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Crypto Market Recovery In Process As China Injects $18.6 Billion to Bail Out Evergrande

Mark Brennan
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Crypto Market Recovery In Process As China Injects $18.6 Billion to Bail Out Evergrande

Chinese real property giant Evergrande has defaulted on its debt payment, and fear of company’s payment default has resulted in an unintentional drop in financial markets across the globe.



There was a belief that crypto market downfall was caused by investors rush to liquidate their crypto assets due to concerns of global financial market fall.

However Central Bank of China has put 120 billion Yuan or 18.6 billion dollars to their financial system with the intention of rescuing Evergrande.

 

 

A failure of Evergrande could cost China a lot and numerous specialists have predicted China will do everything it can to stop Evergrande from falling and their predictions seem to be true. Since Evergrande is getting a rescue from second strong economy of the world, the cryptocurrency market may see reversal from bearish towards bullish.

 

Historical data suggests that the final quarter of year has proven to be positive for the crypto market, which means the start of October could be a good time to help the market get back in its bullish path.

 

Robinhood Bringing Long-Awaited Cryptocurrency Wallet And Transfer Features

Mark Brennan
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Robinhood Bringing Long-Awaited Cryptocurrency Wallet And Transfer Features

Robinhood announced on Wednesday that it has implemented their long-awaited cryptocurrency wallet as well as transfer capabilities to enable customers to transfer and receive cryptocurrency.



In the coming month of October, selected Robinhood customers will be able to begin testing the new features according to the company.

Robinhood blog writes:

“We have news! We’re excited to share that starting next month, the first customers will begin testing crypto wallets on Robinhood. We’ll share their experience and feedback on our blog and twitter regularly so you can follow along and get an under the hood look into what we’re building.

Robinhood crypto wallets will allow you to move your crypto in and out of your app in a few taps: send your crypto to other wallet addresses and receive supported cryptocurrencies into your Robinhood account”

 

Robinhood will allow all customers to join these new features next year till Feb 2022. The announcement comes one day after Bloomberg reported that Robinhood is testing wallet and transfer features, and pointing to a beta version of their iPhone app.

Robinhood claims that crypto is aligned “perfectly” to their aim of making finance more accessible for everyone.

Robinhood currently provides the ability to buy and sell cryptocurrency. The wallet feature will allows users to store and transfer their cryptocurrencies in or out of Robinhood app.

This means that users can transfer their cryptocurrency to different wallet addresses, and receive cryptocurrencies that are compatible with their accounts.

 

Robinhood is currently supporting seven cryptocurrency including Bitcoin (BTC) Bitcoin cash (BCH), Bitcoin SV (BSV), Dogecoin (DOGE), Ethereum (ETH), Ethereum classic (ETC) and Litecoin (LTC).

In terms of storing cryptocurrency in wallet, Robinhood stated that it is able to support security functions such as the Two-factor authentication, identity verification and email and phone verification.

Here Is First Indication of Appearing Selling Pressure From Large Bitcoin Holders

Albert Brown
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Here Is First Indication of Appearing Selling Pressure From Large Bitcoin Holders

According to data provided by OkLink, the number of large transactions rapidly spiked during the recent sell-off, which may be the first indication of appearing selling pressure from large Bitcoin holders.



An indicator provided by OkLink tracks the number of transactions greater than 500 BTC.

bitcoin large transaction indicator

 

The rise in the number of transactions has appeared after a significant drop on the weekend, which is a common practice since traders are mostly being active on weekdays. But before facing a weekend transactional activity drop, the indicator showed another spike on Sept. 14, which may be a reflection of large transactions on exchanges that were later realized on the market.

After a 15% sell-off, even more whale-tier transactions have been made but, in addition to that, different on-chain data providers have not shown any increased exchange inflows, which means that even though large wallets are selling their assets, institutional investors are not looking forward to selling their assets.

 

On-chain indicators that track the transactional activity on the network in general, like Spent Volume Age Bands by Glassnode, old Bitcoin holders have not been redistributing their assets on the market. In addition to that, the distribution of funds and spending rates have been slowing down.

