Bitcoin is unable to get back above the $60,000 mark, but the market remains optimistic about mid-term price — Futures Friday Bitcoin has continued to oscillate over the past week, not showing any decisive bullish moves even though the total cryptocurrency market cap is back around $2 trillion. Since altcoins have outperformed it in recent […]
It is reported that from April 12 to April 25, the People’s Bank of China (PBOC) will expand the CBDC trial to Hainan province. This was the first event in an attempt to normalize cryptocurrencies across China. Now the People’s Bank of China has also conducted the test in other provinces.
Hainan Province announces its first-ever CBDC event in an attempt to normalize the digital currency across China
The Digital Currency Electronic Payment (DC/EP) is a fiat currency designed to replace a system of reserve money. Currently in the testing process, but CBDC is still gradually being adopted in China.
Members of the Sanya municipal government, including their employees, businesses, and permanent residents, will be the main participants of this trial. The trial will raise awareness for the digital yuan, foster secure transactions with wide accessibility. Additionally, participants in this trial will receive a 15% discount for every 100 yuan spent on the island.
While CBDC trials continued across China, cities like Chengdu and Beijing have shown promising success. The second batch of trials was announced in Shanghai, Trường Sa, Qingdao, Xi’an, and Dalian.
Currently, the digital yuan is in beta in China. It is being piloted as a retail CBDC. In the future, though, the central bank aims to be able to interact with other countries. The PBOC and the Hong Kong Monetary Authority are currently testing the digital yuan for cross-border use.
Besides, PBOC has included the affiliated banks of digital payments giants, AliPay and WePay, in their trials to increase adoption. Due to this partnership, users with WeBank and MyBank accounts can now access their money using PBOC apps running CBDC. AliPay and WePay together dominate more than 93% of the digital payments market in China.
There are currently 573.6 million users for digital payment platforms in China. This number is expected to increase to 618 million by 2025 showing huge potential for a shopping mall in this market.
US-based financial giant State Street aims to enter the crypto trading market in the middle of this year.
State Street’s trading platform Currenex, that was reportedly put for sale last year, partnered with London-based Puremarkets Ltd (Pure Digital) in order to develop a wholesale, multi-custodial digital currency trading platform, Puremarkets said today, adding that the partners “intend to further explore the digital currency trading space.”
“Pure Digital will be a fully automated, high throughput [over-the-counter] market for digital assets and cryptocurrencies with physical delivery and bank custody,” the company said.
According to them, institutional participants will trade on the platform utilizing bilateral credit enabling efficient capital utilization and control for all trading participants.
“The Pure Digital trading platform will be the first of its kind, offering a wholesale interbank market for Tier 1 investment banks to trade bitcoin and other digital assets. Pure Digital is in discussions with several other Tier 1 investment banks to use the platform, which will provide a high throughput OTC market for digital assets and cryptocurrencies with physical delivery and bank custody,” Norway’s digital asset-focused company Arcane Cryptosaid in a separate announcement. They indirectly own a 37.5% stake in Puremarkets.
At the end of 2020, State Street had USD 3.47trn in assets under management or 11% more than a year ago. However, their revenue dropped by 4%, to 2.9bn, and net income decreased by 5%, to USD 537m.
“While State Street rose to the challenges in 2020, we are laser-focused on fee revenue growth and expense management to continue to make progress in 2021 towards our medium-term targets. We are confident in the trajectory of our business and will continue to drive innovation, automation and productivity to achieve these goals,” Ron O’Hanley, Chairman and CEO of State Street, said.
Bitcoin price extended its decline below the key USD 57,000 support level. BTC even broke the USD 56,200 support, but the bulls were active near USD 55,500. It is currently (04:30 UTC) consolidating above USD 56,000, and it is facing many hurdles near USD 57,000 and USD 57,200.
Similarly, most major altcoins are still in the red zone. ETH broke the USD 2,000 support before the bulls appeared near USD 1,940. XRP/USD is trimming gains and it is now trading near the USD 0.900 level.
