Madelina Feliks

Robinhood Poised to Add Crypto Wallet to Its Stock Trading App

Popular provider of stock trading app Robinhood recently announced intentions of delving further into cryptocurrencies, by offering crypto wallets to app users. The new feature won’t be officially released until next year as the feature will be up for beta testing by next month.

During the testing stage, shortlisted Robinhood app users for will have the capability to send, receive, and trade crypto tokens by using the app’s crypto wallet. Apparently, the feature has been highly requested by users as around 60% of their users bought cryptocurrencies like Bitcoin and Dogecoin during the past quarter, However, Robinhood customers who do so, have been unable to send and/or trade their crypto assets elsewhere.

Robinhood’s COO Christine Brown expounded that they have developed an app feature that customers participating in cryptocurrency transactions have been requesting for quite some time. Giving in to the clamor will actually open up opportunities for Robinhood to take part in the crypto space, allowing the stock trading app to compete against leading crypto exchange site Coinbase.

Is the Forthcoming Robinhood Feature Free?

The Robinhood crypto wallet will be free as the company wants to make it easy and affordable for their users to take part in the crypto market, using a crypto wallet that works similarly to the one offered by Coinbase.

However, users should take note that they will still be required to pay related fees for any cryptocurrency transactions made using the app, including transfers of digital assets to the crypto wallet.

Posted by Madelina Feliks in Cryptocurrency

Bitcoin and Altcoins Prices Continue to Fall

The prices of bitcoin and ethereum continue to drop as investors give in to fears of another global economic slump caused by the quick-spreading delta variant. Although vaccines have become available, the newest COVID-19 variant appears to be much stronger than the original coronavirus strain. Moreover, most countries including the U.S. are faced with anti-vaxxers who remain vulnerable to risks of contracting and spreading the new variant that originated in India.

At present the current investing is centered on government-backed treasure bonds that financial analysts believe are the safest gambling products.

Last Thursday at around 4:00 a.m. EST, bitcoin price dropped below $32,500; but was able to slowly gain ground, which led to a current trading price of 33,316. The problem though is that with cryptocurrency trading, drops in bitcoin prices usually affect the prices of altcoins. The price of ethereum for one, has sunk and is currently trading at $2150, a price that is 8.7% when compared to the previous price index for ether.

Since May, BTC prices began to take a downward trend coming from an all time-high of $65,000 achieved in April. Some traders had hoped that the price falls were temporary and that a turnabout will eventually take place. However, others are saying that BTC prices will sink to $20,000, before institutional investors resume with their buying activities.

CNBC’s Squawk Box Interview with Galaxy CEO Links the Price Drops to China

Mike Novogratz , the CEO of Galaxy Digital who appeared as Squawk Box guest las Thursday said the BTC price drops are results of China’s war against cryptocurrencies. BTC investors in China have been selling off their digital assets, while U.S. investors are buying them. According to Novogratz, China’s crackdown on entities involved in crypto exchanges in China is all part of the “cold war” being waged against the U.S.

On Tuesday last week, another China-based company suspected of rendering software as a service for entities facilitating digital currency transactions, was shut down by China’s central bank. Shut down orders have been regularly taking place in connection with the country’s existing ban against the local cryptocurrency industry.

The price-backslides in bitcoin markets, were triggered by the state of emerg ency declared by Japan. As had been anticipated, the country’s COVID-19 cases spiked after officials of the country insisted on holding the Tokyo Olympic games. As a result trading on equity markets went on a decline, as news of Japan’s emergency declaration sowed fears of another global economic catastrophe.

Posted by Madelina Feliks

SEC Docs Reveal Coinbase and Bakkt Behind Hedge-Fund Tycoon’s Bitcoin Venture

US SEC docs revealed billionaire hedge fund manager Paul Tudor Jones’ source of bitcoin assets are the top cryptocurrency trading houses Coinbase and Bakkt, Tudor Jones is one of the early Waĺl Street adopters of bitcoins as hedge fund investment, which he announced in May 2020. He said he invested 1% of his assets in the digital coin as he saw the potential of BTC futures as an inflation hedge against the pending “great monetary inflation” of a resulting economic fallout caused by the global pandemic.

Tudor Jones’ announcement of his bitcoin investment created the right effect. Many other Wall Street investors took his advice by investing in bitcoin futures, while the demand for BTC trended, BTC trading prices soared at record-breaking levels. As of this writing BTC trading closed at $56,467, a far cry from the $9,846 price by which the hedge fund billionaire placed 1% of his assets into BTCs.

Initially, many in the financial trading sector had reservations about Tudor’s promotion of BTC, since they remained doubtful if Tudor actually made outright investments in the cryptocurrency. .The founder of the $44 billion Tudor Investment Corporation whomused to be skeptic about cryptocurrencies, further forecasted that Wall Street was about to witness the phenomenal “birthing of a store of value,” in the crypto money.

Coinbase Prefers Not to Comment on the Revelations

As it is Coinbase Custody Trust Company and Tagomi Trading LLC the brokerage firm acquired by Coinbase in May 2020, the same period Jone made the decision to invest in bitcoins, as well as Bakkt Trust Company, are the current providers of custodial services to the family-exclusive Tudor Jones digital assets. Coinbase prefer not to respond to the revelations that linked them to the hedge fund billionaire’s BTC assets. After all, secrecy and anonymity are among the factors that have been drawing traditional investors to use the digital coin as their hedge investment.

According to Chainalysis, the said companies have played major roles in bitcoin’s bull market in 2020-2021, as blockchain’s data showed that they actively participated in trading more than 500,000 BTCs to financial trading whales during the latter part of 2020.
Continue reading →

Posted by Madelina Feliks in Cryptocurrency