After the Sept. 21-22 sell-off, spending rates have not been spiking up or gradually increasing, which confirms the thesis about “hold” sentiment among institutional investors.

 

Is Crypto Investing legal in India? Here’s everything you need to know

Mark Brennan
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Is Crypto Investing legal in India? Here’s everything you need to know

Investments in cryptocurrency have gained a lot of momentum recently. At the beginning of the second quarter of FY’21-22, there were approximately 15 million crypto investors in India. As the conversation regarding the government’s cryptocurrency bill is underway, Indian investors have many questions about the legal implications of cryptocurrency investments. In this article, we will answer some critical questions about investing in cryptocurrency in India, any legal implications, and more.

Is Investing Cryptocurrency Legal In India?

Let’s address the elephant in the room first – is investing and buying cryptocurrency in India legal? The short answer is yes, since there are no defined regulations about it (so far). There are no current laws that prohibit investments. Cryptocurrencies right now are not issued or controlled by any government or regulatory body. Currently, if you buy cryptocurrency, the investment is treated like a commodity or asset class, much like gold or real estate trading. 

What Will the New Crypto Bill Mean for Crypto Investments – What We Know So Far

As crypto gained popularity in 2018, the Reserve Bank of India barred banks and financial institutions from dealing in cryptocurrencies. The curb was overruled by the Supreme Court in March’20. RBI also issued a statement asking banks not to refer to their 2018 circular to ban crypto transactions, a move that was hailed by crypto investors.

As the conversation around tabling the crypto bill is underway, a lot of reports talk about what the next course of action could be. According to an Economic Times report, some cryptocurrencies like Bitcoin, Ethereum, Tether, etc. will be considered as assets or commodities. These will be treated likewise for taxation and other utilities like payments, investment, and more. Former RBI deputy governor R Gandhi has advocated classifying cryptocurrencies as an asset to make it easier to have regulations around them.

Another important aspect of the report is that after the bill comes into effect, only government-approved cryptocurrencies will be allowed to trade. Many investors are also hopeful that the bill will be able to clear the air about tax implications around cryptocurrencies. 

Read more about what Kevin Lim, Head of Legal for ZebPay says about the tabling of the Crypto bill.

Is Cryptocurrency a Valid Currency in India?

Cryptocurrency is not a standard or valid currency in India. The currency of a country is a legal tender that is regulated and controlled by a sovereign guarantee. In India, only the RBI can issue a currency. What this means is that if you buy bitcoin in India or any other cryptocurrency for that matter you cannot exchange or use it to buy anything in return. Having said this, cryptocurrencies can be minted and traded online within the country. Cryptocurrencies are digital currencies and are considered a valid asset class.

Is It Safe to Trade in Cryptocurrencies?

Buying cryptocurrency in India or trading in cryptocurrencies is as safe as trading in any other investment class. It is definitely subject to related market risks much like mutual funds, stocks, real estate, gold, etc. However, right now, the trading of cryptocurrencies isn’t regulated by a government body (like share trading and mutual funds), something which might come in place with the crypto bill.

The Future of Cryptocurrency Investments in India

The crypto bill can be a game-changer for investors planning to invest in bitcoin, ether, or any other cryptocurrency. One of the positive changes that we might see are innovations in applications where digital assets can be created. Regularization of cryptocurrencies will ensure optimizing the volatility of crypto investments. 

Crypto investments have given good returns in the past. However, cryptocurrency has been subjected to market conditions as well. So, it might make sense to plan your investment portfolio in cryptocurrency by studying the market and understanding the risks. Bitcoin has been the most popular and stable cryptocurrency so far. Therefore, investing in bitcoin might be beneficial (subject to market). Zebpay is a one-stop shop that can help you securely invest in Bitcoin and other digital currencies. You can start your crypto investment journey with Zebpay with Rs. 100/- only. To know more about how to buy Bitcoin in India or and start your crypto trading journey – sign up.

 

3 In 10 Crypto Owners Saw Kim Kardashian AD Promoting Shady Crypto Project “Ethereum Max”

Jakkk
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3 In 10 Crypto Owners Saw Kim Kardashian AD Promoting Shady Crypto Project “Ethereum Max”

According to an Morning Consult poll, about 3 out of 10 crypto users were exposed to Kim Kardashian’s Instagram advertisement that promoted “Ethereum Max.”



