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Cryptocurrency Insurance Is A Growing Sector In The Industry

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Cryptocurrency Insurance

The growth of cryptocurrencies has been major over the past decade. Since they exist for around 9 years, we can see that cryptocurrencies have had their ups and downs. The latest cryptocurrency news, however, bring a new innovation coming in the form of cryptocurrency insurance.

Knowing that the cryptocurrency market has grown to its current capitalization of more than $200 billion in a relatively short time, the demand for cryptocurrency insurance has always been in place. Already, we can see some big-time insurers emerging as major players in the market.

These include the names of Lloyd’s of London, a centuries-old insurer that is valued at $45 billion, which last year partnered with Coinbase in order to provide a $255 million policy in April this year. Aside from Coinbase, many other custodians adopted a form of cryptocurrency insurance – and some of the examples include Gemini, Kingdom Trust and Anchorage.

Despite the remarkable technology warkehich is backing cryptocurrencies, recent reports show that cybersecurity is still one of the biggest threats to the industry. According to a recent security research report from the firm CipherTrace, more than $4 billion worth of crypto funds was lost through theft and fraud in 2019.

All of this is happening while the BTC news show that the most dominant cryptocurrency is trapped below $8,000. However, cryptocurrency insurance is a sector that is not dependent on Bitcoin.

Last year, for example, Binance announced that it had discovered “a large scale security breach” that resulted in hackers stealing 7,000 Bitcoins worth a whopping $40 million. The exchange noted that the hackers used phishing and viruses to access the hot wallets in the company which contained about 2% of the company’s BTC holdings. In cases like these, cryptocurrency insurance is definitely something that exchanges of Binance’s caliber should have in mind.

All of this suggests that cyber attacks are common in the crypto space and that cryptocurrency insurance may be a good way to deal with them. According to experts such as Hartej Sawhney who is the co-founder of the cybersecurity agency Zokyo Labs:

“There’s an array of low hanging fruits for hackers. You don’t need military training to conduct cybercrime on today’s centralized exchanges.”

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Basic Attention Token Rises 11% After Perpetual Contract Launch

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basic attention token rises
Basic Attention token rises 11 percent after binance announced the introduction of the new BAT derivative product as we are reading in the upcoming Basic attention token news. BAT surged right after the announcement but the technical index estimates that a correction phase could be upcoming. In the recent blog post, the world’s largest cryptocurrency exchange Binance revealed that it will launch a Basic Attention token perpetual contract on the crypto derivatives trading platform so this new instrument will be leveraged and paired against Tether. According to Changpeng Zhao, the CEO of binance, the highest leverage for this contract aims to meet the professional traders’ demand for these products:
 “We have seen an increase in institutional participation in trading, and these professional traders seek out the most efficient ways to trade very quickly, both in terms of cost and performance.”
The announcement seems to have sparked a lot of interest among the market participants in the coin especially now since the Basic Attention Token rises significantly. Despite the bullish impulse, this cryptocurrency could face a huge retracement. The TD sequential indicator is presenting two selling signals and one in the form of a green nine candlestick while the other is a sequential 13 candle. These bearish formations show that the Basic Attention token could retrace to four candlesticks before going on further in the bullish trend. A spike in the selling pressure behind this crypto around the price levels could validate the bearish outlook so BAT could even plunge to the 78.6% Fibonacci Retracement level. Breaking below the support line could start a harsh decline to the 61.7 percent or 50 percent Fibonacci retracement levels. The launch of the BAT perpetual contract only boosted the demand for this cryptocurrency. if the BAT is able to close above its recent highs, it could climb further Basic Attention Token is now ranked at #31 by market cap. Besides this altcoin, we can see that almost every coin is in the green today. The Bitcoin price news, for instance, is showing that BTC managed to rise by 3% only this afternoon and is at $10,135, again in the five-digit zone and with a stable momentum.
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Bitcoin Diamond And Monero Set For Further Gains, Verge Drops

