Blockchain Bites: Bitcoin Trades Sideways as US Inflation Is Muted

Hello. Analysts are reporting gloomy short-term projections for bitcoin as the U.S. Labor Department reports muted inflation over 2020. Here’s the story: Top shelf Institutional productsA new, physically backed bitcoin exchange-traded product (ETP) has hit the SIX stock exchange in Switzerland. Developed by ETC Group, this is the 34th bitcoin ETP on SIX. Meanwhile, the Winklevoss-owned Gemini Trust company is backing the latest bitcoin exchange-traded fund (ETF) application filed in Canada. Arxnovum Investments’ bitcoin ETF could conceivably trade on the Chicago Mercantile Exchange, if approved. U.S. regulators have long been…

Traders flock into altcoins as Bitcoin price trades sideways

The bullish momentum seen throughout the week has spilled over into the weekend as the majority of the top-100 tokens listed on CoinMarketCap are posting double-digit gains.  Bitcoin (BTC) entering a brief consolidation period and the possibility of a third round of stimulus checks for American citizens are two possible reasons for today’s bullish price action. Daily cryptocurrency market performance. Source: Coin360 While there are concerns about the recent large Bitcoin inflows into South Korean exchanges by BTC whales, fundamentals factors like miner sentiment and decreasing supply are keeping investors…

Nigeria Is Paxful’s Second Biggest P2P Bitcoin Market, Trades Top $566 Million in Five Years

Nigeria, Africa’s biggest economy and most populous nation, traded more than $566 million worth of bitcoin between 2015 and 2020, making it the world’s second-largest peer-to-peer (P2P) bitcoin market after the U.S., which traded $3.75 billion in the period under review. According to an analysis of bitcoin trading platform Paxful’s database shared with news.Bitcoin.com, Nigeria has traded the equivalent of 60,215.7 BTC – more than any other country in the world. Only the U.S. exchanged more bitcoin – 535,660.3 BTC. With trades of $55.3 million or 5,894.8 BTC, Kenya comes…

‘Bitwise 10’ crypto index trades at 369% premium in record breaking debut

Leading crypto fund manager Bitwise Asset Management has announced that its 10 Crypto Index Fund is trading at a much higher premium than the underlying assets it represents. The BITW fund saw record initial trading volumes with shares in the crypto fund surging to 369% higher than the value of the Bitcoin, Ethereum, and eight other crypto assets, that it holds. Bloomberg reported that the divergence indicates that institutional investors, hedge funds, and retail traders, are happy to pay a premium to access the fund through a brokerage rather than…

Bank of America Investor Survey Highlights the Most Crowded Trades: ‘Long Tech, Short USD, Long Bitcoin’

The highly anticipated Bank of America fund manager survey has been published, and this December fund managers who participated in the survey are sweeping up risk assets. The asset managers have dropped cash for the first time in close to seven years, as levels are down 4%. Moreover, strategists at Bank of America Corp. now say the most crowded trades are “long tech,” “short USD,” and “long Bitcoin.” Cash assets are under by 4%, according to the latest Bank of America’s fund manager survey published this week. Participants in Bank…

IMF leader on digital payments for skilled trades workers

The continuing transition to digital finance is likely to affect sectors across the board. Artisans, or skilled craftsmen and women, are no exception. According to Kristalina Georgieva, managing director for the International Monetary Fund, or IMF, digital money for these skilled workers hinges on a tetrad of factors. “The artisan’s digital future will rest on four cornerstones: private sector innovation, public sector involvement, regulatory and legal frameworks, and international cooperation,” Georgieva said on Friday during a BlockShow conference segment. How do online payments and finance affect skilled workers though? Digital…

Goldman Sachs to utilize JPM Coin for repo trades

Goldman Sachs is reportedly one of several financial institutions to sign on to JPMorgan’s custom blockchain service — a sign that more broker-dealers were looking to take advantage of digital currencies for their repo operations. In an interview with Bloomberg, Scott Lucas, head of blockchain markets at JPMorgan, said the investment bank is already using blockchain to conduct billions of dollars worth of repurchase agreements. The bank utilizes JPM Coin, a dollar-backed stablecoin, to swap digitized U.S. Treasury bonds much more efficiently.  As Bloomberg notes, JPMorgan conducted the first live…

Blockchain Bites: Bitcoin Shorts In, MicroStrategy Stock Downgraded, Bitwise Index Trades

Bitso raised $62 million to expand its Latin American footprint. One of the world’s oldest banks will issue a euro stablecoin on the Stellar blockchain. Elliptic, a blockchain analytics firm, found 13% of the proceeds from crime involving bitcoin travel through “privacy wallets.” Top shelf Cornered market?Latin American crypto exchange Bitso has raised a whopping $62 million funding round, the largest in the region for a digital asset firm. Announced Wednesday, Mexico City-based Bitso’s Series B also heralded the first investment in crypto by renowned fintech VC firms QED Investors…

Gazprombank Switzerland Executes First Bitcoin Trades, Announces Payments Initiative

Gazprombank (Switzerland), an arm of the bank owned by Russian energy giant Gazprom, has carried out the first client transactions as part of its new bitcoin services. Announced Tuesday, the bank’s launch of institutional cryptocurrency services comes after approval was granted by the Swiss Financial Market Supervisory Authority. “Digital assets will become increasingly important for our clients and the global economy,” said the bank’s CEO, Roman Abdulin. The cryptocurrency services, including cryptocurrency accounts, investment management and asset custody, were developed in partnership with fintech firm Avaloq and digital security infrastructure…

Bitcoin Trades Below 100 SMA, Why BTC Could Face Short-term Dips

Bitcoin price failed to continue higher above $18,800 and corrected lower against the US Dollar. BTC is now trading below the 100 hourly SMA and showing a few bearish signs. Bitcoin is facing a strong resistance near the $18,700 and $18,800 levels. The price is now trading below $18,500 and the 100 hourly simple moving average. There is a short-term ascending channel forming with support near $18,150 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct sharply below $18,150 and $18,000 levels in…