Crypto LVL

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2021-02-12 20:00:28 ​​PayPal Touts Crypto For Its 'Super App,' But It Won’t Buy Bitcoin Just Yet.

Payments giant PayPal will “probably” not be following Tesla’s lead in bitcoin (BTC) buying just yet – but it will spare no effort in allowing its customers to fill their boots with crypto-related offerings.

In presentations to investors, PayPal Chief Executive Officer (CEO) Dan Schulman spoke, along with Chief Financial Officer (CFO) John Rainey, expanded on the company’s grand plans as it aims to become a “super-app” – something akin to China’s AliPay, offering interoperability with a range of payment instruments. PayPal aims to almost double its customer base to 750 million users by 2025.

And crypto appears to be playing an important role in these plans: The firm said it will roll out the same crypto buy, sell and hold services that it currently operates in the USA in the UK at an unspecified date in the near future.

But speaking to CNBC, Rainey said,

“We’re not going to invest corporate cash, probably, in sort of financial assets like [crypto], but we want to capitalize on this growth opportunity that’s in front of us.”

However, the CEO added that all progress would be made in step with regulatory guidelines, concluding,

“Distributed ledgers can form the new foundation of a new way to manage and move money to really create new rails a new way of thinking about how we manage how we move money in the digital era and I think our platform is uniquely situated to help enable this vision to provide both broad access increasing utility and, very importantly, to work hand-in-hand with governments regulators and central banks.”

Earlier this month, Shulman claimed that his firm was set to make a “significant investment” in a new crypto team, and late last year made an investment in the blockchain heavyweight Paxos.

PayPal's clients can buy, sell, and (almost) hold BTC, ethereum (ETH), bitcoin cash (BCH), and litecoin (LTC) in their PayPal wallets.

Meanwhile, as reported, Uber has also “quickly dismissed” the idea of buying BTC with the cash on its balance sheet, because the company is "going to keep our cash safe," the company didn't rule out the possibility of Uber eventually accepting cryptocurrencies as payment. Open / Comment

2021-02-09 20:30:00 ​​Fed-Published DeFi Study By a European Professor Boosts Industry Morale.

Decentralized Finance (DeFi) remains a niche market, but its efficiency, transparency, accessibility, and composability make for interesting characteristics, enabling it to potentially contribute to a more robust and transparent global financial infrastructure, according to a study published by the St. Louis branch of the US Federal Reserve (Fed).

However, it is written not by the Fed but by Fabian Schär, Professor of distributed ledger technologies and fintech and Managing Director of the Center for Innovative Finance at the Faculty of Business and Economics of Switzerland’s University of Basel.

“DeFi still is a niche market with relatively low volumes — however, these numbers are growing rapidly. The value of funds that are locked in DeFi-related smart contracts recently crossed 10 billion USD,” the author said.

“The spectacular growth of these assets alongside some truly innovative protocols suggests that DeFi may become relevant in a much broader context and has sparked interest among policymakers, researchers, and financial institutions.”

Also, in his research, Schär used a multi-layered framework to analyze DeFi’s architecture and building blocks. These include token standards, decentralized exchanges, decentralized debt markets, blockchain derivatives, as well as on-chain asset management protocols. The framework enabled him to highlight the opportunities and potential risks within the DeFi ecosystem.

“DeFi has unleashed a wave of innovation. On the one hand, developers are using smart contracts and the decentralized settlement layer to create trustless versions of traditional financial instruments. On the other hand, they are creating entirely new financial instruments that could not be realized without the underlying public blockchain,” according to the paper. “Atomic swaps, autonomous liquidity pools, decentralized stablecoins, and flash loans are just a few of many examples that show the great potential of this ecosystem.”

This said, the researcher recognized that, while “this technology has great potential, there are certain risks involved. Smart contracts can have security issues that may allow for unintended usage, and scalability issues limit the number of users.”

eanwhile, the paper is already echoing through the cryptosphere, triggering the enthusiasm of various industry representatives, including Jay Hao, CEO of crypto exchange OKEx who called the study “the gem of the day”. Others, such as a DeFi investor who tweets as Arthur, admitted they “didn't expect it to come this early”.

