Widespread Rollout of Digital Currencies Is ‘Absolutely Inevitable’
Published
3 Wochen ago
on
By
The digital currency sphere has had enormous developments geared towards promoting efficient payments.
According to Standard Chartered CEO Bill Winters, widespread creation and mass rollout of digital currencies is “absolutely inevitable” due to the evolution of the international payments system. Winters brought out that notion about cryptocurrency adoption during his speech at the Singapore FinTech Festival. According to him, the scope of extensive rollout encompasses both state-backed and private electronic currencies.
“I think there is absolutely a role for central bank digital currencies as well as non-central bank-sponsored digital currencies,” he said during the Monday event.
The finance chief also mentioned that in the next coming days, StanChart would announce further news ‘along these lines.’ Some people are already speculating that the exec wants to announce that the banking giant is in the process of launching its own private digital currency.
Collaborative Effort Needed to Push Digital Currency Adoption
For a long time, Coinspeaker has been reporting how governments globally have been experimenting with the development of various digital currencies. China has been one of the most popular countries in this perspective, having led the way for central banks backed digital currencies, more so when it conducted public trials of its digital yuan.
Private companies have also not been left behind in the quest for seamless money transfer modes. One of those companies, Facebook, has been working on the development of its own digital currency ‘Libra‘ – which was later renamed as Diem – to be an alternative currency to the U.S. dollar.
However, Winters went ahead to underline that the new, niche segments that don’t replicate existing fiat currencies offer the greatest opportunity for digital currencies. In his opinion, what interests him is having currencies that don’t match but are intended to capture a subset’s superset.
The banking CEO also stated that Digital currencies should be created for dealing with specific projects type like making trades in the voluntary carbon market. In case the users want to offset their carbon emissions, they will be sure that their project would undergo a “verified, standardized, monitored” financing process.
He explained:
“Those sorts of applications for a digital currency, and creating a digital currency ecosystem, is something that can’t be replicated by a fiat currency, or, most likely, by a central bank digital currency any time soon.”
While speaking at the annual conference, Winters also stated that there is a whole new world opening for those in the finance sector. Other panelists who took part in the five-day virtual event were AMTD Group chairman and chief executive officer Calvin Choi and Singapore-based DBS Bank’s chief executive officer, Piyush Gupta. All the participants agreed that both public and private bodies should collaborate effectively for the digital currencies rollout to be successful. Gupta brought out a good point that network will build upon central bank digital currencies over the next few years.
Interest in Digital Currencies Is Growing Enormously
The CEO’s comments come amid growing interest in digital currencies emanating from mainstream financial players. Some of the so-called traditional financial giants like PayPal, JPMorgan, and BlackRock earlier on believed that digital currency has no place in the current conventional financial system. Now, they view it as the future of payment and even want to either launch their own private currency or offer cryptocurrency transactions via their platform.
The digital currency sphere has had enormous developments geared towards promoting efficient payments. Ripple partnership with hundreds of banks around the globe to facilitate billions worth of transactions yearly through XRP ledger. JPMorgan created their own private digital currency for internal banking known as JPM Coin. Russia’s largest Bank, Sber, intends to launch its own digital currency pilot next year.
next Altcoin News, Cryptocurrency news, News
James Lovett is a talented crypto enthusiast who finds pleasure in sharing more knowledge on fintech, cryptocurrency as well as blockchain and frontier technologies. He likes to keep himself furnished and updated with the latest innovation in the crypto industry, blockchain technology, Internet of Things (IoT) and other technologies. As a result, he tries to furnish ardent crypto supporters with the latest news on blockchain and distributed-ledger technologies. Indeed, Blockchain and Cryptocurrency is changing the world as we know “one block at a time”. As a hobby, he also trades in small amounts of cryptos every now and then.
An author with experience writing for tech, digital, and cryptocurrency blogs!
Grayscale’s AUM Hits $19B, Up from $16.4B Announced Week Ago
Published
30 Minuten ago
on
Dezember 29, 2020
By
While it may be too early to project the possible performance of Grayscale in 2021, the spate of patronage the company recorded in the last two quarters of 2020 looks quite inspiring.
