In a major new partnership, Samsung has announced that the Samsung Blockchain Wallet will be integrated with Gemini, a New York-based crypto exchange. This integration will allow owners of newer Samsung Galaxy phones to not only use their devices as cold storage wallets but to buy and sell crypto via the Gemini exchange as well.
Samsung is the global leader in the smartphone market, with 298.1 million units shipped and a 21.8% market share in 2019, according to tech analytic firm Canalys. Adding support for Gemini will lower the barrier to entry to cryptocurrency use for millions of people.
Previously, owners of Samsung Blockchain Wallet-compatible devices were able to store crypto on their phones, send and receive crypto, and use decentralized applications. However, with this latest addition, Samsung owners will now be able to buy and sell crypto via Gemini too, making it easier for those new to crypto to get their hands on their first tokens.
Both Samsung and Gemini hope that by streamlining the crypto acquisition process, they will be able to overcome some of the roadblocks that have led to the somewhat underwhelming adoption of cryptocurrencies. Tyler Winklevoss, CEO of Gemini, stated in a press release:
“Crypto is not just a technology, it is a movement. We are proud to be working with Samsung Blockchain to bring crypto’s promise of greater choice, independence, and opportunity to more individuals around the world.”
The rocky road to widespread crypto adoption
From Bitcoin’s (BTC) mysterious origins as the brainchild of the pseudonymous Satoshi Nakamoto to the sudden rise of crypto in 2017, cryptocurrency has experienced a wild ride over the past decade, with roadblocks at every turn.
At the beginning of its journey, cryptocurrency, like Bitcoin, was largely viewed as a means to conduct illicit affairs and, in some ways, that reputation has stuck around. From ordering drugs online to cryptojacking malware (malicious software that uses a computer’s resources to mine crypto), cryptocurrencies have earned something of a bad reputation.
Unfortunately, because cryptocurrency is accessed through computers, which are always vulnerable to cyberattacks, many people are also concerned about the security of their funds if they were to adopt crypto as their go-to currency. Although cryptocurrencies use complex cryptography to stay secure, and there are many ways to further improve the safety of your funds — such as switching from cloud storage to cold storage — many people may be slow to switch over to digital currencies out of fear of being hacked.
While these concerns haven’t stopped the growing public interest, it has made it more difficult to obtain crypto in some countries, hampering its ability to become a global currency. With several governments banning crypto outright and a lot of people not using a VPN to sidestep those bans, that reputation has put a dent in its user base — especially given that China, one of the largest consumer markets, is one of the countries making an active effort to suppress cryptocurrency.
What’s more, even when people are not worried about cryptocurrency and aren’t legally prohibited from acquiring tokens, many crypto exchanges are simply too complex for the average user to navigate. While there has been an uptick in user-friendly exchanges over the past few years, of which Gemini is one, this lack of easy-to-use exchanges may have significantly hindered the early adoption of cryptocurrencies.
Throughout all this turmoil, Samsung has been one of the largest proponents and supporters of cryptocurrency. In 2019, the company rolled out the Samsung Blockchain Wallet, which supports sending, receiving and storing ERC-20 tokens as well as using DApps built on Ethereum.
This was viewed as one of tech’s biggest moves toward crypto adoption, along with Facebook’s digital currency, Libra. However, without the ability to purchase cryptocurrencies on exchanges, there was still somewhat of a barrier to Samsung owners who didn’t already own crypto.
Samsung and Gemini partner to bring cryptocurrency to the masses
While the complex mathematics behind cryptocurrencies may be hard for consumers to grasp, the benefits of a global currency are not. With support for Gemini built into new Samsung Galaxy models, widespread adoption of cryptocurrency may be inching closer and closer.
Unlike some other crypto exchanges such as Binance, Bittrex or Poloniex, Gemini focuses on providing a streamlined and intuitive crypto buying and selling experience for its users instead of an environment designed for active trading. It’s comparable to Coinbase in its beginner-friendly nature and its focus on buy-and-hold investment strategies.
Gemini is also one of the few exchanges to be awarded a BitLicense, which is required to operate an exchange in the state of New York. This exposes Gemini to a potential market of over 19 million people that not all of its competitors have access to.
By natively supporting Gemini with Samsung’s existing cold storage wallets, the two companies are making it exceedingly easy for new blood to enter the crypto space and safely secure funds in cold storage. Jeanine Hightower-Sellitto, managing director of operations at Gemini, said:
“For millions of Samsung users across the U.S. and Canada, being able to store crypto directly on their phones lowers another barrier to entry.”
