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CityUpTake Sets Course for a More Inclusive Tron Ecosystem While Rewarding it Users for Sharing the Dream

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The cryptocurrency industry provides a lot of opportunities for those who are seeking for it. Since the launch of Bitcoin and the gradual increase in popularity of the virtual asset market, several organizations have emerged as stalwarts of space.

One such entity has been Cityuptake, a popular platform to increase user rewards on the blockchain. In order to rope more users and create an inclusive ecosystem, the company also offers CITYUPTAKE tokens that will result in more residual rewards. Being part of the Tron Super Representative program has also been a massive boost to Cityuptake and its users.

The Cityuptake token functions as a basic utility token that opens doors to goods, services, and the content of its parent company. This token also provides access to the Cityuptake trade desk and weekly rewards program, features that are celebrated by the community. An analysis of the CityUptake SR Portfolio vote allocation was evidence that it had a healthy vote allocation from other Tron Super Representatives. These Super Representatives were mainly TronSociety, TronWallet, SesameSeed, CryptoGuyin ZA, CrtyptoChain, and Tronspark. 

It is well known that cryptocurrency regulations have been one of the major deterrents in the industry. Major institutions have frankly admitted that, because of the regulatory confusion behind the scenes, they can not jump into the crypto bandwagon.

To put these fears to rest, Cityuptake strives to ensure that the company and the token meet all forms of regulatory testing. CITYUPTAKE tokens can only be used and accessed by those customers who have completed the KYC process set by the company. Cityuptake also reserves the right to withhold assets from customers if found to be in breach of the rules proposed in the U.S. tax treaties and the Member countries.

 At the moment, the Cityuptake trade desk is worth over 13 million TRX. Apart from Justin Sun founded cryptocurrency, Cityuptake’s trade desk also deals with Bitcoin, XRP, and Cardano. 

The perks of holding CU

Traders are usually on the fence with some tokens because of a lack of value guarantee. With CU, that layer of concern has been removed. Each CU token is equivalent to 1.35 TRX where 1 TRX gets allocation to the SR portfolio. At the same time, 0.25 TRX gets allocation to the CU trade desk while 0.1 TRX is distributed as project fees. Cityuptake has made it clear that the performance of the token would always be tied with the native trade desk. This dispels any notion of fraudulent activities or scams that have been circulating in the industry as all CU is redeemable for 1 TRX at any time.

How to get started:

Just like in other processes, holders need to have completed their KYC forms before they can get involved in the CU trading ecosystem. Cityuptake makes use of an agent model across its platform, where the agents themselves have undergone all KYC checks. According to the organization’s official release:

“To purchase CU, one simply sends TRX to an automated exchange of the agent of their choice, and CITYUPTAKE tokens are returned.” 

Cityuptake caters to both US citizens as well as non-US citizens with each category having to fill out theW-9 and W-8BEN respectively. Upon the completion of the aforementioned steps, users can hold CU tokens in any Tron wallet which then leads to weekly reward drops. 

Cityuptake’s inclusivity policy:

The company has reassured users that each and every one of them will be treated equally on the blockchain reward system, regardless of when they join. This ensures that the prices of the CU remain constant at 1.35 TRX, with 0.25 always going in for trade desk fees.

Cityuptake ‘s progress in blockchain and cryptocurrency has been buoyed by the participation of its loyal customers. As time progresses, the company has promised its members that it will add additional tokens to their dashboard. This will then help other Tron based companies to grow and flourish, creating an intricate and flourish Tron network. Speaking to TWJ, a Cityuptake official stated:

“We are excited to build out our token tracking system to give our account holders the opportunity to easily see not only the rewards from holding Cityuptake but also the rewards from various SRs for whom they have voted like Tronwallet or TronSpark.”

 

Tether Takes the Cake as Stablecoin Becomes Biggest Weekly Gainer, ETH and BTC Come Next on Podium

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The cryptocurrency market had enjoyed a decent run over the past week, but it was recently cut short after the bear took a strong stance. This, however, did not dampen the spirits of investors who believed that the assets would rally in the face of the coronavirus threat.

