Day: April 11, 2021

Blockchain Technology Tapped to Power China-Europe Rail Trade

by Btcmanager

Blockchain technology continues to find novel use-cases.

Blockchain Technology Powers China-Europe Trade

According to a report by Big News Network published on April 11, distributed ledger technology (DLT) is being leveraged to boost trade via the China-Europe train routes.

The use of the emerging technology has aided significantly to lowering logistics costs and served as a lifeline to stabilize the global trade amid the raging COVID-19 pandemic.

Earlier this month, a new version of the blockchain-powered platform Sino-Europe Trade Link 2.0 was put into operation by the Industrial and Commercial Bank of China (ICBC) at the Chengdu International Railway Port, an important port in southwest China’s Sichuan Province for China-Europe cargo trains.

Notably, the updated platform enables enterprises to raise funds directly from the bank and lowers the costs, and speeds up the cash flows of relevant foreign trade companies.

Commenting on the development, staff with ICBC’s Sichuan branch noted:

“We take advantage of blockchain’s merits, such as its tamper-proof nature and timestamps, to form reliable trade data. That can greatly improve the financing capabilities of small and medium-sized foreign trade enterprises.”

Similar sentiments were echoed by Chen Ran, Chengdu International Inland Port Operation Co. Ltd. He noted:

“Compared with 2007, we now have the support of blockchain, the Internet of Things and big data, which can help track logistics and significantly lower the risk of cargo damage. So there’s better protection for both the banks and the customers.”

With an increasing amount of data getting fed into the underlying blockchain network, it would then be ready to be used by foreign trade companies to obtain more credit.

Blockchain for Trade

Blockchain’s immutability makes it ideal for logistics and supply chain-focused use-cases as has been made evident by leading supply chain-based DLT projects such as VeChain, among others.

“In addition to cross-border trade, we can also explore the application of the intermodal transport document in domestic logistics in accordance with domestic laws, thus drafting a multimodal transport scheme that can be widely applied,” said Wei Bo with China Railway Chengdu Group Co., Ltd.

In related news, BTCManager reported on March 3 how Norwegian firm Hydro had embraced the “Tag.Trace.Trust.” traceability blockchain solution to track aluminum co-developed by VeChain and DNV GL.

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Crypto Trader Ben Armstrong Is Buying XRP – Here’s Why

by Dailyhodl

Cryptocurrency analyst and influencer Ben Armstrong reveals that he’s finally jumping on the XRP bandwagon.

In a new video, Armstrong tells his 780,000 YouTube subscribers that he believes XRP is becoming a beacon that retail traders could use to rally against the establishment.

“If we look back at what happened with Wall Street Bets and Dogecoin (DOGE), it was a financial protest. What we’re seeing right now with XRP in all reality is a protest of the SEC (U.S. Securities and Exchange Commission), and it is a protest of the status quo.” 

In December last year, the SEC officially filed a lawsuit against the San Francisco-based startup alleging that XRP was an unregistered security upon its launch and remains a security to this day. Ripple’s legal battle with the SEC has intensified over the last few weeks but now, Armstrong says that the payments startup is starting to gain the upper hand.

“I think I’m starting to see a path for victory for Ripple…

Now, the Ripple law team has been given access to see some internal memos of what the SEC has been saying about XRP for years. I think this is really big because ultimately, we could see Ripple win… What we’re seeing is the judge over this lawsuit, she is not putting up with any BS from the SEC. I think that’s massively huge.

The SEC has come out and said, ‘Excuse us. Ripple is the one on trial, not us.’ But that is not what we’re seeing right now. In reality, the SEC is on trial here. It is on them as the burden of proof to show that Ripple did something wrong.”

Armstrong also offers his own take on XRP, saying that he believes Ripple’s native asset is anything but a security.

“XRP is a token. [It] is property. Cryptocurrency is property. It’s not a representation of a share. You literally own it.”

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Why ADA could run hotter than Bitcoin and make 10x gains

by NEWSBTC

After breaking in the crypto top 10 by market cap and with 3.597% gains over the past year, Cardano (ADA) seems to be laying low. At the time of writing, ADA trades at $1,24 with 1.7% profits in the daily chart and 6.4% in the weekly chart.

Cardano ADA ADAUSDT

Cardano’s native token and its platform are moving towards a major milestone. Targeting a Q3 entry into DeFi with Hard Fork Combinator Alonzo.

Bullish investors are betting on ADA’s further appreciation. Analyst Justin Bennett claims this token next rally will happen by the end of April. Around this time IOG should be stress-testing its smart contracts platform, Plutus.