While this alone likely won’t be enough to completely change the landscape of cryptocurrency, it sets the stage for other groundbreaking developments yet to come.
Although Samsung Pay continues to lag behind Apple Pay in market share, it still maintains a sizable user base that is expected to hit 100 million users this year. While Samsung Blockchain Wallet doesn’t currently integrate with Samsung Pay, it seems to be just a small step away from allowing Galaxy owners to exchange fiat for tokens, or vice versa, on Gemini and then immediately use them for everyday purchases.
With Samsung Pay so deeply integrated into the daily life of several Asian countries, the impacts of a development like this could be truly massive. Although such an integration is purely speculative at this point, the combined forces of Samsung and Gemini do seem to show that the future is bright for crypto.
Indeed, regardless of whether this recent partnership has an impact, it’s clear that blockchain and similar cryptographic technologies are here to stay. From cryptocurrency to DApps, these technologies are poised to change the world.
While the vision of cryptocurrency as a truly global currency is still far off in the future, these recent developments are drawing us ever closer.
The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Sam Bocetta is a freelance journalist specializing in United States diplomacy and national security with an emphasis on technology trends in cyberwarfare, cyberdefense and cryptography. Previously, Sam was a contractor for the U.S. Department of Defense, working in partnership with architects and developers to mitigate controls for vulnerabilities identified across applications.
Ethereum: Is the HODLing in yet?
When it comes to the altcoin market, the past few months have shown how important a cryptocurrency Ethereum is. With DeFi growing substantially in 2020, the gains have been felt by ETH in many ways. While ETH has miles to go before it can challenge the market cap and dominance of Bitcoin, its remarkable growth thanks to DeFi and the proposed ETH 2.0 shift cannot be overlooked. With Ethereum’s use cases diversifying, users and investors within the ecosystem are reaping its benefits too.
According to recent network data provided by Glassnode, Ethereum balances on centralized exchanges have fallen substantially over the past few weeks. In fact, the aforementioned data showed a drop from over 18,750K to around 16,750K, resulting in Etherum balances on exchanges falling to their lowest level for the year 2020, at the time of writing.
While this drop may seem alarming to some, it also illustrates a silver lining of sorts for the cryptocurrency. A fewer number of users are now holding their Ethereum on exchanges. Instead, they are moving them to cold storage or cold wallets – a sign commonly associated with increased hodling sentiment. As more users hold on to their Ethereum, the price of the cryptocurrency is also likely to be positively impacted.
One of the reasons why many users are feeling inclined to do so can be due to its recent performance, as well as its ability to derive growth from a booming DeFi ecosystem that is based on its platform.
In fact, it is also interesting to note that over the same timeframe, Ethereum addresses with greater than 10 ETH have also seen a significant rise. According to network data provider Glassnode, such addresses have risen from 275K to 283K in the last three months alone.
One of the key reasons behind the aforementioned drop in Ethereum stored on exchanges ties back to increased hodling sentiment within the Ethereum community, as highlighted above. This, coupled with a rise in Ethereum locked in smart contracts (Since investors are looking to generate greater returns at a time when Etherum’s price is consolidating on the charts), bodes well for the cryptocurrency’s ecosystem.
Brace for it – Bitcoin Futures may be nearing a tipping point
What’s the tipping point for Bitcoin Futures on top derivatives exchanges like the CME, an exchange that has recorded a daily trading volume of over $300M and Open Interest of over $400M, consistently, for the past 3 months.
Well, a small shift in Open Interest or trading volume can have a cascading effect on Bitcoin Futures’ performance in the next 180 days. Such a shift will be influenced by several factors, and it begins at the tipping point. Three factors, to be more specific.
In the current phase of Bitcoin’s market cycle, these factors are more relevant for traders on derivative exchanges. This becomes more evident when the Liquidations chart for BitMEX is observed. Over the past 3 months, sell liquidations have paid for buy liquidations. However, over the last few days, this trend has been reversed, and buy liquidations have covered for sell liquidations on BitMEX.
The point here is to detect the source of the domino effect before the dominoes start falling. In the case of Bitcoin Futures, the tipping point may be closer than anticipated.
One of the top factors influencing the tipping point is the Law of the Few.
The Law of the Few states that “the success of any kind of social epidemic is heavily dependent on the involvement of people with a particular and rare set of social gifts.”
