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In a recent development, Canada has launched yet another stablecoin. The new stablecoin has been named CUSD and is pegged to the US Dollar.

Canadian Crypto & Blockchain Adoption on an All-Time High

CUSD similar to its forerunner CADT, (backed by the Canadian Dollar) has been developed by Blockchain Venture Captial Inc., a Canadian blockchain-based company. The latter will facilitate cashless transactions with the pledged value of USD. It is backed by USD stored in escrow accounts run by US-based financial institutions. Furthermore, BVCI will allow for real-time settlements between CUSD and USD.

With BVC Pay interface, users can purchase CUSD and then transfer into their digital wallet. As a matter of fact, BVCI complies with all federal regulations governing the transmission of virtual currencies. It has been duly regulated by Canada’s FINTRAC as a money service business.

In a span of 4 months, this is the second stablecoin that has been launched in Canada. On the occasion of Canada Day, the 1st of July CADT was launched. It is one of a kind global stablecoin which has been backed by the Canadian dollar.

Singapore To Soon Have its Own Stablecoin

In another development, Singapore-based fintech platform Xfers recently announced plans to launch its own pilot stablecoin initiative called StraitsX, in partnership with blockchain platform Zilliqa. The project will be named XSGD and will be pegged 1:1 to the Singapore Dollar (SGD). The initiative is set to be supported by companies such as Binance Singapore, CoinHako, Coinut, Sparrow, Tokenize Xchange, and Wowoo Exchange.

Binance’s Stablecoin Receives NYDFS Backing

On the 5th of September, leading cryptocurrency exchange Binance announced the launch of its stablecoin, Binance USD. For the same, it partnered with Paxos, a digital asset trust company. Furthermore, Binance USD (BUSD) has received support from New York’s Department of Financial Services (NYDFS).

The world is gradually warming up to the idea of stablecoins, and this spells a big win for crypto and blockchain, apart from the fact that stablecoins will disrupt the payments industry. Which will be the next nation to roll out a stablecoin? Let us know what you think in the comments below!

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Crypto Adoption: Canada Gets its Second Stablecoin CUSD

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Crypto Adoption: Canada Gets its Second Stablecoin CUSD

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In a recent development, Canada has launched yet another stablecoin. The new stablecoin has been named CUSD and is pegged to the US Dollar.

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Supriya

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CoinGape

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Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.

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The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.



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Supriya Saxena , 2019-11-11 11:07:10 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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