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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.

BeFaster.fit’s BFHT Trading Event Kicks Off On LATOKEN As Ecosystem Gushes In Joy

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The current cryptocurrency bull run has brought fresh blood into the ecosystem with developments going on in full swing. In the midst of the price surges, established cryptocurrency organizations like BeFaster.fit was taking full advantage of the momentum.

As 2021 dawned across the world, BeFaster.fit announced details of the native Holder Token trading competition. The BFHT Token contest is set to bring in more customers into the BeFaster.fit roster while being conducted on the trading platform, LATOKEN. 

Reports from BeFaster.fit revealed that the BFHT trading competition will go on from its start date of December 31, 2020, to January 21st, 2021. BeFaster.fit had garnered a lot of attention during last year’s lockdown period when the internet was flush with news about its focus on fitness.

Upon launch, the BFHT token had stirred the cryptocurrency pot as several major players took notice. The special investor token determines the number of tokens ” held in relation to the total token supply”. One of the best parts of the token is that it can be recorded in the blockchain and tracked in the wallet. 

Participants will be required to trade a minimum amount of 5 BFHT tokens during the contest on LATOKEN’s account to become eligible for the contest. Once the competition commences, the Top 10 winners will get a share of a whopping 1000 BFHT token. According to BeFaster.fit and LATOKEN, the token trading volume is calculated as the sum of the number of buys and the number of sells. 

United States citizens would need to wait a bit longer to take part in the contest with plans to launch still being in the discussion stage. Winners of the contest are set to be ranked according to each eligible user’s trading volume. To claim their rewards, winners will have to pass LATOKEN’s native Know-Your-Customer process. This step was taken to ensure total safety and security during the contest.

The Twitterverse has been abuzz about the competition over the past couple of days and officials expect the positive sentiment to only rise. BeFaster.fit executives had earlier stated that the native application will be ready to launch soon, with the latest competition acting as a springboard. Once the BeFaster.fit application is out for public access, customers will be able to take their workout on the decentralized network to the next level.  

Japan geared up to launch native CBDC as it takes cues from steps taken by China

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The concept of cryptocurrencies started as a nascent idea but has now spread into a global phenomenon. It is not just the mainstream cryptocurrencies like Bitcoin and Ethereuym that are doing the rounds but rather centralized cryptocurrencies launched by state governments.

China was the first country to take centrally backed cryptocurrencies seriously, especially with the creation of the digital renminbi. Looking at the steps taken by the red dragon, other countries such as Japan were coming to the forefront to voice their contributions using Central Bank Digital Currencies [CBDCs].  

CDBCs are generally used for cashless payments through a smart device such as a mobile phone or tablet. The main intention of a digital currency is to eliminate the overheads and wastage related to physical fiat currency. Former Bank of Japan officials stated that China’s efforts in the ecosystem inspired other regions to follow suit.

The People’s Bank of China has been the pioneer in terms of building a digital trading ecosystem with officials also responsible for releasing coherent updates. Hiromi Yamaoka, an ex-official at the Bank of Japan commented:

“China has prompted moves toward digital currency (around the world). t (has done so at) surprising speed, as central banks tend to take a cautious stance. The design of a CBDC is very tricky and delicate. In advanced countries, a CBDC could conflict with existing payment and banking systems.”

Banking officials in Japan were confident that introducing native digital currencies in a major way would only uplift the financial situation of the country. The proposed method is to give the Japanese population a trading limit access of 50,000 yen per person. This would result in a total trading volume of 5 trillion yen, a figure that would account for just 5 percent of the total Japanese capital circulation.

Digital Currency Forum, a popular advocate of digital currencies in Japan revealed that there were plans to create “some form” of digital currency by 2023. Banking officials were of the opinion that if Japan does not launch a CBDC soon, it may lag behind other major countries in the race towards a streamlined digital economy.

Fintech looks forward to a brighter 2021 as year winds down with several developments in roster

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The concept of fintech has seeped into multiple layers of society as several organizations have dabbled in the latest technology. One of the main reasons for this rapid adoption was the promise of seamless transactions and a quickfire ecosystem.

As 2020 comes to an end, it becomes imperative to look back at the changes that the financial industry underwent over the past year. There were organizations on both sides of the spectrum, as some made it big while the rest did not live up to raised expectations. 

