Posted on Leave a comment

OIN Staking On AscendEX

PRESS RELEASE. AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, has announced the launch of its staking service for OIN token (OIN) on Apr 16 at 1:00 p.m. UTC.

AscendEX’s innovative staking product allows users to participate in staking and earn rewards directly on the platform. OIN joins a growing portfolio of notable tokens including DOT, ATOM, and XTZ. AscendEX will be receiving validator rewards by running an OIN node which will then be passed along to staking users.

OIN is the first DeFi platform that provides liquidity mining through their decentralized exchange and a loan platform starting with the Ontology platform and ultimately expanding to other top platforms through cross-chain functionality. OIN will build the bridge technology to seamlessly integrate Ethereum into its ecosystem, opening up to all of the current DeFi space players. OIN’s dedication to DeFi is reflected in its three-pronged mission: to become the gateway into DeFi, promote the DeFi industry, and grow the DeFi Space to maturity.

The OIN ecosystem is built upon the second layer of OINChain, giving it cross-chain capabilities and access to various public chains. This provides a powerful tool to lay down a strong foundation for future uses. Based on Ontology’s network, their platform first connects with the Ontology ecosystem for expansion of its initial platform: OIN-Swap, OIN-Wallet, OINDAO, USDO stable coin and OIN-Lend. As a result, there will be a massive increase in accessibility of their initial platform through the bridge technology, opening up the other public chains, including the Ethereum network.

 

About AscendEX

Originally founded in 2018 as BitMax.io, AscendEx is a leading crypto and digital asset financial platform catering to both professional and retail traders. Our venue offers spot, futures, margin trading and staking products and incorporates key elements from the DeFi space to foster a unique market structure for users. AscendEx is led by a team of Wall Street veterans who have applied traditional markets’ rigor to create a robust, secure, and reliable experience for all participants; and a consistent source of liquidity for primary offerings.

 

For more information and updates, please visit:

Website: https://ascendex.com

Twitter: https://twitter.com/AscendEX_Global

Telegram: https://t.me/AscendEXEnglish

Medium: https://medium.com/ascendex

About OIN

OIN is the first DeFi platform to provide liquidity mining through their decentralized exchange, as well as a loan platform starting with the Ontology platform, and ultimately expand to other top platforms through cross-chain functionality. OIN will build the bridge technology to seamlessly integrate Ethereum into its ecosystem, opening up to all of the current DeFi space.

 

For more information and updates, please visit:

Website: https://oin.finance

Twitter: https://twitter.com/FinanceOin

Telegram: https://t.me/OIN_Finance_Eng

Blog: https://medium.com/oin-finance

 


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Posted on Leave a comment

US SEC Expected to Impose ‘Fair Amount’ of Regulation on Cryptocurrencies, Says Former Chairman

US SEC Expected to Impose 'Fair Amount' of Regulation on Cryptocurrencies, Says Former Chairman

Former SEC Chairman Harvey Pitt says that he expects a “fair amount” of crypto regulation coming from the U.S. Securities and Exchange Commission (SEC) following the confirmation of the new chairman.

Former SEC Chair Expects ‘Fair Amount’ of New Crypto Regulation

Harvey Pitt talked about the future of cryptocurrency regulation under the new chairman, Gary Gensler, in an interview with Bloomberg Friday. Pitt is the American lawyer who served as the 26th chairman of the U.S. Securities and Exchange Commission (SEC), from 2001 to 2003.

With the market debut of Coinbase via a direct listing on Nasdaq, Pitt was asked what he expects to happen with the regulation of cryptocurrencies and cryptocurrency exchanges. The former SEC chair said:

I expect to see a fair amount of regulation of cryptocurrencies. Right now, I think the rules are unclear.

“Whether or not certain offerings involve securities or not is unclear. There is a definite likelihood that the SEC will move forward. Gary Gensler is an expert on cryptocurrencies. He has taught about them. He is a market expert,” Pitt continued. “I would expect to see clear rules of the road evolve under his leadership.”

Gensler, a crypto professor at the Massachusetts Institute of Technology (MIT), was confirmed last week as the chairman of the SEC. He was sworn into office on Saturday as a member of the SEC.

