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PayPal’s Crypto-Friendly Announcement Boosts The Price Of BTC

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Its no doubt that Bitcoin has lured several platforms into the crypto industry with its price change. But, PayPal’s interest in crypto seems to be fueling the growth of the crypto-verse.

Back in October 2020, the payments giant, revealed that it would soon allow its users to purchase as well as hold crypto assets. This move further paved the way for several platforms to jump onto the digitalization bandwagon. With its latest announcement, PayPal further elevated its presence in the crypto-verse.

PayPal Enables “Checkout With Crypto” Service

The United States has been a tough nut to crack for crypto platforms with regard to the regulatory climate. However, PayPal recently reported the citizens of the US would now be able to checkout with crypto assets. The payments giant suggested that conversion of crypto into fiat at checkout would be carried out with no extra transactional fees.

The CEO and President of PayPal, Dan Schulman elaborated on the same said,

“As the use of digital payments and digital currencies accelerates, the introduction of Checkout with Crypto continues our focus on driving mainstream adoption of cryptocurrencies, while continuing to offer PayPal customers choice and flexibility in the ways they can pay using the PayPal wallet.”

He further added that it was pertinent for platforms to enable crypto as a payment method as the “next chapter in driving the ubiquity and mass acceptance of digital currencies.”

The announcement further revealed that users could select from crypto assets like Bitcoin, Litecoin, Ethereum, or Bitcoin Cash to checkout or pay. However, only one kind of coin could be used during this process.

Just after this announcement, the price of Bitcoin [BTC] started picking up. At the time of writing, Bitcoin was trading at $59,150 with a 1.62% surge in the price of the king coin in the last 24-hours. The market cap of the coin was noted at a high of $1.11 trillion. Looking at this change in its price, several speculated that PayPal’s recent announcement could have had an impact on BTC.

Bitcoin Is No Longer Considered an Ephemeral Investment Option

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The performance of Bitcoin over the last few months has given investors many reasons to be happy about. In less than four months, BTC went from being worth less than £10,000 to being worth over £40,000, and it does not seem like this upward momentum is going to stop any time soon. The interesting thing about Bitcoin’s performance is that its value increased during a period when everything else in the world of finance struggled to keep up with all the negative global economic developments.

The incredible performance of Bitcoin has naturally driven the market to an on-going phase of “cryptomania”, as investors use their funds to buy BTC and other cryptocurrencies, even if their values are no longer a bargain. The big difference between this period and the “pre-bubble” period is that this time, the investors backing cryptocurrencies are considered trustworthy and business-savvy. The most popular example is Elon Musk, a person with a lot of influence in the world of business and, of course, a person who can affect the opinions of average investors through his public statements and globally communicated investments.

If you are among the lucky ones who kept believing in Bitcoin’s potential, then you are probably in a position to sit back and to enjoy popular games of chance, such as the Who Wants to Be a Millionaire slot online at mansioncasino.com/uk. After all, the £40K value of every Bitcoin, gives BTC holders the ability to make the choices they want both in terms of having fun as well as in terms of reinvesting their profits in other financial assets showing potential for future growth. You can trade your Bitcoin and get a lot of cash, you can trade it and buy hundreds of stocks and commodities, or you can use it by investing in real estate properties.

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Bitcoin Is No Longer Considered an Ephemeral Investment Option 2

There are, of course, many who worry that Bitcoin and other traditional investment assets may be at risk because of the inflation that is expected to hit the economy the moment the transactional activities go back to normal. On the other hand, it is almost impossible to predict what the new normal will be like. The global economy has taken heavy hits repeatedly, and it has always found ways to come back stronger, offering unique investment opportunities and incorporating new financial assets.

What Is the Best Choice for the Average Investor?

It is no secret that the financial market comes with a lot of profit opportunities, but at the same time, it is important to remember that every investment comes with risks. Investing in Bitcoin right now might be a pricy choice for the average pocket. Many traders would not risk putting their money on an asset that is worth this much, even if BTC has the potential to go from £40K to £100K in less than six months. If you want to invest in cryptocurrencies, then it might worth considering investing your money in one of the other cryptos one can find in the financial market. Buying one of the other established crypto-coins like Ethereum and Ripple will require a much smaller investment amount. Additionally, there is nothing saying that their price cannot reach the price of Bitcoin if the assets are given enough time to mature. 