In what confirms the continued embrace of Bitcoin (BTC) and altcoins by institutional investors and the big-money clients, Grayscale’s total Assets Under Management (AUM) has been reported to top $19 billion, a significant uplift from the $16.4 billion reported a week ago. According to a report by CoinDesk, Grayscale hit this AUM milestone on December 28, and Grayscale’s Bitcoin Trust holds by far the largest chunk of the total assets at $16.3 billion.
The recent rally of Bitcoin to new highs as recorded in the past days started as a chain reaction that took its precedent months ago when Wall Street firms and institutional investors began betting big on Bitcoin. The investment made by the likes of MicroStrategy Incorporated (NASDAQ: MSTR), Square Inc (NYSE: SQ), and PayPal Holdings Inc (NASDAQ: PYPL) did not just help put Bitcoin in the limelight through mainstream media, it also prompted the embrace of the digital assets by other firms.
With this chain reaction, the price of Bitcoin continued to soar in response to boosted demand for the coin, and institutions like Grayscale that serves institutional investors benefited from this new demand, and hence, the continued increase in the firm’s AUM. Besides BTC, Grayscale’s Ethereum (ETH) AUM is now worth $2.1 billion, while the bulk of smaller holdings in Litecoin (LTC), XRP, and ZCash amongst others helped Grayscale’s total AUM to reach the new milestone.
Grayscale’s AUM May See More Boost in 2021
While it may be too early to project the possible performance of Grayscale in the coming year 2021, the spate of patronage the company recorded in the last two quarters of 2020 makes the case for improved performance provided the tempo is sustained.
Just as has been noted earlier, the continued embrace of cryptocurrency assets by highly liquid companies will continue to have a positive reaction on the price of Bitcoin, and by extension, this will even make more people pick interest in BTC. As a relatively young asset class, Bitcoin and altcoins have tremendous room to grow as the adoption rate is still not optimized owing to certain regulatory provisions in most countries, Grayscale and other hedge funds have enough room to compete for new clients entering the space.
With Grayscale been among the institutions at the forefront of helping to drive the acceptance of BTC, ETH, and other digital currencies, enjoying the dividends of its works through impressed AUM figures does not come as much of a surprise.
next Altcoin News, Bitcoin News, Cryptocurrency news, News
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Following the Bitcoin all-time high on Sunday, December 27, Riot Blockchain stock registered 20% gains on Monday’s trading session. The stock has already appreciated by 13x this year. Apart from BTC, investors of Bitcoin mining companies are making a bomb in the market.
Bitcoin mining giant Riot Blockchain is making all the news in the market at the moment. On Monday, December 28, Riot Blockchain Inc (NASDAQ: RIOT) stock price surged a massive 20% surging past $15.5 levels. One of the biggest milestones with the Monday rally is that the Riot Blockchain has clocked a $1 billion market cap.
The latest price rally comes as Riot Blockchain hints at going aggressively on its Bitcoin mining business. Last week, the Riot Blockchain added new S19 Pro Antimers to its bitcoin mining arsenal. The company announced the purchase of an additional 15,000 Bitcoin (BTC) mining machines from Bitmain. The recent purchase also pushes Riot’s total fleet to 37,640 Next-Generation Bitmain Antminers.
Riot said that the fresh purchase of Antminers will help the mining company to attain a 65% jump in its mining hash-rate. RIOT stock has registered an unprecedented rally this year in 2020. RIOT stock has multiplied by 13x this year registering a 1200% surge so far.
Riot Blockchain has issued nearly 17 million shares since November 2020 with its total outstanding shares going to 67.5 million. It has been a phenomenal journey for Riot ever since it ventured into the Bitcoin mining business in October 2017. With valuations less than $50 million back then, Riot has grown more than 20x in size as of its latest stock price.
RIOT Stock and Shares of Other Bitcoin Mining Companies Profit from BTC Bull Run
The recent Bitcoin (BTC) price rally during Q4 2020 has also pushed the stocks of Bitcoin mining companies to new highs. Earlier on Sunday, December 28, the BTC price hit its all-time high of $28,000 in a massive bull run followed by huge institutional inflows.
