Bitcoin sets new all-time high – further rise imminent

Bitcoin sets new all-time high again – further rise could be imminent

Bitcoin and the aggregate cryptocurrency market are in another uptrend, with the bulls in full control of the market.
This uptrend follows an intense sell-off last night – the result of incredibly high funding rates on margin trading platforms.
The move lower reset those financing rates and cleared out „late longs“ – setting the stage for a move higher.
One analyst explains in a tweet that this rise came from a flood of OTC buying.
This is a bullish sign, as it suggests that big buyers are still buying Bitcoin – despite its relatively high prices.

Bitcoin and the aggregate cryptocurrency market are caught in the Provit Revolution grips of another uptrend, with Bitcoin rising above $40,000 while the rest of the market follows close on its heels.

This intense surge is simply an extension of the momentum BTC has seen in recent weeks and months – and comes as a combination of retail investor money and institutional capital pours into the markets.

One on-chain analyst comments that recent OTC activity has been on the verge of crossing the $40,000 mark and may indicate that another surge is imminent.

Bitcoin surpasses $40,000, continues uptrend

At the time of writing, Bitcoin (To Buy Bitcoin at Plus 500 Guide) is trading up just under 3% at its current price of $40,500, which is roughly the price at which it has been trading all morning.

It briefly rose to as high as $42,000 before facing some selling pressure that hampered its growth and caused a retracement to $39,000.

Since then it has bounced off that low and is showing some immense signs of strength as the bulls try to push it back towards $41,000.

On-chain analyst: This is what triggered the recent surge in BTC

An on-chain analyst writes in a tweet that Bitcoin’s recent surge came just days after a massive surge in off-exchange buying activity.

He notes that these investors are currently up 24% on their BTC investments.

„If we look at recent Coinbase outflows, possibly OTC trades, I think we can appreciate their PNL. BTC is up 24% since January 2. If you were institutional investors, would you be happy with 24% PNL for bitcoin?“

Whether these types of OTC trades continue to be strong as Bitcoin hits new all-time highs will provide insight into the sustainability of this movement.

The World Association of Stablecoin is established in Switzerland

In the midst of the massive growth of stablecoins in 2020, the cryptomint community is establishing an international stablecoin organization in Switzerland.

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Called the „World Association of Stablecoin“, or WSA, the Geneva-based organization will be launched by the Bitcoin Code crypto exchange, VirgoX and the blockchain capital markets firm Global Digital Assets, or GDA Capital. WSA notified Cointelegraph of the news on July 23.

Integrating key stablecoins projects
Adam Cai, CEO of VirgoX, described the ultimate goal of this initiative as building a true, unbiased global partnership comprised of all major stablecoins projects.

According to him, the WSA is already in discussion with major stablecoin suppliers such as Tether (UDST), USD Coin (USDC), Dai (DAI) and HUSD. Cai noted that these companies aim to join WSA by the end of 2020, while the association is now incubating early stage stablecoin projects.

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Cai emphasized that the main challenge within the industry is that emerging stablecoins initiatives still lack adoption. He said:

„Not only should they be trade pairs, but also global payments and cross-border remittances. In addition, to encourage users to own stablecoins as a means of storing value, other projects would also be needed to find various applications for generating value, such as interest bearing products like staking, etc. „

WSA Membership at launch

At the launch, WSA’s membership features the two founding firms and BlockGeeks, a blockchain firm that provides smart contract audits, white papers and educational training for business clients. The global partnership also includes important global stablecoin projects such as QCAD, which is linked to the Canadian dollar, and the decentralized finance protocol supported by Polychain, Ren. According to Cai, the stablecoin projects involved will participate in monthly webinars and annual conferences held in Switzerland to discuss the development of stablecoins and explore opportunities for cooperation with other stablecoin projects.

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Other members include initiatives related to stablecoins such as BRZ, CBRL, Peg Network, QC, Stably, USDK, XDB, as well as capital groups such as Nova Club, Alpha Sigma Capital and Beijing-based consensus laboratories. According to the announcement, WSA welcomes a wide range of companies, including government agencies and other active firms that advocate for the stablecoins industry.

