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October Is The Month For Bitcoin BTC

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Bitcoin BTC

Happy new month to you and all our readers! The last one month has been a tumultuous one for any crypto enthusiast, trader or hodler of any digital asset. Most of the days were filled with declining values and panic due to the news. Bitcoin BTC being the King of Crypto and being volatile during the last month, all alt-coins also suffered due to its relative instability.

A Recap Of September FUD and ETF Anxieties

First, there was the Goldman Sachs news of September the 5th that they were ditching plans to open a Bitcoin and Crypto trading desk. The news went to state that the firm was focusing on custody services that will bring the much-needed funds to the industry. In a sense, the news had stated that Goldman Sachs would not pursue digital assets as forms of investments. However, this news turned out to be fake, but the damage had been done.

Secondly, there was an air of anxiety for the SEC was scheduled to rule on the Bitcoin ETF application by CBOE, VanEck, and SolidX, by the 30th of September. However, the authority announced on the 20th of September, that it needed more time to make a decision. They also requested for the input of the public with regards to the rule change in the ETF. This, in turn, pushed the SEC decision to late December.

Thirdly, there was a bunch of Bitcoin futures contracts by the CME expiring on the 28th of September. Therefore, due to the historical past performance of Bitcoin BTC when futures contracts are about to expire, many traders had held back making any major moves for there was uncertainty. Many of the savvy traders headed to BitMex to attempt to short Bitcoin BTC and other digital assets, but Bitcoin proved to have a good support level above $6,500.

What October Holds For Bitcoin BTC

The first good thing about October, other than it being the month of good sports around the world, is that there is no pending major decision from the SEC. A Bitcoin ETF will not hover over the minds of traders as they attempt to make gains in the markets for the next few weeks.

Secondly, October comes before November and when the Bakkt firm is scheduled to launch. This then leaves the crypto space wide open for natural gains without fears of any bad news. Bakkt aims at bringing Bitcoin and crypto investing to the mainstream using existing regulation, rather than trying to change the rules like the pending Bitcoin ETF.

The firm also plans on providing custody services for the institutional investors who want to buy in bulk. Therefore, the challenge of storing large volumes of cryptocurrencies is left to Bakkt which is regulated and has all the necessary licenses.

Given the fact that the US stock market is worth an estimated $30 Trillion, Bakkt will make it possible for cryptocurrencies to bite off a small chunk of this value as investors look for alternative, untapped sources of attaining considerable gains. Bakkt recently tweeted their first investment product as follows:

Our first contracts will be physically delivered Bitcoin futures contracts versus fiat currencies, including USD, GBP and EUR. For example, buying one USD/BTC futures contract will result in daily delivery of one Bitcoin into the customer’s account.

In conclusion, and not hating on the month of September, October brings in a breath of fresh air in the crypto markets for there is no reason to be nervous in the markets. But as is always suggested, it is good to set stop losses and keep up to date with news from Global Coin Report.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

Rewards Platform StormX Offers 50% Crypto Cashback Bonus for Thanksgiving

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Singapore, Singapore, 23rd November, 2020, // ChainWire //

Blockchain-based rewards platform StormX has released a seasonal promotion for its award-winning Crypto Cash Back App. The promotion will allow app users to earn a 50% bonus on top of their cashback between Thanksgiving Day and Cyber Monday (November 26-30).

StormX has also introduced a brand-new staking service, allowing users to earn an additional 50% per year when they stake STMX tokens. The native ERC20 token of the StormX ecosystem, STMX has a total supply of 10 billion and is available to trade at many of the world’s top exchanges, including Binance and Bittrex.

“With Bitcoin’s price approaching its all-time high, interest in cryptocurrencies has renewed, though some people believe it’s now too expensive to buy in,” said StormX CEO and Co-Founder Simon Yu. “What we have done is create an easy way for such individuals to accumulate bitcoin, ethereum and other cryptocurrencies via everyday shopping.

“We’re also excited to provide users with the ability to earn greater rewards simply by staking their tokens.”

Since the StormX mobile app launched its Shop feature with over 700 stores in February 2020, some 400,000 unique users have been added to the rewards platform. StormX has also witnessed over 50% month-on-month growth for sales. The app is available for download on the App and Google Play Stores, and can be downloaded as a browser add-on from the Chrome Web…

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Altcoins

BITTREX GLOBAL CONFIRMS FREE TRADING AND LISTING FOR TOP DEFI TOKEN

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Valduz, Liechtenstein, 17th November, 2020, // ChainWire //

International cryptocurrency exchange promotes free trading and no gas fees for leading DeFi tokens

17th November 2020 — Bittrex Global GmbH. announced today 8 new DeFi tokens will be listed this week including:

  • UMA (UMA)
  • Aave (AAVE)
  • Balancer (BAL)
  • REN (REN & renBTC)
  • Kyber Network (KNC)
  • Band Protocol (BAND)
  • YF Link – (YFL)

Bittrex Global’s users can trade all of their DeFi  tokens with no trading or gas fees until 2021. The decision to enable free trading on Bittrex Global for DeFi tokens  follows on from the 1,000% growth of the DeFi asset class over the course of 2020.

The decision to enable free transactions will see more investors enter the Blockchain Act’s digital asset regulatory system, supervised by the Financial Market Authority in Liechtenstein (FMA) under the Due Diligence Act which requires traders to comply with the KYC/AML/CFT standards.

“The last year has seen huge growth in DeFi as an asset class and a number of significant milestones completed,” said Bittrex Global’s CEO Tom Albright. “As the asset class matures and more institutional and professional investors look at the fundamentals, we are likely to see increased demand and higher trading volumes for DeFi in 2021.

We’re really excited about what we’re seeing in the space and want to see these DeFi projects grow and help them build stronger platforms through increased adoption. Offering free trading fees…

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Altcoins

Ready for Chaos? Swingby’s Chaos-Mainnet Launches on December 28th

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Singapore, Singapore, 9th November, 2020, // ChainWire //

Swingby is the “warp-speed” protocol for inter-blockchain swaps. It allows all DeFi users to move assets between blockchains without a trusted party. 

Today, Swingby announces its first mainnet network will be released on the 28th of December; it will bridge native Bitcoins onto Ethereum via Wrapped BTC (WBTC).

The initial bridge will enable the most liquid digital asset in the world (Bitcoin), currently valued at a $300 billion market cap, to be moved onto the Ethereum network to tap its $10b DeFi ecosystem.

“This launch will be pivotal to Swingby. After December 28th, Swingby will have a fully operational Chaos-Mainnet network which will be generating a tremendous amount of value to the world of DeFi and bringing in a large number of new users” – Yusaku Senga, CEO

Why is this big news for DeFi?

On December 28th, Swingby will be launching its first Chaos-Mainnet bridge, allowing users to easily move their bitcoins into WBTC on Ethereum without the need for a trusted party. Similarly, the bridge can be used in the opposite direction allowing WBTC-ERC20 tokens to be moved back into native BTCs.

What’s so special about it?

  1. Trustless: Swingby’s Skybridge will be the only way to trustlessly swap BTC into wrapped Bitcoin (WBTC).
  2. Simple to use: The Swingby bridge has been designed to work with standard transaction types removing the need for complex smart contract calls…
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