Crypto-backed lending service CEX.IO LOAN, launched in October 2020, has been experiencing major demand, receiving over $100M worth of loan requests to date. Most of the requests came from institutional investors, despite the service’s popularity among retail clientele, as well.
They prefer the company’s service due to the convenience it offers to users. On the CEX.IO LOAN platform, customers can borrow cash against their cryptoassets in a quick and simple manner, without having to deal with credit checks or any unnecessary paperwork.
CEX.IO LOAN serves various cryptocurrency market participants, from retail investors and traders to startups and large enterprises. Users can borrow any amount between $500 and $100,000 at competitive interest rates starting at 8.75% per year and the loan duration ranging from seven days to one year.
The service has already experienced high demand from VIP clients, with 41% of all CEX.IO LOAN customers borrowing cash against Bitcoin, 53% – against Ethereum, and 6% – against decentralized finance (DeFi) tokens.
While retail investors borrow $1,400 on average, VIP clients request larger-sized loans, with the typical amount being $1 million or higher. Institutional clients also need the funds for more extended periods (usually, 6-12 months), which indicates a long-term asset management strategy.
“As institutional investors find the digital asset industry increasingly attractive, it’s a pleasure to serve them with our enterprise-grade instant crypto-backed loan platform. Security, convenience, and compliance are key priorities for corporate clients, which are features that we have been providing to all our clients in the rapidly growing CEX.IO ecosystem,” Anton Chashchin, Commercial Director for the CEX.IO LOAN service, stated.
About CEX.IO LOAN
CEX.IO LOAN is a part of the CEX.IO Group. Founded in 2013, CEX.IO operates one of the largest international exchanges of the cryptocurrency market, which has been featured among Crypto Compare’s ten best exchange services. With offices in the UK, USA, Ukraine, Cyprus, and Gibraltar, CEX.IO serves over 3 million customers worldwide. From entry-level users to professional traders, as well as institutions and businesses, CEX.IO suits the needs of various crypto market participants with a reliable, high-security digital asset service.
Blue Ridge Bank has announced that for the first time in U.S. history a commercial bank is providing access to Bitcoin at its branch locations. Cardholders can purchase and redeem Bitcoin at 19 Blue Ridge Bank ATM locations, consisting of both branch and off-site ATMs.
“Blue Ridge Bank is excited to continue its evolution to serve the growing needs of our current and future customers,” said Brian K. Plum, Chief Executive Officer of Blue Ridge Bankshares, Inc. (NYSE American: BRBS), the parent company of Blue Ridge Bank. “The ATMs remain able to serve cash-based and inquiry activity, so this is simply layering on more services and reinforces our commitment to the future of banking for all customers.”
BluePoint ATM Solutions CEO Wade Zirkle commented, “We are proud to partner with Blue Ridge Bank and LibertyX to provide ATM management services that are Bitcoin-capable. We predict that more community banks and credit unions will demand innovative fintech solutions like this at their branches, and we are excited to be a leader in this space.”
“We’re honored to work with Blue Ridge Bank and BluePoint. For years, consumers have been asking for the ability to buy bitcoin from their banks. We are proud that BRB is the first bank in the nation to offer bitcoin services on their ATMs,” said Chris Yim, LibertyX Co-Founder & CEO. “LibertyX provides consumers with the trust and ease of going to 8,500 ATMs at local convenience stores, pharmacies, and gas stations. Now they can also buy bitcoin at their local bank ATM.”
Blue Ridge Bank, N.A., is the wholly-owned banking subsidiary of Blue Ridge Bankshares, Inc. Through its subsidiaries and affiliates, Blue Ridge Bank provides a wide range of financial services including retail and commercial banking, payroll, insurance, card payments, wholesale and retail mortgage lending, and government-guaranteed lending. The bank provides commercial banking services to customers located throughout Virginia and North Carolina.
BluePoint ATM Solutions is one of the largest privately-held ATM management companies in the U.S., with offices in Virginia and Colorado. BluePoint ATM Solutions specializes in providing efficient, outsourced ATM services to Community Banks and Credit Unions across the U.S. and providing customized ATM services to the retail and hospitality industries.
In 2020, TruckPay introduced the first multi-currency, multi-lingual, and multi-metric fleet management logistics platform to serve the needs of the aggregates, asphalt, scrap metal, recycling, demolition, agricultural, and landfill industries. TruckPay has now announced that cryptocurrencies, such as Bitcoin, Ethereum, and Stellar Lumens will be able to be used to facilitate payments on both its TruckPay Fleet Management and MyTruckScales platforms.
Truck Pay’s CEO and President, Barry Honig said, “Given the growing acceptance of cryptocurrency, with companies like Tesla preparing to accept Bitcoin as payment, we feel that it is time to allow users of our platforms to pay their subcontractors and independent owner-operators in a variety of cryptocurrencies, if they so choose.” Benjamin Honig, TruckPay’s CTO said, “I’ve been active in the crypto industry for the last 4 years and over that time, I have developed a deep knowledge of the space. I appreciate how cryptocurrencies can be used to help serve some of our underbanked drivers and contractor companies, especially ones in places like Latin-America and Africa, that have unstable fiat currencies.” Benjamin went on to say, “I have also established an extensive network of resources in the crypto software development space that will allow TruckPay to not only initially allow crypto payments on the platform, but will also, eventually, allow us to offer other related value-added services. Barry Honig concluded by saying, “By offering our customers cryptocurrencies as an additional payment method, combined with our multi-lingual and multi-metric features, we will be able to fully realize TruckPay’s goal of making our products accessible to any job creating company, subcontractor, driver, and truck scale owner anywhere in the world.”