In the case of Bitcoin, institutional investors, derivatives traders, and whales fit the bill. The success of Bitcoin Futures in the global trading community heavily relies on institutional investors trading on CME. In fact, the daily trade volume and Open Interest on CME influence the trading sentiment across spot exchanges as well.
The last time a cascading effect was witnessed was when BTC Futures’ Daily Trading Volume hit $445M on CME and there was a rally all the way up to $614M. At the time of writing, the Daily Trading Volume was up 63.3%, when compared to the figures 6 months ago, and it has the potential to hit $614M with one move in the right direction.
This effect heavily relies on another key factor – The Stickiness Factor.
Back in 2017, when Google search results for “Bitcoin” and “Crypto” broke the record, the trading community witnessed a historic Bitcoin bull run and altcoin rally. Institutional interest and growth of Bitcoin derivative products ensued. A similar event transpired when Bitcoin Futures’ aggregated daily volume hit $184B on 27 July 2020. This event was a unique occurrence, and it made Bitcoin Futures stick in the portfolio of the average institutional investor and the derivatives trader.
The aggregate trade volume hasn’t dropped to pre-July 2020 levels since then. Despite drops in Bitcoin’s price on spot exchanges, Futures contracts continue to trade at a premium and there is more optimism. Volume is not directly impacted by Bitcoin’s price and when the spot market is riddled with bearish sentiment, long contracts continue feeding shorts on BitMEX. This stickiness is a driver of the aforementioned tipping point.
Inching closer to the tipping point, the powerful context is the rise of stablecoins and their instrumental role in lowering the barrier to entry on spot and fiat-crypto exchanges.
Over the past three months, stablecoins like USDT have added $100M in volume every day and their market capitalization and dominance have risen tremendously. In fact, Tether has also crossed a market capitalization of $15B.
This directly influences the tipping point for Bitcoin Futures as it makes Futures trading more accessible to traders. Bitcoin held on exchanges has nearly doubled over the past month, corresponding to an increase in Tether’s market capitalization and circulation. This resonates with derivatives traders who opt for physically-settled Bitcoin Futures contracts on exchanges like Bakkt. In fact, on Bakkt, the daily trade volume was upwards of $80M for the past week, while the Open Interest has been consistently above $10M.
All of these factors are highlighting a shift in derivatives traders’ strategy, while also underlining increased activity on derivatives exchanges. The race to the tipping point has begun – An increase in aggregate trading volume on physically-settled Futures contracts or CME may trigger the much-awaited domino effect.
Tron, Synthetix, VeChain Price Analysis: 19 September
Tron was observed to have hit a strong zone of resistance, before being rejected and pushed to the downside, at the time of writing. In fact, such bearish momentum appeared likely to continue for TRX. At a time when Ethereum was increasingly being criticized for high Gas fees and a congested network, it could have been Tron’s moment to shine, but things didn’t pan out that way at all.
TRX was seeing oversold conditions a few days ago when its RSI hit a low of 23, before ascending just past 50. However, the RSI was unable to remain above 50, and its drop beneath the level highlighted the fact that TRX’s recent 12% surge from $0.263 to $0.296 was merely a bounce.
TRX found a zone of strong resistance at $0.3 and looked likely to drop towards the support at $0.265.
Interestingly, a recent Reddit post has raised questions about JustSwap’s vetting process, claiming that the Tron Foundation has whitelisted a DeFi project that has since pulled a $2 million exit scam. This, despite DappRadar listing the project as “high-risk.”
Synthetix underlined the possibility of dropping lower on the charts. The Directional Movement Index did not yet show a strong trend, but ADX (yellow) was inching towards 20 and could move further north. Also, the rising -DMI (pink) denoted a bearish trend.
Over the past week, every SNX bounce off the level of support has been overwhelmed by selling pressure. This can be expected to continue. With the price registering lower highs, the way down remained the path of least resistance for SNX.
The next level of support after $4.23 lay at $3.36, representing a 20% depreciation.
VeChain showed bullishness in the market after a period of consolidation. The Bollinger Bands expanded to indicate heightened volatility, while the price broke out towards the upper band. At the time of writing, the price was staying above the 20-period moving average, a moving average that could be tested as support as VET steadily climbs toward its resistance around the $0.158 zone.
The breakout was also accompanied by high trading volumes, legitimizing the breakout.
Ethereum: Is the HODLing in yet?
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