As Bitcoin Flounders, This Tiny Cryptocurrency Has Soared Over 200%—Here’s Why

As Bitcoin Flounders, This Tiny Cryptocurrency Has Soared Over 200%—Here’s Why

One small cryptocurrency that isn’t even in the top 30 most valuable tokens has suddenly soared—climbing a staggering 230% over the last month… Bitcoin struggled to stay afloat above $9,000 during the Asian session even after opening at $9,060. As we head into the European session, the price h Even though the Myanmar government said earlier this month that Bitcoin and other cryptocurrencies are not legal tenders in the country, fanatics continue to interact with the technology. Bybit looks at some of the main outlets around the world where you can spend cryptocurrencies.

Bitcoin and cryptocurrency watchers are nervously waiting for bitcoin to make another move after a sudden sell-off this week.

The bitcoin price, the main driver of the cryptocurrency market, had been more-or-less trading sideways after rallying hard through April.

Now, one small cryptocurrency that isn’t even in the top 30 most valuable tokens has suddenly soared—climbing a staggering 230% over the last month.

MORE FROM FORBESThis Minor Cryptocurrency Is On Track To Smash Bitcoin In 2020By Billy Bambrough

Many bitcoin and crypto analysts are worried the bitcoin price could be heading lower before it … [+] rallies again–but some small cryptocurrencies, such as omiseGO, have outperformed the wider market.

OmiseGO, an ethereum token that powers a smart contract platform and trades as OMG, was sent sharply higher after San Francisco-based bitcoin and cryptocurrency exchange Coinbase revealed it would list the token.

“The good ol’ Coinbase listing pump is back,” Larry Cermak, director of research at bitcoin and crypto news and analysis outlet The Block, said via Twitter, pointing to OmiseGO’s sharp rally since “it was announced that it’s listing on Coinbase.”

OmiseGO’s smart contract platform, based in Bangkok, is designed facilitate the movement of funds between traditional payment systems and decentralized blockchains like ethereum.

The omiseGO price began climbing earlier this month after Coinbase, the largest U.S. bitcoin and crypto exchange, said it would allow Coinbase Pro users to make inbound OmiseGo transfers.

OmiseGO, which has a market value of just $257 million compared to bitcoin’s $170 billion, jumped again this week after Coinbase said it would fully list the minor cryptocurrency everywhere but in New York State.

“Coinbase customers can now buy, sell, convert, send, receive, or store OMG,” Coinbase said in a blog post on Thursday announcing the listing.

The OMG price is still heavily down on its all-time high of almost $30 per token set in late 2017 as bitcoin and cryptocurrency mania was sweeping the globe.

MORE FROM FORBESSudden ‘Major’ Outage Sparks Serious Bitcoin Exchange WarningBy Billy Bambrough

The omiseGo price has soared by 234% in just a month as investors cheer its new Coinbase listing.

The likes of bitcoin and other major cryptocurrencies have also failed to return to their all-time highs, with the bitcoin price now trading around half its December 2017 high.

Some smaller cryptocurrencies, such as chainlink and tezos, have rallied hard in recent months, however, pushed higher by demand for decentralized finance platforms.

Meanwhile, the broader bitcoin and cryptocurrency market is closely-watching for price swings after bitcoin went through a supply squeeze earlier this month.

The number of bitcoin rewarded to those that maintain the bitcoin network, called miners, was cut by half, dropping from 12.5 bitcoin to 6.25 on May 11.

Some had warned the bitcoin price could crash in the aftermath of the third halving but most analysts seem confident the bitcoin price will climb eventually.

Source: www.forbes.com

Author: Billy Bambrough


Cryptocurrency Market News: Bitcoin slumps under $9,000 as Ethereum 2.0 testnet staking gains traction

Cryptocurrency Market News: Bitcoin slumps under $9,000 as Ethereum 2.0 testnet staking gains traction

Here is what you need to know on Friday:

Bitcoin struggled to stay afloat above $9,000 during the Asian session even after opening at $9,060. As we head into the European session, the price has slipped back under $9,000. BTC/USD is trading at $8,979 amid heightened selling activities across the cryptocurrency market. If the bulls fail to reclaim the support at $9,000 soon, the expanding volatility could force Bitcoin to test Thursday support at $8,750. It is apparent that a breakdown to $8,000 is not out of the picture because BTC/USD already dived to $8,100 earlier in May before the attempt to break the resistance at $10,000.

Ethereum, on the other hand, is trading 0.58% lower on the day. Like Bitcoin, it is facing a stronger bearish grip. The low volatility hints that downward price action could be limited during the European session. Meanwhile, Ether has a market value of $197.37 at the time of writing.