TruckPay provides highly secure, mobile and cloud-based, paperless, enterprise truck fleet and scale management platforms. The powerhouse father-son team and company co-founders are Barry and Benjamin Honig. Barry is blind and brings many years of technology and business experience, eliminating paper tickets from trading in the financial services industry to automating logistics. Barry’s son, Benjamin, is a two-time Apple WWDC Scholarship winner. Benjamin has a remarkable talent for creating very user-friendly apps.
The custody bank said Thursday it will hold, transfer and issue bitcoin and other cryptocurrencies on behalf of its asset-management clients. In time, BNY Mellon will allow those digital assets to pass through the same plumbing used by managers’ other, more traditional holdings—from Treasurys to technology stocks—using a platform that is now in prototype. The bank is already discussing plans with clients to bring their digital currencies into the fold.
“Digital assets are becoming part of the mainstream,” said Roman Regelman, chief executive of BNY Mellon’s asset-servicing and digital businesses.
Wall Street Journal, February 11, 2021
It’s difficult to imagine a stronger signal that Bitcoin and cryptocurrencies are heading towards mainstream adoption.
The Chief Financial Officer of Twitter, Ned Segal, gave an interview to CNBC today and was asked about Bitcoin. In that interview he stated that Twitter has been doing a lot thinking on how to pay employees in Bitcoin, how to pay a vendor in Bitcoin, and even if Twitter should have Bitcoin on its balance sheet.
Auto company Tesla just revealed this week that it had used $1.5 billion of its cash to purchase Bitcoin. In response to the actions of Tesla, Mr. Segal stated that the company is continuing to study that possibility and that they haven’t bought any Bitcoin with the company’s cash… “Yet.”
It was announced within the past 24 hours that Tesla has used $1.5 Billion of its “cash that is not required to maintain adequate operating liquidity” to buy Bitcoin. The company stated it had done so in order to “maximize returns on our cash,” as stated in the company’s most recent 10-K filing with the SEC. The filing revealed that in addition to the massive purchase of Bitcoin, the company also expects to start accepting Bitcoin as payment for its automobiles “in the near future.”
Talking your book is a phrase used to describe what portfolio managers are doing when they discuss their portfolio holdings. It is generally assumed that this discussion is to create interest (and buyers) of these securities.
This will ultimately benefit the price of the security and the manager’s portfolio. The more cynical out there might see any sort of stock rise as an opportunity to exit a position as well.
Even that might be too simple an explanation. A manager might take the opposite tack an bad mouth a position hoping for a drop in price to allow further accumulation.
To summarize and simplify the above quote, “talking your book” basically means that a money manager will talk glowingly about an asset he wants to sell (in order to get the highest price possible), and conversely will talk negatively about an asset he is in the process of buying (in order to drive the price down to provide a better entry price).
Did Elon do that?
It certainly seems that way to us. Have a look at his tweet from December 20, 2020:
“As institutional demand for transparent, exchange-listed crypto derivatives continues to increase, we are pleased to launch our new Ether futures contract,” said Tim McCourt, CME Group Global Head of Equity Index and Alternative Investment Products. “The addition of Ether, along with our liquid Bitcoin futures and options, will create new opportunities for a broad array of clients, whether they are looking to hedge ether positions in the spot market or gain exposure to this cryptocurrency on a regulated derivatives marketplace.”
“Just like in other capital markets, derivatives have become the avenue of choice for institutions to access cryptocurrencies,” said Sui Chung, CEO of CF Benchmarks. “Our status as a U.K. FCA regulated benchmark provider, whose compliance is regularly audited by Deloitte, gives institutions further confidence to enter the cryptocurrency space via the CME Ether futures contact based on our CME CF Ether-Dollar Reference Rate. For the first time, investors can gain exposure to the second-largest cryptocurrency by market cap via a U.S.-regulated futures contract. Just as Bitcoin futures paved the way for institutions to enter the crypto market in 2017, so CME Ether futures will allow CME Group clients to gain even greater exposure to the asset class.”
“CME Group has been an integral participant in the continued institutionalization of this asset class, and the launch of Ether futures is yet another milestone,” said Michael Moro, CEO of Genesis Global Trading Inc. “Genesis is excited to continue to work closely with CME in this effort.”
“The launch of CME Ether futures is an exciting addition to the digital assets ecosystem as it evidences the ongoing maturation of the asset class as a whole,” said Michael Sonnenshein, CEO of Grayscale Investments. “At Grayscale Investments, we’ve seen enormous growth in investor interest for Ethereum and we’re excited to see the growing list of financial product offerings expanding access to digital currencies.”
CME Ether futures are cash-settled, based on the CME CF Ether-Dollar Reference Rate, which serves as a once-a-day reference rate of the U.S. dollar price of Ether. Ether futures are listed on and subject to the rules of CME.
