Connect with us


Santander Bond on Ethereum Accrues Its First Quarterly Interest



In September, Spanish banking giant Santander became the first financial entity to manage all aspects of a bond on a public blockchain. The $20M bond on the Ethereum blockchain has now accrued its first quarterly interest.

The bond, first settled in September, was big news for the world’s largest smart contract platform when it was first traded.

Now, we have an update on Santander’s bond — it has accrued $99,000 in interest for the first quarterly period, as reported by Whale Alert (@whale_alert).

Ethereum and the Decentralized Finance Movement

The interest was distributed through a series of transactions, documented in the above Tweet.

Many are pointing to this as evidence that banks prefer Ethereum to Bitcoin. Ethereum’s latest focus has been on decentralized finance (DeFi), a hot topic in the cryptocurrency space. The goal is to move as many traditional assets onto decentralized platforms as possible, with the

hopes of it reaching critical mass. Cross-communication between traditional and decentralized finance is crucial to the long-term viability of Ethereum and cryptocurrencies in general.

Ethereum Eth

Banks Playing Catch Up

In May, BeInCrypto reported that banks were trying to ‘catch up’ to fintech by investing in blockchain technology. Santander, the bank responsible for this $20M bond, has committed to investing 20B euros in digitizing its information technology over the coming years.

Other banks have pledged similar amounts to make this transition possible. Altogether, it further boosts the case for decentralized finance with Ethereum coming out as a prime platform to make this a reality. Now that the Santander $20M bond has accrued interest for the first time, we can safely say that ‘decentralized finance’ has taken on real meaning.

In August, BeInCrypto also reported that the World Bank raised $34M after selling an Ethereum-backed bond. The sale was facilitated by the Commonwealth Bank of Australia (CBA), RBC Capital Markets (RBC), and TD Securities (TD). Many offshore investors were participants of this important milestone in the history of cryptocurrencies.

News Source


Bitcoin (BTCUSD) forecast on January 27 — February 2, 2020



Cryptocurrency Bitcoin (BTC/USD) is trading at 8359.Cryptocurrency quotes are trading above the moving average with a period of 55. This indicates a bullish trend on Bitcoin. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator stripes.

Bitcoin (BTCUSD) forecast on January 27 — February 2, 2020

As part of the Bitcoin exchange rate forecast, a test level of 8000 is expected. Where can we expect an attempt to continue the growth of BTC/USD and the further development of the upward trend. The purpose of this movement is the area near the level of 10020. The conservative area for buying Bitcoin is located near the lower border of the Bollinger Bands indicator strip at 7800.

Bitcoin (BTCUSD) forecast on January 27 — February 2, 2020


of the option to continue the growth of the Bitcoin exchange rate will be a breakdown of the lower border of the Bollinger Bands indicator stripes. As well as a moving average with a period of 55 and closing of quotations of the pair below the area of ​​7720. This will indicate a change in the current trend in favor of the bearish for BTC/USD. In case of breakdown of the upper border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.

Bitcoin (BTCUSD) forecast on January 27 — February 2, 2020 implies a test level of 8000. Further growth is expected to continue to the area above the level of 10020. The conservative area for buying Bitcoin is located area of ​​7800. Cancellation of the cryptocurrency growth option will be a breakdown of the level of 7720. In this case, we can expect further the fall.

News Source

Continue Reading


Venezuela Still Has the Highest Bitcoin Volumes



bygoogle || []).push({});

Cryptocurrencies are making waves in a number of problematic countries. However, Venezuela, which is notorious for its hyperinflation, is still topping the charts in terms of Bitcoin trading volumes.

In a recent tweet, Larry Cermak, one of the Block’s authors, revealed the top eight countries with the highest Bitcoin trading volumes, according to data from LocalBitcoin. Topped by Venezuela ($305,93 million), it also includes Colombia ($134,22 million), Peru ($45,54 million), Hong Kong (note: it’s not a country, it’s a special administrative unit of China, $21,73 million), Chile ($13,84 million). As well as Argentina ($11,94 million), Iran ($5,81 million), and Egypt ($1,40 million).

