Day: November 3, 2020

HSBC Bangladesh uses blockchain to import 20,000 tons of fuel oil from Singapore

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The Bangladesh branch of global banking firm HSBC has conducted the country’s first blockchain-based letter of credit (LC) transaction on the Contour DLT platform. The transaction was used to settle the importation of 20,000 tonnes of fuel oil from United Group’s Singapore subsidiary United Mymensingh Power. HSBC Bangaladesh’s chief executive, Md Mahbub ur Rahman, described the transaction as showcasing the bank’s commitment ”to supporting cross-border trade using “cutting-edge technology platforms.” “I believe this will usher in a new era of routing international trade transactions as businesses and governments recognize transparency,…

The 2020 Elections Are Boosting Crypto Prediction Markets

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In just over three weeks, the trading volume on decentralized betting platform Polymarket went from zero to almost $3 million.  As of Monday, Polymarket’s “Will Trump win the 2020 U.S. presidential election?” had over $2.8 million worth of bets placed, with each bet (for possible answers “yes” or “no”) costing less than a dollar. The platform allows users to place crypto bets on highly-debated current events and public topics including politics, pop culture, business and health, according to its website.  Polymarket is a non-custodial platform, meaning it does not hold…

Ethereum Near Make-or-Break Levels, Why There’s Risk of Sharp Decline

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Ethereum’s ether traded below the $388 and $380 support levels against the US Dollar. ETH price is now testing $372 and it remains at a risk of more downsides. Ethereum extended its decline below the $392 and $388 support levels. The price is now trading well below $380 and the 100 hourly simple moving average. There was a break below a major bullish trend line with support near $391 on the hourly chart of ETH/USD (data feed via Kraken). The pair is now testing a crucial breakdown support near the…

DeFi declines while Bitcoin booms

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The co-founder of crypto data aggregator Markets Science, Twitter-user ‘Bitdealer,’ has shared a chart  indicating negative correlations between 11 top DeFi tokens and BTC over the past 45 days to Nov.1, with AAVE showing neutral correlation and UNI showing confluence if less than 0.1. Seven of 13 DeFi tokens were also found to have negative correlations with Ethereum (ETH), despite Ethereum powering much of the DeFi ecosystem. With many decentralized finance (DeFi) tokens struggling while Bitcoin (BTC) surged in price this week, analysts have identified a longer negative correlation between…

Bitcoin Correction To $13k On Horizon As Bulls Lose Control at $13.7k

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Bitcoin price struggled to settle above the $13,700 resistance and declined below $13,500 against the US Dollar. BTC is likely to retest $13,000 before it could rise again. Bitcoin started a fresh decline after it faced a strong selling interest near $13,700. The price is trading below the $13,600 support and the 100 hourly simple moving average. There was a break below a crucial contracting triangle with support near $13,600 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is showing bearish signs and it…

Bitcoin Traders are Upping Their Leverage as Election Nears

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The world is now just one day out from the 2020 U.S. Presidential Election, an event that will undoubtedly have far-reaching implications that impact Bitcoin, altcoins, and the traditional markets for potentially years to come. BTC has been showing immense signs of strength heading into the election, bucking a consolidation phase seen by the stock market and far outperforming gold. This indicates that investors expect the benchmark cryptocurrency to benefit from any imminent instability in the global markets that could be brought about by the elections. Its mounting status as…

Ethereum Whales Kick Off Crypto Crash With 4,000 ETH Dump

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An Ethereum whale dumping as much as 4,000 ETH on Binance this morning might have been responsible for kickstarting the crypto market downturn. How deep could the correction in Ethereum get, after such a substantial rally all throughout 2020? DeFi Trend Fallout Takes The Legs Out From Under Ethereum Bull Run Late US President John F. Kennedy famously said a “rising tide lifts all boats.” It was the DeFi trend that helped to bring Ethereum to new highs in 2020 before Bitcoin. And more recently, although BTC ratios on major…