Crypto Executive Sees DeFi’s Prominence as Key to Stablecoins’ Growth

Tyler Winklevoss, the co-founder and co-chief executive of the Gemini Trust Foundation, has weighed in on the potential for stablecoins to achieve mass adoption.

In a recent interview, the crypto executive explained that the emergence of this fledgling asset class would depend significantly on that of the decentralized finance (DeFi) sector – primarily with traditional finance.

DeFi and Stablecoin Growth in Tandem

Tyler shared his views while appearing in an interview with Camilla Russo from The Defiant. While there, he explained that Wall Street would need to embrace DeFi to kick off the stablecoin race.

“When Wall Street wants to start investing in decentralized finance, they’ll need a currency. When a decentralized Real Estate Investment Trust pays off a dividend or a stock, is it going to pay it to investors in Ether? Probably not because of the volatility, but in a stablecoin.”

Speaking on the value proposition of stablecoins Read more

Myanmar’s Crypto Insiders Remain Resolute Amid the Central Bank’s Crypto Ban 

Despite the push for adoption, cryptocurrency regulations across the world have been subject to widespread confusion. With every country free to pursue its own means of regulatory clarity, several have failed to do what they must to ensure a free and enabling environment. The latest appears to be Myanmar.

There’s No Ban in Myanmar’s Constitution

Last week, the Central Bank of Myanmar (CBM) issued an official announcement banning cryptocurrencies from its commercial space. As the statement explained, commercial banking institutions across the country should cease to accept or conduct transactions in digital currencies.

The announcement explicitly states that the government of Myanmar doesn’t recognize digital assets as official currency. Summarily, anyone caught trading with them could get a fine or a prison sentence.

Going deeper, the bank explained that it had noticed digital assets like Bitcoin, Litecoin, and Ether being traded from personal Facebook profiles. As explained, these activities are Read more

Bitcoin Transaction Volumes on Dark Web Dropped in Q1 2020

The Dark Web is one of the most significant reasons why Bitcoin is where it is today. That secluded area of the Internet is notorious for promoting illicit activity, and at a point, Bitcoin was its primary medium of exchange.

However, Bitcoin–related activity on the Dark Web has notoriously dropped over the past year. A new report is punctuating that, showing a significant drop in the volume of Bitcoin transactions recorded on the Dark Web.

Values Surged, but Volumes Dipped

The report in question is coming from Crystal Blockchain Analytics, a blockchain data and intelligence platform. Published on Tuesday, it confirmed that the total dollar value of Bitcoins transferred on the Dark Web surged by 65 in Q1 2020.

Crystal Blockchain Analytics also confirmed that the total value of Bitcoin transacted had grown by 340 percent in three years. The firm attributed this staggering growth to the improved adoption of Read more

Bitcoin Price Prediction: BTC/USD Holds Above its Key Support, Consolidating Around $9,634

Bitcoin (BTC) Price Prediction – May 18

BTC is currently consolidating and seems to be preparing for the next move either above $10,000 or towards $9,500.

BTC/USD Long-term Trend: Bullish (Daily Chart)

Key levels:

Resistance Levels: $11,000, $11,200, $11,400

Support Levels: $8,200, $8,000, $7,800

BTCUSD – Daily Chart

Looking at the daily chart, BTC/USD is trading at $9,634 following a minor correction from the intraday high at $9,966. The technical indicator RSI (14) clearly shows that the bulls are in control and could continue to pull the price upwards. But the same bulls are also facing their ultimate test to break the key $10,000 resistance zone. Meanwhile, if this resistance is conquered, more buyers may likely join the market in order to capitalize on a possible breakout towards the high of $10,500.

However, the Bitcoin price was rejected at the important level above $9,966; much like it was at $10,000. … Read more

Crypto.com Starts Shipping Out Visa Cards to 31 European Countries

On Friday, Crypto.com stated that it had started shipping its crypto-to fiat card, dubbed the MCO Visa across the European Union’s various countries. A total of 31 countries within Europe, including the 27 member states of the EU. According to the blog post, these countries will now have access to a card that allows its users to pay in crypto. The company, based in Hong Kong, had received initial approval for the program by the relevant European markets back in October of last year.

Expanding Into European Soil

In opposition stands one of the largest crypto exchanges in the world: Coinbase. The company’s own card had been made available to 29 nations across Europe, as per the statement of its FAQs.

Previously, MCO Visa cards were only available within Asia and the US. On another note, however, Crypto.com made it clear on Thursday that its US cardholders will … Read more