From June 8th to June 12th, the cryptocurrency industry witnessed important shuffles that would sway the sentiments of the holders all around. This week, Tether, a dollar-backed stablecoin, jumped to third place on the cryptocurrency charts after overtaking XRP.

Tether was the unlikely hero of the week as stablecoin became the best performer of the top cryptocurrency assets. The market cap of stablecoin rose significantly to surpass that of XRP, which has been struggling since the beginning of 2020.

Tether 

At press time, Tether was trading for exactly $1 with a total market cap of $9.194 billion. This figure was much higher than XRP’s market cap of $8.572 billion. The recent capital influx by the US government also helped Tether, boosting its 24-hour market volume to $40.26 billion. The recent bear hike turned Tether’s weekly movement red as the 7-day change was a negative 0.2 percent.

Tether added another feather to its cap recently when Bitfinex integrated the stablecoin into the ONG Network. This was done to reduce confirmation times on the network so that payments can be settled quickly while simultaneously reducing transaction fees.

Ethereum

The Vitalik Buterin co-founded Ethereum was the second biggest performer on the cryptocurrency charts. ETH has been one of the few cryptocurrencies that have seen consistent growth this year, thereby enabling more investors to jump into the Ethereum pool. As its stands, ETH sold at a value of $237.1 with a total market cap of $26.39 billion.

Over the past week, Eterereum had grown by double digits but that was cut short after a 3.93 percent drop in the past 24-hours. This price crunch also brought the 24-hour trading volume down to $12.623 billion. The 7-day fall was just around 2.6 percent but ETH holders were not worried as the asset held strongly to its title of “world’s largest altcoin”.

Bitcoin

There’s no week in the cryptocurrency industry that goes by without an update from Bitcoin and this week was no different. The world’s largest cryptocurrency still found it difficult to break the $10,000 threshold as it traded for $9480. A 3.3 percent weekly fall put an end to Bitcoin’s previous rally which was on track to break earlier resistances.

 

 

 

Three Arrow Capital Becomes First Qualifier to Hold most GBTC Shares

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Founded by Su Zhu and Kyle Davies, Three Arrows Capital hit the headlines back in April after investing in BlockFi. Singapore‘s registered hedge fund has resurfaced once again after becoming the first qualified investor to hold more than 5 percent of the Grayscale Bitcoin Trust (GBTC) shares. The cryptocurrency hedge fund now owns 6.26 percent of GBTC shares..Su Zhulu, the co-founder, shared a bullish sentiment about the GBTC share market. The co-founder said :

“We are bullish on the GBTC demand,” Zhu told The Block. “Premium means inflows. There can be no premium without inflows.”

To date, the hedge fund has accumulated almost $259 million worth of GBTC shares. This is estimated at approximately 21 million GBTC shares or more than 20,230 bitcoins. Kyle Davis said that the Fund filed Schedule 13D form with the United States Securities and Exchange Commission ( SEC) today. The filing noted that the hedge fund currently holds 6.26% of GBTC shares, but SEC will publish the filing tomorrow.

Five days ago, Su Zhulu appeared on the Coinist Podcast, talking about Bitcoin’s “Bart Simpson” patterns. During the discussion, Zhulu dismissed the patterns as a result of bitcoin manipulation.

Not clear whether or not the amount includes bitcoin deposits from the hedge fund

Whether the Hedge fund deposited bitcoins in exchange for the shares is not yet clear, because the co-founders have not yet commented on the same.   Notably, most of these investments occur after institutional investors arbitrate premium. Popularly known as in-kind inflows, these arbitrage premiums are executed over the net asset value.

Davies said they anticipate fresh inflows as Nasdaq hits new all-time highs. Additionally, the stakes for strong inflows remain high with bitcoin trading near $10,000.

Grayscale  Bitcoin Trust Shares have high assets worth at least $3.65 under its belt. This figure represents the total amount of bitcoins that it holds in trust. The product of Grayscale witnessed in-kind inflows of 80 percent during the third quarter of 2019.

