Bybit crypto derivatives exchange is the latest cryptocurrency business to commit funds towards combating the ongoing COVID-19 pandemic. The Singapore-based platform plans to commit a portion of the prize pot for its upcoming trading competition to help children affected by the deadly virus.
Since the emergence of the novel coronavirus outbreak, cryptocurrency businesses have been making donations to non-profits on the frontlines of combating the spread of the disease. Businesses with their own charity arms are also partnering with key stakeholders to mobilize relief efforts for communities most affected by COVID-19.
Bybit Pledges $100k to UNICEF to Fight COVID-19
Bybit announced the news of its planned 10 BTC (~$100K) donation to UNICEF via a press release shared with Blockonomi on Tuesday. According to the press statement, the 10 BTC pledge comes from the exchange’s 200 BTC prize pot for the upcoming World Series of Trading (WSOT) competition.
As previously reported by Blockonomi, the first edition of the WSOT commences in August. The event will see crypto derivatives traders from around the world compete in incentivized games aimed at helping users hone their trading strategies.
Bybit’s $100,000 donation to UNICEF aims to provide humanitarian assistance to children in affected communities. In a statement issued by UNICEF New Zealand, the Bybit donation will help to plug a funding gap for relief efforts targeted at the over 1.6B children whose lives have been disrupted by the pandemic.
Commenting on the donation, Bybit CEO Ben Zhou remarked:
“As the COVID-19 pandemic continues to cast its long shadow around the globe, its secondary impact is being felt by vulnerable children, who are the future of our world. Their situation is exacerbated by school closures, inadequate care, and shortages in food, sanitation supply, and medical resources […] Together with our global community of traders, we would like to use this impetus to help lead positive action in the crypto space and give back to our very own home planet. With this in mind, we are pledging 5% of WSOT’s final prize pool to UNICEF to assist in their work to save children’s lives, defend their rights, and to help them fulfill their potential.”
For Vivien Maidaborn, executive director at UNICEF New Zealand, the donation from Bybit will go some way in helping children affected by the pandemic, adding: “We thank Bybit and traders for their generous Bitcoin donations during this unprecedented global emergency.”
Crypto CSR Alive Amid Coronavirus Pandemic
While the coronavirus outbreak has seen some crypto companies forced to scale down their operations, many have committed funds in donations to charity organizations in the fight against the spread of the virus. Back in March, industry giants like Binance and Ripple led a swath of firms organizing fundraisers for COVID-19 relief efforts usually under the aegis of their respective charity arms.
In June in, The Giving Block, a firm that helps non-profits process cryptocurrency donations revealed that it raised more than $1M in Bitcoin (BTC) and other crypto donations in partnership with 50 fintech companies. Indeed, industry participants were among the first to begin support for people affected by the virus during the early days of the pandemic.
Huobi Charity partnered with UN-backed non-profits to support communities in Southeast Asia and Africa back in May. Paxful, a P2P trading firm has also been helping to fight the spread of the virus in Africa.
How Does the Future Look for Cryptocurrencies in the Financial Market?
The trading share of cryptocurrencies in the financial markets is getting bigger by the day, as professional and occasional investors redirect their funds from traditional assets to crypto coins. Billions of dollars, euros, pounds, and of other fiat currencies are used by traders, for the opening of new crypto trading positions, increasing crypto coin values, reputation, and market share. This is also one of the reasons, why new cryptocurrencies are regularly being launched. However, the supply of investment funds is not without limit, and on many occasions, it feels like a number of these new crypto coins are doomed for failure.
Today, cryptocurrency development stretches beyond its original creational limits, as even regulated institutions are investing in the creation of digital coins. These coins are generated to achieve collective wallet digitalization and consequently to gradually eliminate the need for cash. This, of course, is not something for which traders and investors care about, as their primary concern is how these assets will perform in the financial market. That being said, if a crypto asset is trusted and respected in the real world, then this will reflect on its performance in the world of finance. The problem is that for a cryptocurrency to earn the respect of the real economy, it will need to have enough time to mature.
Crypto Trading and Investment Challenges
Trading cryptocurrencies is not an easy task. There is a lot of research required, and there is a lot of work that needs to be done before opening a trading position. Experienced traders know that it is not something as fun and as easy as taking a spin on penny roulette, but those with less experience in crypto trading can end up facing heavy losses, just because they have not invested enough time to prepare for the worst-case scenario. Even though we have not seen any signs of a new cryptocurrency bubble burst for a long time, it does not mean that the threat is not there. This applies both to new cryptocurrencies as well as to those which the market categorizes as established.
Where Do We Go from There?
With a higher demand for digital monetary alternatives, it is only natural that countries, unions of nations, and Central Banks are looking towards finally regulating the crypto market. The regulation of such assets will set new standards for commerce and revolutionize the flow of money. It will, however, limit the profit potential of crypto coins, as it will no longer be possible for a cryptocurrency – whether it is new or old – to go from being worth peanuts to being worth as much as gold in a matter of hours.
👉Not being able to become rich overnight is bad news for those who dream of becoming wealthy through cryptocurrency trading, but it also comes with benefits. A regulated cryptocurrency market will discourage “dodgy trader” activity and reduce the risk of seeing toxicity forming in the crypto market. This will allow for the growth of crypto assets in a positively-charged environment, which will give them the time and stability they need to get to the same level of trust as that of traditional trading assets.