Ripple commenced the session at $0.1942 but adjusted to -$0.1919 (intraday low). Recovery is non-existent at the moment. The actual trend is strongly bearish even as XRP/USD exchanges hands at $0.1930. If the resistance at $0.20 is not broken soon, sellers could gain momentum and push XRP to test current May lows at $0.1750.

Among the top one hundred, the worst-hit cryptocurrencies include DeviantCoin (down 65.92%), HEX (down 13.77%), THETA (15.62%), BitBay (down 17.78%), MimbleWimbleCoin (down 17.79%), Advanced Internet Blocks (down 64.91%), and Electroneum (down 12.46%). Intriguingly, some cryptoassets have increased in value over the last 24 hours and they include Hyperion (up 3.01%), OmiseGo (up 36.39) and DigiByte (11.23%).

The launch of Ethereum 2.0 has been a topic of interest among cryptocurrency enthusiasts. The exact date of its launch is still unknown, however, the testnet continues to gain traction especially with the staking feature. The testnet is being executed by Prysmatic Labs on their very own Topaz prototype. According to a tweet by Terence Tsao, the testnet has hit the 1 million mark in staked Ether. According to Etherscan, there are currently 32,800 active validators while 2,772 are pending. The eligible Ether has hit 1,048,481 with the voted Ether accounting for 89.47%.

fxsoriginal

Staking on the soon to launch Ethereum 2.0 mainnet is one feature that could greatly impact the network in terms of transaction capacity, security and price performance. Moreover, investors have already shown immense interest in the staking which could help push Ethereum to new 2020 highs. With Bitcoin halving already gone, Ethereum 2.0 remains the single most massive catalyst for the cryptocurrencies’ prices this year.

Also read: Ethereum Price Analysis: ETH/USD breakdown eyes $190, ETH 2.0 staking the ultimate store of value

Messari, a cryptocurrency data research and analysis platform has announced the addition of ten new exchanges to its list of “real volume” in a bid to renew the methodology. The new development would allow Messari to rank exchanges without the interference of wash trading that caught people’s attention following a report by Bitwise. The report claimed that 95% of all exchange volume was fake.

The exchanges that have made to the new metric include Binance, Bitfinex, Bitflyer, Bitstamp, Bittrex, Coinbase Pro, Gemini, itBit, Kraken and Poloniex. The exchanges that made it to the top ten on the account of the new metric include Huobi, OKEx, Bithumb and UPBit. Malta-based Binance remains in the number one spot.

Officials in China are proposing a regional stablecoin for the East Asia region in order to stimulate trade among countries such as China, Japan and Korea. The proposal was first mentioned by Shen Nanpeng, a member of the Chinese People’s Consultative Conference during a national session on Thursday. Backing the stablecoin would be a basket of currencies including the yen, yuan, Korean won, and the Hong Kong dollar.

Source: www.fxstreet.com


Myanmar says Cryptocurrencies are Banned, but Local Users Disagree

Myanmar says Cryptocurrencies are Banned, but Local Users Disagree

Even though the Myanmar government said earlier this month that Bitcoin and other cryptocurrencies are not legal tenders in the country, fanatics continue to interact with the technology. 

The Myanmar government is quite a silent participant in global matters, largely focused on trade with East Asia for its economy. Regardless of the isolation, the country is fully onboard with the global sentiment for cryptocurrencies—banned for use and transfers. 

The Myanmar Times reports crypto-users in the country continue to thrive, despite having limited access to information, trading data, sentiment, and education about crypto and blockchain products. 

Myanmar buyers with access to an online payment method bought into the rising trend and local advertising for exchanges became more frequent on social media, which alarmed the country’s Central Bank of Myanmar (CBM).

Users like U Aung Aung are part of a group sold on the idea of cryptocurrencies. Like many other countrymen, Aung uses the obscure “Skybit” exchange, a.k.a the only crypto and “blockchain-service” provider in the country.

Aung reveals buying $20 worth of Bitcoin as their first purchase, admitting there is no reliable source for information for cryptocurrencies in the nation and most relying on Facebook groups.

But the bank’s having none of that. The CBM notes cryptocurrencies are intangible, unlike gold or fiat, meaning there’s no place for such products in Myanmar’s financial system. Earlier in May, the government passed a bill in this regard, stamping out crypto from the country.

The Global Blockchain Push

Despite the opposition, crypto-fanatics march on. Nyein Chan, CEO of Get Myanmar, says the announcement is not a prohibition, adding: “The CBM has not prohibited the use of cryptocurrencies under the law. It has just issued an announcement.”

“As there is no official law, it can’t be said that trading in digital currencies is illegal,” Chan notes.

He suggests the government take the investigative approach towards cryptocurrencies, similar to what countries like what China is currently doing. 

As Blockchain.News reported, China, France, and now even the U.S., are part of an informal coalition leading regulation and research into blockchain and crypto-assets. Armed with taxpayer money, the countries are piloting digital currency projects, earmarking “blockchain” zones,” and even using it to fight the coronavirus. 