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A day ago, Bennet said to be building a “sizeable” ADA position and set support at $1.10 to $1.30. Over the next month’s, according to the analyst, ADA could go as high as $10.

On the Cardano’s native token recent price action, the analyst said it moving sideways is an indication of a “fair game”, a sign that ADA’s price is not overvalued. Bennet added:

ADA moving sideways for 6 weeks tells me the market doesn’t believe it’s overvalued at all. I don’t buy markets that are going vertical. I buy markets that went vertical recently and have since gone sideways for over a month. That’s a recipe for the next leg higher.

By the end of the month, ADA could target $2, as indicated by the chart below, and then could go for a higher price at $3 in the coming months.

Cardano ADA ADAUSDT

In the 2017 bull run, ADA peaked at $1,18 therefore Bennet claims it could a 10x from its current price. Comparing ADA to Bitcoin, the analyst said the latter has “never done less than” a 10x profit in a bullish cycle. He added:

We know alts run hotter than Bitcoin. Translation: $10 $ADA is conservative, and $20 – $30 wouldn’t surprise me.

Smart contracts capabilities closing in on Cardano

Cardano’s next protocol upgrade is set to make it “the leading smart contract platform”, according to Olga Hryniuk from IOG. Outlining Alonzon’s roadmap and launch, Hryniuk wrote:

Throughout March and April, the IO Global team has been gradually combining the Alonzo rules with the Cardano node and ledger code (…). We expect the Alonzo upgrade (hard fork) to happen in late summer, and we will announce a firm date in April’s Cardano360 show.

In the crypto space, many believe Ethereum’s high fees are pushing users towards cheaper options. Cardano’s platform promises this with higher security for its smart contracts and EVM compatibility.

If Ethereum’s competitors, like Binance Coin (BNB), performance is any indication of where ADA could go, then investors should pay attention to BNB’s rally.

With a 70.6% increase in just one month, BNB seems pegged to smash all resistance and keep scoring all-time highs. It remains to be seen if ADA will follow and take a place amongst DeFi giants.

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by Btcmanager
Reading Time: < 1 minute by Hamed on April 11, 2021 News


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BTC December futures reach $73,500 — Is everyone flipping ultra bullish?

by Cointelegraph

Bitcoin (BTC) has been struggling to break the $60,000 resistance for almost a month. But despite the impasse, BTC futures markets have never been so bullish. While regular spot exchanges are trading near $59,600, the BTC contracts maturing in June are trading above $65,000.

Futures contracts tend to trade at a premium, mainly on neutral-to-bullish markets, and this happens on every asset, including commodities, equities, indexes, and currencies. However, a 50% annualized premium (basis) for contracts expiring in three months is highly uncommon.

BTC futures curve, in USD. Source: bitcoinfuturesinfo.com

Unlike the perpetual contract — or inverse swap, these fixed-calendar futures do not have a funding rate. Thus, their price will vastly differ from regular spot exchanges. Fixed-calendar futures eliminates eventual funding rates’ spikes from the buyers’ perspective, which can reach up to 43% per month.

On the other hand, the seller benefits from a predictable premium, usually locking longer-term arbitrage strategies. By simultaneously buying the spot (regular) BTC and selling the futures contracts, one gains a zero-risk exposure with a predetermined gain. Thus, the futures contracts seller demands higher profits (premium) whenever markets lean bullish.

The three-month futures usually trade with a 10% to 20% versus regular spot exchanges to justify locking the funds instead of immediately cashing out.

OKEx BTC 3-month futures annualized premium (basis). Source: Skew.com

The above chart shows that even during the 250% rally between March and June 2019, the futures’ basis held below 25%. It was only recently in February 2021 that such phenomena reemerged. Bitcoin surged by 135% in 60 days before the 3-month futures premium surpassed the 25% annualized level on Feb. 8, 2021.

While professional traders tend to prefer the fixed-month calendar futures, retail dominates perpetual contracts, avoiding the expiries’ hassle. Moreover, retail traders consider it expensive to pay 10% or larger nominal premiums, even though perpetual contracts (inverse swaps) are more costly when considering the funding rate.

BTC coin-based perpetual futures funding rate. Source: Bybt.com

While the recent 0.20% funding rate per 8-hour is extraordinary, it is definitely not unusual for BTC markets. Such a fee is equivalent to 19.7% per month but seldom lasts more than a couple of days.

A high funding rate causes arbitrage desks to intervene, buying fixed-calendar contracts and selling the perpetual futures. Thus, excessive retail long leverage usually drives the futures’ basis up, not the other way around.