Pitt was also asked if the SEC should be the regulator of cryptocurrencies or whether it should be the Commodity Futures Trading Commission (CFTC), where Gensler was a former chairman. Pitt further opined:

There’s a real question about where jurisdictions lie and there may be a need for clarifying legislations. The SEC has already taken the position that bitcoin and ethereum are not securities and therefore there is no regulatory involvement on the SEC’s part.

The former chairman further explained that companies like Coinbase, “which is effectively making markets in cryptocurrencies,” are subject to SEC regulations, therefore the commission will indirectly have an influence on how these cryptocurrencies are marketed.

Recently, SEC Commissioner Hester Peirce also said that she is “optimistic” that under the new chairman who has deep knowledge of the crypto markets, the SEC can “build a good regulatory framework” for cryptocurrencies.

Do you think the SEC will impose many new crypto regulations? Let us know in the comments section below.

Posted on Leave a comment

Bitcoin Price Nosedives $5K, Why BTC Could Extend Losses

Bitcoin price started a sharp decline after it broke the $60,000 support zone against the US Dollar. BTC is correcting gains, but it is likely to face sellers below $58,000.

  • Bitcoin declined heavily below the $60,000 and $58,000 support levels.
  • The price is now trading well below $58,000 and the 100 simple moving average (4-hours).
  • There was a break below a key bullish trend line with support near $62,000 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair is correcting losses, but it might face resistance near $58,000 and $60,000.

Bitcoin Price is Down 12%

This past week, bitcoin price saw a decent increase above the $62,000 resistance against the US Dollar. The BTC/USD pair traded to a new all-time above $64,000 and it settled above the 100 simple moving average (4-hours).

However, there was a substantial downside correction from well above $62,000 in the past few sessions. The price declined heavily below the $60,000 and $58,000 support levels.

The bears were able to push the price below the $55,000 support zone and the 100 simple moving average (4-hours). A low is formed near $51,132 and the price is now correcting higher. It broke the $52,000 and $53,200 resistance levels.

Bitcoin Price

Source: BTCUSD on TradingView.com

Bitcoin cleared the 23.6% Fib retracement level of the recent decline from the $62,692 high to $51,132 low. The price is now facing resistance near the $55,500 and $56,000 levels.

The first major resistance is near the $57,000 level. It is near the 50% Fib retracement level of the recent decline from the $62,692 high to $51,132 low. The main resistance is now forming near the $58,500 level, above which the price might start a fresh increase.

More Losses in BTC?

If bitcoin fails above the $56,000 level, there is a risk of more losses. The first major support is near the $55,000 and $54,800 levels.

The next major support is near the $53,800 level. Any more losses might call for a fresh drop towards the $52,000 support levels. In the stated case, there are even chances of a drop towards the main $50,000 support zone in the near term.

Technical indicators

4 hours MACD – The MACD for BTC/USD is gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 40 level.

Major Support Level – $53,800

Major Resistance Level – $57,000

Posted on Leave a comment

Bank of America Survey: 74% of Fund Managers See Bitcoin as a Bubble

Bank of America Survey: 74% of Fund Managers See Bitcoin as a Bubble

The most recent Bank of America Fund Manager Survey shows that about three out of four professional investors think that bitcoin is a bubble. The fund managers also rated bitcoin second on the list of the most crowded trades. Recently, investment bank JPMorgan also warned that cryptocurrency as a sector is in a bubble.

Bank of America Survey Shows Most Fund Managers Think Bitcoin Is a Bubble

The Bank of America Fund Manager Survey for April shows that the majority of fund managers see bitcoin as a bubble. The survey asks 200 fund managers with $533 billion in assets under management.

Answering the question of whether bitcoin is a bubble, 74% of investors replied “yes.” Just 16% said “no” to the question and 10% said they either did not know or did not want to answer the question. In comparison, only 7% of investors think that the U.S. equity market is in a bubble. Most respondents think that the equity market is in “a late-stage bull market.”

Chart showing 74% of investors who responded to the survey think that bitcoin is a bubble. Source: Bank of America Global Research, Yahoo Finance

The fund managers who responded to the survey also rated bitcoin second on the list of the most crowded trades, with 27% said BTC was the most crowded trade. Technology stocks rank first with just over three in 10 respondents citing tech as the most crowded trade.

