The Feds are Giving You Another Reason To be Bullish About Bitcoin (BTC) and Ethereum (ETH) - Global Coin Report
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The Feds are Giving You Another Reason To be Bullish About Bitcoin (BTC) and Ethereum (ETH)

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There is a glimmer of hope from the Feds even after the cryptocurrency markets keep losing value day after day. This is because the St. Louis branch of the US Federal Reserve has added four cryptocurrency price trackers to its extensive research database. The St. Louis branch announced that it will add pricing data for Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) to is Federal Reserve Economic Data (FRED).

The data points will be obtained from the popular cryptocurrency exchange of Coinbase and will be updated daily at 5 pm Eastern Time.

The St. Louis branch of the Federal Reserve has been surprisingly open-minded and curious about cryptocurrencies and blockchain technology. The Governor of the St. Louis branch, Governor James Bullard was even at the recently Consensus Summit in New York and had this to say about cryptocurrencies:

“Cryptocurrencies may unwittingly be pushing in the wrong direction in trying to solve an important social problem, which is how best to facilitate market-based exchange.”

Bullard meant that Cryptocurrencies have created ‘non-uniform’ currencies in the United States which could be problematic. He stated that Non-uniform currencies do not have a good track record in that they do not last long after they emerge in the markets. His points are valid in a sense that there are over 1,600 digital assets trading at any one time in the crypto-markets. Rather than converging to a select few, stable digital assets, the industry is diverging to more riskier and weaker digital assets every day. This further destabilizes the crypto markets.

The need for uniformity might be the reason the St. Louis Branch of the Federal Reserve has decided to track pricing data of only 4 of the most known and somewhat stable cryptocurrencies of BTC, ETH, BCH, and LTC. The Feds have clearly seen that these are the most promising digital assets of the aforementioned bunch of 1,600.

It is a bit heartbreaking that Ripple (XRP) is not on the list, but this is because the SEC has yet issued a statement on its fate as being a security or not. Once the government body gives a positive statement on this (that it is not a security), XRP will surely be on a level equal or greater than ETH in terms of being the preferred digital asset investment option.

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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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As Global Tensions Grow, Bitcoin Price May Go Higher

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BTC Surged Again as A Safe Haven Asset During Global Tensions

  • India – China Border Conflict

After weeks of squabbling and brawling along their long-disputed border, hundreds of Indian and Chinese soldiers engaged in a deadly clash Monday in a river valley that’s part of the region of Ladakh last week. Troops had massed on both sides of the border in recent months in the northern India region of Ladakh and the southwestern Chinese region of Aksai Chin, causing global concerns of a potential escalation between the two.

  • North and South Korea Clash

Last Tuesday, North Korea destroyed the liaison office it jointly operates with South Korea in the city of Kaesong, just north of the demilitarized zone that separates the two countries. 

North Korea also said it would send troops to now-shuttered joint cooperation sites on its territory, reinstall guard posts and resume military drills at front-line areas in a violation of separate 2018 deals with South Korea. Jeong said South Korea will take “immediate, swift and corresponding” steps to any North Korean provocation.

The tensions grown in Asia and the potential “second wave” of coronavirus in the United States may add more difficulties to the global economic recovery. Thus, Bitcoin, as a safe haven asset, attracts more investors to…

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CoinFlip Continues to Dominate the U.S. Cryptocurrency ATM Market

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Although cryptocurrency has brought in a lot of traders seeking the dream of overnight wealth, cryptocurrency is a lot more than just striking it rich.  Cryptocurrency is about creating a new market with companies that are building cutting edge technology in an effort to continue elevating our way of life.  As the crypto market continues to expand, several companies are involved in creating ways for more people to participate.  One such company that appears to be making all the right moves is CoinFlip.

CoinFlip is the world’s leading cryptocurrency ATM operator that currently allows users to buy and sell 10 different cryptocurrencies including BTC, ETH, LTC, DASH, TRX, KMD, LINK, BNB, XLM, and USDC.  Due to the company’s quick growth, CoinFlip has quickly gained a reputation of being the place to go for all crypto ATM transactions.  In addition to its massive geographic coverage, there are four advantages that CoinFlip currently offers over its competitors:

  • Lowest fees of any cryptocurrency ATM in the world
  • Lightning-fast transactions that are typically completed between 10 and 30 minutes
  • Extremely easy customer verification
  • 24/7 customer support through phone, text, and chat

Given the global pandemic currently facing us, many companies have been struggling just to survive.  CoinFlip, on the other hand, is not only surviving but thriving.  The company has had an exciting few months and has even bigger plans…

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Cryptocurrency Fraud is Evolving; Bitcoin ATMs Mitigate Risk 

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Cryptocurrency Fraud is Evolving
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In one of the more overlooked aspects of the crypto ecosystem, it appears that the bulk of illicit activities are shifting from hacks and thefts to cryptocurrency fraud and scams.

CipherTrace, the crypto-surveillance, and analysis firm released a report at the end of Q4 2019 that revealed hacks and thefts had decreased by 66 percent in 2019 while fraud and misappropriation of funds surged by 533 percent. And beneath the COVID-19 hysteria of 2020, hacks in the crypto sector have been eerily isolated. 

Outside of a few exploited flaws in P2P exchanges and DeFi flash loan vulnerabilities, the headline-grabbing hacks of exchanges for hundreds of millions of dollars have been absent so far this year. Is the industry due for another massive hack, or are stringent KYC/AML processes, regulatory crackdowns, better security practices, and blockchain surveillance working? 

KYC/AML Improvements Are Reducing the Appeal of Crypto Exchange Laundering 

2020 is far removed from the no-KYC wild west days of the early-mid 2010s where anonymous altcoin casinos preponderated and the Dark Underbelly of Cryptocurrency Markets thrived. 

Today, bitcoin and the crypto ecosystem is becoming institutionalized with a surfeit of derivatives (e.g., options, futures, perp swaps, etc.) available on…

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