Binance Smart Chain Welcomes EOS’s Largest DeFi Platform

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Binance Smart Chain [BSC] has seen tremendous development. In terms of liquidity and decentralized applications [dApps], BSC is becoming a major player in the industry. Hence, it is safe to say that it has emerged as one of the most distinguished alternatives to not just the Ethereum network but also to EOS. The latter lost one of the biggest decentralized finance [DeFi] projects to the Binance ecosystem this week.

The DeFi platform in question is ‘Effect Network‘ which is headed for a switch in its development from the EOS network to the Binance Smart Chain. The developers cited concerns regarding the future and viability of the EOS blockchain as one of the most prominent reasons for relocation.

It is important to note that the founder and Chief Technology Officer of EOS’s parent firm Block.one, Daniel Larimer had left the company nearly a couple of months ago. Furthermore, the controversial departure led to many questions regarding his inability to bring about viable solutions to the many issues plaguig the EOS ecosystem.

Talking about the growing confidence in Binance Smart Chain instead, Effect Network’s CEO Chris Dawe reportedly stated,

“Look at what the Binance organization has accomplished in only the last three years. It is a testament of dedication, hard work but above all its laser-focused vision. The amount of products and services our clients and workforce can tap into with the Binance ecosystem are amazing and will help accelerate the growth of the Effect Network like never before.”

Binance Smart Chain’s Exponential Growth

Despite centralization debates, the BSC ecosystem has grown considerably over the past several months. Thanks to growing gas fees on the Ethereum blockchain that was currently hovering close to $18. BSC, on the other hand, was processing on average 2X volume of the Ethereum network, that too, at a fraction of its current transaction fee.

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Binance Smart Chain Welcomes EOS's Largest DeFi Platform 4

Therefore, several DeFi platforms have either left the Ethereum network or have expanded their footprint across BSC as well to enable its users to choose their preferred mode of network. Gauging at BSC’s unique address count, it can be noted that the network has seen significant growth as the figures continued to maintain a steady uptrend. It was found to be at 61.7 million on the 27th of March.

Gemini Aims To Capture The DeFi, NFT Mania With Latest Addition

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DeFi and NFTs have been the talk of the town. To capture this growth, Gemini has become the latest platform to have jumped into the bandwagon.

The Winklevoss twins led cryptocurrency exchange, Gemini announced support for new decentralized finance [DeFi], gaming, non-fungible tokens [NFT], and infrastructure tokens on the 22nd of March. The new addition which will be supported for both trading and custody are Bancor [BN], 1inch [1INCH], Loopring [LRC], The Sandbox [SAND], Skale [SKL], and The Graph [GRT].

Furthermore, the Ethereum-based Enjin [ENJ], which is currently supported for custody, will also be available for trading, said Gemini.

With the latest development, the New York-based cryptocurrency exchange becomes the first regulated platform to offer trading and custody support in the State of New York for SAND and 1INCH. In fact, the additions have also increased the number of tokens and cryptocurrencies that Gemini trades all the way to 33 in total, along with another 10, that are supported for custodial services.

According to the official press release, deposits for the aforementioned crypto-assets are now open, and trading availability for all six new tokens and ENJ will soon follow. These are set to roll-out first on its API/FIX and ActiveTrader platforms for USD trading pairs.

Trading on Gemini’s mobile application as well as the website will open on a rolling, token-by-token basis for USD, GBP, EUR, CAD, AUD, HKD, and SGD trading pairs. The cryptocurrency exchange also noted,

“As the Decentralized Finance (DeFi) revolution has come into bloom, over the past weeks we have seen an explosion of interest around digital art and NFTs (non-fungible tokens), and we are excited to continue supporting the development of the space”

The latest news comes amidst rising decentralized exchanges [DEX] such as Uniswap, Sushiswap, 0x, Curve, Serum, that have managed to thrive in a short period of time threatening to disrupt the centralized counterpart.