 

 

Estonia-Based Crypto Firms Lose Permit a $220 Billion Money Laundry Scandal

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One of the most crypto-friendly countries in Europe, Estonia, is withdrawing licenses from a number of cryptocurrency firms following the biggest money laundering scandal in Europe. According to Bloomberg’s report, Estonian-based crypto firms are being cracked down by the authorities following a $200 billion money laundry scheme.

The Estonian Financial Intelligence Unit, Madis Reimand, stated that regulated Estonian-based crypto firms are taking advantage of their Estonian title to swindle finance elsewhere. As a result, more than 500 Estonian-based crypto firms that had previously failed to secure permits in the EU nation have lost their license within six months. He stated:

“This is a first step in tidying up the market, allowing us to take care of the most urgent issues by permitting operations only for companies that can be subjected to Estonian supervision and coercive measures.” 

Estonia-based crypto firms purge fear

According to the report, Estonian authorities are targeting cryptocurrency firms in the country that did fail to establish operations six months after securing an operating license. Over 900 Estonia-based crypto firms fear to be stripped off their permit, given that they are running no business in the country and are run from foreign countries, according to Reimand.

Furthermore, the Estonian financial intelligence officer noted that authorities would continue upholding a firm procedure before issuing any company a license. According to Andre Nomm, the Baltic nation easily handed out crypto-related permits, resulting in the development of “credibility for some evil schemes.”

Estonia is obliged to comply with EU’s AMLD5 directive

Estonia is a member of the European Union. Since the adoption of the fifth Anti-Money Laundering Directive (AMLD5), Estonia-based crypto firms have been required to obtain licenses to provide crypto-related solutions. 

The legal enhancements of the AMLD5 aim to improve the transparency and sustainability of the firms that engage in financial activities across Europe. Furthermore, the Estonian Financial Intelligence Unit recently introduced new requirements for crypto-related companies intending to start operations in the country. The new requirements are set to be enforced beginning July 1, 2020.

Fake SpaceX YouTube Channel Dupes $150K in Bitcoin from Unsuspecting Victims

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Cryptocurrency scammers have managed to dupe unsuspecting victims of $150,000 using the oldskool “free giveaway ” strategy. The fake SpaceX YouTube channel, which copied the YouTube account of Elon Musk’s Space Exploration Technologies Corporation, managed to steal at least $150,000 by hosting free live BTC giveaways.

Bleeping Computers’ report recently claimed that hackers attacked a number of recognized YouTube accounts and compromised their branding and content to imitate that of a space exploration corporation.

BTC giveaways scam and fake SpaceX YouTube Channel

The fake SpaceX YouTube channel then broadcasts archived Elon Musk videos as if they were live footage and asks viewers to transfer BTC to receive double the amount they send. According to the report, more than 80,000 viewers have watched a fake live event; 15.31 bitcoins have been stolen since June 8.

The scammers had two BTC addresses where victims were asked to transfer their funds. One of the addresses received 29 different transactions for a total of 4.08 bitcoins worth $39,840 over time. The second address had a total of 84 separate transactions of 11.23 bitcoins worth approximately $110,000.

The Chief of SpaceX, Elon Musk, is familiar with the scenarios in which his name is used.

Cryptocurrency scams on the rise 

Scammers have been adopting a strategy of imitating famous people for a long time now. Notably, crypto-related scammers have even impersonated members of the British royal family to achieve their evil aims.

In addition, many scammers have benefited from the spread of coronavirus to peddle their evil schemes. In particular, fraudsters imitated charities of the World Health Organization (WHO) and sent thousands of phishing emails to people around the world.

Bitcoin Still a Favorite as Fidelity Reveals Large Chunk of Institutional Investors Hold Crypto

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The cryptocurrency market has grown stronger over the years, and industry supporters have asserted that institutional investors will give it a much-needed break. Although many mainstream organizations have attacked the digital asset world because of its instability, it turns out that a big chunk was actually in the field.

A recent Fidelity analysis showed that one-third of all large-scale institutions were involved in cryptocurrencies or crypto-related products. The survey also noted that Bitcoin was the preferred cryptocurrency among organizations.