Nonetheless, about 10% of fund managers still believe that bitcoin will outperform in 2021.

Bank of America has been saying that bitcoin is in a bubble for months. Earlier this year, Michael Hartnett, chief investment strategist at Bank of America Securities, said that bitcoin looks like “the mother of all bubbles.” In March, the bank’s strategist said that the only good reason for holding BTC is “sheer price appreciation.”

Recently, investment bank JPMorgan also named cryptocurrency as one of the sectors it believes is in a bubble. Despite this view, the firm has predicted that the price of bitcoin could reach $130,000 in the long term.

What do you think about the Bank of America survey suggesting that bitcoin is a bubble? Let us know in the comments section below.

Posted on Leave a comment

US Lawmaker Warns Treasury Secretary and Fed Chair Not to Ignore Bitcoin or America Will Fall Behind

US Lawmaker Warns Treasury Secretary and Fed Chair Not to Ignore Bitcoin or America Will Fall Behind

Congressman Kevin McCarthy has urged Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell not to ignore bitcoin like they have been trying to do. He believes it is the future, emphasizing, “I do not want America to fall behind” other countries.

Government and the Fed Should Not Ignore Bitcoin

GOP leader Kevin McCarthy talked about bitcoin in an interview with CNBC last week. Congressman McCarthy serves California’s 23rd district and is currently the Republican leader in the U.S. House of Representatives.

He was asked specifically if he thinks that Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell have a good understanding of digital currencies or bitcoin given their recent comments and what advice he has for them.

A longtime proponent of bitcoin, McCarthy said in July 2019, “I like bitcoin” and the security of the blockchain technology behind it. Reiterating his view on bitcoin back in 2019, the congressman replied, “I was right then and I’m right now,” elaborating:

I think they tried to ignore it to make it go away. I think Jamie Dimon will tell you that from the beginning he was wrong. This is moving toward the future. They should not ignore it.

JPMorgan CEO Jamie Dimon called bitcoin a “fraud” that is “worse than tulip bulbs” in 2017. His bank has come a long way since then. Today, JPMorgan says it sees massive institutional demand for bitcoin and has launched a crypto investment product tracking public companies with bitcoin exposure.

Federal Reserve Chair Powell and Treasury Secretary have not warmed up to bitcoin. Powell said last week that cryptocurrencies are “vehicles for speculation.” He claimed that “They’re not really being actively used as payment,” despite a growing list of companies accepting them for payment, including Elon Musk’s Tesla. Treasury Secretary Yellen shares a similar sentiment. She called bitcoin was a “highly speculative asset” in February, asserting that it was not “widely used as a transmission mechanism” and was an “extremely inefficient way of conducting transactions.” Yellen also warned that the misuse of cryptocurrencies is a growing problem, noting that cryptocurrencies are mainly used for illicit financing.

McCarthy additionally said during last week’s interview that regarding bitcoin and cryptocurrencies, Treasury Secretary Yellen and Fed Chair Powell “should not only learn more about it but the basis is going to continue to grow.” He further opined:

This is something that those who regulate, those who are in government that make policy better start understanding what it means for the future.

The congressman emphasized that “other countries are moving forward” in the area of digital currencies. “I do not want America to fall behind. I want the next century to be ours. That’s why I want to look forward, not backward, and not keep my head in the sand,” the lawmaker concluded.

What do you think about what McCarthy said about bitcoin? Let us know in the comments section below.

Posted on Leave a comment

All Hands on Deck for IOTA’s Chrysalis 2.0, This Is What You Need to Know

IOTA is ready for a major milestone with the launch of the Chrysalis phase 2 also know as the final stage for IOTA 1.5. The bridge network between IOTA and the Coordicide event which will lead it to full decentralization, Chrysalis will roll out on April 28th, 2021.

After this date, IOTA’s current mainnet will become the “legacy mainnet”. According to an IOTA Foundation official post, the infrastructure that will replace the current mainnet is already in place. The organization said:

With Chrysalis just around the corner, the team is heads down in the final bits and pieces to make everything as smooth as possible both on April 21 and April 28. Tests are being run on multiple instances of infrastructure to test all the migration scenarios.

Classifying Chrysalis phase 2 as a “new beginning for the IOTA protocol”, the Foundation said they are testing the migration on Firefly with the help of internal and external testers. Since August 2020, the organization and IOTA developers have been developing the new components for phase 2.

