Since less than two months ago, many global investors, and traders have been rushing to have a stake in the second most valuable crypto known as Ether.
Data retrieved from Santiment Research Company, a crypto analytic firm, revealed that Ethereum’s total coin supply held off exchanges continues to rise, and is +3.63% since bottoming on March 24, shortly after Black Thursday.
Meanwhile, the top 100 non-exchange addresses have increased bags by +8.2% in just 35 days; both are bullish signals.
$ETH's total coin supply held off exchanges continues to rise, and is +3.63% since bottoming on March 24, shortly after Black Thursday. Meanwhile, the top 100 non-exchange addresses have increased bags by +8.2% in just 35 days. Both are bullish signals. 📈https://t.co/ihxdBA5YO1 pic.twitter.com/HpWnwdOYsF
— Santiment (@santimentfeed) August 31, 2020
Is it time to buy Ether? With ETH finally breaking out of its long $200-$250 daily close range since about five weeks ago, We revisited Ethereum’s historical model that illustrates the number of times a daily close transition has occurred between psychological support levels.
The second most valuable crypto, Ether (ETH), has been showing good strides in its most recent bullish path and looks likely to continue recording new highs in the near term. ETH price surged from $220 to $445 in just five weeks, and this is one of the largest surges for the crypto in the past 18 months.
However, the crucial area to keep holding ETH is the crypto asset breaching the $500 critical resistance level.
Traders should be wary that a breach in the $385 support level could send ETH back to the $350 level, but as long as ETH maintains support at the $396–$410 area, further upside is likely.
Things you need to know about Ethereum
ETH is a cryptocurrency designed for decentralized applications and deployment of smart contracts, which are created and operated without any fraud, interruption, control, or interference from a third party.
Ethereum is a decentralized system, fully independent, and is not under anybody’s authority. It has no pivotal point, and its platform is connected to thousands of its users through their computing system around the world, which means it’s almost impossible for ETH to go offline.
Like with many other crypto assets, speculating with Ethereum can be highly profitable and has had a good history of giving its investors huge returns. However, there are also many other options of making income from Ethereum. These options include Ethereum mining, Ethereum faucets, and ETH staking.
Standard Chartered Bank plans European crypto exchange
Standard Chartered Bank, United Kingdom’s multinational banking and financial services company, plans to launch a cryptocurrency exchange. To achieve this, the bank has partnered with Hong Kong exchange owner, BC Technology Group, to launch a platform for the U.K. and European institutional market.
The bank has long expressed interest in the cryptocurrency market and this is their way of breaking into the space. The project will be handled by Standard Chartered Ventures, the innovation arm of the bank, but no timeline has been given for the launch.
What they are saying
Alex Manson, Head of SC Ventures, in an interview with Reuters, stated, “We have a strong conviction that digital assets are here to stay and will be adopted by the institutional market as a highly relevant asset class.”
Raphael Polansky, the managing director at Boerse Stuttgart Digital Ventures GmbH, mentioned last week that demand for cryptocurrencies from traditional banks will increase over time but in the short run, they may be more reluctant and sceptical especially now that the market has been getting a lot of backlashes from regulatory authorities in various countries.
He stated, “We foresee a lot of strategic moves in the market where traditional banks will invest in crypto custodians instead of building up their own solutions.”
Standard Chartered is now one of the latest mainstream financial players to show interest in cryptocurrency trading. The bank’s longtime rival, HSBC, publicly announced that it had no interest in entering the cryptocurrency market, even as competitors seek to meet institutional and client demand for cryptocurrency-based investments.
What this means
With more traditional banks getting involved in cryptocurrencies, the notion that cryptocurrencies are speculative assets is being dispelled and the value of the crypto market is becoming clearer to investors, especially and with the global inflation rate which is expected to increase.
Standard Chartered share price is trading £505, currently up 0.52%.
Chinese government set to launch Digital Yuan lottery as part of digital currency trial
The Chinese government is set to launch another digital Yuan lottery to help its ongoing digital currency trials, happening in the capital of Beijing. The Beijing Local Financial Supervision and Administration announced yesterday that the government will distribute 40 million digital yuan ($6.2 million) to Beijing residents as part of a test run for the new digital currency.
Starting in June, the program will feature red envelopes, a traditional way of gifting money. Each envelope will have a free wallet containing 200 digital yuan ($31). The red envelopes are intended to be distributed to 200,000 lottery winners. Winners must download an application to use their prizes. The digital yuan can be used at nearly 2,000 designated merchants in the city. To register, consumers can use two banking apps: China’s Mobile Banking App and ICBC Mobile Banking app.
According to the announcement, Beijing residents must apply to participate in the lottery before midnight of June 7, and the winners will be able to spend their prizes by June 20. Users will have the ability to top up their wallets if they want to spend some extra money.
This is not the first giveaway the government has carried out. Multiple digital yuan giveaways were done in other cities such as Shenzhen. The lotteries are intended to help the People’s Bank of China test the country’s digital currency after the central bank launched the first digital Yuan trials in April 2020.
China has reportedly given away as much as 150 million digital Yuan ($23.5 million) to promote digital currency use as part of the trials as of late March. In fact, China’s central bank is looking to allow foreign athletes and visitors to use the digital yuan during the Beijing Winter Olympics in 2022.
To be launched crypto payment gateway FinRik’s native token Wavycoin launches presale
Wavycoin (WVY) the native coin of payment gateway cum exchange FinRik will be launching a presale by May 1 according to insider news, the utility coin boost of an ecosystem that aims at making betting decentralized while also allowing individuals to place bet on the most minimum activity that they find interesting.
Wavycoin will be built on Binance smart chain contract and the total supply of the token is 100million and its expected to debit at presale at $0.5.