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Crypto trade agitated by risk-off move

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Cryptocurrencies were trading in the red on Thursday morning as global investors fled to safer havens after Russia launched a military strike against Ukraine.

According to CoinGecko, Bitcoin dropped by 7.9% in the last 24 hours, while Ether dropped by more than 10% in the same time frame. Long-tail assets were hit even worse, with Avalanche, Shiba Inu, and Cardano all dropping by double digits. Chris Hermida of Manna Trading stated,

“Big risk off move across the board.”

The cryptocurrency market’s price behavior once again demonstrates how liquid tokens have following global stocks, similar to how it has done in the wake of the US Federal Reserve’s intention to raise interest rates. The revelation from Ukraine is expected to add to the pressures already exerted on a world economy beset by rising inflation and supply-chain issues. At the time of writing, the Dow Jones Industrial Average plunged more than 2.23%.

Indeed, this is the latest instance of bitcoin having failed to deliver on its promise of serving as a hedge against numerous sorts of risk. Its 30-day association to gold, which has historically been considered a safe haven asset in times of economic turmoil, fell from 0.28 on February 16 to 0.17 on February 22, whereas bitcoin’s association to the S&P 500 increased.

Investor fear of the crypto market, according to Genesis Trading’s Joshua Lim, is causing the rise in association involving Bitcoin and US equities, with Bitcoin moving “on a 2ish beta to the SPX.”

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Gold along-with crypto pulled back due to Russia-Ukraine war

Gold, which had been on the rise amid rising concerns between Russia and Ukraine, began to fall on Thursday morning, along-with crypto price. Russia may be compelled to liquidate some of its gold reserves to finance its military effort, according to JPMorgan.

Traders are keeping a close eye on Ethereum in the short term, considering the massive number of on-chain sell-offsoffs that would occur at the $2,100-$2,200 mark.

In other news, while global forces have pushed bitcoin to new lows beyond $34,000, one CEO pointed to a potential saving grace: institutional capital on the sidelines. At the time of writing, Bitcoin (BTC) was priced at $39,442.87 and had rised by 8.82% in the last 24 hours.

Most prominent companies in the world are hiring for crypto positions

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As the demand for crypto grows, so does the development of the industry, resulting in widespread adoption by countries, businesses, companies, and people. This created a gap in the industry for crypto positions and openings.

As a result, numerous well-known multinational corporations have recently advertised employment openings in the crypto industry. Meta, Reddit, Visa, Apple, Nike, JPMorgan, Walmart, Amazon, and Fidelity are among the firms with employment openings in the crypto industry.

For example, Meta is looking for someone who can integrate cryptocurrency and payments, and Walmart is darting for senior crypto specialists, among other things.

  • Amazon
  • Meta
  • Reddit
  • Visa

What does this mean for job seekers?

During last year’s epidemic, urban India’s jobless rate soared to around 20%. In 2022, the global unemployment rate is expected to reach 207 million people, says the ILO reports. Closed stores, offices, a shortage of labour, and other factors contributed to the high figures. On the other hand, the crypto market was left off the list of donors.

The crypto market, which has experienced market booms practically every three months, has remained one of the few industries that have stayed unaffected. Instead, it exploded, even on a worldwide scale. When an industry boom, a rise in demand follows suit, resulting in more sumptuous employment, i.e. jobs. In India, crypto careers have experienced a lot of success and growth.

Various openings are available for crypto positions globally. These include roles of community manager, client relations, crypto content writer, events manager, country manager, translators, exchange manager, crypto market analyst, blockchain developer, chief technology officer. Etc.

The rising adoption of crypto by different countries and the spiking interest by individuals created a boom for the cryptocurrency market. From being speculative around crypto claiming that it’s unsafe, people have educated themselves to understand the importance and potential of crypto.

Many startups are emerging, including crypto exchanges and crypto news and advertisement platforms. All these companies are hiring for various roles, which can be found through a simple Google search, Linkedin, or Naukri. Crypto provides a better opportunity for investors and seekers who are willing to do research and self educate themselves about this potential technology.

Honduras welcomes its first Bitcoin ATM “la bitcoinera”

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Central American countries seemed to be going all-in on crypto and Honduras followed suit. The country got its first Bitcoin ATM installed and it was labeled “la bitcoinera.”

