never-seen-before battle for dominance between traditional and cryptocurrencies in the increasingly digitalised global financial system.”

The Crypto Train

Of the digital artwork, internationally renowned artist Adrian Chesterman (London, 1955) says: “My mission was to create a visual metaphor which could bridge the historic distance between traditional monetary mechanisms, such as gold and coins, and the new virtual world of cryptocurrency, such as Bitcoin and Ethereum.

“I considered a locomotive to be the perfect vehicle to represent such a metaphysical journey, being as it is a land-based, fast-moving machine that relentlessly pushes in one direction…. forwards. A mechanical beast that is powerful, unstoppable, magnificent, man-made but inherently beautiful.”

He goes on to add: “Wealth and its material presentments, such as gold, coins, banknotes and crypto, are all functional solely by the consent of society.

“They have ‘value’ only by the fact we are all in agreement that they should have value as such.

“Therefore, cryptocurrency has the same effective value as any of the others, even gold which of course has no inherent value of its own. We imbued the monetary value upon it, same as banknotes, coins and crypto, by mutual consent.

“This is why the monetary representations contained within the image are semi-transparent and nebulous, here but not here, ethereal but real. For now, anyway.”

The Artist

Chesterman had his first exhibition of paintings at Liberty’s in Regent Street whilst still at the Royal College of Art London, progressing to exhibitions in the Pompidou Centre in Paris, amongst other major international galleries.

A multi-talented artist, he has worked on the publicity art for Spielberg’s Jurassic Park; the set for Andrew Lloyd-Webber’s Sunset Boulevard; advertising commissions for Coca Cola; original designs for theme parks in the United Arab Emirates and China; Spiderman games for MGA in Los Angeles; illustrated innumerable book covers, notably for Jackie Collins, Jack Higgins and Dick Francis; and he has illustrated many music album covers including the acclaimed Bomber cover for Motörhead, The Meaning of Life album and book cover for the Monty Python team and the acclaimed The Road to Hell album cover for Chris Rea, amongst many other projects.

NFT skeptics

Of Chesterman’s The Crypto Train digital artwork, Stephen Howes recognizes that there are still many NFT skeptics.

He affirms: “Those who knock the idea of art solely in digital form would have been those people who knocked the potential of the internet in the 90s and who would have said Amazon as an online retailer ‘won’t catch on’ in the 2000s.”

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Cryptocurrency

Japan’s Cautious Approach to CBDC Could Have Ripple of Implications

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Central Bank Digital Currency (CBDC) - Investors King

Recently, it was reported that Hideki Murai, head of Japan’s ruling party’s panel on digital currency, offered a lengthy time frame before there would be greater clarity on the digital yen. He said to expect more details by the end of 2022, noting that any decision would have a huge impact on financial institutions. Additionally, he suggested that, if a digital yen was developed, it would need to be compatible with CBDCs of other developed nations.

“Japan is in an interesting spot because they are currently experiencing a number of changes within their financial system, so I think that their intuition is telling them to tread lightly. On the other hand, neighboring China is forging ahead with the e-Yuan. The danger, if Japan is left behind, is that China’s digital currency could gain favor across the region,” noted Richard Gardner, CEO of Modulus, a US-based developer of ultra-high-performance trading and surveillance technology that powers global equities, derivatives, and digital asset exchanges.

“CBDC has the potential to completely reshape changes occurring in Japan’s financial industry… If a digital yuan becomes so convenient it’s frequently used by tourists or becomes a main settlement means for trade, the relationship between the yen and yuan could change” and erode the yen’s status as a safe-haven currency,” Murai said.

“I think it is important for countries to find a balance. On the one hand, you don’t want to go off and launch a CBDC before you’re ready, technologically or economically. On the other hand, you don’t want to be left behind, either. Eighteen months is a long time, and a long list of things can play out before then, not the least of which being the results of China’s own move towards digital assets,” Gardner said.

“This is a once in a generation kind of technological advancement. The technology is way ahead of the bureaucracy and the regulatory environment. But, if you’re a politician, you can’t let this get away from you. Ignoring the coming wave of CBDCs is the equivalent of passing on the Race to Space. This is a brand new frontier. Technologically, yes. But, it also could open up a brand new sector of the economy and completely change the face of fintech,” Gardner said.

Modulus is known throughout the financial technology segment as a leader in the development of ultra-high frequency trading systems and blockchain technologies. Over the past twenty years, the company has built technology for the world’s most notable exchanges, with a client list which includes NASA, NASDAQ, Goldman Sachs, Merrill Lynch, JP Morgan Chase, Bank of America, Barclays, Siemens, Shell, Yahoo!, Microsoft, Cornell University, and the University of Chicago.

“Government is built, by design, to move slowly. CBDCs, however, are an area where government needs to partner with the private sector. They need to embrace innovators and work with them to design a plan that keeps the public safe while ensuring that they aren’t left behind as blockchain technology related products and services continue to boom,” Gardner said.

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