Uniswap Reigns As Collective DEX Liquidity Soars To $10 Billion

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Decentralized exchange or DEXs are growing like never before. While Uniswap remained the undisputed leader.

The world of decentralized finance [DeFi] has consistently proliferated in prominence over the past year owing to a large part to the strong foundations established by decentralized exchanges [DEX]. These platforms have achieved a critical milestone. In the month of February, the collective DEX liquidity raked in a fresh high of a whopping $10 billion.

This was revealed by Researcher Rahul Rai on Messari’s latest edition. The Co-founder and Partner of Gamma Capital revealed that DEXs have surged to $72 billion in volume this February. Despite the rising numbers, automated market makers or AMMs have their own fair share of problems such as impermanent loss [IL], capital efficiency, slippage, gas costs, speed, and multi-token exposure that have caused impediments.

Nevertheless, over the last 24-hours alone, DEX volume was found to be at $1.56 billion. In addition, the figure was up by 18%.

DEX Market Share

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Uniswap Reigns As Collective DEX Liquidity Soars To $10 Billion 6

Uniswap remains unbeaten as it accrued more than half of the total liquidity locked up in decentralized exchanges with a total value locked [TVL] of $5.4 billion. Despite its humble beginnings, Uniswap comprises an astonishing 63% of the total DEX volume. It currently accommodated approximately $6.5 billion worth of weekly trade.

TWJ had previously reported that Uniswap held a market share of 48% in January. According to the charts compiled by Dune Analytics, the dominance over the Ethereum-powered decentralized exchange realm was found to have been growing at a rapid pace

Following its trail was its controversial clone platform, SushiSwap whose market share was found to be a little over 14% with a volume of $1.55 billion.

Number of traders on Uniswap stood at 190,873 while that of SushiSwap stood at 10,698, at the time of writing.

In terms of market share, Curve, in the third spot, and 0x Native, in the fourth, were the next in line with a market share of 6.6%, and 5.3%, and weekly trade volume of $686 million and $552 million respectively.

TVL In Tron’s DeFi Ecosystem Hits $8.5 Billion

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Tron, the popular blockchain project founded by Justin Sun has made waves in the decentralized finance [DeFi] space shortly after its foray. In the latest development, its Defi realm has hit a new milestone in the form of total value locked [TVL].

According to the project’s founder and CEO’s tweet on the same, TVL in its DeFi ecosystem has climbed all the way to $8.5 Billion.

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TVL In Tron's DeFi Ecosystem Hits $8.5 Billion 8

Tron’s Burgeoning DeFi Ecosystem

Riding on the unstoppable hype of Defi applications, the blockchain platform made its first foray into the industry with a host of products with ‘JUST’ as the prefix. Following are the Tron-based Defi products that contributed to the $8,5 billion TVL in such a short span of time:

JustStable, which happens to be the decentralized finance [DeFI] system of USDJ stablecoin, has amassed $968.9 million

  • The total value locked in Tron’s official lending platform JustLend was found to be $2.14 billion
  • The decentralized trading protocol JustSwap racked up $1.21 billion in TVL figures.
  • In addition, the TRC20 Token Backed 1:1 By Bitcoin, Ethereum, and Litecoin – Just BTC/ETH/LTC, was found to have a combined TVL of $2.16
  • Total TRX Frozen both in terms of energy and bandwidth stood at $2.102 billion.

The Sun-founded ecosystem has managed to add more than $1 billion in terms of TVL in just a period of 2 days. This can be evidenced by the Tron Foundation’s announcement which stated that the total value locked was found to be at $7.3 billion on the 18th of March.

The foundation has been increasing investment into further developing the DeFi realm and hence, the TVL figures on the network have risen substantially since the beginning of the year. But the latest numbers saw an increase of $3.5 billion which stands for a 70% increase since the roll-out of the blockchain Tron’s Century Mining which was launched by the blockchain foundation along with other platforms such as BitTorrent, JUST Foundation, SUN Foundation, and WINk.

