Author Archives: Julia Wheeler

Visa to approve first Australian card for spending bitcoin

Visa and Mastercard want to quickly facilitate crypto spending at millions of merchants connected to their networks around the world. PayPal allows customers convert bitcoin into fiat currencies at checkouts in the US to make purchases.

Card in high demand

Andrew Grech, co-founder of CryptoSpend, stated that more crypto investors will look to cash in their trading gains in shops.

He said, “Spending it directly will be a more convenient method of selling it.”

“We have a lot demand for the card. If the market is healthy, then someone might say that it’s time for me to spend some of my profits. Another person could say that the market will continue to rise, so I’ll keep it. We have seen an increase in spending when the price goes up.

Richard Voice, a co-founder of Mr Grech, met him in a class at UTS where they were both studying information technology. The UTS Startups hub is where they now work.

Visa went through a stringent process to verify that the information was secure and private. It also ensured compliance with anti-money laundering regulations. It will announce its approval later in the week.

Novatti, an ASX-listed company, will issue the card. It is expected to go on sale in September. BitGo is licensed in New York to take custody of crypto holdings. It will allow cardholders to also spend other cryptocurrency, including ripple, bitcoin cash, and Ethereum’s Ethereum.

Visa has approved the issuance spending cards for certain global bitcoin exchanges including Binance. However, these cards are not available in Australia. Crypto.com was approved as a direct issuer for Visa debit cards in Australia. It is currently working on launching a card. BTC.com.au permits users to use crypto funds with an EFTPOS credit card, but does not have its own wallet.

Mastercard entered the crypto spending market last year through a partnership with BitPay. According to the card giant, crypto cards are being used more frequently by its users to convert crypto holdings into traditional currencies.

Mastercard stated that its philosophy regarding cryptocurrencies was to facilitate customer choice. Mastercard stated that it was here to help customers, merchants, and businesses move digital value in any way they choose.

Visa stated in a blog last week that the value of crypto assets in regulated digital wallets was in excess of $100 billions and that it was building relationships with 50 cryptocurrency platforms including FTX and Coinbase to make it easier to spend.

Visa claimed that more than $1 billion has already been spent on cryptolinked Visa cards during the first half 2021.

According to the company, ‘For the tens and millions of people who use these platforms, the easiest way to spend crypto is through Visa cards.’ “We are seeing crypto platforms and digital wallets create payment products entirely using digital currency.

CryptoSpend can be linked to the RBA-backed “new payments platform” (NPP), which allows users to transfer crypto balances instantly into Australian bank accounts. The app allows customers to pay their bills with crypto balances.

CryptoSpend was launched in October last year. It claimed that it was growing its users by 100 per month and that this would increase when Visa cards hit the market.

Visa cards are designed to be zero balance. Fiat cannot be loaded onto the Visa card. Instead, the balance is variable. It draws directly from the crypto value in the wallet. It is not regulated like a stored-value facility, and balances cannot be guaranteed as in banks.

Mr Voice stated that the service would soon be available to the masses. “You’ll find people who hold on to bitcoin until it reaches X price but there will be others that say, “I’ve made $400 today and I’m going to use my CryptoSpend Card at the pub tonight.”

Amid Bitcoin price plunge, majority institutional investors look to increase crypto exposure in two years

Despite uncertainty surrounding Bitcoin’s price recovery, institutional investors and fund managers are most likely to increase their cryptocurrency exposure between now 2023.

The survey was conducted by Nickel Digital Asset Management, a UK-based investment manager, between May and June. It included institutional investors as well as fund managers from the US and Europe. 82% of respondents expected to increase their crypto exposure in the next 2023. 40% of respondents said that they would dramatically increase their crypto holdings.

“Institutional money will flood in crypto from around the world in the future because there is a strong case for another market crash due rising inflation in major countries.

Inflation hedges have performed better than gold in Bitcoin over the past two-years and continue to do so. According to Hitesh Malviya (founder, itsblockchain.com), institutions are beginning to see Bitcoin as a way to hedge against rising inflation. They can now allocate more capital for it in the near future.

Respondents cited that the primary reason for increasing crypto investments was the long-term capital gains prospects of digital assets and cryptocurrencies.

38% said that being exposed to crypto-assets has made them more comfortable and confident with the asset class. 37% claimed that crypto assets are more popular with fund managers and corporate leaders than they were, which also gave them greater confidence.

An improving regulatory environment was another key factor for the 34% who wanted to increase their crypto holdings.

“Many professional investors who have crypto assets holdings are looking to increase their exposure. This is driven by several factors, including the strong market performance during and after the Covid-19 crisis, the endorsement of the market by more experienced investors and corporations, and improvements in the sector’s regulatory and infrastructure.

These trends will continue expanding,” Anatoly Crachilov (Co-Founder and CEO of Nickel Digital) said.