As the world’s leading and most diverse derivatives marketplace, CME Group enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex® platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world’s leading central counterparty clearing providers, CME Clearing. With a range of pre- and post-trade products and services underpinning the entire lifecycle of a trade, CME Group also offers optimization and reconciliation services through TriOptima, and trade processing services through Traiana.
We want to give you a heads up regarding news stories that you are almost certainly going to be subjected to this year: In 2017, the higher the price of Bitcoin climbed, the more stories were published about the “Bitcoin bubble”.
There are a couple of reasons why the bubble is sure to burst. The first is just that it’s a bubble, and any chart which looks like the one at the top of this post is bound to end in tears at some point.
Bitcoin gave back most of its gains on Tuesday after billionaire entrepreneur Mark Cuban said in a series of tweets the digital currency is in a bubble. Cuban Tweet: I think it’s in a bubble. I just don’t know when or how much it corrects. When everyone is bragging about how easy they are making $=bubble
Is the latest frenzy like tulipmania, a gold rush or the dotcom boom? MARKETS frequently froth and bubble, but the boom in bitcoin, a digital currency, is extraordinary. Although its price is down from an all-time high of $2,420 on May 24th, it has more than doubled in just two months.
There are hundreds upon hundreds of news stories from 2017, all claiming that Bitcoin was in a bubble and implying that anyone holding Bitcoin was going to lose everything once the bubble popped.
These stories were published in every month of the year, however, the higher the Bitcoin price climbed, the more frequent the stories became.
We expect the same stories to be rolled out again en masse this year, as the price of cryptocurrencies soar in a major, breathtaking bull market.
There are bear markets, and there are bull markets. If our forecast is correct, the top of this bull market in cryptocurrencies will not be reached until mid to late December this year.
We are not going to let the coming onslaught of Bitcoin bubble stories frighten us into selling prematurely.
Over a decade ago, a white paper by Satoshi Nakamoto was distributed to a cryptography mailing list outlining a novel proposal for a “peer-to-peer electronic cash system” called bitcoin. This innovation spurred a new, global industry and asset class that has created hundreds of billions of dollars in value, and inspired a generation of entrepreneurs and innovators.
From the foreword
Another pro-crypto statement:
The World Economic Forum Global Future Council on Cryptocurrencies represents a broad cross-section of experts working to make cryptocurrencies useful across a wide range of use cases.
From the foreword
And one more:
Cryptocurrencies have reached a point of inevitability. We have dedicated our careers to advancing the adoption and use of cryptocurrencies because we believe they represent an enormous opportunity to grow the global digital economy and benefit consumers and businesses across the world.
From the foreword
When on reads the report, it becomes very clear that the World Economic Forum clearly believes that cryptocurrency will permeate all economic and financial transactions globally.
We pointed out how closely 2021 price behavior is following 2017 price behavior:
This year, Bitcoin reached its high on January 8, only 3 days later than it did in 2017.
In 2017, the previous 4th year of the Bitcoin cycle (2021 is also a 4th year of the Bitcoin cycle), Bitcoin made an intermediate high on January 5 and an intermediate low on January 25.
This year, Bitcoin made an intermediate high on January 8, and made an intermediate low on January 28 – again, exactly 3 days later than it did in 2017.
The timing of these swing lows and highs is remarkable.
Using this data, we predict that February will not see a new all time high for the price of Bitcoin.
If the pattern continues to follow 2017 this precisely (at some point it will diverge, markets don’t repeat so precisely for extended periods of time), the new all time high for Bitcoin will not arrive in February, as the pattern in 2017 saw Bitcoin top its early January high on February 28th of that year.
Comparing 2021 to 2017, the cycle has been experiencing a 3 day delay, which would suggest a new all time high for Bitcoin will not be reached this year until March 3.
Of course, this forecast is not guaranteed. Highly charged positive crypto news events could cause Bitcoin to surge to new highs sooner, while the unexpected appearance of negative Bitcoin news sphere could delay the timing of a new all time high for Bitcoin.
We are quite certain, however, that a new all time high for Bitcoin is only a matter of time.
Several of our news articles this year – as well as several from last year – included details regarding the 4 year cycle in cryptocurrency prices. The editors at Top5Cryptos are strongly of the opinion that the entire cryptocurrency market is correlating to the previous 4 year cycle patterns in excess of 90%.
Using this year cycle pattern, we are going to predict the general price action of the crypto market for the months of February and March.
First, though, we will look at the crypto price behavior during the previous 4 year cycle top of 2017.
Bitcoin Price Performance In Early 2017
Bitcoin started the first day of 2017 at $1,003. It rose rapidly, gaining nearly 19% by January 5th.
Bitcoin then fell by 24% to reach a low on January 25.
From that date, Bitcoin basically bounced up and down in price without going much in either direction. Prices were choppy from January 25 until February 16.
From February 16 to February 24, Bitcoin had a sustained upward movement in price, reaching the same price that it had attained on January 5 of that year.
From February 24 until March 1, the price of Bitcoin remained near the high of January 5. However, on March 2, Bitcoin broke out above the high of January 5, rising about 8% above the peak price attained in early January.
Bitcoin then suffered a 20% correction into a low on March 19.
Bitcoin then again experienced choppy sideways price action until March 30.
April was the month that the climb in the Bitcoin price really kicked into high gear and Bitcoin left for good the trading range it had been in the first 3 months of the year.
