Category: Crypto News

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Crypto News Institutions

Morgan Stanley Rumoured To Buy Korean Exchange Bithumb For $2 Billion

According to a report, Morgan Stanley is currently negotiating with South Korean top crypto-exchange, Bithumb, by investing approximately $254 million to $441 million to acquire 10% of shares.

Asiae, local Korean media, published an article about the negotiation between both giants, which appeared on Naver, a local search engine.

The Bank Could Acquire Bithumb for $2B

According to an anonymous source familiar with the matter, the bank approached Bident, the largest shareholder of Bithumb Korea. The firm holds 10.6% of Bithumb Holdings. Hence, to sell or transfer shares, Bident’s consent is required.

The reason Morgan Stanley used Bident is because it understood that Bident has the right to negotiate a preferred sale to acquire Bithumb Holdings

Bident, a KOSDAQ firm, soared in valuation after the announcement. Shares surged 16% in just a few hours. Moreover, according to analyst Joseph Young, Morgan Stanley may bid $2 billion to acquire Bithumb.

Institutions Entering the Crypto Market

Morgan Stanley is the latest American private bank to enter the crypto market. The giant now offers three Bitcoin Funds to wealthy investors, and the minimum investment is $5 million. Only wealthy and accredited investors with high-risk tolerance are eligible.

The institutional interest in digital assets is increasing every day. Goldman Sachs, another investment bank, recently saw heavy demand from investors seeking exposure to Bitcoin and other crypto-assets just days after re-opening its crypto-trading desk.

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Crypto News Market Analysis Trading

NPXS Coin Pumps +74% in a Single Day Amid Token Swap into PundiX Rebrand

The Cryptocurrency NPXS just went up +74% in a single day by breaking a Rising wedge pattern with strong buying volume and surges over +120% in a week.

What is NPXS?

Pundi X (NPXS) aims to make the use of cryptocurrency as a form of payment, a reality for retailers and consumers alike. By applying the technology to a series of real-world use cases such as cards and the XPOS point-of-sale devices, the team has built products that could accept the NPXS token for goods and services. With the goals of supporting retail intelligence, marketing & loyalty programs as well as inventory & order management systems, the Pundi X Point-of-Sale device could help to support digital commerce worldwide.

NPXS Quick Stats

SYMBOL:NPXS
Global rank:74
Market cap:$1,483,133,873 AUD
Current price:$0.007274
All time high price:$0.0201 AUD
1 day:+74.41%
7 day:+120.79%
1 year:+4313.95%

NPXS Price Analysis

At the time of writing, NPXS is ranked 74th cryptocurrency globally and the current price is $0.007274 AUD. This is a +120.79% increase since 13th March 2021 (7 days ago) as shown in the chart below.

Source: TradingView

If we see the above 1-hour candle chart, NPXS did a strong parabolic breakout from the rising wedge pattern while trading sideways from the last few days around $0.005624 AUD price levels & is now heading towards its major resistance around $0.009588 AUD. After BTC made a new all-time high in its price and Altcoins are also rising in a bullish trend, NPXS looks well-positioned to hit the next high price levels.

“A rising wedge is a technical indicator, suggesting a reversal pattern frequently seen in bear markets. This pattern shows up in charts when the price moves upward with pivot highs and lows converging toward a single point known as the apex.”

What do the technical indicators say?

The NPXS TradingView indicators (on the 1 day) mainly indicate NPXS as a buy, except the Oscillators which indicate NPXS as a neutral.

So Why did NPXS Breakout?

General market sentiment suggests we are in the middle of the bull run season which could have contributed to the recent breakout. Another reason for this sudden pump in price could be the whales secretly buying NPXS for the next Altcoins rally & it could also be contributed to some of the recent news of the token redenomination swap on 30th March 2021.

Recent NPXS News & Events:

Where to Buy or Trade NPXS?

PundiX NPXS has the highest liquidity on Binance Exchange so that would help for trading NPXS/USDT or NPXS/ETH pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.

