A Nigerian government official has rejected claims that the jailed Binance executive is being denied access to quality healthcare. In an apparent reference to the U.S. calls for Tigran Gambaryan’s release, the official stated that only the court, not the Nigerian government, can authorize such action. Tigran Gambayran’s Detention Court Sanctioned The Nigerian government has […]
Bitcoin News
Bitcoin Could Benefit From ‘Flight To Quality’ Trend: Report
In the last seven days, Bitcoin has gone up by 10.50%, following a series of significant gains across the week. Most notably, the largest crypto asset surged by 7% on Monday following the emergence of fake news on the approval of the BlackRock iShares Bitcoin Spot ETF.
As expected, this price gain drew a plethora of reactions from various crypto enthusiasts and analysts.
In particular, Larry Fink, the CEO of BlackRock, stated in an interview with Fox Business that the BTC surge was partially due to the fake news of the spot ETF approval but also because of a growing demand for an investment safe haven.
According to Fink, the increasing geopolitical tensions – citing the ongoing Israel-Palestine conflict – have created uncertainties driving investors to traditional assets such as gold, but also crypto assets.
The BlackRock CEO describes this trend as a “flight to quality.”
Dissecting The Bitcoin ‘Flight To Quality’ Theory
Will Bitcoin Benefit From a "Flight to Quality”?
As US bonds face a historic sell-off, with 10-year yields hitting a 16-year high of 5%, investors are seeking alternative assets. Long-term bonds have plummeted 20% in 6 months and are down 53% since March 2020. US debt… pic.twitter.com/ekaWjK5fs5
— IntoTheBlock (@intotheblock) October 20, 2023
Following Larry Fink’s statement earlier this week, blockchain analytics and research firm IntoTheBlock has now posted a report evaluating the feasibility of Bitcoin as a “Flight to Quality” asset.
In the post on Friday, IntoTheBlock highlighted various factors that backed Fink’s claim. Firstly, the analytic firm stated that US bonds are experiencing a historic sell-off as the 10-year yields on long-term bonds hit 5% this week.
Generally, US bonds are considered one of the most secure investment forms. However, developments such as this are usually termed as negative. This is because an increase in bond yield leads to declining demand for existing lower-yielding bonds and in turn, the devaluation of these bonds.
As expected, this increasing bond yield has resulted in a 20% depreciation of long-term US bonds over the last six months. Meanwhile, there has been a significant 53% decline in the value of these investment assets since March 2020.
Bitcoin Records Less Volatility Than US Treasuries
Furthermore, IntoTheBlock highlighted that Bitcoin’s volatility is currently lower than that of these US long-term bonds, indicating it offers a higher level of stability to traditional investors looking at the value of their investment.
Finally, the research firm pointed out Bitcoin’s remarkable performance during this bond market crash, likening it to the asset’s positive price movement during the series of US bank collapses earlier in 2023.
The blockchain research firm noted the crypto market leader tallies with gold with a 7% gain already in October and is receiving more recognition as a favorable alternative investment asset by several Wall Street financial experts.
Considering all the factors listed above, IntoTheBlock states that there are growing signs that Bitcoin is becoming a safe haven for traditional investors and could largely benefit from a “Flight to Quality” movement, especially with the potential launch of spot Bitcoin ETF.
At the time of writing, Bitcoin is trading at ,667 with a 0.27% loss in the last day. In tandem, the token’s daily trading volume is down by 18.70% and is currently valued at .86 billion.
LABS Group Join Forces with Polygon to Improve Transaction Quality for Users on Ethereum
As you’ve heard, two good heads are always better than one. LABS Group has taken a step towards success by deploying a smart contract on Polygon Network.
LABS Group is a real estate digitization ecosystem that comprises advisory crowdfunding and security exchange. Even though digitized investments have positive yields and capital appreciation, the obstacle has always been that the entry to these investments is very high. LABS Group aims to innovate ideas by digitizing and making real estate liquid and easy to be involved with.
LABS, having been built on the Ethereum platform, raised concerns in regard to the high gas fees in the network with its increasingly heavy traffic. This complication creates accessibility barriers and discourages transactions for its users.