Total market capitalization
After a clear break below USD 57,000, bitcoin price extended its decline. BTC even dived below USD 56,200, but the bulls were able to protect the key USD 55,500 support zone. The price is now recovering and trading above USD 56,000. An initial resistance is near the USD 57,000 level. The key resistance for a steady increase is now forming near the USD 57,200 level.
On the downside, the USD 56,000 level is a short-term support. The main support is now near USD 55,500, below which the bears might gain strength.
Ethereum price also followed bitcoin and it broke the key USD 2,000 support. ETH traded close to the USD 1,930 support and it is now correcting higher. There was a break above USD 1,980, but the bulls are facing many hurdles. The first key resistance is near USD 2,020, followed by USD 2,050.
On the downside, USD 1,950 and USD 1,940 are decent support levels. Any more losses might call for a drop below USD 1,900.
BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) recovered losses and it is back above the USD 380 level. BNB is testing the USD 395 resistance, but the key breakout zone is near USD 400. A successful close above USD 400 may possibly increase the chances of a fresh increase towards USD 425.
Cardano (ADA) tested the USD 1.150 support zone, where the bulls took a stand. ADA is rising and it could soon attempt an upside break above the USD 1.200 and USD 1.220 resistance levels. The next key resistance is near the USD 1.285 level.
Litecoin (LTC) trimmed most of its gains after it failed to clear the USD 245 resistance. LTC declined below the USD 225 support, but it found bids near USD 212. The price is now moving higher, but it must gain strength above USD 225 for a steady increase to USD 245.
XRP price topped near USD 1.10 before starting a downside correction. XRP broke the USD 1.000 support and it even tested USD 0.900. It is now consolidating above USD 0.900, with an immediate resistance at USD 0.945. The main resistance is now near the USD 1.000 level.
Other altcoins market today
Many altcoins declined over 8%, including BTG, HNT, XEM, BTT, QTUM, FLOW, XLM, NEO, SNX, EOS, ONT, NEAR, LINK, MATIC, and BSV. Conversely, WRX was able to rally and it cleared the USD 4.50 level.
Overall, bitcoin price is showing a few bearish signs below USD 57,000 and USD 57,200. However, BTC could attempt a fresh increase unless there is a clear break below the USD 55,500 support.
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If you thought you’d read all there was to possibly read about non-fungible tokens (NFTs), think again, because a Spanish platform giving out hundreds of USD worth of crypto to Pokémon Go-style augmented reality (AR) hunters – as part of a plan to sell NFTs.
Per La Voz de Galicia, residents of Viga, a city on the northwest coast of Spain, the project is part of a promotional campaign from a firm named OVR, which calls itself an “open-source, decentralized augmented reality platform.”
To drum up interest in the token, the media outlet reports, the firm has placed NFT “treasure chests” containing varying amounts of its Ethereum blockchain-based OVR tokens at strategic points of the city. Would-be participants are obliged to make use of a designated app, and must also connect via their social media profiles.
And just as was the case with Pokémon Go around a decade ago, “treasure hunters” armed with the OVR app on their smartphones can roam around the city in pursuit of the chests.
A local blockchain business leader named Antonino Comesaña was quoted as stating,
“I went hunting with my six-year-old son. We found chests full of 100 tokens and we made two or three dollars a day. But the price has risen and we managed to get up to […] USD 475 euros one morning. I have given them to my son so he can save them.”
“Veteran” hunters, however “only get one award per day” as “they want to encourage new people to play to promote the use of their cryptocurrency,” Comesaña added.
But it appears that gaining attention for the token is not OVR’s only goal. The media outlet added that the app divides the city up into 22 quadrants, and offers advertisers the chance to place AR ads at points around the city, in a further bid to catch treasure hunters’ eyes. This, it said, can be done by buying OVR-issued NFTs.
One advertiser paid “between and USD 1,783 and USD 4,753 for 22 AR NFT “billboards” at and around the 29,000-capacity Balaídos Stadium, the home of Celta Vigo, the city’s La Liga football club. Other popular spots for treasure hunters include the Alameda de Bouzas park, the Príncipe commercial district and the Vigo Maritime Station.
Today, we are excited to let you know Raze Network partners with UNION, a technology platform that combines bundled protection and a liquid secondary market with a multi-token model.
