Even as India faces its worst economic crisis in almost three decades, local crypto trading, especially on peer-to-peer exchanges, has peaked. This is believed to be a direct impact of the Supreme Court lifting RBI’s “unconstitutional” two-year ban on cryptocurrencies in March, only three weeks before the country went into lockdown. Anticipating a favourable result, […] China’s relationship with bitcoin and cryptocurrencies appears to be softening as the country gears up for the launch 0f its digital yuan. Despite falling prices, one of the most important and profitable buy signals in the history of Bitcoin is about to trigger. Ethereum’s budding decentralized finance ecosystem has gone parabolic over recent weeks.The value of cryptocurrencies locked in DeFi applications has skyrocketed to $1.65 billion, 65% higher than this metric was just 12 days ago. Simultaneously, the number of users leveraging applications like Compound, Maker, and Synthetix has skyrocketed.Unfortunately, a purported hack just took place that may temporarily slow DeFi’s growth.$500k in Full list of stories by category Cryptocurrencies – 2020-06-28
Even as India faces its worst economic crisis in almost three decades, local crypto trading, especially on peer-to-peer exchanges, has peaked.
This is believed to be a direct impact of the Supreme Court lifting RBI’s “unconstitutional” two-year ban on cryptocurrencies in March, only three weeks before the country went into lockdown.
Anticipating a favourable result, not only did new crypto exchanges and bitcoin trading platforms launch in India, but some also relaunched their apps.
Further, the crypto boom in the last three months has coincided with one of the biggest depreciations of the Indian rupee — the yearly inflation rate is almost 10 percent now — leading to an overall peaking interest in alternate forms of wealth, particularly bitcoins.
The founder of a global bitcoin exchange told YourStory recently,
“In the beginning, bitcoin was all about speculation, and people wanted to get rich. But now, they are seeing it as a secure medium of exchange and as a pathway to the financial world. It is the best product in the entire fintech space right now.”
Bitcoin trading volumes in India have surpassed the spike of December 2017, when the digital currency was enjoying an unprecedented bull run globally. Since the lockdown began, BTC volumes have increased 10X, according to Bitcoin.com.
As per the latest exchange rates on Coin Dance, one Bitcoin — the most popular cryptocurrency in the world — is worth Rs 7.04 lakh.
YourStory lists a few apps that allow users to seamlessly trade in not just Bitcoin, but hundreds of other popular cryptocurrencies across the globe.
Coinbase is among the most well-recognised cryptocurrency exchanges in the world, with over 25 million users in 32 countries. It allows users to securely buy, store, and sell cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, and others.
Coinbase offers a simple, user-friendly dashboard that lets traders stay abreast of crypto prices and the value of their digital assets in real-time. The app is designed to not only let users trade, but also stay informed about crypto news and updates, price alerts, market movements, etc.
About 98 percent of cryptocurrencies on Coinbase are stored offline, and the app claims to be as secure as a traditional bank. It has over 10 million downloads on Google Play Store, and is rated 3.8 out of 5.
Binance is the world’s largest cryptocurrency exchange by trading volume. It blends blockchain tech with finance access, and allows trading in more than 150 cryptocurrencies, including Bitcoin, Litecoin, Ethereum, Link, Tezos, Cardano, and Binance Coin.
Users can buy, sell, and store cryptocurrencies on Binance’s Secure Asset Fund for Users, set single-tap price alerts, compare dynamic price charts, and even liquidate their crypto assets seamlessly. It also lets users transact at over 50 million worldwide merchant platforms.
The app has a recurring buy option, where users can choose how much and how frequently they want to buy a certain cryptocurrency, and Binance automates the rest of the process. Users can even send and receive crypto from friends or family through their Binance wallets by scanning QR codes.
It counts over a million downloads on Google Play Store, and is rated 4.5 out of 5.
Cryptocurrency exchange WazirX promises “lightning fast” INR deposits and withdrawals. Its advanced trading interface allows traders to buy and sell cryptocurrencies through a Live Open Order Book system.
The app supports digital assets, including Bitcoin, Bitcoin Cash, Litecoin, Dash, XRP, Ethereum, Zilliqa, and others. Users can deposit or withdraw cryptocurrencies and also cash in or cash out USDT (a cryptocurrency which corresponds to the value of the US dollar) via P2P trading.