Here is what the Bitcoin chart looked like for the above described time period in 2017:
The research, which analyzed exclusive survey results and public databases, discovered that males are more aware of Bitcoin than females, and that 67% of Millennials favor Bitcoin over gold.
The data encompasses results from November 2019 to January 2021 – making it the most comprehensive cryptocurrency study to date. Moreover, our data hits on topics that resonate with consumers, academia, and the private industry. The results shed light on a new narrative that has not been covered – one that reveals rampant disparity.
Male vs Female Bitcoin Awareness: According to another survey, 78% of male survey respondents reported being aware of Bitcoin, while only 71% of females were aware of this particular digital asset (18+ or Older).
The Top 100 Richest Wallet Addresses Hold 13.56% of Bitcoin’s Total Supply: It’s common for whales to spread their ownership over several addresses, so it’s unclear the number of individuals who control the top 100 richest wallet addresses.
The evidence is abundant that 2021 is the year that will bring a jaw-dropping Altcoin Season. Just as the sun rises in the East and sets in the West, Bitcoin is the first cryptocurrency to rise in price, and the Altcoins eventually follow.
Bitcoin Leads, The Altcoins Follow
There’s no questioning that Bitcoin is the definitive OG of the cryptoshere, as is most likely best highlighted by the point that the flagship digital asset has been in a position to pique the interest of many prominent legacy financial institutions – like Microstrategy, BlackRock, Grayscale – during the last year or thereabouts.
Even with all the sell offs and volatility which was witnessed during the last week, data available on the web definitely shows that the number of addresses with 1,000 or over Bitcoin (referred to as “whales” in the crypto world) has continued to increase. As is ALWAYS so with professional institutional money, the “buy-the-dip” strategy is employed with full force.
While big institutional players plant news stories and give interviews that create fear, uncertainty and doubt (FUD) – thus driving the price down as nervous traders sell – at the same time they are accumulating for themselves at lower prices.
Like it or not, that’s standard operating procedure for traditional markets, and especially crypto.
And where Bitcoin leads, the altcoins will follow.
Forecasting Altcoin Market Activity for the Coming Year
We’ve been pounding the table that 2021 is going to be another moonshot type of year due to the 4-year cycle. 2013 was the year of the first 4-year cycle top. 2017 was the second instance of a tremendous crypto bull run into the second top of the 4-year cycle.
2021 will be the year of the third top of the 4-year cycle.
In order to gain a better understanding of how the 4 year cycle top will play out, we’ll go back and examine the previous iteration of the cycle.
Looking At The Altcoin Season Of 2017
It’s been said that “History doesn’t repeat, but it sure does rhyme.” If you go back and look at historical prices of Bitcoin from previous years, it’s very obvious that Bitcoin isn’t following the 4-year cycle precisely 100% on a daily basis, but the correlation is over 90%.
In other words, Bitcoin price action rhymes with previous Bitcoin price action.
Let’s look closely at Bitcoin’s price action in 2017 as well as the leader of the altcoins, Ethereum.
Bitcoin Price Action In 2017
Bitcoin was priced at $1,003 on January 1, 2017.
It took 138 days for Bitcoin to double in price. (May 18)
It took 216 days for Bitcoin to triple in price. (August 4)
It took 226 days for Bitcoin to quadruple in price. (August 14)
It took 284 days for Bitcoin to quintuple in price. (October 11)
Ultimately, Bitcoin went up more than 19-fold into the 4-year cycle high on December 17, 2017.
Ethereum Price Action In 2017
Ethereum was priced at $8.20 on January 1, 2017.
It took 60 days for Ethereum to double in price. (March 1)
It took 72 days for Ethereum to triple in price. (March 13)
It took 74 days for Ethereum to quadruple in price. (March 15)
It took 75 days for Ethereum to quintuple in price. (March 16)
By the first day of summer, June 21, Ethereum had increased in price by a factor of 41 times over.
Ultimately, Ethereum went up more than 170-fold into the 4-year cycle high on January 10, 2018.
Altcoin Season Lessons
Looking at the above prices of both Bitcoin and Ethereum, we can gain insights into how the altcoin season of 2021 will unfold.
Here are some key takeaways:
Once altcoin season starts to gain momentum, prices of meritable altcoins will rise faster than Bitcoin.
March is likely to be a very good month for the leading altcoins.
By the summer of 2021, a handful of the best altcoins should be as much as 40 times higher in price compared to where they started the year.
The top altcoins could go up in price more than 150 times their value at the start of the year.
Bitcoin will reach its 4-year cycle peak 3 to 4 weeks before the altcoins do, and will start its new bear market.
The entire altcoin market will follow Bitcoin into its next bear market.
An altcoin season is also a term used for a season in which an altcoin is outperforming the price of the original: Bitcoin. There are three stages to an altcoin season. The first stage is when there is a profiting trend on an altcoin that is very new, or a trend that is new to a particular altcoin. The second stage is when the profiting trend dies down, and there is no longer any substantial profit potential from the altcoin in question.
In the third phase, after the profiting trend has died down, the altcoin season starts to see a new influx of traders who are looking to make a long position in the market. By this stage, the profitability potential in trading on any altcoin is significantly reduced. During the second phase, the price movement of all-time high prices of bitcoin continues on its upward trek.