In a subsequent tweet, Cermak also showed the growth of LocalBitcoins volume in 2019 compared to 2018. The numbers show that the biggest surge occurred in Egypt (69,8%), Colombia (59,8%) and Peru (47,7%). Yet, Venezuela has also seen a tangible increase — 33,2%

What are the reasons?

Such impressive numbers grabbed the community’s attention. Consequently, assumptions flooded in as to the underlying reasons behind these developments.

A user that goes by the name santi.eth – devcon2020,  hacktivist @DemocracyEarth, believes that the drug cartels are playing a big role here. He writes, “that’s because it’s the money of Maduro’s cronies who launder coke revenue. they are the main users of LocalBitcoins and then later liquidate the BTC for renminbi with a little help from China.”

He adds, “Colombia  and Peru in the second place pretty much proves my point.”

But not everyone agrees. Another user suggests that the numbers are high because of large volumes of remittances. He tweets, “Or they are being used by Venezuelan migrants to send money abroad. Colombia and Perú have been the countries to receive the most, so it would check out there as well. @MattAhlborg might have more data to further this point.”

This view is more conventional, as it has now become clear that cryptocurrencies have become widely used for remittances. Just think of the Mexican case.

Besides, many have pointed out that cryptocurrencies are enticing because they alleviate the plight of citizens that live in hyperinflationary economies. Argentina is an exemplary case.

One does not rule out the other 

On the subject of the underlying reasons behind the numbers, it should be noted that there is no right or wrong here. All of the mentioned explanations are perfectly viable and could be concurrently contributing to BTC’s popularity in these countries.

Besides, it’s evident from the list that another explanation should be factored in. It has to do with political turmoil. To remind, in 2019 Hong Kong saw a series of protests that were politically-driven. More recently, Bitcoin trading volumes went up following the US attack that killed a prominent Iranian top general.

Previously, Altcoin Buzz explained how BTC threatens the US dollar.

News Source

Continue Reading


Bitcoin News Today – Headlines for January 26



news bitcoin
  • Bitcoin remains trapped beneath its previous support level
  • Bitcoin finds strong support at the $8,200 level
  • The major resistance of Bitcoin is near $8,500

Bitcoin News Today – The price of Bitcoin (BTC) has been relatively stagnant over the past day, after plunging from its year-to-date high. BTC started correcting lower from its 2020 high of $9,200 against the U.S. dollar. Nevertheless, the price of the digital currency is still in an upward trend and it could find buyers close to the $8k or $7,670 mark.

Bitcoin Finds a New Strong Support Level

After forming a 2020 high close to the $9,200 mark, Bitcoin has been on a downward trend. The price of the digital currency broke below the $9k and $8,800 support levels to enter a bearish zone. The bears were able to push the price of the digital currency beneath the 23.6 percent Fibonacci retracement level of the previous swing from the low of $6,836 to the high of $9,191.

Bitcoin (BTC) Price Today – BTC / USD


The digital currency continued its downtrend and broke below the major $8,500 support level. There are several crucial support levels on the downside close to the $8,200 and $8k levels. However, the major support of the digital currency is close to the $8k level since

it is close to the 100-day simple moving average.

Moreover, the 50 percent Fibonacci retracement level of the previous swing from the low of $6,836 to the high of $9,191 is also close to the $8k level. As such, the digital currency remains supported on the downside if the price corrects further.

On the upside, the major resistance of the digital currency is close to the $8,500 mark. There is also a formation of a bullish flag and declining channel with hurdles close to the $8,500 mark on the daily chart of the BTC/USD trading pair. Hence, the world’s most dominant digital currency needs to break over the $8,500 and $8,540 hurdle points to start a fresh increase. Furthermore, a break over the $8,600 mark would pave the way for more gains towards the $9k and $9,200 marks.

Will Bitcoin Break Below the $8k Level?

Bitcoin’s major support is the $8k level. The $8k mark is the major buy zone for the digital currency. If the digital currency breaks below the $8k level, the next major support is close to the $7,670 mark. The previous breakout area was close to the $7,670 mark and it now coincides with the 61.8 percent Fibonacci retracement level of the previous swing from the low of $6,836 to the high of $9,191.

As such, if the digital currency breaks below the $7,670 and $7,600 levels, it could negate the present bullish view. If this happens, the price of Bitcoin might return to the $6,500 support level.

News Source

Continue Reading