Stablecoins growth explodes in 2020

The news comes in the midst of massive growth within the stablecoins industry this year. The world’s largest, Tether USDT and USD Coin, have made significant gains recently. The USDT reached a new high in its market capitalization, reaching a figure of USD 10 billion earlier this week. As reported, Tether issuance has experienced significant growth in 2020, doubling by more than $5 billion in just five months since March 2020.

Tether reaches a market capitalization of $10 billion
In early July, the second largest stablecoin, USD Coin, also reached an important milestone in its market capitalization. Founded by the leading U.S.-based crypto-currency exchange, Coinbase and the Circle startup, USD Coin broke the $1 billion threshold on July 3.

The VirgoX executive described that the stablecoin industry’s increased growth will provide significant benefits to its global users. Cai said:

„Together, this NPO is collectively pushing the industry forward to meet the needs of global users. To add to that, we believe that the market capitalization of stablecoins is going to explode in the not too distant future. Not long ago, we saw a stablecoin exceed USD 10 billion. The % growth in the last 2 years is significant. This trend is sure to continue.

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SmartCash Coin – Decentralized & Democratic Crypto Currency

The SmartCash coin, also known as SMART, is a democratic crypto currency that grants its users many co-determination rights. The blockchain enables elections and votes and at the same time rewards users fairly for participating in the platform. At the same time, fast and secure transactions are offered.

Everipedia writes on

SmartCash (ticker symbol: SMART) is a crypto currency that uses the SHA-3 algorithm: It was first announced on June 24, 2017. The maximum coverage is set at 5,000,000,000 SMART. On December 28, 2017, the volume outstanding was 520,499,451 SMART.

Like many other crypto currencies, the SMART coin can also be used for payments. One of the features of the crypto currency is „InstantPay“. This makes almost immediate payments possible. The feature „Renew“ encrypts the transactions. Renew uses the Zerocoin protocol. Behind this protocol lies a complicated procedure in which the transferred coins are split up and sent in their individual pieces. Thus, the transaction history is no longer traceable. The Zerocoin protocol nevertheless makes it possible for the coins to arrive at the correct address and in the correct quantity. Mining is also possible to earn a few Smart Cash Coins.

According to the developers, mining is designed to be egalitarian in order to prevent centralistic tendencies. The concept is called „SmartRewards“. Every month, a snapshot is taken of the blockchain and 15% of the revenue is distributed to all those who hold at least 1000 Smarts in the wallet. This should guarantee a certain price stability. The holding period of the coins is increased by this measure and short-term sales of the coins are prevented. Only 5 of the 15% go to the miners and the rest to the SmartNodes, which perform infrastructure tasks.

The core of the development is decentralized administration. With „SmartHive“, the users who hold the coin in the Smart Cash Wallet can take part in the votes on the future of the block chain by submitting their own topic suggestions. Anyone can take part. The elections are carried out via the „SmartVoting“ system. Every user of Smart Cash is allowed to vote on the topic proposals. After all, it is the „Hive Structuring Teams“ that are involved in implementation and planning.

SmartCash Coin and Ethereum code – Who is behind the crypto currency?

These teams work on the development and support of the Ethereum code blockchain. As the blockchain community grows, more teams will be formed. 70% of the revenues from the Blockreward can be used by the small team to implement the regulations. This includes paying developers, supporting the community or planning events. Smart Cash is based on decentralized self-management by the users and on democratic decisions.

However, development is not yet complete. SmartPay has yet to be implemented and a Smart Card and Merchan Reader will be added later. A mobile SmartCash Wallet will also follow.

SmartCash should live from the users alone and be able to develop autonomously. In such projects, where anonymity and the concept of cryptography in crypto currencies are particularly important, many teams prefer to remain anonymous. This also applies to SMART Coin development. On the developers‘ side there are only a few pseudonyms.

However, the team is not hiding. In the SmartCash Monthly Report it reports regularly and informs the users about new developments. The developers communicate on different social media with all interested parties.