Moreover, along with the BTC price rally, the Bitcoin hash-rate has jumped significantly since November 2020. Over the last two months, the BTC hash-rate has surged nearly 30% and is currently at 132 TH/s. The surge in the hash-rate suggests higher mining activity for Bitcoin.
As a result, Bitcoin mining companies have been making massive purchases of the BTC mining machines. In addition to Riot Blockchain, other giants like the Marathon Patent Group have made aggressive purchases over the last few months. Just like RIOT, the Marathon Patent Group (NASDAQ: MARA) has registered a phenomenal rally of 18% on Monday, December 28. MARA stock has multiplied investors’ wealth by 12x in 2020. It means the MARA stock has also given phenomenal 1100% returns year-to-date.
next Bitcoin News, Blockchain News, Business News, Cryptocurrency news, Market News
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
How low could XRP go? Watch these price levels next
Published
7 Stunden ago
on
Dezember 29, 2020
By
XRP price dropped by 30% on Dec. 29 following Coinbase’s decision to suspend trading.
The market sentiment around XRP has become overwhelmingly negative due to the fear of more exchange delistings.
In the near term, XRP faces three key historical support levels at $0.224, $0.1743 and $0.1471.
Where will the XRP price go next?
The ongoing price trend of XRP is not cyclical nor reliant on technical analysis. It is due to investors selling XRP following the suspension of trading across major cryptocurrency exchanges.
On Dec. 29, Coinbase announced that it is suspending the XRP trading pairs on their platform. Paul Grewal, the chief legal officer at Coinbase, wrote:
“In light of the SEC’s lawsuit against Ripple Labs, Inc, we have made the decision to suspend the XRP trading pairs on our platform. Trading will move into limit only starting December 28, 2020 at 2:30 PM PST, and will be fully suspended on Tuesday, January 19, 2021 at 10 a.m. Pacific Standard Time*. We will provide additional updates, if any, through the Coinbase Support Twitter account, including if there are any changes to timing.”
Given the SEC’s recent action against Ripple, all XRP books have been moved to limit only and Coinbase plans to fully suspend trading in XRP on Tuesday, January 19, 2021, at 10 AM PST. Afterwards, users will continue to retain access to their XRP funds. https://t.co/izreZvgHNl
As Cointelegraph previously reported, analysts anticipated Coinbase to suspend XRP trading after the United States Securities and Exchange Commission filed its complaint.
Coinbase plans to undergo an initial public offering, and it is in the firm’s best interest to remain fully compliant with the regulators in the U.S.
Considering the regulatory uncertainty around XRP, traders have emphasized that technical analysis is of less importance in the short term. Scott Melker, a cryptocurrency trader, said:
“A few people have told me that there’s oversold bullish divergence on the $XRP chart. You are doing it wrong. Charts don’t matter here. You cannot trade in a vacuum. Jesus could come down with Biggie and Tupac and put on a concert for Brad Garlinghouse and I still wouldn’t buy.”
In the foreseeable future, XRP has several major support areas it could potentially recover from. However, these are deep support levels on the weekly chart, which shows that it lacks momentum for a major rebound.
The XRP price has fallen by over 60% in merely two weeks, recording one of its steepest two-week drops in history.
What happens next?
Adam Cochran, a partner at Cinneamhain Ventures, was one of the first to break the story that Coinbase had conversations about suspending XRP trading.
Cochran hinted that the SEC are probably looking into more projects and companies than people realize. He said:
“If you thought my scoop on Coinbase delisting/suspending $XRP was insightful, you’re going to love the next scoop I’m working on, this week. Looks like that SEC is far more active than we thought and sniffing around a number of projects and companies!”
Bitcoin4 Monaten ago
Regulation3 Monaten ago
Bitcoin3 Monaten ago
Altcoin3 Monaten ago
Cryptocurrency4 Monaten ago
Monero9 Monaten ago
Blockchain3 Monaten ago