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Bitcoin Crypto News

Brazil SEC Approves First Bitcoin ETF in Latin America

Brazil SEC Approves First Bitcoin ETF in Latin America

Brazil has become the second jurisdiction to approve a Bitcoin exchange-traded product (ETF) after Canada.

QR Capital, the company behind the ETF, announced on Friday that the country’s Securities and Exchange Commission (Comissão de Valores Mobiliários or CVM) approved its application for a Bitcoin ETF. This authorizes the listing of the cryptocurrency investment product on the Brazilian Stock Exchange (B3).

First Bitcoin ETF in Latin America

The Bitcoin ETF, dubbed QBTC11, is the first-of-its-kind crypto product to go live in Latin America. According to QR Capital, QBTC11 would enable qualified investors to participate in the Bitcoin market without having to custody the cryptocurrency itself. Basically, cryptocurrency ETFs are designed for investors, especially institutions, who seek exposure to cryptocurrency but don’t want to worry about keeping them safe.

“With this safeguard, investors gain even more legal certainty to add Bitcoin to their portfolios in the most professional way possible. But, more importantly, the QBTC11 places Brazil at the epicenter of the most modern financial regulation,” the company wrote. 

The Bitcoin ETF tracks the cryptocurrency index of CME CF Bitcoin Reference Rate and real-time price benchmark CF Benchmarks. 

US, Australia yet to Approve its First Bitcoin ETF

The United States and Australia are two other popular countries that are yet to approve a Bitcoin ETF application. Already, the Canadian regulators have greenlighted about three Bitcoin ETFs.

The Australian Securities and Investments Commission (ASIC) previously rejected a Bitcoin ETF application by Cosmos Capital, a digital asset management company. However, on February 12, the regulator said the application didn’t meet the regulatory requirements, adding that they are open to accepting Bitcoin-linked ETFs, provided rules are in place to protect investors.

Meanwhile, the United States is on the verge of seeing its first ETF approval. Recently, the SEC published VanEck’s Bitcoin ETF application. This means the regulator has less than 45 days to either accept or reject the application. 

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Bitcoin Bitcoin ATM Bitcoin ATMs Crypto News

Companies Plan Rollout Over 10,000 Bitcoin ATMs to Gas Stations Across the USA

Hudson Yards, NYC

As of January 2021, there are approximately 17,000 bitcoin ATMs worldwide, with this number set to continue increasing as 10,000 more are planned to rollout in the USA this year.

Bitcoin ATMs Are Targeting Gas Stations

According to Coin ATM Radar there are Bitcoin ATMs in every single state except for Alaska and Washington D.C.

Bitcoin ATM Example

Las Vegas-based Coin Cloud has 1,470 machines around the United States and expects to have over 10,000 by year-end, said CEO Chris McAlary.

Another ATM supplier based in Chicago, CoinFlip, apparently increased their ATM count from 420 last year to 1,800 now. CoinFlip CEO Daniel Polotsky also said that during the same time transactions per ATM increased nearly three times.

The demand has been so high that General Bytes, a major Bitcoin ATM manufacturer, temporarily ran out of stock last summer. The company sold 3,000 machines last year, 90% of which went to North America, said founder Karel Kyovsky.

Australia is Lagging Behind In The Bitcoin ATM Game

Australia has around 54 Bitcoin ATMs nationwide, which is considerably less than most other major countries. Most of these are located in Melbourne in shopping centres. Will we see Australia follow the USA’s lead and install Bitcoin ATMs in gas stations such as Coles Express, Caltex, BP and even 7-Eleven?

ATMs Provide Easy Access to Cryptos

One of the major drivers for the increase of these ATMs is the growing sentiment toward Bitcoin (BTC). The average punter may find it easier to use an ATM to buy Bitcoin than buying it online. There is also the added benefit of being able to buy Bitcoin with cash at an ATM.