The organizations that made a niche for themselves by utilizing fintech’s key selling points such as speed and a hassle-free experience. One of the biggest winners in this surge was Stripe with sources stating that the next round of investments may value the company at a whopping $100 billion. The coronavirus pandemic was one of the main reasons for the payment service’s boom as users jumped on board ordering everything at home.

Stripe recently talked about its latest Treasury feature which will:

“Enable platforms like Shopify to offer merchants access to financial products. Platforms can offer users interest-earning accounts eligible for FDIC insurance and enable customers to have near-instant access to revenue earned through Stripe, and then: 1) spend it directly from their balance with a dedicated card, 2) transfer it via ACH or wire transfer, or 3) pay bills.”

Another winner in the fintech race was Chime as the company continues to remain a market leader in customer retention. Customers have early access to their money on Chime, a feature that has garnered the attention of the masses. Chime also offers features such as Spot Me where customers can make overdrawn debit card purchases without any overdraft fees.  While the aforementioned organizations made a killing in the past year, institutions such as credit unions took a major hit.

Places like credit unions relied on the support of customers and how much they were willing to accept its dated offerings. Once a leaner system came into view, credit unions suffered due to a lack of participation from customers. A study conducted in January showed that at least 14 percent of US customers relied on credit unions, a number which shrunk to 10 percent this month.

A major disappointment in the fintech sector came in the unlikely form of Robinhood. The company, which was set to change the way payments were conducted, became embroiled with the SEC for failing to disclose important information. Analysts expect 2021 to be the year fintech establishes itself as a major player in the mainstream financial industry.

Cryptocurrency Trading Volume Numbers Enroute All-Time High Records as Bull Continues to Run

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The cryptocurrency market has seen an upturn of fortune over the past few months with bull markets elevating the industry to new heights. Bitcoin remained the spearhead for the green run with market caps and volumes hitting all-time records.

In the midst of this market upheaval, users have made sure that they are wholly involved in ushering in a new decentralized age. Latest research recently showed that the trading activity on cryptocurrency exchanges had climbed to uncharted territories, even surpassing the 2017 bull run.

A cumulative assessment of trading volumes on cryptocurrency exchanges laid out the fact that November 2020 was one of the most successful months in the industry’s history. The data was compiled from a melange of exchanges that included CEX, BTSE, ItBit, Luno, Binance, Gemini, and Kraken. November witnessed the total cryptocurrency trading volume almost hit the coveted $300 million mark. The previous month, October 2020, barely clocked in $130 million in terms of crypto transactions.

Binance held the top spot in terms of volume as the Changpeng Zhao founded exchange dealt with almost $180 million in transactions. Coinbase came next in line with users trading close to $30 million on the platform. In October, Binance only dealt with $70 million in transactions as the entire ecosystem shrunk to a 3-month low. If you compare the November volume with that of January’s, you will notice that there is a staggering 4x increase. The exchange that exceeded expectations in this market was LMAX Digital with a relatively smaller exchange capturing the third-largest market share.

Despite the current march, the market still has some way to go before breaching the main record. The ATH was created in November 2017 when the ecosystem’s trading volume hit $330 million. Fans of the industry were positive that a new number would be established in the coming weeks. The rise in positive sentiment was due to the fact that Bitcoin was still above the $25k mark for more than a week.

At press time, Bitcoin was trading for $26,936 with a total market cap of $401.54 billion. A 2.7 percent dip in trading price had lowered the daily BTC volume to $67.402 million. Ethereum, on the other, had climbed by more than 13 percent over the previous 24-hour timeframe.

Monetary Authority of Singapore Backed Conference Discussed Fintech Digital Platforms and Going Cashless

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The world of fintech has inched closer to the mainstream realm over the past couple of years after multiple developments and adoption events. Just recently, this surge in popularity was again put on display when the Monetary Authority of Singapore organized the Afro-Asian Fintech Festival.

The event witnessed mass participation with several big players in the industry also attending the event. Sources have informed us that the festival was a joint collaboration by the Central Bank of Kenya, Huawei, Standard Chartered Bank and Safaricom. 

During the course of the event, panelists touched upon areas of discussion such as next-generation digital platforms, cashless and digital payments, and the relationship between fintech and banks. The theme of the 72-hour long event was “People and Talent Harnesssing: Collaboration in Pursuit of Resilience and Growth Post Covid-19. The general consensus was that digital banking had changed the game with future roadmaps charting out better solutions.

