Why India Is Poised For Explosive Bitcoin Growth

In March, India’s Supreme Court overturned the banking restrictions for crypto exchanges. This significant shift in tides opened the door for an explosion of growth on the Indian crypto exchange market. With banking being bank on track, exchanges are slowly reviving, and the crypto market is steadily ramping up again. In this short but detailed article, we’ll talk about why all Bitcoin bulls are predicting explosive growth in India.

BTC and ETH Leading the Ramp Up

With the Coronavirus-caused global lockdown which has affected India as well, many Indians who are staying inside are using this time to invest in new streams of revenue. The two most popular avenues among Indian investors are gold and cryptocurrencies. When speaking of the latter, many exchanges operating in India have recorded spikes in new registrations. Tech-savvy users who closely follow the crypto market have found that now is the right time to diversify income and increase crypto holdings.

Moreover, two of the most popular cryptocurrencies, Bitcoin and Ethereum, have experienced solid growth over the past few months. Ethereum, in particular, has been looking promising since the start of the year. With 2020 being only halfway through, this year could be especially significant for this cryptocoin.

The Revival of Cryptocurrencies in India

Bangalore has been dubbed as “India’s Silicon Valley,” and for a good reason. With more tech workers in the city than in entire populations of some countries, Bangalore is a tech hub with no shortage of technically skilled people. The city leads the way in crypto-related job postings. This trend will only continue to rise now that the significant legal battles have been decided in favor of cryptocurrencies. One of India’s leading crypto exchanges, Unocoin, is already serving thousands of active users, with around 400,000 users that have already gone through the know-your-customer process on this exchange.

Why Every No-coiner Should Listen to the Latest Bill Bert Podcast

Anthony Pompliano is a well-known and trusted Bitcoin bull. Bill Burr and Bert Kreischer are two comedy legends who run a podcast for fun. So, what do Bill and Bert have in common with Pompliano? Not much, aside from their capability to shift the tide of the crypto market just by one video call podcast.

Episode 20 of the Bill Bert Podcast, in which the duo hosted Pompliano, has garnered substantial interest and captivated many listeners with an entertaining and educational approach to the topic of cryptocurrencies and Bitcoin. If you want to get into the crypto market, but are wary of the financial danger, you should read this article.

Interesting Takeaways from the Pompliano Episode

It’s no secret that the fiat system is relatively unstable and fragile. The leading proponents of Bitcoin and cryptocurrencies in general often talk about this when comparing the benefits of using cryptocurrencies over fiat currencies.

While discussing with the two comedians about this topic, Anthony Pompliano briefly mentioned the currently on-going crisis in Lebanon. In short, the Lebanese pound experienced a dramatic downturn, crashing nearly 50 percent against the dollar in just ten days. While drastic currency fluctuations have happened in many unstable countries over the years, over the past decades, Lebanon has had a reputation of being a very politically stable government.

To be completely objective, such problems have been on the horizon for the country. Being a net importer relying on debt management and printing money, Lebanon has been going in this direction for a few years. But, when the crisis began in October 2019, few could predict that this Middle Eastern gem could find itself in such a frightening situation.

Another high point that Pompliano touched on was that no one could print more Bitcoin or control its value. As long as both parties in the transaction believe that the crypto coin has value, then it has value. As a conspiracy theory extraordinaire, Bill was sold by the fact that no country can control or manipulate the value of Bitcoin.

As the hour and a half long episode went on, Bill and Bert seemed to switch from being no-coiners to enthusiastic potential Bitcoin investors. Bill, in particular, looked like he was soaking in the info. And, in his classic over the top trademark comedic style, convinced all of us listeners like he’s intent on breaking the bank and becoming the newest Bitcoin bull.

Shifting the Tides

Even though cryptocurrencies have been present for quite some time now, they have had a reputation of being unreliable and unpredictable. Due to their complex nature, crypto coins still haven’t managed to grab the interest of the broader population. This is the biggest reason why the crypto market hasn’t yet garnered widespread acceptance.

During the conversation, Pompliano highlighted how Bitcoin has only gone up in the overall scheme of things. From its initial value of less than a penny to today’s worth of $9k, the leading cryptocurrency has only grown as its market demand increased over the years.

That said, no matter that the Bill Bert Podcast is one of mostly entertainment value, the great comedic duo could make an impact in changing the tide in the minds of a lot of their listeners who are no-coiners. A lot of credit also goes to Pompliano, who showed his extensive knowledge, while presenting the most crucial concepts of cryptocurrencies concisely and straightforwardly.