3 In 10 Crypto Users Saw Kim Kardashian AD Promoting Shady Crypto Project “Ethereum Max”

Morning Consult writes:

  • “Roughly 1 in 5 U.S. adults heard about Kim Kardashian’s Instagram post promoting the cryptocurrency Ethereum Max.
  • Forty-five percent of crypto owners would be likely to invest in a cryptocurrency if a celebrity endorsed it, compared to 81 percent for a financial advisor.
  • Crypto owners are more likely to seek out investing tips on social media and brokerage or trading apps than general investors.”

The famous model posted a story on Instagram about a questionable cryptocurrency to millions of followers in the middle of June.

Kim said that she received information about Ethereum Max from her friend.

The sketchy Ethereum Max doesn’t have a whitepaper, and does not have any significant developer activity.

In the last month Financial Conduct Authority chairman, Charles Randell criticized Kardashian for using his massive crowd reach to promote a speculative digital token.

 

He said:

Kim Kardashian recently paid to ask her 250 million Instagram followers to speculate on crypto tokens by ’joining the Ethereum Max Community‘, it may have been the financial promotion with the single biggest audience reach in history.

 There is no shortage of stories of people who have lost savings by being lured into the cryptobubble with delusions of quick riches, sometimes after listening to their favorite influencers, ready to betray their fans’ trust for a fee.”

Kardashian isn’t the only celebrity to be a part of Ethereum Max’s campaign to promote the token. NBA superstar Paul Pierce, and legendary boxer, Floyd Mayweather also promoted the controversial ERC-20 token.

World’s Largest Theater Chain CEO, Adam Aron Takes Poll On Twitter: “Should AMC Accept Dogecoin? “

Mark Brennan
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AMC, a world largest movie theater chain, plans to accept Bitcoin payments by 2021. Last week AMC announced that it would include Ethereum, Litecoin, and Bitcoin Cash to its list. Dogecoin supporters were quick to protest on Twitter for ignoring Dogecoin.



It seems that their message was heard. Adam Aron, CEO of AMC, asked his Twitter followers on Tuesday if the largest cinema chain in the world should accept Dogecoin.

 

Adam Aron says:

“I sincerely want to hear your opinion, via this Twitter Poll. By year-end 2021, AMC will take Bitcoin, Etherum, Litecoin and Bitcoin Cash for online payments. I hear from many on my Twitter feed we should accept Dogecoin too. Do you think AMC should explore accepting Dogecoin?”

 

99,507 people have already voted for the idea, 71.7% of them believe that Dogecoin should be added as a mean of payment for AMC. 14.2% of voters believe that adding the joke coins as a payment option to existing payments would be a waste of effort.

Dogecoin fans are vocal on social media, But there’s another fold: AMC is well-known as the “meme stock” and DOGE as a popular meme digital currency.

Biden Administration Sanctions Cryptocurrency Exchange Over Ransomware Attacks

Mark Brennan
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Biden Administration Sanctions Cryptocurrency Exchange Over Ransomware Attacks

CNBC reports that the Biden administration on Tuesday will unveil sanctions against a cryptocurrency exchange over its alleged role in enabling illegal payments from ransomware attacks, officials said, part of a broader bid to crack down on the growing threat.



The Treasury Department accuses Suex OTC, S.R.O. of facilitating transactions involving illicit proceeds for at least eight ransomware variants, marking its first such move against a virtual currency exchange over ransomware activity.

“Exchanges like Suex are critical to attackers’ ability to extract profits from ransomware attackers,” Treasury Deputy Secretary Wally Adeyemo said in a call with reporters previewing the announcement. “Today’s action is a signal of our intention to expose and disrupt the illicit infrastructure using these attacks.”

 

Hackers use ransomware to take down systems that control everything from hospital billing to manufacturing. They stop only after receiving hefty payments, typically paid in cryptocurrency.

Attacks are increasing in scale, sophistication and scope, the Treasury said. In 2020 ransomware payments reached over $400 million, more than four times the level in 2019, Anne Neuberger, deputy national security adviser for cyber, told reporters on the call.

