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XRP [XRP/USD] Price Analysis: Crypto Breaks Records as Bull Surge Elevates Price

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The cryptocurrency market has been on an upsurge of late as prices continued to skyrocket. Bitcoin, the world’s largest cryptocurrency set the bullish path in stone after crossing the $60,000 mark. Following BTC’s climb, other altcoins such as XRP and Ethereum also witnessed significant upticks.

XRP slowly but surely hushed its naysayers when the cryptocurrency’s price climbed above the $1 mark to settle near $1.4. Ripple’s native token is expected to rise further as more developments take place on the Ripple blockchain.

At the time of writing, XRP was trading for $1.34 with a total market cap of $60.48 billion. The latest surge also boosted the cryptocurrency to the 4th rank on the charts. XRP’s 24-hour market volume hit $15.69 billion after an 86.65 percent price spike. XRP is still ways behind Binance Coin which held a market cap of $87 billion.

A technical analysis showed that XRP’s best performance in over two years could be owed to the adoption of the Ripple blockchain by several major banks and institutions. The current resistance held at $1.38 while the immediate support ventured near the $0.9 mark.

xrp 1 day

XRP’s Relative Strength Index indicator had climbed above the overbought zone. This was a sign that more people were buying XRP while placing trust in the blockchain’s power. The RSI had climbed above the threshold for the first time since December 2020. The positive RSI marker went hand in hand with other indicators which also sided with the bull.

The Chaikin Money Flow indicator shot above the zero line for the first time this year and held a steady state for more than 72 hours. According to the CMF, the capital coming into the XRP market was more than the capital leaving the market. As long as the marker keeps ticking green, XRP is bound to see better pastures soon.

Bitcoin Plunge to $50,000: Factors responsible & What to expect in coming weeks

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The past 3 weeks for Cryptocurrency traders and investors have been a roller coaster Ride, with the carriage on a continuous descent and hearts threatening to leap out of chests. 

Last week saw Bitcoin traded for as low as $50,500 on cryptocurrency-exchange Bityard, this price follows a continuous dip in the price of Bitcoin from an all-time high of $61,000, this is a 17% drop in value. 

This price dip wasn’t expected and was as a result of certain external factors whose cumulated effect led to the drop

Factors Responsible

• The first significant price slippage occurred on the 15th March after the Indian Government announced a plan to ban/regulate cryptocurrency in the country. This resulted in a selling frenzy, with many Cryptocurrency investors and traders in India rushing to convert their Bitcoin to cash, wish resulted in a selling cascade involving investors from different countries. This dropped the price of Bitcoin from $60,000 to about $53,000.

• It staggered back up to $58,000 only to suffer another drop to $55,000 on the 22nd of March after being lauded by American Federal reserve chairman Fed Powell Chair, where he said Bitcoin was too volatile and wasn’t a replacement for the dollar.

This was followed by a significant improvement to about $57,200, after Tesla CEO Elon Musk tweeted Tesla products could now be officially purchased with Bitcoin.

• But that wasn’t the end, this was followed by a drop to about $51,000, which was caused by a huge amount of sell orders liquidated on cryptocurrency-exchange Bitmex triggering massive sell-offs that took the price of BTC to as low as $50,300. 

The price of Bitcoin has since bounced back as Bitcoin now trades for $57,000 on world leading Cryptocurrency-exchange Bityard. 

What to Expect in the Coming week?

The recent dip, posed an important test Bitcoin had to take, the testing of the 50,000 mark which previously was a crucial psychological resistance, turned support. The price movement which held firm at the  $50,000 mark, despite the constant incursions, shows a strong support and one can expect Bitcoin to hold above $50,000

This is expected to inspire more confidence in long-term investments in Bitcoin and stimulate more buy orders. This will invariably lead to an increase in the price of Bitcoin.u0H1mOSN3u7wOTnyot8J50Hz7b74e KZgKIro0 vSy4M5hlIjlxDUPz ejxTxYT8IiP1loA K7kdnUGnw8aV6SR9gIegQq9PCvZ80eCGB eGu2WlO09mAjNKjTRCTdqSJwvsTja6tPah7Ug6Jw

Based on technical analysis:

Technical analysis shows a potential continuous bullish trend to the upside. As shown on the Chart above, the support levels at 50k holds strong and has not been broken, although price ejected on touching the 50k support zone, we are still expecting price to revisit this area before moving strongly to the upside

To buy Bitcoin, we recommend world leading cryptocurrency exchange Bityard.

BITYARD

A secure and well-regulated exchange, with a simple platform designed with beginners in mind.

