Bitcoin price unexpectedly turned around to increase more than $ 2,100, while the top cryptourrencies also increased sharply

Despite the best efforts by bulls for what has been several weeks now, Bitcoin price can’t seem to get back above $60,000 and spend any meaningful time above it. Fundamentals are as bullish as it gets for the top cryptocurrency, but bearish technicals might have finally caused sellers to step in.

bitcoin-price-unexpectedly-turned-around-to-increase-more-than-2100-while-the-top-cryptourrencies-also-increased-sharply

BTC/USD 4-hour chart | Source: TradingView

Bitcoin price bull run on the ropes as technicals face off against fundamentals

Bitcoin price has had its best year on record yet dollar for dollars and fundamentals, the stock-to-flow, and just about all other data suggests that the bull run isn’t near finished yet.

Technicals have been long overheated given the strength of the showing by bulls, leaving a large string of green monthly candles on the price chart without any serious corrective behavior. The once trending strong cryptocurrency has begun to slow, struggling specifically with anything around $60,000.

Indicators such as the logarithmic MACD are turning down on weekly timeframes for the first time since the bull phase began, and the quarterly candle just closed with the first-ever bearish divergence in history. Yet the top cryptocurrency hasn’t corrected anywhere near it has in the past.

At press time, Bitcoin unexpectedly turned around to increase more than $ 2,100, while the top cryptocurrencies also increased sharply, pushing the total market cap to $ 1,980 billion.

Over the previous 24 hours, Bitcoin’s price traded as low as $ 55,758 billion and as high as $ 58,231 billion. Trading volume reached 53 billion USD, capitalization increased sharply to 1,088 billion USD.

Many other cryptocurrencies also climbed following Bitcoin such as Ethereum up 4.7% to $ 2,094, Binance Coin up 9% to $ 418, XRP up 10.9% to $ 1.05, Cardano up 2.5% to $ 1.22. , Polkadot increased 3.6% to $ 41.7… As a result, the total market capitalization reached 1,980 billion USD, up 4.2%.

Bitcoin’s price has risen sharply since the beginning of the year, thanks to increasing interest in the cryptocurrency market by businesses and financial institutions. Many other large investment institutions also announced that they are considering investing and accepting the currency as a form of payment. Private bank Donner & Reuschel of Germany announced it will provide crypto buying and depository services to its customers.

JP Morgan Bank predicts that Bitcoin can reach a theoretical level in the long term of $ 146,000 when it starts to compete with gold.

According to Citibank analysts, the digital currency price could reach $ 318,000 by the end of this year. Strategist Mike McGlone suggests that Bitcoin could be traded for over $ 400,000 by 2022 if the market follows previous trends, which we have seen throughout 2013 and 2017.

The information has continued to give investors an optimistic view about the future of Bitcoin in particular and the crypto market in general.

Calm After the Strom: Bitcoin Reclaims $57K and Ethereum Above $2K (Market Watch)

Bitcoin dipped to its lowest point in over a week beneath $56,000 but has recovered some of the losses and currently stands above $57,000. Most altcoins have retraced even harder, including a double-digit price drop for the high-flying Ripple (XRP) and Ethereum briefly dropping beneath $2,000.

BTC’s Dominance Increases Despite the Drop

The past several days didn’t go all that well for the primary cryptocurrency. After failing to overcome $60,000 on numerous occasions, the asset reversed its trajectory and headed south.

Bitcoin reached $59,400 on Thursday, but its inability to sustain the upward momentum gave the bears an opportunity to push it down, which led to a $4,000 price drop in less than 48 hours.

Yesterday was an especially harmful trading day for BTC as it slumped to a low of about $55,500. This was the lowest price line since late March.

It’s worth noting that this retracement came as the South Korean kimchi premium normalized following a yearly high. As CryptoPotatoreported, such developments typically lead to a price drop.

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Nevertheless, the cryptocurrency bounced off and has regained more than $1,500 since its low. As of writing these lines, BTC stands just above $57,000.

On the positive side, the altcoin market has retraced even harder. Consequently, bitcoin’s market capitalization has recovered a little less than 1% and stands around 55% after dipping below that level yesterday.

Altcoins Deep in Red

The alternative coins were on a roll in the past week or so, registering new records. Ripple was among the best performers by adding 100% of value in that timeframe, reaching a 3-year high at over $1,10, and becoming the 4th largest cryptocurrency by market cap.

However, XRP has retraced with about 11% since yesterday, despite the company’s CEO claiming that the court hearing against the SEC went well for the payment processor.

Ethereum dropped below $2,000 but has jumped slightly and currently stands at $2,020. Binance Coin (-2%), Polkadot (-4%), Cardano (-6%), Uniswap (-2%), Litecoin (-5%), and Chainlink (-5%) are also in the red.

The situation with the lower- and mid-cap altcoins is significantly more volatile, as one could expect. Helium (-15%), Ontology (-14%), Qtum (-14%), NEM (-12%), EOS (-12%), Waves (-11%), and Bitcoin SV (-10%) have also retraced with double-digits.

