1 Billion Idled XRP Tokens Changed Hands: Massive Volatility is Underway

Ripple’s XRP has been consolidating within a narrow trading range for over the past month. The price action of this cryptocurrency is mostly contained between the $0.192 support level and the $0.212 resistance. Throughout this stagnation phase, the Bollinger bands were forced to squeeze based on XRP’s 1-day chart. Squeezes are indicative of periods of low volatility and are typically succeeded by wild price movements. The inability of this technical index to provide a clear path for XRP’s direction makes the area between the lower and upper band a reasonable…

Chinese Bank Issues Commercial Paper Worth $16.9 Billion on Blockchain

China Zhe­shang Bank, a national commercial bank, used blockchain technology to issue an asset-backed commercial paper, or ABCP. It was issued as a part of the Na­tional As­so­ci­a­tion of Fi­nan­cial Mar­ket In­sti­tu­tional In­vestors’s (NAFMII) pilot project for ABCPs. An asset-backed commercial paper is a short-term investment issued by financial institutions to help companies meet short-term goals. Dubbed “Lianxin 2020 Lian­jie First Phase As­set-backed Com­mer­cial Pa­per,” the period of the Lianxin ABCP is six months and the span of the next issuance is yet to be specified.  An official of the…

Warren Buffett Should Follow His Own Advice – He’d Be $81 Billion Richer

Warren Buffett’s Berkshire Hathaway has underperformed the broader stock market for a decade. If he followed his own advice and just bought an S&p 500 tracker fund, he’d be $81 billion richer. In fact, he’d be the richest man on the planet. It’s been a rough year for Warren Buffett. The March sell-off wiped out much of his portfolio at Berkshire Hathaway (NYSE: BRK.A) and it hasn’t bounced back. And this isn’t just a short-term problem. The Oracle of Omaha has lagged the broader S&P 500 for a decade. Proof…

DeFi Platform Celsius Hits $1 Billion in Cryptocurrency Deposits

Decentralized lending and borrowing platform Celsius Network has crossed $1 billion in total cryptocurrency deposits since its launch in 2018. The platform claims that it returns 80% of its total revenue to its users and has so far paid $17 million as interest rewards to its community of cryptocurrency holders, of which, $12 million were in Bitcoin (BTC) and $3 million in its native CEL token. Thriving through the pandemic The growth of the platform in recent months has been considerable despite the coronavirus pandemic having an adverse effect on…

Huge $591 Billion Cash Pile Adds Sizzle to Stock Market Rally

The U.S. stock market continues to climb despite record-high levels of cash hoarding among institutions. Bank of America reveals hedge funds holdings an eye-popping $591 billion as investors focus on low-risk bonds and cash. When the floodgates open, it may trigger a renewed bull market entering the second half of 2020. The U.S. stock market is climbing despite ongoing riots, geopolitical risks, and uncertainty surrounding the pandemic. JPMorgan’s new data suggests the arsenal of investors is far from running out. The Dow Jones Industrial Average (DJIA) recorded a 91-point gain…

Ethereum DeFi Nears $1 Billion Milestone Again, and That’s Big for the ETH Bull Case

Ethereum’s budding decentralized finance (DeFi) ecosystem took a heavy beating after the March capitulation crash. As I detailed in an analysis for LongHash, what happened was that MakerDAO became unstable due to what some say is an erosion in trust in the protocol. Ethereum investor Parafi Capital wrote in a blog post: “We believe this lack of stability and liquidity is translating into uncertainty around using DAI as a decentralized stablecoin in many DeFi protocols. Anecdotally, we have heard a handful of DeFi teams express frustration over DAI’s lack of…

Custodian With 100k Users Plans to Tokenize $13 Billion in Assets

Kingdom Trust, a South Dakota-based custodian managing more than $13 billion assets, is closely eying the tokenization sector. Speaking to Cointelegraph, Kingdom Trust chief executive, Ryan Radloff, revealed that the firm wants to tokenize the more than 20,000 alternative, crypto, and legacy assets that it currently offers custody services for. He said: “If you look beyond just Bitcoin, at the clash of alternative assets like [real estate investment trusts] REITs, gold, land, and other things that Kingdom custodies, this is a prime environment for the clash between blockchain technology, tokenization…

Over 120 Billion Idle XRP Tokens Moved: Volatility Is Near

Ripple’s XRP token is going through a stagnation phase without giving any clear signs of where it is headed next. The cross-border remittances token has been contained in a narrow trading range since May 11. This area is defined by the $0.19 support and the $0.206 resistance level. XRP Consolidates Within Narrow Trading Range. (Source: TradingView) Despite the low levels of volatility, on-chain metrics suggests that a significant price movement is underway. Volatility Is Set to Strike Back Ever since the peak of April 30 when XRP went up to…

China’s Tencent Will Invest 500 Billion Yuan in Blockchain and New Technology Infrastructure

  Chinese tech giant Tencent Holdings, the owner of China’s messaging platform WeChat has announced that the company will be investing 500 billion yuan ($70 billion) in the next five years in emerging technologies including blockchain, artificial intelligence (AI), cloud computing, and cybersecurity.   Tencent is aiming to strengthen the development of FinTech in China, following the push of accelerating the development of blockchain as stated by the country’s President Xi Jinping.    The National Development and Reform Commission (NDRC) of China discussed the standards of its “new infrastructure” for…

WeChat Invests $70 Billion in Fintech, Including Blockchain and AI

Chinese tech giant Tencent Holdings will allocate nearly $70 billion (500B yuan) over the next five years in fintech development, including blockchain, cloud computing, and artificial intelligence (AI). Reuters reported on May 26 that the company, which is behind the WeChat messaging app, hopes to strengthen the development of fintech across the country, following the recent embrace of blockchain by the Chinese government.  Tencent wants to expand to business services and will invest in 5G networks, Internet of Things (IoT) operating systems and large data centers, among others,  Pandemic boosts…