All you need do is register, deposit funds, click on the spot trading page and buy whatever amount of Cryptocurrency you want. And then hold till you decide you’ve made enough returns.

Another investment option is the Copy trade option available on Bityard. This trading option allows users make money from following expert traders, who contract trade digital assets. In this option investors can make profit from either direction of the market (when prices go up or when they come down).

Bityard offers the best prices on the market for any digital asset and has additional features which include a free daily mining option for users that allows you to get free tokens daily, when you mine them on the exchange’s app.

To register on Bityard and trade Ethereum or Bitcoin click on this linkc

2gether launches 2GT utility token internationally on Bounce

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The past few months has seen the cryptocurrency market perform better than most traditional assets out in the world. This positive sentiment has been a key factor contributing to new developments and innovations in the space. 

2gether, the popular collaborative cryptic trading platform, was the latest player to shake things up in the industry with the listing of its 2GT token on Bounce, a decentralized platform that specializes in auction style ICO’s and NFTs. The ETH generated from the Bounce trades will be utilized for the 2GT/ETH liquidity pools on Uniswap.

According to reports from within the company, 2gether will be issuing 10 million 2GT tokens for a week before issuing the token on Uniswap sometime between March 5-12. 2gether further informed us that over the past few years the company has distributed over 20 million tokens to users. Since 2gether’s launch three years back, over 50 percent of its users are counted as designated founders. 

The cryptocurrency market’s growing relevance was again evidenced when 2gether statistics showed an 83 percent rise in 2GT trading between December 2020 and January 2021. Rising trading figures even during a pandemic was proof of the community’s confidence in the platform. Over the past three years, 27 million 2GT tokens worth $1.6 million were purchased off 2gether.

Ramon Ferraz, the CEO of 2gether had said:

“Over the last three years, 2gether has been working on increasing the utility of the 2GT token to further develop our Founder’s Plus Programme and beyond, while emphasizing compliance with the European Commission’s regulatory frameworks with the guidance of the crypto-specializing legal experts at Uría Menéndez’s Digital Law Group. The crypto boom of the last few months has empowered the company to succeed in its token issuance mission, and the 2021 roadmap brings new initiatives and projects that will add new layers to the 2GT’s utility.”

To put things into perspective, 2gether has been building its token utility since the end of Bitcoin’s 2017 bull run. The company has gone about achieving its functionality goals by envisioning the Founder Plus Programme at its core. Each part of the 2gether membership level comprises its own levels that can be scaled by purchasing or earning 2GT tokens. Users and fans of the platform rejoiced when it announced that interested parties from outside Europe could also conduct trades.

2gether added that the 2GT tokens will also be issued on Uniswap soon by utilizing the proceeds from the current Bounce issuance. An exact 50 percent of the ETH prceeeds will be directed towards 2GT/ETH liquidity pools. Additionally, users who stake their 2GT/ETH in the Uniswap liquidity pool will receive a 0.3 percent yield reward. Uniswap was not the only place where users could handle their 2GT tokens as other external wallets have also been given permission. 

 The token launch was one step in taking 2gether towards the mainstream realm. The platform currently operates in 22 countries with a user growth rate of a whopping 500 percent. Sources close to the company are hoping that the tie-up with Bounce will only enable it to better the burgeoning cryptocurrency ecosystem. 

Bityard Becomes Fan Favorite As Exchange Begins Offering Features On Top of Copy, Margin Trading

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The cryptocurrency market has been on a massive surge over the past couple of days as major tokens breached all-time highs unheard of before. This positive sentiment acted as the perfect playing field for a lot of cryptocurrencies to onboard more long-term customers.

Bityard, the Singapore based cryptocurrency exchange was one of the few early players who accounted for the needs of the customer. By launching features such as margin trading and copy trading, the exchange captured the attention of the ecosystem while Bityard users applauded its versatility.

Bityard made a name for itself when its officials assured its users that all traders, veterans or newbies, will be treated to the same features. The exchange received a boost when it launched its copy trading feature which allowed uninitiated users to follow the trading patterns of experienced professionals. The copy trading feature was launched on the back of its demo trading addition which garnered praise from the ecosystem.

Using the demo trading feature, customers can practice a trade without investing any money of their own. To ensure that customers had a seamless experience, Bityard allocated a whopping 100,000 USDT for the demo. What makes the experiment even more successful was the fact that users could test out demo trading for just $5.