On the other hand, WazurX (37%), 1inch (23%), Enjin Coin (23%), Harmony (21%), PancakeSwap (12%), Yearn.Finance (12%) and Conflux Network (10%) have gained the most since yesterday.

PayPal CEO Says Bitcoin Could Be a Chinese Financial Weapon Against the U.S.

PayPal CEO Peter Thiel loves Bitcoin but hates it when China mines or uses it.

In a virtual event organized by the Richard Nixon Foundation, Peter Thiel explained that Bitcoin could be used by China as a weapon in the non-conventional war against the United States, taking advantage of its characteristics to counteract the hegemonic power of the dollar.

“Even though I’m sort of a pro-crypto, pro-Bitcoin maximalist person, I do wonder whether at this point Bitcoin should also be thought in part of as a Chinese financial weapon against the U.S.”

The World vs. The United States

Peter Thiel explained that Bitcoin threatens the very idea of fiat money but is especially dangerous to the U.S. dollar and called on U.S. strategists to take Bitcoin-related developments more seriously when studying the international geopolitical landscape.

However, Bitcoin hodlers are not the only ones who might take offense at being called a weapon of the Chinese communist party. According to the CEO of PayPal, the existence of the Euro itseld¿f is also a weapon of China in its conspiracy to destroy the power of the United States to control some critical aspects of the world economy:

“From China’s point of view, they don’t like the U.S. having this reserve currency, because it gives us a lot of leverage over things like the oil supply chain and things like that. They don’t want the Renminbi to become a reserve currency because then you have to open your capital account and do all sorts of things they really don’t want to do. I think the Euro you could think it is in part a Chinese weapon against the dollar”.

Regarding DECP, the digital currency that China is developing, Peter Thiel believes it cannot be compared to a cryptocurrency and called it a “totalitarian measuring device.”

The Global Tech Race According to The CEO of Paypal

Thiel’s words do not seem very harmonious with the patriotism he so proudly showed when attacking China. Several countries are developing their own digital currencies. Even the United States is beginning to advance the idea of creating a digital dollar with very similar characteristics to those of the Chinese money.

The CEO of PayPal is not concerned about China’s potential to innovate and create but rather about its power to copy things. In response to Michael Pompeo, he explained that China had not made many advances concerning blockchain technology. Still, if China reaches a position of parity with the United States from a technological point of view, the West would lose its advantage as a world geopolitical dominator.

Thiel regretted that Silicon Valley did not see China as an adversary. He pointed to Apple as a company that is a real structural problem for having “real synergies with China.” Google and Facebook were also mentioned by Thiel, who noted that they were friendly to the dreaded Chinese adversary.

Paypal has played a key role in the recent bullish trend of Bitcoin and the increase in cryptocurrency adoption.

Bitcoin price before and after Paypal supported it. Image: Tradingview

As reported by Cryptopotato, PayPal recently enabled service to purchase, store and process cryptocurrency payments for US customers, with prospects to release their support to other countries later in the year.

Hopefully, this massive boost to Bitcoin adoption will not be seen by regulators as a support for China’s crypto plans in the years ahead.

Hedge Fund Giant Invests In Bitcoin Trust, JPMorgan’s CEO On Crypto Regulation + More News
Hedge Fund Giant Invests In Bitcoin Trust, JPMorgan's CEO On Crypto Regulation + More News 101
Jamie Dimon, the CEO of JPMorgan. Source: a video screenshot

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

Investments news

  • USD 48bn hedge fund giant Millennium Management invested in Grayscale Bitcoin Trust (GBTC), TheStreet reported, citing two undisclosed sources familiar with the matter. “While the price premium GBTC long traded at against bitcoin collapsed recently, it’s unclear if New York-based Millennium booked any losses on the crowded trade,” the report added, without providing any numbers about the investment.

Regulation news

  • Jamie Dimon, the CEO of JPMorgan, placed the legal and regulatory status of cryptocurrencies on a list of “serious emerging issues that need to be dealt with – and rather quickly.” Per a letter to shareholders, others such issues include the growth of shadow banking, the proper and improper use of financial data, the risk that cybersecurity poses to the system, the proper and ethical use of AI, the effective regulation of payment systems, disclosures in private markets, and effective regulations around market structure and transparency.
  • A collective of Russian crypto and blockchain players has launched a bid to convince politicians not to pass restrictive a new set of crypto laws, per Izvestia. The new campaign has been masterminded by the pro-business pressure group Investment Russia, the law firm the Digital Rights Center and the public organization RosKomSvoboda, a body that claims to support open self-regulatory networks and protection of digital rights of Internet users. The campaign addresses the country’s finance ministry, Duma financial chiefs, tax bodies and the Central Bank. A manifesto calls for amendments to draft laws that the parties say “will have an extremely negative impact on the Russian crypto industry” if they are adopted.