They can also store their crypto assets in the WazirX wallet. Additionally, traders get a 50 percent referral commission on the app. WazirX also offers charts for minute-by-minute price tracking, advanced passcode security features, and autofill pricing by tapping on the order book or price ticker.
The app has over 1,00,000 downloads on Google Play Store, and is rated 4.2 out of 5.
Photo: Unocoin | Medium
Unocoin is among India’s leading crypto asset and blockchain companies, with over a million customers. It is backed by leading VCs like Blume Ventures, Huiyin Blockchain Ventures, Mumbai Angels, and others.
The app is focussed on democratising bitcoins for a billion-plus Indians. Hence, users who buy, sell, and store crypto assets in INR, stand to gain. Unocoin’s top features include low transaction fees, live price tracker widget, a consolidated wallet for all crypto holdings, automated bitcoin buying with fixed amount and frequency, free bitcoins on referrals, etc.
It also allows mobile and DTH recharges with bitcoins, and subscriptions of Bitcoin or Ethereum. The app has more than a million downloads on Google Play Store, and is rated 3.9 out of 5.
Zebpay relaunched its app in India in January 2020, ahead of SC’s hearing on RBI’s crypto ban. It enables crypto traders to buy and sell across 130 countries, with zero trading fees.
The app allows trading pairs (where one kind of crypto asset can be traded with another), and supports Bitcoin, Ethereum, Litecoin, Ripple, EOS, and several other cryptocurrencies. Users can also access crypto-to-Euro and crypto-to-Australian-Dollar trading.
Zebpay also comes with features like real-time and historical crypto market data tracking, 24X7 price alerts for users’ favourite crypto assets, and instant fund deposits through Zebpay’s third-party partners.
The app claims to have over three million customers worldwide. It has crossed a million downloads on Google Play Store, and is rated 3.7 out of 5.
Bitbns is a marketplace that allows multi-currency trading, and supports over 70 cryptos, including Bitcoin, Ethereum, Ripple, Litecoin, Binance Coin, Monero, Stellar, and Neo. The platform recently enabled USDT, where cryptocurrencies can be traded against the US dollar.
Bitbns lets users store their funds in a secure, 2FA-enabled cryptocurrency wallet with the option to withdraw, transfer, deposit, or trade instantly. It also allows users to trade at 4X their net worth by borrowing from others.
However, it caps the minimum net worth of every user at Rs 2,000. Crypto traders on Bitbns can even avail the unique Margin Lending feature, where they can earn profits by lending cryptocurrency funds at fixed interest rates for a fixed period of time to other users.
Bitbns has over 1,00,000 downloads on Google Play Store, and is rated 4.1 out of 5.
BitBuddy, a marketplace dedicated to bitcoin trading, launched in April 2020 to make the most of India’s ongoing crypto boom. It allows users to buy and sell bitcoins with multiple payment modes, including Google Pay and PayPal.
The app offers P2P buying and selling, real-time market orders, Auto Order Matching with best available prices, a Bitcoin wallet to store coins, one-click account statements, options to buy/sell the total order partially/non-partially, order tracking, and a chat feature to connect with other traders.
BitBuddy rolled out with a two-month introductory offer of zero trading fees. The app has crossed 1,000 downloads on Google Play Store, and is rated 4.2 out of 5.
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‘Perfect Storm’ Can Push Bitcoin Market Over $1 Trillion, Research Reveals
Bitcoin traders and investors have long predicted the established financial service industry’s eventual jump into cryptocurrency.
Wall Street’s highly-anticipated institutional support for bitcoin has so far failed to convincingly materialize, though recent moves from some of the world’s biggest banks suggest it’s coming—slowly but surely.
Now, following hedge fund manager Paul Tudor Jones’ recent foray into bitcoin, researchers have found an aggregate 1% institutional allocation to bitcoin “can easily” bring bitcoin’s total value above $1 trillion—with a “perfect storm” potentially making each bitcoin token worth over $50,000, up from just under $10,000 currently.