Polygon’s integration with the LABS group provides a solution that will assure many users by allowing them to conduct transactions with fewer gas fees. With the implementation of this solution, LABS users can also process transactions faster now. The solution is accomplished by the Ethereum layer two scaling solution on the Polygon Network. Transactions that use the scaling solution only require verification of Polygon validators instead of the Ethereum blockchain, resulting in a more cost-effective and direct transaction. With lower transaction fees and higher transaction speed, this new collaboration between the two can surely impact not only the real estate investment industry but the blockchain industry as a whole as well.
Additionally, following the partnership, Polygon also hits two birds with one stone as they can gain more exposure and climb to the top of the cryptocurrency market by market capitalization — with developers and other users using its high-level services in the near future.
This partnership will surely bring both companies closer to mainstream adoption and achieve greater success in the industry together.
About LABS
LABS Group is an end-to-end real estate investment platform built on Ethereum. The idea of LABS is very simple, with just 0 a user can invest in any luxury resort of their choice. LABS is looking at a property class of activities where it is fully liquid.
LABS has sped up this digitization process and opened up the pool to investors to a wider retail audience. LABS offers all real estate developers a chance to enter this new market where it is possible for people who have never bought real estate before will be buying it. We are making the real estate industry available to everyone including everyday people.
About Polygon
Polygon is the first well-structured, easy to use for Ethereum scaling. It is a modular framework of the previously Matic platform that effectively transforms Ethereum into a full-fledged multi-chain system(aka internet of blockchain).
Polygon supports the building of multiple applications because of its core component, Polygon SDK.
Ethereum Gets a B, EOS Gets an F: Node Quality Study Ranks Top Crypto Assets
As competition builds within the blockchain industry, investors and prospective users alike have to undergo the arduous task of evaluating which blockchains have the best fundamental strength. Ethereum has long been favored by users and developers, but over the past three years a plethora of competitors have surfaced, making it difficult to discern which blockchain is the best.
A recent report from Coin Metrics is now offering a thorough evaluation of various blockchain networks, with a specific focus on their node operations. The research group evaluated a myriad of different factors and offered a B to Ethereum, while giving EOS and Binance Chain F ratings.
Node Operations Rankings: Ethereum Falls Behind Bitcoin, Litecoin, and Others
In Coin Metrics’ latest “State of the Network” report, the research and analytics firm offers a ranking of the top 10 blockchain networks – ranked by market capitalization – with a focus on their node operations.
As for what this ranking entails, Coin Metrics notes that they “ranked full nodes in several tiers (A, B, C, and F) depending on their ease of synchronization, update, and maintenance.” It is important to note that both XRP and XLM were not ranked, as they have to rely on API data from Ripple and the Stellar Foundation.
Of the top ten blockchains they ranked, Bitcoin, Bitcoin Cash, Bitcoin SV, and Litecoin all received A ranks, with the research firm not expressing any qualms with the aforementioned Proof of Work networks.
These rankings are particularly relevant at the moment, as nodes are the backbones that underpin all blockchain networks, running and verifying the blockchain, connecting the peer-to-peer network, and more.
Here’s Why ETH and Other Networks Received Low Rankings
Ethereum, which is one of the most popular blockchains for developers to build on, surprisingly received a B from Coin Metrics, which stems from the fact that it requires users to run a tracing node in order to undergo historical ledger auditing.
This node variant takes a long time to synchronize, which is why the research group gave it a B.
Interestingly, only two blockchains received an F rating: EOS and Binance Chain.
Their justification for EOS’s low score is linked to the complexity of extracting the data required to complete an audit. Binance Chain’s low-ranking stems from its “complex fee schedule” for its DEX and its closed source network.
As the markets grow more competitive and investors and developers grow more attentive to the nuances of the various networks, the ease of running, auditing, and synchronizing nodes will become an even more integral part of different networks’ future growth.
Featured image from Shutterstock.
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Ontology Becomes First Project to Be Part of BiboxEurope’s Initiative to Provide Fiat Trading Capability to Quality Blockchain Projects
BiboxEurope recently announced a new program to provide fiat trading capabilities for quality blockchain projects across the world. Now, the Swiss-based digital asset platform has selected the very first project in the form of Ontology to be listed under this initiative.