NFTs news

  • Latvian airline airBalticsaid that it will become the world’s first airline to issue non-fungible tokens (NFTs). The airline will issue limited collector NFTs showcasing an individual Airbus A220-300 with its registration and a piece of art of the Kuldiga city to promote tourism and Latvia in the world. Starting with Kuldīga, the cities and towns which were voted as the people’s favorites will one by one be represented on the digital art pieces issued by airBaltic. The initial drop of the first airBaltic limited NFT will be announced later in April.
  • The seven-time Super Bowl champion Tom Brady is launching an NFT platform called Autograph this spring, CNN reported, citing a representative for Brady. The platform “will bring together some of the biggest names in sports, entertainment, fashion, and pop culture to work with creators to develop unique digital collectibles,” it added.

Exchanges news

  • Blockchain technology company Ebang International Holdings Inc.announced the official launch of its crypto exchange for qualified investors to register and trade on. This launch will “not only expand the revenue sources from our cryptocurrency business but also optimize the development of our blockchain industry chain,” said the company Chairman and CEO Dong Hu.
  • bitFlyer has gotten their third president in two years. The new president is Goldman Sachs alum Kuniyoshi Hayashi, who replaced the outgoing President Kimihiro Mine on March 30, they said.
  • ShapeShift announced support for simultaneously connecting multiple wallets. Per an emailed announcement, users can switch between KeepKey, Trezor, Ledger, Portis, and ShapeShift mobile wallets on the ShapeShift web platform, without needing to reconnect. Support for additional wallets is coming soon, they said.
  • South African crypto exchange iCE3said they “will not return to operation” and that they “have been advised to initiate liquidation proceedings.” “All withdrawals from the platform have been disabled, and we have processed the withdrawals which have already been submitted via the form today, manually. We currently have no withdrawal requests pending for any currencies other than BTC and LTC,” they said.
  • Coinme, a US-based cryptocurrency cash exchange, announced its entrance into Florida with the launch of over 300 bitcoin-enabled Coinstar kiosks located at select Winn-Dixie, Fresco y Mas, Harveys, and other grocery outlets across the state.
  • The Miami HEATsaid it has entered into a long-term partnership with crypto derivatives exchange FTX.us, making this platform “The Official and Exclusive Cryptocurrency Exchange Partner of the Miami HEAT.” This deal works in tandem with the recent announcement that, starting with the 2021-22 NBA season, the home of the Miami HEAT will be known as “FTX Arena.”

Mining news

  • Chinese online lottery company 500.com has acquired Bee Computing, a Hong Kong-registered maker of Bitcoin mining machines, in a USD 100m deal, according to a filing with the US Securities and Exchange Commission (SEC). 500.com will pay Bee Computing USD 35m in stock by the end of the second quarter and send the other USD 65m worth of stock after the company has produced a certain number of 7nm ASIC bitcoin mining machines, as well as made higher performance bitcoin, ethereum (ETH), and litecoin mining machines.

Crypto adoption news

  • A new deal with the Valencia-based crypto exchange Criptan will allow Spanish travelers to make claims for airline-related delays and other incidents – and receive crypto rather than fiat as compensation. Per El Mundo Financiero, the exchange has teamed up with the Wings to Claim platform. The parties will allow travelers to make claims from travel agencies or airlines in situations whereby customers experience delays of three hours or more, lose baggage, if their flights are canceled or overbooked, or if they miss a connecting flight.

Blockchain news

  • Daegu, one of the largest cities in South Korea, has introduced a blockchain-powered ID authentication system for users of its online and offline public services. Per the Daegu Shinmun, the new platform makes use of a smartphone app that allows users to reserve city-operated facilities, make use of city-funded electric scooters and borrow library books using blockchain-based innovations. In a separate development, Law Issue reported that the electricity provider Nambu Power will also make use of blockchain-powered ID solutions on its renewable energy certificates platform.

Legal news

  • Michael Hlady pled guilty before a US Chief District Court Judge to conspiring to extort a startup company for millions of dollars in ethereum. When sentenced, Hlady faces up to 20 years in prison, as well as a fine, said the US Department of Justice. The startup was a mobile-based business that issued cryptocurrency as loyalty rewards for generating user traffic to its clients’ products. Hlady and his co-conspirator Steven Nerayoff issued threats to the company executives that included destruction of the company if they did not agree to demands for additional funds and tokens, claims the press release. As a result of this threat, the startup transferred ETH 10,000 to Nerayoff. He has entered a plea of not guilty to extortion charges and is awaiting trial.
Mark Cuban Praises Ethereum and Keeps Buying Bitcoin
Mark Cuban Praises Ethereum and Keeps Buying Bitcoin 101
Mark Cuban. Source: a video screenshot, Youtube, TMZSports

The Bitcoin (BTC) vs. Ethereum (ETH) debate just became even more complicated thanks to American billionaire entrepreneur Mark Cuban. He keeps praising ETH as more superior to BTC, but stores much more of his wealth in this most popular cryptocurrency than ETH, aims to buy more BTC, and doesn’t plan to sell it.

In March, he said that ETH is “the closest we have to a true currency,” and now he’s talking about ETH as a store of value alternative as it has “a lot more built-in utility in its organic and native form.”