In that regard, the team of developers has released several versions for the Pollen testnet. This component will introduce mana, a reputation system that will help boost IOTA security.

Software node Bee has been released in an alpha phase. Developers can access it and run a Bee node with an updated dashboard with full Chrysalis migration support.

Two of Chrysalis 2.0 most important components, Smart Contracts, and Stronghold have also been released in the first versions. For the first component, the developers are “refactoring the integration to reflect” some changes in Polled.

For Stronghold, the developers have placed the component under external audit and its benchmarks are “using microseconds for measurements”, as revealed by the IOTA Foundation. The organization said:

We are working together with the IF cryptography team to identify methods for performing multisig using Stronghold’s internal libp2p-noise based communication crate. Indeed, our primary focus now is on verifying and validating this crate and its processes.

IOTA’s token migration an important step for users

On Wednesday, April 21, 2021, IOTA holders, exchanges, and custodian can begin migrating their tokens. The process will be open until Coordicide deployment.

To begin the migration using Firefly, the holders will need to enter their seeds in the wallet. Later, they will receive a new mnemonic with an EdDSA address on the Chrysalis network. This address will have the user’s token. The IOTA Foundation said:

The heavy lifting is fully automated through the Firefly wallet and token holders are guided by a simple interface.

IOTA (MIOTA) is trading at $2,16 with 12.3% losses in the daily chart following the market’s general sentiment. On the weekly and monthly chart, MIOTA has 3.8% and 62.4%, respectively.

IOTA MIOTA
IOTA with moderate losses in the daily chart. Source: IOTAUSDT Tradingview
Posted on Leave a comment

Why A Central Bank of China Official Said Bitcoin Has Major Role in the Future

For the first time, a Chinese government official has recognized the value of Bitcoin and other cryptocurrencies. The People’s Bank of China Deputy Governor, Li Bo, called these assets an important part of the future at the Boao Forum for Asia, per a report by Colin Wu.

Bo said Bitcoin and cryptocurrencies should be regarded as alternative investments and revealed China is studying regulatory policies towards these assets. The official clarified cryptocurrencies are not legal tenders and further added stablecoins will “required stricter supervision” for them to be widely adopted. Bo said:

Although this regulatory rule is the minimum regulatory rule, there are still regulatory rules. And it is necessary to ensure that speculation in such assets will not cause serious financial risks. In other words, before we figure out what regulatory rules are needed, we will continue to maintain the current measures and practices.

In the event, Bo was accompanied by the Former Governor of the Central Bank of China Zhou Xiaochuan highlighted “finance”, cryptocurrencies, and digital assets should serve the “real economy”. Later, Xiaochuan said he has a “question” about whether Bitcoin and digital currencies have “benefits” for the real economy.

China’s digital yuan, attack on Bitcoin and the dollar?

The Central Bank of China is developing its digital RMB or digital yuan. Currently, the institution is testing and developing for their central bank digital currency (CBDC) user interface, wallet, and other features.

The People’s Bank of China Deputy Governor said the government is not aiming to “replace the U.S. dollar” or any other currency. Bo claimed the CBDC has been designed to “facilitate trade and investment” and expect the market to “choose” the best way to do so.

As reported by Dovey Wan, founder partner at Primitive Crypto, the digital currency and electronic payment (DCEP) is being tested in the province of Shenzhen. Its first integration could come from government installments, Wan said:

(…) some municipal payment and public economic activity will be first adopted, then merchant adoption. China is really good at deploying new tech infra–at large scale, this won’t be exception.

Bitcoin (BTC) is trading at $55.776 with 8.1% losses in the daily chart. In the weekly chart and monthly chart, BTC has 7% and 3.7% losses, respectively.

Bitcoin BTC BTCUSD
BTC with moderate losses in the daily chart. Source: BTCUSD Tradingview

China seems to have been affecting Bitcoin’s price action in the past day. Analyst Willy Woo said BTC’s price crashing was due to anticipation of miners “going offline in China”.

Also, the increase in sell pressure during the weekend was enough to trigger a lot of liquidations of “short-term speculators”. Therefore, BTC’s volatility has been rising. Woo said he still is long-term bullish.