Cryptocurrency
OUSD: Stablecoin that pays you interests like a bank
OUSD is a natural extension of Origin’s mission in facilitating peer-to-peer commerce.
OUSD was recently launched. It automatically makes you earn competitive yields from DeFi protocols, while still sitting in your wallet.
OUSD is a natural extension of Origin’s mission in facilitating peer-to-peer commerce.
It believes in having a trustworthy stablecoin that leverages the best parts of decentralized finance by enabling buyers and sellers to transact with ease and trigger the growth of a decentralized commerce platform. It is built by seasoned experts of cryptocurrency and fintech experts at Origin Protocol.
READ: Some experts are uncertain of what to expect from money markets in H2 2020
How it works: The recent launch of OUSD will facilitate a simple lending strategy designed on top of Compound.
Similarly, you don’t need to unstake or unlock your OUSD when you want to transfer it to another wallet. This both saves you gas fees and makes it much more convenient to switch between earnings and spendings.
READ: Yearn.Finance, a lending aggregator scarcer than Bitcoin
Your earnings compound continuously and are revealed in your ever-increasing OUSD balance, while still being available for payments, commerce, and peer-to-peer transactions.
The creators are taking a more cautious strategy for the first few weeks in ensuring that the smart contracts are secured and safe.
Thereafter, new strategies will be momentarily deployed that boost yields while curbing risk and dependencies. It is planned to directly integrate with Uniswap, Curve, Compound, Aave, dYdX, and Balancer.
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Origin Protocol is focused on three types of strategies:
- Lending fees
- Automated market maker fees
- Rewards tokens provided by the above and new DeFi protocols
However, Nairametrics, advises on caution as the OUSD contracts have not yet been formally audited, though it shows great promise of security and transparency, coupled with the bias that it has household names of cryptos behind the project.
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What are Stablecoins?
Stablecoins are cryptocurrencies created to minimize the price swings that occur in a crypto asset. They are usually pegged to fiat currencies and often exchange-traded commodities.
Stablecoins give owners a sense of security as users can store their assets whenever there is high volatility in the crypto-verse or other financial markets.
Consumers can also with great ease convert from unpegged cryptocurrencies to stablecoins when they are worried about where the markets are heading next, eliminating the need to return to a fiat currency.
Cryptocurrency
Why Bitcoin could triple in value annually
Michael Saylor recently disclosed why he believes the flagship crypto-asset could triple in value
The leader of the biggest traded business intelligence firm, Michael Saylor recently disclosed why he believes the flagship crypto-asset, Bitcoin, could triple in value yearly.
In a Stansberry Research interview, Saylor explained Bitcoin is monetary energy that will attract lots of money;
“In a monetary expansion environment where I crank the monetary inflation rate up by 15%, that $300 trillion has got to find a store of value that’s not a fiat derivative.
READ: 94% of Bitcoin investors are making money
“That means that Bitcoin is going to keep growing and its monetary force is going to keep growing and it’s probably going to grow 200% a year until it has demonetized gold, silver, sovereign debt, bond indexes, stock indexes, every source of monetary energy which is just a store of value for someone that doesn’t want to lose their purchasing power and needs a scarce asset, ” Saylor said.
Another key macro supporting the bullish bias of Micheal Saylor is data showing the number of addresses holding 1,000 BTC just reached a new all-time high of 2,446.
Over the last 21 days, 141 new whale addresses with over 1k BTC were created, suggesting large entities are expecting a significant price rise for Bitcoin in the near future.
READ: 100 Crypto wallets have at least 10,000 Bitcoins
The number of addresses holding 1,000 BTC just reached a new all time high of 2,446.
Over the last 21 days, 141 new whale address with over 1k BTC were created, suggesting large entities are expecting a significant price rise for #Bitcoin in the near future.
Chart: @glassnode pic.twitter.com/D6vMXBLugy
— Bloqport (@Bloqport) January 21, 2021
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Some days ago, MicroStrategy purchased approximately 314 bitcoins for $10.0 million in cash in accordance with its Treasury Reserve Policy, at an average price of approximately $31,808 per bitcoin, showing they hold approximately 70,784 Bitcoin, and thereby making the flagship crypto-asset scarce.
MicroStrategy has purchased approximately 314 bitcoins for $10.0 million in cash in accordance with its Treasury Reserve Policy, at an average price of approximately $31,808 per bitcoin. We now hold approximately 70,784 bitcoins.https://t.co/zMJSH29bmC
— Michael Saylor (@michael_saylor) January 22, 2021
Cryptocurrency
Crypto entity moves $227 million worth of Bitcoin
a large entity transferred 6,925 BTC worth $226,609,828, from Unknown wallet to Unknown wallet.