“Because people are using ETH to buy NFTs, to do more things, and because smart contracts just make it a little bit simpler to do development. And because we’re looking at hopefully a shorter-term evolution to ETH 2.0, […] I think you’ll see there’s more reason to buy ETH right now beyond just being a store of value – but it doesn’t exclude, you know, being a store of value to buy ETH,” the Dallas Mavericks owner said during the recent Unchained podcast.

He added that with Ethereum improvement proposal (EIP) 1559, “everything changes and what happens going forward is going to really impact how people perceive it specifically as a store of value.” Once the proof-of-stake is reached, bringing forth a much higher number of transactions per second, there will be a massive change in the environment, he said, resulting in a reason for some to use ETH as a store of value over BTC.

“I think the applications leveraging smart contracts and extensions on Ethereum will dwarf Bitcoin. Bitcoin will be a store of value but because it has to be done using miners, you can’t just switch to proof-of-stake with Bitcoin,” Cuban said.

Meanwhile, any asset that is looking for appreciation has to be sold with narratives, said Cuban. While gold’s narrative has historically been a hedge against inflation, it has never been that hedge, he argued. Gold’s not actually needed, but the narrative that it’s precious helps build its value.

“And bitcoin kind of is the same way,” he said. There is no correlation between the actions of the US Federal Reserve and the price of BTC, but it’s a “great narrative,” he said. “All assets could go up in price with inflation, and bitcoin could be one of them […] but so could the cost of bananas.”

That said, as a “bitcoin believer as a store of value,” he’ll “make an exception” – he plans to buy new BTC, not spend his existing coins, and use that to buy a Tesla.

Also, recently he said that his crypto portfolio consists of 60% bitcoin, 30% ethereum, and 10% of other cryptoassets.

Reserve currency and global tide

Meanwhile, Senior Commodity Strategist at Bloomberg Intelligence, Mike McGlone, argues that BTC has a better chance to become a reserve currency than ETH. Per a Bloomberg Galaxy Crypto Index April report,

“It appears the narrative has tilted toward allocating a small portion of assets toward the crypto vs. the risks of missing out on the potential for bitcoin becoming the global benchmark digital asset. Adoption of the benchmark crypto as a global reserve asset has crossed the mainstream threshold, as we see it, and the market tide is rising.”

McGlone said that BTC is replacing gold suddenly rather than gradually and this process is likely to accelerate, “underpinning its price for the foreseeable future and magnifying the dollar’s dominance as the reserve currency.”

Bitcoin fills the need for a digital reserve-asset in a low-yield world, he said. Companies like Visa, Goldman Sachs, and Morgan Stanley have “embraced the digitalization of money, buoying the process of bitcoin replacing gold as the global digital-reserve asset,” said the strategist.

Most indicators show a shifting global tide that favors bitcoin as a reserve asset, McGlone concluded.

However, despite this tide, ETH keeps outperforming BTC in the crypto market.

At 15:41 UTC, BTC, with a market capitalization of more than USD 1trn, trades at USD 56,572 and is up by 676% in a year, while ETH (market capitalization – USD 239bn) trades at USD 1,992 and is up by 1,074%.

Ripple Digs For XRP Gem That Might Help Win Against SEC
Ripple Digs For XRP Gem That Might Help Win Against SEC 101
Source: Adobe/Wit

The court opened doors for blockchain company Ripple to examine the US Securities and Exchange Commission (SEC) documents showing their internal discussions about whether the Ripple-affiliated XRP is similar to cryptos like bitcoin (BTC) and ethereum (ETH), which are not considered to be securities.

“I’m going to grant in large part the defendants’ motion,” said US Magistrate Judge Sarah Netburn, as reported by Law360. While staff-to-staff email communications would not have to be produced, documents such as the SEC minutes and memos “expressing the agency’s interpretation or views” on crypto are likely discoverable.

Before the ruling, CEO Brad Garlinghouse’s counsel Matthew Solomon argued that, should the defendants find information suggesting the SEC thinks or thought that XRP was similar to bitcoin or ether,

“it could be “game over” for the whole case since the SEC isn’t in the business of regulating products that are not subject to the securities laws.”

On their part, the SEC counsel Dugan Bliss argued that the defendants are attempting to put the commission “on trial” and place focus on its plans, as opposed to Ripple’s allegedly unlawful conduct.

This document access is highly relevant for Ripple in this ongoing case in which the SEC argues that XRP is an unregistered security (among other claims) – as Ripple argued before that the regulator’s filing “based on an overreaching legal theory, amounts to picking virtual currency winners and losers as the SEC has exempted bitcoin and ether from similar regulation.”

Prior to the SEC’s complaint, “no securities regulator in the world has claimed that transactions in XRP must be registered as securities, and for good reason,” they said, adding that during a meeting with companies working with XRP, “even when asked, the SEC did not state that it considered XRP to be a security.”

Per a report on an earlier discovery hearing, the judge also stated that XRP has a currency value and utility – which an attorney who claims to have attended a court hearing (but is unrelated to the case), Jeremy Hogan, argued is opposite of a security.

On April 6, Hogan shared a 2016 cease-and-desist order that described the firm as a “digital currency company.”

