Most of you have heard about or came across crypto, blockchain, and such jargons If Bitcoin remains in an uptrend, these altcoins are likely to outperform the other major cryptocurrencies this week.
Continue… Despite the crypto markets weekly losses of around 3-6%, many digital currency proponents are still optimistic. Bitcoin, Ethereum, ALT coin news and complete cryptocurrency news in AtoZMarkets.com. Got crypto news? Become a community journalist, guest blog with us.
For starters, the use of crypto has heightened the security and privacy of online gamblers and the online platforms on which they gamble.
There is no need for the hassle and tussle of long and tedious transactions and bank-linking processes.
Most of you have heard about or came across crypto, blockchain, and such jargons. Just to get down to the nitty-gritty; cryptocurrencies, or crypto, is an internet-based medium of financial transactions powered by a technology known as the blockchain technology. Examples of these currencies are the famous Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin. The online gambling segment has gradually begun to adopt the use of crypto and ditch the use of fiat currency, thus creating vast pros than cons in gambling establishments.
For starters, the use of crypto has heightened the security and privacy of online gamblers and the online platforms on which they gamble. There is no need for the hassle and tussle of long and tedious transactions and bank-linking processes; the payments and transactions are quickly handled on the blockchain technology. This has conveniently led the adoption of crypto as a medium of payments and transactions by these platforms. There’s also no sharing of one’s personal banking credentials in order to carry out payments and transactions. In addition, these platforms are also offering zero transaction fees, therefore, solving the woe of gamblers complaining over massive transaction fees.
The number of withdrawals that can be done by users has also reduced from twice a week to a few hours (24-48 hours) or minutes depending on the gambling site. Deposits or stakes can also be made instantly, and one can begin playing as soon as the deposit is made; this saves time and would increase one’s chances of winning. In gambling, time is money.
In a number of countries, betting has been limited and considered as an illegal activity. For instance, recently, in Kenya, it was done away with since the government demanded huge taxes on one’s winnings, thus leaving the gambler with peanuts as winnings. The use of crypto in gambling has no limits, nevertheless. One can access betting activities regardless of which geographical location one hails from. Crypto-gambling has no geographical restrictions.
Despite the merits, crypto-gambling can also be a nightmare for online gambling addicts since not most of these gamblers have online crypto wallets; some think it is too costly to acquire crypto considering the fact that a bitcoin now stands at approximately Sh900. Some platforms are also not legitimate and are scam sites. Therefore, one needs to do a proper evaluation before making up their mind on which platform to use.
Instances of online Crypto-gambling platforms include mBitCasino and BitStarz. They offer attractive discounts in the form of deposit bonuses and funds. BitStarz offers an exclusive welcome bonus of 5 BTC, and one can cash out in under 10 minutes.
Cryptocurrency (Crypto)- An internet-based medium of financial transactions and typically does not exist in physical form like paper money.
Fiat currency – This is currency established as money, like paper money.
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Blockchain – The technology that powers cryptocurrencies.
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Top 5 Cryptocurrencies to Watch This Week: BTC, XTZ, ADA, LINK, ETC
Market Outlook: Golden Cross Invalidated, Andreessen Horowitz Predicts ‘Fourth Crypto Cycle’ | Market Updates Bitcoin News
The price of bitcoin and a number of other popular cryptocurrencies have been collectively holding a market valuation of around $255 billion. The fiat value of these cryptocurrencies has slipped downwards during the last four days. Despite the weekly losses of around 3-6%, many digital currency proponents are still very optimistic. Mainly because of how well crypto markets have performed during the coronavirus outbreak and the global economy’s current hardships.
Digital currency supporters can safely say that so far, crypto assets have performed extremely well since the March 12, 2020 market carnage, otherwise known as ‘Black Thursday.’ The entire crypto economy of over 5,000 cryptocurrencies is currently worth $255 billion using today’s exchange rates. Today, BTC is trading for $9,156 per coin and has around $4.8 billion in 24-hour global trades.
Ethereum (ETH) is swapping for $207 per unit and there’s just under $2 billion worth of ETH trade volume on Sunday. The digital currency XRP is still commanding the third-largest position by market cap as each coin is trading for $0.19. The stablecoin tether (USDT) is the fourth largest market valuation today and the USDT market is worth $5.74 billion.
Bitcoin cash (BCH) lost its footing price wise, as well on Wednesday, May 20, 2020. At that time, BCH was trading for $247 per unit, but today each coin is swapping for $233. The BCH market cap is worth $4.3 billion today and tether recently eclipsed the coin’s market share. In fact, close to 100 million USDT was created on May 23, 2020 according to Whale alert data.
On Sunday morning, 70% of BCH trades are in tether, which is followed by 17.4% worth of BCH/BTC swaps. Additionally the top trading pairs with bitcoin cash include the USD (3.06%), KRW (2.35%), ETH (2.32%), GBP (1.50%), and the stablecoin USDC (0.59%). Bitcoin cash has around $99 million in total global trades on Sunday.
Silicon Valley venture capital firm Andreessen Horowitz executives have recently published a blog post called “The Crypto Price-Innovation Cycle.” Chris Dixon and Eddy Lazzarin say that a “fourth crypto cycle” is on the horizon. “Even though crypto cycles look chaotic, over the long term they’ve generated steady growth of new ideas, code, projects, and startups— the fundamental drivers of software innovation,” Dixon and Lazzarin wrote in the post.
“The 2017 cycle spawned dozens of exciting projects in a wide range of areas including payments, finance, games, infrastructure, and web apps— Many of these projects are launching in the near future, possibly driving a fourth crypto cycle.” Just recently news.Bitcoin.com reported on how Andreessen Horowitz raised over $515 million for a cryptocurrency-focused fund.
Despite the recent “golden cross formation,” BTC prices saw a 3% loss since May 20, 2020. This particular golden cross predicted a bullish scenario for BTC. Essentially, the 50-day moving average (MA) and 200-day MA initiated the golden cross, but the price never followed the traditional northbound outcome. Even though the golden cross came to fruition, the Moving Average Convergence Divergence (MACD) has not shown any bullish signals whatsoever.
Although, it is hard to measure the market with divergence, especially when weighing the options of a reversal. While the 50-day and 200-day MA had shown a definitive golden cross, the market trade volume just hasn’t been enough to push prices forward. Various traders were hoping for some kind of indication from the golden cross event just as they do for the death cross. Unfortunately, the BTC chart indicating the formation of a golden cross, was meaningless this time around.
What do you think about the current crypto market action? Let us know in the comments section below.
Andreessen Horowitz, BCH, Bitcoin, bitcoin cash, BTC, Chris Dixon, crypto economy, Eddy Lazzarin, Golden Cross, Market Action, Markets
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Author: Market Updates by Jamie Redman
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