Nickel Digital’s analysis of the market at the start of June revealed that 19 companies listed with a market capital of more than $1 trillion had approximately $6.5 billion in Bitcoin. They had originally spent $4.3 Billion on the cryptocurrency, Crachilov said.

This analysis revealed that there was a staggering $43.2 trillion worth of bitcoin in various closed-ended trusts and exchange traded products.

Bitcoin prices have fallen by half from their mid-April peak of $64,000. It was still not at the April level, and it is unlikely that it will sustain above the $34,000 mark it traded at in May.

According to CoinMarketCap’s latest data, Bitcoin’s share of the total crypto market capital has dropped to 44% from almost 70% in January.

Multiple factors are responsible for the slump, including China’s crackdown against crypto usage and mining in China, Elon Musk tweets and increased regulation of digital currency by the US lawmakers.

Bitcoin Remains Depressed as Dollar Rallies Ahead of U.S. Nonfarm Payrolls

Bitcoin trading is under pressure due to currency markets pricing in the prospects of an upbeat U.S. Nonfarm payrolls release. This could increase concerns about an early unwinding stimulus by Federal Reserve.

At press time, the most popular cryptocurrency is trading at $33,000 – down 1% from earlier this week when it faced rejections above $36,000 The retreat has ended the optimism that was generated by last week’s rebound, which saw it rise from $28,800 up to $35,000.

Just before press time, the dollar index, which measures the value of the greenback against major currencies, hit a three-month peak of 92.60.

TradingView data shows that the index has been increasing since June 16, when unexpectedly the Fed moved the date for the first interest rate hike to 2023. It has risen 100 pips in the past week, according to TradingView data.

According to the London-based spread-betting and FX provider City Index, the DXY’s recent rise suggests a strong payrolls figure.

According to payroll data, which will be released at 12:30 UTC Friday, it is expected that the U.S. economy added 700,000. This is an increase of 559,000 jobs in May. According to FXStreet, the unemployment rate has dropped to 5.7% from 5.8%. Wage growth may have slowed, however.

A higher-than-expected number could be a validation of the Fed’s recent hawkish turn. This may bring more pain to Bitcoin and other asset values in general.

Fed tightening is a higher interest rate or the unwinding liquidity-boosting asset purchase purchases. This makes the dollar less attractive and reduces the appeal inflation hedges such as gold and bitcoin. Bitcoin and other risk assets are affected by fears of Fed taper, or the gradual unwinding stimulus. The cryptocurrency could also see a strong offer if payrolls data fall short of estimates by a large margin, thereby reducing Fed taper fears.

Bitcoin fell to $30,000 in May, after the U.S. reported an increase in inflation. Investors should consider the possibility that the central bank may close the liquidity tap sooner than they expected.

The central bank stimulus had helped the cryptocurrency climb from $10,000 to $60,000 in just seven months. To help markets and the economy absorb shocks from the coronavirus pandemic, the Fed began to pump unprecedented liquidity into the system in March 2020.

We can see that bitcoin’s price movements over the past 12 month are closely linked to central bank’s money printing.

The crypto market indicators paint a mixed picture before the event. The sliding put-call open rate ratio gives bullish hints. However, low active user participation on blockchain signals weak demand.

Is Bitcoin An Investable Asset Class? Goldman Sachs Analysts Are Divided Over This

Bitcoin’s cost has continued to drop over the previous 4 times. What is more, it’s only augmented the inevitable instance for its Bitcoin Death Cross. Lots of analysts and market commentators have talked about its possibly alarming effect in the marketplace. In reality, today, the marketplace in large is on shaky grounds, another bearish event could be the last thing the market requirements.

Nonetheless, so as to acquire an analytical and statistical step of this Death Cross, it is well worth looking at previous episodes. Ergowe pulled every Death Cross occasion for Bitcoin because 2014.

What’s a Bitcoin Death Cross?

Avid readers of specialized investigations are knowledgeable about the idea of Death Cross, but for novices, it’s described as an event which transpires after the 200-Daily Moving Average (200-DMA) finishes a position over the 50-Moving Typical (50-MA). As may be found on the graph, a crossover between the two moving averages will soon be happening during the upcoming few days, therefore initiating the Death Cross.

Death Cross Report

Nowthere have been numerous Bitcoin Death Crosses within the past few decades, and following carefully assessing every event’s outcome, We’ve formalized the information from the next table —

Since April 2014, Bitcoin has witnessed six Death Cross events until today. Both biggest death crosses happened after the various bull runs in 2013 and 2017. These were the only events which finished with cumulative declines over the span. Another four occasions Bitcoin didn’t endure a huge drawdown, together with the preceding two passing spans indicative of a general rewarding period at the end of this.

Even the 30-day and 60-day have stayed the most crucial period throughout a Death Cross, one wherein substantial losses and gains are observed.

