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JPMorgan continues Blockchain push as bank amps up new hiring

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Traditional banks have stopped shying away from nascent technologies of late after their proven impact in the financial space. Traditional banks have been a surprise adopter of cryptocurrencies and blockchain technologies with some players like JPMorgan doubling down on their blockchain-related job openings.

Being one of the largest banks in the United States comes with its own reach and several peripheral effects. Adopting blockchain technology into their fold coupled with the support from cryptocurrency enthusiasts, JPMorgan has set its sights high for the imminent blockchain race. Recently, the bank opened multiple job positions on its website to pursue its “global development efforts”.

Of the listings, a majority were related to JPMorgan’s digital asset focussed Onyx branch. The Onyx division of the bank made news earlier when it became one of the few major subgroups in the world to channel digital assets into the mainstream financial framework. Sources further showed that the opportunities were located worldwide, all the way from the US to Hong Kong.

Other job openings were in connection with Link, JPMorgan’s native blockchain-based interbank data network. The link includes major banks from all trading spheres. Just recently, the State Bank of India had joined the Link roster which also includes both state-owned and private institutions.

Another area that JPMorgan looked at was tapping the use of Proof-of-Stake algorithms and their advantages. The bank’s focus on the digital asset industry comes at a time when it was looking at better its own JPMCoin. JPMorgan’s crypto push was a U-turn on its earlier stance on digital assets. The positive sentiment rode on analyst comments that said Bitcoin could be the new alternative to gold soon.

Dogecoin [DOGE] struggles to get back to Pre-Jackson Palmer tweet price levels

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Dogecoin has had a rough start to the week as the meme coin took one of the biggest tumbles in the top 20 cryptocurrency club. Alongside Polkadot, the Shiba-Inu-inspired cryptocurrency fell in double-digit amounts after the bear ravaged the market. DOGE’s fall may have been accelerated after its founder’s comments on the digital asset industry.

Jackson Palmer, the founder of Dogecoin went on a tweet spree recently where he spoke about his decision to not return to the cryptocurrency market in any capacity. Following Palmer,s tweets, Dogecoin’s price fell from $0.23 to $0.16 in a matter of 46 hours. Although the cryptocurrency corrected soon after, the joy was short-lived. On July 18, the DOGE market opened after it crashed sharply towards $0.185 the previous night.

During the price recovery on the 17th, Dogecoin managed to surpass its earlier resistance, albeit only for a single trade. The average price could only manage a level of $0.192 after which it slid to $0.1881. The current bear attack seems meek compared to the one DOGE had suffered towards the end of June.

That event caused the immediate support to drop to a dismal $0.17 after which the recovery was quick but for a minuscule measure. Despite the founder’s comments on the market and the cryptocurrency, holders were still hoping for a recovery.

At press time, Dogecoin was trading for $0.171 with a total market cap of $22.495 billion. After an hourly fall of 9.9 percent, DOGE’s daily trading volume plummeted to $1.12 billion. The trading volume had stabilized earlier after the Twitter showdown where Palmer had said:

“After years of studying it, I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight and artificially enforced scarcity.”

JPMorgan analysts predict a solid future in staking as “Energy-Efficient” blockchains come to the forefront

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Mainstream financial institutions have raised concerns about the cryptocurrency market since its inception but the tide seems to be turning in 2021. Although JPMorgan Chase and its CEO Jamie Dimon have bashed digital assets before, it looks like some of the bank’s officials had other thoughts.

In a report this week, JPMorgan analysts claimed the creation of energy-efficient blockchains would pave the way for staking. They added that current blockchains suffer from the fact that they consume mammoth amounts of electricity and become contributors to global warming. JPMorgan’s latest report was contradictory to Dimon’s searing comments about the crypto market and its alleged lack of mainstream financial effectiveness.

One of the main discussions in the report revolved around staking and how it is a better alternative for customers to earn rewards for the investments. Right now, cryptocurrencies like Bitcoin and Ethereum use a Proof-of-Work-based foundation that requires gigawatts of power. Applying a Proof-of-Stake system not only reduces the energy consumed but also benefits users and their long-term gains. The report read:

“Not only does staking lower the opportunity cost of holding cryptocurrencies versus other asset classes, but in many cases, cryptocurrencies pay a significant nominal and real yield. The yield earned through staking can mitigate the opportunity cost of owning cryptocurrencies versus other investments in other asset classes such as US dollars, US Treasuries, or money market funds in which investments generate some positive nominal yield.”

With blockchains like Ethereum 2.0 on the horizon, the authors of the report stated that they would become a major source of income for cryptocurrency organizations. For example, Coinbase alone is expected to rake in $200 million in revenue from staking in 2022. To put this in perspective, the Brian Armstrong company only generated $10.2 million in 2020.

Users should know that staking is dependent on market volatility and does not create ROI the same way as traditional investments. Experts believe that staking will become a reliable source of income as the cryptocurrency market matures and its volatility decreases.

IDBI Bank’s technology arm set to launch digital services in India with global partnerships

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India’s relationship with the cryptocurrency market has been a rollercoaster with bans being lifted and banks acting aloof when it comes to cryptocurrency transaction complaints. Despite the pushback, the digital asset industry has grown to such an extent in the country that even mainstream financial bigwigs were entering the field. IDBI Intech Limited was the latest entrant into the fintech space with plans to expand into Europe, Japan, and other major South Asian markets.