Aside from the strict Bitcoin only ATMs there are others that allow you to buy various other major cryptocurrencies like Ethereum (ETH) and some even allow you to buy Dogecoin (DOGE).

Source: How many bitcoin atms

One of the main disadvantages of using these machines rather than transacting online is that the fees are usually much higher. The majority of these operators ask more than 10% transaction fee, whereas online you wouldn’t often be looking at something over 2-3% depending on your transaction size.

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Crypto News NFTs

OpenSea Raises $23 Million Series A to Scale its NFT Marketplace

The non-fungible token (NFT) market keeps growing in popularity and adoption with every proceeding day. So many digital creations are being listed and traded on different NFT marketplaces as more people join the frenzy. 

In preparation for more traders to come, one of the leading NFT marketplaces, OpenSea, has raised US$23 million in a Series A funding round. The objective is to expand its operation, according to the co-founder and CEO, Devin Finzer. 

OpenSea Prepares for NFT Boom

Following the announcement, the funding round was led by Andreessen Horowitz, a crypto-friendly venture capital company based in the United States. Naval Ravikant, Dallas Mavericks owner Mark Cuban, Belinda Johnson, Ben Silbermann, and some other big-name angel investors also participated in the investment round.

OpenSea is looking to scale up its marketplace, as it believes that billions of people will be introduced to digital ownership in the coming years. 

Interest in NFTs is Increasing Rapidly

Launched in late 2017, the NFT marketplace already sees an increase in trading and new digital art listing. In the report, Finzer revealed that more than 20 million non-fungible tokens have been listed for trading on OpenSea. The NFT transaction on the marketplace increased by 100x over the last six months. 

“We’ve had the fortune to work with hundreds of projects and creators: from game companies to digital artists to musicians to professional athletes. The world is waking up to the power of this technology, and it’s happening quite suddenly,” Finzer wrote.

Recently, Crypto News Australia reported that the term “NFT” reached a peak of popularity, following the search interest on Google. The non-fungible tokens had the most search interest, compared to other crypto-related terms like Blockchain, DeFi, and Cryptocurrency. 

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Australia Crypto News

Senator Andrew Bragg Wants Australia to Consider Opportunites in Cryptocurrency

Senator Andrew Bragg Wants Australia to Consider Opportunites in Cryptocurrency

The Australian government is very keen on establishing the nation as one of the tech-friendliest economies, as a senate committee has already been formed and is working to improve the country’s position as a leading financial and technology hub.

Among this, Senator Andrew Bragg, the chairman of the committee, called on the country to consider more opportunities in cryptocurrency, which is increasingly adopted worldwide.

Australia to Consider Opportunities in Digital Currency

Australia as a Technology and Finance Hub – Senator Andrew Bragg

In a media release on Thursday, Senator Bragg precisely noted that it was crucial for the committee to consider opportunities in cryptocurrencies, digital assets, and Neobanking. He believes such emerging technologies unlock geographic restraints on the country to become a global leader in finance and technology. The Senator also called on the committee to consider “Instances of corporate law holding back investment.”

“I fully expect the Committee to focus on removing more barriers to Australian growth as a technology and finance centre. […] This is a golden opportunity to bolster Australia’s economic growth, and I want to ensure we take full advantage of it”

Australian Senator Andrew Bragg

Australia is Well Poised to Become a Leading Technology and Finance Hub

Meanwhile, this committee tasked with improving Australia’s position as a financial and technology hub took up some changes. Per the statement, the committee, previously known as the “Senate Select Committee on Financial Technology and Regulatory Technology,” has been renamed to the “Select Committee on Australia as a Technology and Financial Centre.”

Also, the deadline for the committee to report on its existing work program has been extended from April to October 2021, probably because the Senate voted to expand the scope and length of the Select Committee on Australia as a Technology and Financial Centre. 

“The work of the Committee so far has clearly shown Australia is well poised for rapid growth in the sector to attract investment and create jobs,” Senator Bragg added.