Source: blockchain.news

Author: Shaurya Malwa


Where can you spend cryptocurrency?

Where can you spend cryptocurrency?

As Bitcoin, and cryptocurrency in general, become more popular, more and more outlets around the world are accepting them as payments. In this article, Bybit looks at some of the major outlets that allow you to do this.

Shopping

Although Amazon, the daddy of online retail in the West, doesn’t at the moment directly allow customers to buy with Bitcoin, there are solutions which allow you to get round this problem.

Purse.io essentially acts as a matching service, connecting people who want to buy things on Amazon with Bitcoin, with people who want to trade their gift cards from Amazon for Bitcoin. Even better, customer can get a discount on their products. They can name their discount, up to 33% off! (although the lower the discount, the faster the order will be fulfilled). Once the order is fulfilled by the seller, they will receive the Bitcoin. There is also a chrome extension you can download.

Bitrefill is a website where you can buy Amazon gift cards with Bitcoin, and other cryptocurrencies including Ethereum. In fact you can purchase gift cards from not only Amazon, but a wide range of sites. There are over 1650 businesses from 170 countries in a variety of different categories to choose from, such as entertainment, gaming, and travel. You can even top your mobile phone.

One site where you can buy items directly using Bitcoin (and other cryptocurrencies including Ethereum) is Overstock. On this site, you can buy a wide range of products, from items for the home, to electronics, to clothes. Products can be shipped worldwide. Also, computer and electronics online retailer Newegg accepts Bitcoin as payment.

Travel

A lot of the world is at a virtual standstill at the moment and travel restrictions are widely in place worldwide, but hopefully it won’t be too long before we can all get travelling again. There are several travel sites out there where you can spend your cryptocurrency. Bitcoin.Travel is one such site where you can book flights and hotels. You can also book flights through CheapAir. If you fancy a really long trip, then you can buy a space flight with Virgin Galactic using Bitcoin.

Food and Drink

If you’re in the Netherlands, Belgium, Germany, Poland, Austria, Switzerland, Luxembourg, Portugal, Bulgaria, Romania and Israel, you can order takeaways through Takeaway.com. If you’re in the US you can mimic the infamous actions of Laszlo Hanyecz by buying pizza with Bitcoin, albeit indirectly. Egifter.com sells Papa John’s gift cards which you can buy with Bitcoin.

Home Entertainment

Bitcoin can be redeemed to deposit funds into Microsoft accounts, which can be then used to buy games, movies and apps in the online Xbox and Windows stores. Video game streaming app Twitch allows Bitcoin (and Bitcoin Cash) payments. The platform re-introduced them last year, just months after removing them.

Sports

Several major sports clubs worldwide now accept cryptocurrencies as payment. They include SL Benfica (Primera Liga), Dallas Mavericks & Sacramento Kings (NBA), and Miami Dolphins (NFL).

Search engines

Spendabit searches hundreds of stores and millions of products where you can spend Bitcoin. SpendBitcoins lets you search worldwide for places and things you can spend your Bitcoin with, both online and offline.

Charity

Bitcoin For Charity lists charities that accept Bitcoins for donations. Save The Children was the first global NGO to accept cryptocurrency and now accepts numerous, including Ethereum and Litecoin, in addition to Bitcoin. The BitGive Foundation lists its mission as to ”leverage the power of Bitcoin and Blockchain technology to improve public health and the environment worldwide” and accepts Bitcoin donations.

Offline outlets

As of yet, the vast majority of outlets are still online, but there are tentative signs that is starting to change. Limited beta testing for payment integration between Starbucks and the cryptocurrency Bakkt was announced in March, which will allow customers to spend the cryptocurrency through the Starbucks app.

The self-explanatory Coinmap is a very convenient website that allows you to search for places you can buy or spend your crypto assets anywhere around the globe through a world map. Bitcoin ATMs are becoming more prevalent around the world, something we explored in a previous article.

At Bybit, we offer a safer sanctuary for your BTC, ETH, XRP, EOS and USDT, thanks to our hierarchical deterministic cold wallet system, which stores all digital assets of users and the platform. Also, we offer 100x leverage trading on BTC, ETH, XRP and EOS inverse perpetual contracts, and USDT linear perpetual contract.

Visit our exchange
Follow us on Twitter, Facebook, Instagram, YouTube and LinkedIn
Join us on Telegram and Reddit
Have any questions? Visit our Help Center

Source: blog.bybit.com

Author: Author:
Rick O’Neill

Views:
89
 | 

Date:
May 23, 2020


As Bitcoin Flounders, This Tiny Cryptocurrency Has Soared Over 200%—Here’s Why

Leave a Comment