Bitcoin has been in a prolonged bear market for some time and has dropped as low as $8300 in recent weeks. This is the worst time for the cryptocurrency since prior to the bitcoin boom in 2017, and it has led to speculation that the original cryptocurrency could be on the decline. However, the digital asset may be about to bounce back. This could be thanks to Bakkt, the new digital asset platform which aims to provide a secure and well-monitored place for investors to trade bitcoin. Some analysts are even suggesting that this could lead bitcoin into the mainstream.
Bitcoin has been teetering on the edge of the mainstream for some time now, with various companies accepting payments in the digital currency. The reason why it hasn’t yet taken off is that it doesn’t have enough practical applications to encourage the everyday person to start using it. But the market is there for alternative payments, and this is particularly apparent in the online casino industry when new sites crop up. For example, Johnny Jackpot is a smashing new casino brand that accepts a number of payment systems including Neteller, Skrill, and Paysafecard. Global customers want to be able to use options like these which were designed for the internet.
The problem with all of the aforementioned systems is that they are still governed by banks, and when moving money across borders they are subject to fluctuating exchange rates. Bitcoin would solve these problems if it was adopted on a wider scale. Bakkt is aiming to pave the way for bitcoin to become an everyday asset by providing an ecosystem for digital assets. The company is backed by Microsoft and Starbucks, which should help foster trust from users. The coffee company allows customers to pay for coffee and food using bitcoin. Seeing as the brand is so influential, this could spark a high number of other major companies to follow suit.
Bakkt is designed to serve as a scalable on-ramp for institutional, merchant, and consumer participation in digital assets by promoting greater efficiency, security, and utility
— Bakkt (@Bakkt) August 30, 2018
According to the CEO of Bakkt, the company “is designed to serve as a scalable on-ramp for institutional, merchant, and consumer participation in digital assets by promoting greater efficiency, security, and utility.” This means that they want to move users away from traditional payment systems like credit cards, but provide the same levels of security and application. Bakkt wants to increase trust in bitcoin and digital assets, and also nurture millennials’ belief in the cryptocurrency. In the early days of Bakkt, the company is expecting significant institutional demand for its futures contract but admits that an immediate surge is unlikely.
Bakkt has been a long time in the making, and the concept was announced over a year ago. It is true that the initial release has not yet had the desired effect, but it could play a major part in bitcoin’s future. Having Microsoft and Starbucks on board is a huge plus point for the company, but it will need other influential industries to get involved and help spread the word. In a few months, bitcoin could be back on a bullish trend.
Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC
The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.
The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.
Musk’s Tweets also impacted Dogecoin’s price
Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.
He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.
But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…
Wisebitcoin Launches Professional-Grade Crypto Exchange
Infrastructure is developing rapidly in the cryptocurrency industry, but the recent launch of the Wisebitcoin cryptocurrency exchange is nonetheless significant in terms of the immediate value it provides to cryptocurrency users. That’s because the exchange has had a beta version available since 2018 while continuing further developments in stealth mode, and already serves over 1.2 million end users with $6+ billion in 24 hour trading volume at the time of its official launch.
In addition to the large user base and deep liquidity, Wisebitcoin also stands out by offering up to 100x leverage to margin traders, with the ability to open a long or short position in their futures market. In the current bullish environment, leverage is a key way that experienced traders increase their exposure and try to profit from volatility.
For example, if a user opened a long position on ETH on January 2nd at a price of $750, they could have greatly multiplied their profits with even a small amount of leverage such as 5x as ETH reached over $1,100 within 48 hours. A simple unleveraged position would have netted $350 in profit, but a 5x position would have netted $1,750 and a 100x leveraged position would have netted an incredible $35,000 in profits from an initial investment of just $750.
Beyond leverage, Wisebitcoin additionally offers a simple and…