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Coinbase to Custody FTX’s Exchange Token

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Coinbase has announced that it will provide custody services for the exchange token of the Binance-backed crypto derivatives platform FTX (FTT) on May 22.

Coinbase Custody will comprise the primary custodian for the ERC-20 token, managing custody, compliance, and insurance for the FTT tokens.

Coinbase stated that FTX is its “largest exchange client to-date.”

The exchange noted that crypto watchers may notice large FTT transfers taking on the blockchain over recent and coming days, clarifying that they will be “closely monitored migrations of $FTT onto Coinbase Custody’s secure, offline storage platform.”

FTX expands into United States

The news follows FTX’s launch of a spot exchange in the United States earlier this month.

In order to facilitate the U.S. expansion, FTX registered as a money services business with the Financial Crimes Enforcement Network, or FinCEN, with the exchange expecting to soon receive several money transmitter licenses at the state level also.

The exchange also confirmed that it will apply for a BitLicense in a bid to service New York-based traders.

The exchange support trade between the U.S. dollar and Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Paxos Gold (PAXG), and Tether (USDT).

FTX.US plans to support additional crypto assets and fiat on-ramps in the future. The exchange also offers margin trading for “eligible traders.”

FTX rises to prominence

Since launching 12 months ago, FTX has emerged as a top player in the crypto derivatives sector, handling $250 million in volume over the past 24 hours.

In December, FTX secured a “strategic investment” from Binance on an undisclosed sum.

Source: https://cointelegraph.com/news/coinbase-to-custody-ftxs-exchange-token

Blockchain

Poolin Expands Crypto Lending with BlockFi Partnership

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Poolin, the second-largest Bitcoin mining pool, has partnered with BlockFi to expand its crypto lending and financial services business.

First reported by Coindesk, BlockFi will work as an interbank lender, thus providing a source of capital to the crypto mining giant.

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Poolin ranks second in generating Bitcoin mining computing power, capturing around 20 percent of the total hash power with around 18.3 exahashes per second (EH/s) only following F2Pool which is generating a combined computing power of 19 EH/s.

But the mining giant is also operating other digital asset-related businesses.

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In February, Poolin rolled out its crypto lending via Blockin, its Singapore-registered crypto wallet entity. The platform is specifically targeting miners with its services, providing liquidity against their crypto holdings.

Many miners want to hold the mined digital assets, but to maintain their operation, they also need liquidity.

“[A] mining pool is a traffic business and it is getting more and more competitive,” Yang Jianguo, head of Poolin’s financial services, said. “Poolin has its unique advantage but we also want multiple business lines – not just lending but also financial services – that are parallel to our pool business.”

Mining is getting competitive, yet lucrative

Mining Bitcoin has become very hard for small miners as the industry is getting highly commercialized. With the recent Bitcoin mining network halving, the rewards for finding per block also dropped from 12.5 BTC to 6.25 BTC.

Notably, Binance, one of the leading crypto exchanges, has also jumped into the crypto mining industry with the launch of its own mining pool. Many believe that Binance, with its reputation in the industry, will soon challenge top mining pools like F2Pool and Poolin.

Source: https://www.financemagnates.com/cryptocurrency/news/poolin-expands-crypto-lending-with-blockfi-partnership/

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Analysts Eye $20,000 Bitcoin as Price Breaks Major Resistance