How Blockchain Can Help Your Business Grow
Ever since the introduction of Bitcoin in 2009, the world has changed the way it views fiat currencies and digital security. People were excited that they could finally transfer digital currency anywhere in the world without exaggerated banking fees or long hours.
The technology, however, proved so versatile that it has found its way into other uses as well. In 2020, there are so many businesses that use blockchain that we simply don’t have the time to enumerate them all in a single short article. But we will do our best to give you examples of ways the blockchain could potentially help you.
Hackers rarely sleep. That’s one statement that Sony forgot back in 2011. While it is unclear whether they now use the blockchain or not, many other companies have started implementing it with great results.
The encryption technology that the blockchain employs requires transactions and other processes to go through multiple nodes connected to the blockchain to get approval. This way, if a hacker attempts to do something malicious, the multiple nodes will eventually realize that fraud’s at stake and stop the transaction in its tracks.
More Payment Methods
People often think that the blockchain is meant solely for cryptocurrencies. That’s not true, at least not anymore. Banks all over the world have started implementing this tech to ease transaction times and lower processing fees.
Moreover, businesses that implement blockchain can use this technology to offer their customers multiple payment methods with seemingly endless currency options. One non-banking company that has proved the efficiency of this method is BetConstruct, offering more than 400 payment methods.
Through the blockchain, you can set up a reliable network of chatbots that can help out your customers.
With the help of the blockchain, these AI bots can easily communicate with one another and learn from each other based on what users respond, how they rate their satisfaction with the chat, and how customer support agents respond to users once the chatbot sends them their way.
Hire Better Employees
Small companies often don’t have the time or necessary resources to double-check the information in a CV. But with the help of the blockchain, you won’t need any of that.
Even today, there are still a lot of people seeking a job who ungracefully lie in their resumes. The blockchain can process all the data in a resume and send you the verified information to see if it’s legitimate.
Not only does this save you time, but it also means you’ll have hired the right person for your future projects. And we all know what having the right person can mean if you want your company to be successful.
Improve Your Marketing Campaigns
You’re probably aware of the usual marketing techniques like social media, video ads, billboards, SEO, SEM, and more. Look, you won’t need the blockchain to implement those tactics.
However, Blockchain can be used by marketers to keep track of client information and consumer behavior. With this data, skilled marketers can craft clever campaigns that bring greater ROI. You can also use the blockchain to track any changes made to your campaigns. If only David Ogilvy has had this tech at his disposal, who knows what he would’ve been able to craft.
👉🔥The Bottom Line
The blockchain has revolutionized businesses all around the globe the same way it has revolutionized the way people view money.
Implementing this technology for your business will net you tons of long-term benefits for an otherwise small investment considering all the things you’ll be getting.
Charted: Ripple (XRP) Technicals Suggest a Crucial Breakdown Below $0.24
Ripple started a steady decline and traded below the $0.2500 support against the US Dollar. XRP price is showing bearish signs and it might slide further below $0.2375. Ripple failed to stay above the $0.2500 support and extended its decline against the US dollar. The price is now trading below the $0.2450 support and the […]
Ripple started a steady decline and traded below the $0.2500 support against the US Dollar. XRP price is showing bearish signs and it might slide further below $0.2375.
- Ripple failed to stay above the $0.2500 support and extended its decline against the US dollar.
- The price is now trading below the $0.2450 support and the 100 hourly simple moving average.
- There was a break below a key contracting triangle with support at $0.2415 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to continue lower towards the $0.2350 support or even $0.2320.
Ripple Price Turns Red
This past week, we saw a sharp rejection in ripple near the $0.2600 area. XRP price topped near the $0.2595-$0.2600 resistance zone and started a fresh decline. It broke many important supports near $0.2500 to move into a bearish zone.
The decline was such that the price settled below the $0.2450 level and the 100 hourly simple moving average. It spiked below the $0.2400 support and traded as low as $0.2379. Recently, there was a short-term upside correction above the $0.2420 level.
Ripple recovered above the 23.6% Fib retracement level of the main decline from the $0.2503 high to $0.2379 low. However, the bulls failed to clear the $0.2450 resistance and the 100 hourly simple moving average.
Source: XRPUSD on TradingView.com
It was also rejected near the 50% Fib retracement level of the main decline from the $0.2503 high to $0.2379 low. As a result, there was a fresh decline below the $0.2420 level. There was also a break below a key contracting triangle with support at $0.2415 on the hourly chart of the XRP/USD pair.
The pair is now showing bearish signs and approaching the $0.2400 level. The next support is near the $0.2380 and $0.2375 levels. A clear break below the recent low could lead the price towards $0.2350 or even $0.2320 in the near term.
Chances of an Upside Break in XRP?
An initial resistance for ripple is near the $0.2420 level. The first key resistance is near the $0.2425 level and the 100 hourly simple moving average.
A successful break above the 100 hourly SMA and then a follow up move above the $0.2450 resistance might open the doors for a fresh increase in the near term. The next major resistance is near the $0.2500 level.
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 level.
Major Support Levels – $0.2400, $0.2380 and $0.2350.
Major Resistance Levels – $0.2420, $0.2450 and $0.2500.
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