El Salvador’s dive into the crypto-verse by legalizing Bitcoin was an inspiration to many. The country shattered rumors built up by those who hate the crypto industry and emerged as a prominent supporter of Bitcoin. Even though several suggested that giving the asset a legal tender was a little too much, other countries seemed to be influenced by this move as they were seen making progress with regards to the crypto-verse.

Honduras seemed to be jumping into this crypto wagon by welcoming its first Bitcoin ATM.

Honduras’ Bitcoin ATM to allow BTC and ETH transactions

A native company of the country, TGU Consulting Group went on to install Honduras’ first Bitcoin ATM in an office tower in the capital of Tegucigalpa. The ATM reportedly consists of Bitcoin [BTC] as well as Ethereum [ETH]. In order to buy these assets, users would have to bring out official identification and scan it. This would then be followed by the inclusion of the users’ personal data like the phone number.

The chief executive of TGU, Juan Mayen noted that this was the first ATM in the country and there was no automated way before this to purchase crypto in the region. He added.

“You had to do it peer-to-peer, look for someone who … was willing to do it, meet in person and carry X amount of cash, which is very inconvenient and dangerous given the environment in Honduras.”

Additionally, Mayen revealed that several software developers in the region were being paid in crypto. The emergence of crypto in the country would further pave the way to cheaper options to send remittances.

Mayen hopes to bring in more ATM units if the first one garners users.

Coinbase launches in Japan after partnering with Tokyo-based banking giant Mitsubishi UFJ

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One of the world’s top crypto exchanges, Coinbase has teamed up with banking giant Mitsubishi UFJ Financial Group [MUFG] that serves over 40 million customers to expand its footprint all the way to Japan. According to the official announcement, the launch of its Japanese arm is a part of its global strategy.

Initially, the Brian Armstrong-led crypto firm will rollout retail products that include the five top assets on the basis of the trading volume. The platform, however, has not revealed which assets will be listed. Eventually, it will introduce more digital assets and products and launch “localized versions” of some of its popular services such as advanced trading, Coinbase for Institutions, etc.

The official blog post also stated,

“Today we are excited to be launching Coinbase in Japan, one of the first countries to embrace crypto and one of the largest markets by crypto trading volumes in the world.”

Coinbase Japan targets both retail and institutional investors

Coinbase had been eyeing the Japanese market for quite some time now. As a matter of fact, the crypto exchange reportedly sought a license approval from the country’s financial regulator the Financial Services Authority [FSA] back in October 2019. A few months later, it firm registered as a crypto exchange after receiving a green signal from the FSA. Additionally, it also registered as a second-class member with Japan’s self-regulatory organization called Japan Virtual Currency Exchange Association [JVCEA]

Besides, the all-new Coinbase Japan not only aims to attract retail customers but also plans to cater to institutions if there is a rising demand for institutional-grade services in the country.

Nao Kitazawa, who happens to be the head of Coinbase Japan and a former Morgan Stanley banker had stated along the same line and emphasised the increasing number of institutional investors who have expressed interest in the latest initiative. The exec also revealed that if need be, Coinbase Japan would hire staff for institutional investors.

Could Dogecoin [DOGE] be heading below $0.20?

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Dogecoin [DOGE] was seen riding the bear, similar to all the other coins in the market. Bitcoin [BTC] seemed to be having a hard time setting up a significant line of support as well as resistance. The king coin was back at $32K, during press time, with a 3% slump in the last 24-hours. Ethereum [ETH] followed a similar notion as its price was slashed from $2K. ETH was trading for $1,974.

At the time of writing, DOGE was priced at a low of $0.20 with a 5.77% in the last 24-hours. The coin didn’t fare all that well over the last couple of days either. The altcoin plummeted by about 15% in the previous seven days. The altcoin seemed to be on the brink of dropping down below $0.20.

Not only did Dogecoin fall in terms of price, but also a market cap. While the overall market cap of the crypto-verse stands at $1.35 trillion, DOGE was seen accounting for $26.24 billion of the total number. Other prominent coins like Cardano [ADA], XRP, and USD Coin [USDC] had overshadowed DOGE and pushed the latter to the eighth rank.

Dogecoin [DOGE] one-hour price chart on Binance

Dogecoin
Could Dogecoin [DOGE] be heading below $0.20? 8

The short-term price chart of DOGE observed a conflict between the bull and the bear. The Parabolic SAR indicator announced the presence of the bull by laying out dotted lines over the candlesticks. However, the majority inclined towards the bear.