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Bitcoin Diamond and Monero are going steady upwards while the Bitcoin dominance in the crypto market has dropped over the past few weeks with the same recording a 62 percent at press time. this was mainly during the rally that took up as much of this year so we are reading more about it in the upcoming bitcoin diamond news. Bitcoin’s dominance simmered down and only a few other altcoins managed to retain the position in comparison to it. Verge was among the 8 new crypto assets that were added to the conversion function on Binance and has seen a lot of gains after the previous ones of 10.48 percent over the past week. Verge saw a huge increase in the price and the latest chart suggested that the coin could be re-entering the bearish zone. XVG was valued at $0.0046 at press time and after the decline of 5.51 percent over the past 24-hours, the coin had a market cap of $75.00 million with a registered trading volume of $1.37 million. Vechain’s social engagement, on the other hand, was reportedly very heavy with spikes as high as 3,520,412 engagements per day according to the data, Additionally, the latest altcoin rally propelled the altcoin to shoot up to new highs that were not seen since December 2019. The coin breached the crucial resistance along the way and it took another plunge of 8.05 percent over the past few days following the VET bulls founding support at $0.005 level. At press time, VET registered a market cap of $379.3 million and got a price of $0.0068 which means there was a price gain at 3.93% so the coin recorded a 24-hour trading volume of $188 million. Bitcoin diamond and monero managed to post some impressive gains. Bitcoin diamond was up by 16.78% over the past week and the coin failed to regain the foothold as it stopped trading below the previously breached position of $0.76. The coin found support at $0.57. Bitcoin Diamond had a market cap of $143.3 million and was trading at $0.77 after the surge of 4.45% over the past day. Additionally, the Bitcoin diamond registered a trading volume of $7.70 million over the same time period. Monero, on the other hand, gained traction in the latest bull run and was recently added to the list of cryptocurrencies supported by the startup Bitsa.
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Lebanese People Turn To Bitcoin To Escape Dwindling Economy

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The country of Lebanon is having a weak economy which is in deep trouble. All of this leads the Lebanese people to embrace Bitcoin (BTC) and altcoins in an attempt to escape the banking system and protect their savings from dwindling as the fiat currency which is the Lebanese pound continues to struggle. We can see that Lebanese banks have attempted to halt a potential run on the pound by imposing informal capital controls and forcing the customers to withdraw their savings in fiat at the official exchange rates. The regulation crypto news show that cryptocurrency is not something the government is looking up to - but the Lebanese people have already made the switch. According to reports from Al Jazeera, the nation is experiencing a "Bitcoin boom." Not only the Lebanese are actively following the Bitcoin price news - they are purchasing BTC more and more at a rate which is now just over LBP 1,500 to the United States dollar. This is still a far cry from the parallel exchange rates of about LBP 2,500 per dollar. Additionally, their withdrawals are now limited to between $50 and just a few hundred dollars a month. The transfers abroad were recently capped at $50,000 per year, as the report shows. Al Jazeera also quoted Mahmoud Dgheim, one of the Lebanese people who are trading Bitcoin. This specific person has been active in the market since 2015 and has an interesting view on the dominant coin. He said:
“Right now, Lebanese are interested in escaping tight restrictions on cash withdrawals and transfers. They basically want financial freedom. If you want to go around the banking system, Bitcoin is a solution.”
What is also important to note is that last year, the government unveiled new tax plans - a move that led to a series of angry protests. At the time, protesters called on Lebanon's established political class to step aside, accusing the government of corruption and incompetence. The authorities in the country just spoke to the International Monetary Fund (IMF), asking them to help find a solution to manage the country's debt. Meanwhile, the Lebanese people have already considered options like Bitcoin which is why they are featured in the crypto news by Al Jazeera and many other news portals. https://twitter.com/CryptoLira/status/1214206996406243329
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Crypto Friendly Banking App Is Now Among Europe’s Top Fintechs

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Crypto Friendly Banking App
The latest cryptocurrency news put one crypto friendly banking app from the United Kingdom in the focus. We are talking about Revolut, the startup which raised $500 million in a fresh funding round and tripled its valuation to hit the $5.5 billion mark. As the Financial Times reported on February 25, this makes the cryptocurrency supporting app one of Europe's most valuable fintech firms. Ever since 2017, the app has enabled the users to complete transactions in cryptocurrencies which include Bitcoin (BTC), Litecoin (LTC), Ether (ETH) as well as Ripple's native token, XRP. In December 2018, the firm also received a banking license in Lithuania which paved the way for this crypto friendly banking app and allowed it to offer a fuller suite of banking services. The new funding round, as we can see, was led by the Silicon Valley venture capital group TCV which invests in major tech players such as Facebook, Airbnb, Tripadvisor, LinkedIn and Spotify. The $5.5 billion valuation of Revolut by TCV equals the previous record which was set by a private European fintech - Sweden's Klarna back in 2019. The fact that this app is mentioned in the Bitcoin news for its cryptocurrency and stock trading features tells a lot in the regulation crypto world, signifying that a bright future is here for the project. With a user base of 10 million, Revolut saw major customer growth and rose by over 150% last year. Alongside its crypto and stock trading features, the firm is also looking to expand into lending services and is actively pursuing a regulation crypto UK banking license. So far, the UK proved to be a highly lucrative market for Revolut but disrupter banks, too. Many times, these banks are dubbed "neobanks" and have had their users soaring from 7.7 million to 19.6 million last year, according to reports released yesterday by Accenture. Right now, the first half of 2020 is seen as a crucial period for the crypto friendly banking app and one which may see Revolut launching in the United States, if the firm manages to clear the regulatory hurdles. It has also been eyeing an expansion to the Latin American and Asian markets. All of this shows that crypto-related banking services are on the rise.
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