Some industry observers even claimed that the study’s publication could indicate a forthcoming re-orientation in the Fed’s conservative approach to DeFi.

“Someone at the Fed had to accept the article for publication. Someone at the Fed decided it was adequately reviewed. The St. Louis Fed is promoting the article through its Twitter feed. Don’t downplay it too much,” a user who goes by the name Notorious PtG, replied to a remark that the Fed is not the author of the report. Open / Comment

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2021-02-06 20:00:48 ​​Bitcoin Returns Above USD 40,000 In Less Than A Month.

The most popular cryptocurrency, bitcoin (BTC), rallied on Saturday, moving back above the USD 40,000 level for the first time in almost a month.

At the same time, other major cryptoassets are showing mixed results. After its recent rally to its new all-time high of USD 1,754 reached yesterday, ethereum (ETH) is down by 1% in a day, trading at USD 1,694. However it outperformed BTC in a week, increasing by 22%. Binance coin (BNB) is the best performer today as its price rallied by 25%, and jumped 73% in a week.

"Bitcoin and ethereum inflows to exchanges have declined slightly, with 7 day average inflows below the 30 day average, reducing sell pressure. Trade intensity has also declined slightly, which typically suggests buy pressure is reducing. However, for bitcoin at least, it is still high relative to the past," Philip Gradwell, Chief Economist at Chainalysis, wrote in his weekly report on Friday.

According to him, people cashing out after making a 25% or more USD gain has also declined since the large increase in the first week of January, suggesting people continue to hold despite their potential gains, now that some profit was taken following the price gains over the holiday period. Open / Comment

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2021-02-03 21:00:28 ​​Ethereum Eyes USD 1,600, Bitcoin and Altcoins Could Keep Rising.

Bitcoin price remained well bid after it broke the USD 35,500 and USD 36,000 resistance levels. BTC even spiked towards USD 36,800 before correcting lower. It is currently (13:00 UTC) approaching USD 36,000, but there are chances of a fresh rise towards USD 37,000.

Similarly, most major altcoins are trading in a bullish zone. ETH/USD traded to a new all-time high near USD 1,570 before correcting to USD 1,540. XRP/USD seems to be facing a strong resistance near USD 0.392 and USD 0.400.

Bitcoin price
There was an upside extension in bitcoin price above the USD 36,000 resistance. BTC even made an attempt to surpass USD 37,000, but there was no follow through above USD 36,800. The price corrected lower and traded below USD 36,500. The first key support is near the USD 36,000 level, followed by the USD 35,500 pivot level.
As long as the price is above USD 35,500 and USD 35,500, it could continue to rise. The main resistance is now near USD 37,000, above which it could revisit the USD 38,000 hurdle.

Ethereum price
Ethereum price gained momentum above the USD 1,500 level and it even broke the USD 1,550 level. ETH traded to a new all-time high near USD 1,570 and it is currently correcting lower. An initial support is near the USD 1,520 level. The key support is now forming near the USD 1,500 level.
On the upside, the USD 1,565 and USD 1,570 levels are short-term hurdles. The bulls might test the USD 1,600 level in the near term.

Bitcoin cash, litecoin and XRP price
Bitcoin cash price is holding gains above USD 430, but it struggling to clear the USD 445 and USD 450 resistance levels. If there is a fresh bearish wave, the USD 425 level might provide support. Any more losses could lead the price towards the USD 405 support zone.
Litecoin (LTC) traded as high as USD 155 and it is consolidating gains near USD 150. If there is a downside correction, the previous resistance near USD 142 and USD 140 might provide support. On the upside, a clear break above the USD 155 resistance could open the doors for a move towards the USD 165 and USD 170 levels.
XRP price made an attempt to gain strength above the USD 0.492 resistance, but it failed. It is currently correcting lower towards the USD 0.465 support. As long as there is no close below USD 0.350, the price might make another attempt to surpass the USD 0.400 resistance zone.