IDBI Intech is owned by IDBI Bank which provides banking services to millions of citizens across the country. The Bank also has plans to divest 49 percent of its total stake in the Infotech firms to take it to new developmental heights. At present, the bank’s Capital arm is tasked with the responsibility of finding a strategic investor.

The bank has also roped in UK-based Lemon Advisors to expands its products and services to international customers. IDBI offers products in the Financial Crime and Payments sector, an area that requires the highest standards of security checks. Surajit Roy, the MD, and CEO of IDBI Intech stated:

“This association will help IDBI Intech access global markets by leveraging the significant reach that Lemon Advisors brings on board, across the geographies in Southeast Asia, Japan, Australia, the UK and the EU.IDBI Intech posted an income of Rs 115.08 crore with net profit of Rs 12.07 crore in 202021, up from Rs 99.09 crore with net profit Rs 9.07 crore in 2019-20. It plans to total reach revenues of Rs 180-190 crore in two-three years.”

According to the bank’s chief executive, the organization plans to amass a profitable global portfolio by the end of 2023. This projections comes at a time when analysts have called for sunnier financial forecasts. It is estimated that by 2024, the total global spends by institutions on regulatory compliances will hit the $6 billion mark.

CBDCs Get Green Signal from Bank of International Settlements

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The topic of central bank digital currencies or CBDCs has been in discussion by regulators for a long time with many nations developing their own versions of it. Whatever remaining qualms the rest of the banking industry may have had about CBDCs seems to have changed after the latest approval by the Bank of International Settlements [BIS]. The document was the clearest signal yet from central banks that they are ready to fight any effort to undermine their key role in the global financial system.

Considered the central bank to all other banks, the BIS stated that if CBDC technology was not adopted by the banking world it would be left in the lurch by alternatives. The CBDC mentioned its latest directive in a list of recommendations released on June 23. According to the BIS, if banks remained stoic on their stance on the nascent technology, it would be overtaken by the Big Tech such as Amazon, Facebook, and Alphabet.

The release also included comments from BIS official Benoit Coeure who said:

“The train has left the station. It is not that we are getting carried away, we are just looking around. That [Big Tech overtake] is a place where you don’t want to be, where governments don’t want to be. The new trade wards are technology wars.”

Significance of BIS’s stance on CBDC

Coeure and the BIS’s statement comes at a time when global superpowers like China have CBDCs in the works. Although the digital renminbi had received a lot of traction during the initial announcement, it has since then dipped in terms of developmental progress. This lethargy shown by states is not something that would be seen by the mammoth technology giants swarming for dominance, said Coeure.

Coeure was not the only BIS official as he was also joined by his colleague Hyun Song Shin. Shin added that the onus was now on the authorities to decide whether citizens need digital IDs to use CBDCs. The other alternative would be a token-based cryptocurrency system that would keep transactions private. Both Coeure and Shin agreed that the BIS’s best pick out of the two would be going with the ID system.

Last year, the Bahamas became the first nation to launch a native CBDC, dubbed the Sand Dollar. Aside from China, other European nations such as France and Switzerland were also trying their hands at creating general purpose CBDCs.

Goldman Sachs leads repo trade via JPMorgan’s blockchain network

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Goldman Sachs, the multinational investment bank and financial services company, has reportedly joined JP Morgan’s Repo blockchain network. As part of this, the company carried out its first repo trade using JPMorgan’s private blockchain network.

Goldman Sachs had led the initial trade on the 17th of June that involved exchanging a US Treasury bond for JPMCoin which took three hours and five minutes to complete. The entire transaction was quantifiable in nature since it could pinpoint the accurate amount of time required for completion. Hence, this was in contrast to the traditional repo market.

Following the development, Mathew McDermott, global head of digital assets for Goldman’s global markets division was quoted saying,

“We see this as a pivotal moment for the digitization of transactional activity.”

According to the exec, identifying the precise time is a big step up from the current market, as is the way the collateral and cash are interchanged simultaneously and immediately, the report said. McDermott also went on to add,

“We pay interest per the minute,” he said. “We firmly think this will change the nature of the intraday marketplace.”

The Repo blockchain was first unveiled in December sits within JP Morgan’s Onyx branch, which hosts multiple blockchain offerings. Goldman Sachs became the first to reveal that it was using the enterprise blockchain network, with BNY Mellon offering custody.

For the uninitiated, repurchase agreements, or better known as “repos,” are essentially a kind of loan where collateralized securities sold by financial establishments in a contract are bought back at a slightly higher cost some other time, usually on an overnight basis.

Goldman Sachs’ Tryst With crypto

Goldman Sachs was previously one of the many pessimists that doubted Bitcoin’s capabilities. However, since the foray of massive institutional capital into space, Goldman took a whole 180-degree turn on its previous stance.

The company had recently started trading Bitcoin futures after it partnered with Mike Novogratz-founded cryptocurrency merchant bank Galaxy Digital. A week back, Goldman Sachs had also revealed its plans to offer options and futures trading in Ether [ETH].

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.