The officials said the administration is also updating guidance on sanctions to encourage victims of ransomware attacks to share information with law enforcement.

 

The Treasury said an analysis of known Suex transactions shows that over 40% of them involved illicit actors. While some exchanges are exploited by bad actors, others like Suex, “facilitate illicit activities for their own illicit gains,” the agency added in a release.

The sanctions, included in a 2015 executive order targeting cyber criminals, block Suex’s access to all U.S. property and prohibit Americans from transacting with the company.

Suex OTC is a private company based in the Czech Republic, according to Refinitiv’s Eikon.

XBE Finance Amplifies Yield On $12bn Curve And Convex Liquidity

Mark Brennan
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XBE Finance Amplifies Yield On $12bn Curve And Convex Liquidity

Curve.fi and Convex finance have fundamentally changed the way Decentralised Finance yield mechanisms work by offering great rewards for liquidity providers on stable coins and other tokens – with approximately 12bn USD in total value locked (TVL). This is why XBE.finance has chosen to build out their products using both Curve.fi and Convex Finance as a foundation for its protocol.



The XB Hive product is taking this concept of complementary yield further to improve rewards even more.  All a user needs to do is commit their Curve Liquidity Provider tokens to the XB Hive, and it will add its own token rewards (in the form of the XBE token) on top of what Convex and Curve already offers – amplifying the yield of any Curve liquidity staked in the XB Hive to some of the highest levels for users around!

The XB Hive makes yield easier for more users

Over and above the rewards in XBE (the XB protocol’s Ethereum governance token) the Hive complements these great protocols by adding new features and tools for users to earn and dive into DeFi!

  • The first of these is on-chain referral rewards – creating new earning opportunities for users even if they don’t have liquidity of their own. Referring a new user will  generate up to 10% rewards for you on referred liquidity, so you can earn rewards together with the users you refer.  Note that referral rewards are generated as an additional reward in CVX, CRV and XBE by the protocol and never deducted from a user’s liquidity.  This means you can build up a steady stream of additional passive referral rewards, just by introducing users to the XB Hive!
  • The second is a service called EasyXBE that makes it really simple for users to start their yield journey! All you need is ETH in a metamask wallet and you can start earning with a single transaction!  At the moment EasyXBE is helping users earn in the protocol’s XBE/ETH pool on SushiSwap, and will add the supported Curve pools as part of the Hive!
  • The third service makes it easy for users to convert their FIAT into DeFi liquidity (and back when they need to) through regulatory compliant partnerships with licensed financial institutions. Users can complete transactions instantly with credit card, or use SEPA or SWIFT wire transfers to fund a free IBAN numbered EURO bank account in their name and use those balances to pay.  In turn they can sell their DeFi liquidity back for EUROs through the same service, and then transfer FIAT via SEPA or SWIFT to other traditional bank accounts within authorised jurisdictions around the world.

So what is the XB Protocol?

The XB protocol was launched to bridge the gap between everyday users, DeFi, and traditional finance through the benefits of an “Integrated Finance” approach.  Optimising yield rewards on user’s DeFi, FIAT, and Traditional Securities liquidity through the XB Hive is an important step that underpins the protocol’s commitment to regulatory compliance when engaging with the FIAT and Traditional Finance worlds, while respecting the privacy and self-sovereignty that makes DeFi so exciting.

The XBE (ERC20) token was distributed freely and fairly to community members with no founder or investor allocations to enable protocol governance during an initial liquidity event. Supply is limited and with the current emission schedule will reach 40 000 tokens as maximum supply by September 2023.

The protocol generates daily XBE token reward emissions that are used to support the respective services that grow the protocol – helping to attract liquidity, earn protocol income, and incentivize partnerships.

XB Protocol plans for Layer 2 networks

It is no secret that high gas fees makes it difficult to do smaller transactions cost effectively on Ethereum, and the XB protocol is no exception to that, which is why plans to expand to layer 2 networks like Fantom, Polygon and Binance Smart Chain (among others) are well underway and will happen one after another following the XB Hive launch!