Other altcoins market today
A few altcoins climbed over 8%, including FTM, UMA, SC, LUNA, MANA, OMG, SUSHI, NEAR, DASH, CHSB, AAVE, HEDG, and BTT. Out of these, SC is gaining momentum and it might test the USD 0.010 level.
To sum up, bitcoin price is trading in a bullish zone above USD 35,500 and USD 35,000. The overall price action suggests BTC could soon test USD 37,000. Open / Comment

2021-01-31 20:00:57 ​​Global Uncertainty Drops But Is Still 50% Above Historical Average.

Global uncertainty reached unprecedented levels at the beginning of the COVID-19 outbreak and remains elevated. The World Uncertainty Index—a quarterly measure of global economic and policy uncertainty covering 143 countries—shows that although uncertainty has come down by about 60 percent from the peak observed at the onset of the COVID-19 pandemic in the first quarter of 2020, it remains about 50 percent above its historical average during the 1996–2010 period.

What drives global uncertainty?
Economic growth in key systemic economies, like those of the United States and European Union, is a key driver of economic activity in the rest of the world. Is this also true when it comes to global uncertainty? For example, given the higher interconnectedness across countries, should we expect that uncertainty from the US election, Brexit, or China-US trade tensions spill over and affect uncertainty in other countries?

To answer this question, we construct an index that measures the extent of “uncertainty spillovers” from key systemic economies—the Group of 7 (G7) countries plus China—to the rest of the world. In particular, we identify uncertainty spillovers from systemic economies by text mining the Economist Intelligence Unit country reports, covering 143 countries from the first quarter of 1996 to the fourth quarter of 2020.

Uncertainty spillovers from each of the systemic economies are measured by the frequency that the word “uncertainty” is mentioned in the reports in proximity to a word related to the respective systemic-economy country. Specifically, for each country and quarter, we search the country reports for the words “uncertain,” “uncertainty,” and “uncertainties” appearing near words related to each country. The country-specific words include country’s name, name of presidents, name of the central bank, name of central bank governors, and selected country’s major events (such as Brexit). Open / Comment

2021-01-28 21:00:32 ​​Crypto Fans 'LOL' At BIS GM Claims that Bitcoin 'May Break Down'.

The crypto community has reacted with incredulity after a senior Mexican economist and the boss of the Bank for International Settlements (BIS) appeared to dismiss the notion of decentralized digital currencies such as bitcoin (BTC).

In a recent speech, Agustín Carstens, the General Manager of the BIS and the former Governor of the central Bank of Mexico, claimed that central bank digital currencies (CBDCs) would roll out in the next three years, and called BTC a risky investment – adding that the token might ultimately fail.

He said,

“Investors must be cognisant that Bitcoin may well break down altogether. Scarcity and cryptography alone do not suffice to guarantee exchange.”

Carstens added that “bitcoin is increasingly vulnerable” as “other tokens already have been majority attacked,” giving examples of smaller altcoin tokens that have been the target of attempted 51% attacks.

But his remarks have sparked a Twitter storm, with crypto fans rushing to the defense of the token.

As reported, as the world’s central banks are increasingly looking into CBDC projects, their focus is shifting into more advanced stages of CBDC engagement, with more banks moving from conceptual work to experimentation.

Meanwhile, popular Bitcoin podcaster Stephan Livera bristled, “Central banks, created and supported by the government, are antithetical to the very idea of sound money.”

Some agreed wholeheartedly with this sentiment, writing that it was “fascinating to see” the BIS talk about "sound money" in the “context of digital currencies.”

Saifedean Ammous, the author of The Bitcoin Standard, wrote that “sound money” was “still a completely nonsensical marketing buzzword” on the lips of the BIS, adding, Open / Comment

2021-01-28 21:00:27 ​​ The First Grey Hats Ideas Competition hackathon received hackers' attention. The event's website, organized by the members of Hacken community with support from Hacken team, was hacked.

Company reports that access has been restored and user data is not affected. It was discovered, however, that hackers left a message, announcing their plans to create a project focused on improving DeFi products' security.

Company's representative reached out to hackers, expressing their interest in this project.

Official satatement from Hacken: https://hacken.io/hacken-news/official-statement-regarding-the-hacking-of-the-first-grey-hats-ideas-competition-site/ Open / Comment