Episode 20 of the Bill Bert podcast was not only very entertaining to watch, but might have kicked off a substantial tidal shift and motivated a lot of people to get into the world of cryptocurrency trading. If you liked this article, we recommend you to watch the entire episode of the podcast and get even more detailed information.

Can Bitcoin Make a Big Rally Around Thanksgiving?

For the first time since October 25, Bitcoin has broken below the $7500 mark. The currency is very unstable at the moment and is constantly hovering around the $7000 zone, with no major indication of getting back to the previous value. However, a wide consensus of cryptocurrency experts predicts that the leading crypto can make a comeback in the following days. But, can Bitcoin stop its drastic fall and stabilize itself in the upcoming period? Continue reading to find out.

Recent Bitcoin Trends

Earlier this week, Bitcoin pulled a rather unpleasant surprise for the faint of heart. Dropping below $7000 in more than a year, it stopped at $6550 before stabilizing again. The following few days after the big price dump, the crypto was averaging sideways around the $7000 mark, unable to hit above $7200. Analyzing this price drop trend through three different metrics, we can say the following:

  • 50 Moving Average – After the initial drop, the following 50 hours didn’t see any dramatic value rises or drops.
  • 200 Day Moving Average – Observing the value through a 200 day moving average lense, it appeared that the coin has leveled out in overall value. This means that in the weeks after this, it could continue to go south.
  • 50 Week Moving Average – Unfortunately, the 50-week average doesn’t look much better than the 200 days one. It reads that this cryptocurrency might drop to $5 if nothing changes.

Learning from Past Trends

Of course, no matter how bleak these predictions might seem, it’s still fairly early to say anything. The current trend line needs to hold the coin’s value above $7000 if any gains and improvements, in the long run, can be measured and calculated. Also, it should be mentioned that long term calculations usually have bullish tendencies, while shorter one tends to be bearish.

Since this article has so far been pessimistic to some extent, let’s take a look at the situation from the other side. The reality of the current situation is that Bitcoin is still ready to resume its stable long-term growth, despite occasional drops in value. The current trend line looks much like it did before the big boom in 2015. To be more specific, the coin remains on the edge of falling out of a secular bull market while the relative strength index is above 50, just like it was back then.

The Crypto Market in General

The overall situation of the crypto market hasn’t changed drastically over the past couple of weeks. The remainder of the altcoins are still pretty much at the same distance from Bitcoin as before. With that said, the crypto market has managed to make a slight recovery in the previous period and is now hovering around $197 billion. This is good news, although the market likely needs to face further consolidation before any major spike can be expected.

With the current Bitcoin value being as it is now, and if we were to trust the wide consensus, now might actually be a great time for Bitcoin owners to add more coins to their wallets before the coin returns to its previous value. Coincidentally, the timing of this drop could also play a big factor in Bitcoin’s value increase, as many online users might decide to treat themselves by buying this crypto when shopping fever hits on Black Friday. While there’s no telling for sure how the situation will unfold, there’s no reason for panic, as the leading cryptocurrency will most likely return to its recent high, the only thing remains to be seen is when.

Omni Shutting Down after Four Years

Despite having a very promising start, the Ripple-backed startup recently announced that it will be shutting down its business by the end of the year. The company announced that it will be completely going out of business, with Coinbase hiring at least 10 of their current employees. According to trustworthy reports, this decision came as a result of a dwindling 2019, a year that saw staff layouts, physical store sales and many other efforts put into keeping the business afloat. 

A Brief Overview of Omni’s History

As a reminder, Omni has originally launched a little over four years ago, in 2015. It started as a unique service for personal storage, collecting items from their customers and storing them in a warehouse until they need them again.

 Two years later, in 2017, Omni introduced a new feature of its service by letting users rent out what they were storing to provide them with extra money-making opportunities. It also moved into helping retail stores run their programs. Unfortunately, as this change required from both users and merchants to make a drastic shift without significant rewards, this attempt didn’t fare well on the market.

It 2018, it seemed that the company finally managed to gain some ground and that it will finally be able to establish itself as a significant player, as it raised $25 million from the crypto company Ripple. One of the biggest reasons why Omni went out of business were the ballooning storage prices and invaluable storage prices, especially because users could get a much more efficient delivery system from Amazon.

During its relatively short existence, the service has managed to make a dent in the industry. However, despite its performance on the market, we are still left with a question of whether the investors and ex-partners will get any of their cashback.