The other Bityard feature that stood out was copy trading, where freshers could copy the trade patterns of experienced professionals and reap the rewards. An official release had stated:

“On Bityard, when a user starts copying an advanced trader, there is no more action needed to take for the user afterwards. The trader who is copied will conduct an in-depth crypto investment strategy and start trading for all other users who copy the trader.” https://www.tronweekly.com/bityard-doubles-down-on-copy-trading/

Bityard has also launched several promotional events that give customers a chance to win large prizes. The exchange’s Welcome Bonus included a $258 USDT prize where $4 USDT could be earned simply by changing the username. Apart from bonuses, Bityard also offers free mining which is considered an essential addition to the platform. The organization also conducted a surprise contest where customers were asked to predict when Bitcoin would breach the $20,000 mark.

Apart from the aforementioned features, one of Bityard’s most attractive features was its focus on privacy and regulations. The exchange has licenses from four different regulators from the United States, Singapore, Estonia, and Australia. In less than a year since its launch, Bityard has made waves in the cryptocurrency ecosystem unparalleled anywhere. With a packed roadmap and its sights set on further developments, Bityard is surely out to make the digital asset world a better and more streamlined place.

Australia To Employ Blockchain Tech To Carry Out Inter-Govt Document Exchange With Singapore

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Governments across the globe seem to be getting out of their comfort zone and moving towards digitalization. Australia seems to be taking the lead on this one. The government revealed that it had been probing the prospects of blockchain technology specifically for inter-government document exchange with Singapore. The Australian Border Force [ABF] has reportedly been spearheading the development of the same.

Australia Rolls Out Solutions To Aid Convenient Cross Border Trade

As reported by a news portal, the Australian Border Force [ABF] had reportedly rolled out a trial to test digital verification systems on blockchain tech. This was carried out by ABF in collaboration with Singapore Customs and Singapore Infocomm Media Development Authority (IMDA). The agency revealed that this first of its kind system was formulated at the United Nations Centre for Trade Facilitation and Electronic Business (UN/CEFACT) by experts from Singapore and Australia.

Several platforms from Australia as well as Singapore are said to be a part of the trial. These platforms include the Australian Chamber of Commerce and Industry, Australian Industry Group, ANZ along with financial institutions in Singapore. This trial will reportedly test the digital verification platforms for electronic trade documents across ABF-developed Intergovernmental Ledger (IGL) and IMDA’s TradeTrust.

The Commissioner of ABF, Michael Outram spoke about its latest collaboration and said,

“The ABF welcomes the opportunity to collaborate further with Singapore to improve cross-border trade between our countries. In addition to our efforts internationally, this initiative will incorporate paperless trading and secure, digital exchange of trade information as part of the future architecture and design of an Australian Trade Single Window”.

The aforementioned platforms part of the trial will reportedly deliver their feedback on the system. Their experience in verifying the certificates of origin prioritizing administration costs reduction as well as a boost in trade efficiency would be noted. This would further be delivered to the Supply Chain Working Group’s Discovery Report under the National Blockchain Roadmap that has been carried out by the Department of Industry, Science, Energy, and Resources.

Australia has made it clear that the country has an inclination towards adopting blockchain technology. Australia has been making a lot of news with regard to the incorporation of blockchain tech. Back in September, the Australian government announced that it was allocating a whopping $6.9 million to explore the potentials of blockchain tech. This was further followed by a major Australian mango producer employing blockchain tech to track mangoes.

Malaysian Crypto-Exchange Suspends Listing of LongBond’s $3 Billion Blockchain Bond

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A blockchain bond worth $3 billion has been withdrawn from a Malaysian cryptocurrency exchange. The said bond has been arranged by the tier-1 branch of Beijing-headquartered China Construction Bank Corporation [CCB] unit using blockchain technology.

According to the latest reports, the bond was withdrawn at the request of the issuer – Longbond Ltd,  which is a special purpose vehicle created for the purpose of issuing digital bonds and deposit the proceeds with CCB’s branch in Labuan, a Malaysian offshore financial center.

The listing sponsor and the lead manager of the bond in question was CCB Labuan and it was to be tradable on the FUSANG exchange, which happens to be a platform that trades digital assets such as Bitcoin, as well as Security Token Offerings [STOs], the report said.

It is important to note that the listing was originally scheduled to go live on the Exchange on the 13the of November. However, as just before the listing time, FUSANG revealed receiving written communication from the Listing Sponsor on behalf of the Issuer, where it requested for the postponement of the Listing. Three days later, on the 16th of November, the exchange formally wrote to the Listing Sponsor to ask for a reason as to the postponement, as well as the updated timeline for the Listing. But the Listing Sponsor responded on the 20th of November that it had “decided not to proceed”.

