USDT-settled futures contracts are gaining popularity, here’s why

When BitMEX launched its Bitcoin (BTC) perpetual futures market in 2016, it created a new paradigm for cryptocurrency traders. Although this was not the first platform to offer BTC-settled inverse swaps, BitMEX brought usability and liquidity to a broader audience of investors. BitMEX contracts did not involve fiat or stablecoins and even though the reference price was calculated in USD all profits and losses were paid in BTC. Fast forward to 2021, and the Tether (USDT) settled contracts have gained relevance. Using USDT-based contracts certainly makes it easier for retail…

Bitcoin’s Coinbase premium turned negative. Here’s what it means for BTC price

Bitcoin’s (BTC) definitive breakout above $50,000 may have to wait longer to materialize as spot buying pressure on Coinbase Pro shows signs of weakening — at least, in the short term.  The Coinbase Premium Index, which measures the gap between the BTC price on Coinbase Pro and Binance, has flipped negative, according to CryptoQuant. In other words, selling pressure on Coinbase appears to be strengthening compared with other exchanges like Binance. A negative reading on the Coinbase Premium Index could be a precursor to short-term resistance. On the other hand, when…

Blockchain firm aims to build crypto city in Nevada desert

Blockchain incubator and investment firm Blockchains LLC is stepping up its plans to build a smart city in the Nevada desert east of Reno. In an interview with the Associated Press released Saturday, Blockchains CEO Jeffrey Berns said he had asked the state of Nevada to let him form a local government on the 67,000 acres the firm owns in Storey County. If his petition is successful, the blockchain firm would be allowed to operate as an “innovation zone,” where a company would be able to impose taxes and create…

Here’s why altcoins are dropping as Bitcoin price inches closer to $50,000

Altcoins plunged steeply on Feb. 14 after the price of Bitcoin (BTC) achieved a new all-time high above $49,000. The timing of the altcoin market’s drop was noteworthy because it corrected as BTC was rallying, which typically does not happen. So why exactly did altcoins crash? There are two main reasons why the altcoin market pulled back despite the strength of the dominant cryptocurrency. First, when the price of Bitcoin rallied to a new record-high, it sucked out most of the volume in the cryptocurrency market. This naturally caused the…

Oracle-focused tokens rally as DeFi searches for trusted data providers

To the observant cryptocurrency enthusiast, the sight of multiple large-cap tokens more than tripling their value since November 2020 is a healthy sign that a bull market cycle is underway.  Aside from a breakout in the price of Bitcoin (BTC), Ether (ETH) and altcoins, every bull market in the crypto sector is defined by one or two key themes that emerge as the driving force of market enthusiasm. In 2016-2017 there were ICOs, the growing popularity of collectibles like CryptoKitties and the widely held belief that blockchain was a solution…

Cardano approaches a new major upgrade as ADA posts an inspired rally

The Cardano Foundation’s coin ADA, hit its all-time high of $0.97 on Feb. 12, having started the year trading at $0.18, thus entailing 438% gains year to date. Apart from the macro trends in the cryptocurrency industry driving up the price of flagship assets, such as Bitcoin (BTC) and Ether (ETH) translating to other altcoins, such as LINK, DOT, etc., Cardano’s growth could also be attributed to the network updates that Cardano has been running on its blockchain network. On Feb. 3, Cardano’s development firm Input Output Hong Kong successfully…

Private finance emerges as crypto’s next major growth catalyst

Long gone are cryptocurrency’s days as an obscure hub for experimental ventures in cryptography. 2020 marked a seminal year for the space, with cryptocurrencies taking major strides into the mainstream as governments, supranational organizations and corporate entities alike made significant entrances into an industry they collectively call the “digital asset space.”  As per centralized authorities’ choice, cryptography and its primary feature, privacy, have been relegated from the front-and-center role they once played as cryptocurrency’s main attractions. In their place, a breadth of ever-more enticing DeFi applications has taken the limelight…

Roses are red, violets are blue, Bitcoin hits $49K and a new all-time high too

The price of Bitcoin (BTC) achieved a new record above $49,000 on Valentine’s Day on Feb. 14, rising to as high as $49,344 on Coinbase. There are three main reasons Bitcoin surged to a new all-time high, namel high stablecoin inflows, clean break of the $38,000 resistance area, and a prolonged consolidation phase. BTC/USD 4-hour price chart (Coinbase). Source: TradingView.com High stablecoin inflows were key Throughout the past several days, despite Bitcoin’s consolidation below $38,000, on-chain analysts pinpointed the continuous increase in stablecoin inflows. According to data from CryptoQuant, a…

Biggest crypto transaction fee oddities

Users can send cryptocurrencies virtually anywhere globally via the blockchains on which they are based. By sending crypto assets, however, fees are incurred. Transactions may take longer for certain assets, depending on their related blockchains. Certain crypto wallets and platforms give users the option to choose a transaction fee. Higher fees typically result in faster transactions.  Over the years, however, some asset holders have put their coin or token values into the wrong fields, resulting in exorbitant, albeit accidental, fee payments. For example, a holder might intend to send 12…