MORE FROM FORBESRecord Unemployment Has Contributed To A ‘Striking’ Shift Toward Bitcoin, New Research RevealsBy Billy Bambrough
The bitcoin and cryptocurrency community has been closely-watching for signs Wall Street is gearing … [+] up jump into cryptocurrencies.
“Institutional investors are the white whales of cryptocurrency,” Ryan Watkins, an analyst at bitcoin and crypto research firm Messari, wrote in recent report, adding that, “depending on your assumptions, an aggregate 1% institutional allocation to bitcoin can easily bring bitcoin’s market cap above $1 trillion.”
“Ever so elusive, institutional investment in cryptocurrency has long been considered the most significant barrier between bitcoin and a multi-trillion dollar market capitalization.”
The bitcoin and cryptocurrency community was set alight last month by news investment giant Paul Tudor Jones’ would be buying bitcoin as a potential hedge against the inflation unprecedented central bank stimulus measures could bring, causing Watkins to ask: “What would it look like if institutional investors followed Paul Tudor Jones and allocated a ‘low single-digit percentage’ to bitcoin?”
“[Bitcoin] is a great speculation,” Jones, the founder and chief executive of Tudor Investment and widely considered one of the world’s most influential macroeconomic traders, told CNBC, adding he has “just over 1% of my assets in bitcoin. Maybe it’s almost two. That seems like the right number right now.”
Watkins found fiat flows into bitcoin typically drove price gains of between two times and 25 times during bitcoin’s epic 2017 bull run, pointing to research by Chris Burniske, the cofounder of crypto-focused venture capital firm Placeholder.
“While hard to estimate, Burniske’s illustrative range from 2x-25x provides a picture of potential outcomes if institutional investors began to accumulate bitcoin,” Watkins said via Twitter.
“Flows into and out of an asset do not necessarily result in one-to-one moves in the price of the asset, and can be amplified into much larger price movements.”
MORE FROM FORBESThe Bitcoin Market Is Totally Dominated By A Tiny Number Of Pro TradersBy Billy Bambrough
Researchers asked, “what if institutional investors allocated 1% of assets under management to … [+] bitcoin”–finding such inflows could send the bitcoin price sharply higher and potentially giving bitcoin a market capitalization of over $1 trillion.
Expectations that institutional investors could be about to buy into bitcoin and cryptocurrencies is thought to have contributed to bitcoin’s 2017 price explosion, which saw the bitcoin price rise from under $1,000 per bitcoin to around $20,000 in under 12 months.
These hopes petered out through 2018 but have recently returned, with some, including co-founder of social news aggregation site Reddit and early investor in major U.S. bitcoin and crypto exchange Coinbase, Alexis Ohanian, recently predicting a new bitcoin and “crypto spring.”
“In anticipation of [institutions’] hopeful arrival, firms have raised more than $1 billion in order to build infrastructure to serve them,” Watkins wrote. “And deal activity is picking up as the perfect storm appears to be brewing for investment in bitcoin.”
Author: Billy Bambrough
Bitcoin’s Most Important and Profitable Buy Signal Is Just About to Trigger
Despite falling prices, one of the most important and profitable buy signals in the history of Bitcoin is about to trigger.
Unless a sharp decline happens and miners powering the cryptocurrency protocol begin to capitulate, the signal is just days away from confirming.
Bitcoin price has traded sideways for the last month and then some. Volatility in the normally notoriously explosive cryptocurrency asset has reached shocking lows.
All signs suggest that the leading cryptocurrency by market cap is gearing up for a massive move. Perhaps one of its biggest ever.
Data suggests that when Bitcoin trades sideways and consolidates for this long, it typically moves over 20%. A pump usually follows a breakout, but the longer the sideways, the more dangerous the results.
The last two times volatility dropped this low, fireworks ensued when it returned.
The first was prior to Bitcoin’s drop to its current bear market bottom at $3,200. Before that, kicked off the asset’s historic bull market and rise to $20,000.
The instance that resulted in the bull market, came just after the asset’s last block reward halving in 2016. The cryptocurrency is at a similar point in its market cycle.
More signs are suggesting that the asset may be ready for another breakout to the upside. Hash Ribbons, one of the most important and profitable signals ever, are just days away from triggering a buy signal.