More info: https://www.theblockcrypto.com/linked/48512/ripple-backed-omni-is-reportedly-shutting-down-sells-engineering-team-to-coinbase

Cryptocurrency Executives Make A Massive Entry In China’s Billionaire Rich List

The Asian country, which leads to this continent’s economy, China, happens to have no shortage of billionaires, and according to Forbes, this list is quite long. This brand-new rich list has shown up, and blockchain and cryptocurrency executives who are a part of it are growing exponentially. If you put the market prices aside, it is pretty obvious that a vast majority of people still make some big money out of this industry, which is still developing.

Binance And Bitmain Top Crypto Rich List

As claimed by Forbes, Jack Ma of Alibaba is the richest man in China with a whopping net worth of $35 billion. Nevertheless, the cryptocurrency rich list, which was recently released by Hurun, stated that the number of crypto giants is increasing on the wealth charts. As by today’s report, which included twelve crypto industry executives, and the founder of Bitmain, Micree Zhan is on top of the chart with an impressive net worth consisting of 30 billion yuan or $4.2 billion. The forty-year-old Mecree Zhan is the genius who made Bitmain, the largest supplier of the mining hardware in the whole world, as well as the wealthiest man in China in the crypto market.

Although this is not even close to Ma’s e-commerce fortunes, it clearly shows that the cryptocurrency industry is extremely profitable, and there are more billionaires because of it.

The second man on that very list is the mysterious boss of Binance, Changpeng Zhao, whose net worth was somewhere around 18 billion yuans or approximately $2.4 billion. That is great because this company didn’t exist for more than two and a half years. Zhao has moved up for thirty-five positions since the whole list was published and also continues to expand his wealth as Binance is rising like it’s the Google of the crypto world.

Bitmain is currently third in the world of crypto’s richest with the co-founder Jihan Wu whose net worth is just behind Changpeng Zhao’s with 17 billion yuan. The fourth and fifth man on the crypto rich list are the founder of OKEx, Star Xu, with a net worth of 10 billion yuan, and Leon Li of Huobi with a net worth of 7.5 billion yuan.

Global Expansion

A vast majority of these new billionaires have concluded that global expansion is crucial in their success. Although oppressive regimes like one party in China aims to crack down on cryptocurrency, they can’t defeat the growing appetite of the rising population. Every one of these three exchanges, which are mentioned before, went to expand out from China and in much more friendlier climes. For instance, Malta Hong Kong and Singapore, where no restrictions exist to slow down the business. Totalitarian governments have to realize that if they ban something, it will increase the demand for it, which is quite evident in the case of China. Two popular payment platforms enable yuan deposits, WeChatPay and Alipay, the exchange has successfully opened crypto up to potential two billion investors and traders.

SocGen, A French Lender Issued A $110 Million ETH Bond To Itself

Six months have passed since Societe General issued its very first bond on a public blockchain. It still has to offer the instruments to its clients or to take advantage of the whole potential of the smart contract, which mediates the sale. Although, this French financial institution with a big reputation claims that it didn’t forget regarding the €100 million bond or approximately $110 million. They sold the bond to itself, and they’ve said that they’re still quite interested in trialing the blockchain technology in the long run. 

eth

“Our intention isn’t to resell this at this particular time,” as said by Jean-Marc Stenger, who is the Chief Executive Officer (CEO) of Societe General subsidiary Forge Digital Capital Markets. That happens to be one of many startups that are a part of the “intrapreneurial” program in this financial institution. This bank has placed covered bonds on the well-known cryptocurrency, Ethereum, all the way back in April this year.  It is one of a couple of established companies that experimented with the issuing debt with the help of one of the biggest public blockchains by market cap.

In November last year, BBVA has recorded a massive $150 million loan on ETH. This September, Santander has settled both sides of a colossal $20 million bond transaction on ETH, which means that it didn’t just issue a token to represent the debt, but it has also settled the price amount with the assist of other tokens representing cash. Although Societe General is still the owner of the bond which has made, the lender is going to supervise if the Ethereum’s smart contract can indeed automate the usual functions of issuing debt.

“We’re demonstrating that every event of the bond has been written in the smart contract, and every event is managed by it,” by the words of Stenger. “We’re going to see if this particular technology becomes the future.”

With the word “event,” Jean-Marc Stenger means that the before-mentioned smart contract is successfully managing the parameters of the issuance. This happens to include a certain mechanism that extends the maturity of the bond, which was issued by one of the best financial institutions in the world, Societe General. That is an option intended for the issuer, in this case, SocGen, to call the security back if it is necessary and also an automated calculation of the fantastic semi-annual coupon that is paid to the bondholder.