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Altcoin News

Binance CEO Believes Bitcoin Is ‘Still In A Good Position’

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The founder and CEO of the largest cryptocurrency exchange named Binance, Changpeng Zhao, has recently said that Bitcoin is (still) in a positive position – even considering the 70% fall since early 2018 and the strong rally towards the end of 2017.

According to Zhao, the cryptocurrency sector is in a better position than a year ago – in terms of its infrastructure, price, volume and mainstream interest. As he said:

“Just checked, btc price was $2500 a year ago, today $6800. Trading volume for btc was 780m a year ago, today is 3.4b. There you go,”

If we go backward, we can see the price of Bitcoin increasing from $890 to $20,000 which marks a growth of more than 2150%. In comparison to last year’s growth, the volume of Bitcoin has increased by five-fold which signifies a big surge in demand and interest towards cryptocurrencies as an emerging asset class.

However, Zhao believes that in mid-2017, the cryptocurrency sector was not built to this level in terms of infrastructure – especially for retail and institutional investors. As of July 2018, however, the crypto market has the institutional platform that Coinbase Custody established through which pensions, hedge funds and academic institutions can purchase digital assets in the value of millions of dollars.

Aside from this, major banks and financial institutions have publicly disclosed their desire to fill the growing demand in the traditional finance sector with cryptocurrencies – mostly by operating digital asset trading desks and exchanges in the future – once proper regulations is in place.

Last year, the CEO of Goldman Sachs said that if government-issued fiat currencies can dominate the financial system, other new currencies can also emerge as dominant mediums of exchange. As he pointed:

“If you go through that fiat currency where they say this is worth what it’s worth because I, the government, says it is, why couldn’t you have a consensus currency? And so it’s not for me, I don’t do it, I own no bitcoin. Goldman Sachs as far as I know… has no bitcoin, but if it does work out, I could give you the historical path why that could have happened. I’m not in this school of saying… because it’s uncomfortable with me, because it’s unfamiliar, this can’t happen, that’s too arrogant.”

In the end, the reality is that Bitcoin is dropping and we all need to face that – despite the recognition of cryptocurrencies as an emerging asset class by banks.

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Altcoin News

Coinbase Adds PayPal Withdrawals To Its Platform (For U.S. Citizens)

From now on, all of the Coinbase customers in the United States can make withdrawals into their PayPal accounts. According to a new blog post which is featured in today's crypto news section, the exchange made it easier for US customers to withdraw their Bitcoin and altcoin earnings from their Coinbase balances to PayPal - immediately and with no fees. The new arrangement also allows customers to convert their cryptocurrency holdings to cash, according to Allen Osgood who is a chief of product development at the exchange. In the news, Coinbase also announced that it was bringing back a PayPal integration last month, noting that its customers will only be able to make withdrawals using PayPal and won't be able to buy cryptocurrencies via the platform. Previously, the exchange had a PayPal integration which was ceased due to technical issues earlier this year. At the time, a spokesperson that "there is a new functionality that was improved from the prior one" adding:
“There is new technical work to make this possible, and that was done in conjunction with PayPal.”
However, this Friday Osgood wrote that the partnership provides Coinbase customers an alternative to the traditional federal wire or automated clearing house (ACH) network that they were required to use. As he said:
“These traditional finance networks can add up to two business days to a withdrawal. We’re always looking for ways to not only meet the bar set by traditional finance, but raise it. That’s why we rebuilt our integration to ensure that the speed and reliability of PayPal withdrawals does just that.”
The service is for now only available to customers in the United States, but could continue to be added to other nations across 2019, as Osgood wrote.
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Altcoin News

Bitcoin Plunges To A Yearly Low, Market Is ‘Prepared’ To Go Below $100 Billion

In the latest cryptocurrency news, we have the price of Bitcoin plunging to a new yearly low and staying at the $3,200 threshold, all while the valuation of the crypto market has dropped from $117 billion to $101 billion, by more than $16 billion in only one week. Currently, the total market cap is at $101 billion and is risking a new bottom which could see it dropping below the $100 billion threshold. Major cryptocurrencies like Bitcoin, Ethereum and Ripple all performed poorly against the US dollar and experienced losses above the 10% mark. The Ethereum price was seen as the biggest suffered, dropping by more than 13% from $98 to the current price of $83.56. The Bitcoin price also performed poorly in comparison to other major crypto assets and small market cap tokens in the past seven days. However, the lack of volume in most of the markets has put the most dominant cryptocurrency at risk of dipping below the support levels which are below the $3,000 mark. The well-known crypto analyst DonAlt summed up the situation by stating the following:
“As BTC is approaching the target of the 2014 fractal the targets of most people change from 3k to 1k and even lower. I still think $2,700 is an excellent place to buy if we should go there. ‘History doesn’t repeat itself but it often rhymes.’”
Currently, there is a big risk in shorting and longing Bitcoin and other major cryptocurrencies in the market, which is why investors are observing the short-term trend of the crypto market by holding out on their trading activity.    
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Altcoin News

TRON’s DApp Usage Jumps 48% To +1 Million Transactions Last Week

The TRON Foundation recently launched the TRC20 exchange, which was in the crypto news recently, as a place for people to exchange tokens issued on the TRON platform. Located at TRX.market, this exchange is still on Tronscam which is the primary block explorer and information service for the TRON ecosystem that supports the altcoin. Both TRC20 and TRC10 tokens can be understood as Tron-native analogues to ERC-20 tokens. While the TRC10 token is a user-issued one that does not require the writing of a smart contract, TRC20 provides all the functionality and power of a smart contract-based token system. Currently, TRON has a number of decentralized applications running on it. Despite the overall market downturn, the usage was up and according to some metrics, rose by over 48% over the last week. The usage of these dApps also crossed the 1 million transaction threshold in a single 24-hour period. Tron published a blog on the subject in which the organization stated:
“This week, the 24-hour transaction number for Dapps reached 1.04M, a 48% increase compared with last week; the 24-hour trading volume hit 640M TRX, an 151% increase compared with last week. We have seen significant increases in both indexes […]”
One of the most interesting projects built on Tron is Seedit which is a decentralized platform that lets users contribute funds to the content creators that they most appreciate. Project Atlas is also a well-known project which incentivizes people to seed content on the BitTorrent protocol, which was acquired by Tron back in July this year.
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Altcoin News

Bitcoin Cash Drops Again By 15 Percent While Other Cryptocurrencies Take A Stronger Hit

Following up on our altcoin news, Bitcoin Cash is in the red zone again dropping more than 15 percent and reaching a price of $79. All of the price indexes show a negative sentiment on the market with bitcoin declining about 4 percent over the past 24 hours. The BTC/USD pair failed to remain at the support level at $3,200 and is now hovering over the $3,300 support level. Many crypto enthusiasts believe that Bitcoin will perform a huge U-turn and that it will lead to a perfect buying opportunity of the year for most affordable prices. Bitcoin Cash, on the other hand, continued to lose against the USD more than any other cryptocurrency did, especially those in the top 20 crypto assets. This has now become a common thing for BCH traders since the hashrate war between the two BCH camps is still going on continuously. Since the hard fork, BSV has started inverse BTC trading thus gaining when other assets drop but this also goes the other way around. BCH is one of the biggest losers as of today shedding a huge chunk of its market cap dropping below the USD price of Ethereum for the first time ever dropping by 13 percent in a day. Between the BCH and BSV are only $125 million market cap. If we take a look at the other cryptocurrencies, Ethereum failed to make gains after the updates on Constantinople hard fork which is expected to bring many advances to the network. Currently, ETH/USD is hovering around $84 which is the lowest reached point since May 2017.
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