Now, the frequent inference which may be drawn out of the above dataset is the allegedly bearish index reflects a mixed bag of outcomes. Both powerful death spans, 4th September 2014 and 30th March 2018, happened 278 times and 103 days, respectively, following their bullish cycle summit. This implies is the bearish bases were laid until the Death Cross occurred.

In the time of writing, Bitcoin had risen to its own wing peak 65 days back and we’re perhaps 3-4 days off in your Death Cross event occurring around again.

Is your forthcoming Death Cross the ending game for Bitcoin?

Now, there’s every risk that the forthcoming Death Cross will activate a strong bearish interval for Bitcoin but according to previous occasions, it isn’t a faithfully bearish result. 4 from 6 bicycles are weak compounding intervals. But, it’s possibly a safer bet to become individual in the present market and allow volatility take control again. Fingers crossed, the coming Death Cross could only take a lot less of a sting that moment.

Nigerians will ‘lead bitcoin,’ says Twitter CEO Jack Dorsey

Twitter co-founder and CEO Jack Dorsey Sunday stated”people of Nigeria can direct bitcoin” regardless of the Nigerian government clamp down on the trading of cryptocurrencies.

Dorsey’s consider was an immediate response to a oped composed by NFL star Russell Okung at Bitcoin Magazine.

Okung, a fellow descendant and self-acclaimed Bitcoin proponent, advised Nigeria to concentrate on attaining”economic liberty and fiscal sovereignty” by setting a Bitcoin Standard.

Some people of Nigeria can direct #bitcoin:flag-ng: https://t.co/A8Ev3tMkJS

— port (@jack) June 13, 2021

Nigeria is among the most significant cryptocurrency markets on the planet. However, the nation’s central bank banned financial institutions out of trading from cryptocurrency.

Banks were ordered to recognize and shut down all accounts included with the exchange or transfer of cryptocurrencies.

“The lender hereby wants to remind controlled financial institutions which coping with cryptocurrencies or easing payments for cryptocurrency exchanges is illegal,” that the CBN said in a declaration.

However, roughly $400 million worth of cryptocurrencies are traded in Nigeria at 2021, Statista, also a international marketplace statistics tracker, stated. The quantity of trading puts it behind only the USA and Russia from the entire world.

Regardless of the government’s actions, lots of young Nigerians found alternate methods of getting and selling cryptocurrencies since the nation’s currency, the naira, proceeds to slip against the dollar.

“it’s no secret that the present international financial environment is painful and unsustainable,” Okung composed at the oped. “Regrettably, the destiny of the economy is in the control of international central bankers who don’t reflect the best interests of the Nigerian men and women. Regardless of the challenges we confront, the durability of Nigerians has been inspire”

Okung insisted that it’s”pressing” for Nigeria to behave and the nation has a”restricted window”. He pointed into the limited supply of the electronic money as among its most important attractions.

He maintained that Iran, Russia, China and Kenya are already”mining or utilising bitcoin,” partially as a method of bypassing the United States sanctions that forbid them from full involvement in the world monetary system.

“Other countries like Barbados, Singapore and Malta have proceeded to eventually become”bitcoin favorable” in a bid to draw wealth and human capital during migration,” Okung composed.

El Salvador, a week, became the first nation on earth to reevaluate bitcoin as a lawful tender, weeks following China renewed its crackdown on cryptocurrency.

The CBN recently stated it had been beginning an electronic money of its own after this season.

Bitcoin and demonstration

Dorsey’s tweet Sunday came after Nigeria celebrated Democracy Day, together with lots of individuals hitting the streets of cities from the nation to protest against poor governance.

Several days before, Nigerian police suspended the operations of Twitter from the nation, citing its”persistent” usage for actions that jeopardized the”corporate presence” in the West African nation.

The suspension has been countered with the deletion of all President Muhammadu Buhari’s tweet which referenced on the Nigerian Civil War. Twitter stated the tweet offended its”violent behavior” rule.

But critics said that the government’s actions has been an assault against freedom of speech. Twitter plays a significant part expressing criticisms of the authorities in the nation.

It had been utilized to mobilise young Nigerians to combine with the #EndSARS protests against police brutality past October. The protests gained global focus on world leaders and actors tweeting in service.

Dorsey also affirmed the protests and also canvassed contributions to be forced to protesters in bitcoins.

In the months which followedNigeria clamped down to crypto trading, stating”opaque” currencies can be used to launder stolen cash and finance terrorism. Nigeria is presently combating Boko Haram insurgency and contains among the most corrupt people on earth.

Dorsey’s curiosity about Bitcoin isn’t a secret. Earlier in Junehe declared on Twitter his firm Square was contemplating making a hardware pocket to get bitcoin.

“When we do it, then we’d build it completely from the open, from software to hardware layout, also in cooperation with the neighborhood. We wish to kick this off thinking the ideal way,” he explained.