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Alts are pumping

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Cryptocurrencies

Altcoins are pumping like never before, having the best week in recent months. All major crypto currencies are in green, XRP leading the charge with whopping 100% gain within this week.

In 2018, Crypto market had one of the worst years ever as the brutal bear market affected everyone. Bear market started in January when crypto market’s total market cap dropped from $800 billion to $400 billion within one month and market never recovered from that.

This week is an exception, with all major crypto currencies are in green, Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Cardano, Stellar and many other crypto currencies are up but the biggest story of the week is Ripple (XRP) , second biggest crypto currency in the market gained a whopping 100% in value in just one week, leaving every other major currency behind and reached number 2 spot in market cap, leaving behind Ethereum.

Bitcoin is actually the least performing one, with almost 10% gain for the week, but all other currencies are up by more than 30% on average and that has changed things for Bitcoin as far as its market dominance is concerned. Bitcoin’s market dominance dropped from 57% from start of the week to 52%

Ripple gained second position 

 

Today, XRP surpassed the market cap of Ethereum to be the number 2 crypto currency in the world according to coinmarketcap.com

At the time of writing, XRP is at number 2 but Ethereum giving a tough fight to XRP

XRP gained in value due to recent news from the company about their new product called xRapid

What is xRapid?

Latest bull run in the crypto market shows that this market could be down but definitely not out yet, although this bull run need to sustain a bit in order to regain market confidence and it seems like market is gaining positive momentum, next week would be crucial as this bull market will face challenge from the sellers.

The Bitcoin Phenomenon 

Just like old days in the past, Bitcoin is not moving much in this bull market of Alt coins, Bitcoin is on wait and watch mode. Buyers are waiting for the decisions from regulatory authorities about the future of Bitcoin ETF’s , if that happens then we can enter a real Bull market with strong fundamentals, till then we can say that the market is a bit fragile and after this short bull run, consolidation is needed.

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Australian Taxation Office warned against crypto retirement funds

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Regulatory authorities around the world have tighten the grip on crypto projects. Taxation authorities like Internal Revenue Service (IRS) and Australian Taxation Office (ATO) are the latest to join the list with strong initiatives.

Australian Taxation Office recently sent warning letters to the investors who have invested a large part of their retirement savings in crypto related funds. ATO sent these letters in order to warn investors against high risk investments like crypto. One of the key responsibilities of regulatory authorities and taxation authorities is to keep investors away from high risk investment schemes.

A spokesman from ATO told local media that “We have already seen instances in 2018 where investors lost significant amount of their retirement fund in crypto investments, so it’s our duty to make them aware about the kind of risk crypto market posses”. The spokesman further explained that they are also against the huge exposure in any single asset class. “We are not saying that we are all and all against the crypto market or crypto assets, but we are more concerned about the kind of exposure these crypto retirement funds have in single crypto asset like Bitcoin”

“If an investor is putting more than 90% of his retirement savings in crypto then obviously it is at high risk and that’s what we discourage, we have no issues in diversified portfolios but if crypto retirement funds are having 100% exposure in crypto assets then we have to warn investors about the potential losses.

Self-Managed-Super Funds (SMSFs)

SMSFs are type of retirement accounts privately managed by individuals rather than the institutions or regulated financial companies. Australian Securities and Investments Commission also supports ATO’s decision, in a recent statement ASIC said

“Be wary of services offering to establish an SMSF for you in order to gain exposure to cryptocurrencies. Not only does operating an SMSF involve significant time, skills and responsibility, you may also be putting your retirement savings at risk”

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Morning Crypto Roundup: Coinbase, Bakkt, Binance in news

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“Coinbase seeing $200-400 million in new crypto deposits every week”: Armstrong 

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CEO of Coinbase, Brian Armstrong says that “Adoption of crypto by Institutions is no more an uncertainty. The question was valid about 12 months ago, but now everything has changed as we’re seeing $200-400 million a week in new crypto deposits from institutional clients”

In a recent tweet, Armstrong further says that trust and safety means a lot to crypto investors and Coinbase is on a mission to provide safe infrastructure to institutional clients in order to increase adoption.

Coinbase has completed acquisition of Xapo which helped them in institutional business. In a recent blogpost, Coinbase further mentioned that in just one year of launch, Coinbase custody has reached a staggering number of $7 billion of assets under custody, stored on behalf of 120 clients from 14 different countries.

The highlight of today’s tweet from Brian Armstrong was the numbers from Institutional investors. Safety have always been a big issue for investors and that’s why there were lot of discussions regarding adoption of crypto at Institutional level, but with $200 – 400 million coming into Coinbase every week, we can easily say that crypto adoption at institutional level is no more a question, it’s a reality.

The way forward 

We already discussed about the importance of safety of funds in crypto market, but in order to increase adoption, crypto market must create new traders. Traders love leverage, borrowing and lending which allows them to trade the market even with limited resources. Retail forex market is a prime example of such facilities. Coinbase did mentioned in the blogpost that they are excited to explore new ways to monetize and leverage crypto assets like borrowing and lending.

Bitcoin ETF

Decision about the Bitcoin ETF by securities and exchange commission is pending in October. Exchange traded fund approval from SEC can open new doors for crypto adoption at an institutional level.

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