The interdependency of the banking world and fintech was another widely discussed topic. Over the past couple of years, many institutions have partaken one or the other form of fintech to streamline their overall process. Apart from this, fintech also enabled different user demographics to enter the world of digital trading. Participants further talked about the issues that may exist in the intersection of technology and finance.

Some predicted that there may not be widespread network problems in the future but rather smaller fragmented API issues. Head honchos of major fintech companies added that there were plenty of new opportunities within the blossoming world of fintech applications. Chen Zhentao, the Director FSI Southern African Region at Huawei took the side of cashless payments. He said that ditching hard cash would be the perfect way to elevate the financial ecosystem to the next level. A lot of individuals envisioned a digital economy where everything took place on a decentralized network that was safe, fast, and privacy-oriented.

Fintech Will be Catalyst for Innovation and Growth, says OneConnect CEO

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Over the years, the financial world has grown in numerous ways, with the most visible shifts occurring in the way traditional bodies have embraced emerging technology. This has been realized by Fintech organisations as the ideal jumping point for transitioning to a more developmental point of view.

The latest company to recognize the promise of fintech was OneConnect Financial Technology, with its Chief Executive, Ye Wangchun, creating major positive prospects. OneConnect’s head honcho gave his two cents on the rising fintech industry at the fourth annual China Digital Banking Forum.

The general consensus that Fintech developments could go hand in hand with traditional bodies was formed during the discussion. The Forum featured more than 300 industry experts, researchers and media professionals who were tasked with increasing the popularity of the fintech industry. Ye Wangchun told prestigious participants that major banking institutions need to accelerate their digital transformation strategies, which would go a long way towards creating an active trading ecosystem.

Ye believed that the Fintech industry had become a driving force in raising small and large-scale banks. Reports have shown that the rate of adoption by the Fintech industry has increased from 16 percent in 2015 to a total of 64 percent in 2019. China was the market leader in terms of fintech adoption, as the South Asian superpower had fintech tendrils in 84% of all industries. Ye made his statements at a time when OneConnect was making long-term expansions to regions like Malaysia. The company had also acquired a digital banking license from the Hong Kong Monetary Authority.

The CEO of OneConnect confidently claimed that the adoption of fintech was like moving from the production of spare parts to the creation of the entire vehicle. He also called for further involvement of the Internet Finance Association of Small and Medium-Size Banks in order to also monitor the rules and regulations. One of the main agendas of the forum was to bring together the brains of the dignitaries and to find solutions to the current financial situation.

Saudi Aramco Backed Wahed Acquires UK Based Niyah to Boost Digital Asset Ecosystem

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The world of fintech has seen a massive uptick over the past few weeks with several organizations making it a point to launch new products. Most developments in the sector were skewed towards bringing in more users into the industry with the sole aim of increasing mass adoption.

The industry received another boost recently when the United States-based Wahed Incorporated acquired Niyah Limited, a digital banking application catering towards the Muslim community. Wahed’s Saudi Aramco connection also makes it one of the major players in the Asian fintech market.

Wahed officials claimed that the acquisition will pave the way for more offerings that would allow Islamic law compliant financial services to grow and thrive.Niyah’s services became popular in the United Kingdom for its easy to use features that worked hand-in-hand with the Sharia Law. As of now, the financial terms of the deal were kept under wraps with the numbers only being discussed between Niyah and Wahed.

Wahed added that the main intention of the deal was to provide its customer base with interest-free financial products such as debit cards and digital bank accounts. The latest movement comes on the back of a $25 million investment into Wahed by Saudi Aramco Entrepreneurship Ventures. Post the announcement, Wahed chief executive Junaid Wahedna said:

“All the money you keep with us will be invested according to your preference. There is no reason why we should not broaden out the scope of our reach to everyone.”

Wahed’s 100,000 strong customer base was excited for new features to be added onto the platform. What makes Wahed stand out is its adherence to the Muslim Shariah Law which prohibits charging the users base with interest. According to reports from within the company, Wahed will allow customers to keep a certain amount of funds on themselves. This was done so that the cash deposits are not used for lending but rather to earn interest. The company added that once the current developments take hold, there are plans to diversify into other communities as well.