As crypto-derivatives markets remain largely unregulated, inefficiencies shall continue to prevail. Thus, while a 50% basis premium seems out of the norm, one must remember that retail traders have no other means to leverage their positions. In turn, this causes temporary distortions, although not necessarily worrisome from a trading perspective.

While exorbitant funding rate fees remain, leverage longs will be forced to close their positions due to its growing cost. Thus, December’s $73,500 contract does not necessarily reflect investors’ expectations, and such a premium should recede.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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Banking App Revolut Abruptly Adds Cardano, Uniswap and 9 Other Crypto Assets to Trading Platform

by Dailyhodl

London-based digital payments company Revolut says it just added eleven new crypto assets to its banking app.

The platform now supports smart contract platform Cardano (ADA), decentralized exchange Uniswap (UNI), decentralized finance (DeFi) synthetic assets trading platform Synthetix (SNX), yield aggregator yearn.finance (YFI), financial contracts platform UMA, decentralized exchange Bancor (BNT), decentralized storage network Filecoin (FIL), Ethereum layer-two scaling protocol Loopring (LRC), hedge fund token Numeraire (NMR), blockchain indexing and querying protocol The Graph (GRT) and decentralized virtual private network Orchid Protocol (OXT).

The firm announces its new crypto offerings four months after rolling out support for Ethereum competitor EOS (EOS), enterprise scaling solution OMG Network (OMG), peer-to-peer exchange 0x (ZRX), and smart contract platform Tezos (XTZ) in December.

“You asked for new tokens, we’ve delivered. We’ve been tracking hot tokens and top movers to bring our UK and EU customers eleven new cryptocurrencies.”

Revolut provides a mobile app that allows customers to trade cryptocurrencies and transfer money abroad in over 28 fiat currencies using an exchange rate that allows users to save as much as 8% per transaction.

The London-based firm is one the fastest-growing fintech companies in Europe, the Middle East and Africa, according to the 2019 Deloitte Fast 500 Europe competition that ranked companies based on geographic regions.

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Bitcoin mining company follows Tesla by setting up shop in Austin

by Cointelegraph

North America-based crypto mining company Blockcap announced over the weekend it would be establishing new offices in Austin, Texas.

In an announcement from Blockcap on Friday, the mining company claimed once its new facilities are operational in the Lone Star State’s capital, its hashing power will be roughly 3.5 exahash per second from a total of 42,000 rigs, reportedly doubling its capabilities. According to blockchain data, this would represent more than 2% of the hashrate for the entire Bitcoin (BTC) network, roughly 167 million terahash per second at the time of publication. However, Blockcap claims its total fleet will account for only 1% of the network’s hashing power.

“Austin is our home base from which we will pursue our mission and bring this great city closer to the center of the United States’ blockchain technology ecosystem,” said Blockcap chair and founder Darin Feinstein. “We also see the city as an ideal location from which to continue expanding our operations as we grow at both national and international levels.”

Blockcap cited electric car manufacturer Tesla setting up one of its “Gigafactories” in Austin in announcing the move. Tesla CEO and billionaire Elon Musk recently purchased a home in the Texas state capital for more than $3 million on Lake Austin west of the downtown area, while the firm is breaking ground on the Gigafactory on the east side closer to the Austin-Bergstrom International Airport.

The mining company did not immediately respond to questions regarding where it plans to establish its offices in the Austin area or how many jobs would be created as a result, though Feinstein said it would be “hiring locally.” Musk said in a tweet last month that the new Giga Texas location would bring in more than 10,000 jobs, effectively increasing the number of employees at the electric car manufacturing company by more than 14%.

Though some tech companies like Oracle and Hewlett Packard are moving to Austin — causing many to dub the city the “Silicon Hills,” in reference to Silicon Valley — the state capital has in many ways become a microcosm of the U.S. housing market. Many employees of these firms may be seeing all-cash buyers purchasing homes, making them unavailable to those with only the financial means of saving for a 20% down payment. Musk highlighted the dearth of Austin housing in an April 4 tweet, seemingly in reference to Tesla employees relocating there.

However, the addition of Blockcap and other blockchain firms to the Lone Star State has the support of former Texas governor Rick Perry, the Republican politician who once famously forgot the name of the Department of Energy as a federal agency he would eliminate if elected president. Perry claimed Texas had “become the premier location for forward-looking industries like blockchain” and that Blockcap would likely lead to job creation and economic growth in the state.

Founded in 2020 by a group of blockchain veterans, Blockcap now controls roughly 12,000 mining rigs generating more than 7 BTC daily, or $416,550 at the time of publication. The company raised more than $75 million in two funding rounds led by Off The Chain Capital and Foundry Digital. According to Blockcap, the firm recently acquired more than $500 million worth of Bitcoin mining machines.