(2/2) Apparently the SEC agreed with FinCen – at least back in 2016! The SEC must now explain to the Court how a “digital currency” transformed to a “digital security.” That explanation is part of the batch of documents the parties will be fighting over today.

PS. Happy Tuesday!

— Jeremy Hogan (@attorneyjeremy) April 6, 2021

Last week, Ripple scored a legal victory of sorts, when a judge agreed to redact the contents of an email exchange between Garlinghouse and an unnamed individual about the company’s venture capital operations, as well as two unnamed parties debating how XRP is conceived by the general public. Also, per a recent report on a discovery hearing, the SEC’s lawyer allegedly implied that exchanges wouldn’t be violating securities laws by relisting XRP.

At 8:35 UTC, XRP is up to the fourth place by market capitalization. It is almost unchanged in a day after it skyrocketed by 72% in a week, now trading at USD 0.97.

Cryptofully Enables Bitcoin to Naira Money Transfers Using Peer-to-Peer Network

In the last couple of years, we have heard so many things about Bitcoin. Investors call it digital gold, an investment, a store of value, the future of our currency, the revolution of payment, and so forth. The best indicator for these attributes is the current price of Bitcoin, a whopping $50,000. No wonder why people are rushing to buy bitcoin in South Africa.

Buying bitcoin for some people can be intimidating. The thought of how to go about it, where to buy it, and the fear of being scammed are some of the challenges newbies face.

You don’t have to worry about any of the aforementioned challenges. In this article, we will be digging into the several options you have to buy bitcoin in South Africa.

There are presently five major ways to exchange Rand for bitcoin. We will look at the options one after the other and review their advantages and disadvantages.

1. P2P Exchanges

The first way to buy BTC is through a P2P Exchange. It is the most common method people use to buy bitcoin. Peer-to-Peer exchanges are platforms that bridge the gap between buyers and sellers by providing a marketplace for both buyer and seller to meet and make transactions.

The most popular P2P platform for trading bitcoin in South Africa is Remitano. On Remitano, you set your price rate and the amount of bitcoin you want to buy and wait for interested sellers, while the Remitano Escrow system ensures that both parties fulfil their end of the trade. The transaction fees are usually very low for P2P and range from 0 to 1%. Remitano P2P is suitable for newbies and expert traders, thanks to the unique and friendly user interface.

Pros

  1. The transaction rates are usually very low.
  2. They are simple to use.
  3. They are a decentralized market, it makes use of software to connect buyers and sellers.
  4. It offers good liquidity, and it is a nice option to easily change your South African rand to bitcoin.

Cons

  1. Most require personal information and offer very little anonymity.
  2. Finding buyers and sellers can sometimes be stressful especially when you are buying a small amount.

2. Traditional Exchanges

The second way to buy bitcoin in South Africa is the traditional crypto exchanges. They are digital market places where people buy and sell bitcoin. Some examples of exchanges are the Binance, Huobi Global, Lykke, F-change, etc. in these platforms the price of bitcoin is fixed.

These types of exchanges are also called spot exchanges. They allow users to trade one cryptocurrency for another, buying and selling coins and exchanging fiat into crypto assets.

On spot exchanges, traders use to trade other crypto assets against BTC to profit from the volatile nature of the crypto market. Spot exchanges are more suitable for traders and may seem intimidating for newbies. Since they allow users to also buy bitcoin with fiat, the process will be intuitive. Moreover, there is nothing hard about crypto trading, a little research will teach you basic things about the craft.

Pro

a) It is easy to use.

b) Some require little information from you.

c) They allow high varieties of fiat, almost all currency is available.

Cons

a) Most are usually slow.

b) Exchanges rates are sometimes high.

3. Bitcoin ATMs

Bitcoin ATM is the third method people use to buy bitcoin. South Africa has 7 bitcoin ATMs, which is the highest in Africa. BATM is undisputedly one of the easiest and fastest ways to buy Bitcoin.

Most of the BATMs in South Africa only allow users to buy bitcoin with fiat. You can convert your Rand to BTC using these ATMs. Transaction fees on BTAMs are on the high side with an average fee of 8-14% per transaction.

Also, you can withdraw up to 5000 rands without ID verification. KYC verification will allow you to buy bitcoin worth 100 million SA rands at a go.

Pros

  1. Fast and time-saving.
  2. Easy and very efficient.

Cons

  1. Transaction fees are usually very high.
  2. They are not available everywhere.

4. Brokers

Brokers are like our conventional retailers that buy goods in bulk and sell to people in bits or units. Bitcoin brokers buy bitcoin from exchanges in large amounts and sell to interested individuals. This method is mostly preferred by people who aren’t technology savvy. All you do is pay an agreed amount and give the broker your wallet address so that he can transfer the agreed bitcoin to you.

Pros

  1. The transaction is mostly physical.
  2. Highly efficient.

Cons

  1. Brokers set the price and rate.
  2. There’s a high tendency of falling into the hands of scammers.

5. Debit/Credit Cards

The card is the last we will be looking at. It is a widely used way to buy bitcoin. It is available across all countries and regions of the world.