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Bitcoin Bitcoin ATM Crypto News

Retail Traders Levelling the Bitcoin Playing Field: JP Morgan

According to research by strategists at leading U.S. financial investment bank, JP Morgan Chase, Bitcoin (BTC) retail investors have out bought institutions this quarter (Q1 2021), picking up the slack and helping drive the price of Bitcoin to $61,000.

The decline in institutional buying may be one of the reasons the price didn’t hold, as well news about India’s policy regarding cryptocurrencies which is said to have hit the token hard.

Increased Interest From Retail Traders

According to Chainalysis, in 2017, the majority of Bitcoin buyers were retail investors purchasing the cryptocurrency using personal funds. However, 2020 saw a change as mainstream companies and financial institutions were buying up most of the Bitcoin due to macroeconomic uncertainty.

As seen in the breakdown below retailers bought more BTC in Q3 2020 and Q1 2021 than Wall Street buyers. According to the data, itBit daily volumes (which the bank uses as a proxy for PayPal) nearly doubled between Q4 2020 and Q1 2021. Meanwhile, bitcoin payments facilitated by Square also doubled.

Table shows a breakdown of bitcoin flows since 3Q 2020.
Source: JPMorgan

Bitcoin’s latest rally meant that it is up by 100% since the start of the year and more than 500% over the past six months. The indicator for CME Group only inched up slightly from 1,284 to 1,449.

Growing Interest in Bitcoin

BTC Net Growth: glassnode

Now, with the Reddit-fueled meme stock craze cooling and novelties such as digital artwork setting records, retail traders — some now armed with $1,400 stimulus checks — are taking control.

Senior market analyst at Oanda Corp, Ed Moya

Brian Vendig, president of MJP Wealth Advisors, stated that retail need has actually been driven by fear of losing out (FOMO) following the current wave of institutional financial investment into Bitcoin.

More Opportunities for People to Learn, Own, and Transact with Crypto

As reported by Reuters Bitcoin ATMs have been increasing in numbers across the U.S. and Bitcoin’s growing popularity has been a major driver for these new installations (more than 10,000 in the last five months).

Source: Piqsels

The influx of retail buyers might be due to increased exposure through social media, celebrities championing crypto related technologies, NFTs, and simpler technologies that facilitate the acquisition of crypto. When individuals are well-informed they are more likely to participate.

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Binance Blockchain Crypto News Ethereum

Binance Smart Chain (BSC) Records New ATH 3 Million in Daily Transaction Volume

Binance Lists Coinbase (COIN) Stock Market Token For Trading

The Binance Smart Chain (BSC) has reached another all-time high in daily transaction volume. 

Over the recent weeks, the transaction volume on Binance Smart Chain has increased significantly as many people and projects are switching to the centralized network for cheaper and faster transactions. This comes amid the congestion on Ethereum, which has caused slower and expensive transaction fees for the second-largest blockchain network.

BSC Topped 3 Million in Daily Transaction Volume

Following the BSC Scan data, a total of 3,726,576 transactions were made on the network as of March 16, which is the highest number of daily transactions on BSC since its inception. This is not surprising as many projects are increasingly being developed on the network. Additionally, some other projects have migrated from the Ethereum blockchain to the BSC network for cheaper and faster transactions. 

Early this month, SushiSwap launched on the Binance Smart Chain and a few other blockchain networks, including Fantom, in a bid to escape the expensive transaction fees plaguing the root network, Ethereum. Meanwhile, the decentralized exchange (DEX) is currently the largest in the DeFi market, with about US$4.59 billion in assets locked. 

On March 16, Ethereum recorded about 1.3 million in daily transaction volume. 

What is Killing Ethereum?

The activities on the Ethereum blockchain increased significantly, probably due to the boom in the decentralized finance industry and the non-fungible tokens (NFTs) market. However, the increased usage of Ethereum resulted in network congestion, making it very expensive to use. 