One of the factors that makes the altcoin season so interesting to follow is the fact that there is considerable amount of volatility in the market. The large increase in volatility is what allows an investor to profit from the trading of ether and another high valued alternative currency. Volatility is usually considered a good thing for experienced traders because it increases the opportunities to profit from price movement – both UP and DOWN.
For investors and holders, however, the volatility can be nerve wracking.
lastly, it’s important to remember that the altcoin season doesn’t last forever. In fact, most (statistically it’s over 90%!) investors lose money during the bearish period. However, if you find several profitable altcoins during this time, it can be literally, life-changing.
Come the end of 2021, just remember one fact: trees don’t grow to the sky.
Two days ago, on January 22, the Crypto Fear and Greed index sharply dropped to a value of forty, moving the market sentiment from “Extreme Greed” to “Fear.” The index dropped to this level for the first time since October 3, 2020, when Bitcoin was trading at around $10,500. Today the index has recovered to a level of 70.
Before dropping to forty, the Crypto Fear and Greed Index topped at ninety five on January 6, demonstrating that investors turned extremely greedy amid Bitcoin hitting the all time highs about $42,000 on January 8. The Bitcoin price subsequently had a significant correction, dipping to as low as $28,750 three days ago, on January 21.
The Crypto Fear and Greed Index has been providing a reading of’ Extreme Greed’ for months now. Often considerable Bitcoin price pullbacks haven’t dampened the enthusiasm. For the whole month of December, as well as the outset of January, just about all readings had been above 90/100. Nevertheless, after the significant correction earlier this month, scores haven’t exceeded ninety.
Back in March of 2020, the index spent several weeks hovering around the extreme fear level of 10. This recent pullback to 40 is considered a healthy sign by market technicians who warn against overly bullish buying activity which can lead to a market becoming “overbought”.
Now that the excessive bullish sentiment has been cleared from the market, conditions are more favorable for Bitcoin to resume it’s climb.
How The Crypto Fear and Greed Index Works
Volatility is used by the indicator, social media engagement, market dominance, as well as Google Trends to assess investor sentiment towards the cryptocurrency.
Like the fear and greed indexes in the classic markets, the Crypto Fear and Greed index is actually a tool which measures 2 of the main emotions that affect just how much investors are actually ready to purchase cryptocurrencies such as Bitcoin.
The extreme fear level could be an indication that investors are very worried, which may suggest an excellent buying opportunity. In comparison, when investors are actually getting overly greedy, it might be an indication that the industry is actually ready for a correction.
The Crypto Fear and Greed Index is able to separate the bullish and bearish conditions of the market by measuring the levels of perceived demand and supply of the various buyers and sellers. When the sentiment of greed is prevalent, the index measures how high the prices are when compared to other times. When the sentiment of fear is prevalent, then the prices are lower than other times.
Hagens Berman urges investors in Bit Digital, Inc. (NASDAQ: BTBT) with significant losses to submit their losses now. A securities fraud class action has been filed and certain investors may have valuable claims.
Bit Digital, Inc. (BTBT) Securities Fraud Class Action:
The complaint centers on whether Defendants misled crytpocurrency investors about Bit Digital’s business operations and prospects by concealing that the company exaggerated its bitcoin mining operation.
Investors began to learn the truth, according to the complaint, on Jan. 11, 2021, when market analyst J Capital Research issued a scathing report about the company, concluding that Bit Digital operates “a fake crypto currency business” “designed to steal funds from investors.”
According to J Capital, “[t]he company reported at end Q3 2020 that it was operating 22,869 bitcoin miners in China,” but that “is simply not possible” and “[w]e verified with local governments supposedly hosting the BTBT mining operation that there are no bitcoin miners there.”
In response, the price of Bit Digital shares crashed lower.
“We’re focused on investor losses and proving Bit Digital faked its business by falsely portraying itself as a player in bitcoin mining,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
Huobi futures has noted that in 2020 there has been an impressive $2.3 trillion traded with an average of 6.3 billion per day. Within two years since its launch, Huobi Futures is now the largest cryptocurrency derivatives exchange by trading volume.
According to the statistics of TokenInsight, BTC rose by 90% from September to October last year. The open interest of BTC/USD swaps has risen from $1.2 billion to $2.4 billion in the same period with a growth rate of 100%.
Making the process better
Huobi Futures has looked to keep in touch with the wants and needs of traders in order to offer a service that is robust, flexible, and easy to use. This has seen a number of different products and trading innovations launched.
From Coin-margined swaps to USDT-quoted options and coin-margined bi-quarterly futures, Huobi Futures offered improved services that lead to a new all-time high in 24-hour volume of over $28 billion on Nov. 26th.
Coin-margined Futures was the first product of Huobi Futures. Launched in December 2018, its trading volume has sustainably ranked first in the derivative market in only eight months. At present, Huobi’s coin-margined futures trading has included 13 major crypto assets with a unilateral trading volume of $1.32 trillion in 2020.
Following the introduction of their first flagship product coin-margined futures, coin-margined swaps launched on Mar. 27, 2020 and exceeded BitMEX, the largest coin-margined swaps exchange at that time, in 45 days. Its annual trading volume reached $785.5 billion in 2020 and it has covered 57 mainstream currencies, including a wealth of DeFi currencies for users to choose from.