The Blockchain Bond in brief:

According to FUSANG, the aim of the bond was to give investors access to bank-secured deposits at an annualized rate of LIBOR +50 bps [~0.70 %]. This figure is significantly higher than the market interest rate for typical fixed deposits. The platform asserted that the bond would offer retail investors access to an investment that was previously unavailable to them, while at the same time bringing legitimacy and investor confidence to the world of cryptocurrency and decentralized finance.

Additionally, the bond was supposed to be issued at a discount and can be traded on FUSANG Exchange prior to maturity, in US Dollar and Bitcoin with a total program target size of $3 billion.

As revealed by the FUSANG Chief Executive, Henry Chong, the bank had not provided a reason for suspension of the same. Chong went on to say that,

“While we are disappointed that this Listing has been suspended, there were no legal, regulatory, operational, or technical issues with the FUSANG platform or the IPO process and filing. The overwhelming investor interest and demand for this landmark USD 3 billion program has been a fantastic validation of the digital issuance and listing process that we have created, and it is unfortunate that the Listing Sponsor has decided that they are unable to proceed with this Listing”

Belgium’s KBC Set to Launch ‘Kate’, a Digital Assistant Powered by AI for the World of Fintech

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The financial world is constantly evolving with several daily processes being taken care of by digital or artificial assistants. This shift in the use of technology has enabled us to explore and focus our research on more complicated matters.

The Belgian banking giant KBC was the latest member to be bitten by a digital bug as it revealed plans to move from an omnichannel to a digital-first distribution model. This idea was accelerated by the seismic shift triggered by the coronavirus pandemic.

According to the company, all KBC products, services, and commercial processes will be designed with the emphasis of staying on digital architecture. KBC also created a digital assistant called Kate, which will encompass all digital functionalities for the bank’s virtual plane shift. Johan Thijs, the KBC chief executive4 stated:

“Kate is a core element of a disruptive strategy that has an impact on all products and processes, as well as on how we steer our organization and interact with our customers. Ultimately, all product and process development and updates will be driven by Kate. Interaction between the branches, KBC Live (our remote contact center) and Kate will be maximized to boost the pickup rate of Kate-driven solutions.”

The use of a digital setup was seen as a necessary step by the company with future applications drawing from the current roadmap. KBC’s first plans to roll out the technology to retail customers in Belgium and the Czech Republic. Although the launch is expected to take a few weeks, fans of the technology were eagerly waiting for it. Apart from acting as a digital assistant, Kate will also impart personalized banking advice to users.

Sources close to the developments of Kate claimed that the AI would get smarter as more users jump on-board. The success rate of the service and the product is dependent on the feedback loop between the customer and the platform. KBC expects to see a surge in adoption once then technology moves across borders.

 

 

TronPredictToken Set to Revolutionize Staking as Cryptocurrencies Continue to Make a Mark in World Economy

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Since its inception, the cryptocurrency industry has seen many innovations catering to the wants and needs of the user base. Tron was one of the most popular cryptocurrency ecosystems that gave priority to internal developments with several companies taking advantage of usability and transparency.

The growth of the dApp industry enabled applications like TronPredict to make a name for itself in the world of virtual assets. Sources close to the dApp have now revealed that the organization is set to launch the TronPredictToken [TPT] with TronPredict V3.0.

According to the TronPredict, TPT is a rewards and dividends token that is mined and earned by users when they stake their prediction on the dApp. Users get to mine TPT tokens based on the amount of TRX that they invest and not their predictions, which can either be right or wrong. This instills a sense of reliability in the minds of the user making them return to the platform later. 

The TronPredictToken is a TRC20 token with a total supply of 212 million tokens. Its usage and versatility will be measured by the number of people it serves and its staking prowess. TronPredictToken’s smart contract address was TUwbf7EaLZmMc8tbfWmN2edWvmhsnYfvYd, a location where only three transactions were conducted. TronPredict officials stated that the number of TPT tokens mined is directly based on the “daily divisible number”. This number usually increases by a factor of 50 everyday. 

November 11th marks the first day for TPT pre-mining, a process that is set to go on for the next 14 days. TronPredictToken’s official website added:

“Under pre-mining rules, the DIVISIBLE remains constant at 5 (for the 14 Days), with a minimum stake on prediction at 50 TRX (mining only occurs if a stake is above 50 TRX). The formula is the same as the mining formula. As an example, if a stake on prediction is 100 TRX, the user earns 20 TPT, affiliate earns 10 TPT and 19,2 TPT is allocated to the governance smart contract.”

