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.
Coinbase Adds PayPal Withdrawals To Its Platform (For U.S. Citizens)
“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.
Bitcoin Plunges To A Yearly Low, Market Is ‘Prepared’ To Go Below $100 Billion
“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.
TRON’s DApp Usage Jumps 48% To +1 Million Transactions Last Week
“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.
Bitcoin Cash Drops Again By 15 Percent While Other Cryptocurrencies Take A Stronger Hit
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- Coinbase Adds PayPal Withdrawals To Its Platform (For U.S. Citizens)
- Bitcoin Plunges To A Yearly Low, Market Is ‘Prepared’ To Go Below $100 Billion
- TRON’s DApp Usage Jumps 48% To +1 Million Transactions Last Week
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