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Cryptocurrency

BTC & ETH on pace to hit transactions worth $1.3 trillion in 2020

These settlement assurances are at the core of what allows public blockchains to scale globally.

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Cryptocurrencies, Meet the cryptocurrency catching the world’s attention, Theta Fuel gains 630% in 5 days., U.S regulator invites Banking and Crypto industry leaders for partnership, 3 Crypto Exchanges Control About 14.3%, Circulating BTC Supply. 

In recent times, the human race with open hands has finally accepted the blockchain systems in making payment for goods and services, as data obtained from Messari’s top researcher, Ryan Watkins revealed BTC and ETH are on pace to settle a combined $1.3 trillion in transactions in 2020.

READ ALSO: There are now 13,173 BTC millionaires around the world

These settlement assurances are at the core of what allows public blockchains to scale globally.

READ MORE: BTC scammers breach Twitter accounts of Bill Gates, Obama, Google, Apple, Uber

Quick fact: The purpose of these blockchain systems is to fully guarantee payments so that they cannot be repudiated, reversed, or charged back without the agreement of the recipient, and they’re meant to settle immediately.

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While it’s true most individuals do not want to transact in volatile financial instruments like crypto though most would prefer to hold their BTCs or ETH for investment purposes, it’s not necessarily true they’re not used for payments at all. In each of the past 3 years, BTC and ETH have settled a combined $1 trillion annually. This year they’re on pace to settle $1.3 trillion – their most ever.

Strong settlement assurances are a necessity for public blockchains as they need to guarantee payments between untrusting and potentially unknown parties.

READ ALSO: Paris Club: Debt payments suspended for Chad, Ethiopia, Pakistan and DRC in $1.1 billion waiver

Meanwhile the second most valuable cryptocurrency, ETH is on pace to shatter its previous annual record for total gas spent (in native units)

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Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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Cryptocurrency

Bitcoin ETF in North America has reached $1 billion in assets

The first North American Bitcoin ETF has already reached $1 billion (C$1.25 billion) in assets less than two months after its launch.

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According to a statement from its issuer, the first North American Bitcoin ETF has already reached $1 billion (C$1.25 billion) in assets less than two months after its launch. What exchange-traded funds did to the conventional investing market for decades could happen to cryptocurrency players in a fraction of the time.

Investors are clamoring for crypto exposure, particularly in an exchange-traded fund wrapper, and the product from Toronto-based Purpose Investments, ticker BTCC, has seen a lot of interest. Although there are many crypto funds in Europe that work similarly to ETFs, this is the first ETF anywhere.

More than $165 million worth of shares were traded on the fund’s first trading day in February, a big start for a fund in the much smaller Canadian ETF market.

Its rapid cash accumulation reflects the high demand for Bitcoin products in the United States, as issuers compete for approval of the first Bitcoin ETF in the nation. Despite regulator resistance to accept the tactics, at least eight companies, including VanEck Associates Corp. and WisdomTree Investments, now have live applications with the Securities and Exchange Commission.

On Tuesday, Bitcoin surged to an all-time high of about $63,246 ahead of Coinbase Global Inc.’s upcoming IPO later this week.

There is an increasing expectation that a bitcoin ETF will be available in the United States in the not-too-distant future. Gary Gensler, the nominated chairman of the Securities and Exchange Commission, has taught cryptocurrency classes. The bitcoin market has exploded in popularity in recent months, attracting the attention of major financial institutions. Bitcoin ETFs are once again being sought by VanEck, Fidelity, and others.

One advantage of ETFs is that shares can be readily created and redeemed to arbitrage away any discount or premium, which could greatly broaden their appeal. ETFs are also cheaper, which will put pressure on fees across the bitcoin ecosystem. Hence market sentiment may push the ETF higher.

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Cryptocurrency

Bitcoin is on fire, breaks above all-time high

The flagship crypto traded at $62,645.26 with a daily trading volume of about $60 billion.

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Bitcoin on high demand, hits 2-year high, trading $17,000

Bitcoin prices ascended to a record high on Tuesday, hitting another milestone at above $62,000, a move that many reaffirm to be a bullish trend in the cryptoverse and one that can make other digital assets surge.

At the time of writing this report, the flagship crypto traded at $62,645.26 with a daily trading volume of about $60 billion. Bitcoin is up 2.99% for the day. The world’s most popular crypto now has a market value of about $1.17 trillion.

Adding credence to the strong bullish run in play is data retrieved from Glassnode pointing to the fact that holders of the flagship crypto are selling less, as Bitcoin deposits on exchanges hit a 30-day low.

BTC Number of Exchange Deposits (7d MA) just reached a 1-month low of 2,837.702.

READ: Why Bitcoin might likely hit $100,000 soon

READ: Bitcoin produces 4 billionaires worth at least $3 billion each

More details later…

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