Fidelity has been a key player in the financial sector for the longest time and made major news when they announced their interest in cryptocurrency research and development. According to research, the United States had a maximum number of institutions invested in crypto. Thirty-six percent of the 774 strong sample size across the US and Europe revealed that they owned cryptocurrencies or some form of cryptocurrency derivatives.

Focusing on the United States alone, almost 27 percent of all institutions are involved in digital assets. These organizations included pension funds, family offices, digital funds, traditional hedge funds, and investment advisers. The same survey conducted a year ago showed that only 22 percent of institutions dealt with any form of virtual assets. In 2019, Fidelity surveyed 441 institutions, a long way from the most recent 774.

Bitcoin has been a key target for many institutional players due to its strong presence in the financial market. Over a quarter of the sample size surveyed hold Bitcoin while a decent 11 percent hold the Vitalik Buterin co-founded Ethereum. In the year to date spectrum, Bitcoin has jumped by a massive 36 percent due to its strong grip on the coronavirus face. At the same time, traditional stocks have plummeted across the board, causing widespread panic.

Tom Jessop, the President of Fidelity Digital Assets recently said in an interview that Europe was more supportive and accomodating than the US when it came to digital assets. He believed that Bitcoin outshone the traditional assets in terms of return or overall value. Jessop added:

“Europe is perhaps more supportive and accommodating, That could be just things going on in Europe right now, you got negative interest rates in many countries. Bitcoin may look more attractive because there are other assets that aren’t paying return. These results confirm a trend we are seeing in the market towards greater interest in and acceptance of digital assets as a new investable asset class.”

At press time, Bitcoin was trading for $9774 with a total market cap of $179.85 billion. After a relatively bullish run over the past week, Bitcoin’s 24-hour trading volume had risen to $22.794 billion. Bitcoin was not the only cryptocurrency that witnessed a decent price action over the past week as Tether rocketed up the charts to become the third-largest cryptocurrency, overtaking XRP.

Ripple’s Moneygram Establishes Partnership With Largest Islamic Bank in MENA Region

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The collective expansion of Ripple and Moneygram has been a steady development since the beginning of 2019. Moneygram International, a global leader in cross-border remittances, has also been vocal about its key partnership with Ripple and extended the partnership with another $11.3 million deal in February 2020.

Now, according to a recent press release, the organization has entered into a strategic partnership with Al Rajhi Bank, one of the largest banks in the MENA Islamic zone, and Tahweel Al Rajhi, Al Rajhi Bank’s remittance division. The specific target region to facilitate transaction services will be Saudi Arabia.

The press release further indicated that the partnership will be taking control of both the digital and walk-in channels in order to enable strong customer engagement.

Grant Lines, MoneyGram Chief Revenue Officer stated,

“This partnership is an important milestone that capitalizes on recent strategic investments in major receive markets. Over the last few months, we’ve expanded with new partners in India, Egypt, Pakistan, and the Philippines to name a few. All of these markets are key recipients of transfers from Saudi Arabia, and consumers will now benefit from this customer-centric integration with Al Rajhi Bank.”

The aforementioned between Moneygram and Al Rajhi Bank will be highly fundamental in the future but it is not the first time the organization has taken steps in the MENA region.

Expansion in the Middle East and Asia

In January 2020, Moneygram had struck down a deal with the Suez Canal Bank, which is one of the largest commercial banks in Egypt that provides its customers with the functionality to send capital to local bank accounts.

The diversification has been taking place further East as well with the two organizations taking further steps to occupy the South Korean remittance market by joining forces with local fintech players.

XRP’s Social Volume Engagement

XRO

Although the price hasn’t been on the move recently, Ripples’ development might have come to XRP’s aide to bolster its relevance in the space. According to Santiment’s recent insights, it was suggested that XRP had taken the top spot in ‘Emerging Trends’ and had witnessed massive social volume spike.

It is evident that Ripple promotes the use of XRP token for its remittance services and it is plausible Moneygram has integrated XRP as well in their global services. These developments may continue to put forward the use-case of the digital asset and further break reduce its correlation from Bitcoin.