Users were also reminded that TPT tokens cannot be traded, sold, or used in any other way during the staking process. Once all affiliated are completed, users will receive their rewards in the form of TRX. TronPredict believes in users enjoying a seamless experience on their platform and this mantra is encapsulated in the reward distribution process. TPT holders will receive all their rewards automatically without triggering any movement from the platform. 

TronPredict fans can also rejoice in the fact that they will soon be able to stake predictions with TPT. This is expected to increase the amount of TPT they are receiving when predicting. The increased number of functions is set to pave the way for new products to be built on the blockchain with the backing of the decentralized population.

 

Fintech Gets Another Boost from China as Standard Chartered Completes Cross-Blockchain Trade with Hong Kong

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Blockchain solutions have taken the world by storm over the past couple of years with multiple integrations with several sectors. Organizations were not the only ones utilizing the technology as state governments have also taken a keen liking to the not-so-niche industry.

China is one of the major regions taking a deep dive into the technology with multiple areas testing out different versions of blockchain. Recently, Standard Chartered Bank announced the completion of a cross-block transaction between Hong Kong and China, marking a major step forward in the area.

The original transaction was conducted between the People’s Bank of China Trade Finance Platform in China and the eTradeConnect platform in Hong Kong. Earlier releases had pointed to the usage of the digital Yuan for this very same purpose but there was no mention about it in the latest move. China’s lean towards a digital yuan made massive headlines in 2019 as it made the first P5 country to adopt blockchain wholeheartedly.

Hong Kong Monetary Authority Executive Director Colin Pou claimed that the adoption of new technologies would make large scale transactions much more seamless and safer. He added:

“The Proof-of-Concept trial (PoC) that connects eTradeConnect and the PBCTFP aims to provide importers and exporters in both places with more convenient trade finance services.”

Standard Chartered’s experience in the blockchain industry can be traced back to the formation of the seven bank association testing cross border transactions. The other members who participated in the fund transfer were the ICBC, Bank of China, and Bank of Communications (including Hong Kong subsidiaries). China’s increased focus on the blockchain has also forced other countries to sit up and take notice of the newly burgeoning industry. The Red Dragon had previously conducted internal tests within Guangdong, Macau, and Hong Kong.

Hong Kong and China began work on blockchain solutions over a year ago while creating a framework for Central bank Digital Currency [CBDC]. The eTradeConnect partnership is operated by Chinese firm Oneconnect with the intention of scaling the blockchain usage. There are also plans to expand the platform utilities to regions such as Europe and the rest of the Asian market.

Australian Mango Producer Employs Blockchain Tech To Track Mangoes

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Blockchain technology has been employed across various sectors of the globe. With every industry steering towards digitalization, the adoption of blockchain technology has been enduring elevation. Blockchain in the coffee industry had created a stir a few years ago and now mango producers have been incorporating blockchain tech into their industry.

Blockchain To Track Mangoes

Australia’s Cooperative Research Centre for Developing Northern Australia [CRCNA] revealed that it had joined forces with Growcom, mango producer Manbulloo Limited as well as a blockchain start-up T-Provenance. The aforementioned platforms came together to test a supply chain management program throughout the Northern region of Australia and Queensland, where the distribution centers are located.

The project took off in April 2018 and the platforms involved in it have been working towards bolstering the efficiency of the supply chain. With the association of several partners which includes, logistic providers, certification bodies, ripeners, quality controllers as well as food retailers the platform intends to examine the systems in a commercial atmosphere.

Dr. Sam McMahon, the Senator for the Northern Territory suggested that the project was transpiring to become a “game-changer” in the production and distribution of mangoes. McMahon further added,

“Manbulloo can see where their fruit is across the supply chain in real-time and maintain proactive quality control and quality assurance protocol to address any issues immediately and complement what is already a best-in-industry approach.”

The “Smart supply chain” project was given a total of $1 million. The CRCNA’s was given an additional $100,000 with the existing $272,000 for the Manbulloo project.

While the mango industry has just begun reaping the fruits of blockchain tech, the coffee industry was also seen jumping the bandwagon. It wasn’t long ago when Starbucks revealed that had partnered with Microsoft to formulate a blockchain-based supply chain tracking system.

Blockchain tech is has been headed towards mass adoption and the food industry would get a boost by being a part of this. The incorporating of blockchain tech could lay off the stress and dependency on the middlemen.

Australia seems to spearhead the implementation of blockchain tech in the country as its government recently revealed that it was going to spend $575 million on digitalization and this included blockchain tech.