Bitcoin BTCUSD Hash Ribbons | Source: Trading View
There’s no arguing the importance of the Hash Ribbons indicator. The tool is yet another Bitcoin fundamental analysis indicator designed by analyst Charles Edwards.
Edwards also created tools that look at cost of production, energy value, and much more.
These tools make up some of the most critical tools in Bitcoin analysis, especially from a fundamental standpoint.
Hash Ribbons signal when miners powering the network are capitulating. When that’s over, it signals a “buy.”
Several times throughout cryptocurrency’s history have resulted in a significant upside following the buy signal triggering.
It appeared just ahead of Bitcoin’s rise from the bear market bottom to $14,000 in June 2019. It also triggered just ahead of the pump to $10,000 in early February, and again on the way up to current levels.
Bitcoin BTCUSD Hash Ribbons | Source: Trading View
Prior to those instances, the Hash Ribbons buy signal resulted in the last bull market. After the buy signal, Bitcoin price rose over 3,000 percent, reaching an all-time high of $20,000.
Unless a catastrophic collapse occurs, this buy signal is just days away from happening again. If it does, these current lows may be the cheapest prices Bitcoin will ever trade at again.
Author: Tony Spilotro
A Hacker Just Drained $500k in Ethereum & Altcoins From a DeFi App
Ethereum’s budding decentralized finance ecosystem has gone parabolic over recent weeks.
The value of cryptocurrencies locked in DeFi applications has skyrocketed to $1.65 billion, 65% higher than this metric was just 12 days ago. Simultaneously, the number of users leveraging applications like Compound, Maker, and Synthetix has skyrocketed.
Unfortunately, a purported hack just took place that may temporarily slow DeFi’s growth.
Early Sunday afternoon, reports started to spread via social media that a DeFi hack/attack took place.
Word first spread via Telegram, according to The Block’s Steven Zheng. An admin of a Telegram group noticed that there was an issue with Balancer, a DeFi protocol focused on facilitating token swaps.
“Apparently someone drained a Balancer Pool made up of WETH and STA and got away with $500k worth of WETH,” Zheng wrote, becoming one of the first to spread news of this via Twitter.
Hours after Zheng’s tweet, the attack was confirmed by Ethereum-based decentralized exchange 1inch and Mike McDonald, co-founder of Balancer Labs. Balancer Labs is the entity that is behind Balancer’s development; the former is a company, the latter is an Ethereum-based protocol.
According to a breakdown of the situation by 1inch, Zhang was correct: more than $500,000 worth of Ethereum and other altcoins were drained during this attack.
The exchange’s research found that the attacker used a smart contract to manipulate the Balancer Pool so that it went into debt:
“These funds were used to swap WETH to STA token back and forth 24 times which drained STA balance from the pool. […] Every time the attacker swapped WETH to STA, the Balancer Pool received 1% less STA than was expected.”
After this, the Ethereum user leveraged a vulnerability to drain Wrapped Ethereum, Wrapped Bitcoin, Synthetix, and Chainlink from the pool. As aforementioned, the value of the stolen funds amounts to ~$500,000.
For some context, the issue was a byproduct of the built-in deflation of STA. The token has an algorithm designed to “ensure that for every transaction, 1% of the amount transacted is destroyed.”
1inch has classified the attacker as a “very sophisticated smart contract engineer with extensive knowledge and understanding of the leading DeFi protocols” due to the exploits used. The attacker is currently at large because they used an Ethereum mixer to obfuscate their identity/ties to exchange.
The post by Balancer Labs’ Mike McDonald corroborated what the decentralized exchange staff wrote.
Hacks aren’t the only issues that DeFi is currently facing.
Larry Sukernik, an investor at Digital Currency Group, argued that DeFi products are too complicated for their own good.
“A very high IQ can be a headwind to building massively successful products. You get people with a big brains that need to be put to work. And when they’re put to work, the result is often a complex, brilliant, but massively unusable product. Lots of that in DeFi now,” he explained.
There are also concerns surrounding high transaction fees. Joseph Todaro of BlockTown Capital wrote:
“If fees move higher or even maintain this level, I expect $ETH competitors focused on scalability to see increased attention.”
Full list of stories by category Cryptocurrencies – 2020-06-28
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