Tether will Surpass Ethereum and Take Position #2 by Market Cap

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Bloomberg’s report indicates that Tether(USDT) will take the # 2 spot and overtake Ether by market capitalization. The report, which provided Tether’s future outlook for the month of June, identified Tether ‘s growth as a major driving force for Bitcoin ( BTC). In particular, citing the relevant digital link between blockchain and the US dollar as an important catalyst for blockchain transactions. In addition, Tether provided an urgent need to store value in the world reserve without interference from the middle parties.

Tether (USDT) Overtook XRP

Meanwhile, the report notes that it is only a matter of time before the stablecoin rises to position 2. Recently, Tether(USDT) toppled Ripple (XRP) from third place. Trends in the BTC / USDT chart show that the stablecoin won’t stop any time soon. In fact, the coin is likely to take on Ethereum and move on to Bitcoin. In addition, the report noted how the adoption of tether provided the world reserve currency with a valuable digital proxy.

Past trend analysis noted that the perfomance of Ethereum has always been in sync with the perfomance of Bitcoin. A fact that clearly shows that Ethereum lacks the buoyancy of itself. And it’s only going to operate under the shadow of BTC. In fact, little upsides on the part of Bitcoin have resulted in little or no upsides on the Ethereum trend. Meanwhile, Ethereum is breaking away from its dominant adoption, which benefits from favourable macroeconomic conditions.

US Dollar is Performing Better than Other Major Currencies

On the other hand, the US dollar is winning big against other leading currencies. Despite a massive stimulus package to curb Covid-19, the US dollar has a remarkable perfomance. As such, the US Dollar-linked stablecoins are gaining further traction. Unfortunately, the legal issues facing USDT and major exchanges such as Bitfinex are hindering their future growth.

 

Bitcoin Shed 9% of its Value- It ‘s a Perfect Time to Invest

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Monday was an exciting day for the crypto-world as bitcoin ultimately broke the $10,000 psychological resistance. Just as people were speculating whether this was a start of a $20,000 ride, the market unexpectedly placed a damper on them-the price of bitcoin fell more than $800 in five minutes, dragging many cryptocurrencies to the red.

While the sudden plump was just another volatile episode of bitcoin, it was the umpteenth time such a huge fluctuation occurred on the market, so naturally, it creates some doubts for bitcoin enthusiasts as to whether bitcoin will see a significant increase in the near future, and how long it will be.

 

bitcoin pr

We often say that the bitcoin market is a rollercoaster ride, but in the last few months, it seems more like a combination of a rollercoaster ride and a merry-go-round that keeps hovering around $9,000 and $10,000. sNow, for spot traders and hodlers, it seems like a really lackluster moment.

So, is it still wise to invest in bitcoin right now? Is there anything we can do in addition to waiting for the price to rise?

Compare with spot trading, leveraged trading is tailored made for volatile markets. Here are some advantages of leveraged comparing with spot trading:

  • Generate Profits on Both the Ups and Downs of the Market

Leveraged trading is more flexible than spot trading. In leveraged trading, you can make profits by speculating the price movement of bitcoin, instead of waiting for the price to increase. You can earn as much as bitcoins even in the bull market. 

  • High Liquidity

While spot trading requires you to prepare a large sum of money, leveraged trading enables you to “borrow” money from the exchanges, so the pressure on your cash flow is much lower. Besides, in spot trading or hodling, it might take days or even months for the market to gather pace and generate profits for you. But with leveraged trading, every small fluctuation is an opportunity to earn money. 

To illustrate, with the 100x leverage provided by Bexplus, you can open a position 100 times bigger than your initial capital. Let’s assume you open a short position 2 days ago with 1 BTC when bitcoin was changing hands at $10,000. With 100x leveraged, your position will worth 100 BTC. Now, the price of bitcoin nosedived to $9,500 in just a few hours. Your profit would be: ($10,000 – $9,500) * 100 BTC / $9,500 = 5.26 BTC. Your ROI would be 5.26 / 1 *100% = 526%. 

beplux

Bexplus – The Go-to Futures Exchange for Beginners and Veterans

Headquartered in Hong Kong and established in 2017, Bexplus is a leading crypto derivatives platform offering 100x leverage in BTC, ETH, EOS, LTC, and XRP futures contracts. 