According to BiboxEurope announcement, the listing of Ontology’s token – ONT goes live today following which users on the platform can start trading it against EUR and CHF on October 31. The platform states that the initiative to offer fiat trading capabilities to deserving blockchain projects was designed to help them overcome the challenge of finding an exchange that can support crypto-fiat trading as most of the currently available options are crypto-crypto platforms that are willing to list them. By doing so, BiboxEurope is making these tokens accessible to almost everyone, especially in the European market.
Ontology is one of the several applications BiboxEurope had received soon after fiat trading for crypto projects announcement on October 17. And, the project emerged on top following a review of all the applications by the BiboxEurope team to become the first-ever project token to be listed on the platform.
To give a background on ONT, it is one of the tokens belonging to the Ontology Network which implements a dual token model. ONT allows its users to stake in consensus and participate in the network’s governance functions. On the other hand, its sibling ONG serves as a utility token that can be used to avail on-chain services on the network. The underlying network itself is a high performance distributed public blockchain supporting multi-chain and multi-system integration. The Ontology platform is said to support multi-layer, sharding and multi-VM public blockchain services that can be readily customized using component technology for added privacy and efficiency in cross-communication. Among the things that make Ontology worth listing on BiboxEurope includes the fact that it is one of the top 3 decentralized identity and privacy protection systems in the world with its own decentralized identity framework, ONT ID. The platform recently released its Sharding TestNet and Cross-chain TestNet for interaction between BTC and ETH chains.
BiboxEurope has a dedicated event page to kickstart its fiat listing program for blockchain projects with 18,000 ONT giveaway. The event time starts from October 30, 8 AM to November 15, 8 AM (London time).
The landing page for the event is accessible at – https://bibox.cc/ont
On top of the listing, Ontology will partner with Bibox, an Estonia-based crypto exchange, to launch a debit card that will work on Visa/MasterCard and UnionPay networks across the globe. Once launched, the debit card will become the first-ever card to be launched in the blockchain industry to work on the UnionPay network. The debit card is expected to play an important role in promoting the use of digital assets among users by making it easier for them to conduct transactions using it. The cardholders will also be eligible to avail exclusive benefits like discounts on hotel bookings, international brands, high-net-worth membership cards, etc.
While there is still some time left for people to start trading ONT against fiat, those who are in a hurry to explore new token listings on BiboxEurope will soon be able to do so with BIX tokens which are expected to be available soon for fiat trading on the platform.
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BiboxEurope Announces Yet Another Development – Fiat Trading for Quality Projects
BiboxEurope, a fully regulated cryptocurrency trading platform based out of Switzerland has been keeping itself busy since its launch a few months ago. In a bid to offer the best of features to its userbase, the platform has recently announced the launch of fiat trading capability for quality projects listed on BiboxEurope.
The latest development closely follows its earlier announcements of GBP/Crypto trading support, referral rewards program, crypto Insta-buy with credit cards and more. According to the company, the latest fiat trading capability for selected projects will allow blockchain projects to list their tokens for trade, not just against cryptocurrencies but also fiat. By doing so, BiboxEurope will be solving a major hurdle faced by some of the upcoming projects with a lot of real-world potentials to open more fiat trading by leveraging the platform’s localized operation team and resource reservoir.
In order to get listed on BiboxEurope, the projects have to satisfy the minimum eligibility criteria set forth by the platform. BiboxEurope seeks out high-quality projects from around the world for this purpose and those that are deemed eligible will benefit from connections to European resources, expand their global ecological layout and further enhance their brand influence while accelerating the application of their technology in the real world. The BiboxEurope fiat trading feature will accelerate the development, implementation and adoption of selected projects, ultimately benefiting the entire blockchain industry space.
Is BiboxEurope a Good Choice for Blockchain Projects?
BiboxEurope has established itself with a strong footing in the European market. The platform has gained a lot of traction within a short span of time. It is fully regulated and has stringent AML and KYC requirements in place as specified by the regulatory institutions. Further, BiboxEurope is committed to offering the best possible services to its customers which includes the lowest fees and commissions on trades and purchases made over the platform.
