It wasn’t too long ago when Coinbase had launched fiat-crypto trading in Europe. It was less than a year ago in September 2018. however, within a year of launching it the company has encountered a major roadblock to keep doing it in a smooth manner. Barclays, the global banking giant that was making it possible for Coinbase to provide this feature, has decided to cut its ties with Coinbase. Though a formal announcement has not been made in this regard, the report is based on information provided by the trusted industry sources of Coindesk.
According to the report of Coindesk, Barclays has decided to do this thing due to a little contraction in its risk appetite. This is expected to hit the crypto community of Britain very hard, because the move will restrict the access of Coinbase users to UK’s Faster Payments Scheme (FPS) system. As a result, the rate at which GBP moves into Coinbase ecosystem may get reduced dramatically. Here’s what Coindesk source told it in this regard:
“It is my understanding that Barclays’ risk appetite has contracted a little — I’m not sure exactly why or what’s been driving that, maybe there has been some activity they are not happy with. But it’s about Barclays’ comfort level with crypto as a whole.”
For time being Coinbase will continue to provide fiat-crypto trading through Clearbank. However, it soon needs to find another more established banking partner as soon as possible if it wants to provide services without any disruption in UK.
As far as Barclays is concerned, this is not the first time when it’s taking a step back in the crypto space. There was a time when people were enthusiastic about its increasing interest in crypto, but it started taking a U-turn soon after that. Last year in August it denied the reports that claimed it was working on a cryptocurrency trading desk, and then it gradually stopped all kind of actions that would’ve brought its name in the limelight of crypto. In April its name once again appeared in the crypto space as it completed a blockchain trial in partnership with RBS, but today we’re hearing this thing! Clearly, Barclays may be interested in blockchain, but it’s not looking interested in crypto at the moment.
Cardano Price Analysis: ADA Price Has Gained 1.31% in the Last 24 Hours
Cardano has been able to yield a slight growth of 1.31% over the last 24 hours. With four major price variations, Cardano price touched as high as 0.047540 USD in this period. The coin is likely to follow a recovery path soon. By the end of 2019, ADA coin may experience a price rally. Let us discuss the current data of the coin now.
Current Statistics of Cardano
|Cardano (ADA)||17th August 03:18 UTC|
|ROI (Return on Investment)||116.38%|
|Coin Circulation||25,927,070,538 ADA|
|Market Cap||1,216,627,881 USD|
|Value in USD||0.046817 USD|
|Value in BTC||0.00000453 BTC|
|24h Volume||44,193,984 USD|
ADA to USD Price Comparison
Today, at the beginning of the day, Cardano price was trading at 0.0473 USD and it started weakening after that. By 05:50 UTC, it was being traded near 0.04447 USD, with a fall of 6.04%. It was, however, followed by a hike of 6.93%, which took the ADA coin to the highest point of the day at 0.047540 USD in just 9 hours and 17 minutes. This growth could not be sustained, and Cardano fell by 2.96% in the next seven and a half hours from 15:08 UTC. The last swing was a marginal recovery of 1.81%, and this took the Cardano price to 0.046964 USD
Cardano Price Prediction
ADA coin’s recent growth hints at the initiation of price recovery by the coin. However, the next couple of weeks may see marginal growth or stagnation. The details of the resistance and support levels are given below:
|Cardano||Resistance & Support Levels|
|1st Resistance||0.047964667 USD|
|2nd Resistance||0.049088333 USD|
|3rd Resistance||0.050640667 USD|
|1st Support Level||0.045288667 USD|
|2nd Support Level||0.043736333 USD|
|3rd Support Level||0.042612667 USD|
Banks like Citi, JP Morgan, Goldman Sachs, BNP, HSBC will come to Bitcoin community for a bail out, claims Max Keiser
Bitcoin’s falling prices for the past few days has alarmed the “recent introduced” masses across the globe, while tempting hodlers who believe “it’s never a bad time to invest in Bitcoin.” One such prominent Bitcoin advocate, Max Keiser, featured in a recent interview with Trade U to discuss the depreciating value of fiat and Bitcoin’s position to fill the void. Hinting at ongoing interest cuts and related market manipulations, Keiser stated,
“If you want to escape money, you only have two choices: One is gold, the other being Bitcoin.”
In this regard, he also highlighted every government’s race to acquire large reserves of gold, which also suggests the depreciating value of traditional currency. Moreover, the investor suggested that Bitcoin market will “stabilize” and eventually “transform from store of value to a medium of exchange.” What may come as a shock to the wider community, Keiser claimed,
“Altcoin market is never coming back. There’s nothing any of these coins can do that Bitcoin can’t do or won’t be able to do shortly.”
Although “no real use case” argument was put up against the altcoin ecosystem, Keiser banks on Bitcoin’s “unstoppable” nature to experience complete dominance during the next financial crash. Envisioning this future, he warned the traditional market and government agencies,
“Those banks like Citi Group, JP Morgan, Goldman Sachs, BNP or HSBC will come to the, Bitcoin community for a bail out. The Bitcoin community will consider it, but of course it would be done on our terms.”
Keiser also highlighted India’s ongoing crypto-ban notion as a “regretful” decision, while contrasting it with New Zealand’s move to allow crypto for tax and payments purposes. Based on the unknown number of Bitcoin reserves held by various nationalities, it is highly speculated that crypto’s mainstream adoption may redefine global power status for every country. As a result, officials have to soon embark a “now or never” situation that will embark a civilization that uses fiat currency as a vintage collection item.
Bitfinex launches new decentralized exchange: DeversiFi
Cryptocurrency exchange Bitfinex is launching a new high-speed decentralized exchange called DiversiFi. The service will allow users to execute orders directly from their private wallets. According to a press release shared with CryptoSlate, DeversiFi will replace the company’s Ethfinex exchange.
An advanced Ethereum decentralized exchange
Ethfinex Trustless, a community-driven exchange developed by Bitfinex, will be evolving into DeversiFi, the company announced in a press release shared with CryptoSlate. The new exchange will exist independently from Bitfinex and will offer multiple new features the company has been working on for the past two years.
DeversiFi will deliver deep order books, narrow spreads and fast execution speeds, the company said, while providing the same performance large, centralized exchanges do. Bitfinex also claimed that DeversiFi is the first and only high-speed decentralized exchange that allows traders to execute orders of any size directly from their private wallets.
The exchange will introduce leveraged trading while keeping margin trading as simple as possible. Lending features will also be provided on the platform, allowing traders to lend directly within the Deversifi interface.
Successful scaling of Ethfinex
Will Harborne, the CEO of DeversiFi, said the new decentralized exchange was a “necessary next step forward” towards the company’s goal of providing a premium service to its clients. Ethfinex Trustless had successfully scaled to the point where users could expect the same performance as that of a centralized exchange.
Paolo Ardoino, CTO of Bitfinex, echoed the statement saying the achievements made by the Ethfinex team have been “incredible.” He also added that DeversiFi was on the right path to facilitate the transition to a decentralized financial world.
According to the company’s press release, all previous users of Ethfinex Centralized will automatically be moved to Bitfinex after it officially closes in September 2019. In the meantime, DeversiFi will be launching new products and features. We are yet to see how Bitfinex’s promises hold up in the next few weeks when more users get on the DeversiFi platform.