GazeTV launches blockchain-powered social entertainment platform that puts creators first

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 GazeTV, a blockchain-based social entertainment platform recently announced its launch as a solution empowering content consumers to reward creators for their work. The rewards will reportedly be distributed in the form of tokenomic incentives and reward functions. The GazeTV platform was built to empower creators and audiences to interact, support, and grow while bringing each other up. To date, GazeTV has more than 180,000 minutes of content ready for the launch on March 30, 2021.

Nowadays, anyone with a camera or smartphone can curate videos and become a content creator. The main challenge that creators face today is in terms of monetization and transparent economics. Statistics showed that it takes 752 streams on Pandora and more than 1,400 views on Youtube to make just $1. Royalties and copyrights should mean artists are compensated for their work—but this is not always the case. Many entertainment platforms’ monetization policies are vague and ambiguous, leaving creators and consumers in the dark. 

GazeTV leverages blockchain fundamentals with the GAZE token created to tackle this challenge. The GAZE token lets users compensate creators based on their own preferences and tastes. The process eliminates the intermediary that determines creator compensation on traditional platforms, such as YouTube, and fosters a more transparent environment for all involved. Creators can track rewards and viewership, by earning, staking and swapping GAZE tokens, resulting in faster content-revenue distribution. GazeTV converts “users” into a global, engaged community.

The platform also offers an Automated Content Synchronization feature for creators to quickly and easily bring their content from other platforms onto their GazeTV channel. Creators can synchronize their content from Youtube, Facebook, and more than 455 million WordPress websites seamlessly. In addition, unlike existing platforms, GazeTV can also be accessed from China which opens up an entirely new market to creators and influencers.

GazeTV will be one of the few video content platforms available to Western and Chinese audiences. The roll-out of GazeTV is segmented into several phases, each phase adding exciting additional functions and features to the platform. 

Speaking about the launch, CEO Jack Cheng said:

“At GazeTV, we’re repairing everything that is broken with social entertainment platforms. The unfair reward mechanisms, for example, as well as annoying in-stream advertisements and inefficient payout processes, must be fixed. We want creators to build mutually beneficial and sustainable communities with their audiences. We are building an empowered and engaged Gazer community, using different tokenomic models than what exists elsewhere. At GazeTV, we highly treasure creator and audience engagement. This is our mission. Every second counts.”

Signal Impanels Bitcoin And Other Crypto For Donations Via The Giving Block

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The last couple of months opened up the gates to several platforms into the crypto-verse. Prominent messaging application, Signal is the latest firm to induce crypto into its system.

The price of Bitcoin [BTC] and an array of other coins were seen bagging massive gains. BTC even surged to a high of $61K. While the asset managed to garner shelter from several platforms, Signal revealed that it had started to accept crypto as donations.

Signal To Accept BTC Donations

The Signal application was rolled out in 2018 and amassed immense fame after WhatsApp users began encountering privacy-related issues. Now, Signal Technology Foundation, a nonprofit platform working under the messaging application has decided to accept donations in cryptocurrencies.

In a recent tweet, the app announced that the platform has begun receiving crypto. The tweet read,

Twelve prominent cryptocurrencies were accepted as donations by Signal. This list entailed, Bitcoin [BTC], Litecoin [LTC], Bitcoin Cash [BCH], Ethereum [ETH], Chainlink [LINK], Basic Attention Token [BAT], Gemini Dollar [GUSD] as well as Zcash [ZEC].

This latest initiative would reportedly be aided by The Giving Block, the prominent crypto donations portal.

The platform further read,

“If you want to receive a tax deduction in the US for the fair market value of your cryptocurrency donation, you can optionally provide an email address to receive a tax receipt. The Giving Block also supports anonymous donations.”

This messaging app isn’t the first platform to accept crypto for donations. The United Nations [UN], particularly the United Nations Children’s Fund [UNICEF] had been taking donations in crypto for quite a while now. The agency set up the CryptoFund back in 2019, to spruce up its presence in the digital world. UNICEF’s press release stated,

“The CryptoFund is a pooled fund of bitcoin and ether. It is a part of UNICEF’s Innovation Fund, with the distinction that investments made through the CryptoFund are denominated in crypto.”