In September last year, Huobi launched USDT-quoted options whereby users could trade without worrying about the risk of liquidation.
The fourth product USDT-margined swaps. Launched in Oct. 26, 2020 its trading volume has grown rapidly with its cumulative trading amount exceeding $177.8 billion in just two months.
What Has Huobi Futures Done In 2020?
Robust risk-control system and zero clawback
Huobi Futures is the first digital asset derivatives exchange in the industry that supports a three-phase liquidation protection mechanism and no transaction fees will be charged in partial liquidation. Moreover, the platform uses Exponential Moving Average (EMA) as a second reference for forced liquidation.
Due to its strong risk control system, the platform holds a record of zero clawback for 752 days since its launch in December of 2018. In version V6.3.0., the system has a throughput of 10W+, the response speed of placing and canceling orders is within 6ms, and the link delay is within 25ms.
Huobi Futures supports multiple order types including Limit Order, Trigger Order, IOC and FOK. To improve the asset utilization and to reduce trading cost, Huobi introduced lots of innovative features like locked margin mechanism, take-profit and stop-loss, real-time settlement, Follow a Maker & Taker, etc.
Huobi Futures also designed the “Switchable Leverage When Holding Positions” function for its coin-margined positions. With no need to close positions first, users can switch leverage with positions holding as long as there is no open order. All these exciting functions empower both institutional and retail traders to fetch out maximum benefits in derivatives trading.
VIP level evaluations based on USD amount
Due to the fact that most crypto exchanges require at least hundreds of BTC to be traded per month to reach their VIP standard, many traders have been rejected by these platforms to get a VIP when the annual increase in Bitcoin price has risen by 400%.
On Huobi Futures, as long as you have assets worth of 30,000 USDT in Huobi Futures account, you will be qualified for VIP. In addition to that, Huobi introduced an upgraded VIP Sharing Program, that is, VIPs of any other exchanges are considered as Huobi Futures VIP+1. Users could provide certificates of VIP level on other platforms to apply for a VIP+1 level on Huobi Futures for coin-margined swaps and coin-margined futures trading.
As we head into 2021, it appears there has been a further shift towards the digitalization of most things, including money.
Celsius continues to be one of the fastest-growing crypto platforms. Since the Chainalysis confirmation this past November, Celsius has gained over 125,000 new users totaling over 340,000 active users worldwide.
As Celsius gears up for another year of growth, other notable milestones for the company at this time include:
Over 340,000 active users worldwide
Over $200 million in crypto rewards distributed to the Celsius community
Over 52% of Celsius members choosing to earn weekly rewards in CEL token
45 different tokens and coins supported and earning yield
“The crypto industry as a whole grew substantially in 2020. Celsius is proud to contribute to this growth and to provide many people with yield income on 45 assets they can not find anywhere else,” said Alex Mashinsky, CEO of Celsius. “As we see record numbers of institutions and retail users entering the space, they are looking for a store of value and yield to protect their assets from the debasement of the US Dollar. The record number of new dollars being printed by the FED is making the savviest investors in the world allocate assets to Bitcoin. Our results represent the growing need of savers to diversification and the lack of trust and transparency between financial institutions and the community. We have seen time and time again that customers choose Celsius for yield and loans because they trust us, and our goal is to always act in their best interests and consistently deliver industry-leading transparency.”
Through the Celsius platform, customers can earn weekly compounding rewards at rates up to 15% APY and borrow dollars against their digital assets at rates as low as 1% APR. Celsius created the yield-earning use case for crypto, and attributes its exponential growth to its community-driven mission and consistently distributing up to 80% of its revenues back to its community.
About Celsius Celsius helps hundreds of thousands of consumers worldwide to find the path towards financial independence through a high compounding reward income wallet and instant low-cost loans accessible via a web and mobile app. Built on the belief that financial services should only do what is in the best interests of the customers and community, Celsius is a Blockchain-based fee-free platform where membership provides access to curated financial services that are not available through traditional financial institutions.
Crypto Rating – XLM $0.69 Crypto Rating, an esteemed authority and providing realistic price predictions on various cryptocurrency assets, has given XLM a price forecast of just $0.46 within a year, and in the next five years expects Stellar to reach a price target of $0.69. Given past performance, these estimates are modest.
The Economy Forecast Agency – XLM $0.64 The Economy Forecast Agency uses a long-term forecasting valuation model to predict prices of various assets, including cryptocurrencies, projects Stellar Lumens growth to reach just $0.64, matching the sentiment of many of the other experts and analysts listed.
Long Forecast Stellar Prediction – $0.30 Long Forecast gave an entirely conservative prediction, as their stellar price prediction forecasts that XLM might reach $0.30, which make sit look like it won’t grow much as compared to the current price.
Wallet Investor XLM Price Prediction – XLM $1.05 Wallet Investor updates prices and predictions every three minutes using the latest technical analysis. They have very conservatively made a 5-Year forecast of $1.005.
Mega Crypto Price – XLM $5.10 The price forecast at Mega Crypto Price has been very optimistic for all the cryptocurrencies and its the same for XLM price forecast, too, predicting that Stellar could be worth $5.10 by the end of 2020. The team says that this can be achieved as long as there are no major security flaws and the overall sector performs well.
