Category: Bitcoin

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Australia Bitcoin Crypto Debit Cards Crypto Exchange

Revolut Hints Toward Australian Launch of New Crypto Service

Crypto, gold and stock trading platform has announced the launch of new cryptocurrency trading services across the United States, with the digital bank platform stating that Australia is next.

Revolut customers across 49 US states are now able to purchase, sell, and trade both Bitcoin and Ether on Revolut’s crypto platform. The UK-based platform launched services in the US in March 2020, but held off on launching crypto trading features due to regulatory hurdles.

The new crypto trading facilities provided by the platform are delivered in partnership with Paxos, a New York-based trust. In addition to assisting with the launch of Revolut’s new crypto trading feature set, Paxos is also launching a new crypto brokerage platform, providing custodial services for clients such as Revolut and handling regulatory compliance.

Paxos CEO Chad Cascarilla has stated that the new launch will streamline the process of entering the crypto market for firms, providing financial enterprises with access to APIs that deliver regulatory compliance and a range of technological capabilities that facilitate the purchase or sale of crypto. 

Revolut to Launch New Crypto Service for Aussies

Revolut crypto chief Edward Cooper expressed future plans for the new crypto trading capabilities of the Revolut platform, noting that the Asia-Pacific region — specifically Australia — will be the next country to access the new crypto trading feature set. 

“We’ll launch the core product first and then see what steps we need to make to launch the crypto product. We’ll probably be fastest to market in the Australian market, so I’d imagine Crypto Australia is next.”

In addition to cryptocurrency and security trading features, Revolut also provides users with the ability to spend cryptocurrency directly via crypto cards, a market currently limited within Australia.

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Bitcoin Commodities Gold

Bitcoin Flirts With Price Surge as Gold Hits 9-Year High, Investors Hedge Against Inflation

The global economic impact of the COVID-19 pandemic stalled traditional markets and weighed down Bitcoin volume, contributing to months of price stagnation. With gold reaching values not seen in over a decade and investor capital flooding crypto markets, however, a BTC price surge could be just around the corner.

The financial consequences of the COVID-19 pandemic has seen governments and central banks around the world print billions in fiat currency in order to bolster economic activity — to date, the US Government has printed over $3 trillion USD, while the UK Government has executed a £100 billion quantitative easing plan.

While these measures are argued as a necessity in order to maintain economic stability, the issuance of new fiat currency inevitably presents the possibility of inflation. Large-scale quantitative easing efforts as executed by international governments throughout the first half of 2020 will have a profound impact on the global economy — a fact that cautious investors are aware of.

Inflation Fear Drives Capital to BTC Market

The threat of inflation presented by qualitative easing-induced inflation has catalyzed renewed interest in gold markets, driving the value of gold to a nine-year high of over $1,800 per ounce. Macro analyst Holger Holger Zschaepitz cites a decline in real inflation adjusted yields offered by US bonds, with investors shifting capital into gold as an inflation hedge.

While Bitcoin has yet to demonstrate a concrete return to a bullish trend, the shift toward assets that resist inflation has driven attention, once again, toward Bitcoin. 

Earlier this month Argentinian Bitcoin traders pushed over $1.4 million USD into the Bitcoin market, doubling trade volumes on a weekly basis ahead of an economic crisis in the country driven by political turbulence and inflation approaching 50 percent.

The ongoing stability of Bitcoin — which has not strayed from the $9,000 to $10,000 range for several months — is redefining the market perception of digital assets, strengthening the position of Bitcoin as a hedging asset among traditional finance investors and placing Bitcoin in a secure position to challenge the $10,000 ceiling.

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Australia Bitcoin Cryptocurrencies Victoria

Australian Crypto Adoption Accelerates, Experts Predict $13k USD Bitcoin as COVID-19 Lockdown Returns

Millions of Australians are now unable to leave home due to the return of COVID-19 quarantine measures — but crypto markets remain open, amplifying cryptocurrency trade, investments, and real-world use cases.

Victoria Premier Daniel Andrews announced the first closure of Victorian state borders in over a century on Monday July 6th, heralding a return to stage 3 lockdown for an additional six weeks across the state. 

The COVID-19 pandemic and ensuing lockdowns have decimated share markets, rocked the Australian economy, and forced over 70 percent of Australian businesses to accept support measures facilitated by the Australian government such as wage subsidies or deferred loan repayments.

Bloomberg Analysts Predict $13,000 Bitcoin

The fiat economy is struggling to recover from the ongoing international coronavirus lockdown. The digital asset economy, however, is showing strong signs of life — Bloomberg Intelligence’s July 2020 Crypto Outlook reveals a positive outlook on mid-year digital asset markets, citing favorable macroeconomic conditions and record-breaking inflows of institutional capital.

Bitcoin is in high demand, with Bloomberg analysts predicting a breakout pushing BTC prices to a $13,000 USD ceiling — a prediction mirrored by Australian cryptocurrency investors and traders.

Early March lockdown announcements around the world saw investors flood crypto markets with buy orders, with major exchanges such as Binance experiencing a 500% increase in deposits that exceeded $1.3 billion in just 48 hours.

Stimulus Payments Stimulate Crypto Market

Stimulus payments provided to Australians and US citizens by their respective governments have also appeared to have played an important role in bolstering the crypto economy. Although stimulus payments were intended to help Australians cover expenses during the financially difficult lockdown period, market analysis reveals that many recipients have directed stimulus capital towards digital asset investments.

Coinbase co-founder & CEO Brian Armstrong published Coinbase reposit data in mid-April revealing a significant spike in cryptocurrency purchases that match the $1,200 US stimulus package, a pattern reflected in Australian crypto markets.

Data published by blockchain analytics firm Glassnode indicates renewed global interest in cryptocurrency — the number of active Bitcoin addresses that hold 0.1 BTC or more reached a new all-time high in mid-June.

The seven-day moving average of the number of active Ethereum addresses has also peaked to the highest point in two years, mirroring numbers last seen before the late-2017 all-time Bitcoin price high of nearly $20,000 USD.

Australians aren’t only interested in buying cryptocurrency, however — they’re also spending it in Australian retail stores at record numbers.  Data published by crypto payment platform HULU via Bitcoin Cash reporting platform Bitcoin BCH indicates that retail crypto spending is returning to pre-lockdown levels via HULU alone.

With over $180 billion in value transacted over the Bitcoin network in the second quarter of 2020, Bitcoin dominance continues, amounting to $2 billion per day in value transfer.