The cards used in this method include debit cards, credit cards, vouchers, and gift cards, etc. They are very fast and hassle-free. Platforms like Binance, Remitano, Huobi, and so many exchanges integrate cards to their platforms. However, without using any other platforms, you can’t buy BTC directly into your wallet with those cards.

Pros

  1. Requires no stress.
  2. Accessible to everyone.
  3. It is available on many platforms

Cons

  1. High transaction rates.

Conclusion

The adoption of bitcoin is increasing and accessibility to cryptocurrency is on the rise. It is now easier to buy bitcoin, own it, and sell it in South Africa than it was 5 years back. These are the ways you can buy bitcoin presently. You have to select your choice based on safety, ease of use, and transaction fees.

However, make sure you conduct extensive research on any platform you plan to buy bitcoin to avoid falling for scammers.

Disclaimer: This is a sponsored post. Readers should do their own due diligence before taking any actions related to any company, product, or service mentioned in this article. BitcoinAfrica.io is not responsible, directly or indirectly, for any loss or damage caused by or in connection with the use of or reliance on any content, product, or service mentioned in this post.
CoinDCX Review 2021 – Should it be Your Choice? (An Indian Exchange)
  • Is CoinDCX Safe?
  • What all features does CoinDCX offers?
  • What are the pros and cons of CoinDCX Exchange?

Today, we have brought to you yet another review of growing Indian crypto exchange called CoinDCX. CoinDCX is a Singapore-based company that has a user base predominantly in India (in India, the CoinDCX office is located in Mumbai, Maharashtra). Despite the skepticism of Indian Authorities towards cryptocurrencies, CoinDCX has survived and is growing at a good pace. Though its trading volume is far away from its competitor (i.e. WazirX, read our full review on WazirX here), the exchange can be considered for the features and security it provides to its users.

In this article, we will discuss everything about CoinDCX, from its features and benefits to its limitations. But first thing first, let us understand the foundation and history of the exchange.

CoinDCX was launched on April 7th, 2018 with an aim to provide a user-friendly experience where users can access a wide range of financial products and services backed by industry-leading security processes and insurance protection. CoinDCX is an ISO-certified company that provides decent liquidity with a fast onboarding process in the industry. Further, the exchange partners of CoinDCX are Binance (which is the world’s largest crypto exchange), Huobi, and Okex.

The exchange has just finished its 3rd round of funding in December 2020 with total funds raised worth USD 19.4 Million from companies such as Coinbase Ventures(the investment arm of San Francisco, US-based cryptocurrency trading platform Coinbase), Polychain Capital, Bain Ventures, Bitmex, Mehta Ventures, and Alex Pack, etc.

The exchange offers more than 200 different cryptocurrencies including Bitcoin, Ethereum, and other Altcoins with an average 24-hour trade volume of USD 2.5 Million (approx.).

CoinDCX trading volume

Now, let us know about the men behind the veil working for CoinDCX.

Founders of CoinDCX Exchange

Sumit Gupta (CEO) – Twitter

Sumit Gupta CoinDCX

Sumit Gupta is the Chief Executive Officer (CEO) and co-founder at CoinDCX. After finishing his graduation and post-graduation from IIT Bombay in India, he joined Sony in Tokyo. He invented India’s first location-based online marketplace (ListUp) which became a multimillion-dollar startup within a year. Sumit is a known name in the Indian Crypto Community.

Neeraj Khandelwal (CTO) – Twitter

Neeraj Khandelwal CoinDCX

Neeraj Khandelwal is the Chief Technology Officer (CTO) and co-founder at CoinDCX. He is an engineer by profession who leads the technical development of all the CoinDCX products. He graduated from IIT Bombay, India in Electrical Engineering in 2012. Under his technical leadership, DCX is exponentially growing across the globe with a variety of crypto instruments available to trade for users.

The CoinDCX team is a good blend of people from the software industry and traditional financial markets. Thus, this team has a good potential to take this exchange to new heights.

Now as we already know about the management team, let us talk about what does this exchange offers in terms of its features.

Features of CoinDCX Exchange

There a number of features that CoinDCX offers. I have tried to consolidate them as follows:

Features of CoinDCX Exchange

Types of trades offered by CoinDCX

The exchange offers Spot Trading, Margin Trading, and Futures Trading to its users. A margin trade can be levered up to 6X on CoinDCX. However, leverage for a futures contract is allowed up to 20X.

Instant Deposit and Withdrawals (deposit and withdrawal of fiat currency)

The “Insta” feature on CoinDCX allows a user to buy cryptocurrencies with Indian National Rupee (INR). Please note that CoinDCX does not support any fiat currency other than the INR. The minimum buy or sell limit per transaction is INR 1 and the maximum buy or sell limit per transaction is INR 1,00,000.

The lending of cryptocurrencies

“Lend” is a lending platform where users can earn interest through cryptocurrencies that they hold in their CoinDCX account. The user will receive his or her interest in the same cryptocurrency as his or her principal amount. If you lend BTC, the interest you receive will be in BTC.