The Chaikin Money Flow [CMF] indicator was seen singing to a whole new tune. The CMF marker was below the zero median, which is considered a bearish momentum. The signal line was slowly taking over the MACD line which further indicated a bearish crossover.

Dogecoin [DOGE] notes strong sellers’ sentiment

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Could Dogecoin [DOGE] be heading below $0.20? 9

The one-hour price chart of DOGE announced a major sellers’ market. The Relative Strength Index [RSI] indicator was making its way onto the oversold zone. The RSI marker was going towards 20 median. The Money Flow Index [MFI] mirrored this notion as it dropped to the sellers’ arena.

3 reasons why Bitcoin [BTC] can rebound despite dull market conditions

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Bitcoin [BTC] underwent a swift recovery, after topping out a little below $40k. The ongoing downside price action has left the investors concerned.

The latest side-way movement of price had taken shape since the dramatic fall in May and has extended to the new quarter as well. The drop was so damaging that it ended the winning streak for the digital asset which witnessed its prices surge above $60,000 for the first time in its decade-long history.

However, this trend could potentially come to an end as institutional players could soon push the asset’s price higher. Here are three reasons why a potential uptrend could be right in the inkling:

Institutional players’ comeback

One of the major recurring narratives for Bitcoin has undoubtedly been the Institutional adoption for both 2020 and 2021. While the entry of these players boosted the price of the token, after Tesla’s latest actions, institutional adoption seems to have taken a hit considerably.

But according to a key member of the crypto-analytic platform, Santiment, the price of the king coin can potentially continue to range until mid-July this year, before the institutional players in the market drive the new BTC resistance level up to $40k. The analysis also read,

“When you are enjoying yourself in the rain [especially when you were a child]. You lose track of all time. Bitcoin price is experiencing the same thing for this month.”

btc
3 reasons why Bitcoin [BTC] can rebound despite dull market conditions 12

June-December 2019 Resemblance

The resemblance of Bitcoin’s current price action to that of June-December 2019 is uncanny. In fact, the flagship crypto-asset had surged all the way above the $14k in the last week of June 2019. Shortly after which it spiraled down as FUD entered the market in the form of Bitcoin Cash [BCH] hard fork, the then US President Donal Trump’s take on the token among other news.

BTC2
3 reasons why Bitcoin [BTC] can rebound despite dull market conditions 13

Six months later, Bitcoin slashed over half of its gains and turned down to $6.5k. As a result of the decline, the charts saw death cross formation. However, as bulls bought the dips, Bitcoin recovered and slowly formed lower highs surging briefly to $10k.

Coming down to the present scenario, the latest trend could suggest a similar profit-taking phase, and a period of FUD that was sparked by Elon Musk’s announcement, China’s clampdown on cryptocurrency activities, etc.,

Grayscale Bitcoin Trust

Many well-known cryptocurrency analysts are of the opinion that the Bitcoin market could get a lift in July from the expiration of investor restrictions on the sale of shares in the Grayscale Bitcoin Trust [GBTC], and not downward pressure as earlier reported by JPMorgan strategists.

One of the main possibilities that some market speculators see is the foray investors to the coin market to buy BTC and repay crypt loans used for the purpose of financing their original purchases of the GBTC shares. Meaning, that while selling GBTC shares does not eliminate the risks of deeper discounts that could potentially ward off capital inflow, but, this adversary can be compensated by the repurchases of the cryptocurrency in the spot market.

Along the same line, Amber Group, the digital asset service provider tweeted,

“Lots of bearish chatter around GBTC unlocks whilst conveniently ignoring that in-kind subscriptions funded by debt will ultimately translate into spot buying,”

Where is Bitcoin headed? some say all the way to $250,000

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Bitcoin [BTC] has been on a choppy ride as it steadied below $60K while the altcoins, on the other hand, are having a party. Ethereum [ETH] has prompted an altcoin rally while pushing the dominance of the king coin to 44%, the lowest point in the last three years. So where exactly is Bitcoin’s price headed?

percentage of total mark
Where is Bitcoin headed? some say all the way to $250,000 15

Bitcoin has rallied by 100% in terms of YTD. the asset hit a stagnancy in March and since then, for the most part, has been hovering within $55,000-$60,000.

Its crash below $50,000 on the 26th of April was brief as the crypto-asset managed to pull off a swift recovery. However, a breach of the upper limit does not appear to be in the offing.