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Bitcoin leaped over $10,000 in Monday trade as a weakening dollar sentiment sent risky assets higher.The cryptocurrency corrected lower in the early morning Tuesday but signaled strength amid an optimistic macro outlook.Top analysts further predicted the rally to continue, with popular crypto commentator, Ivan Liljeqvist, forecasting a $20,000 price prediction.Bitcoin was among the best-performing assets heading into the new week.The cryptocurrency rose by almost $1,000 in less than 12 hours on Monday, leaping over a crucial resistance level sitting at $10,000. The surprising rally surfaced as investors sold their U.S. dollar holdings to increase their exposures in risky assets.That helped Bitcoin, as well as the S&P 500 to close Monday 0.38 percent higher to 3,055.73.Futures linked to the U.S. benchmark also pointed at a healthy trade session after New York opening bell Tuesday. The S&P 500 mini edged 0.4 percent up, boosted by favorable economic data and falling virus cases.bitcoin, btc usd, xbt usd, btcusdt, cryptocurrency, s&p 500, spxBTCUSD and SPX rise in sync as global economy recovers | Source: TradingView.com, CoinbaseBitcoin and S&P 500 developed an erratic positive correlation after the March 2020’s global market rout. Back then, investors dumped all their holdings to seek safety in the US dollar. But as the benchmark greenback index slips this week, it has fueled traders’ risk appetite.As economic recoveries improve risk outlook, Bitcoin could continue heading higher alongside the U.S. stock market. The cryptocurrency’s higher risk-reward profile appeals to investors that are looking for better yields from their short-term investments.A $20,000 BitcoinSome top crypto analysts are sure about a price breakout. Michael Novogratz, the chairman of bitcoin-focused Galaxy Digital, said the cryptocurrency would likely benefit from the ongoing civil unrest across the U.S.“All the tragic turmoil in the USA adds to the narrative,” the former hedge fund manager stated. “Budgets are going one way and it’s the opposite of balanced. When 10k goes it will move fast. Get on the train.”Hours after his statements, Bitcoin jumped above $10,000. That prompted more analysts to predict an extended bullish move. Popular Youtuber Ivan Liljeqvist indirectly referred to the increasing rift between the U.S. and China as a means to pump Bitcoin back towards its all-time high.bitcoin, btc usd, xbt usd, btcusdt, cryptocurrency, s&p 500, spxSource: Ivan on TechRaoul Pal, the chief executive of Global Macro Investor, said bitcoin could undergo an upside breakout following its move above $10K. The macro investors earlier predicted that the cryptocurrency would hit $100,000 by 2022 based on a popular Stock-to-Flow model.Meanwhile, bitcoin continues to face risks of a deeper pullback if the $10,000 fails to support the rally. Its next bearish target lurks near $9,000, as per Fibonacci level readings. Source: https://www.newsbtc.com/2020/06/02/traders-eye-20000-bitcoin-as-price-breaks-major-resistance/?utm_source=rss&utm_medium=rss&utm_campaign=traders-eye-20000-bitcoin-as-price-breaks-major-resistance

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Total Market Cap Breaks Critical Resistance Level: Altcoin Season 2020 Incoming?

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Bitcoin surged above $10,000 for the first time since February, and it took the entire market with it. Altcoins are all flashing in green, as the total capitalization increased by more than $13 billion overnight.

Now, a popular cryptocurrency trader pointed out that the chart of the total market cap went through the same pattern it did back in 2017, months before altcoins shot off through the roof.

Altcoin Season 2020 Incoming?

Bitcoin is up 6% in the past 24 hours as it trades at around $10,100 for the first time since February. As the leading cryptocurrency makes its way above this coveted level, altcoins are also blossoming.

All of the large-cap projects are seeing notable gains. Ethereum is up more than 4%, Bitcoin Cash – more than 7.5%, Litecoin – 6.3%, and so forth.

The total market capitalization increased by as much as $13 billion during the past hours, and this has given a popular cryptocurrency trader reason to believe that it may be time for a new altcoin season.

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Well-known crypto trader Kaleo thinks that we are on the brink of the next altcoin outburst.

cryptomarketcap_chart

Total Market Cap Chart. Source: KALEO Twitter

As seen in the above chart, the total market cap went through a similar pattern it did back in March 2017. Needless to say, in 2017, altcoins marked their all-time highs across the board while the total market cap exceeded $800 billion.

What’s Different This Time?

When it comes to determining whether or not the market is in a state of the so-called “altcoin season,” the key metric to look at is Bitcoin’s dominance – its share of the cryptocurrency relative to the total market capitalization.

Back in March 2017, BTC’s dominance was at a high point of around 85% – this is 20% more than what it currently stands at.

btcdominance_cmc

Bitcoin Dominance. Source: CoinMarketCap

Going forward in 2017, Bitcoin’s dominance continued to decrease while altcoins increased their share, as evident in the chart above.

In January 2018, which was arguably the peak of the parabolic altcoin season, BTC’s dominance was at around 33%, while altcoins were surging.

If we are to see anything remotely close to what happened back then, Bitcoin would need to lose about 30% of its current market share. This doesn’t mean that its price has to decline – it simply means that altcoins need to surpass its growth.

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Source: https://cryptopotato.com/total-market-cap-breaks-critical-resistance-level-altcoin-season-2020-incoming/

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