CoinDCX - Lend Feature

All the locked cryptocurrencies are stored in geographically distributed cold wallets which are ensured DDoS protection, regular stress testing measures, and multi-signature authentications to ensure cutting-edge security.

There are a number of cryptocurrencies that can be lent through the exchange. For the complete list of such tokens, click here.

Coin Staking

A CoinDCX user can stake their cryptocurrencies on the exchange and earn staking rewards on the same. Currently staking feature is available on 7 coins.

Coin DCX - Staking Feature

Sub Accounts – Manage multiple accounts from one

CoinDCX has sub-accounts that allow you the option to split up your positions. You can create new sub-accounts, switch which sub-account you’re using, and transfer funds between sub-accounts. Therefore, you can create separate accounts for your trading and investing activities.

User Interface and Mobile Application

The trading view of the exchange is very interactive and user-friendly. The view will help you to trade comfortably without any hassles.

CoinDCX - Trading View

The exchange has a mobile application for android and iOS devices to keep the user updated on the go. The app is fully functional and if you enjoy trading on mobile, the app will keep you engaged. There are more than 100K downloads on the app store with an average rating of 4.6.

CoinDCX-Go

What are the Transaction Fee and Transaction limit for CoinDCX?

There are no deposit charges for deposit of fiat currency i.e. INR. For Non-KYC users, the deposit amount is limited to INR 10,000 only. For more details on the deposit click here.

The limit for withdrawal in Fiat currency (INR) is as follows:

Particulars KYC user Non-KYC user
Minimum Value INR 500 per transaction INR 500 per transaction
Maximum Value INR 500,000 per day INR 10,000 per day

The limit for withdrawal in Cryptocurrency is as follows:

Particulars KYC user Non-KYC user
Deposit No Limit The Maximum (deposit + withdraw) limit is 4 BTC per day
Withdrawal No Limit The Maximum (deposit + withdraw) limit is 4 BTC per day

The withdrawal fee is variable depending on the amount and type of cryptocurrencies being withdrawn. For more information on the withdrawal fee, click here.

The trading fee is also variable and is dependant on the club level assigned to you by the exchange. For more information on the trading fee, click here.

How secure is CoinDCX?

CoinDCX is a fairly secure exchange and the core team follows the following principles:

CoinDCX - Security

The exchange has uses geographically distributed cold wallets, DDoS protection, regular stress testing measures, and multi-signature authentications to ensure better security.

The Cold wallets mentioned above are completely offline and their multi-signature feature prevents a single point of failure and improves the resilience against the loss of funds on the loss of private keys.

Further, all the funds are insured by BitGO, including users’ cryptocurrencies held on MultiSignature cold wallets thus insuring them to an extent.

CoinDCX KYC Requirements

A user can trade on CoinDCX without submitting his/her KYC documents. However, there are limits to Deposits and Withdrawals as mentioned above.

KYC procedure of the CoinDCX exchange is fully automated in partnership with Onfido (a global leader in artificial intelligence for identity verification and authentication).

Social Media Presence

CoinDCX has a decent social media presence along with global coverage by traditional (Mint, Times of India, CNBC, Medianama, Inc42, Financial Express, Economic Times, Nasdaq, etc.) as well as crypto media houses (Cointelegraph, Coindesk, Coinpost, Blockchain News, etc.).

So, evidently this exchange has no less than any bigger exchange when it comes to the features. Now, let us summarise the pros and cons of using CoinDCX.

Benefits of CoinDCX Exchange

The benefits of the exchange can be pointed as follows:

  • The exchange has a user-friendly interface and a fully functional mobile application
  • CoinDCX has substantial Community and Social media presence
  • The exchange has renowned investors base which gives the exchange an ample amount of credibility and user confidence
  • The exchange provide sufficient amount of liquidity to the users for the purpose of Margin Trading and Futures Trading

Limitations of CoinDCX Exchange

There are some areas which CoinDCX should try to improve upon, such as:

  • The exchange only supports one fiat currency i.e. Indian National Rupee (INR)
  • Trade volume is fairly low in comparison with the top exchanges in the crypto market
  • The legal framework of Cryptocurrency trading in India is not clear. However, the situation is expected to improve in India as authorities are looking towards possible benefits that can be derived from blockchain technology. Though CoinDCX is registered outside India, its major user base is in India. Therefore the Indian jurisdictional risk may pose a risk of business continuity to CoinDCX Exchange.

Conclusion – CoinDCX Review

As per my understanding, CoinDCX is fairly loaded with all the major features. However the adoption of exchange is yet awaited from the user side. Further, the exchange can work on the various limitations I have mentioned above.

Create a free account on CoinDCX

Nonetheless, as crypto adoption is increasing in India and the authorities may clarify the legal framework of the cryptocurrencies (hopefully in favour of the industry) shortly, CoinDCX has a substantial scope of growth in the coming years. The core team is already visible in the media and may be successful in grabbing the attention of the country’s masses which will help the exchange immensely.

5 Ways to Buy Bitcoin Quickly and Easily as a South African

In the last couple of years, we have heard so many things about Bitcoin. Investors call it digital gold, an investment, a store of value, the future of our currency, the revolution of payment, and so forth. The best indicator for these attributes is the current price of Bitcoin, a whopping $50,000. No wonder why people are rushing to buy bitcoin in South Africa.