Under the UNION system, DeFi participants are able to manage their multi-layer risks across smart contracts and protocols in one scalable system. UNION also aims to decrease the entry barriers for retail users and lays the foundation for institutional investors.
Privacy and protection, while often used together as a term, require the cooperation of different players to address the nuanced layers. For us, there are just too many synergies between UNION and Raze Network to pass up this chance to team up. UNION is known for its full-stack DeFi protection, open access for all, and creating peace of mind for DeFi users, all of which coincide with what we believe.
UNION’s approach is a natural fit for protecting value locked in Raze vaults and sent in payment channels. Beyond protection, we will explore extending our Secret DeFi Bridge to support their collateral optimization protection (C-OP) and lending platform (ULend) so DeFi participants can optimize their capital in a private fashion.
With UNION, we can help each other explore different ways of offering protection to users, be it in trading or via information and data exchange.
Raze Network, as a privacy protocol aiming to protect the user identity and confidentiality for the entire DeFi stack of the Polkadot ecosystem, can work to help UNION and UNION users acting as second-layer protection.
Additionally, with the Efficient Σ-Bullets algorithm, a self-developed algorithm based on the Σ-Bullets encryption proof mechanism of the open-source project Zether, we can help UNION encrypt user account balances and transactions, and eventually propel us toward finance sovereignty.
“We’re excited to bring our work at the UNION Protocol Foundation to the Raze Network. Privacy preservation is a necessary tool for ensuring self-sovereign data rights and maintaining transaction confidentiality in a complicated, composable DeFi environment. Privacy rights and data control architectures have had a foundational role in my own interests in distributed ledger technology; Raze has developed a leading-edge approach that is set for success. We’re looking forward to working with the Raze team and engaging their input as we address privacy considerations in our own work, going forward,”
said Michael Beck, UNION’s Project Lead.
UNION is a technology platform that combines bundled protection and a liquid secondary market with a multi-token model. DeFi participants manage their multi-layer risks across smart contracts and protocols in one scalable system. UNION decreases the entry barriers for retail users and lays the foundation for institutional investors. UNION’s full-stack DeFi protection is inclusive, composable, and brings battle-tested capital and pricing models from TradFi to the DeFi ecosystem.
About Raze Network
Raze Network is a Substrate-based cross-chain privacy protocol for the Polkadot ecosystem. It is built as a native privacy layer that can provide end-to-end anonymity for the entire DeFi stack. The Raze Network applies zkSNARKs to the Zether framework to build a second-layer decentralized anonymous module. It will then be imported as a substrate-based smart contract. The objective of Raze Network is to enable cross-chain privacy-preserving payment and trading systems while protecting the transparency of your assets and behaviors from surveillance.
Even money itself has gone digital. Only about 3% of money globally is now in physical form. Bitcoin is now (measured by market cap, at least), the 13th largest currency in the world. It didn’t exist 15 years ago.
The key to this rapid growth is scalability. A digital product can be endlessly and instantly copied. I can design a fantastic app once, upload it to the app store once, and it can be downloaded a million or a billion times. If Google can get some new groovy feature in its search engine, then once implemented it’s almost infinitely scalable.
But let’s say I design a fantastic washing machine. It takes much longer to get this washing machine to the world – the fabrication and distribution are all tricky, but perhaps most difficult is the burden of regulation in the physical economy, particularly as it attempts to cross the national borders.
By contrast, the economy of the internet is (almost) borderless. The digital space, or certainly the areas where the innovation is, is largely unregulated – how do you regulate something that hasn’t been invented? So digital escapes the ties of regulation that curb the growth of the tangible.
Then, because of the extraordinary speed of growth in digital, there is the potential for investors to make far quicker returns on their investment. And so the digital economy attracts the most capital, the most talent and so on.
With this in mind, let us turn our attention to metals.
The physical world is treacherous and time-consuming
You don’t get much more tangible than metal. Mining is in many ways the most analogue industry there is; it is the very opposite of the dynamic digital world. A geologist is studying rock formations that took thousands of years to take shape, and will take decades to mine.