The developers are looking to resolve this scalability issue through the Serenity upgrade, also known as Ethereum 2.0. This major upgrade is expected to be completed and deployed in the next two to three years, hence, many Ethereum users fear that the network might continue to lose more projects and users if no immediate action was taken by the developers to solve the issue. 

As a temporary solution, however, Ethereum developers are planning to deploy rollups, which is a layer-two solution that will scale the current Ethereum network by 100x, according to Vitalik Buterin, the co-founder of Ethereum. He added that the planned solution would address the congestion issue on the network until Ethereum 2.0. 

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Crypto News Giveaways NFTs

NFT Giveaway – Get This Smiling Smurf NFT for Free!

We’re giving away an NFT each week for a few weeks to reward our readers, and help them participate in the crypto space and learn about non-fungible tokens (NFTs).

This weeks giveaway is this cute little smiling smurf! You can view the item on the NFT marketplace OpenSea.

How to win:

  1. Follow us on Twitter
  2. Comment on the Twitter Smurf Thread why you would like to win

The smurf item is a Sandbox NFT which means it can be used in The Sandbox Game as an avatar. You could buy some virtual land and put your new smurf to work!

The Sandbox Game

What are NFTs?

Non-Fungible Tokens (NFTs) are virtual tokens minted on the blockchain for digital scarcity, security, and authenticity. They are unique, indivisible, and non-interchangeable – allowing true digital ownership of in-game assets.

About The Sandbox Metaverse Game

The Sandbox metaverse is split into 166,464 LANDS, creative sandbox areas owned by you, the players. You can create and monetize online games on your land or rent it to someone else to publish their own creation. Each piece of LAND has a pre-defined default terrain, but you can modify this as you build your own content.

Update 26/03/2021: Giveaway was won!

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Australia Binance Crypto News

Binance AUS and Travala Discuss the Crypto Landscape in Australia

In a recent video interview, the CEO of Binance Australia, Jeff Yew, discussed the impact of cryptocurrencies in Australia and the travel industry, together with Juan Otero, CEO of Travala.

In an AMA session (ask me anything), both Jeff and Juan discussed the impact of cryptocurrencies in Australia. Jeff expects to push forward his educational plans for the country, as well as bringing more support of AUD payments for new potential tokens, like Travala’s AVA.

Why Aussies are Using SMSF to buy Bitcoin

Jeff stated that the outstanding growth in corporate accounts, including SMFS, is followed by the growth of the crypto market and the loss of purchasing power through the years with fiat money.

“Your money is being devalued much more quickly than what your parents experienced. With the expansion of fiat money through the years, you’re looking at losing half of your purchasing value in 5 years. In the U.S. monetary expansion is not stopping, similar thing in Australia as well.

So your halfway point of your asset losing 50% of its purchasing went from 30 years to 5 years. If you have one hundred million in the treasury, you’re going to lose ten million each year. We’re looking at a much more shorter timeframe

On the other hand, Otero stated that is only a matter of time until crypto payments are accepted globally, adding that the travel industry could benefit greatly from the integration of blockchain technology.

There is an increase in interest and adoption of blockchain technology and cryptocurrency. My vision is that travelling will be decentralised and community-governed, and we’re giving developers the tools to build their travel platforms, so there will be a travel supply, and they can greatly benefit from that.

The Effects of the Pandemic

The COVID-19 pandemic heavily impacted the travel industry in Australia. Borders remain closed, biosecurity measures and restrictions are said to be lifted in June this year, but it’s not guaranteed.

But as cryptocurrencies started surging in 2020, Travala avoided the negative effects of the pandemic thanks to its support for crypto-payments. Hence, becoming a leader in the travel industry thanks to its blockchain-based infrastructure, attracting crypto-enthusiast.

A Demand Tsunami

Both Jeff and Juan are seeing large inflows of users on their companies, and a greater demand for their products. Binance Australia hit trading volume records, and Travala managed to grow its community thanks to its blockchain-based infrastructure, avoiding certain perks of the pandemic.