Digital Asset Fund Inflows Hit $4.2B In Q1; reports CoinShares

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Q1 institutional inflow breaks all previous records: CoinShares.

Despite signs of weakening institutional demand, which triggered fierce market-wide, crypto-asset funds and investment products have reached a milestone after hitting a record of $4.2 billion inflows already in the first quarter of the year. This was revealed by the latest CoinShares weekly report.

There are 15 more days to go and with the sudden drop in Bitcoin and the cryptocurrency market, it is speculated that more capital could be essentially be poured in to buy the dip.

Coming back to the stats shared by CoinShares, digital asset investment products closed on Friday with $55.8 billion assets under management. This was accompanied by the weekend bullish when Bitcoin established a fresh ATH nearing $62K. This reflected the institutional demand that had earlier surged to levels never seen before.

Despite the fact that Bitcoin has been the clear winner amongst the investors, Ethereum has also gained its fair share of popularity among the institutional market participants. Inflows to Bitcoin was found to be at $3.3 billion, while that of Ethereum stood at $731 million. The world’s largest altcoin tuned in an inflow of $113 million last week which comprised almost 50% of total flows.

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Digital Asset Fund Inflows Hit $4.2B In Q1; reports CoinShares 11

Grayscale Lead, CoinShares Seals 2nd Spot

Out of the five digital asset investment providers, Grayscale Investment led the score with the total AUM of $43.72 billion, followed by CoinShares with $4.89 billion, 3iQ with 1.66 billion, ETC issuance with $1.21 billion, and 21Shares with $1.11 billion.

The recently launched Purpose Bitcoin fund, on the other hand, was found to be in the sixth position with $517 million in AUM according to CoinShares.

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Digital Asset Fund Inflows Hit $4.2B In Q1; reports CoinShares 12

The inflows of the first quarter of 2021 surpassed the previous record of $3.9 billion that was seen in the fourth quarter of 2020.

CoinShares’ analysis also revealed that market participants continued to opt for investment providers that simply track the price of cryptocurrency assets over those that have active management strategies. These are known as passive funds. This sector has amassed an AUM of a whopping $54.1 billion, as opposed to $786 million for those with active strategies.

Cardano [ADA] Becomes 3rd Largest Crypto After Coinbase Support

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One of the world’s largest cryptocurrency exchanges, Coinbase Pro announced adding support for Cardano [ADA] on the 16th of March. Currently, the platform will roll out trading for four pairs including USD, BTC, EUR, and GBP, which will commence from the 18th of March if sufficient liquidity conditions are met.

The official press release also revealed that the order books will launch in three phases; post-only, limit-only, and full trading. Coinbase Pro further stated,

“If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules.”

The San Francisco-based cryptocurrency giant also notified that it will only support withdrawals to Shelley addresses [i.e., addresses that start with addr1]. While full support for all Cardano addresses, including Byron and Shelley, will be launched shortly. However, support for the crypto-asset is not yet available on Coinbase.com or through its Consumer mobile apps.

Shortly after the announcement, IOHK CEO, Charles Hoskinson said,,

“I would like to be the first person to welcome Coinbase to the Cardano family. It has been a great relationship and the team that we work with for Rosetta support amongst other things has been absolutely exemplary and professional. I am so happy to see the announcement today. It has been a long road, a lot of very hard work went into that. It’s the beginning of, I believe, a great relationship which is going to extend throughout the years.”

Cardano’s [ADA] Price Skyrockets

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Cardano [ADA] Becomes 3rd Largest Crypto After Coinbase Support 14

Over the past couple of months, Cardano [ADA] has climbed significantly in the crypto ladder owing to several notable milestones with respect to the underlying blockchain. However, the latest uptick came in response to the Coinbase Pro listing news, as ADA’s value surged by almost 24% over the past day.

It was trading at $1.26, at the time of writing. The crypto-asset rose to the third position in the leaderboard trailing behind Bitcoin and Ethereum respectively. According to the latest stats, it held a market cap of $40 billion and recorded a trading volume of $10.7 billion over the last 24-hours.