Bitcoin Fever Captures Crypto Market: Here Are The Top 5 Predictions For 2021

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Bitcoin is currently on a historic run above the $10,000 milestone – as we can see on cryptocurrency data platform CoinCheckup, BTC recently hit a new all-time high at just under $20,000, and there is no shortage of bullish sentiment in the cryptocurrency markets. Alternative crypto assets like Tron have also benefited significantly thanks to the Bitcoin rally.

Even though nobody can say for sure what will happen in 2021, many experts agree that it could be an amazing year for the world’s largest cryptocurrency. Let’s check out 5 Bitcoin price predictions for 2021 to get a better idea of where analysts and notable crypto community members are placing their targets.

Bloomberg analysts say $50,000 could be a good target for Bitcoin in 2021

Financial media and data company Bloomberg recently published a report analyzing the current outlook for the cryptocurrency market. According to the analysts, Bitcoin is likely to »maintain its propensity to advance in price into 2021«, and could rise all the way to $50,000. The report noted that 2020 has been a crucial year for the mainstream adoption of Bitcoin, and helped establish $10,000 as a key support level for BTC. The analysts also stated that the macroeconomic environment is favorable for Bitcoin. If BTC does indeed reach a $50,000 price tag, its market capitalization will be around $1 trillion.

Raoul Pal – Bitcoin could reach as high as $250,000 in a year

Raoul Pal is a macro investor who previously worked as an executive at investment banking giant Goldman Sachs. Pal, who currently runs Real Vision, says that Bitcoin has the potential to appreciate to a whopping $250,000 per coin in 2021. In an interview, Pal said such a price target is made possible by the massive sums of money that are currently entering the BTC markets thanks to institutional investors. Pal noted a significant imbalance between supply and demand in the Bitcoin market, and saying that the devaluation of fiat currencies caused by monetary stimulus will result in even more investors choosing to park their money in Bitcoin.

Willy Woo – $200,000 is a »conservative« target for Bitcoin in 2021

Willy Woo is a Bitcoin investor and on-chain analyst known for his fascinating models and charts that implement data sourced directly from the Bitcoin blockchain. In a Twitter thread summarizing his thoughts on what we can expect from Bitcoin in 2021, Woo noted:

»My Top Model suggesting $200k per BTC by end of 2021 looks conservative, $300k not out of the question. The current market on average paid $7456 for their coins. You all are geniuses.«

Woo also pointed out a decrease in BTC balances held on cryptocurrency exchanges as another bullish factor. He pointed out that this trend is currently much stronger than what we saw during the 2017 cryptocurrency market cycle

Mike Novogratz – Bitcoin will hit $55,000 – $60,000 by end of 2021

Mike Novogratz is a Wall Street veteran who has made a huge pivot into cryptocurrency and is now known as one of the most influential cryptocurrency investors. According to Novogratz, Bitcoin is poised to reach between $55,000 and $60,000 in 2021, and the rally will be driven by institutional investors and the macroeconomic environment plagued by accelerated money printing.

Anthony Pompliano – Bitcoin can reach up to $250,000 in 2021

Anthony Pompliano is a cryptocurrency investor at Morgan Creek Digital, and has one of the strongest social media presences in the cryptocurrency community. In one of his newsletters, Pompliano stated that the Bitcoin price could reach $250,000 in 2021, which would be the »bull case«. He also described a more conservative »base case«, in which Bitcoin hits $100,000 during the next year. As with most other Bitcoin investors, Pompliano cites the unprecedented macroeconomic environment as being fertile ground for further Bitcoin gains. According to Pompliano, it’s far from too late to invest in Bitcoin despite the fact that BTC has already displayed incredible gains in its decade-long history:

“Many investors will look at the historical price increase of the digital asset and believe they “missed it.” That could not be further from the truth in my opinion. I believe we are at the start of another boom cycle in Bitcoin, which is likely to drive us 10-20x higher in the 15-month window.”

  Conclusion

While many of the price targets we covered in the article may seem overly ambitious, Bitcoin has a long history of exceeding expectations. Do you think it’s likely for Bitcoin to reach $100,000 and above or do you have more conservative expectations of what 2021 will bring for the BTC markets?

 

The 3 Reasons Behind Bitcoin’s 2020 Bull Run: What Was Behind It?

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What’s behind Bitcoin’s 2020 bull run?

Bitcoin has been on a real rollercoaster ride in 2020 – after the uncertainty surrounding the global pandemic sent the cryptocurrency crashing below $5,000 in March, the world’s largest cryptocurrency has produced an almost miraculous recovery towards the all-time high $20,000 level.