Monetize Info – XLM $3.00 Monetize believes that Stellar’s major partnerships will be the major reason behind an upcoming price surge, which might result in XLM’s price reaching $2-$3 by 2020. Beyond IBM, Stellar’s partners include Stripe, Deloitte, etc.
For example, Stripe gave Stellar a 3-million-dollar capital injection a few years back which Stellar immediately returned in XLM.
The Economy Forecast Agency – XLM $0.64 This website features a long-range forecasting model to make market forecasts for corporate clients. The website has its own price prediction for 2020, which says XLM will see a high of $0.64 in 2020, which is by far the most conservative and pessimistic of XLM’s price predictions.
There are other popular websites that share predictions for the price of Stellar Lumens, however, the forecasts are rather outdated and have already proven inaccurate. For instance, cryptonewsz.com predicts:
The predicted high for 2021 might be around $0.089 and on the downside, the low might be around $0.065.
As of press time, January 20, 2021, and at last check the current price of XLM is just a tad under $0.29. Stellar Lumens has already tripled the yearly high predicted by cryptonewsz.com.
A Summary of Stellar Lumens Predictions
The above Stellar Lumens price predictions for 2021 range from a low of $0.10 to the highest XLM forecast price of $5.10.
Our Analysis suggests that all of the above 11 XLM predictions are too low.
It is our conviction that 2021 is the year in which the next 4 year cycle top is due. The first 4 year cycle top arrive in 2013, and the second 4 year cycle top arrived in 2017.
XLM To Surge For 4 Year Cycle High In 2021
Bitcoin is the only coin that we have data for both 4 year cycle tops. To calculate our Ethereum price prediction for 2021 we only had data from one 4 year cycle top. We reported that, “Ethereum went up by a factor between 89x and 173x during 2017 for the last 4 year cycle top.”
We use previous price performance as a guide to possible future price performance. Of course, it’s no guarantee, only a guide.
So what was Stellar Lumens’ price performance in 2017?
Stellar Lumens In The Previous 4 Year Cycle High
On January 1, 2017, XLM was priced at one-fourth of a cent, $0.0025. It ended the year at 36 cents, $0.36. However, it did reach an all time high 4 days later at over 93 cents.
Depending on whether you’re looking at the highest price reached on January 4, or whether you’re looking at the end of the year price 4 days prior, XLM went up in price between 144x and 372x.
We do not expect XLM to increase by the same amount. Bitcoin’s 2nd four year cycle saw gains much less than its first, and we expect Stellar Lumens to do the same.
All factors considered, including the macro financial climate, the new crypto-friendly administration in the U.S., and the 4 year cycle, we are expecting XLM to go up in price by a factor between 29x and 74x.
Stellar Lumens started this year at a price just shy of $0.13. Thus, are target high price for XLM at year end is between $3.77 and $10.01.
Stellar Lumens at $10.01 in 2021
We believe the conditions favor a very strong crypto bull run in 2021, and thus we are going to base our Stellar Lumens price prediction on the high side of the range and forecast an end of the year price target for XLM to be $10.01.
What Is Stellar?
Stellar is an open source, decentralized protocol for digital currency to fiat money transfers which allows cross-border transactions between any pair of currencies. The Stellar protocol is supported by a Delaware nonprofit corporation, the Stellar Development Foundation, though this organization does not enjoy 501(c)(3) tax-exempt status with the IRS.
Stellar is an open-source protocol for exchanging money or tokens using the Stellar Consensus Protocol. The platform’s source code is hosted on GitHub.
Servers run a software implementation of the protocol, and use the Internet to connect to and communicate with other Stellar servers. Each server stores a ledger of all the accounts in the network. 3 nodes are operated by the Stellar Development Foundation, in conjunction with 21 other organizations, providing for a total of 66 validator nodes. Transactions among accounts occur not through mining but rather through a consensus process among accounts in quorum slice. The current network fee is 100 stroops, equivalent to 0.00001 XLM or 1/10,000th of a cent.
History of Stellar
In 2014, Jed McCaleb, founder of Mt. Gox and co-founder of Ripple, launched the network system Stellar with former lawyer Joyce Kim. Before the official launch, McCaleb formed a website called “Secret Bitcoin Project” seeking alpha testers. The nonprofit Stellar Development Foundation was created in collaboration with Stripe CEO Patrick Collison and the project officially launched that July. Stellar received $3 million in seed funding from Stripe. Stellar was released as a decentralized payment network and protocol with a native currency, stellar. At its launch, the network had 100 billion stellars. 25 percent of those would be given to other non-profits working toward financial inclusion. Stripe received 2 percent or 2 billion of the initial stellars in return for its seed investment. The cryptocurrency, originally known as stellar, was later called Lumens or XLM. In August 2014, Mercado Bitcoin, the first Brazilian bitcoin exchange, announced it would be using the Stellar network. By January 2015, Stellar had approximately 3 million registered user accounts on its platform and its market cap was almost $15 million.
The Stellar Development Foundation released an upgraded protocol with a new consensus algorithm in April 2015 which went live in November 2015. The new algorithm used SCP, a cryptocurrency protocol created by Stanford professor David Mazières.