The platform has received investment into equity by a world-leading top-10 bank in Europe. BiboxEurope also has working partnerships with multiple banking institutions based out of Germany and Switzerland which further adds to its credibility in both crypto as well as mainstream financial ecosystems. In addition to all the above, the team at BiboxEurope playing a role in supporting any project can go a long way, as they are highly skilled localized professionals with an in-depth understanding of the market, regulatory environment, compliance requirements, operations and more.
And finally, the multi-cluster architecture implemented by BiboxEurope creates a highly secure environment where the funds of both investors, as well as projects, are kept safe.
BiboxEurope believes that it can add a lot of value to the blockchain industry by sharing the resources as well as valuable knowledge they have gained so far in the journey with other projects. The fiat trading capability is just the first step towards that direction and one can expect more such initiatives from BiboxEurope in the coming days.
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Russia to Implement Blockchain Tech in University Exam for Education Quality Control
n To increase the quality and transparency of the educational processes, Russia will implement blockchain tech in school graduation exams starting in 2019n
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Chinese District Food and Drug Administration to Use Blockchain for Quality Assurance
n Blockchain is set to be used for traceability and quality assurance by the Food and Drug Administration of the Chinese Chongqing Yuzhong Districtn
CryptScout #BitFeed RSS – Bitcoin and Cryptocurrency News 24/7
Newly Formed US Healthcare Alliance to Trial Blockchain for Improved Data Quality
n U.S. major healthcare companies have formed the blockchain-related Synaptic Health Alliance, plan to trial decentralized solutions to improve data storage and cut costsn
CryptScout #BitFeed RSS – Bitcoin and Cryptocurrency News 24/7
“SEC Endorsement Cements Ethereum’s Stellar Reputation as A Quality Network”:Ethereum (ETH) Technical Analysis (June 19, 2018)
With a billion market cap, Ethereum is the second largest cryptocurrency in the world. As it stands, development and adoption fundamentals are on point. That’s what advises our long term projection of the coin. In the short to medium term though, it’s likely that ETH would add on to its seven percent week over week losses.
Let’s look at the chart
From the News
At almost 75 percent down from their ATHs, a lot of weak hands are out of the market. By all accounts, that’s understandable. After all, most of these guys buying and selling at current prices are merchants or traders playing the market for some quick profit. What you should know though is the long term stand of blockchain, Ethereum as the genesis of smart contract and your investment style. All thing constant and as it stands, Ethereum is but a quality network. Then again, in the past week, there were some jolting endorsement from the SEC. Of course this is good news and it’s even better because Ethereum and ETH are truly decentralized meaning no one entity is set to rack in profits or arm twist the chain to their benefit.
That’s not the point though. It’s mundane to say the least. On-chain development is what carries the day and we can point back to different metrics to support this assertion. One of them stands on decentralization which by itself is the genesis of blockchain. Ethereum has more than 17,000 full nodes across six continents guaranteeing security. And that’s not inclusive of the 35 million addresses-and counting-registered on the network.
On the development front, Ethereum has one of the biggest developer community as 250,000 of them work via the EVM. We can gauge the activity on the network just by looking at the number of MetaMask users now at 1 million. Better still, the number of Truffle downloads is likely to exceed 600,000 by the end of the year. All these is the reason why Ethereum has an impressive 220,000 commits at GitHub and governments all over the world seeking to draw value from this community blockchain.
Ethereum (ETH) Technical Analysis
Weekly Chart
As it is, Ether prices are on a slide and technical formation hints of further losses. It’s easy to see and from candlestick behavior, price action is aligning according to week ending May 27 bearish engulfing candlestick which initiated reversals from April highs. The follow through wasn’t impressive but its last week’s events which saw prices collapsing below week ending June 3 and 10 double bottom at 0 with strong volumes. So even though there were pockets of higher highs in the daily chart last week, we shall treat the final candlestick as a bear break out and in that case ideal bear targets would be anywhere between 0 and 0.
Daily Chart
Generally, the daily chart clearly shows that ETH prices are on a down trend. Regardless, if buyers are to reverse losses then we need to see movement above this tight 0 range. This therefore means bulls should print 0 or higher in the coming days. If not and sellers succeed in pressing below 0 minor support line or June 14 lows with strong volumes exceeding recent averages then our bear targets would be at 0 as per our general trade plan in the weekly chart.
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