Coinbase to Custody FTX’s Exchange Token

Coinbase has announced that it will provide custody services for the exchange token of the Binance-backed crypto derivatives platform FTX (FTT) on May 22. Coinbase Custody will comprise the primary custodian for the ERC-20 token, managing custody, compliance, and insurance for the FTT tokens. Coinbase stated that FTX is its “largest exchange client to-date.” The exchange noted that crypto watchers may notice large FTT transfers taking on the blockchain over recent and coming days, clarifying that they will be “closely monitored migrations of $FTT onto Coinbase Custody’s secure, offline storage…

The Chinese Yuan is Falling Once Again — and That’s Key for the Bitcoin Bull Case

Last year, one of the biggest narratives in the Bitcoin market was that tensions between China and the U.S. — which culminated in a massive trade war — was pushing cryptocurrencies higher. Whenever President Donald Trump tweeted about U.S. relations with China, BTC responded, both rising and falling with the geopolitical trends. Once, when Trump announced that tariffs would be applied to billions worth of Chinese goods, both Bitcoin and the U.S. dollar against the Chinese yuan jumped in tandem. With the Chinese yuan starting to underperform, the narrative that…

Reddit’s Co-Founder Believes We Are In ‘Crypto Spring’

Reddit co-founder Alexis Ohanian has described the virtual currency ecosystem firmly sitting in “crypto spring,” emphasizing the strength of development surrounding meaningful applications for blockchain technology. In an interview with Yahoo Finance published May 23, Ohanian stated: “We really do see a crypto spring right now in terms of top-tier engineers, product developers, designers, building real solutions on top of the blockchain.” “We’re seeing really top-tier talent building on this infrastructure […] and that to me is the most interesting part” he added. Crypto is here to stay Ohanian revealed…

Ethereum Breached Crucial Resistance, Setting the Stage for a 15-20% Rally: Analyst

It’s been a rocky past few days for Bitcoin, Ethereum, and other top cryptocurrencies. From the monthly highs against the dollar, most digital assets are down 10%. But when measuring the performance of some cryptocurrencies against Bitcoin, some investments are outperforming. Ethereum is a perfect case in point, which has rallied 10% against BTC over the past nine days. Chart from TradingView.com of ETHBTC’s price action over the past few weeks. The trading pair is up 10% in the past nine days or so. Analysts say this is a precursor…

Stablecoin Race to Begin When Wall St Embraces DeFi

Investor, early crypto adopter, and CEO of Gemini exchange, Tyler Winklevoss, predicted that competition between stablecoins will really begin once Wall Street moves into decentralized finance, or DeFi, during a recent interview with The Defiant’s Camila Russo. However, despite his optimistic outlook for DeFi, the Gemini co-founder asserted that the crypto industry currently does not offer a killer app that is driving adoption from outside of the virtual currency community. Inter-stablecoin competition hasn’t even began In an interview with The Defiant, Tyler Winklevoss predicted that the real race between stablecoins…

Bitcoin Investment App CEO Calls BTC a Monetary Revolution, Not a Technical One

What needs to happen for Bitcoin (BTC) to cement its role in the public eye as a valid investment option? “Time,” Aleks Svetski, CEO and co-founder of Bitcoin investment platform Amber, told Cointelegraph in an email. “This is NOT a technological revolution,” he clarified, adding: “It’s a monetary revolution – which takes (traditionally) centuries to manifest, whilst in the digital age, Bitcoin is likely to do it in decades.”  Bitcoin rising despite instability Since Bitcoin’s 50% March price dive, in the midst of coronavirus fear and uncertainty, the mainstream public has…

Bitcoin Miners Will Use Derivatives Like Traditional Commodity Producers

Bitcoin (BTC) mining has become a multibillion-dollar industry. Pools, manufacturers and farms contribute to the growth and professionalization of the space. Financial service companies bring institutional-grade products and capital that increases liquidity for the biggest operators. There’s a fundamental shortage of United States dollars available relative to the overall demand when the sector encounters certain market conditions. The dollar shortage is one of the contributing factors to volatility in the markets. Just like traditional commodity producers, Bitcoin miners will likely become large users of derivatives — whether it’s with futures…

Coldplay Bassist Dives into Bitcoin App World

Scottish Coldplay bass artist, Guy Berryman, has joined the crypto space, funding a Bitcoin (BTC) exchange application called Zumo. “Covid-19 has fast forwarded the move to a cashless society and for safe and easy ways to invest in new forms of currency that are more resilient to crises such as this one,” Zumo CEO and founder Nick Jones told the Edinburgh News.  The app is a basic avenue into Bitcoin  Zumo touts basic Bitcoin functionalities, allowing users to buy, sell, transact and store BTC, the May 21 Edinburgh News article detailed.…

Researchers Claim 99.9% of Zcash Transactions Are Traceable

Researchers from Carnegie Mellon University have released a study into the privacy features of Monero (XMR) and Zcash (ZEC) — arguably the two most-popular crypto assets purporting to offer users anonymity. The report finds that Monero’s introduction of strict security and anonymity requirements on its broader ecosystem has maintained the asset’s status as “effectively untraceable.” Transversely, the report concludes that the lack of utilization of Zcash’s privacy capabilities on the part of more than 99% of users undermines the privacy of the overall network despite ZEC offering “strong cryptographic features.”…

Cryptocurrency News From Japan: May 17

This week’s headlines from Japan included BitBank exchange adding three trading pairs, Bitpoint exchange posting decreased fiscal year totals, Bitpoint adding information on its 2019 hack, and Binance donating masks to Japanese nursing homes through its charity arm.  Check out some of this week’s crypto and blockchain headlines, originally reported by Cointelegraph Japan. BitBank adds three more asset pairings  Japan’s BitBank exchange gave details this week on three upcoming additional trading pairs. The platform originally unveiled the fresh pairs in late April. On May 24, BitBank will complete a four-hour offline…