Large entities in the Bitcoin market are transferring a significant amount of Bitcoin amid the prevailing market volatility in play.
Data retrieved from Whale Alert, an advanced crypto tracker, revealed a large entity transferred 6,925 BTC worth $226,609,828, from an unknown wallet to another unknown wallet.
READ: 273,000 Bitcoins taken away from crypto market within a month
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 6,925 #BTC (226,609,828 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) January 23, 2021
- At the Bitcoin market, investors or traders who own large amounts of bitcoins are typically known as Bitcoin whale.
- This means that a BTC whale would be an individual or business entity (with a single Bitcoin address), that owns around 1000 coins or more.
- As BTC whales accumulate BTCs, Bitcoin’s circulating supply reduces, and this can weaken any bearish trend bitcoin finds itself in.
READ: 230 million XRP worth over $117 million moved by powerful investors
Meaning that over time, it’s possible that as BTC approaches its fixed supply of 21 million – the price of BTC will go up, with BTC’s present demand factored in.
- leading household names in finance that include Paul Tudor Jones and Stanley Druckenmiller endorsed it as an alternative asset, adding to the rally.
- Not forgetting listed U.S brands like MicroStrategy Inc. and Square Inc. that moved their cash reserves into crypto in search of better returns than what near-zero interest rates deliver.
READ: Crypto: LEND gains more than 4000% in one year, set to rally higher
Also, a leading crypto expert, Willy Woo, via his Twitter handle, hinted that Bitcoin’s price could still rally higher on the bias that the “Inventory depletion on spot crypto exchanges has stopped, signifying the re-accumulation phase of this macrocycle is likely to complete. If this cycle mimics the last, inventory on exchanges will increase, as retail starts entering in large numbers, attracted by the price rises.”
Cryptocurrency
94% of Bitcoin investors are making money
Microstrategy bought 314 more Bitcoin valued at $10 million, momentarily pushing prices above $32,000.
Bitcoin investors have reasons to be excited amid a significant amount of volatility prevailing at the flagship crypto market.
The number of Bitcoin holders in profit is about 94% as data retrieved from Glassnode, a crypto analytic firm, showed.
Bitcoin Percent Addresses in Profit (1w MA) just reached a 1-month low of 93.851%.
READ: Bitcoin posts biggest daily drop since market crash of March 2020
📉 #Bitcoin $BTC Percent Addresses in Profit (1w MA) just reached a 1-month low of 93.851%
View metric:https://t.co/ik5IkrurRk pic.twitter.com/jvhN6ur50r
— glassnode alerts (@glassnodealerts) January 22, 2021
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Metric description; The percentage of unique addresses whose funds have an average buy price that is lower than the current price. “Buy price” is here defined as the price at the time coins were transferred into an address.
At the time of drafting this report, Bitcoin traded at$32,640.90 with a daily trading volume of $63.8 billion. Bitcoin is up 5.03% for the day.
What this means: Sequel to such metric stated above, the turnaround for investors in profit occurred some hours ago when Bitcoin dropped to $28,950 — a key level when it comes to support from large pocket investors and only its second dip below $30,000 in 2021, as a leading bitcoin investor, Microstrategy bought 314 more Bitcoin valued at $10 million, momentarily pushing prices above $32,000.
READ: 4 cryptos gain over 400% in a month, far outperforming Bitcoin
Microstrategy just bought 314 more #Bitcoin for $10M.@michael_saylor bought the dip.
— Documenting Bitcoin 📄 (@DocumentBitcoin) January 22, 2021
READ: Computers might steal Satoshi Nakamoto’s Bitcoin fortune
Chainalysis researchers explained in detail that as the rush for BTCs keeps increasing, the price will most definitely be affected. The report said:
“With more people looking to trade BTCs, which is only becoming scarcer following the recent halving, bitcoin moving from the investment bucket into the trading bucket could become a crucial source of liquidity.”
Consequently, amid the impressive metric showing a lot of Bitcoin wallets in profits, Jesse Cohen, a senior crypto analyst, in a note to Nairametrics, spoke on the outlook for Bitcoin in 2021.
“I expect Bitcoin to remain highly volatile to the downside in the new year, given the potential for more scrutiny and tighter regulation. That should see prices fall back from their record highs, with the prospect of increased regulation being the most important factor affecting Bitcoin in 2021.”
Abel
September 23, 2020 at 7:01 am
What’s the difference between stabkecoin and pincoin. Thank you
Desmond
September 23, 2020 at 7:06 am
Makes sense though, but security is most important