Bitcoin To $250,000?

The dull price action did not stop the market players to predict wild price swings for the crypto leader. The investment management firm, Morgan Creek Capital Management’s founder and chief investment officer Mark Yusko has predicted that BTC could climb an astonishing $250,000 within five years.

In the latest edition of CNBC’s Trading Edition, the exec based his forecast on the increasing network adoption as well as the usage which has been on a steady uptrend. He was quoted saying,

“This is a network and networks grow in an exponential way. This is the fastest network in history to a trillion dollars of value, right on the heels of the FAANGS that took, you know, 15 to 20 years depending on which one you look at. What people miss is this is a technological evolution of computing power that isn’t going away.”

He also added that Bitcoin is a powerful computing network that will eventually shape up to become the base layer protocol for the Internet of value.

The main question that pops up is that is the storming of the altcoins mean Bitcoin’s exit from the bull season? Maybe not. At least that is what’s happening behind the scenes.

Strong HODling Affair

Bitcoin was floating around the $1 trillion market cap for nearly three months now, which was a healthy sign and the BTC market participants remained pretty much undeterred by not-so abrupt positive rallies along the same timeline.

For instance, Glassnode’s long-term HODLer net position change, switched to the positive side as it demonstrated that the holders of this cohort have accumulated 93,638 BTC more than they have sold. Even the miners are accumulating. According to the recent stats, over the past month, BTC miners have amassed a net position of 5,459 BTC.

BlackRock Held 37 Bitcoin Futures Contracts From CME

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Following the crypto revolution in 2021, many prolific institutions have embraced Bitcoin. In the latest development, the investments giant and the world’s largest asset manager, BlackRock indicated that it could potentially include BTC futures in its funds in the coming days.

This was revealed in a regulatory filing with the United States Securities and Exchange Commission [SEC], as per which BlackRock held 37 futures contracts from the Chicago Mercantile Exchange [CME] that are worth approximately $360,458 earlier this year.

The latest figures regarding BlackRock’s holdings only represent a mere 0.0014% of the firm’s colossal Global Allocation Fund on reporting day of 31st of January. However, it is still not clear if the asset manager still holds any Bitcoin futures contracts. In addition, the original batch of futures contracts held by the company expired this 26th of March, as per the filing.

Dabbling in Bitcoin

This development comes almost two months after the multi-trillion-dollar asset manager had revealed that it has started to “dabble” in Bitcoin. While speaking about Bitcoin on CNBC, BlackRock’s chief investment officer of global fixed income, Rick Rieder had earlier stated that,

“I wouldn’t put a number on the percentage allocation one should have, depends on what the rest of your portfolio looks like. Today the volatility of it is extraordinary, but listen, people are looking for storehouses of value,” Rieder said on “Squawk Box.” “People are looking for places that could appreciate under the assumption that inflation moves higher and that debts are building”.

As mentioned above, BlackRock registers an astonishing $9 trillion in assets under management[ AUM], and happens to be the biggest investment management company in the world. Tailing behind it are other investment firms such as JPMorgan Chase, Fidelity, Vanguard, UBS, and BNY Mellon. Hence, the news is crucial for the cryptocurrency which has seen significant adoption this bull season.

In January this year, BlackRock had added Bitcoin futures as a potential investment for two of its funds. This was according to the company’s SEC filings. The two funds, in question, are BlackRock Strategic Income Opportunities and BlackRock Global Allocation Fund.

GazeTV launches blockchain-powered social entertainment platform that puts creators first

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 GazeTV, a blockchain-based social entertainment platform recently announced its launch as a solution empowering content consumers to reward creators for their work. The rewards will reportedly be distributed in the form of tokenomic incentives and reward functions. The GazeTV platform was built to empower creators and audiences to interact, support, and grow while bringing each other up. To date, GazeTV has more than 180,000 minutes of content ready for the launch on March 30, 2021.

Nowadays, anyone with a camera or smartphone can curate videos and become a content creator. The main challenge that creators face today is in terms of monetization and transparent economics. Statistics showed that it takes 752 streams on Pandora and more than 1,400 views on Youtube to make just $1. Royalties and copyrights should mean artists are compensated for their work—but this is not always the case. Many entertainment platforms’ monetization policies are vague and ambiguous, leaving creators and consumers in the dark. 