Lightyear.io, a for-profit entity of Stellar, launched in May 2017 as the commercial arm of the company. In September 2017, Stellar announced a benefits program, part of its Stellar Partnership Grant Program, which would award partners up to $2 million worth of Lumens for project development. In September 2018, Lightyear Corporation acquired Chain, Inc and the combined company was named Interstellar.
Real-world Applications of Stellar
In 2015, it was announced that Stellar was releasing an integration into Vumi, the open-sourced messaging platform of the Praekelt Foundation. Vumi uses cellphone talk time as currency using the Stellar protocol. Stellar partnered with cloud-based banking software company Oradian in April 2015 to integrate Stellar into Oradian’s banking platform to add microfinance institutions (MFIs) in Nigeria.
Deloitte announced its integration with Stellar in 2016 to build a cross-border payments application, Deloitte Digital Bank. In December 2016, it was announced that Stellar’s payment network had expanded to include Coins.ph, a mobile payments startup in the Philippines, ICICI Bank in India, African mobile payments firm Flutterwave, and French remittances company Tempo Money Transfer.
In October 2017, Stellar partnered with IBM and KlickEx to facilitate cross-border transactions in the South Pacific region. The cross-border payment system developed by IBM includes partnerships with banks in the area.
In December 2017, TechCrunch announced Stellar’s partnership with SureRemit, a Nigerian-based non-cash remittances platform.
On January 6, 2021, Ministry of Digital Transformation of Ukraine announced cooperation and partnership with Stellar in development of Ukraine digital infrastructure after which Stellar value increased by 40%.
The Foundation for Economic Education (FEE.org) announced today that Bitcoin.com founder and early cryptocurrency investor Roger Ver has made two gifts totaling $2,000,000 in Bitcoin Cash (BCH) to support FEE’s work in advancing individual liberty and educating students around the world on the moral and economic foundations of a free society.
The first $1 million gift supports FEE’s marquee events in 2021-FEE’s 75th anniversary year-as well as additional student programs, including online educational content and books. The second $1M gift takes the form of an endowment, which will be a perpetual source of support for FEE’s educational activities.
Ver, who previously donated $1,000,000 in Bitcoin to FEE in 2013, said he owes an intellectual debt to FEE and is making this new donation at a time during which he believes FEE’s work is needed more than ever.
“I was a subscriber to FEE’s long-running magazine ‘The Freeman’ when I was in high school and I owe a lot of my success in Bitcoin to what I learned reading about the moral urgency of having a monetary system that exists separate from state force,”
said Roger Ver. He continued:
“I was looking around the world today and I saw global lockdowns, inflation, attacks on individual liberty, and I thought: ‘Who are the most important voices of freedom today?’ FEE is at the top of my list. I want to help FEE have the same impact on the lives of millions of young people that they did on mine.”
FEE – Anything Peaceful
Founded in 1946, FEE is the oldest libertarian think tank in the U.S. Fee is celebrating its milestone 75th anniversary with events throughout 2021, including FEEcon (in Atlanta from June 17-19) and the FEE75th Anniversary Gala on June 19th. Each year, FEE reaches an audience of hundreds of millions online and nearly 20,000 students through classroom programs in colleges and high schools in both the United States and Latin America.
“Roger supercharged our online growth in 2013 when he gave an unprecedented $1M in Bitcoin to FEE,”
said FEE’s Executive Vice President Richard N. Lorenc, who went on to say:
“At the time, this was the largest-ever donation of cryptocurrency and helped us significantly along a path of growing educational impact ever since. With these new major gifts of Bitcoin Cash, Roger continues his transformational giving just as we begin to celebrate FEE’s 75th year and unveil our campaign to expose ever greater numbers of students to the ideas of liberty, both in their classrooms and online.”
Asked why he chose to make his gift in Bitcoin Cash, Ver remarked:
“Bitcoin Cash of all cryptocurrencies has the best chance at creating more economic freedom around the world. Unlike the legacy Bitcoin chain, Bitcoin Cash can be sent instantly around the world to anyone for a fraction of a penny without arbitrary government limitations. It has the kind of potential that got me so excited about first investing in Bitcoin and Bitcoin companies back in 2011, and that potential lines up perfectly with the work FEE is doing to realize a freer, more peaceful world.”
With the new gifts from Ver, FEE plans to quickly grow their capacity to continue producing powerful videos, writing compelling articles, and developing classroom materials all focused on advancing individual liberty, free enterprise, and limited government in the realms of economics, art, careers, culture, and more.
“Roger’s pioneering work in the cryptocurrency space shows how ideas can and do change the world,”
said FEE’s President Zilvinas Silenas.
“Likewise, Roger’s continued investment in FEE emphasizes FEE’s vital role in the field of economic education. FEE is the premier player in introducing the ideas of liberty and individual empowerment to young audiences, and we are honored that Roger recognizes our groundbreaking work online and in the classrooms. With the support of farsighted philanthropists such as Roger Ver, FEE will succeed in making human liberty the most credible economic and political philosophy among the rising generation.”
To learn more about FEE’s online and classroom programs and online media, visit FEE.org. To learn how you can attend FEEcon 2021, visit FEEcon.org. To join FEE in their mission to advance the foundational ideas and principles of a free society -individual liberty, free enterprise, limited government, entrepreneurial value creation, and high moral character – for the rising generation, visit: FEE.org/donate.