The prices of cryptocurrencies continue to rise steadily, and the price of Bitcoin has crossed the psychological barrier of $4,000. This is due to the news flowing in recent days. Big business reiterates its readiness to take part in the development of a large number of projects important for the industry. At the same time, platforms such as Binance do not intend to give up their leading positions and are also looking for ways of attracting new customers, including institutional ones. These events have a positive effect on the growth of the capitalization of the crypto market, which, according to Bitcoin evangelist Mike Novogratz, will reach $7.5 trillion in the next 20 years, surpassing the turnover of gold.
Binance Shot out a Number of Pieces of News like a Rocket Launcher
The main newsmaker of the week was the Binance crypto exchange, the top by daily trading volume, which announced a number of good news. First, Binance plans to launch margin trading soon, an option that has long been available on many other cryptocurrency trading platforms. Along with the expectation of high profits from the use of collateral, however, one must remember the risk of losing a significant part of their capital. This is what Binance’s lawyers are now concerned about, who are looking for clauses in the laws of the countries concerning these restrictions. Sources also said that the Binance Coin (BNB) would be the first tool, with which it would be possible to conduct margin trading operations.
Secondly, Changpeng Zhao, the head of the top-end cryptocurrency exchange, supported the idea of disclosing real data on trading volumes. It is worth noting that the well-known exchange, unlike its colleagues and CoinMarketCap, was not involved in the scandal that has been going on for several months already due to the overstatement of indicators and the publication of fake trading volumes. Thus, according to experts from Bitwise Asset Management, 95% of the published Bitcoin trading volume was created artificially by unregulated exchanges, which is about $6 trillion. For example, OKEx has already admitted that trading volumes were overstated, as well as the prices of assets traded.
Third, last week we received a message about a partnership between Binance and the creator of RegTech solutions IdentityMind. Earlier, the exchange had already introduced many measures through which users must confirm their personal data, and now they will additionally implement solutions to protect user information in the conditions of the client’s jurisdiction. Simply put, all transactions will be reviewed for compliance with AML and KYC policies.
All Owners of Apple Devices Can Now Store Ether
While the crypto community is still evaluating the results of the Constantinople upgrade and is in anticipation of the Istanbul hard fork, whose primary purpose will be the fight against ASIC mining, the developers of Trustology offer new solutions for holders of the second-most capitalized cryptocurrency. Now users can store and manage their Ether in Apple smartphones, as well as other devices that support iOS applications. At the moment, the TrustVault application is available only to U.K. citizens, and the cost of this “crypto delight” is GBP 4.99 per month. The second part of the information will be stored in the Trustology data center protected from third-party penetration, which will save the private keys from third-party access and increase the speed of the transactions. The TrustVault wallet was developed by former banking experts from Barclays and Royal Bank of Scotland, who promise to add functionality to support ERC-20 tokens and, of course, Bitcoin, as well as expand the geography of use shortly.
Tron Maintains Leadership in Transactions
The Tron cryptocurrency took a leading position in the number of transactions per month, leaving behind its “older colleagues,” Bitcoin and Ether. According to DataLight experts, on March 26, the Tron network processed 4.27 million transactions per day, which was a new record for Justin Sun’s project. It is noteworthy that Tron maintains primacy on this indicator since October 2018. This is primarily due to the introduction of the zk-SNARKS protocol in the coming months, which will allow for anonymous and secure transactions, as well as the addition of smart contracts for ICOs. Most likely, residents of China often use this cryptocurrency as the country’s Center for Information and Industry Development (CCID) put this particular crypto asset in the first place in the monthly ranking of cryptocurrencies.
Big Business Gets More Crypto Tools
Last week, Ledger, the leader in hardware wallets, presented a new custodial vault Ledger Vault. It is designed to help institutional investors safely store funds in Bitcoin and ERC-20 tokens using multi-signatures. The development was completed in record time because, for the first time, the idea of creating such repositories appeared in January of this year. Now, the popularity of Ledger Vault will depend only on the demand of users for it because similar products for institutionalists will soon be ready from Fidelity and Coinbase.
While analyzing the market of cryptocurrencies, it is worth remembering about the assessments of its prospects expressed by one of the very first popularizers of cryptos, Mike Novogratz, who made his fame in the market. He believes that in the next 20 years, the crypto market will surpass the current capitalization of the gold market, which is estimated at $7.5 trillion. Today, the total value of more than 2,100 crypto assets is about $134 billion. This should occur due to the inflow of institutional money, which will not only buy cryptocurrencies with the aim of speculative earnings on price rates but also from investing in developing projects or in their own. As an example of the latter, he cited the first attempts of Goldman Sachs and ICE, the operator of the New York Stock Exchange, which had already announced their achievements in the blockchain field. By the end of the year, Novogratz expects the Bitcoin’s price to rise to $8,000.
Attention, Former Scammers on the Horizon!
Former Enron CEO Jeffrey Skilling, who left prison in August 2018 after 12 years behind bars, will launch his own blockchain project. In 2001, Enron was considered the largest energy company in the United States, which, after scrutiny, turned out to be a “bloated bubble” that did not have many of the declared assets on its balance sheets. And now, Jeffrey Skilling, who was accused of deceiving the authorities and auditors, has decided to create his own blockchain platform after conducting a series of consultations with representatives of the crypto industry. Its main focus will be to work in the oil and gas sector as Skilling already has a wealth of experience in this area. It is too early to say what will come out of this project, but one thing is for sure: the reputation of the founder of this project is severely tarnished.