Looking at the Bitcoin price chart on CoinMarketCap, we can see a strong upwards trend emerging in the second half of 2020. Bitcoin surpassed the $10,000 milestone in late July, and hasn’t returned below that key price level since.

As Bitcoin fans, let’s take a break from constantly checking live crypto prices in the hopes of finally seeing BTC break above $20,000, and take a look at some of the most important factors that have contributed to Bitcoin’s amazing performance in 2020.

Growing institutional presence in Bitcoin

The 2017 cryptocurrency rally was in large part driven by retail investors, i.e. everyday people who decided to invest some of their money in cryptocurrency as the asset class started showing a strong performance.

The cryptocurrency landscape is quite different in 2020, as we’re seeing a much stronger presence of institutional investors – these are companies and wealthy investors that have the means of single-handedly moving millions and potentially billions of dollars into the cryptocurrency market.

One of the clearest examples of the involvement of institutions in the cryptocurrency market is Grayscale, a company that creates products for investing in cryptocurrency that can be bought in a similar way to buying a stock.

In each consecutive quarter of 2020 so far, Grayscale has broken its own previous records in terms of the amount of money that flowed into its cryptocurrency investment products. In Q3 2020, quarterly inflows broke the magical barrier of $1 billion for the first time in Grayscale’s history, with the company revealing that 84% of the inflows originated from institutional players (primarily hedge funds). The company’s Grayscale Bitcoin Trust, which provides investors with exposure to Bitcoin, recorded $719 million in inflows during the quarter.

Established players in the financial markets are also becoming involved in cryptocurrency. Major banks like BBVA and Standard Chartered are reportedly working on cryptocurrency custody and trading solutions, while DBS Bank, the largest bank in Singapore, is working on a trading platform for digital assets. With these major names entering the picture, it will become easier than ever for more institutional players to allocate a part of their capital to the emerging cryptocurrency asset class.

The Bitcoin as a store of value narrative is strengthening

In the early days of the project, Bitcoin was being presented as a form of digital cash with the potential to displace the fiat currencies that we use today on an everyday basis. However, as Bitcoin’s scalability limitations became apparent, the narrative has largely shifted towards Bitcoin being a store of value.

And to be fair, Bitcoin does have many properties that make it very appealing as a store of value – it has a hard cap on its supply (only 21 million BTC can ever exist), new BTC coins are mined at predictable and constant rates, and the network is extremely resistant to censorship and outside interference. In comparison with gold, the most well-established store of value asset, Bitcoin also has the advantage of being almost infinitely divisible and BTC can be cheaply transferred anywhere in the world on a 24/7 basis.

As Bitcoin increasingly becomes perceived as a legitimate store of value, we’re now seeing some companies opting to purchase BTC to protect the value of their holdings against inflation and aggressive money printing. The most prominent examples of this include MicroStrategy, which has purchased over $450 million worth of Bitcoin (with plans to buy more), and Square, which has bought $50 million worth of BTC.

Legendary investors like Paul Tudor Jones and Stanley Druckenmiller have also expressed bullish views on Bitcoin, and have both compared the world’s leading cryptocurrency to gold.

The Bitcoin halving

2020 was the year of the third Bitcoin halving, which happened on May 11. The halving decreased the Bitcoin block reward from 12.5 BTC to 6.25 BTC, constricting the flow of newly mined BTC. The Bitcoin protocol is designed so that miners gradually receive fewer rewards over time until the total supply of BTC is mined. Don’t worry, this won’t happen very soon – according to estimates, the last Bitcoin will be mined in 2140.

While there were fears that the Bitcoin mining industry could suffer heavily because of the halving, the reality is that the Bitcoin network’s hashrate is now significantly larger than it was before the halving in May. Bitcoin halvings happen every 4 years and are generally accompanied by very strong bullish sentiment. As far as fundamental factors are concerned, it’s tough to find something that draws more attention to Bitcoin than its halvings.

Conclusion

The best part about the trends outlined above is that their influence on the Bitcoin market will likely only continue to strengthen in 2021 and beyond. Bitcoin is currently in a very strong position, and we can’t wait to see what the next year brings to the table. While it’s impossible to predict the future exactly, Bitcoin HODLers have plenty of great reasons to be bullish right now.