No spread, no KYC requirements, no deposit fee, Bexplus is trusted by traders worldwide, including USA, Japan, Iran, Singapore, and Sudan. 

Highlighted Features of Bexplus Exchange

  • Intuitive Interface

The user-friendly trading interface caters to the needs of both beginners and veterans. All the necessary data are clearly listed on the right side. For advanced traders, powerful tool-kit can help them better analyze the market. 

exchange

  • Learn to Trade with 10 Free BTC

Upon registration, which takes only about 1 minute, traders will get a real account and a demo account. Even if you’re a beginner, you can still make profits like other veterans! There are 10 replenishable BTCs in the demo account for traders to practice as much as they like. You can also learn how to analyze the market and use the demo account toolkit.

  • Stop-loss and Take-profit

Bitcoin trading has its own risk. Since it is traded around the clock, it’s impossible for us to watch the market all the time. Bexplus’ stop-loss and take-profit options help traders better manage their positions and protect them from huge price swings. 

  • No Deposit Fee, Easy to Convert Your Funds

Bexplus supports Bitcoin, ETH, and 11 other cryptocurrency deposits, as well as USD, EUR, and GBP deposits. With one Visa Card, you can start your journey of accumulating bitcoin. 

  • Best Ranking Mobile Apps

Bexplus mobile app rank in the Top 5 of keyword search results related to bitcoin trading in 56 countries in App Annie. This full-featured app provides you with the same experience when using a computer, only far more convenient. 

mobile

You can check the market, enter or close a trade, or deposit your funds in the interest-bearing wallet wherever you like. Bexplus mobile app has a 24/7 market notification to keep you updated with any huge market movement.  

All data and assets can be accessed through all kinds of devices including Windows, Macbook, Android phones, iPhones, and tablets. Bexplus app is available on Apple App Store and Google Play.

To boost the confidence of bitcoin traders, Bexplus now provides up to 10 BTC deposit bonus to users. Users can get a 100% deposit bonus for every deposit on Bexplus, and the profits gained with the bonus are withdrawable. Furthermore, active users can get 10% off of their transaction fee. You might miss the opportunity to buy bitcoin when it was trading at double-digit, but you still can catch this opportunity to earn handsome money on Bexplus!

btc

Find out more about Bexplus:

Website: https://www.bexplus.com/ Telegram: https://t.me/bexplusexchange
Apple App Store: https://itunes.apple.com/app/id1442189260?mt=8
Google Play: https://play.google.com/store/apps/details?id=com.lingxi.bexplus

Bitcoin Price Plunges $1,500 in Three Minutes to Liquidate $100M from BitMEX

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In just over 12 hours after Bitcoin price broke past the $10,000 resistance level for the first time in over 20 days, the digital currency came down in despair and heartbreak for many. Before the price came down, Bitcoin saw a barricade of sell orders that dropped the crypto’s price to as low as $8,600 on major exchange BitMEX. 

Bitcoin Price plunge

However, the price of BTC on spot exchanges and some of the other derivative exchange platforms, managed to sustain the lows of $9,000. Unfortunately, on the BitMEX exchange platform the price came tumbling down by over $1,500 in a bearish rally that ended up liquidating quite a number of market participants.

According to data by cryptocurrency derivatives platform Skew.com, roughly $96 million in long positions were erased by the plunge. However, this is slightly lower than the previous $125 million BTC liquidation yesterday when Bitcoin’s price action wiped out $10,000, which signals that the market was leaning long before moving.

Bitcoin price

Bitcoin price next move?

Cryptocurrency and market analysts are yet to react to the next destination after the plunge, but what is clear is that Bitcoin price is below the crucial resistance of $10,500 in the meantime. Bitcoin’s price action has attempted to break past the $10,500 on two crucial occasions but the efforts have ended up futile.

The first attempt was when Chinese president Xi Jinping publicly endorsed blockchain technology, and the other time was during February’s surge to $10,500. Due to this fact of several unsuccessful attempts to mount past this price level, it strongly signals that the crypto is braced for a down trend.