GazeTV leverages blockchain fundamentals with the GAZE token created to tackle this challenge. The GAZE token lets users compensate creators based on their own preferences and tastes. The process eliminates the intermediary that determines creator compensation on traditional platforms, such as YouTube, and fosters a more transparent environment for all involved. Creators can track rewards and viewership, by earning, staking and swapping GAZE tokens, resulting in faster content-revenue distribution. GazeTV converts “users” into a global, engaged community.

The platform also offers an Automated Content Synchronization feature for creators to quickly and easily bring their content from other platforms onto their GazeTV channel. Creators can synchronize their content from Youtube, Facebook, and more than 455 million WordPress websites seamlessly. In addition, unlike existing platforms, GazeTV can also be accessed from China which opens up an entirely new market to creators and influencers.

GazeTV will be one of the few video content platforms available to Western and Chinese audiences. The roll-out of GazeTV is segmented into several phases, each phase adding exciting additional functions and features to the platform. 

Speaking about the launch, CEO Jack Cheng said:

“At GazeTV, we’re repairing everything that is broken with social entertainment platforms. The unfair reward mechanisms, for example, as well as annoying in-stream advertisements and inefficient payout processes, must be fixed. We want creators to build mutually beneficial and sustainable communities with their audiences. We are building an empowered and engaged Gazer community, using different tokenomic models than what exists elsewhere. At GazeTV, we highly treasure creator and audience engagement. This is our mission. Every second counts.”

Corporate Is Going Crypto, But What Are the Incentives?

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The numbers are in, and they are conclusive – corporate is going crypto. PayPal was one of the first businesses to jump on the bandwagon, with Investopedia announcing that the secure payment service was going after ‘crypto curious consumers back in 2020.  

Visa has also decided it’s time to take the leap. In a blog post titled “Advancing our approach to digital currency,” the platform outlines its position for the future. These are two of the biggest movers and shakers in the business world, so getting them on board is a massive win for the likes of Bitcoin and Ethereum. Of course, there has to be something in it for the companies, but what?

Lower Rates Equal Smaller Bounce Rate  

Businesses might be different, but they share many similarities. Whether they are small or medium-sized, or global corporations, they have to contend with bounce rate, when shoppers abandon products and services. UWP reports that 67% of eCommerce customers leave their carts before finalizing their purchases.  

CNBC puts it down to hidden fees, claiming that North Americans pay billions in surprise rates yearly. At least 85% of Americans say they have been hit with an unexpected expense, such as bank fees. Typically, the latter stand at anywhere between 1.5% and 3.5%, depending on the vendor. Thankfully for consumers and corporate organizations, cryptocurrencies either eliminate these rates or reduce them significantly.  

If crypto traders do charge a fee, it’s around 0.5% and 1%. These figures are considerably lower and save shoppers significant amounts of money. The more companies can reduce costs, the more likely they are to encourage consumers to buy their products and services.  

More Uptake Opens up Different Industries  

Another reason for corporate to go crypto is to expand their reach and raise awareness of the brand. Tesla is the most current example of a business that’s using Bitcoin to hit the headlines, with the electric car manufacturer pushing up the price of Bitcoin to record highs. By accepting it as a payment, the brand legitimizes the currency and appeals to a broader audience.  

PayPal is also leveraging bitcoin to incredible effect by allowing its users to buy and save money in BTC. Not only does make them the number one distributor in the world, but it also means they can branch into new sectors. The world of online casinos is the best example because the likes of Fruit Kings now accept PYPL transactions, which essentially means they welcome crypto deposits too.   

Firstly, the remote wagering industry is booming due to its ability to diversify payments. Secondly, Elon Musk’s former company is now the second biggest bank in the US behind JPMorgan Chase.  

The Customer Is King  

According to the adage, the customer is always right. So, they get what they want, and currently, people are demanding cryptocurrencies. This isn’t only in the US, Canada and Europe, where you would expect usage to be prevalent, but throughout Africa, Asia and Latin America.  

Statista reports that Nigeria is the biggest powerhouse, with 33% of Nigerians owning cryptocurrencies. However, the Philippines’ Central Bank has approved crypto exchanges, and Peru, Brazil, Colombia, Argentina, Mexico and Chile are in all double figures for cryptocurrency use.   Ignoring the rise of crypto use among consumer bases, especially global ones, would be a death sentence for businesses. Therefore, they are taking more initiative to steal a march on their rivals and position themselves as thought-leaders in a relatively new industry