Buying bitcoin for some people can be intimidating. The thought of how to go about it, where to buy it, and the fear of being scammed are some of the challenges newbies face.

You don’t have to worry about any of the aforementioned challenges. In this article, we will be digging into the several options you have to buy bitcoin in South Africa.

There are presently five major ways to exchange Rand for bitcoin. We will look at the options one after the other and review their advantages and disadvantages.

1. P2P Exchanges

The first way to buy BTC is through a P2P Exchange. It is the most common method people use to buy bitcoin. Peer-to-Peer exchanges are platforms that bridge the gap between buyers and sellers by providing a marketplace for both buyer and seller to meet and make transactions.

The most popular P2P platform for trading bitcoin in South Africa is Remitano. On Remitano, you set your price rate and the amount of bitcoin you want to buy and wait for interested sellers, while the Remitano Escrow system ensures that both parties fulfil their end of the trade. The transaction fees are usually very low for P2P and range from 0 to 1%. Remitano P2P is suitable for newbies and expert traders, thanks to the unique and friendly user interface.

Pros

  1. The transaction rates are usually very low.
  2. They are simple to use.
  3. They are a decentralized market, it makes use of software to connect buyers and sellers.
  4. It offers good liquidity, and it is a nice option to easily change your South African rand to bitcoin.

Cons

  1. Most require personal information and offer very little anonymity.
  2. Finding buyers and sellers can sometimes be stressful especially when you are buying a small amount.

2. Traditional Exchanges

The second way to buy bitcoin in South Africa is the traditional crypto exchanges. They are digital market places where people buy and sell bitcoin. Some examples of exchanges are the Binance, Huobi Global, Lykke, F-change, etc. in these platforms the price of bitcoin is fixed.

These types of exchanges are also called spot exchanges. They allow users to trade one cryptocurrency for another, buying and selling coins and exchanging fiat into crypto assets.

On spot exchanges, traders use to trade other crypto assets against BTC to profit from the volatile nature of the crypto market. Spot exchanges are more suitable for traders and may seem intimidating for newbies. Since they allow users to also buy bitcoin with fiat, the process will be intuitive. Moreover, there is nothing hard about crypto trading, a little research will teach you basic things about the craft.

Pro

a) It is easy to use.

b) Some require little information from you.

c) They allow high varieties of fiat, almost all currency is available.

Cons

a) Most are usually slow.

b) Exchanges rates are sometimes high.

3. Bitcoin ATMs

Bitcoin ATM is the third method people use to buy bitcoin. South Africa has 7 bitcoin ATMs, which is the highest in Africa. BATM is undisputedly one of the easiest and fastest ways to buy Bitcoin.

Most of the BATMs in South Africa only allow users to buy bitcoin with fiat. You can convert your Rand to BTC using these ATMs. Transaction fees on BTAMs are on the high side with an average fee of 8-14% per transaction.

Also, you can withdraw up to 5000 rands without ID verification. KYC verification will allow you to buy bitcoin worth 100 million SA rands at a go.

Pros

  1. Fast and time-saving.
  2. Easy and very efficient.

Cons

  1. Transaction fees are usually very high.
  2. They are not available everywhere.

4. Brokers

Brokers are like our conventional retailers that buy goods in bulk and sell to people in bits or units. Bitcoin brokers buy bitcoin from exchanges in large amounts and sell to interested individuals. This method is mostly preferred by people who aren’t technology savvy. All you do is pay an agreed amount and give the broker your wallet address so that he can transfer the agreed bitcoin to you.

Pros

  1. The transaction is mostly physical.
  2. Highly efficient.

Cons

  1. Brokers set the price and rate.
  2. There’s a high tendency of falling into the hands of scammers.

5. Debit/Credit Cards

The card is the last we will be looking at. It is a widely used way to buy bitcoin. It is available across all countries and regions of the world.

The cards used in this method include debit cards, credit cards, vouchers, and gift cards, etc. They are very fast and hassle-free. Platforms like Binance, Remitano, Huobi, and so many exchanges integrate cards to their platforms. However, without using any other platforms, you can’t buy BTC directly into your wallet with those cards.

Pros

  1. Requires no stress.
  2. Accessible to everyone.
  3. It is available on many platforms

Cons

  1. High transaction rates.

Conclusion

The adoption of bitcoin is increasing and accessibility to cryptocurrency is on the rise. It is now easier to buy bitcoin, own it, and sell it in South Africa than it was 5 years back. These are the ways you can buy bitcoin presently. You have to select your choice based on safety, ease of use, and transaction fees.

However, make sure you conduct extensive research on any platform you plan to buy bitcoin to avoid falling for scammers.

Disclaimer: This is a sponsored post. Readers should do their own due diligence before taking any actions related to any company, product, or service mentioned in this article. BitcoinAfrica.io is not responsible, directly or indirectly, for any loss or damage caused by or in connection with the use of or reliance on any content, product, or service mentioned in this post.