The Hive has been designed so that it can offer the same reward amplifications and ease of use functions that it adds to Curve and Convex on the Ethereum network for leading protocols on each layer 2 network it is launched on!

To kick-off the first layer 2 network launch plan the protocol will soon take a snapshot on the Ethereum network to airdrop a proportion of new tokens to veXBE holders (users who have locked up their XBE).  Users can also look forward to new launch liquidity incentives!

Remember to follow our socials so you don’t miss out on the XB Hive launch, or the coming Layer 2s!  You can find them on the XBE.finance website or read up on XB protocol’s roadmap on the “This is XBE” blog!

You can start with XBE today!

You can go to EasyXBE today to trade the XBE token, stake or lock XBE, or take advantage of the XBE rewards on the SushiSwap Pool while we all wait in anticipation for the imminent XB Hive launch!

In Last 24 Hours Crypto Market Lost $1 Billion In Futures Liquidations Due China’s Evergrande Crisis

Albert Brown
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In Last 24 Hours Crypto Market Lost $1 Billion In Futures Liquidations Due China’s Evergrande Crisis

More than 205,000 users lost their crypto futures trading positions in one day as global markets remained in the red.



According to analysis platform Bybt, crypto futures totaling $1.2 billion have been liquidated in the past 24 hours as global markets continue to slide across the board.

At the time of writing, the vast majority of top cryptocurrencies are still in the red. Bitcoin, for example, has been down 11% since Saturday and is trading at around $42,660.

The price of Ethereum, the second largest digital asset by market cap, has also lost 13% since the weekend, falling to around $ 3,044 at press time.

 

Long trading positions made up the lion’s share of today’s liquidations. According to Bybt 83.53% of liquidated positions were long in the past 24 hours, which is nearly half a billion dollars. On the other hand, shorts worth $96.89 million were liquidated over the same period.

In total, just over 205,000 traders lost their positions last day, while the largest single liquidation, worth $10 million, took place on the BitMEX crypto exchange.

 

It’s not just the crypto market that has slumped in the past few days; Other markets such as the S&P 500, the Dow Jones Industrial Average, and global equity markets also continue to decline.

Many analysts attribute the global market slump to recent concerns about Evergrande, China’s heavily indebted real estate giant.

A potential collapse of the troubled company could even have an impact on the global economy as a whole, according to CNBC.

Chang, chief investment officer at Rockefeller Global Family Office, told CNBC;

“Evergrande is a systemically important company, real estate is so important to the Chinese economy and the financial well-being of so many Chinese families. Homeownership is over 90%,” said Chang. “So many people buy apartments as an investment, so if this thing is not contained, it could become a real black swan.

“If China were to have a serious economic issue because of China Evergrande, the rest of the global economy would have contagion from it.”

Binance Will No Longer Offer Futures And Options Trading In Australia

Mark Brennan
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Binance Will No Longer Offer Futures And Options Trading In Australia

Binance, the leading crypto exchange by trading volumes, has announced that it will no longer offer futures and options trading in Australia.

On top of that, the company will also remove support for leveraged tokens, a derivative product that allows users to gain leveraged exposure to cryptocurrencies without risking liquidation.

Starting from Sept. 24, its Aussie customers will have 90 days to exit their positions.

 

Binance.com writes:

“As Binance constantly evaluates its product and service offerings to comply with local regulations, we will cease offering the following products to existing Australian users:
  • Futures
  • Options
  • Leveraged Tokens
Effective from 2021-09-24 09:00 AM (UTC), existing Australian users will have 90 days to reduce and close their positions for these products. Users will be able to top-up margin balances to prevent margin calls and liquidations, but they will not be able to increase or open new positions.
Users will no longer be able to manually reduce or close their positions after 2021-12-23 11:59 PM (UTC). Thereafter all remaining open positions will be closed.”

To ensure its products are compliant with regulatory requirements in each country, the crypto exchange took a variety of steps.

Binance imposed mandatory kYC for all new users, binance no more offered derivative and future trading services for its Hong Kong users, binance stopped crypto futures trading services across European countries, daily withdrawal limit for binance unverified accounts was reduced and binance leverage trading limit was also  reduced from 101x to 20x.

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